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Category: Finance

  • MIL-OSI: Alpha Sigma Capital Research Publishes New Report on Bittensor (TAO), Decentralized “Neural Internet” Model

    Source: GlobeNewswire (MIL-OSI)

    Tampa, FL, April 29, 2025 (GLOBE NEWSWIRE) — Alpha Sigma Capital Research has released an in-depth report on Bittensor (TAO), a pioneering project aiming to build a decentralized, open-source “neural internet” to democratize AI development and access. The report highlights how Bittensor contrasts sharply with the prevailing model—where a handful of corporate giants control data, compute, and advanced models—by implementing a peer-to-peer network in which AI models collaborate, compete, and are financially rewarded according to the value they contribute to the system. . 

    Key Findings

    Decentralization vs. Centralization

    • Problem with Current AI Landscape: Corporate titans (e.g., OpenAI, Google, Meta) aggregate massive datasets, proprietary compute resources, and closed-source models, creating high barriers to entry for smaller innovators.
    • Bittensor’s Alternative: A peer-to-peer network where any participant can contribute compute or model outputs; contributions are evaluated and rewarded in TAO tokens governed by the network’s Yuma Consensus.

    The “Neural Internet” Vision

    • Collaborative Competition: Models hosted on Bittensor compete across subnets, specialized mini-markets within the broader network, ranked by validators on criteria like accuracy, efficiency, and novelty. 
    • Incentive Alignment: TAO tokens facilitate staking, governance, transaction fees, and reward distribution—mirroring Bitcoin’s proof-of-work incentives but for machine intelligence.

    Founding and Governance

    • Leadership: Co-founded in 2019 by Jacob Robert Steeves (ex-Google engineer) and Ala Shabaana, operating under the OpenTensor Foundation.
    • Decentralized Governance: TAO token holders vote on protocol upgrades, emission schedules, and subnet parameters through on-chain governance proposals.

    To read the full research report, visit [LINK].
    Stay connected with ASC Research on Substack. Subscribe at Alpha Sigma Capital Research | Substack.

    About Alpha Sigma Capital Research
    Active Investing in the Blockchain Economy.™

    Alpha Sigma Capital Research is provided by Alpha Sigma Capital Advisors, LLC, the Investment Manager for the Alpha Blockchain/Web3 Fund and Alpha Liquid Fund.  Alpha Sigma Capital (ASC) investment funds are focused on emerging blockchain companies that are successfully building their user-base, demonstrating real-world uses for their decentralized ecosystems, and moving blockchain technology towards mass-adoption. ASC is focused on companies leveraging blockchain technology to provide value-add in areas such as fintech, AI, supply chain, and healthcare. Apply to receive research at www.alphasigma.fund/research.

    DISCLAIMER

    This is for informational use only. This is not investment advice. Other than disclosures relating to Alpha Transform Holdings (ATH) and Alpha Sigma Capital (ASC) this information is based on current public information that we consider reliable, but we do not represent it as accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our information as appropriate.

    Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this press release.

    The information on which the information is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, the company website, the company white paper, pitchbook, and any other sources. While Alpha Sigma Capital has obtained data, statistics, and information from sources it believes to be reliable, Alpha Sigma Capital does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.

    Unless otherwise provided in a separate agreement, Alpha Sigma Capital does not represent that the contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Alpha Sigma Capital and its officers, directors, and employees shall not be responsible or liable for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.

    Crypto and/or digital currencies involve substantial risk, are speculative in nature, and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.

    The MIL Network –

    April 30, 2025
  • MIL-OSI Economics: Catch the Replay: 10 U.S. Public Schools. 1 Impactful STEM Competition. 3 National Winners.

    Source: Samsung

    Relive the excitement as Samsung Electronics America hosted the final round of its 15th annual Samsung Solve for Tomorrow competition on April 28, 2025 at Samsung DC in the heart of our nation’s capital. Ten National Finalist teams—each already awarded a $50,000 prize package of Samsung technology and classroom supplies—took the stage to pitch their groundbreaking STEM (Science, Technology, Engineering, and Mathematics) solutions to community challenges. But only three emerged as National Winners, each securing a $100,000 prize package for their schools—part of more than $2 million in prizes up for grabs.
    Revisit the big moments —watch the livestream replay right here:
    National Finalists Pitch Event: Monday, April 28, 2025 |9:00 a.m. – 11:30 a.m. ET
    National Winners Reveal Event: Monday, April 28, 2025 | 5:30 p.m. – 7:00 p.m. ET

    National Finalists Pitch Event
    Celebrating its 15th year, Samsung Solve for Tomorrow empowers public school students in grades 6-12 to apply STEM skills to tackle real-world problems and drive positive change in their communities. Representing the very best from this year’s competition, the 10 student teams—hailing from middle and high schools in Alaska, Arkansas, Colorado, Connecticut, Delaware, Indiana, Louisiana, Minnesota, Nevada, and Wyoming—presented their groundbreaking STEM solutions at a live morning pitch event on April 28. These Gen Z and Gen Alpha student innovators have created game-changing solutions to tackle challenges such as healthcare access, accessibility in sports, gaming, and music, climate-driven heat disparities, youth mental health, and more—demonstrating the power of STEM to drive real-world impact.
    Their projects, developed using cutting-edge technologies like artificial intelligence (AI), machine learning (ML), 3D modeling and printing, the Internet of Things (IoT), and robotics, were evaluated by a panel of esteemed judges, including Charlotte Dungan, Chief Learning Officer at the Mark Cuban Foundation; Enobong Etteh, YouTube Creator; Hope King, Macro Talk News Founder and Axios Contributor; Rameen Rana, Investor at Samsung NEXT; and Renzo Villavicencio, Vice President of Process Innovation & Procurement at Samsung Electronics America. Kicking off the event, Alix Guerrier, CEO of DonorsChoose—the leading education nonprofit for teachers and a long-time Solve for Tomorrow partner—delivered the opening remarks.

    National Winners Reveal Event
    Evening festivities kicked off with an inspiring keynote from Gitanjali Rao, a 19-year-old MIT sophomore, innovator, author, and changemaker. Named TIME’s Kid of the Year and a UNICEF Youth Advocate, Gitanjali has been recognized globally for her groundbreaking work in STEM taking on issues ranging from contaminated drinking water to opioid addiction and cyberbullying. With accolades like Forbes 30 Under 30, America’s Top Young Scientist, Stephen Hawking Medal Junior for Science Communications, and the Muhammad Ali Humanitarian Award, she embodies the next generation of problem-solvers harnessing technology for good.
    Following the keynote, the “AI for Good: Empowering the Next Generation of Problem-Solvers” panel explored how AI can drive positive impact while addressing key challenges like bias, energy consumption, and ethical responsibility. Moderated by Allison Stransky, CMO of Samsung Electronics America, the panel featured Charlotte Dungan from the Mark Cuban Foundation, Paul Kim, Vice President of Corporate Strategy at Samsung Electronics America, and Jordan Harrod, AI Strategist and Ph.D. Candidate in Medical Engineering and Medical Physics at the Harvard-MIT Health Sciences and Technology program.

    MIL OSI Economics –

    April 30, 2025
  • MIL-OSI: SUTNTIB AB Tewox audited consolidated and separate annual financial statements for 2024

    Source: GlobeNewswire (MIL-OSI)

    Vilnius, Lithuania, April 29, 2025 (GLOBE NEWSWIRE) —

    AB Tewox (the Company) publishes its audited annual consolidated and separate financial statements for 2024 together with Company’s and Group’s annual management report for 2024.

    Financial results

    The objective of the Company is to earn a return to shareholders through investments in individual income-generating real estate objects – either under development or already developed – intended for retail or other (commercial and/or residential) purposes in the Baltic Sea Region countries – Lithuania, Latvia, Estonia, Finland, Sweden, Denmark, Poland and Germany. The main financial indicators for the period were:

    • As at 31 December 2024, the Company’s total assets were EUR 75,648 thousand, total equity was EUR 43,448 thousand, and total liabilities were EUR 32,200 thousand.
    • As at 31 December 2024, the Company’s investment assets at fair value through profit or loss were EUR 69,908 thousand, which compared to 31 December 2023, grew by EUR 4,029 thousand (or 6.21 %).
    • From January to December 2024, The Company earned EUR 3.344 thousand in total comprehensive income.

    Key events of 2024:

    • In 2024, the Company, through its managed subsidiaries, acquired investment property with a total acquisition value of approximately EUR 23.9 million:
      • Commercial building, located at 83 Dariaus ir Girėno g., Jurbarkas, Lietuva;
      • Commercial building, located at 2 Chrobrego, Radom, Lenkija;
      • Commercial building, located at 211 Zgierska, Łódź, Lenkija;
      • Land plot, located at 46 Artojų g., Kaunas, Lietuva.
    • In 2024 the Company issued private bonds with nominal value of EUR 9.974 million and redeemed private bonds with a nominal value of EUR 26.570 million.
    • On 13 August 2024, the Group’s prospectus for a public bond offering of EUR 35 million was approved. During 2024, the Company issued bonds with a nominal value of EUR 23.774 million.

    Key events after the end of the financial year:

    • On January 19, 2025, the third tranche of the public bond issuance was completed, during which the Company issued bonds with a total nominal value of EUR 11.226 million.
    • At the end of January 2025, the Company executed an early redemption of bonds in accordance with applicable early redemption terms, redeeming private bonds with a nominal value of EUR 7.474 million.
    • In March 2025, the Company, through its subsidiary, has completed a transaction for the acquisition of two Lidl store buildings in Panevėžys and Jurbarkas, for which it received EUR 6.7 million in financing from a credit institution.

    Shareholder’s meeting

    According to the Law on Companies of Republic of Lithuania, the annual financial statements prepared by the Management are authorised by the General Shareholders’ meeting. The shareholders hold the power not to approve the annual financial statements and the right to request new financial statements to be prepared. 

    The shareholders of the Company will vote on approving the Group’s and Company’s 2024 financial statements at a shareholders’ meeting to be held on 30 April 2025. The meeting will also consider a proposal for the distribution of profits, it is proposed to allocate profits as follows:

    Article Amount, EUR
    Retained earnings (loss) – at the beginning of financial year (4,339,664)
    Change in accounting policy 2,979,859
    Retained earnings (loss) – at the beginning of financial year after the change in accounting policy (1,360,105)
    Comprehensive income (loss) for the reporting period – net profit for the current year 3,344,405
    Interim dividends paid in 2024 (400,000)
    Profit transfer to the legal reserve –
    Retained earnings (loss) – at the end of financial year 1,584,300
    Profit distribution:  
    Profit transfer to the legal reserve (167,220)
    Profit transfer to other reserves –
    Profit to be paid as dividends (1,274,534)
    Retained earnings (loss) at the end of the financial year for 2024 and previous financial periods 142,546

    Additional agenda items of the shareholders’ meeting – the amendment of the Company’s Articles of Association, the establishment of the Audit Committee, the and approval of its guidelines.

    Contact person for further information:

    Paulius Nevinskas

    Manager of the Investment Company

    paulius.nevinskas@lordslb.lt

    https://lordslb.lt/tewox_bonds/

    Attachments

    The MIL Network –

    April 30, 2025
  • MIL-OSI USA: 2025 Commencement Speakers and Honorary Degree Recipients

    Source: US State of Connecticut

    From business success to the National Science Foundation, from policymaking in Hartford to the world’s most popular YouTube sneaker channel, from the Chairman of the Mashantucket Pequot Tribal Nation to the President of the Rwanda Academy of Sciences, the honored guests of UConn’s commencement ceremonies bring a wealth of experience, insight, and wisdom to share with this year’s graduates. Speakers at the ceremonies, which begin on Saturday, May 10, include:

    College of Engineering (Saturday, May 10, 9 a.m. at Gampel Pavilion): Mark P. Sarkisian ’83

    Mark Sarkisian is a partner in the San Francisco office of Skidmore, Owings & Merrill LLP. He is a licensed professional engineer and structural engineer in 31 states. In 2021, Sarkisian was elected to the National Academy of Engineering, and is a member of the University of Connecticut Academy of Distinguished Engineers. He received his bachelor’s degree in civil engineering from UConn in 1983, and his master’s degree in structural engineering from Lehigh University. Sarkisian’s career focuses on developing innovative structural engineering solutions for over 100 major building projects around the world, including the Jin Mao Tower in China and the Al Hamra Fidrous Tower in Kuwait, both over 1,300 feet[1]tall. Sarkisian holds 10 U.S. patents and five international patents. Sarkisian has authored over 150 technical papers related to the design of building structures, and in 2012 completed his first book, “Designing Tall Buildings – Structure as Architecture.” He teaches integrated studio design courses focused on collaborative design opportunities at the University of California, Berkeley; California College of the Arts; Stanford University; California Polytechnic State University; Northeastern University; North Carolina State University; and the Pratt Institute.

    School of Nursing (Saturday, May 10, 9 a.m. at Jorgensen Center for the Performing Arts): Joan Y. Reede

    Dr. Joan Y. Reede was appointed as Harvard Medical School’s (HMS) first Dean for Diversity and Community Partnership in January of 2002, and has been responsible for the development and management of a comprehensive program that has provided leadership, guidance, and support to promote the increased recruitment, retention, and advancement of diverse faculty, particularly individuals from groups underrepresented in medicine. This charge includes oversight of all diversity activities at HMS as they relate to faculty, trainees, students, and staff. Reede is a graduate of Brown University and Mount Sinai School of Medicine. She completed a pediatric residency at Johns Hopkins Hospital in Baltimore, Maryland, and a fellowship in child psychiatry at Boston Children’s Hospital. She holds an MPH and an MS in Health Policy Management from Harvard T. H. Chan School of Public Health, and an MBA from Boston University. Reede created and developed more than 20 programs at HMS that aim to address pathway and leadership issues for minorities and women who are interested in careers in medicine, academic and scientific research, and the health care professions. At a national level, Reede’s advice and expertise is highly sought after among several committees and councils, such as being appointed to the Health and Human Services Advisory Committee on Minority Health and serving on the Board of Governors for the Warren Grant Magnuson Clinical Center. She also has many affiliations, including the Task Force for the Annual Biomedical Research Conference for Minority Students, CTSA Women in CTR Interest Group of the NIH, and the American Association for the Advancement of Science STEM Education Review Committee.

    School of Business (Saturday, May 10, 1:30 p.m. at Gampel Pavilion): Richard Eldh ‘81

    Rich Eldh was born in the village of Ardsley, New York, and moved homes five times between the ages of 5 and 15. He attended Staples High School in Westport, graduating as a three-sport athlete and an all-state football player. After high school, he enrolled at the University of Connecticut. In what would have been his junior year, 1978–1979, he took a leave of absence to travel abroad, living in Kempten, Germany, in Bavaria. There, he worked at Dixie Union, a manufacturing company, as a computer programmer, where he developed new automation software for the finance department. This experience in Germany highlighted the significant impact computing technology would have on business. Motivated by this realization, he decided to pursue a career in the computer industry. Upon returning to the University of Connecticut for his final two years, he majored in finance at the School of Business and graduated in 1981 with a degree in Finance. He first joined a manufacturing firm implementing automation software, then moved to Four Phase Systems, a Motorola company, selling data entry systems. Later, he joined Hewlett-Packard, specializing in manufacturing systems and automation. It was at HP that he met his wife; they married and started a family. After working for two very large corporations, Rich joined a startup called Gartner Group in Stamford. He was the 100th employee, and in ten years, the company grew from $9 million in revenue to just under $1 billion with 4,500 employees. Today, Gartner boasts a market cap of $38 billion with 21,000 employees. These early career highlights led Rich to co-found Sirius Decisions, which became a leader in high-performance go-to[1]market research and benchmarking. Headquartered in Wilton, Sirius Decisions grew to 400 employees with private equity backing and offices worldwide. The company was eventually monetized for approximately $300 million through a sale to a public company in Boston. Throughout his career, he has had the honor of working with associates and clients across more than 50 countries. Alongside his career, Rich and his wife Joyce raised two daughters and a son. They have each found success in the medical field, the fashion world, and the blockchain and crypto industry, respectively.

    School of Social Work (Saturday, May 10, 1:30 p.m. at Jorgensen Center for the Performing Arts): Maggie Mitchell Salem

    Maggie Mitchell Salem joined IRIS as Executive Director in January 2024. Throughout her nearly 30-year career, Maggie has managed diverse teams focused on civic education, intercultural dialogue, social and political rights, and forced displacement. She arrived in Connecticut following three years leading the National Democratic Institute’s democratic governance program in Tunisia. Given the exponential increase in the number of refugees, humanitarian parolees, and other immigrants that IRIS assists, Maggie has focused on organizational structure, systems, and policies that create a strong foundation for the organization’s continued growth. Her previous experience at Global Refuge (formerly Lutheran Immigration & Refugee Services) and Fugees Academy have underscored the importance of collaborative, communicative leadership and management. For more than a decade, she was the founding executive director of Qatar Foundation International and expanded Arabic language and culture education to public K-12 schools across the U.S., UK, and Germany. As the Regional Director for the Middle East and North Africa at the International Foundation for Electoral Systems (IFES), she expanded or created new programs in Jordan, Iran, and Iraq. Maggie started up and led the Middle East Institute’s Communications Department from 2001-2004. She also served as a U.S. Foreign Service Officer in Mumbai and Tel Aviv, and as staff on the Executive Secretariat of Secretary of State Madeleine Albright. Maggie was a Fulbright Scholar in Syria while studying for her Masters in Contemporary Arab Studies at Georgetown University. She received a bachelor’s degree in political science and psychology from Johns Hopkins University. She has two sons and two daughters. She lives with her six dogs and two cats in East Haddam.

    Bachelor of General Studies (Saturday, May 10, 2 p.m. at Student Union Theater): Daniel Mercier ‘95

    Daniel Mercier graduated from the Bachelor of General Studies program in 1995 with a focus in Visual Communications. After serving as a Graphics Specialist for a few years, Mercier returned to UConn in 1998 as a Media Producer. In 2001, he transitioned to the role of Instructional Developer in the Instructional Design and Development Department. After completing a Master of Arts in Educational Technology in 2003, Mercier became Manager of Instructional Design and Development and ultimately served as Assistant Director and Director of the Institute of Teaching and Learning. In 2015, he took on the role of Director, Instructional Design, in the Center for Pedagogical Innovation at Wesleyan University. In 2017, Mercier returned to UConn as the Director of Academic Affairs at the Avery Point Campus of the University of Connecticut. Throughout his 30-plus-year career, Mercier has demonstrated an unwavering commitment to the development of instructional tools, to help faculty utilize technologies to reach our students. In his work, he has supported faculty, staff and students across the higher education landscape. His commitment to the University of Connecticut spans nearly 25 years. In his current position, he recruits faculty, oversees academic advising and other academic support programs, and develops partnerships between the Avery Point campus and other academic entities within and outside UConn. These partnerships include the support of students in the Bachelor of General Studies Program.

    College of Agriculture, Health and Natural Resources (Saturday, May 10, 6 p.m. at Gampel Pavilion): Rodney Butler ’99 (BUS)

    Rodney A. Butler is the Chairman of the Mashantucket Pequot Tribal Nation (MPTN) since January 2010. Butler’s service on Tribal Council began in 2004, and after one year, he was appointed Tribal Council Treasurer; a position he held through 2009. During his tenure, Butler chaired the Tribe’s Finance, Housing, and Judicial Committees, the MPTN Utility Authority, and served as an Interim CEO for Foxwoods Resort Casino. Butler earned his Bachelor’s Degree in Finance from the University of Connecticut where he played Defensive Back for the UConn Huskies football team. Prior to Tribal Council, Butler worked in the finance department at Foxwoods Resort Casino. He later became Chairman of the Tribal Business Advisory Board; an executive body responsible for overseeing the Tribe’s non-gaming businesses and commercial properties. Butler was actively involved in multiple resort expansions at Foxwoods, as well as community development initiatives on the Reservation, the establishment of the Mashantucket (Western) Pequot Tribe Endowment Trust, and the legalization of Sports Betting and iGaming in the state of Connecticut. He was also a participant in Harvard Business School’s program “Leading People and Investing to Build Sustainable Communities.” He is a regular speaker on national panels related to Native American issues. Butler presently serves on the Board of Directors for Mashantucket Pequot Interactive and is on the board of Foxwoods El San Juan Casino. He also serves as the President of Native American Finance Officers Association (NAFOA), as Alternate Vice President for the National Congress of American Indians, and on the boards for the United South and Eastern Tribes, Indian Gaming Association, American Gaming Association, the Mystic Aquarium, and the United Way of Southeastern Connecticut. He is the 2019 recipient of the Citizen of the Year award from the Eastern Connecticut Chamber of Commerce, and the National Indian Gaming Association’s John Kieffer Sovereignty Award. In 2018, he received the St. Edmund’s Medal of Honor Award from the Enders Island Retreat Center. In 2017, Butler was appointed “Tribal Leader of the Year” by the NAFOA. As Chairman, Butler’s primary focus is to ensure long-term stability for the Tribe’s citizens, government, and business enterprises.

    School of Fine Arts (Saturday, May 10, 6 p.m. at Jorgensen Center for the Performing Arts): Jacob G. Padrón

    Jacob G. Padrón is the Artistic Director of Long Wharf Theatre in New Haven. He is also the Founder and Artistic Director of The Sol Project, a national theater initiative that works in partnership with leading theater companies to amplify the voices of Latino playwrights in New York City and beyond. Padrón has held senior-level artistic positions at theater companies across the country. He was the Senior Line Producer at The Public Theater where he worked on new plays, new musicals, Shakespeare in the Park, and Public Works. He was formerly the Producer at Steppenwolf Theatre Company in Chicago where he supported the artistic programming in the Garage – Steppenwolf’s dedicated space for new work, new artists, and new audiences. From 2008 to 2011, he was an Associate Producer at the Oregon Shakespeare Festival where he was instrumental in producing all shows in the 11-play repertory. Under the guidance of his late mentor Diane Rodriguez, he served as the producer of Suzan-Lori Parks’ “365 Days/365 Plays” for Center Theatre Group, a collaboration that included over 50 theater companies to launch Festival 365 in Los Angeles. He is a co-founder of the Artist Anti-Racism Coalition, a grassroots movement committed to dismantling structural racism within the Off-Broadway community. Jacob is a graduate of Loyola Marymount University (B.A.) and David Geffen School of Drama (M.F.A.). His first artistic home was El Teatro Campesino located in San Juan Bautista, California.

     

    College of Liberal Arts and Sciences, Ceremony I (Sunday, May 11, 9 a.m. at Gampel Pavilion): Maureen Ahern ‘85

    Maureen Ahern is an Executive Leadership Coach on her third career whose journey began in the same classrooms as today’s graduates. A proud Husky who earned both a Bachelors and a Masters, Maureen’s connection to UConn runs deep. For over 10 years, she returned to UConn Stamford each week as an Adjunct Professor, teaching Interpersonal Communications and Public Speaking after her corporate day job in New York, driven by her belief that becoming a great communicator gives you the power and confidence to take meaningful action to shape your future. Maureen started as a Sales Executive at The Associated Press and quickly rose to lead the Satellite Networks division before transitioning to Standard and Poor’s Comstock. At S&P she led many different departments as Director of Operations, VP of US Sales and Managing Director for Asian and South American markets, building successful international relationships while traveling the world. She was part of the management team that sold Comstock to IDC and then pivoted from corporate into the digital world, as Partner and COO of momAgenda, where she helped build a thriving e-commerce company. Drawing on her teaching background, leadership experience and desire to coach and mentor others, Maureen completed her leadership coaching certification at Georgetown University’s Transformational Leadership Institute. Today as Founder of Ahern Leadership Coaching and Consulting, Maureen partners with C-suite executives and emerging leaders across industries, facilitating leadership development through one-on-one coaching, team coaching, and specialized training and leadership development workshops. Her coaching philosophy – described by clients as “tough but loving”-centers on her belief that leaders aren’t born, they are made and that everyone has leadership capacity waiting to be unlocked through awareness, action and courage. Maureen was a mentor with the Freshman Founders Program at the Werth Institute at UConn Stamford, in addition to her volunteer work with CT NEXT and Startup Westport as a business mentor. She is also an angel investor with Tidal River Fund whose goal is to fund underrepresented founders. When not working with her clients whom she loves and adores, Maureen enjoys yoga, beach walks, and time with her three adult children (Patrick, Brendan and Caeleigh). She shares life in Cos Cob with her husband Mike Santini (fellow UConn grad) and their black lab, Nino.

    Neag School of Education (Sunday, May 11, 9 a.m. at Jorgensen Center for the Performing Arts): Suzanne M. Wilson

    Suzanne M. Wilson is the Neag Endowed Professor of Teacher Education at the University of Connecticut’s Neag School of Education, where she also serves as a professor in the Department of Curriculum and Instruction. Her undergraduate degree is in history and American studies from Brown University; she also has an M.S. in statistics and a Ph.D. in psychological studies in education from Stanford University. She was a University Distinguished Professor in the Department of Teacher Education at Michigan State University, where she served on the faculty for 26 years. Wilson also served as the first director of the Teacher Assessment Project, which developed prototype assessments for the National Board for Professional Teaching Standards. Wilson is a committed teacher, having taught undergraduate, master’s, and doctoral classes in educational policy, teacher learning, and research methods. She has directed 36 dissertations and served as a committee member for another 45. Wilson serves on multiple editorial and advisory boards. She was elected to the National Academy of Education in 2013 and to the American Academy of Arts and Sciences in 2022. Wilson has written on teacher knowledge, qualitative methods, curriculum reform, educational policy, and teacher preparation and professional development. She has published in Science, American Educator, American Educational Research Journal, Educational Researcher, Review of Educational Research, Elementary School Journal, Teaching and Teacher Education, Journal of Teacher Education, Phi Delta Kappa, and Teaching Education. She is the author of “California Dreaming: Reforming Mathematics Education” (Yale, 2003) and editor of Lee Shulman’s collection of essays, “Wisdom of Practice: Essays on Teaching, Learning, and Learning to Teach” (Jossey-Bass, 2004). She is currently working on a collection of essays entitled, “Why Teach?”

    College of Liberal Arts and Sciences Ceremony II (Sunday, May 11, 1:30 p.m. at Gampel Pavilion): Joe La Puma ‘05

    Joe La Puma serves as SVP of Content Strategy at Complex NTWRK and hosts Complex’s Sneaker Shopping, the world’s No. 1 sneaker show, which has garnered over 1 billion views on YouTube. He has been at the forefront of sneaker and street culture at Complex for the past 15 years. La Puma started his journalism career writing for The Daily Campus and was voted “Rookie of the Year” by fellow staffers. After graduating from UConn in 2005 with a degree in Journalism, he returned to Bay Shore to manage The Finish Line—where he previously worked in high school—while contributing articles to both local and global publications like Newsday and Hypebeast.com. In 2006, La Puma landed an internship at Complex magazine, a pop culture publication specializing in convergence culture through hip-hop, sneakers, and fashion. La Puma has written more cover stories (21) than any other writer in Complex history, including profiles on Justin Bieber, Katy Perry, and Kid Cudi. La Puma is also a published author of the book “Complex Presents: Sneaker of the Year: The Best Since ’85.” In his current SVP role, La Puma has led Complex to over 200% growth in audience and engagement. In 2014, Complex debuted the YouTube show Sneaker Shopping, a series that La Puma created and hosts to this day. Over the past decade of Sneaker Shopping, La Puma has interviewed icons like Eminem, Whoopi Goldberg, Kevin Hart, Mark Wahlberg, Billie Eilish, Cristiano Ronaldo, David Beckham, and conducted one of the only lifestyle interviews with former Vice President Kamala Harris during the 2020 election cycle. The show has filmed episodes across the U.S., as well as abroad in China, England, Spain, and Japan. With his extensive editorial work on footwear and over 300 episodes of Sneaker Shopping, La Puma is regarded as one of the foremost sneaker experts in the world. La Puma is a three-time Webby Award winner and has been featured on Good Morning America, and The Tonight Show With Jimmy Fallon. In 2024, La Puma was inducted into the Bay Shore High School Hall of Fame, a group that includes only 79 members since the school opened in 1893. La Puma currently lives in Brooklyn, and takes half-days at work when he can during UConn Basketball March Madness runs.

    School of Pharmacy – Doctor of Pharmacy (Sunday, May 11, 1:30 p.m. at Jorgensen Center for the Performing Arts): JoAnn Trejo

    JoAnn Trejo, Ph.D., MBA is professor of pharmacology and senior assistant Vice Chancellor for Health Sciences Faculty Affairs at the University of California (UC) San Diego. She completed her undergraduate degree at UC Davis, earned her Ph.D. and MBA at UC San Diego and completed postdoctoral training at UC San Francisco. Trejo is a basic science researcher with expertise in cell signaling in the context of vascular inflammation and cancer. Her research has been published in more than 100 peer-reviewed articles and she is a recipient of a NIH R35 Maximizing Investigators’ Research Award (MIRA) and the American Heart Association Established Investigator Award. Trejo is an outstanding educator, mentor and a leader actively engaged in initiatives aimed at enhancing excellence in science and pharmacology. She is the director of five NIH-supported training programs including the UC San Diego IRACDA Postdoctoral Scholars Program, FIRST Program and three early career faculty development programs. Trejo served as an elected member of the leadership Council for the ASCB and the American Society for Biochemistry and Molecular Biology and is a current member of the scientific advisory boards for Septerna and Versiti. She has also served on multiple NIH Study Sections, the NCI Board of Scientific Counselors for Basic Sciences, and Blavatnik, HHMI and Chan Zuckerberg foundation review panels. Trejo is a current member of the NIGMS Advisory Council. She is the Associate Editor for Molecular Biology of the Cell and is an editorial board member for Proceedings National Academy of Sciences Nexus, Journal of Biological Chemistry and Molecular Pharmacology. Trejo is an elected member of the National Academy of Medicine, American Society for Cell Biology (ASCB) Fellow and 100 Inspiring Hispanic / Latinx Scientists and was recently elected honorary fellow of the British Pharmacological Society.

    College of Liberal Arts and Sciences Ceremony III (Sunday, May 11, 5:30 p.m., Gampel Pavilion): Joe La Puma ‘05

    School of Pharmacy – Bachelor of Science (Sunday, May 11, 6 p.m., Jorgensen Center for the Performing Arts): Joe Honcz ‘98

    Joe Honcz is a distinguished expert in managed care and market access, boasting a robust 25-year career that spans significant sectors of the health care industry. Early in his career, he played a pivotal role in leading teams for the launch of Medicare Part D, followed by instrumental involvement in the implementation of the Affordable Care Act while at Anthem BCBS and Aetna. Since 2020, Joe has leveraged his profound understanding of managed care to deliver strategic market access insights, empowering over 20 biotech and pharmaceutical clients to effectively navigate complex market dynamics. His contributions have been crucial in the successful launch of innovative products in both traditional and rare/orphan disease categories. As a “pharmacy futurist,” he continues to drive innovation and shape market access strategies at Petauri Health, supporting the emerging pharmaceutical and health tech industries. His exceptional ability to anticipate industry trends has consistently provided clients with strategic advantages, enabling them to stay ahead of competitors with foresight and precision. Beyond his professional endeavors, Joe is actively involved at Yale Ventures as an Entrepreneur-in-Residence and at the University of Connecticut Technology Commercialization Services in the same capacity. He has also served as an Adjunct Professor at the University of St. Joseph School of Pharmacy and is on the Board of Directors for the Academy of Managed Care Pharmacy (AMCP) and Avery’s Little Army, whose mission is to honor the legacy of Avery Marie Lafferty, an exceptionally brave cancer rebel, and all patients like her. Joe’s extensive background is complemented by diverse roles at Pfizer, Walgreens, Humana, PrecisionAQ, and CVS. He holds a Bachelor of Science in Pharmacy and a Master of Business Administration with a concentration in Marketing from the University of Connecticut, underscoring his deep roots and commitment to the field. In addition to being a Board member, he is also an AMCP diplomat to the UConn School of Pharmacy, where he fulfills his passion for mentoring and coaching.

    The Graduate School – Masters Ceremony (Monday, May 12, 9 a.m. at Gampel Pavilion): Manasse Mbonye ’95 Ph.D.

    Manasse Mbonye is a Founding Fellow of the Rwanda Academy of Sciences (RAS) and its current President. He is also the Group Leader and Professor, Rwanda Astrophysics Space and Climate Sciences Research Group (RASCSRG) at the University of Rwanda and a member of the national Science Advisory Group (SAG). By Training, Mbonye is a theoretical Astrophysicist and Cosmologist. He completed his Ph.D. from the University of Connecticut in 1995. Mbonye has taught Physics at various institutions including UConn, the University of Michigan, and RIT. He has also worked at NASA (Goddard Space Flight Center). In 2012, Mbonye returned to Africa. Since then, his appointments have included, Provost (later) Ag Rector (National University of Rwanda), the first Principal (University of Rwanda, College of Science and Technology), and Executive Secretary (Rwanda’s National Council for Science and Technology, (NCST)). During Mbonye’s tenure, NCST instituted a major review of Rwanda’s Science, Technology, Research and Innovation (STRI) policy. Further, the National Research and Innovation Agenda (NRIA) was constructed, along with its implementation enabler, the National Research and Innovation Fund (NRIF) framework. Rwanda launched the NRIF in June 2018. Mbonye has served on the East African Science and Technology Commission (EASTCO) Board of Directors as its Rapporteur (2017-2018). He has also been Chairman of the Rwanda Energy Group (REG) (2015-2018), Rwanda’s sole electric energy production source and utility company. Prof. Mbonye continues to do research and supervise students, at the University of Rwanda.

     

    UConn Health (Monday, May 12, 1 p.m. at Jorgensen Center for the Performing Arts): Manisha Juthani

    Dr. Manisha Juthani, is the Commissioner of the Connecticut Department of Public Health (DPH). Juthani is the first Indian American to serve as a commissioner in the State of Connecticut. She served as professor of medicine at Yale School of Medicine through September 2024 and currently serves as an adjunct professor of medicine. She served as Director of the Infectious Diseases Fellowship Program from 2012 to 2021. Juthani received her B.A. from the University of Pennsylvania and M.D. from Cornell University Medical College, completed Internal Medicine residency training at New York-Presbyterian Hospital/Weill Cornell campus, and served as chief resident at Memorial-Sloan Kettering Cancer Center. She came to Connecticut in 2002 as an Infectious Diseases fellow at Yale School of Medicine. During the COVID-19 pandemic, Juthani was a leader in the COVID response at Yale which led to her appointment as Commissioner of CT DPH in 2021. In the early days of the pandemic, she was a voice to help educate the public in both local and national media outlets, a role she was able to expand in her role as Commissioner. Upon joining CT DPH, she helped guide Connecticut out of the pandemic and worked to revitalize areas of public health, such as gun violence, maternal health, opioid use, and sexually transmitted diseases, that were exacerbated during the pandemic. As she continues in her role as DPH Commissioner, Juthani has shifted her core vision to “Preserve and Protect Core Public Health Principles and Services.” As Connecticut is presented with new public health challenges, she remains committed to preserving public health achievements made over the years, including improvements in regulatory oversight in health care, drinking water, and environmental health which includes food safety. It is more important than ever to highlight the importance of vaccines, control of infectious diseases, road safety, and healthier mothers and babies. Clear, accurate communication about public health risks is vital to her mission. She continues to advocate for health as a human right which is the core vision of CT DPH. Juthani is on the Board of Directors of UConn Health.

    The Graduate School – Doctoral Ceremony (Monday, May 12, 6 p.m. at Jorgensen Center for the Performing Arts): Sethuraman Panchanathan

    Sethuraman “Panch” Panchanathan is a computer scientist and engineer who served as the 15th director of the United States National Science Foundation (NSF) from 2020 until 2025. Panchanathan was nominated to by the president in 2019 and unanimously confirmed by the Senate on June 18, 2020. NSF is a $9.06 billion independent federal agency, and the only government agency charged with advancing all fields of scientific discovery, technological innovation and science, technology, engineering and mathematics education.

    Panchanathan previously served as the executive vice president of the Arizona State University (ASU) Knowledge Enterprise, where he was also chief research and innovation officer. He was also the founder and director of the Center for Cognitive Ubiquitous Computing at ASU. Under his leadership, the university increased research performance fivefold, earning recognition as the fastest growing and most innovative research university in the U.S.

    Prior to joining NSF, Panchanathan was appointed by the president to serve on the National Science Board, where he was a chair of the Committee on Strategy and a member of the External Engagement and National Science and Engineering Policy committees. Additionally, he was chair of the Council on Research of the Association of Public and Land-grant Universities and co-chair of the Extreme Innovation Taskforce of the Global Federation of Competitiveness Councils. Arizona’s governor appointed Panchanathan as senior advisor for science and technology in 2018. He was the editor-in-chief of the Institute of Electrical and Electronics Engineers (IEEE) MultiMedia magazine and editor and associate editor of several international journals.

    For his scientific contributions, Panchanathan has received numerous awards, including honorary doctorates from prestigious universities, distinguished alumni awards, the Governor’s Innovator of the Year for Academia Award, the Washington Academy of Sciences Distinguished Career Award and the IEEE-USA Public Service Award.

    Panchanathan is a member of the National Academy of Engineering and a fellow of the National Academy of Inventors, where he also served as vice president for strategic initiatives. He is also a fellow of the American Association for the Advancement of Science, the Canadian Academy of Engineering, the Association for Computing Machinery, IEEE and the Society of Optical Engineering.

    School of Law (Sunday, May 18, 10:30 a.m. at UConn School of Law): Mayor Arunan Arulampalam

    The son of Sri Lankan refugees, Arunan Arulampalam was born in Zimbabwe and made a home and a family in Hartford after graduate school. Prior to being elected mayor of Hartford in November 2023, he served as CEO of the Hartford Land Bank, where he developed a first-in-the-nation program to train Hartford residents to become local developers and tackle blight in their city. Arulampalam served in Governor Ned Lamont’s administration as Deputy Commissioner of the Connecticut Department of Consumer Protection. Before that, he was a lawyer at the downtown firm Updike, Kelly & Spellacy, P.C. Arulampalam also served on the Board of the Hartford Public Library, the House of Bread, and on the Hartford Redevelopment Authority. He earned his BA in International Studies from Emory University and his JD from Quinnipiac University School of Law.

    MIL OSI USA News –

    April 30, 2025
  • MIL-OSI: MINILUXE REPORTS FULL-YEAR FINANCIAL RESULTS FOR YEAR ENDED DECEMBER 29, 2024

    Source: GlobeNewswire (MIL-OSI)

    All reported figures in U.S. Dollars unless otherwise noted

    Boston, MA, April 29, 2025 (GLOBE NEWSWIRE) — MiniLuxe Holding Corp. (TSXV: MNLX) today announced its financial results for the 52 weeks ended December 29, 2024 (FY2024). The fiscal year of MiniLuxe (the “Company”) is a 52-week reporting cycle which ended in 2024 on Sunday, December 29, 2024.

    As the Company has previously and consistently shared, there were three key strategic and performance objectives for 2024.

    Key 2024 Strategic Pillars

    1. Accelerate overall studio-level profitability (i.e. store level contribution) growth
    2. Drive growth through operating partners (via JVs or M&A) and franchise partners
    3. Increase fixed cost leverage and SG&A efficiency

    Across each of these core strategic pillars and 2024 performance objectives, the Company made material progress.

    Highlights of Business Performance

    • Studio-level profitability (store-level cash contribution) grew YoY 360 percent.
    • As a percentage of revenue, SG&A reduced to under 16 percent, which represented a decrease of approximately 24 percent versus prior year while gross profit grew to $11M or +8 percent improvement versus prior year.
    • The net effect of both increasing studio cash contribution, decreasing SG&A and increasing gross profit margin led to adjusted EBITDA losses being cut by more than half in 2024 to -$4.0M from -$9.0M in 2023.
    • Operating cash burn improved by a factor of over 3x to just over -$2M in 2024 from -$7M in 2023.
    • FY2024 year-end cash, cash equivalent and restricted cash reached $4M, an improvement of $.6M versus $3.4M at year-end FY2023 due to a combination of dramatically reduced cash burn and ~$1.6M coming from the first closing of a non-brokered private placement which was originally announced on November 27, 2024. (more details below).

    The Company seeks to maintain this positive momentum in 2025, progressing increasingly closer to overall company-wide profitability. Total Company revenue for 2024 finished at a record level of $26.1M or just over 6% YoY growth, compared to $24.6M in 2023. While the overall quantum of YoY growth was relatively modest, the quality and increased profitability of that growth was both very significant and intentional in terms of the Company’s operating strategy. These results were accomplished by driving revenue growth through studio specific KPIs, some studios were held to more constrained growth (to better focus on improving efficiencies and profitability) while the majority of the fleet portfolio were managed to all-time-record revenue highs. In terms of unit-level revenue, two studios crossed over the $2M revenue threshold before the end of the year (ultimately reaching ~$1,500 per square feet of sales). The top 25 percent of studios in the fleet are now at a median of ~$1.9M per unit volume and the top 50 percent at ~ $1.6M.

    Also noteworthy is that MiniLuxe’s most loyal client base – those visiting 20+ times per year – grew 4.5% year-over-year between 2024 and 2023. In any given month, the split of customers is between ~88% repeat and ~12% new customers.

    Throughout 2024 and as the Company goes into 2025, the focus on Operating Partners remains core to the Company’s strategy to leverage its brand and platform while scaling growth through localized operators. In July of 2024, MiniLuxe announced its first operating and JV partner for the Atlanta region with the business Sugarcoat. As part of the joint venture agreement, MiniLuxe took a majority ownership stake of one Sugarcoat location in The Forum Peachtree Corners in Atlanta. On December 17th of 2024, MiniLuxe also announced its first franchise operating partner, Ms. Quynh Pham, who opened a MiniLuxe studio in Brookline, MA (taking over the old MiniLuxe Academy Studio). Both joint venture and franchise partners have rapidly brought forward fresh ideas and hyper-localized marketing and new operational best-practices translating into increased week-over-week sales, walk-ins and utilization levels. During 2024 the Company also had its first full year of results with its regional operating partner in the Dallas Fort Worth area which saw a lift in profitability of over 5x within the year.

    A key driver to longer-term growth and competitive advantage has been the Company’s ability to attract and retain its ecosystem of nail designer talent. FY2024 represented a record year in terms of annual retention of designer talent which was at 87 percent, up 3 percentage points from 84 percent in 2023. Additionally, a number of nail designers crossed their five-year anniversaries with the Company and now over 50 percent of the nail designer talent employment base hold tenure with the Company for 5 years or more.

    “In 2024 the team demonstrated our deepest understanding of unit economics and KPIs, delivering the strongest studio performance across the portfolio, while diversifying our revenue streams with new JV, franchise and operating partners – setting us up on our journey towards greater scale and growth. We head into 2025 with a record level of 360%+ YoY studio profitability, deepening brand loyalty amongst our customer base, a strong balance sheet, and much enthusiasm for what’s ahead.” said Tony Tjan, Chief Executive Officer and Co-founder of MiniLuxe.

    Subsequent Events and 2025 Outlook

    To date, the first part of Q1 2025 presented the Company with both early progress towards its strategic priorities but also headwinds in the form of the LA wildfires and the introduction of US tariffs on trade partners.

    The LA fires impacted foot traffic and demand for Beverly Hills and Brentwood Studios. The Company has taken measures to address this potential impact to studio economics with increased leadership support and connectivity with the local community such that demand has begun to return (but is not anticipated to fully recover until 2H 2025).

    While the vast majority of MiniLuxe’s products are made in the US, the company is still making efforts to further minimize supply related exposure by exploring options to shift sourcing from China to US based vendors and lower tariff markets like Vietnam and Taiwan. These early moves are designed to optimize and protect gross margins in MiniLuxe’s proprietary products and Paintbox custom press on products and packaging.

    Early wins in Q1 of 2025 include closing on a new tranche of funding and reaching an agreement for the conversion of all of the Company’s remaining balance of convertible notes as explained below.

    Effective February 10, 2025, the Company completed a non-brokered private placement of Class A subordinate voting shares of the Company and raised a total of USD $3.49M or (~CDN $4.94M) through the issuance of 6,247,717 Subordinate Voting Shares at a price of USD $0.55 each (CDN $0.79) Together, with the first private placement closing and this second and final closing of the Offering raised total new primary capital for the Company in the amount of USD $5.067M or (~CDN $7.26M). 

    Alongside the private placement offering, the Company also finalized additional shares-for-debt agreements to satisfy an aggregate of USD$1,055,577 (~CDN$1.49 million) of outstanding debt related to the principal and accrued but unpaid interest on certain convertible debentures of the Company (the “Debentures”). As part of this debt conversion, an aggregate of 2,294,731 Subordinate Voting Shares were issued at a deemed price of USD$0.46 per share, with an effective conversion date of February 7, 2025.

    The Company offered existing Debenture holders participating in the Offering the opportunity to elect to receive Subordinate Voting Shares at a discounted conversion price relative to the original terms of the Debentures. All Debenture holders electing to convert are deemed to be at arm’s length from the Company. The issuance of these shares remains subject to TSX Venture Exchange approval. Similarly, completion of all tranches of the private placement Offering is subject to the satisfaction of customary closing conditions, including the approval of the TSX Venture Exchange. The securities issued pursuant to the initial closing of the Offering are subject to a hold period of four months and one day from the issuance date in accordance with applicable securities laws.

    On March 11, 2025, the Company announced the refinancing and extension of maturity of its existing senior debt to 2028 to be coincident with a new tranche of $1.675M of senior debt from Flow Capital.

    On March 21, 2025, the Company announced that it had reached agreement for the conversion of all of its remaining balance of convertible notes.

    2024 Results

    Selected Financial Measures

    Results of Operations

    The following table outlines the consolidated statements of loss and comprehensive loss for the fiscal year which ended December 29, 2024, and December 31, 2023.

    Cash Flows

    The following table presents cash and cash equivalents for the fiscal year which ended December 29, 2024, and December 31, 2023.

    Non-IFRS Measures and Reconciliation of Non-IFRS Measures

    This press release references certain non-IFRS measures used by management. These measures are not recognized under International Financial Reporting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The non-IFRS measures referred to in this press release are “Adjusted EBITDA” and “Fleet Adjusted EBITDA”.

    Adjusted EBITDA

    Management believes Adjusted EBITDA most accurately reflects the commercial reality of the Company’s operations on an ongoing basis by adding back non-cash expenses. Additionally, the rent-related adjustments ensure that studio-related expenses align with revenue generated over the corresponding time periods.

    Adjusted EBITDA is calculated by adding back fixed asset depreciation, right-of-use asset amortization under IFRS 16, asset disposal, and share-based compensation expense to IFRS operating income, then deducting straight-line rent expenses net of lease abatements. IFRS operating income is revenue less cost of sales (gross profit), additionally adjusted for general and administrative expenses, and depreciation and amortization expenses.

    A reconciliation of IFRS operating income to Adjusted EBITDA is included in Selected Consolidated Financial Information.
    ‎

    The Company also uses Fleet Adjusted EBITDA to evaluate the performance of its MiniLuxe Core Studio business (19 MiniLuxe-branded studios operating for 18+ months). This metric is calculated in a similar manner, starting with Talent revenue and adjusting for non-fleet Talent revenue and cost of sales, further adjusted by fleet general and administrative expenses and finally subtracting straight line rent expense (similar to amount used in the full company Adjusted EBITDA, less amounts allocated to locations outside of MiniLuxe’s core studio business, i.e. Paintbox). The Company believes that this metric most closely mirrors how management views the fleet portion of the business. A reconciliation of Talent revenue to Fleet Adjusted EBITDA is included in Selected Consolidated Financial Information.

    The following table reconciles net Operating Loss to Adjusted EBITDA for FY24 and FY23.

    The following table reconciles Fleet Talent Revenue to Fleet Adjusted EBITDA for FY24 and FY23.

    _____________________________________________

    1 Straight-line rent expense for a given payment period is calculated by dividing the sum of all payments over the life of the lease (the figure used in the present value calculation of the right-of-use asset) by the number of payment periods (typically months). This number is then annualized by adding the rent expenses calculated for the payment periods that comprise each fiscal year. For leases signed mid-year, the total straight-line rent expense calculation applies the new lease terms only to the payment periods after the signing of the new lease.

    About MiniLuxe

    MiniLuxe, a Delaware corporation based in Boston, Massachusetts. MiniLuxe is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. The Company focuses on delivering high-quality nail care and esthetic services and offers a suite of trusted proprietary products that are used in the Company’s owned-and-operated studio services. For over a decade, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, a modern design esthetic, socially responsible labor practices, and better-for-you, cleaner products. MiniLuxe’s aims to radically transform a highly fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform that collectively enable better talent and client experiences. For its clients, MiniLuxe offers best-in-class self-care services and better-for-you products, and for nail care and beauty professionals, MiniLuxe seeks to become the employer of choice. In addition to creating long-term durable economic returns for our stakeholders, the brand seeks to positively impact and empower one of the most diverse and largest hourly worker segments through professional development and certification, economic mobility, and company ownership opportunities (e.g., equity participation and future franchise opportunities). Since its inception, MiniLuxe has performed over 4 million services.

    For further information

    Christine Mastrangelo
    ‎Investor Relations, MiniLuxe Holding Corp.
    ‎cmastrangelo@MiniLuxe.com
    ‎
    MiniLuxe.com 

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

    Forward-looking statements

    This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) concerning the Company and its subsidiaries within the meaning of applicable securities laws. Forward-looking information may relate to the future financial outlook and anticipated events or results of the Company and may include information regarding the Company’s financial position, business strategy, growth strategies, acquisition prospects and plans, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “budgets”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projects”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will” occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

    Many factors could cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking information, including, without limitation, those listed in the “Risk Factors” section of the Company’s filing statement dated November 9, 2021. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this press release. 

    Forward-looking information, by its nature, is based on the Company’s opinions, estimates and assumptions in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate and reasonable in the circumstances. Those factors should not be construed as exhaustive. Despite a careful process to prepare and review forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the Company bases its forward-looking information on assumptions that it believes were reasonable when made, which include, but are not limited to, assumptions with respect to the Company’s future growth potential, results of operations, future prospects and opportunities, execution of the Company’s business strategy, there being no material variations in the current tax and regulatory environments, future levels of indebtedness and current economic conditions remaining unchanged, the Company cautions readers that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates may differ materially from the forward-looking statements contained in this press release. In addition, even if the Company’s results of operations, financial condition and liquidity, and the development of the industry in which it operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

    Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made (or as of the date they are otherwise stated to be made). Any forward-looking statement that is made in this press release speaks only as of the date of such statement.

    The MIL Network –

    April 29, 2025
  • MIL-OSI: XRP News: XenDex Soft Cap Almost Filled as Demand Explodes $XDX Tokens Selling Out Ahead of Exchange Listing

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, Australia, April 29, 2025 (GLOBE NEWSWIRE) — The window is closing fast. XenDex, the revolutionary all-in-one decentralized exchange built on the XRP Ledger, is on the brink of selling out its presale and early buyers may never see these current prices again, keep reading.

    In a week dominated by XRP market milestones, including Brazil’s first XRP Spot ETF approval, the SEC’s lawsuit withdrawal, and the greenlight for ProShares’ XRP Futures ETF — XenDex has emerged as the go-to DeFi platform for XRP holders. Now, with its soft cap almost completely filled, the urgency to secure $XDX tokens has reached new heights.

    Buy $XDX Now!

    XDX Price Set to Increase After Today

    Currently, 1 XRP = 10 XDX, But once the soft cap is filled, 1.25 XRP will be required to purchase 10 XDX.

    That’s a 25% increase after the soft cap is raised, and with demand surging, this is the final opportunity to buy $XDX at its lowest possible rate.

    Join the Presale Now: https://xendex.net/presale

    High-Profile Listings Confirmed

    Once the presale concludes, $XDX is already lined up for listing on major exchanges, including:

    • Binance
    • Gate.io
    • BitMart
    • MEXC
    • FirstLedger
    • MagneticX

    These listings will open the doors to global liquidity, institutional access, and high-volume trading, making today’s entry price even more critical.

    Purchase XDX At Lowest Presale Price

    What Makes XenDex Different

    Unlike anything currently on XRPL, XenDex delivers:

    • AI-Powered Copy Trading – Mirror elite trader strategies in real-time
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    • Cross-Chain Trading – Swap XRP tokens across major blockchains like Solana and BNB
    • Staking and Yield Farming – Earn rewards by supplying liquidity to the platform
    • DAO Governance – $XDX holders vote on upgrades and future developments

    Thousands are already in and holding $XDX, what are you waiting for?

    The XenDex community is exploding across Telegram and Twitter, with whales and retail investors alike locking in their $XDX allocations before the price jump. Presale supply is shrinking by the hour and when it’s gone, it’s gone.

    Join XenDex Presale

    Final chance to buy at launch price is now! Do not miss it.

    This is your last chance to get in before $XDX becomes more expensive.

    Don’t wait until tomorrow to regret what you could have done today.

    Visit Official XenDex Links

    Website: https://xendex.net
    Presale: https://xendex.net/presale
    Telegram: https://t.me/xendexcommunity
    Twitter/X: https://x.com/xendex_xrp
    Docs: https://xdxdocs.gitbook.io

    Contact:
    Frank Richards
    Frank@xendex.net

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    The MIL Network –

    April 29, 2025
  • MIL-OSI: CECO Environmental Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Numerous Financial Records Reflect Strength of Well-Positioned Portfolio
    Company Maintains Full Year Outlook

    ADDISON, Texas, April 29, 2025 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO) (“CECO”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the first quarter of 2025.

    First Quarter Summary(1)

    • Orders of $227.9 million, up 57 percent
    • Backlog of $602.0 million, up 55 percent
    • Revenue of $176.7 million, up 40 percent
    • Gross profit margin of 35.2 percent; Gross margin of $68.0 million, up 28 percent
    • Net income of $36.0 million; non-GAAP net income of $3.5 million
    • GAAP EPS (diluted) of $0.98; non-GAAP EPS (diluted) of $0.10
    • Adjusted EBITDA of $14.0 million, up 6 percent
    • Free cash flow of $(15.1) million, down $13.2 million

    (1) All comparisons are versus the comparable prior year period, unless otherwise stated.
    Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables.

    Todd Gleason, CECO’s Chief Executive Officer commented, “We started 2025 with outstanding first quarter record orders of $228 million, which helped drive new record levels of backlog and revenue for the company. This is a powerful statement on the strength of our well-positioned portfolio, which is closely aligned to key long-term growth themes of industrial manufacturing reshoring, electrification, power generation, natural gas infrastructure, and industrial water investments. This marks the second consecutive quarter with bookings greater than $200 million, which has enabled our backlog to exceed $600 million for the first time in Company history. With our order pursuit pipeline now over $5 billion, we remain highly confident in our continued growth outlook.”

    First quarter operating income was $61.9 million, up $54.2 million when compared to $7.7 million in the first quarter 2024. On an adjusted basis, non-GAAP operating income was $8.6 million, down $1.6 million or 16 percent when compared to $10.2 million in the first quarter of 2024. Net income was $36.0 million in the quarter, up $34.5 million compared to $1.5 million in the first quarter 2024. Non-GAAP net income was $3.5 million, down $0.5 million when compared to $4.0 million in the first quarter 2024. Adjusted EBITDA of $14.0 million, reflecting an Adjusted EBITDA margin of 7.9 percent, was up 6 percent compared to $13.2 million in the first quarter 2024. Free cash flow in the quarter was $(15.1) million, down $13.2 million compared to $(1.9) million in the first quarter of 2024.

    “In the first quarter, we introduced strategic price actions to address preliminary tariff impacts. Additionally, to proactively manage our record backlog and robust project pipeline, we selectively pulled-in some inventory purchases and added key operational and customer-centric personnel to maintain the highest level of project execution. These additions drove incremental engineering, project management and business development costs during the first quarter as well as utilizing additional cash. This had the effect of depressing Adjusted EBITDA in the quarter, but these proactive measures were important to better position CECO for executing on our record backlog. Starting in Q2 2025, we will take strategic cost actions associated with eliminating redundant general and administrative roles and expenses resulting from our programmatic M&A and will expand our ongoing productivity and efficiency initiatives. We expect the benefits from these actions, when combined with continued strong volume growth, will underpin operating margin expansion throughout the year,” added Gleason.

    2025 Full Year Guidance

    For the full year 2025 outlook, the Company maintains its expectation to deliver Revenue of $700 to $750 million, up approximately 30 percent at the midpoint year and maintains its expected range for Adjusted EBITDA of $90 to $100 million, up approximately 50 percent at the midpoint versus 2024. The Company maintains its 2025 adjusted free cash flow to be between 60 and 75 percent of Adjusted EBITDA.

    “We are very pleased with the strong start to the year as our industrial air, industrial water and energy transition businesses continue to drive growth through our operating model leveraging their respective niche leadership positions, and flexible business models. Our record backlog and opportunity pipeline provide me with confidence in achieving our growth targets for the year. While we recognize we are in a very dynamic environment which makes it difficult to predict the impact tariffs and other related uncertainties might have on the economy and on our operations, we believe that our direct exposure to tariff-related imports is relatively modest. CECO is comparatively well-positioned as we execute and manufacture a majority of our business in the same regions in which we sell. At present, this aspect of our business design and operating model, coupled with the cost actions we have taken, allows us to maintain our full year outlook – but we are monitoring the economic situation and working with our supply chain to aggressively manage any additional cost expenses which might arise over the course of the year,” concluded Gleason.

    EARNINGS CONFERENCE CALL

    A conference call is scheduled for today at 8:30 a.m. ET to discuss the first quarter 2025 financial results. Please visit the Investor Relations portion of the website (https://investors.cecoenviro.com) to listen to the call via webcast. The conference call may also be accessed by visiting https://edge.media-server.com/mmc/p/tvr2idgu.

    A replay of the conference call will be available on the Company’s website for a period of one year. The replay may also be accessed by visiting https://edge.media-server.com/mmc/p/tvr2idgu.

    ABOUT CECO ENVIRONMENTAL

    CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally providing innovative solutions and application expertise. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase energy efficiency for highly-engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, electric vehicle production, polysilicon fabrication, semiconductor and electronics, battery production and recycling, specialty metals and steel production, beverage can, and water/wastewater treatment and a wide range of other industrial end markets. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Addison, Texas. For more information, please visit www.cecoenviro.com.

    Company Contact:
    Peter Johansson
    Chief Financial and Strategy Officer
    888-990-6670
    investor.relations@onececo.com

    Investor Relations Contact:
    Steven Hooser and Jean Marie Young
    Three Part Advisors, LLC
    214-872-2710
    investor.relations@onececo.com

    CECO ENVIRONMENTAL CORP.
    CONSOLIDATED BALANCE SHEETS
    (unaudited)
     
    (in thousands, except per share data)   March 31,
    2025
        December 31,
    2024
     
    ASSETS            
    Current assets:            
    Cash and cash equivalents   $ 146,471     $ 37,832  
    Restricted cash     205       369  
    Accounts receivable, net allowances of $8,663 and $8,863     152,405       159,572  
    Costs and estimated earnings in excess of billings on uncompleted contracts     83,335       69,889  
    Inventories     52,919       42,624  
    Prepaid expenses and other current assets     36,910       16,859  
    Prepaid income taxes     3,856       3,826  
    Total current assets     476,101       330,971  
    Property, plant and equipment, net     46,063       33,810  
    Right-of-use assets from operating leases     24,419       25,102  
    Goodwill     274,769       269,747  
    Intangible assets – finite life, net     109,250       74,050  
    Intangible assets – indefinite life     9,559       9,466  
    Deferred income taxes     210       966  
    Deferred charges and other assets     16,724       15,587  
    Total assets   $ 957,095     $ 759,699  
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Current liabilities:            
    Current portion of debt   $ 1,673     $ 1,650  
    Accounts payable     109,504       109,671  
    Accrued expenses     59,176       47,528  
    Billings in excess of costs and estimated earnings on uncompleted contracts     87,870       81,501  
    Notes payable     700       1,700  
    Income taxes payable     19,831       2,612  
    Total current liabilities     278,754       244,662  
    Other liabilities     4,314       14,362  
    Debt, less current portion     338,037       217,230  
    Deferred income tax liability, net     26,481       11,322  
    Operating lease liabilities     19,458       20,230  
    Total liabilities     667,044       507,806  
    Commitments and contingencies (See Note 14)            
    Shareholders’ equity:            
    Preferred stock, $.01 par value; 10,000 shares authorized, none issued     —       —  
    Common stock, $.01 par value; 100,000,000 shares authorized, 35,250,489 and
    34,978,009 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
        352       349  
    Capital in excess of par value     255,807       255,211  
    Retained earnings     42,554       6,570  
    Accumulated other comprehensive loss     (12,922 )     (14,441 )
    Total CECO shareholders’ equity     285,791       247,689  
    Noncontrolling interest     4,260       4,204  
    Total shareholders’ equity     290,051       251,893  
    Total liabilities and shareholders’ equity   $ 957,095     $ 759,699  
    CECO ENVIRONMENTAL CORP.
    CONSOLIDATED STATEMENTS OF INCOME
    (unaudited)
     
        Three months ended March 31,  
    (in thousands, except per share data)   2025     2024  
    Net sales   $ 176,697     $ 126,332  
    Cost of sales     114,535       81,200  
    Gross profit     62,162       45,132  
    Selling and administrative expenses     53,542       34,908  
    Amortization expenses     3,096       2,156  
    Acquisition and integration expenses     8,143       190  
    Gain on sale of Global Pump Solutions business     (64,502 )     —  
    Other expenses     13       192  
    Income from operations     61,870       7,686  
    Other expense, net     (594 )     (1,513 )
    Interest expense     (6,217 )     (3,413 )
    Income before income taxes     55,059       2,760  
    Income tax expense     18,617       667  
    Net income     36,442       2,093  
    Noncontrolling interest     (458 )     (585 )
    Net income attributable to CECO Environmental Corp.   $ 35,984     $ 1,508  
    Earnings per share:            
    Basic   $ 1.03     $ 0.04  
    Diluted   $ 0.98     $ 0.04  
    Weighted average number of common shares outstanding:            
    Basic     35,028,301       34,846,163  
    Diluted     36,689,320       36,177,323  
    CECO ENVIRONMENTAL CORP.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
     
        Three months ended March 31,  
    (in thousands)   2025     2024  
    Cash flows from operating activities:            
    Net income   $ 36,442     $ 2,093  
    Adjustments to reconcile net income to net cash provided by (used in) operating activities:            
    Depreciation and amortization     5,115       3,512  
    Unrealized foreign currency gain (loss)     (1,142 )     149  
    Gain on sale of Global Pump Solutions business     (64,502 )     —  
    (Loss) gain on sale of property and equipment     (15 )     115  
    Debt discount amortization     206       120  
    Share-based compensation expense     3,356       1,670  
    Provision (recovery) for credit loss     819       (384 )
    Inventory reserve expense     92       499  
    Deferred income tax benefit     166       —  
    Changes in operating assets and liabilities, net of acquisitions:            
    Accounts receivable     16,215       (5,355 )
    Costs and estimated earnings in excess of billings on uncompleted contracts     (12,270 )     7,858  
    Inventories     (2,416 )     (4,447 )
    Prepaid expense and other current assets     (17,652 )     1,211  
    Deferred charges and other assets     (1,137 )     (221 )
    Accounts payable     (3,633 )     (2,442 )
    Accrued expenses     8,865       1,220  
    Billings in excess of costs and estimated earnings on uncompleted contracts     5,933       1,262  
    Income taxes payable     17,220       (387 )
    Other liabilities     (3,358 )     (5,249 )
    Net cash (used in) provided by operating activities     (11,696 )     1,224  
    Cash flows from investing activities:            
    Acquisitions of property and equipment     (3,385 )     (3,116 )
    Net cash proceeds for sale of Global Pump Solutions business     105,860       —  
    Net cash (paid) received for acquisitions, net of cash acquired     (97,646 )     422  
    Net cash provided by (used in) investing activities     4,829       (2,694 )
    Cash flows from financing activities:            
    Borrowings on revolving credit lines     148,100       13,400  
    Repayments on revolving credit lines     (27,600 )     (12,600 )
    Repayments of long-term debt     (420 )     (2,553 )
    Payments on finance leases and financing liability     (234 )     (229 )
    Deferred consideration paid for acquisitions     (1,000 )     (1,000 )
    Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options     (2,688 )     258  
    Noncontrolling interest distributions     (402 )     (804 )
    Common stock repurchased     —       (3,000 )
    Net cash provided by (used in) financing activities     115,756       (6,528 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     (414 )     (422 )
    Net increase (decrease) in cash, cash equivalents and restricted cash     108,475       (8,420 )
    Cash, cash equivalents and restricted cash at beginning of period     38,201       55,448  
    Cash, cash equivalents and restricted cash at end of period   $ 146,676     $ 47,028  
    Cash paid during the period for:            
    Interest   $ 3,987     $ 3,269  
    Income taxes   $ 2,405     $ 975  
    CECO ENVIRONMENTAL CORP.
    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
     
        Three months ended March 31,  
    (in millions, except ratios)   2025     2024  
    Operating income as reported in accordance with GAAP   $ 61.9     $ 7.7  
    Operating margin in accordance with GAAP     35.0 %     6.1 %
    Amortization expenses     3.1       2.2  
    Acquisition and integration expenses     8.1       0.2  
    Gain on sale of Global Pump Solutions business     (64.5 )     —  
    Other expenses(1)     —       0.1  
    Non-GAAP operating income   $ 8.6     $ 10.2  
    Non-GAAP operating margin     4.9 %     8.1 %
        Three months ended March 31,  
    (in millions, except share data)   2025     2024  
    Net income as reported in accordance with GAAP   $ 36.0     $ 1.5  
    Amortization and earnout expenses     3.1       2.2  
    Acquisition and integration expenses     8.1       0.2  
    Gain on sale of Global Pump Solutions business     (64.5 )     —  
    Restructuring expenses     —       0  
    Foreign currency remeasurement     0.6       0.9  
    Tax (benefit) expense of adjustments     20.2       (0.9 )
    Non-GAAP net income   $ 3.5     $ 4.0  
    Depreciation     2.0       1.3  
    Non-cash stock compensation     3.4       1.7  
    Other expense, net     —       0.6  
    Interest expense     6.2       3.4  
    Income tax expense     (1.6 )     1.6  
    Noncontrolling interest     0.5       0.6  
    Adjusted EBITDA   $ 14.0     $ 13.2  
                 
    Earnings per share:            
    Basic   $ 1.03     $ 0.04  
    Diluted   $ 0.98     $ 0.04  
                 
    Non-GAAP net (loss) income per share:            
    Basic   $ 0.10     $ 0.11  
    Diluted   $ 0.10     $ 0.11  
      Three months ended March 31,  
    (in millions) 2025     2024  
    Net cash provided by operating activities $ (11.7 )   $ 1.2  
    Acquisitions of property and equipment   (3.4 )     (3.1 )
    Free cash flow $ (15.1 )   $ (1.9 )
     

    NOTE REGARDING NON-GAAP FINANCIAL MEASURES

    CECO is providing certain non-GAAP historical financial measures as presented above as we believe that these figures are helpful in allowing individuals to better assess the ongoing nature of CECO’s core operations. A “non-GAAP financial measure” is a numerical measure of a company’s historical financial performance that excludes amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP.

    Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow, as we present them in the financial data included in this press release, have been adjusted to exclude the effects of amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. Management believes that these items are not necessarily indicative of the Company’s ongoing operations and their exclusion provides individuals with additional information to better compare the Company’s results over multiple periods. Management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.

    Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO’s results as reported under GAAP. Additionally, CECO cautions investors that non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.

    In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow stated in the tables above are reconciled to the most directly comparable GAAP financial measures.

    Non-GAAP measures presented on a forward-looking basis were not reconciled to the comparable GAAP financial measures because the reconciliation could not be performed without unreasonable efforts. The GAAP measures are not accessible on a forward-looking basis because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. The unavailable information could have a significant impact on our GAAP financial results.

    SAFE HARBOR

    Any statements contained in this Press Release, other than statements of historical fact, including statements about management’s beliefs and expectations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties, among others, that could cause actual results to differ materially are discussed under “Part I – Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and may be included in subsequently filed Quarterly Reports on Form 10-Q, and include, but are not limited to: the effect of the divestiture of our Fluid Handling business on business relationships, operating results, and business generally, disruption of current plans and operations and potential difficulties in employee retention as a result of the transaction, diversion of management’s attention from ongoing business operations in connection with the integration of recent acquisitions, the amount of the costs, fees, expenses and other charges related to the transaction, the achievement of the anticipated benefits of transactions, our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, as well as a number of factors related to our business, including the sensitivity of our business to economic and financial market conditions generally and economic conditions in CECO’s service areas; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges or other customer considerations; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases; our ability to successfully realize the expected benefits of our restructuring program; economic and political conditions generally; our ability to optimize our business portfolio by identifying acquisition targets, executing upon any strategic acquisitions or divestitures, integrating acquired businesses and realizing the synergies from strategic transactions; and the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management’s response to any of the aforementioned factors. Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Sunrise Padel Capital Closes First Fund and Launches Second to Accelerate Padel Growth Across North America

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, April 29, 2025 (GLOBE NEWSWIRE) — Sunrise Padel Capital, a pioneering investment firm focused on scaling padel through strategic real estate and operating investments, today announced the successful closing of its first fund with deployments into nine clubs across major U.S. markets. The firm has also officially launched its second fund, a dual-structure vehicle designed to invest in both real estate and operating companies, targeting a combined $50 million in capital commitments.

    Sunrise Padel Capital Fund I served as a proof of concept, backing high-potential operators and real estate acquisitions in cities such as Chicago, Los Angeles, Miami, Houston, and Denver. Several of these investments included equity participation in both the operating company and the underlying real estate, positioning the fund for long-term value creation.

    Following the momentum of Fund I, the firm has launched Sunrise Padel Capital Fund II, which consists of two complementary strategies:

    • PropCo Fund ($25M target): Focused on acquiring and developing padel-specific real estate to be leased to premium operators, delivering stable cash flow and long-term asset appreciation.
    • Growth Fund ($25M target): Investing in operating companies, strategic partnerships, and ecosystem players across technology, hospitality, and professionalization.

    “Our vision is to be the leading capital partner behind the sport’s rapid growth in the U.S.,” said Diego Campos, Managing Partner at Sunrise Padel Capital. “Fund II allows us to double down on what’s working—backing top-tier founders and acquiring high-potential real estate—while scaling the infrastructure that padel needs to thrive.”

    The firm also announced a new strategic partnership with a U.S.-based family office with over $2B in real estate AUM to co-invest in select PropCo transactions, enhancing deal flow and execution capacity.

    With a growing pipeline of opportunities and multiple clubs opening in the next 6–8 months, Sunrise Padel Capital continues to shape the future of padel in North America.

    For more information or to request the Fund II deck, contact:
    info@sunrisepadelcapital.com
    www.sunrisepadelcapital.com

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Amplify ETFs Launches the Next Generation of Bitcoin Option Income ETFs

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 29, 2025 (GLOBE NEWSWIRE) — Amplify ETFs, a leading provider of breakthrough ETF solutions, announces the launch of the Amplify Bitcoin 24% Premium Income ETF (BITY) and Amplify Bitcoin Max Income Covered Call ETF (BAGY). These two actively managed ETFs seek to employ weekly options-writing strategies on Bitcoin ETPs*, transforming Bitcoin’s volatility into income opportunities with upside potential:

    Amplify Bitcoin 24% Premium Income ETF (BITY)

    BITY targets 24% annual option premium1 income, seeking to balance upside potential with attractive income generation. BITY seeks to deliver monthly income while maintaining high upside appreciation by writing 5-10% out-of-the-money2 weekly call options on a portion of the portfolio’s Bitcoin exchange-traded products (ETPs).

    This short-dated approach provides 4x more opportunities to reset strike prices and collect income compared to monthly options, enabling potential for compounded income and greater total return. BITY is designed for investors seeking Bitcoin growth exposure and income through an active risk-managed approach.

    Amplify Bitcoin Max Income Covered Call ETF (BAGY)                

    BAGY is optimized for maximum monthly option income and seeks to generate 30-60% annualized option premium income while preserving exposure to approximately 5% Bitcoin price appreciation weekly. BAGY writes 5% out-of-the-money covered call options on Bitcoin ETPs with expirations of one week or less, meaning potential option premiums are collected 4x more often versus monthly options, enabling compounded premium income generation. BAGY’s frequent, high-premium call-writing strategy focuses on converting Bitcoin’s price swings into a consistent income stream with capital appreciation potential each week. BAGY provides potential for high income with weekly upside participation.

    “Bitcoin’s volatility is a challenge and opportunity for investors,” said Christian Magoon, CEO of Amplify ETFs. “BAGY and BITY represent the next generation of weekly Bitcoin option income strategies as they seek to deliver attractive income while offering upside exposure to Bitcoin’s growth potential. Whether investors seek maximum weekly income with capital appreciation potential via BAGY or prefer to balance an attractive 24% target premium yield with greater capital appreciation potential with BITY, Amplify offers two carefully managed opportunities at compelling price points.”

    The process for both ETFs includes buying long Bitcoin exposure through ETPs and synthetic options, writing weekly covered calls, rolling expiring contracts, and seeking to pay high monthly distributions. This structure aims to provide high income, flexibility in call pricing, and clear participation in Bitcoin upside in an accessible investment vehicle.

    Both ETFs provide investors with monthly distribution frequency, enhanced total return through income generation potential, and a compelling way to access the growing digital asset space. Their versatility aligns well with allocations in a portfolio’s income, growth, or alternative sleeves.

    The funds are actively managed. Amplify Investments LLC serves as the investment adviser to the Funds. Kelly Strategic Management, LLC and Penserra Capital Management LLC each serve as investment sub-advisers to the Funds.

    Learn more:

    About Amplify ETFs
    Amplify ETFs, sponsored by Amplify Investments, has over $10 billion in assets across its suite of ETFs (as of 3/31/2025). Amplify ETFs delivers expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs. To learn more visit AmplifyETFs.com.


    1
    An option premium is the cost an option buyer pays to the seller for the right to trade an asset at a set price within a certain period.
    2Out of the money (OTM) options has a strike price that the underlying security has yet to reach.

    *The Funds do not invest directly in bitcoin. Bitcoin ETPs are exchange-traded investment products not registered under the 1940 Act that seek to generally match the performance of the price of Bitcoin, and trade intra-day on a national securities exchange.

    There is no guarantee that BITY will achieve the Target Option Premium in any given year. If the NAV of the Fund remains level or decreases during any one-year period, the annualized premium generated by the Fund may be significantly less than the Target Option Premium for that time period.

    Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.

    Investing involves risk and possible loss of principal. There is no guarantee the investment strategy will be successful. The Funds are considered to be non-diversified. The Funds are actively managed and their performance reflects the investment decisions that the Adviser makes for the Funds.

    The Funds face risks by investing in Bitcoin through the Bitcoin ETP and Bitcoin ETP Options, as bitcoin is a new and highly speculative investment. The market for bitcoin is volatile and subject to rapid changes, regulatory actions, and numerous challenges to widespread adoption. Issues such as slow transaction processing, variable fees, and price volatility further increase these risks.

    There is a lack of consensus regarding the regulation of digital assets, including bitcoin, and their markets. Trading in shares of a Bitcoin ETP on U.S. securities exchanges may be halted due to market conditions or for reasons that, in the view of an exchange, make trading in shares of the Bitcoin ETP inadvisable.

    Option contract prices are volatile and affected by changes in the underlying asset’s value, interest or currency rates, and expected volatility, all of which are influenced by political, fiscal, and monetary policies. The Funds may use FLEX Options, which can be less liquid than standardized options. This may make it difficult to close out FLEX Options positions at desired times and prices.

    With covered call risk, the Funds might miss out on profits if the security’s value rises above the option’s premium and strike price while still facing potential losses if the value declines. With covered put risk, significant stock price increases can lead to substantial losses on your short position. The premium provides some income but may not fully offset the loss if the stock rallies unexpectedly.

    The Funds currently expect to make distributions on a monthly basis, a portion of which may be considered return of capital.

    Amplify Investments LLC serves as the investment adviser to the Funds. Kelly Strategic Management, LLC and Penserra Capital Management LLC each serve as investment sub-advisers to the Funds.

    Amplify ETFs are distributed by Foreside Fund Services, LLC.

    The MIL Network –

    April 29, 2025
  • MIL-OSI: AML Go Showcased at MFSA’s Virtual Workshop: Mastering FICA Compliance

    Source: GlobeNewswire (MIL-OSI)

    JOHANNESBURG, April 29, 2025 (GLOBE NEWSWIRE) — AML Go (Pty) Ltd (“AML Go”), a South African subsidiary of UPAY Inc. (OTCQB: UPYY) and a leading provider of AML compliance and screening solutions, was honored to be invited to present at the MicroFinance South Africa (MFSA) Virtual Workshop on Mastering FICA Compliance, held on Tuesday, April 16, 2025.

    The high-impact virtual workshop brought together more than 380 delegates from across the country, including compliance officers, executives, and representatives from the Financial Intelligence Centre (FIC) and various accountable institutions. Tailored for the credit and microfinance sector, the event delivered practical, high-value insights on navigating South Africa’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulations.

    Empowering the Sector with Practical FICA Insights

    The MFSA workshop addressed key areas of the Financial Intelligence Centre Act (FICA), equipping professionals with actionable strategies to strengthen institutional compliance. Topics included:

    • Core FICA obligations and recent legislative developments
    • Effective implementation of Risk Management and Compliance Programs (RMCPs)
    • Execution of a Risk-Based Approach and Customer Due Diligence (CDD)
    • Employee screening procedures to enhance internal controls
    • FIC investigative practices and audit expectations

    The comprehensive sessions highlighted the growing need for technology-enabled compliance tools that streamline implementation while maintaining high regulatory standards.

    AML Go’s Role and Live Demonstration

    During its live session, AML Go demonstrated how its platform empowers accountable institutions—particularly in the microfinance space—to:

    • Automate RMCP workflows
    • Perform comprehensive client screening and risk profiling
    • Generate audit-friendly reports and maintain real-time monitoring

    Participants gained hands-on exposure to AML Go’s intelligent compliance engine and witnessed how the solution simplifies complex regulatory processes while reinforcing operational integrity.

    Driving Innovation in Financial Compliance

    “We’re honored to have participated in this important industry event,” said a spokesperson for AML Go. “Workshops like these play a critical role in ensuring that institutions remain equipped to uphold their compliance responsibilities in an increasingly complex regulatory landscape. AML Go remains committed to supporting the sector with powerful, accessible, and locally relevant tools.”

    About AML Go

    AML Go (Pty) Ltd provides cutting-edge, automated AML compliance, client screening, credit vetting, and risk management solutions. Serving financial and non-financial sectors across Africa, AML Go enables institutions to meet regulatory obligations while optimizing operational efficiency.

    www.amlgo.co.za

    About UPAY

    UPAY Inc. is a publicly traded fintech holding company focused on delivering innovative financial software platforms, data intelligence, and compliance automation. Through its portfolio of solutions—including AML GO, HUNTPAL and ACPAS—UPAY helps clients navigate complex financial ecosystems with confidence and precision.

    www.upaytechnology.com

    Forward-Looking Statements
    This press release contains “forward-looking statements” as defined under applicable securities laws. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those anticipated. The Company does not undertake any obligation to update or revise forward-looking statements because of new information, future events, or other circumstances. No information in this publication should be interpreted as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.

    Contact Information
    UPAY INC.
    Media Relations
    info@upaytechnology.com

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Charging Robotics: Revoltz Secures First Institutional Client for PORTO EV Logistics Deployment

    Source: GlobeNewswire (MIL-OSI)

    Marks Expansion Beyond Individual Customers into Fleet and Commercial Applications

    Tel Aviv, Israel, April 29, 2025 (GLOBE NEWSWIRE) — Charging Robotics Inc. (OTC: CHEV), announced today that its affiliate, Revoltz Ltd. (of which Charging Robotics owns 19.9%), has secured its first institutional client for the PORTO EV, Revoltz’s flagship electric micro-vehicle designed for last-mile logistics. The new order marks a significant step in Revoltz’s commercial expansion strategy, transitioning from individual sales into larger fleet deployments.

    The institutional customer — a prominent logistics provider — will integrate PORTO EVs into its urban delivery fleet, reinforcing the growing demand for sustainable, compact electric mobility solutions across commercial operations.

    “This first institutional order validates our vision to transform urban logistics with efficient, eco-friendly electric vehicles,” said Amir Zaid, CEO and Co-founder of Revoltz. “Fleet customers are seeking solutions that reduce operating costs, meet new sustainability goals, and deliver operational agility in crowded urban settings. We believe that the PORTO EV fits perfectly into that vision.”

    The order comes shortly after Revoltz’s successful launch of its commercial phase in Israel, which included the delivery of the first 50 PORTO EV units to its exclusive local distributor under a multi-year $2.7 million agreement.

    The PORTO EV offers key features ideal for institutional logistics use, including:

    • High-volume cargo capacity across dual axles
    • Full-day operational range on a single charge
    • Compact design optimized for dense urban areas
    • License-free operation for users aged 16+ under Israeli regulations

    The Israeli distributor is leading ongoing sales and service operations, focusing on local delivery fleets, logistics companies, and urban businesses.

    As Revoltz continues to scale operations, it expects to further penetrate the growing last-mile delivery sector both in Israel and internationally, addressing a critical need for sustainable urban transportation.

    About Revoltz Ltd.

    Revoltz Ltd., an affiliate of Charging Robotics Ltd., specializes in the design and manufacture of high-end, mini electric vehicles, bridging the gap between traditional automotive design and emerging micro-mobility solutions. Revoltz is committed to creating cutting-edge designs that revolutionize the micro-mobility sector.

    About Charging Robotics

    Charging Robotics is developing various automatic wireless charging solutions such as robotic and stationary charging systems for EVs. Robotic solutions are intended to offer the driver the ability to initiate charging by use of a simple smartphone app that instructs an autonomous robot, which navigates under the EV for access and charging capabilities. Our stationary systems offer various charging solutions, including in automatic car parks where the company’s system allowing EVs to charge in places where drivers can’t connect plugs to sockets. For further information, visit: https://www.chargingrobotics.com/

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on the current expectations of Charging Robotics, and its subsidiary Charging Robotics Ltd. (together, the “Company”), they are subject to various risks and uncertainties, and actual results, performance or achievements of the Company could differ materially from those described in or implied by the statements in this press release. For example, the Company uses forward looking statements when it discusses Revoltz’s vision to transform urban logistics with efficient, eco-friendly electric vehicles.

    The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. The Company is not responsible for the contents of any third-party websites.

    Investor Relations Contact:

    Michal Efraty
    Investor Relations
    michal@efraty.com

    The MIL Network –

    April 29, 2025
  • MIL-OSI: HighPeak Energy, Inc. Announces 2025 First Quarter Earnings Release and Conference Call Dates

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, April 29, 2025 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (NASDAQ: HPK) (“HighPeak Energy”), today announced that it plans to release its 2025 first quarter financial and operating results after the close of trading on Monday, May 12, 2025.

    HighPeak Energy will host a conference call and webcast on Tuesday, May 13, 2025 at 10:00 a.m. Central Time for investors and analysts to discuss its 2025 first quarter financial results and operational highlights. Participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on HighPeak Energy’s website at www.highpeakenergy.com under the “Investors” section of the website.  

    About HighPeak Energy, Inc.

    HighPeak Energy is a publicly traded independent oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

    Investor Contact:

    Ryan Hightower
    Vice President, Business Development
    817.850.9204
    rhightower@highpeakenergy.com

    Source: HighPeak Energy, Inc.

    The MIL Network –

    April 29, 2025
  • MIL-OSI: From Vision to 36 Million Users: MEXC Celebrates 7 Years of Exponential Growth

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, April 29, 2025 (GLOBE NEWSWIRE) — MEXC, a leading cryptocurrency exchange, witnessed impressive growth throughout 2024, with its global user base soaring to 36 million and trading volumes surging across the board. The platform recorded a 143% increase in Spot trading volume and a 118% jump in Futures trading volume, reflecting its rising dominance in the digital asset space. As MEXC celebrates its 7th anniversary, it has not only weathered the challenges of a highly competitive industry but has firmly positioned itself as one of the top-performing exchanges worldwide—driven by innovation, scalability, and user-first service.

    Key Highlights:

    • Spot Trading Volume: +143% YoY
    • Futures Trading Volume: +118% YoY
    • Market Share: Jumped from 2.4% in 2023 to 13.06% in Q1 2025
    • User Base: Reached 36 million globally
    • Listed Assets: Over 3,000
    • Employees: Doubled to 2,000+
    • Recovered User Assets: Over $1.8 million
    • Customer Service Tickets Resolved: 1.1 million+

    Unprecedented Trading Volume Growth: Dominating Market Share

    MEXC has demonstrated exceptional performance in its core trading business, with remarkable growth metrics that reflect its increasing dominance in the cryptocurrency exchange landscape. According to the latest data, the platform achieved an impressive 143% growth in Spot trading volume and a substantial 118% increase in Futures trading volume over the past year.

    According to TokenInsight’s industry report, MEXC’s market share surged from 2.4% in 2023 to 11.6% in 2024, and further increased to 13.06% in 2025 Q1. The CoinGecko Q1 2025 report also highlighted MEXC’s expanding market presence and growing influence in the global cryptocurrency exchange ecosystem, noting its leap into 3rd place in terms of futures trading volume.

    This impressive growth is well above the industry average, showing that more and more traders are choosing MEXC for its strong trading tools. With high liquidity, low fees, and reliable performance in both Spot and Futures markets, the platform continues to attract a wide range of users—from everyday investors to major institutions.

    36 Million Users and Counting: MEXC’s Global Expansion

    In a testament to its expanding influence, MEXC has witnessed phenomenal user adoption over the past year. The platform welcomed an impressive number of new users, significantly expanding its ecosystem. This substantial influx has propelled the exchange to reach a cumulative user base of 36 million globally.

    This rapid growth isn’t just about the numbers—it shows that millions of people and institutions are choosing to trust MEXC for its reliable infrastructure, strong security, and quality service. The platform’s success in gaining and keeping users from around the world highlights its broad appeal and the increasing trust it’s earning from crypto enthusiasts, traders, and investors everywhere.

    Strategic Organizational Expansion: Scaling with Purpose

    Understanding that technological innovation is driven by human talent, MEXC has undertaken a strategic workforce expansion, nearly doubling its staff to 2,000 employees. This deliberate scaling has focused on strengthening three critical operational pillars:

    1. Growth Center – A specialized division dedicated to accelerating user acquisition, enhancing platform adoption strategies, and exploring new market opportunities. This team spearheads MEXC’s expansion into emerging cryptocurrency markets while strengthening its position in established ones.

    2. R&D Center – The innovation engine of MEXC, where talented engineers and developers work tirelessly to enhance the platform’s technological infrastructure, develop cutting-edge features, and implement security protocols that safeguard user assets. The R&D team’s commitment to excellence ensures that MEXC remains at the technological vanguard of the crypto exchange landscape.

    3. Business Support – The operational backbone ensuring seamless platform functionality, superior customer experience, and efficient business processes. This division works behind the scenes to maintain the high standards of service that users have come to expect from MEXC.

    Diverse Asset Offerings with Reward Programs

    MEXC continues to enhance its position as a versatile and comprehensive trading platform, offering sophisticated Spot and Futures trading services that cater to both novice and experienced traders. The exchange has significantly expanded its asset portfolio to include an impressive 3,000+ listed assets, providing users with unparalleled diversity in trading options across various cryptocurrencies, tokens, and digital assets. This extensive listing strategy reflects MEXC’s commitment to offering users access to emerging projects and established cryptocurrencies alike, creating a dynamic marketplace where traders can diversify their portfolios and capitalize on market opportunities.

    Complementing this diverse asset ecosystem, MEXC has implemented one of the industry’s most comprehensive reward programs, successfully orchestrating 2,293 airdrop events through its innovative token airdrop program, distributing a substantial prize pool valued at $136 million. These strategic initiatives serve multiple purposes: rewarding loyal users, incentivizing platform participation, and introducing the community to promising new projects. By consistently sharing value with its user base while maintaining robust liquidity and advanced trading infrastructure, MEXC has cultivated a culture of reciprocity and mutual growth that strengthens user loyalty and platform advocacy.

    Thriving Community: Nurturing Global Connections

    MEXC’s vibrant community continues to flourish across multiple social platforms, with its X account followers almost doubling to 2.25 million. This substantial social media presence amplifies the exchange’s voice in cryptocurrency discourse and facilitates direct engagement with users and stakeholders.

    Complementing its social media presence, MEXC’s Telegram ecosystem has expanded to include 193,000 membersacross various groups, creating dynamic spaces for real-time discussions, market insights, educational content, and peer support. These community hubs foster a sense of belonging among users while serving as valuable channels for information dissemination and feedback collection.

    The robust growth of MEXC’s community ecosystem reflects the platform’s success in transcending its role as a mere trading venue to become a vibrant hub for cryptocurrency enthusiasts and professionals worldwide.

    Customer-Centric Service: Setting Industry Standards

    MEXC’s unwavering commitment to customer satisfaction is evidenced by its responsive and resourceful customer service team, which has successfully addressed over 1.1 million customer service requests in the past year. This volume underscores both the scale of MEXC’s operations and its dedication to providing timely assistance to users navigating the complexities of cryptocurrency trading.

    Beyond routine support, MEXC’s customer service team has demonstrated exceptional value by helping users recover over $1.8 million in assets that might otherwise have been lost due to user errors, technical issues, or misconceptions. This recovery effort exemplifies MEXC’s proactive approach to customer service and its genuine concern for user welfare beyond transactional relationships.

    The quality and effectiveness of MEXC’s customer service infrastructure set new benchmarks for the industry, reinforcing user confidence and contributing significantly to the platform’s reputation for reliability and trustworthiness.

    Looking Ahead: Charting the Course for Future Growth

    Behind the impressive growth figures lies the comprehensive result of MEXC’s ongoing investment in core trading infrastructure, rapid asset listings, enhanced user experience, and region-specific strategies. MEXC has evolved from its former position as a market follower to establish itself firmly among the world’s elite cryptocurrency trading platforms, demonstrating leadership through innovation and consistent performance excellence.

    As MEXC embarks on its eighth year, the exchange stands poised for continued innovation and market leadership. Built on a foundation of user trust, technological excellence, and community engagement, MEXC is strategically positioned to navigate the evolving cryptocurrency landscape.

    The impressive metrics across all business areas highlight MEXC’s successful execution of its strategic roadmap and adaptability in a dynamic industry. With its proven track record and clear vision, MEXC remains committed to providing a secure, efficient platform for cryptocurrency enthusiasts worldwide, continuing to shape the future of digital finance.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website| X | Telegram |How to Sign Up on MEXC

    Source

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

    Disclaimer: This is a paid post and is provided by MEXC. 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. We do not guarantee any claims, statements, or promises made in this article. 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. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. 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. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    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 assume no responsibility for any inaccuracies, errors, or omissions. 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/417cca70-bf4f-4b19-a358-67edc185e1fa

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1cdc1488-17b0-41a2-8048-31877ca064c7

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2086a36b-60e6-40cc-a6ac-69a2a7dd7aff

    https://www.globenewswire.com/NewsRoom/AttachmentNg/99ab9bef-c276-4647-8e2d-5278b9242104

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Unlock Your Trading Edge With Axi at the Finance Magnates Africa Summit

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, April 29, 2025 (GLOBE NEWSWIRE) — Leading online FX and CFD broker Axi is attending this year’s Finance Magnates Africa Summit (FMAS:25), taking place on May 29-30, 2025, at the Cape Town International Convention Centre in Cape Town, South Africa.  

    Event attendees will have the opportunity to learn about Axi Select, Axi’s all-inclusive capital allocation program, designed to empower ambitious traders on their trading journey. “We invite all traders to visit our booth and explore our innovation that is Axi Select,” says Louis Cooper, Chief Commercial Officer at Axi, before adding, “We look forward to networking with follow traders and showcase the exceptional benefits of our program. Axi Select features zero registration fees, capital funding of up to $1,000,000 USD, the opportunity to earn up to 90% of the profits, and advanced tools to maximise traders’ trading potential.” 

    Additionally, visitors can explore the broker’s Introducing Broker (IB) and Affiliate programs or learn more about Axi’s longstanding partnership with Man City, Premier League Champions. Manchester City memorabilia and the club’s mascot will be on-site for photos and attendees stand the chance to win exciting prizes, including signed player shirts and other merchandise.  

    The broker has a longstanding partnership with Premier League club, Manchester City FC, as well as LaLiga club, Girona FC, and Brazilian club, Esporte Clube Bahia. In 2023, they also announced England international John Stones as their Brand Ambassador. The broker was recognised with the ‘Innovator of the Year’ award at the 2024 Dubai Forex Expo, as well as with the being named ‘Best Funded Trader Programme’ by the ADVFN International Financial Awards 2025.  

    The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available to AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. 

    About Axi 

    Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more. 

    For more information or additional comments from Axi, please contact: mediaenquiries@axi.com

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Southside Bancshares, Inc. Announces Financial Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    • First quarter net income of $21.5 million;
    • First quarter earnings per diluted common share of $0.71;
    • Annualized return on first quarter average assets of 1.03%;
    • Annualized return on first quarter average tangible common equity of 14.14%(1); and
    • Nonperforming assets remain low at 0.39% of total assets.

    TYLER, Texas, April 29, 2025 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside” or the “Company”) (NYSE: SBSI) today reported its financial results for the quarter ended March 31, 2025. Southside reported net income of $21.5 million and earnings per diluted common share of $0.71 for both of the three month periods ended March 31, 2025 and 2024. The annualized return on average shareholders’ equity for the three months ended March 31, 2025 was 10.57%, compared to 11.02% for the same period in 2024. The annualized return on average assets was 1.03% for both of the three month periods ended March 31, 2025 and 2024.

    “We are pleased to report financial results for the first quarter ended March 31, 2025, which included earnings per share of $0.71, a return on average assets of 1.03%, and a return on average tangible common equity of 14.14%,” stated Lee R. Gibson, Chief Executive Officer of Southside. “Linked quarter, the net interest margin increased three basis points to 2.86%, net interest income increased $145,000 to $53.9 million, and deposits net of public fund and brokered deposits increased $91.9 million. The linked quarter decrease in total loans was primarily due to payoffs exceeding original projections. Our loan pipeline is solid and we continue to anticipate mid-single-digit loan growth for 2025; however, it will likely be heavily weighted in the last half of the year.”

    Operating Results for the Three Months Ended March 31, 2025

    Net income was $21.5 million and earnings per diluted common share were $0.71 for both of the three month periods ended March 31, 2025 and 2024. Annualized returns on average assets and average shareholders’ equity for the three months ended March 31, 2025 were 1.03% and 10.57%, respectively, compared to 1.03% and 11.02%, respectively, for the three months ended March 31, 2024. Our efficiency ratio and tax-equivalent efficiency ratio(1) were 57.04% and 55.04%, respectively, for the three months ended March 31, 2025, compared to 57.95% and 55.54%, respectively, for the three months ended March 31, 2024, and 56.08% and 54.00%, respectively, for the three months ended December 31, 2024.

    Net interest income for the three months ended March 31, 2025 was $53.9 million, an increase of $0.5 million, or 0.9%, compared to the same period in 2024. Linked quarter, net interest income increased $0.1 million, or 0.3%, compared to $53.7 million for the three months ended December 31, 2024. The increase in net interest income for both periods was due to the decrease in the average rate paid on interest bearing liabilities and the increase in the average balance of our interest earning assets, partially offset by the decrease in the average yield of interest earning assets and the increase in the average balance of our interest bearing liabilities.

    Our net interest margin increased to 2.74% for the three months ended March 31, 2025, compared to 2.72% for the same period in 2024, while tax-equivalent net interest margin(1) was 2.86% for both of the three month periods ended March 31, 2025 and 2024. Linked quarter, net interest margin and tax-equivalent net interest margin(1) increased from 2.70% and 2.83%, respectively, for the three months ended December 31, 2024.

    Noninterest income was $10.2 million for the three months ended March 31, 2025, an increase of $0.5 million, or 5.1%, compared to $9.7 million for the same period in 2024. The increase was primarily due to increases in gain on sale of loans and trust fees, partially offset by an increase in net loss on sale of securities available for sale (“AFS”). On a linked quarter basis, noninterest income decreased $2.1 million, or 16.8%, compared to the three months ended December 31, 2024. The decrease was primarily due to a decrease in other noninterest income, an increase in net loss on sale of securities AFS and a decrease in deposit services income. The decrease in other noninterest income was due to a decrease in swap fee income for the three months ended March 31, 2025.

    Noninterest expense increased $0.2 million, or 0.6%, to $37.1 million for the three months ended March 31, 2025, compared to $36.9 million for the same period in 2024, due to increases in other noninterest expense and professional fees, partially offset by decreases in salaries and employee benefits expense and amortization of intangibles. On a linked quarter basis, noninterest expense decreased by $1.1 million, or 2.8%, compared to the three months ended December 31, 2024, due to decreases in salaries and employee benefits, net occupancy, other noninterest expense and professional fees.

    Income tax expense increased $0.1 million, or 2.1%, for the three months ended March 31, 2025, compared to the same period in 2024. On a linked quarter basis, income tax expense increased $0.1 million, or 1.3%. Our effective tax rate (“ETR”) increased to 18.0% for the three months ended March 31, 2025, compared to 17.7% for the three months ended March 31, 2024, and increased from 17.6% for the three months ended December 31, 2024. The higher ETR for the three months ended March 31, 2025 compared to the same period in 2024, was primarily due to an increase in state income tax expense.

    Balance Sheet Data

    At March 31, 2025, Southside had $8.34 billion in total assets, compared to $8.35 billion at March 31, 2024, and $8.52 billion at December 31, 2024.

    Loans at March 31, 2025 were $4.57 billion, a decrease of $10.1 million, or 0.2%, compared to $4.58 billion at March 31, 2024. Linked quarter, loans decreased $94.4 million, or 2.0%, due to decreases of $79.7 million in construction loans, $19.7 million in municipal loans, $2.5 million in commercial real estate loans and $1.9 million in loans to individuals. These decreases were partially offset by increases of $8.5 million in commercial loans and $1.0 million in 1-4 family residential loans.

    Securities at March 31, 2025 were $2.74 billion, an increase of $24.2 million, or 0.9%, compared to $2.71 billion at March 31, 2024. Linked quarter, securities decreased $76.9 million, or 2.7%, from $2.81 billion at December 31, 2024.

    Deposits at March 31, 2025 were $6.59 billion, an increase of $45.1 million, or 0.7%, compared to $6.55 billion at March 31, 2024. Linked quarter, deposits decreased $63.4 million, or 1.0%, from $6.65 billion at December 31, 2024.

    At March 31, 2025, we had 178,840 total deposit accounts with an average balance of $34,000. Our estimated uninsured deposits were 40.0% of total deposits as of March 31, 2025. When excluding affiliate deposits (Southside-owned deposits) and public fund deposits (all collateralized), our total estimated deposits without insurance or collateral was 20.8% as of March 31, 2025. Our noninterest bearing deposits represent approximately 20.9% of total deposits. Linked quarter, our cost of interest bearing deposits decreased nine basis points from 2.92% in the prior quarter to 2.83%. Linked quarter, our cost of total deposits decreased five basis points from 2.31% in the prior quarter to 2.26%.

    Our cost of interest bearing deposits decreased 14 basis points, from 2.97% for the three months ended March 31, 2024, to 2.83% for the three months ended March 31, 2025. Our cost of total deposits decreased 10 basis points, from 2.36% for the three months ended March 31, 2024, to 2.26% for the three months ended March 31, 2025.

    Capital Resources and Liquidity

    Our capital ratios and contingent liquidity sources remain solid. During the first quarter ended March 31, 2025, we did not purchase any common stock pursuant to our Stock Repurchase Plan. Under this plan, repurchases of our outstanding common stock may be carried out in open market purchases, privately negotiated transactions or pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of The Securities Exchange Act of 1934, as amended. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may modify, suspend or discontinue the plan at any time. Subsequent to March 31, 2025, and through April 25, 2025, we purchased 196,419 shares of common stock at an average price of $26.82 pursuant to the Stock Repurchase Plan.

    As of March 31, 2025, our total available contingent liquidity, net of current outstanding borrowings, was $2.29 billion, consisting of FHLB advances, Federal Reserve Discount Window and correspondent bank lines of credit.

    Asset Quality

    Nonperforming assets at March 31, 2025 were $32.2 million, or 0.39% of total assets, an increase of $24.2 million, or 303.5%, compared to $8.0 million, or 0.10% of total assets, at March 31, 2024. Linked quarter, nonperforming assets increased $28.6 million, or 797.0%, from $3.6 million at December 31, 2024 due primarily to increases of $27.5 million in restructured loans and $1.1 million in nonaccrual loans. The increase in restructured loans was due to the extension of maturity on a $27.5 million commercial real estate loan to allow for an extended lease up period. Classified loans totaled $67.0 million on March 31, 2025, compared to $48.0 million on December 31, 2024, primarily due to the downgrade of a $17.9 million commercial real estate loan in the first quarter that paid off on April 4, 2025.

    The allowance for loan losses totaled $44.6 million, or 0.98% of total loans, at March 31, 2025, compared to $44.9 million, or 0.96% of total loans, at December 31, 2024. The allowance for loan losses was $43.6 million, or 0.95% of total loans, at March 31, 2024. The increase in allowance as a percentage of total loans was primarily due to an increase in economic concerns forecasted in the CECL model, partially offset by a decrease in the loan portfolio due to payoffs.

    For the three months ended March 31, 2025, we recorded a provision for credit losses for loans of $42,000, compared to a provision of $1.2 million and $1.6 million for the three months ended March 31, 2024 and December 31, 2024, respectively. Net charge-offs were $0.3 million for the three months ended March 31, 2025 and March 31, 2024, compared to net charge-offs of $1.0 million for the three months ended December 31, 2024.

    We recorded a provision for credit losses on off-balance-sheet credit exposures of $0.7 million for the three months ended March 31, 2025, compared to a reversal of provision for credit losses on off-balance-sheet credit exposures $1.1 million and $0.2 million for the three months ended March 31, 2024 and December 31, 2024, respectively. The balance of the allowance for off-balance-sheet credit exposures was $3.8 million and $2.8 million at March 31, 2025 and 2024, respectively, and is included in other liabilities.

    Dividend

    Southside Bancshares, Inc. declared a first quarter cash dividend of $0.36 per share on February 6, 2025, which was paid on March 6, 2025, to all shareholders of record as of February 20, 2025.

    _______________

    (1) Refer to “Non-GAAP Financial Measures” below and to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for more information and for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
       

    Conference Call

    Southside’s management team will host a conference call to discuss its first quarter ended March 31, 2025 financial results on Tuesday, April 29, 2025 at 11:00 a.m. CDT. The conference call can be accessed by webcast, for listen-only mode, on the company website, https://investors.southside.com, under Events.

    Those interested in participating in the question and answer session, or others who prefer to call-in, can register at https://register-conf.media-server.com/register/BI1a8ec95cd2734970adaf83fadfc7f01d to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate, register 10 minutes prior to the conference call to ensure a more efficient registration process.

    For those unable to attend the live event, a webcast recording will be available on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call.

    Non-GAAP Financial Measures

    Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. These include the following fully taxable-equivalent measures (“FTE”): (i) Net interest income (FTE), (ii) net interest margin (FTE), (iii) net interest spread (FTE), and (iv) efficiency ratio (FTE), which include the effects of taxable-equivalent adjustments using a federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis. Interest income earned on certain assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments.

    Net interest income (FTE), net interest margin (FTE) and net interest spread (FTE). Net interest income (FTE) is a non-GAAP measure that adjusts for the tax-favored status of net interest income from certain loans and investments and is not permitted under GAAP in the consolidated statements of income. We believe that this measure is the preferred industry measurement of net interest income and that it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin (FTE) is the ratio of net interest income (FTE) to average earning assets. The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin. Net interest spread (FTE) is the difference in the average yield on average earning assets on a tax-equivalent basis and the average rate paid on average interest bearing liabilities. The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread.

    Efficiency ratio (FTE). The efficiency ratio (FTE) is a non-GAAP measure that provides a measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. The ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense, excluding amortization expense on intangibles and certain nonrecurring expense by the sum of net interest income (FTE) and noninterest income, excluding net gain (loss) on sale of securities available for sale and certain nonrecurring impairments. The most directly comparable financial measure calculated in accordance with GAAP is our efficiency ratio.

    These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. Whenever we present a non-GAAP financial measure in an SEC filing, we are also required to present the most directly comparable financial measure calculated and presented in accordance with GAAP and reconcile the differences between the non-GAAP financial measure and such comparable GAAP measure.

    Management believes adjusting net interest income, net interest margin and net interest spread to a fully taxable-equivalent basis is a standard practice in the banking industry as these measures provide useful information to make peer comparisons. Tax-equivalent adjustments are reflected in the respective earning asset categories as listed in the “Average Balances with Average Yields and Rates” tables.

    A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

    About Southside Bancshares, Inc.

    Southside Bancshares, Inc. is a bank holding company with approximately $8.34 billion in assets as of March 31, 2025, that owns 100% of Southside Bank. Southside Bank currently has 53 branches in Texas and operates a network of 73 ATMs/ITMs.

    To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive email notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at (903) 630-7965, or lindsey.bailes@southside.com.

    Forward-Looking Statements

    Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from the results discussed in the forward-looking statements. For example, benefits of the Share Repurchase Plan, trends in asset quality, capital, liquidity, the Company’s ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates and our expectations regarding rate changes, tax reform, inflation, tariffs, the impacts related to or resulting from other economic factors are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. Accordingly, our results could materially differ from those that have been estimated. The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, interest rate fluctuations, including the impact of changes in interest rates on our financial projections, models and guidance, and general economic and recessionary concerns, as well as the effects of declines in the real estate market, tariffs or trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), high unemployment and increasing insurance costs, as well as the financial stress on borrowers as a result of the foregoing, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, and our ability to manage liquidity in a rapidly changing and unpredictable market.

    Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under “Part I – Item 1. Forward Looking Information” and “Part I – Item 1A. Risk Factors” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

     
    Southside Bancshares, Inc.
    Consolidated Financial Summary (Unaudited)
    (Dollars in thousands)
     
      As of
        2025       2024  
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    ASSETS                  
    Cash and due from banks $ 103,359     $ 91,409     $ 130,147     $ 114,283     $ 96,744  
    Interest earning deposits   293,364       281,945       333,825       272,469       307,257  
    Federal funds sold   34,248       52,807       22,325       65,244       65,372  
    Securities available for sale, at estimated fair value   1,457,939       1,533,894       1,408,437       1,405,944       1,405,221  
    Securities held to maturity, at net carrying value   1,278,330       1,279,234       1,288,403       1,305,975       1,306,898  
    Total securities   2,736,269       2,813,128       2,696,840       2,711,919       2,712,119  
    Federal Home Loan Bank stock, at cost   34,208       33,818       40,291       32,991       27,958  
    Loans held for sale   903       1,946       768       1,352       756  
    Loans   4,567,239       4,661,597       4,578,048       4,589,365       4,577,368  
    Less: Allowance for loan losses   (44,623 )     (44,884 )     (44,276 )     (42,407 )     (43,557 )
    Net loans   4,522,616       4,616,713       4,533,772       4,546,958       4,533,811  
    Premises & equipment, net   142,245       141,648       138,811       138,489       139,491  
    Goodwill   201,116       201,116       201,116       201,116       201,116  
    Other intangible assets, net   1,531       1,754       2,003       2,281       2,588  
    Bank owned life insurance   137,962       138,313       137,489       136,903       136,604  
    Other assets   135,479       142,851       124,876       133,697       130,047  
    Total assets $ 8,343,300     $ 8,517,448     $ 8,362,263     $ 8,357,702     $ 8,353,863  
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY                  
    Noninterest bearing deposits $ 1,379,641     $ 1,357,152     $ 1,377,022     $ 1,366,924     $ 1,358,827  
    Interest bearing deposits   5,211,210       5,297,096       5,058,680       5,129,008       5,186,933  
    Total deposits   6,590,851       6,654,248       6,435,702       6,495,932       6,545,760  
    Other borrowings and Federal Home Loan Bank borrowings   691,417       808,352       865,856       763,700       770,151  
    Subordinated notes, net of unamortized debt
    issuance costs
      92,078       92,042       92,006       91,970       93,913  
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,276       60,274       60,273       60,272       60,271  
    Other liabilities   92,055       90,590       103,172       144,858       95,846  
    Total liabilities   7,526,677       7,705,506       7,557,009       7,556,732       7,565,941  
    Shareholders’ equity   816,623       811,942       805,254       800,970       787,922  
    Total liabilities and shareholders’ equity $ 8,343,300     $ 8,517,448     $ 8,362,263     $ 8,357,702     $ 8,353,863  
                                           
       
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars and shares in thousands, except per share data)
       
      Three Months Ended
        2025       2024  
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    Income Statement:                  
    Total interest and dividend income $ 100,288     $ 101,689     $ 105,703     $ 104,186     $ 102,758  
    Total interest expense   46,436       47,982       50,239       50,578       49,410  
    Net interest income   53,852       53,707       55,464       53,608       53,348  
    Provision for (reversal of) credit losses   758       1,384       2,389       (485 )     58  
    Net interest income after provision for (reversal of) credit losses   53,094       52,323       53,075       54,093       53,290  
    Noninterest income                  
    Deposit services   5,829       6,084       6,199       6,157       5,985  
    Net gain (loss) on sale of securities available for sale   (554 )     —       (1,929 )     (563 )     (18 )
    Gain (loss) on sale of loans   55       138       115       220       (436 )
    Trust fees   1,765       1,773       1,628       1,456       1,336  
    Bank owned life insurance   799       848       857       1,767       784  
    Brokerage services   1,120       1,054       1,068       1,081       1,014  
    Other   1,209       2,384       233       1,439       1,059  
    Total noninterest income   10,223       12,281       8,171       11,557       9,724  
    Noninterest expense                  
    Salaries and employee benefits   22,382       22,960       22,233       21,984       23,113  
    Net occupancy   3,404       3,629       3,613       3,750       3,362  
    Advertising, travel & entertainment   924       884       734       795       950  
    ATM expense   378       378       412       368       325  
    Professional fees   1,520       1,645       1,206       1,075       1,154  
    Software and data processing   2,839       2,931       2,951       2,860       2,856  
    Communications   383       320       423       410       449  
    FDIC insurance   947       931       939       977       943  
    Amortization of intangibles   223       249       278       307       337  
    Other   4,089       4,232       3,543       3,239       3,392  
    Total noninterest expense   37,089       38,159       36,332       35,765       36,881  
    Income before income tax expense   26,228       26,445       24,914       29,885       26,133  
    Income tax expense   4,721       4,659       4,390       5,212       4,622  
    Net income $ 21,507     $ 21,786     $ 20,524     $ 24,673     $ 21,511  
                       
    Common Share Data:      
    Weighted-average basic shares outstanding   30,390       30,343       30,286       30,280       30,262  
    Weighted-average diluted shares outstanding   30,483       30,459       30,370       30,312       30,305  
    Common shares outstanding end of period   30,410       30,379       30,308       30,261       30,284  
    Earnings per common share                  
    Basic $ 0.71     $ 0.72     $ 0.68     $ 0.81     $ 0.71  
    Diluted   0.71       0.71       0.68       0.81       0.71  
    Book value per common share   26.85       26.73       26.57       26.47       26.02  
    Tangible book value per common share   20.19       20.05       19.87       19.75       19.29  
    Cash dividends paid per common share   0.36       0.36       0.36       0.36       0.36  
                       
    Selected Performance Ratios:                  
    Return on average assets   1.03 %     1.03 %     0.98 %     1.19 %     1.03 %
    Return on average shareholders’ equity   10.57       10.54       10.13       12.46       11.02  
    Return on average tangible common equity (1)   14.14       14.12       13.69       16.90       15.07  
    Average yield on earning assets (FTE) (1)   5.23       5.24       5.51       5.45       5.38  
    Average rate on interest bearing liabilities   3.03       3.12       3.28       3.32       3.22  
    Net interest margin (FTE) (1)   2.86       2.83       2.95       2.87       2.86  
    Net interest spread (FTE) (1)   2.20       2.12       2.23       2.13       2.16  
    Average earning assets to average interest bearing liabilities   128.10       129.55       128.51       128.62       127.71  
    Noninterest expense to average total assets   1.78       1.80       1.73       1.72       1.77  
    Efficiency ratio (FTE) (1)   55.04       54.00       51.90       52.71       55.54  
    (1) Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
       
       
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
       
      Three Months Ended
        2025       2024  
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    Nonperforming Assets: $ 32,193     $ 3,589     $ 7,656     $ 6,918     $ 7,979  
    Nonaccrual loans   4,254       3,185       7,254       6,110       7,709  
    Accruing loans past due more than 90 days   —       —       —       —       —  
    Restructured loans   27,505       2       —       145       151  
    Other real estate owned   388       388       388       648       119  
    Repossessed assets   46       14       14       15       —  
                       
    Asset Quality Ratios:                  
    Ratio of nonaccruing loans to:                  
    Total loans   0.09 %     0.07 %     0.16 %     0.13 %     0.17 %
    Ratio of nonperforming assets to:                  
    Total assets   0.39       0.04       0.09       0.08       0.10  
    Total loans   0.70       0.08       0.17       0.15       0.17  
    Total loans and OREO   0.70       0.08       0.17       0.15       0.17  
    Ratio of allowance for loan losses to:                  
    Nonaccruing loans   1,048.97       1,409.23       610.37       694.06       565.01  
    Nonperforming assets   138.61       1,250.60       578.32       613.00       545.90  
    Total loans   0.98       0.96       0.97       0.92       0.95  
    Net charge-offs (recoveries) to average loans outstanding   0.03       0.08       0.04       0.02       0.03  
                       
    Capital Ratios:                  
    Shareholders’ equity to total assets   9.79       9.53       9.63       9.58       9.43  
    Common equity tier 1 capital   13.44       13.04       13.07       12.72       12.43  
    Tier 1 risk-based capital   14.49       14.07       14.12       13.76       13.47  
    Total risk-based capital   17.01       16.49       16.59       16.16       15.92  
    Tier 1 leverage capital   9.73       9.67       9.61       9.40       9.22  
    Period end tangible equity to period end tangible assets (1)   7.54       7.33       7.38       7.33       7.17  
    Average shareholders’ equity to average total assets   9.75       9.76       9.67       9.52       9.35  
    (1) Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
       
       
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
       
      Three Months Ended
        2025       2024  
    Loan Portfolio Composition Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    Real Estate Loans:                  
    Construction $ 458,101     $ 537,827     $ 585,817     $ 546,040     $ 599,464  
    1-4 Family Residential   741,432       740,396       755,406       738,037       720,508  
    Commercial   2,577,229       2,579,735       2,422,612       2,472,771       2,413,345  
    Commercial Loans   371,643       363,167       358,854       359,807       358,053  
    Municipal Loans   371,271       390,968       402,041       416,986       427,225  
    Loans to Individuals   47,563       49,504       53,318       55,724       58,773  
    Total Loans $ 4,567,239     $ 4,661,597     $ 4,578,048     $ 4,589,365     $ 4,577,368  
                       
    Summary of Changes in Allowances:                  
    Allowance for Securities Held to Maturity                  
    Balance at beginning of period $ —     $ —     $ —     $ —     $ —  
    Provision for (reversal of) securities held to maturity   64       —       —       —       —  
    Balance at end of period $ 64     $ —     $ —     $ —     $ —  
                       
    Allowance for Loan Losses                  
    Balance at beginning of period $ 44,884     $ 44,276     $ 42,407     $ 43,557     $ 42,674  
    Loans charged-off   (613 )     (1,232 )     (773 )     (721 )     (634 )
    Recoveries of loans charged-off   310       277       365       444       347  
    Net loans (charged-off) recovered   (303 )     (955 )     (408 )     (277 )     (287 )
    Provision for (reversal of) loan losses   42       1,563       2,277       (873 )     1,170  
    Balance at end of period $ 44,623     $ 44,884     $ 44,276     $ 42,407     $ 43,557  
                       
    Allowance for Off-Balance-Sheet Credit Exposures                  
    Balance at beginning of period $ 3,141     $ 3,320     $ 3,208     $ 2,820     $ 3,932  
    Provision for (reversal of) off-balance-sheet credit exposures   652       (179 )     112       388       (1,112 )
    Balance at end of period $ 3,793     $ 3,141     $ 3,320     $ 3,208     $ 2,820  
    Total Allowance for Credit Losses $ 48,480     $ 48,025     $ 47,596     $ 45,615     $ 46,377  
                                           

    The tables that follow show average earning assets and interest bearing liabilities together with the average yield on the earning assets and the average rate of the interest bearing liabilities for the periods presented. The interest and related yields presented are on a fully taxable-equivalent basis and are therefore non-GAAP measures. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for more information.

     
    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
       
      Three Months Ended
      March 31, 2025   December 31, 2024
      Average Balance   Interest   Average Yield/Rate (3)   Average Balance   Interest   Average Yield/Rate (3)
    ASSETS                      
    Loans (1) $ 4,625,902     $ 68,160   5.98 %   $ 4,604,175     $ 70,155   6.06 %
    Loans held for sale   752       11   5.93 %     1,562       23   5.86 %
    Securities:                      
    Taxable investment securities (2)   749,155       6,363   3.44 %     784,321       6,949   3.52 %
    Tax-exempt investment securities (2)   1,134,590       10,253   3.66 %     1,138,271       10,793   3.77 %
    Mortgage-backed and related securities (2)   1,041,038       13,523   5.27 %     1,031,187       12,043   4.65 %
    Total securities   2,924,783       30,139   4.18 %     2,953,779       29,785   4.01 %
    Federal Home Loan Bank stock, at cost, and equity investments   43,285       483   4.53 %     37,078       591   6.34 %
    Interest earning deposits   319,889       3,370   4.27 %     273,656       3,160   4.59 %
    Federal funds sold   43,813       478   4.42 %     43,121       508   4.69 %
    Total earning assets   7,958,424       102,641   5.23 %     7,913,371       104,222   5.24 %
    Cash and due from banks   89,703               102,914          
    Accrued interest and other assets   457,948               454,387          
    Less: Allowance for loan losses   (45,105 )             (44,418 )        
    Total assets $ 8,460,970             $ 8,426,254          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $ 593,953       1,429   0.98 %   $ 594,196       1,456   0.97 %
    Certificates of deposit   1,336,815       14,406   4.37 %     1,187,800       13,537   4.53 %
    Interest bearing demand accounts   3,406,342       21,412   2.55 %     3,459,122       23,468   2.70 %
    Total interest bearing deposits   5,337,110       37,247   2.83 %     5,241,118       38,461   2.92 %
    Federal Home Loan Bank borrowings   614,897       5,837   3.85 %     572,993       5,557   3.86 %
    Subordinated notes, net of unamortized debt issuance costs   92,060       932   4.11 %     92,024       945   4.09 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,275       1,014   6.82 %     60,274       1,095   7.23 %
    Repurchase agreements   75,291       666   3.59 %     80,891       782   3.85 %
    Other borrowings   33,061       740   9.08 %     61,196       1,142   7.42 %
    Total interest bearing liabilities   6,212,694       46,436   3.03 %     6,108,496       47,982   3.12 %
    Noninterest bearing deposits   1,334,933               1,383,204          
    Accrued expenses and other liabilities   88,450               112,320          
    Total liabilities   7,636,077               7,604,020          
    Shareholders’ equity   824,893               822,234          
    Total liabilities and shareholders’ equity $ 8,460,970             $ 8,426,254          
    Net interest income (FTE)     $ 56,205           $ 56,240    
    Net interest margin (FTE)         2.86 %           2.83 %
    Net interest spread (FTE)         2.20 %           2.12 %
    (1) Interest on loans includes net fees on loans that are not material in amount.
    (2) For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
    (3) Yield/rate includes the impact of applicable derivatives.
       

    Note: As of March 31, 2025 and December 31, 2024, loans totaling $4.3 million and $3.2 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

     
    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      September 30, 2024   June 30, 2024
      Average Balance   Interest   Average Yield/Rate (3)   Average Balance   Interest   Average Yield/Rate (3)
    ASSETS                      
    Loans (1) $ 4,613,028     $ 72,493   6.25 %   $ 4,595,980     $ 70,293   6.15 %
    Loans held for sale   871       11   5.02 %     1,489       24   6.48 %
    Securities:                      
    Taxable investment securities (2)   791,914       7,150   3.59 %     783,856       7,009   3.60 %
    Tax-exempt investment securities (2)   1,174,445       11,825   4.01 %     1,254,097       12,761   4.09 %
    Mortgage-backed and related securities (2)   886,325       11,976   5.38 %     830,504       11,084   5.37 %
    Total securities   2,852,684       30,951   4.32 %     2,868,457       30,854   4.33 %
    Federal Home Loan Bank stock, at cost, and equity investments   41,159       582   5.63 %     40,467       573   5.69 %
    Interest earning deposits   281,313       3,798   5.37 %     300,047       4,105   5.50 %
    Federal funds sold   33,971       488   5.71 %     75,479       1,021   5.44 %
    Total earning assets   7,823,026       108,323   5.51 %     7,881,919       106,870   5.45 %
    Cash and due from banks   100,578               110,102          
    Accrued interest and other assets   455,091               424,323          
    Less: Allowance for loan losses   (42,581 )             (43,738 )        
    Total assets $ 8,336,114             $ 8,372,606          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $ 598,116       1,490   0.99 %   $ 604,753       1,454   0.97 %
    Certificates of deposit   1,087,613       12,647   4.63 %     1,020,099       11,630   4.59 %
    Interest bearing demand accounts   3,409,911       24,395   2.85 %     3,513,068       25,382   2.91 %
    Total interest bearing deposits   5,095,640       38,532   3.01 %     5,137,920       38,466   3.01 %
    Federal Home Loan Bank borrowings   618,708       6,488   4.17 %     606,851       6,455   4.28 %
    Subordinated notes, net of unamortized debt issuance costs   91,988       937   4.05 %     92,017       936   4.09 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,273       1,180   7.79 %     60,271       1,171   7.81 %
    Repurchase agreements   83,297       899   4.29 %     88,007       955   4.36 %
    Other borrowings   137,482       2,203   6.37 %     143,169       2,595   7.29 %
    Total interest bearing liabilities   6,087,388       50,239   3.28 %     6,128,235       50,578   3.32 %
    Noninterest bearing deposits   1,344,165               1,346,274          
    Accrued expenses and other liabilities   98,331               101,399          
    Total liabilities   7,529,884               7,575,908          
    Shareholders’ equity   806,230               796,698          
    Total liabilities and shareholders’ equity $ 8,336,114             $ 8,372,606          
    Net interest income (FTE)     $ 58,084           $ 56,292    
    Net interest margin (FTE)         2.95 %           2.87 %
    Net interest spread (FTE)         2.23 %           2.13 %
    (1) Interest on loans includes net fees on loans that are not material in amount.
    (2) For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
    (3) Yield/rate includes the impact of applicable derivatives.
       

    Note: As of September 30, 2024 and June 30, 2024, loans totaling $7.3 million and $6.1 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

     
    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      March 31, 2024
      Average Balance   Interest   Average Yield/Rate (3)
    ASSETS          
    Loans (1) $ 4,559,602     $ 68,849   6.07 %
    Loans held for sale   8,834       18   0.82 %
    Securities:          
    Taxable investment securities (2)   780,423       6,967   3.59 %
    Tax-exempt investment securities (2)   1,285,922       13,168   4.12 %
    Mortgage-backed and related securities (2)   764,713       10,119   5.32 %
    Total securities   2,831,058       30,254   4.30 %
    Federal Home Loan Bank stock, at cost, and equity investments   40,063       333   3.34 %
    Interest earning deposits   380,181       5,202   5.50 %
    Federal funds sold   62,599       838   5.38 %
    Total earning assets   7,882,337       105,494   5.38 %
    Cash and due from banks   114,379          
    Accrued interest and other assets   441,783          
    Less: Allowance for loan losses   (42,973 )        
    Total assets $ 8,395,526          
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
    Savings accounts $ 604,529       1,424   0.95 %
    Certificates of deposit   941,947       10,341   4.42 %
    Interest bearing demand accounts   3,634,936       26,433   2.92 %
    Total interest bearing deposits   5,181,412       38,198   2.97 %
    Federal Home Loan Bank borrowings   607,033       5,950   3.94 %
    Subordinated notes, net of unamortized debt issuance costs   93,895       956   4.10 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,270       1,175   7.84 %
    Repurchase agreements   92,177       967   4.22 %
    Other borrowings   137,287       2,164   6.34 %
    Total interest bearing liabilities   6,172,074       49,410   3.22 %
    Noninterest bearing deposits   1,338,384          
    Accrued expenses and other liabilities   100,014          
    Total liabilities   7,610,472          
    Shareholders’ equity   785,054          
    Total liabilities and shareholders’ equity $ 8,395,526          
    Net interest income (FTE)     $ 56,084    
    Net interest margin (FTE)         2.86 %
    Net interest spread (FTE)         2.16 %
    (1) Interest on loans includes net fees on loans that are not material in amount.
    (2) For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
    (3) Yield/rate includes the impact of applicable derivatives.
       

    Note: As of March 31, 2024, loans totaling $7.7 million were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

    The following tables set forth the reconciliation of return on average common equity to return on average tangible common equity, book value per share to tangible book value per share, net interest income to net interest income adjusted to a fully taxable-equivalent basis assuming a 21% marginal tax rate for interest earned on tax-exempt assets such as municipal loans and investment securities, along with the calculation of total revenue, adjusted noninterest expense, efficiency ratio (FTE), net interest margin (FTE) and net interest spread (FTE) for the applicable periods presented.

     
    Southside Bancshares, Inc.
    Non-GAAP Reconciliation (Unaudited)
    (Dollars and shares in thousands, except per share data)
     
        Three Months Ended
          2025       2024  
        Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    Reconciliation of return on average common equity to return on average tangible common equity:                    
    Net income   $ 21,507     $ 21,786     $ 20,524     $ 24,673     $ 21,511  
    After-tax amortization expense     176       196       220       243       266  
    Adjusted net income available to common shareholders   $ 21,683     $ 21,982     $ 20,744     $ 24,916     $ 21,777  
                         
    Average shareholders’ equity   $ 824,893     $ 822,234     $ 806,230     $ 796,698     $ 785,054  
    Less: Average intangibles for the period     (202,784 )     (203,020 )     (203,288 )     (203,581 )     (203,910 )
    Average tangible shareholders’ equity   $ 622,109     $ 619,214     $ 602,942     $ 593,117     $ 581,144  
                         
    Return on average tangible common equity     14.14 %     14.12 %     13.69 %     16.90 %     15.07 %
                         
    Reconciliation of book value per share to tangible book value per share:                    
    Common equity at end of period   $ 816,623     $ 811,942     $ 805,254     $ 800,970     $ 787,922  
    Less: Intangible assets at end of period     (202,647 )     (202,870 )     (203,119 )     (203,397 )     (203,704 )
    Tangible common shareholders’ equity at end of period   $ 613,976     $ 609,072     $ 602,135     $ 597,573     $ 584,218  
                         
    Total assets at end of period   $ 8,343,300     $ 8,517,448     $ 8,362,263     $ 8,357,702     $ 8,353,863  
    Less: Intangible assets at end of period     (202,647 )     (202,870 )     (203,119 )     (203,397 )     (203,704 )
    Tangible assets at end of period   $ 8,140,653     $ 8,314,578     $ 8,159,144     $ 8,154,305     $ 8,150,159  
                         
    Period end tangible equity to period end tangible assets     7.54 %     7.33 %     7.38 %     7.33 %     7.17 %
                         
    Common shares outstanding end of period     30,410       30,379       30,308       30,261       30,284  
    Tangible book value per common share   $ 20.19     $ 20.05     $ 19.87     $ 19.75     $ 19.29  
                         
    Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE):                    
    Net interest income (GAAP)   $ 53,852     $ 53,707     $ 55,464     $ 53,608     $ 53,348  
    Tax-equivalent adjustments:                    
    Loans     581       598       608       633       656  
    Tax-exempt investment securities     1,772       1,935       2,012       2,051       2,080  
    Net interest income (FTE) (1)     56,205       56,240       58,084       56,292       56,084  
    Noninterest income     10,223       12,281       8,171       11,557       9,724  
    Nonrecurring income (2)     554       (25 )     2,797       (576 )     18  
    Total revenue   $ 66,982     $ 68,496     $ 69,052     $ 67,273     $ 65,826  
                         
    Noninterest expense   $ 37,089     $ 38,159     $ 36,332     $ 35,765     $ 36,881  
    Pre-tax amortization expense     (223 )     (249 )     (278 )     (307 )     (337 )
    Nonrecurring expense (3)     (1 )     (919 )     (219 )     2       17  
    Adjusted noninterest expense   $ 36,865     $ 36,991     $ 35,835     $ 35,460     $ 36,561  
                         
    Efficiency ratio     57.04 %     56.08 %     53.94 %     54.90 %     57.95 %
    Efficiency ratio (FTE) (1)     55.04 %     54.00 %     51.90 %     52.71 %     55.54 %
                         
    Average earning assets   $ 7,958,424     $ 7,913,371     $ 7,823,026     $ 7,881,919     $ 7,882,337  
                         
    Net interest margin     2.74 %     2.70 %     2.82 %     2.74 %     2.72 %
    Net interest margin (FTE) (1)     2.86 %     2.83 %     2.95 %     2.87 %     2.86 %
                         
    Net interest spread     2.08 %     1.99 %     2.10 %     2.00 %     2.02 %
    Net interest spread (FTE) (1)     2.20 %     2.12 %     2.23 %     2.13 %     2.16 %
    (1) These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures.
    (2) These adjustments may include net gain or loss on sale of securities available for sale, BOLI income related to death benefits realized and other investment income or loss in the periods where applicable.
    (3) These adjustments may include foreclosure expenses and branch closure expenses, in the periods where applicable.

    The MIL Network –

    April 29, 2025
  • MIL-OSI United Kingdom: Twelve arrested in MHRA’s biggest ever crackdown on organised medicines trafficking

    Source: United Kingdom – Government Statements

    Press release

    Twelve arrested in MHRA’s biggest ever crackdown on organised medicines trafficking

    Dawn raids in four counties across the West Midlands and the Northwest of England this morning (29 April) dismantle major criminal network trafficking unlicensed medicines.

    Some of the medicines seized in raids today. Credit: MHRA

    Twelve suspects have been arrested in dawn raids in four counties across the West Midlands and the Northwest of England this morning (29 April) in the largest criminal investigation into organised medicines trafficking in the history of the Medicines and Healthcare products Regulatory Agency (MHRA).

    The individuals have been arrested on suspicion of participating in the activities of an organised crime group, conspiracy to sell or supply controlled drugs and unlicensed medicines, and money laundering. Suspects are being held for questioning at police stations across the two regions.

    The raids across the West Midlands, Greater Manchester, Staffordshire and Merseyside follow a lengthy intelligence-led investigation, codenamed ‘Operation Subaru’, by the MHRA’s Criminal Enforcement Unit. Around 150 officers were deployed in today’s operation, with MHRA staff supported by West Midlands and North West Regional Organised Crime Unit, the National Crime Agency, Staffordshire Police and Greater Manchester Police.

    In searches of 22 residential and commercial premises, hundreds of thousands of doses of medicines have been seized including controlled drugs such as opioid painkillers and anti-anxiety medicines, around £100,000 in cash, luxury watches and suspected criminal assets held in cryptocurrency. The MHRA has also obtained restraint orders for more than £3.5 million in assets suspected to be linked to criminal activity.

    Andy Morling, head of the MHRA’s Criminal Enforcement Unit, said:

    “Today’s search and arrest operation follows a long, complex and thorough investigation by the MHRA’s Criminal Enforcement Unit. Operation Subaru is the largest investigation we’ve ever undertaken and demonstrates the MHRA’s commitment to protecting the public by dismantling the organised international criminal networks that cause so much harm.

    “Trafficking in medicines destroys lives and places a huge financial burden on wider society. Our dedicated team will stop at nothing to tackle this illegal trade by taking potentially harmful medicines off the street and bringing those responsible to justice. As today’s operation shows, there is nowhere to hide.”

    “I’m extremely grateful to each of our law enforcement partners involved today for their substantial, enthusiastic and unwavering support.

    “I would also urge the public to be extremely cautious when buying medicines online. Medicines should only be obtained from a registered pharmacy against a prescription issued by a healthcare professional. Taking medicines sourced in any other way carries serious risks to your health – there are no guarantees about what they contain, and some may even be contaminated with toxic substances.

    The MHRA #FakeMeds website offers helpful guidance and advice for staying safe when buying medicines online.

    This operation is the latest step in the MHRA’s crackdown on illegal medicines trafficking. In 2024, the Agency’s Criminal Enforcement Unit and its partners in the Home Office’s Border Force removed more than 17.5m doses of trafficked medicines from circulation. The seized medicines, including painkillers, sleeping tablets and erectile dysfunction treatments, had a potential street value of more than £40 million.

    Notes to editors 

    1. The Criminal Enforcement Unit is the MHRA’s in-house law enforcement function, leading the Agency’s response to medicines crime. Its strategic mission is to protect the public, maintain confidence in regulation and uphold the rule of law by preventing offending where it can, disrupting offending where it cannot, and bringing offenders to justice where it should. It uses the full range of its powers and capabilities, including intelligence analysis, online disruption, covert techniques and asset recovery to tackle criminal threats to the UK public, working closely with the police and law enforcement agencies in the UK and overseas.

    2. Anyone who suspects they are having a side effect from a medicine are encouraged to talk to their doctor, pharmacist or nurse and report it directly to the MHRA Yellow Card scheme, either through the Yellow Card website or by searching the Google Play or Apple App stores for MHRA Yellow Card.

    3. The MHRA’s Accredited Financial Investigators are authorised by the National Crime Agency under the Proceeds of Crime Act 2002 (POCA). They support investigations by tracing, freezing, and confiscating assets linked to crime, including money laundering and the illegal supply of medicines. Their work includes seizing cash, valuable items, and freezing bank accounts or cryptocurrency suspected of criminal origins. The Home Office’s Asset Recovery Incentivisation Scheme (ARIS) allows a proportion of the proceeds of crime recovered under POCA, to be redistributed to agencies involved in the asset recovery process.

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

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

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

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    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

    April 29, 2025
  • MIL-OSI United Nations: Madagascar: Improving Infrastructure Resilience to Reduce Climate-Related Economic Losses

    Source: UNISDR Disaster Risk Reduction

    Madagascar: Improving Infrastructure Resilience to Reduce Climate-Related Economic Losses

    (In collaboration with UNDRR and CDRI)

    One of the world’s largest islands, located in the tropical south-west Indian Ocean, Madagascar needs new roads, schools, electricity networks, and more to lift large portions of its 30 million population out of poverty. But even as it builds this new infrastructure, its progress remains fragile. Tropical cyclones and other extreme hazard events can wipe out these development gains, and climate change multiplies that threat. 

    Four cyclones

    in 2022 affected or displaced half a million people and flooded over 200 000 hectares of agricultural lands.

    Nation-wide impact:

    50,000 homes destroyed
    10,000 classrooms wrecked
    40 roads blocked

    The damage

    was equal to almost 5% of Madagascar’s GDP, increasing the poverty rate of affected households by 27%.

    The challenge is significant. Madagascar is the world’s fourth largest island, and its relatively small population is spread out, much of it in rural hard-to-access areas. Most villages are isolated and they lack access to decent roads, drinking water or electricity, preventing sustainable development and poverty reduction too. Rapid population growth increases the pressure to build new infrastructure fast, but Madagascar must also find new ways to protect its transport networks, energy supplies, water supplies, and more from the growing threat of climate change. 

    Building resilience into infrastructure will bring significant benefits. Madagascar’s infrastructure currently suffers damage worth roughly USD 100 million each year. Cyclones account for 85 percent of this damage and are expected to increase with climate change.  

    With that in mind, Madagascar has become one of four countries – together with Bhutan, Chile, and Tonga – to pioneer the Global Methodology for Infrastructure Resilience Review. Developed by the UN Office for Disaster Risk Reduction (UNDRR) and the Coalition for Disaster Resilient Infrastructure (CDRI), the methodology helps countries to identify and prioritize strategies that will make their infrastructure more resilient through a five-step approach. 

    1

    Stakeholder mapping

    • Key ministries, regulators and operators in infrastructure development
    • Cross-sector coordination mechanisms

    Review of existing policies and regulations

    • Policies and regulations shaping infrastructure resilience
    • Integration of disaster risks in national plans and strategies

    Identification of vulnerabilities (Stress Testing)

    • Data collection on hazards and vulnerabilities
    • Multi-hazard resilience testing of infrastructure systems

    Principles for resilient infrastructure

    • Infrastructure resilience assessment using the UNDRR Resilience Principles
    • Identification of resilience-building interventions

    Development of an Implementation plan

    • Results validation and prioritization
    • Implementation plan with assigned responsibilities

    The roadmap for infrastructure resilience in Madagascar is a key strategic document, as it outlines a comprehensive action plan aimed at minimising disaster risks in the country,” he adds.

    Advancing Infrastructure Resilience in Madagascar

    • Developing the plan
    • Developing the plan

      The methodology follows five steps: Map institutional governance and identify key stakeholders; Review existing policies and regulations; Detect vulnerabilities through a stress-testing analysis; Assess current resilience through the Principles of Resilient Infrastructure; then Develop an implementation plan and produce a final report.

      As part of that process, Madagascar hosted multiple workshops, that were accompanied by an assessment of institutions and regulations, analysis of sector-specific risks, and an evaluation of current practices too. 

      Countries need access to forward-looking information and for infrastructure systems, this means assessing the risks of interconnected infrastructure systems. The final “Roadmap for Infrastructure Resilience in Madagascar” identified nearly 50 measures to enhance the country’s infrastructure resilience.

      The process integrates and complements work by Madagascar’s Cellule de Prévention et d’appui à la Gestion des Urgences (CPGU) to improve construction standards against cyclones, floods, and other hazards. It also brought in a wider range of stakeholders from the disaster risk, climate change, construction and planning, and investment sectors.

      “With this new way of looking by zooming out, we have more of an overall vision of everything that makes infrastructure vulnerable,” Randrianandrasana Lila Norolalaina, Head of Disaster Risk Reduction at the Ministry of Education, says.

      Together, these stakeholders looked at six specific sectors – transport, energy, water, telecommunications, health and education – analyzing them against ten key hazards. Cyclones account for most of Madagascar’s recorded losses, but floods, rising sea levels, variations in rainfall patterns, and heatwaves also have an impact. 

      Cascading disasters were central to the analysis, since a failure in one infrastructure sector can spread to others. Electricity failure impacts communication, transportation, and water supply systems, for example. And pumping equipment loses power and is unable to keep floodwaters under control around the capital Antananarivo, then an electricity failure would lead to other disasters, for example. Understanding these interdependencies helps to prevent a chain of failures and thus much bigger crises. 

      The UNDRR stress testing tool simulated various scenarios and assessed the potential impact on different sectors. It helped decision-makers to understand their vulnerabilities and to analyse the possibilities for cascading disasters. Finally, it concluded that telecommunications and energy were the sectors most likely to trigger further failures, while wastewater management was the most vulnerable to disruptions from elsewhere. 

      Interdependencies of Functions and Cascading Effects

    • Energy
    • Energy

      Discussed within the context of resilient infrastructure, energy is also vital for Madagascar’s human development. It is, however, in short supply throughout the country and this shortage prevents the country from industrialising its key sectors, especially farming. Some 80 percent of the workforce is involved with subsistence farming, for example, while failure to industrialise prevents the creation of higher paying jobs. The lack of energy also slows the modernisation of Madagascar’s young mining sector, a major contributor to GDP, through exports of nickel, cobalt, chromium, titanium, and heavy metals.

      Madagascar aims to connect 70 percent of its population to electricity by 2030, from just 15 percent at present. For those who are connected, however, power cuts and voltage fluctuations are frequent, causing serious disruptions to daily life and economic development alike. The issue is often acute in rural areas, where just 5 percent of the population is connected.

      Stress-testing analysis, Energy

      Inadequate maintenance is part of the problem, but cyclones, heavy rains, landslides, and strong winds all lead to widespread interruptions and power outages. Two of six power stations are vulnerable to rising water levels, while earthquakes and cyber-attacks can also damage production. Droughts and fires threaten serious impacts to water supplies. They can therefore limit the production of electricity from hydropower, which accounts for 31 percent of Madagascar’s energy. 

      Resilience is a vital priority. Part of Madagascar’s resilience plan is to move away from imported fossil fuels towards renewables. Oil and coal, for example, account for 49 and 19 percent respectively of the island’s energy production, but they depend heavily on Madagascar’s transport, which is also vulnerable to storms. Madagascar wants renewables to account for 80 percent of its energy production by 2030, up from 33 percent at present. 

      Even before the review of infrastructure resilience, Madagascar had already begun to improve its energy infrastructure, through its 2015-2030 New Energy Policy (NPE). One key element of NPE is to integrate disaster risk management into the energy sector. In case of emergency, Madagascar has also developed a contingency plan to ensure continuity of essential services. With support from the World Bank, Madagascar is enhancing its energy sector management and improving service quality.

      Despite these initiatives, the infrastructure resilience review highlighted the continued need for Madagascar to strengthen the resilience of its energy infrastructure. While limited finances, insufficient institutional capacity, and lack of maintenance create significant barriers, which all compromise the energy sector’s ability to resist new shocks and crises, the Roadmap includes multiple opportunities to improve its resilience.

      These opportunities mainly link to information and data. Stakeholders discussed the need to strengthen and update data for monitoring and evaluation, as well as to request information and disaster risk best practices from private operators in the sector. By mapping the state of energy infrastructure, including an assessment of vulnerability and resilience levels, Madagascar will be better placed to prioritise its interventions.

      Following the Global Methodology for Infrastructure Resilience Review, therefore, Madagascar has already begun to work with other partners. The Global Risk Modelling Alliance (GRMA), for example, is working with Madagascar to improve their data through better hazard modelling.

      “When we know the state of all our assets, then we will be better able to ensure proper maintenance, keep track of the hotspots, and manage all the gaps.”

    • Transport
    • Transport

      Made up of four sub-sectors – air, sea, road, and rail – Madagascar’s transport illustrates the country’s challenges effectively too. Even without the natural hazards, Madagascar’s transport networks are limited. To the south, for example, one single trainline connects a region of roughly 100,000 people to the rest of the country. Also in the South, covering 500km by road can take three days. 

      With limited internal roads and railways, Madagascar uses its air network to connect different parts of the vast country, especially in the rainy season or when humanitarian aid is needed urgently. Its ports are also vital for the country’s economy, exporting vanilla and other agricultural products, together with minerals and seafood products. 

      Much of this infrastructure is, however, vulnerable to disasters, such as cyclones, cyber-attacks, fire hazards, and even pandemics. Cyclones, landslides, and flooding routinely damage roads and – in the wake of Cyclone Gamane in March 2024 – reconstruction of road infrastructure was set to cost USD 76 million.

      International financial institutions, such as the World Bank and European Investment Bank, support Madagascar to recover from cyclone damage and to make their transport infrastructure more resilient. The Japan International Cooperation Agency (JICA) is supporting the USD 640 million expansion of Toamasina port, the gateway for about 75 percent of Madagascar’s international freight, while the African Development Bank (AfDB) is also considering rehabilitation of the port at Manakara. 

      Policies on rigorous maintenance, disaster planning, and construction or rehabilitation of new infrastructure, such as Ivato International Airport, will also help Madagascar to strengthen its infrastructure resilience. 

      Stress-testing analysis, Transportation

      However, the Infrastructure Resilience Review brought new insights, enabling Madagascar to prioritise its interventions. Data analysis identified:

      5 airports

       vulnerable to flooding of up to 3.5 metres

      9 of 57

       ports vulnerable

      16,292 km

      roads at risk of landslides

      Stakeholders discussed the need to improve regulations and institutions alike, including by incorporating resilience principles. More work is needed on climate adaptation, while Madagascar would also benefit from better engagement with financial institutions and the insurance sector too. Better coordination would improve national adaptation plans and coastal area management. 

      Stakeholders also discussed the need for more data analysis, preventive maintenance, capacity building, and emergency planning, as well as the need to involve the private sector and facilitate more competition. 

      One key topic was the importance of resilience norms, especially in the transport sector. How does Madagascar develop these and then ensure compliance? These norms – and stakeholder compliance – are essential in reducing the amount of substandard construction, a major boost for resilience. 

      “Raising awareness about the importance of norms is an important moment,” Ventsolalaina Ramilison, Head of Disaster Risk Reduction Department at CPGU / Madagascar said. “Now there is just the question of creating and strengthening a monitoring authority.”

    • Lessons for other countries
    • Lessons for other countries

      The Infrastructure Resilience Review represents an important step forward by Madagascar towards infrastructure resilience. Stakeholders hope it will also benefit donors and provide key lessons for other countries. 

      “Given that donors tend to pay the costs of reconstruction following a disaster in Madagascar, they also benefit when Madagascar reduces the extent and cost of those disasters,” Ventsolalaina Ramilison, Head of Disaster Risk Reduction Department at CPGU / Madagascar says. 

      “When we can prevent storms from destroying our water supply infrastructure every year, then we can begin to build more sustainably,” she said. “That gives us hope, because we want to escape these endless cycles of recovery.” 

      Resilient infrastructure is important because it enables and protects sustainable development. All too often, ferocious storms have destroyed donor-financed infrastructure, which means – in other words – that insufficient resilience puts development progress at risk.

    Download the full report:
    Roadmap for Infrastructure Resilience in Madagascar

    MIL OSI United Nations News –

    April 29, 2025
  • MIL-OSI United Nations: Chile: Strengthening infrastructure resilience to face new and emerging hazards

    Source: UNISDR Disaster Risk Reduction

    Chile: Strengthening infrastructure resilience to face existing and emerging hazards

    (In collaboration with UNDRR and CDRI)

    Stretching along Latin America’s Pacific coast from tropics in the north to freezing micro-climates in the south, Chile faces an array of natural hazards. Home to 20 million people, its location in the Ring of Fire and proximity to major tectonic plates exposes Chile to earthquakes and volcanic activity.

    February 2010

    a magnitude 8.8 earthquake and subsequent tsunami collapsed buildings, bridges, and highways.

    75% of the population

    was affected and the damage cost roughly USD 30 billion, or about 18 percent of Chile’s GNP.

    stated that  the annual average loss for Chile is USD 5.4 billion

    A high-income country recognized for its good governance, Chile has reduced many of the risks associated with earthquakes and tsunamis. However, the country must also adapt to the new and intensifying hazards related to climate. 

    Chile was one of the first countries, together with Bhutan, Madagascar, and Tonga, to implement the new Global Methodology for Infrastructure Resilience Review. Developed by the UN Office for Disaster Risk Reduction (UNDRR) and the Coalition for Disaster Resilient Infrastructure (CDRI) the methodology helps countries to identify and prioritise the strategies that will build their infrastructure resilience through a five-step approach: 

    1

    Stakeholder mapping

    • Key ministries, regulators and operators in infrastructure development
    • Cross-sector coordination mechanisms

    Review of existing policies and regulations

    • Policies and regulations shaping infrastructure resilience
    • Integration of disaster risks in national plans and strategies

    Identification of vulnerabilities (Stress Testing)

    • Data collection on hazards and vulnerabilities
    • Multi-hazard resilience testing of infrastructure systems

    Principles for resilient infrastructure

    • Infrastructure resilience assessment using the UNDRR Resilience Principles
    • Identification of resilience-building interventions

    Development of an Implementation plan

    • Results validation and prioritization
    • Implementation plan with assigned responsibilities

    “With that in mind, we need to bring together a greater number of stakeholders to identify the vulnerabilities of our infrastructure systems and propose solutions. Without a doubt, we need to explore new solutions that involve more stakeholders in the system” she added.

    Advancing Infrastructure Resilience in Chile

    • Early start
    • Early start

      Within the disaster risk community, Chile stands out for its proactive approach to disaster risk. While saving lives is the top priority, the motivations are also economic. Between 2000 and 2019, damage to infrastructure accounted for 53 percent of all economic losses from disasters in the Latin American and Caribbean region. By enhancing its infrastructure resilience, Chile also protects its economy.

      Chile had already begun its search for new solutions to its disaster risk by the time Chile engaged with UNDRR and CDRI. In 2021, Chile replaced its National Emergency Office of the Ministry of the Interior and Public Safety (ONEMI) with SENAPRED, a new National Disaster Prevention and Response Agency, shifting the emphasis from recovery and reconstruction to disaster prevention. 

      Meanwhile, Chile’s new policies are also improving the resilience of Chilean infrastructure. New infrastructure projects require a disaster risk analysis, for example. Also, Chile’s 2022 Law on Climate Change (LMCC) requires sectoral, regional, and municipal authorities to reduce greenhouse gas emissions and promote resilience to climate change. Such laws complement SENAPRED’s focus on disasters by focusing on hazards that can be slower to develop, such as water scarcity and desertification. 

      The implementation of these laws cannot come soon enough. Only a year after the LMCC was passed, climate change already began showing its impact. In 2023, a 14-year megadrought strained Chile’s freshwater reserves to breaking point.

      Followed by several days of persistent rainfall and flooding, the overwhelmed and parched landscapes resulted in a rapid runoff and flooding. Some 22,000 people were affected by the rains, the heaviest in 30 years, while swollen rivers blocked roads and left thousands of people isolated or in shelters. This event only highlighted the need to build resilience against multiple hazards that Chile has had.

    • The process
    • The process

      The Global Methodology for Infrastructure Resilience Review builds on UNDRR’s six Principles for Resilient Infrastructure, which set out the key conditions for sustainable infrastructure resilience. In doing so, the principles support the Sendai Framework for Disaster Risk Reduction and Sustainable Development Goals, as well as the G20 Principles for Investing in Quality Infrastructure. 

      However, each country needs its own paths to infrastructure resilience, which is why the Global Methodology for Infrastructure Resilience Review is important. It provides a structured approach for every country to review and enhance their infrastructure governance, identifying the opportunities to create resilience across government levels. 

      Chile implemented the methodology’s five steps at the national level from June 2023 to May 2024. A deep dive was then completed for the Biobío region in December 2024, adapting the Global Methodology to the regional level. The analysis focused on six sectors – water, energy, transportation, telecommunications, health and education. 

      The government was well represented throughout the process, bringing together stakeholders from the ministries of public works (MOP), transport and telecommunications (MTT), energy (MINEN), education (MINEDUC), health (MINSAL), social development (MIDESO), housing and urban planning (MINVU), international relations (MINREL), finance, defence, and environment (MMA). 

      While this broad representation in the assessment and workshops created a truly multi-stakeholder approach, the Chile pilot also looked at the role of the private sector, which manages a large portion of the country’s infrastructure. This raised questions in terms of coordination, information asymmetries, and the incentives for private companies to invest in disaster risk reduction. When a private company is managing public assets, for example, how can incentives be aligned so that the private company puts the public interest before its desire for profit?

    • Recognising drought
    • Recognising drought

      Stakeholders highlighted discussions of risk as a major strength, noting that the stress testing allowed for a broader assessment of existing infrastructure vulnerabilities, including pandemics and cyber risks. While other threats—such as violence, sea level rise, atmospheric pollution, invasive exotic species, and diseases—were considered, they were ultimately excluded from further analysis due to their limited impact on infrastructure.

      Prioritization of Threats in Chile

      Click to download the Prioritization of Threats in Chile table in PDF

      Drawing from data analysis and workshop discussions, participants ranked the greatest threats to Chilean infrastructure in the following order: drought, fires, floods, landslides, earthquakes, tsunamis, heat waves, tidal waves, and volcanic eruptions.

      Drought and water scarcity emerged as a priority because of their interdependent nature and potential cascading impacts on infrastructure systems. Around 53 percent of Chile’s territory is considered at high risk of drought, and 23 percent is at high risk of desertification. The central areas of Chile have experienced a nearly continuous megadrought since 2010.

      “The application of the global methdology allowed us to break new ground by conducting a hazard analysis in Chile specifically targeted to infrastructure, consolidating a systemic view and adding new elements that had previously gone unnoticed, such as droughts,” stated Luis Doñas, Project Coordinator, SENAPRED

      “Chile must now analyse these factors more closely to generate appropriate investment and make progress on key issues identified by stakeholders: territorial application, unification of information systems, strengthening intersectoral resilience training, and more decisive private sector involvement,” add Doñas

    • Protecting water
    • Protecting water

      Throughout the assessment, stakeholders distinguished between their infrastructure’s direct economic value and its critical functions. They also examined vulnerabilities, highlighting how the frequency and impact of different hazards can vary significantly between the regions. 

      Beyond these individual risks, the discussions also explored interdependencies between sectors and the potential for cascading failures. One key example is the relationship between water and energy in Chile. 

      After more than a decade of mega-drought, water supply companies have implemented contingency measures to limit the impacts in urban areas. However, the sustained dry conditions have seriously affected drinking water, irrigation, and other vital needs in rural areas. The proposed infrastructure assessment integrates advanced technology – such as desalination plants – with ongoing training and public education. Through a combination of short-, medium-, and long-term actions, the plan aims to enhance the resilience and sustainability of Chile’s water resources. 

      Water supply is not an isolated system, of course. It relies on other critical infrastructure, such as energy and transportation. Energy, in particular, is a priority as every other sector depends on it. A failure in the energy sector could trigger widespread cascading effects. To protect its energy infrastructure, Chile’s plan promotes advanced technologies and renewable energy solutions, reducing dependence on fossil fuels and strengthening long-term resilience.

      Chile’s water infrastructure does not have a massive economic value per se, but a sustainable water supply is vital for the health and welfare of Chile’s population. However, this supply depends heavily on other key infrastructure systems (such as energy or transportation) as well as surface and underground sources. These latter make it very vulnerable to interruptions such as drought.

    • Next steps
    • Next steps

      The process initiated in Chile concluded with establishing a Roadmap for Infrastructure Resilience, a strategic guide that will shape actions in this area for years to come. While the Roadmap outlines a series of proposals across six key infrastructure sectors, it also lays out a broader pathway for Chile to strengthen its infrastructure governance. 

      This includes better coordination, the incorporation of risk analysis into infrastructure planning and investment, better compliance, and more available and accessible risk data, including interactive platforms and information exchanges. In other words, Chile is committed to building more resilience into its infrastructure. 

      With this in mind, Chile has come up with three immediate actions.

      Click to download the Immediate Intervention scheme in PDF

      1.

      First, the Roadmap suggests establishing an intersectoral working group so that the necessary sectors and ministries can develop shared definitions and guidelines for resilient infrastructure. This group will receive extra training from a “Resilience Academy” involving both national and international experts. 

      Second, recognizing the sheer variety of hazards and territorial conditions across the country, Chile launched a regional-level infrastructure assessment to deepen risk analysis and develop improvements to governance. This process began in the Biobío Region, one of Chile’s 16 regions.

      2.

      Roughly 40 percent of Chile’s population and 40 percent of its economic activity are concentrated in the central region, where Santiago, the capital, is located. As a result, this area has a higher density of critical infrastructure increasing the infrastructure exposure to hazards. At the same time, remote regions remain highly vulnerable, as they often lack the resources and preparedness to withstand disasters effectively. 

      Each territory has its own unique needs, making it essential to tailor disaster risk reduction to local context.

      Distribution of hazards in micro-zones over the period 2000-2023

      3.

      Third, Chile will design and pilot an integrated data hub to consolidate risk-related information, enabling better monitoring, evaluation, and decision-making in risk management. The integrated data centre will serve as a unified system for tracking, reporting, and verifying the fragmented infrastructure resilience assessments and diagnostics currently dispersed across different sectors and agencies. By centralising this information, Chile will strengthen infrastructure planning and enhance its disaster risk reduction. 

      Implementing these and other measures will also move Chile towards a more resilient infrastructure, aligning with UNDRR’s principles for resilient infrastructure. This will better position the country to tackle current challenges, but also to enhance its ability to adapt to new and emerging hazards. 

      Collaboration will be key to success. Achieving resilience will require continued collaboration between government, business, and civil society. By enabling new analyses and multi-stakeholder workshops, the Global Methodology for Infrastructure Resilience Review has played a crucial role in fostering vital trust between the different stakeholders. 

      “The infrastructure resilience review process achieved excellent work by bringing together different partners, and we now undoubtedly have a space for collective responsibility to strengthen our infrastructure ecosystem from a disaster risk perspective,” said Alicia Cebrián, National Director of SENAPRED

    Download the full report:
    Roadmap for Infrastructure Resilience in the Republic of Chile

    MIL OSI United Nations News –

    April 29, 2025
  • MIL-OSI United Nations: Tonga: Building infrastructure resilience in an isolated, hazardous world

    Source: UNISDR Disaster Risk Reduction

    Tonga: Building infrastructure resilience in an isolated, hazardous world

    (In collaboration with UNDRR and CDRI)

    When an underwater volcano erupted about 65 kilometres north of Tonga’s main island, Tongatapu, in January 2022, it sent ash high into the atmosphere and triggered a tsunami that struck the archipelago nation with waves as high as 15 metres. While the waves killed four people directly in Tonga, the eruption and consequent tsunami smashed into residential and non-residential buildings alike, damaged other infrastructure such as submarine cables, and contaminated water supplies with ashfall.

    Tonga

    is one of the most disaster-prone countries in the world.

    85,000 people

    in Tonga affected by the 2022 volcano eruption.

    The event also highlighted how Tonga must quickly build more resilience into its infrastructure and economy if it wants to improve the quality of life for its roughly 100,000 population.

    The country is a lower-middle income nation, constrained by its geographic isolation, small market size, and high cost of basic services. A Pacific archipelago of 172 islands, whose nearest neighbours – Fiji and Samoa – are more than 700 kilometres away, Tonga is highly dependent on climate sensitive-sectors such as agriculture, fisheries, and tourism. Its economy is sensitive to external shocks. 

    Cyclones, tsunamis, and volcanoes cause serious damage every time they hit Tonga, and yet – in recent years – the Pacific nation has experienced more extreme weather events than usual. Cyclone Gita, a category 4 tropical cyclone which hit Tonga in February 2018, was one of the most powerful storms to hit Tonga in decades, killing two, destroying at least 171 homes, and damaging more than 1,100 others. 

    This immense vulnerability to multiple natural hazards – and the dangers of cascading impacts – led Tonga to become one of four countries – together with Bhutan, Chile, and Madagascar – pioneering the Global Methodology for Infrastructure Resilience Review. Developed by the UN Office for Disaster Risk Reduction (UNDRR) and the Coalition for Disaster Resilient Infrastructure (CDRI), the methodology helps countries to identify and prioritise the strategies that will build their infrastructure resilience through a five-step approach.

    1

    Stakeholder mapping

    • Key ministries, regulators and operators in infrastructure development
    • Cross-sector coordination mechanisms

    Review of existing policies and regulations

    • Policies and regulations shaping infrastructure resilience
    • Integration of disaster risks in national plans and strategies

    Identification of vulnerabilities (Stress Testing)

    • Data collection on hazards and vulnerabilities
    • Multi-hazard resilience testing of infrastructure systems

    Principles for resilient infrastructure

    • Infrastructure resilience assessment using the UNDRR Resilience Principles
    • Identification of resilience-building interventions

    Development of an Implementation plan

    • Results validation and prioritization
    • Implementation plan with assigned responsibilities

    “The infrastructure resilience review process is already helping us to do that,” he said.

    Advancing Infrastructure Resilience in Tonga

    • The process
    • The process

      In 2021, Tonga enacted the Disaster Risk Management (DRM) 2021 Act, replacing the Emergency Management Act 2007, signaling a new ambition to manage risk instead of reacting to disaster. 

      After the 2022 volcano eruption, it also connected quickly with international partners. With World Bank support, it upgraded its ports, roads, and an airport, making them more resilient to storm surges, floods, and high winds. The Asian Development Bank has also helped with grants to help the country recover from disasters and health emergencies, including the COVID-19 pandemic.

      The infrastructure resilience assessment approach in the Global Methodology, provided Tonga with the opportunity to take a holistic look at their infrastructure and risk, identify the gaps, and then fill them.

      Stress-testing of Critical Infrastructure against Identified Hazard, Tonga

      In the first phase, a technical working group was set up with representatives from 21 departments and agencies across six ministries. Supported by this working group, the review process began with a kick-off meeting that included key stakeholders for infrastructure development, disaster risk reduction, and sectoral operations. Next, in phase two, it reviewed existing policies and regulations, assessing the extent to which they address disaster risks and support infrastructure resilience.

      In the third phase, stakeholders conducted stress tests and gap analysis on ten critical infrastructure functions against a range of hazards, including cyclones, droughts, underground water / seawater intrusion, tsunamis, volcanic eruptions, non-communicable diseases, land degradation and erosion, floods, sea level rises, and cybersecurity breaches. By identifying these vulnerabilities, interdependences, and cascading risks, the participants were able to seriously consider the economic impacts and interdependences of different hazards throughout. 

      Fourth, Tonga’s current resilient infrastructure practices were assessed against the UNDRR Principles for Resilient Infrastructure. These six principles set out the key conditions for sustainable infrastructure resilience. They support the Sendai Framework for Disaster Risk Reduction and Sustainable Development Goals, as well as the G20 Principles for Investing in Quality Infrastructure. 

      Finally, stakeholders drafted an implementation plan, consolidating the findings and providing a road map for enhancing infrastructure resilience.

      “By prioritising resilience, the country can support sustainable economic growth, adapt to climate change, and protect communities, while minimising economic and human losses.”

    • Water sector
    • Water sector

      One of the sectors examined was the water sector, including a deep dive analysis. Water is everywhere in a small island development state (SIDS) like Tonga, of course, but securing a stable supply remains difficult. Water in Tonga comes from ground water and rainwater, which are both vulnerable to impacts from climate change. 

      Rising sea-levels mean that many assets are at risk of flooding, while soil erosion is also a threat. When sea levels rise, salt water can enter some freshwater supplies, reducing the available water for drinking. 

      Funding the necessary upgrades, however, is a challenge. The Tonga Water Board (TWB) operates without subsidies, making capital investment difficult.

      Meanwhile, the lack of a centralised infrastructure database complicates the assessment and management of existing resources. Multiple institutions manage water resources across the archipelago’s 45 or so inhabited islands, doing so with varying levels of expertise. While integrated planning and coordination should be essential for efficiency, the system is fragmented. Integrated planning and management are urgently needed to ensure resilience in the water sector. Equally as importantly, there’s a need for more data and information, and for a better understanding of how to use the already available data, which does not capture all boreholes and rainwater harvesting.

      Challenges are even greater on the outer islands. Most villages lack a formalised tariff system, complicating the collection of revenue for repairs and maintenance. Composed of local residents, Village Water Committees (VWCs) play a crucial role, but they often lack financial and other supporting skills. Without structured regulations and trained personnel, infrastructure upkeep is inconsistent.

      “But at the same time, it takes four or five hours by boat to reach some of these communities,” he said. “It is not an easy job.” The support system for water infrastructure needs to be planned, designed, and monitored more effectively to become more resilient to hazards, which is an area of need for VWC.

      Finally, the water pumping stations are dependent on electricity. This means that if a cyclone damages the power lines and impacts electricity supply, then water supply would also be affected. The disaster responses are complicated by limited standard operating procedures (SOPs) as cyclones, volcanoes, and tsunamis all affect the water infrastructure in different ways. Take a look at how some of the most recent events have affected Tonga’s water infrastructure:

      Hazard-related disruptions in Tonga’s water sector

      TROPICAL CYCLONES:

      Cyclone Gita (2018) damaged water distribution systems and rainwater tanks, while other cyclones have led to extensive system failures.

      VOLCANIC ERUPTIONS AND ASHFALL:

      The 2022 eruption of Hunga Tonga-Hunga Ha’apai severely impacted water punps and contaminated rainwater tanks, leading to supply disruptions.

      DROUGHTS:

      Prolonged droughts in 2023 have affected rainwater collection systems, exacerbating water shortages.

      TSUNAMIS:

      The 2022 tsunami contamined groundwater sources in southern islands and destroyed coastal water infrastructure.

      Several resilience measures do exist. Desalination units provide emergency water, even if their maintenance or repairs sometimes fall on untrained community members, causing delays and potential safety issues. Overall, however, these are uneven and insufficient.

      Some development support has been provided, but the projects are also unevenly distributed. They tend to focus mostly on the main island, leaving outer islands underserved. 

      From the Infrastructure Resilience Review, several recommendations emerged:

      • Build Village Water Committee capacity by developing management manuals, training, and emergency water plans for climate and disaster events.  
      • Establish standard procedures for Village Water Committees to capture and share water data, linking it into a centralised system. Procure and distribute the necessary hardware, then train the VWCs in its use.
      • Set up processes to coordinate donor projects across the water sector.
      • Review the complete water sector for exposure to hazards, including its dependencies on other sectors such as transport, ICT and energy.
      • Find ways to improve the management of both rainwater and groundwater.
      • Improve water security on the outer islands by increasing water storage volumes, testing new solutions such as hydro panels and mobile desalination units. 
    • Transport
    • Transport

      The Infrastructure Resilience Review also looked at transport, given the importance and vulnerabilities of Tonga’s ports, airports, and roads. 

      On the one hand, Tonga’s geographic isolation makes it highly dependent on its ports and airports for imports of food, fuel, and spare parts. In 2000, the last available energy balance showed that 75 percent of the country’s energy depends on imported petroleum products. Over 98 percent of Tonga’s grid-supplied electricity is generated using imported diesel. 

      On the other hand, those ports and airports are highly vulnerable to disruption of the other critical infrastructure functions, including transport. The ports and airports both depend on Tonga’s roads, for example, to connect them with the rest of the country.

      Multi Hazards Disaster Risk Assessment, ARUP 2021

      However, while Tonga’s climate is already tropical, climate change is expected to bring heavier and more frequent rainfall, damaging roads in the low-lying areas. Inadequate drainage will compound this damage, disrupting transport and mobility to the ports and airports. 

      In turn, this could also disrupt Tonga’s electricity, which relies heavily on diesel imports, as well as the delivery of clean water to remote areas or even – in case of emergencies – access to evacuation centres. 

      The Roadmap for Infrastructure Resilience has multiple recommendations for improving road transport resilience, including the following: 

      • Improve data on infrastructure quality to understand better which rural and urban roads are exposed to flooding. 
      • Produce geohazard maps to enable monitoring of infrastructure resilience and vulnerability.
      • Develop mitigation measures based on assessments of the road quality.
      • Integrate climate safety factors into road design.

      Additionally, the Roadmap for Infrastructure Resilience in the Kingdom of Tonga makes specific priority recommendations for individual sectors, including the development of a national resilient critical infrastructure strategy, the establishment of a critical infrastructure working group, and the establishment of a central disaster data centre. 

      “The infrastructure resilience review reminds us that we are not passive actors, but that to a much greater extent we are masters of our own destiny,” said Sione Pulotu ‘Akau’ola, CEO for Ministry of MEIDECC.

      “In the long run, building resilience into our infrastructure will save us lives, destruction, and economic damage,” he said.

    Download the full report:
    Roadmap for Infrastructure Resilience in the Kingdom of Tonga

    MIL OSI United Nations News –

    April 29, 2025
  • MIL-OSI Asia-Pac: Commerce Secretary Shri Sunil Barthwal Visits Netherlands to Strengthen Bilateral Trade and Economic Partnership

    Source: Government of India

    Commerce Secretary Shri Sunil Barthwal Visits Netherlands to Strengthen Bilateral Trade and Economic Partnership

    Commerce Secretary Engages with Port of Rotterdam Authority, Explores Green and Digital Corridor Cooperation to Boost Maritime and Trade Ties

    Posted On: 29 APR 2025 11:17AM by PIB Delhi

    Commerce Secretary, Ministry of Commerce and Industry, Government of India,Shri Sunil Barthwal, visited the Netherlands from 24–26 April 2025 to advance bilateral trade and economic cooperation between India and the Netherlands. The visit underlined India’s commitment to strengthening its economic engagement with the Netherlands, a key European partner. During his visit, Mr. Barthwal engaged in high-level discussions, industry interactions and toured places of economic importance.

    The visit of the Commerce Secretary yielded several tangible outcomes. It reinforced the strategic importance of the India-Netherlands partnership in addressing global economic challenges and fostering innovation-driven growth. The discussions at the Ministry of Foreign Affairs and the Ministry of Economic Affairs laid the groundwork for enhanced collaboration through institutional mechanisms like the JTIC. The CEOs Roundtable fostered new business connections, with Dutch companies expressing keen interest in India’s growing market and investment opportunities. The engagements at the Port of Rotterdam and ASML opened new avenues for cooperation in maritime infrastructure and semiconductors, aligning with India’s economic priorities. Commerce Secretary Barthwal’s visit has injected fresh momentum into India Netherlands partnership, setting the stage for deeper economic collaboration.

    Mr. Barthwal commenced his visit with a productive discussion with Mr. Michiel Sweers, Director General for Foreign Economic Relations, Dutch Ministry of Foreign Affairs, in The Hague. The discussions focused on strengthening bilateral trade and economic ties, inter alia, through setting up of the Joint Trade and Investment Committee (JTIC) mechanism.  Further, the meeting covered diverse issues of bilateral trade and economic relationship, advancing strategic economic cooperation, fostering policy alignment, and addressing trade barriers to facilitate smoother market access for Indian and Dutch businesses. The dialogue reaffirmed the shared commitment to creating a conducive environment for trade and investment, leveraging the complementary strengths of both economies.

    A highlight of the visit was the CEOs Round-table Conference organized by the Embassy of India. Attended by approximately 40 representatives from leading Dutch and Indian companies, as well as business chambers and trade organizations, the round-table facilitated discussions on trade opportunities, challenges and actionable solutions. Participants offered valuable suggestions, with the Government of India and the Embassy pledging to address concerns. The Conference provided a platform for industry leaders to share insights, explore synergies, and identify opportunities for collaboration in sectors such as renewable energy, agriculture, healthcare, logistics, waste management and urban development. Mr. Barthwal emphasized India’s ambitious economic reforms, including initiatives to boost manufacturing, exports and ease of doing business, which resonated strongly with Dutch stakeholders. The Roundtable also featured the showcasing of One District One Product (ODOP) handicrafts by the Embassy, celebrating India’s rich artisanal heritage. The subsequent networking session acted as a platform for corporate leaders and trade bodies to forge meaningful connections, with Commerce Secretary Barthwal and Ambassador Tuhin actively engaging the participants.

    Mr. Barthwal visited the Port of Rotterdam, Europe’s largest and one of the world’s most advanced ports. Received by Mr. Boudewijn Siemons, CEO of the Port of Rotterdam Authority, at the World Port Center, Mr. Barthwal held in-depth discussions on enhancing cooperation between the Indian ports and Rotterdam. The talks explored opportunities for knowledge sharing, technology transfer, and sustainable port management practices. A tour of the port facilities, including the fully automated APM Terminals at Maasvlakte II, provided insights into Rotterdam’s state-of-the-art infrastructure and operational efficiencies. Mr. Barthwal highlighted the potential for collaboration in modernizing Indian ports, aligning with India’s Maritime Vision 2030, which aims to enhance port capacity and logistics efficiency. Both sides expressed interest in deepening ties through joint initiatives in port digitalization, green shipping, and logistics optimization, which are critical to boosting bilateral trade flows. The visit laid the groundwork for setting up of a Green and Digital Corridor between the Port of Rotterdam and Indian ports like the Deendayal Port Authority Kandla, and export of Green Hydrogen and carriers like Ammonia and Methanol from India to Europe, with the Port of Rotterdam acting as a gateway to Europe.

    Later, Mr. Barthwal traveled to Veldhoven to visit the headquarters of ASML, a global leader in photolithography systems for the semiconductor industry. In a productive meeting with ASML’s CEO, Mr. Christophe Fouquet, Mr. Barthwal discussed deepening India-Netherlands cooperation in the semiconductor sector. The discussions focused on leveraging ASML’s expertise to support India’s ambitions to become a global semiconductor manufacturing hub, as outlined in the India Semiconductor Mission.  Mr. Barthwal emphasized India’s robust policy framework to attract investments in semiconductors, including production-linked incentives and infrastructure development. The engagement with ASML highlighted India’s interest in fostering innovation and building a resilient semiconductor ecosystem, with the Netherlands as a key partner.

         

    Joint Secretary, Ministry of Commerce and Industry, Government of India, Shri Saket Kumar, who accompanied Commerce Secretary, met Mr. Tjerk Opmeer, Deputy Director General for Enterprise and Innovation, at the Dutch Ministry of Economic Affairs in The Hague. The discussions centered on fostering innovation-driven partnerships, particularly in technology and startup ecosystems. Both sides committed to deepening collaboration in the startups and innovation ecosystem through mutual efforts under the Indo-Dutch Startup Link. The meeting also explored collaboration in entrepreneurship, tech exchange and space cooperation. These engagements highlighted India’s growing role as a hub for innovation and the Netherlands’ expertise in cutting-edge technologies, paving the way for enhanced bilateral cooperation.

                  

     ***

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2125060) Visitor Counter : 35

    MIL OSI Asia Pacific News –

    April 29, 2025
  • MIL-OSI: Bitget Becomes Gold Sponsor at Token2049 Dubai: CEO Gracy Chen to Share Vision for Crypto’s Next Chapter

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, April 29, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, is set to make a major impact at TOKEN2049 Dubai as a Gold Sponsor of this year’s landmark event. Taking place from 30 April to 1 May 2025, at Madinat Jumeirah Conference Centre, TOKEN2049 Dubai brings together the brightest minds and boldest innovators from across the global crypto and blockchain ecosystem. As the crypto community gathers in one of the most dynamic hubs for innovation, Bitget stands ready to spotlight its strategies that continue to shape the digital asset landscape.

    Day One of the conference will see Bitget CEO Gracy Chen deliver a keynote speech on the io.net Stage, from 3:00 to 3:15 PM GST. Titled,“Two Strategies Bitget Adopted to Thrive in a Volatile Market”, the sharing will explore how Bitget navigates and thrives amid global volatility, tapping into emerging opportunities while staying at the forefront of innovation. Gracy’s insights will highlight the strategies that enabled Bitget to deliver real-world impact in an unpredictable market landscape, setting a blueprint for sustainable success in the evolving crypto ecosystem.

    Further amplifying its presence, Bitget is setting the stage for an unforgettable evening with Cryptoverse Dream Night on May 30. In collaboration with 1inch and backed by Morph, this invite-only after-hours event will gather Web3 pioneers, blockchain leaders, and crypto giants for an immersive night of electrifying energy, premium experiences, and next-gen networking. From surprise performances to curated social moments, the event captures the bold spirit driving the future of the cryptoverse. Attendees stand a chance to be rewarded with Bitget Exclusives when they capture and share the most electrifying moments at the event.

    As discussions around decentralization, market access, and innovation take center stage, Bitget is expanding its role beyond that of a traditional exchange. Through its contributions both during the conference and at side events, Bitget aims to help shape new standards for how value is built in this digital economy. “Our goal is to help lay the groundwork for a more connected and resilient Web3 ecosystem,” said Gracy Chen, CEO of Bitget. “Success in this space requires more than technology — it demands collaboration and a shared vision for what the future should look like and there is no greater platform to have these conversations than at an event like TOKEN2049. With a powerful presence both on and off the main stage, Bitget’s participation at Token2049 Dubai reflects its broader strategy to support the ongoing evolution of Web3.”

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dca116ce-6d79-4bfa-8ef8-9b1e72215f89

    The MIL Network –

    April 29, 2025
  • MIL-OSI Video: Forum on Financing for Development, 28-29 April 2025 – Press Conference | United Nations

    Source: United Nations (Video News)

    Press Conference by The President of ECOSOC Bob Rae and the Assistant-Secretary-General for Economic Development in the Department of Economic and Social Affairs Mr. Navid Hanif, on the ECOSOC Forum on Financing for Development, 28-29 April.

    https://www.youtube.com/watch?v=yrN7mMGVN4k

    MIL OSI Video –

    April 29, 2025
  • MIL-OSI Video: “Sustainable Development Goals are dramatically off track” – UN Chief at ECOSOC FfD Forum 2025

    Source: United Nations (Video News)

    Remarks by António Guterres, Secretary-General of the United Nations, at the 2025 ECOSOC Forum on Financing for Development Follow-Up (FfD Forum).

    With five years remaining to reach the Sustainable Development Goals (SDG’s), Secretary-General António Guterres said, “we cannot let our financing for development ambitions get swept away,” urging countries to “making good on the commitments” made in the Pact for the Future last September.

    Opening a financing for development forum ahead of the July 4th International Conference on Financing for Development in Seville, the President of the Economic and Social Council (ECOSOC) meeting Bob Rae said, “trade is not a four letter word.”

    Rae said, “trade is a positive way for countries to exchange goods and services, and to be able to emerge from poverty themselves. We need to reinforce the importance of reducing barriers to trade rather than increasing barriers to trade. To think that trade is a win-lose proposition, that some countries win from trade and other countries lose, or to think that there is a simple national solution to the problem of international trade, is simply wrong.”

    Guterres, told the forum that “we face some harsh truths; the harsh truth of donors pulling the plug on aid commitments and delivery at historic speed and scale; the harsh truth of trade barriers being erected at a dizzying pace; the harsh truth that the Sustainable Development Goals are dramatically off track, exacerbated by an annual financing gap of an estimated for 3 billion US dollars; and the harsh truth of prohibitively high borrowing costs that are draining away public investments in everything from education and health systems, to social protection infrastructure, and the energy transition.”

    He said, “from a necessary stimulus to help countries invest in their people, to vital and long awaited reforms to the global financial architecture, to the Pact’s clear commitments to open, fair and rules-based trade, to its call for an analysis of the impact of military expenditures on the achievement of the SDGs – with the final report out by September – to the Pact’s urging for an ambitious outcome to July’s Conference on Financing for Development.”

    The Secretary-General said, “in many developing countries, gains are getting crushed under the weight of debt services siphoning away investments in education and infrastructure. And the problem is getting worse.”

    He said, “the Sevilla Conference should emerge with a commitment by member states to lower the cost of borrowing, improve debt restructuring, and prevent crisis from taking goals. And this includes establishing a dedicated facility to help developing countries manage their liabilities and then has liquidity in times of crisis.”

    Talking to reporters after the meeting, Rae said, “every capital of an advanced economy that is normally a donor is having a debate about what can they do? What can we do? But there’s no one country that can substitute for the efforts that the United States has been making over the last 80 years.”

    He said, “we can’t wait for the United States to make up its mind as to what kind of a player it wants to be in the world. We have an obligation ourselves. Each one of our governments has an obligation to say, what are we going to do to make sure that the public good is not totally forgotten, and that the wellbeing of the world is not forgotten, and that our common security is not forgotten?”

    The 4th International Conference on Financing for Development (FFD4) will be held in Sevilla, Spain, from June 30 to July 3, 2025. The conference will focus on financing for sustainable development and will be held at the FIBES Sevilla Exhibition and Conference Centre.

    https://www.youtube.com/watch?v=RZ-PvuSh1DU

    MIL OSI Video –

    April 29, 2025
  • MIL-OSI: Municipality Finance issues a EUR 175 million tap under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    29 April 2025 at 11:00 am (EEST)

    Municipality Finance issues a EUR 175 million tap under its MTN programme

    On 30 April 2025 Municipality Finance Plc issues a new tranche in an amount of EUR 175 million to an existing benchmark issued on 26 April 2023. With the new tranche, the aggregate nominal amount of the benchmark is EUR 1.650 billion. The maturity date of the benchmark is 29 July 2030. The benchmark bears interest at a fixed rate of 3.125 % per annum.

    The new tranche is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 30 April 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

    J.P. Morgan SE acts as the Dealer for the issue of the new tranche.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

    April 29, 2025
  • MIL-OSI: The recording of Šiaulių Bankas Investor Conference Webinar of introducing the financial results for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    During the Investor Conference Webinar by Vytautas Sinius, CEO, Tomas Varenbergas, Head of Investment Management Division, Chief Economist Indrė Genytė–Pikčienė and Tautvydas Mėdžius, Strategy Partner, introduced the Bank’s financial results for Q1 2025 and recent developments and answered the participant questions afterwards.

    The recording of it can be found on Nasdaq youtube channel there.

    Presentation and the recording of webinar are also posted on the Bank’s website https://sb.lt/en/investors

    Šiaulių bankas thanks all participants.

    If you would like to receive Šiaulių Bankas news for investors directly to your inbox, subscribe to our newsletter.

     

    Additional information:

    Tomas Varenbergas

    Head of Investment Management Division

    tomas.varenbergas@sb.lt , +370 610 44447

    The MIL Network –

    April 29, 2025
  • MIL-OSI United Kingdom: Greens in tax bid to tackle holiday home crisis in National Parks

    Source: Scottish Greens

    29 Apr 2025 Finance

    National Parks are iconic spaces that should be protected.

    More in Finance

    The Scottish Greens are lodging plans to tackle the housing crisis in our National Parks and protect the communities who live there by increasing the tax due when buying a holiday home within park boundaries.

    At present, someone buying a second or holiday home anywhere in Scotland must pay a tax known as the Additional Dwelling Supplement. 

    These new proposals, to be lodged by Ross Greer MSP as an amendment to the upcoming Housing Bill, would create a further charge on top of this within National Parks, in recognition of the housing crisis in these communities being caused by so many properties becoming holiday homes.

    The change would build on successful changes already made by the Scottish Greens, namely doubling the Additional Dwelling Supplement from 4% to 8% since 2021. This will raise more than a quarter of a billion pounds in the current financial year.

    The Greens preferred policy would be for the Additional Dwelling Supplement to be doubled again in National Parks, though this would be for MSPs to agree on an annual basis.

    The latest data shows there are 2455 second homes in Loch Lomond and the Trossachs National Park, which is around 5% of all homes. This is more than five times the national average of 0.9%.

    The problem is far worse within the Cairngorms National Park, where around 12% of all houses are second homes, reaching 20% in some communities, meaning one in five homes are empty for most of the year.

    The Greens are confident that their amendment would raise more funds for public services and free up more homes for people to live in by reducing the number bought to be used as holiday homes.

    Research from 2022 shows that 75% of National Park households cannot afford average house prices.

    Ross Greer said:

    “Our National Parks are iconic and beautiful places, but the families who actually live there are being pushed out by second home owners. 

    “Young people in particular are too often forced to leave the communities they grew up in after being outbid by those wealthy enough to buy a second property.

    “Too many properties are also used as cash cows for short-term lets while local people are priced out and businesses find it impossible to recruit staff because there is nowhere for them to live.

    “The changes already delivered by Green MSPs have reduced the number of second and holiday homes bought each year, freeing up more properties for people who need a home to live in. Now we can build on this success and ensure that the communities within our National Parks are more than just holiday parks.”

    MIL OSI United Kingdom –

    April 29, 2025
  • MIL-OSI: Apollo Funds to Acquire Pan-European, Highly Interconnected Colocation Data Center Business from STACK Infrastructure, a portfolio company of Blue Owl Digital Infrastructure

    Source: GlobeNewswire (MIL-OSI)

    LONDON and NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed infrastructure funds (the “Apollo Funds”) have agreed to acquire the European colocation business (the “Company”) developed and managed by STACK Infrastructure, a portfolio company of Blue Owl Digital Infrastructure Advisors LLC (“BODI”) in a carve-out transaction.

    The Company comprises seven data center assets in strategic, highly interconnected locations across five key European markets – Stockholm, Oslo, Copenhagen, Milan and Geneva – serving the data center and connectivity needs of a diverse portfolio of blue-chip enterprise clients, including telecommunications carriers, IT and services companies and financial institutions.

    Sherif Rizkalla, CEO of the Company, said: “We are delighted to partner with Apollo to accelerate growth of our business as a new, standalone company. Leveraging Apollo’s expertise in infrastructure, significant access to resources and support, we believe we are extraordinarily well-positioned to capitalize on our industry’s tailwinds and bring even more value to our customers, employees and other stakeholders.”

    Adam Petrie, Partner at Apollo, said: “We are strong believers in the fundamental tailwinds behind the demand for data center infrastructure. In particular, we believe high-quality, interconnected colocation businesses with differentiated value propositions like the Company’s offer an attractive, secular growth opportunity for the long-term. We are very excited to partner with Sherif and his team in taking this business to the next level and expanding its presence across Europe.”

    “A client-first approach is at the heart of STACK, which is why we established a dedicated enterprise colocation business unit in EMEA last year,” said John Eland, Chief Executive Officer, STACK EMEA. “The strategic creation of the colocation business unit enabled us to support the specialised requirements of the hyperscale sector, whilst also enabling our colocation experts to deliver exclusively on the needs of the enterprise sector. As STACK EMEA evolves to focus primarily on hyperscale clients, this transaction solidifies our commitment to hyperscale data center development and operations whilst our former enterprise colocation clients will continue to receive the highest standard of performance and support from dedicated experts.”

    As part of the carve-out transaction, the management team and all employees currently operating the EMEA colocation business within STACK are expected to migrate with the Company, which will be re-branded and will no longer bear the “STACK Infrastructure” name or logo. STACK will continue its growth trajectory with a focus on hyperscale development and operations across key EMEA markets.

    The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals.

    Latham & Watkins LLP served as legal counsel to the Apollo Funds.

    About Apollo

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

    About BODI

    BODI is part of Blue Owl’s Real Assets platform and a leading manager of global real estate private equity funds focused exclusively on investing in the digital infrastructure sector. BODI makes investments in digital infrastructure assets, including data center assets and other technology and connectivity-related assets and service providers all on a global basis. As of December 31, 2024, the funds managed by BODI had approximately $14.2 billion in assets under management. Blue Owl is a global alternative asset manager with $251.1 billion AUM as of December 31, 2024.

    About STACK Infrastructure

    STACK provides digital infrastructure to scale the world’s most innovative companies. With a client-first approach, STACK delivers a comprehensive suite of campus, build-to-suit, colocation, and powered shell solutions in the Americas, EMEA, and APAC regions. With robust existing and flexible expansion capacity in the leading availability zones, STACK offers the scale and geographic reach that rapidly growing hyperscale and enterprise companies need. The world runs on data. Data runs on STACK.

    For more information about STACK, please visit: www.stackinfra.com.

    Apollo Contacts
    Noah Gunn
    Global Head of Investor Relations Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com

    Joanna Rose
    Global Head of Corporate Communications Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com

    STACK Infrastructure Contacts
    Stephanie Srikandarajah
    press-emea@stackinfra.com

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Sampo Group’s results for January–March 2025 will be published on 7 May 2025

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, press release, 29 April 2025 at 9:30 am EEST

    Sampo Group’s results for January–March 2025 will be published on 7 May 2025

    Sampo Group will publish the Interim Statement for January–March 2025 on 7 May around 8:30 am Finnish time (6:30 am UK time). The report, the investor presentation, and a video review with Group CEO Torbjörn Magnusson will be available at www.sampo.com/result.

    Conference call

    7 May at 11:30 am Finnish time (9:30 am UK time)

    To ask questions, please join the teleconference by registering using the following link:  https://palvelu.flik.fi/teleconference/?id=50051475

    Upon registration, you will receive phone numbers as well as a conference ID and user ID to access the conference. To ask a question, please press #5 on your telephone keypad to enter the queue.

    Group CEO Torbjörn Magnusson, Group CFO Knut Arne Alsaker, CEO of If P&C Morten Thorsrud, and Head of IR Sami Taipalus will attend the conference call for investors and analysts.

    The conference call can also be followed live at www.sampo.com/result. A recorded version will later be available at the same address.

    SAMPO PLC
    Investor Relations and Group Communications

    Further information:

    Maria Silander
    Communications Manager, Media Relations
    tel. +358 10 516 0031

    Distribution:
    The principal media
    www.sampo.com

    The MIL Network –

    April 29, 2025
  • MIL-OSI: VAALCO Schedules First Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 29, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced the timing of its first quarter 2025 earnings release and conference call.

    The Company will issue its first quarter 2025 earnings release on Thursday, May 8, 2025 after the close of trading on the New York Stock Exchange and host a conference call to discuss its financial and operational results on Friday morning, May 9, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time and 3:00 p.m. London Time.)

    Interested parties in the United States may participate toll-free by dialing (833) 685-0907. Interested parties in the United Kingdom may participate toll-free by dialing 08082389064. Other international parties may dial (412) 317-5741. Participants should ask to be joined to the “Vaalco Energy Earnings Conference Call.” This call will also be webcast on VAALCO’s website at www.vaalco.com. An audio replay will be available on the Company’s website following the call.

    About Vaalco

    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

    For Further Information

       
    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer Vaalco@buchanan.uk.com
       

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Annual report and financial statements for the period ended 31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    OCTOPUS FUTURE GENERATIONS VCT PLC

    Annual report and financial statements for the period ended 31 December 2024

    Octopus Future Generations VCT plc (‘Future Generations VCT’ or the ‘Company’) is backing businesses that aim to address some of society’s biggest challenges, providing an opportunity for investors to share in the growth of ambitious, purpose‑driven companies.

    The Company is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

    Chair’s statement

    I am pleased to present the financial report and audited accounts for the Company for the 18 months to 31 December 2024.

    I would like to welcome all of our new shareholders to the Company. Future Generations VCT invests in exciting early-stage companies which aspire to address current environmental and societal issues. In 2023, the Board reviewed and approved a proposal to move the Company’s year end from 30 June to 31 December. As a result, shareholders are receiving this annual report covering an extended 18-month period and will thereafter receive a half-year report as at June, and annual report and audited financial statements for the years ending December thereafter.

    The NAV per share at 31 December 2024 was 88.8p, which represents a net decrease of 5.5p per share from 30 June 2023. In the 18 months to 31 December 2024, we utilised £10.1 million of our cash resources, including £8.2 million which was invested into 16 new and follow‑on opportunities. The cash balance of £20.1 million (excluding cash awaiting allotment) as at 31 December 2024 represents 42% of net assets at that date. The loss made in the period to 31 December 2024 was £2.9 million. This decline is reflective of some company specific performance challenges and the difficult funding conditions in the early-stage space which have led to downward movements in some valuations. Given the Company is still a relatively young VCT, many of its portfolio companies are at the beginning of their journey and will likely require further funding to succeed, so it is to be expected to see under performance or even failures before any growth in value of companies which are ultimately successful. The decline is also accentuated by the running costs of the Company exceeding returns from investments, which is to be anticipated at this stage.

    We look forward to deploying further capital into attractive new investment opportunities, and we ultimately intend the profile of the Company to comprise 80% to 90% in VCT qualifying investments and 10% to 20% in permitted non-VCT qualifying investments or cash.

    Fundraise
    We raised £3.6 million in the fundraise which closed on 31 October 2024. The 2023/2024 VCT fundraise market was highly competitive, ranking as the third highest on record with £882 million raised. In this environment, newer VCTs such as ours faced challenges in raising funds, as we compete with more established funds.

    On 3 February 2025, to further support the Company’s growth, the Board launched an initial offer to raise up to £5 million. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5.0 million.

    As investors will be aware, the intention is to invest in businesses which meet one of three key themes, which we hope will demonstrate excellent investment prospects as well as having the potential to transform the world we live in for the better.

    VCT status
    In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning that VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024 His Majesty’s Treasury brought the extension into effect through The Finance Act 2024.

    Board of Directors
    As announced in the half-yearly report to 31 December 2023, Emma Davies announced her retirement from the Board of Directors with effect from 31 March 2024 and Ajay Chowdhury was appointed with effect from 1 March 2024 and was elected by shareholders at the Annual General Meeting (AGM) held in December. We are already benefiting from his extensive experience in the early-stage venture ecosystem.

    All the other Directors have indicated their willingness to remain on the Board and will be seeking re-election at the AGM.

    Portfolio Manager
    In September 2024, Octopus Titan VCT PLC, a fund which the Company has co-invested alongside to date, announced a review of strategy, due to the ongoing performance issues it has faced. This review (which benefits from independent external advice) is ongoing, and when concluded, the results will be shared with the Board of the Company and via any public announcements that the Board of Octopus Titan VCT PLC may make.

    During this period, the investment team has prioritised much of its resource towards those portfolio companies which they believe have the potential to drive the greatest returns. This has affected your Company’s investment rate into new opportunities.

    In the meantime, there have been a significant number of leavers from the broader Octopus Ventures team which invests capital from both the Company and other funds under management. Simon King, Octopus’ Lead Fund Manager for Future Generations, has unfortunately resigned to pursue a new opportunity after 13 years with Octopus. He will continue to take an active role as Lead Fund Manager of the Company until late summer. I would like to take this opportunity to thank Simon for his contribution and to wish him well for the future. We will provide you with updates in due course regarding his potential successor.

    Erin Platts was appointed as new Chief Executive Officer (CEO) of Octopus Ventures in January 2025. Previously, she was CEO of HSBC Innovation Banking UK, formerly Silicon Valley Bank UK and worked at the heart of the UK and European tech ecosystem. Erin will be looking to scale the Octopus Ventures business, including ensuring there is appropriate investment and portfolio management resource to support the ongoing success of the Company.

    AGM
    The AGM will take place on 4 June 2025 from 10am and will be held at 33 Holborn, London EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of the AGM. We will have a Portfolio Manager’s update at the AGM, supported by a filmed update from the Portfolio Manager which will be available on the website at www.octopusinvestments.com/futuregenvct/.

    Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of the AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

    Outlook
    In the 18-month reporting period, the sharpest decline in NAV was seen in the first half of 2024 with a 7.1% drop. This was reflective of some of the portfolio companies struggling to scale, secure customer wins and successfully fundraise, meaning they were not achieving the milestones set at the time the Company invested. With companies not able to prove their business models, we will unfortunately see some fail. The Board is mindful that such performance is not an unusual outcome for a VCT at this stage of its investment life cycle, with any failures likely preceding valuation growth which is usually expected once the portfolio matures. The portfolio has been operating in a volatile macro environment since the Company launched and global geo-political and economic pressures continue to hamper some of their growth plans. However, we are satisfied to see a stabilisation in the NAV, with the portfolio showing a positive return in the six months from June to December 2024.

    The Mergers and Acquisitions (M&A) environment has started to thaw with startups experiencing the highest annual M&A transaction levels since 2019¹. We are delighted to have been able to realise the Company’s first full and partial exits in the reporting period. These exits within just three years of launch we hope provide validation of Future Generations VCT’s investment strategy, demonstrating the ability of Octopus to identify and back high-potential companies while delivering early returns to the VCT and brings confidence that it is well positioned to generate long-term, sustainable value for shareholders.

    The long-term target is to pay an annual dividend of 5% of the NAV. However, given the expected holding period of target portfolio companies and restrictions imposed on VCTs, it is very unlikely that the Company will be able to pay dividends before 2026. During this time, any growth in value will increase the net asset value of the Company. Dividends are likely to be generated from successful exits, so the Company is unlikely to pay significant dividends until more portfolio companies have time to mature and realisations are secured.

    I would like to conclude by thanking both my Board colleagues and the Octopus team on behalf of all shareholders for their hard work. The Board’s long-term view of early-stage venture capital remains positive, and I am looking forward to seeing what 2025 brings for your Company.

    Helen Sinclair
    Chair

    1 https://carta.com/uk/en/data/state-of-private-markets-q4-2024/#key-trends

    Portfolio Manager’s review

    At Octopus, our focus is on managing your investments and providing investors with clear and transparent communication. Our annual and half-yearly updates are designed to keep you informed about the progress of your investment.

    Focus on Future Generations VCT’s performance
    The NAV per share at 31 December 2024 was 88.8p, which represents a decrease in NAV of 5.5p per share versus a NAV of 94.3p per share as at 30 June 2023. The Company invests in three key areas that we believe demonstrate excellent investment prospects and have potential to transform our world for the better.

    Below is a breakdown of the 36 investments held as at 31 December 2024, showing the proportion and value of the portfolio in each investment theme:

    Proportion by number of portfolio companies in each theme
    Revitalising healthcare: 53%
    Empowering people: 28%
    Building a sustainable planet: 19%

    Value of the portfolio in each theme
    Revitalising healthcare: £13.3m
    Empowering people: £8.0m
    Building a sustainable planet: £5.5m

    The decline in valuation over the 18-month period has been in large part driven by the downward valuation movements across 11 companies which saw a collective decrease in valuation of £7.9 million. The businesses which contributed most significantly to this were Tympa Health, Pear Bio and Elo Health. Tympa Health over‑invested in growth and had to make significant cost cuts and changes to senior management whilst running a fundraise process. It has successfully concluded a further investment round, but at a reduced valuation and the Company’s shareholding now sits behind a large preference stack, meaning that other investors get paid back first before the Company would see any returns. Pear Bio also had to significantly reduce its cash burn but has limited runway and needs to further fundraise, so the valuation has been reduced to reflect the risk to its future. Elo Health struggled to find a market fit and execute on the investment thesis, so to extend its cash runway it had to raise an investment round at a reduced valuation. These three valuation movements account for 86% of the total decline in the reporting period. The total investment cost of these three companies was £7 million.

    Octopus Ventures believes that some of the companies which have seen decreased valuations in the 18 months have the potential to overcome the issues they face and get their growth plans back on track. We will continue to work with them to help them realise their ambitions. In some cases, if a company is achieving its performance milestones, the support offered could include further funding, to ensure a business has the capital it needs to execute on its strategy. At this early stage of the Company’s life cycle, it is to be anticipated that failures will likely precede valuation growth, which takes longer as the portfolio companies must achieve their agreed milestones and mature.

    Conversely, 12 companies saw an increase in unrealised valuation in the period, delivering a collective increase in valuation of £4.4 million. These valuation increases reflect businesses which have successfully concluded further funding rounds, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Apheris and Manual, both of which have shown impressive capital efficient growth. These strong performers demonstrate that there are opportunities available for companies to scale.

    The interest on Future Generation’s uninvested cash reserves was £1.4 million in the 18 months to 31 December 2024 (30 June 2023: gain of £0.4 million), driven by returns on money market funds. The Board’s objective for these investments is to generate sufficient returns through the cycle to cover costs, at limited risk to capital.

    Disposals
    In September 2024, as part of a Series A funding round, Octopus sold a portion of the Company’s shares in Neat. Then in November, Pluxee (a global leader in employee benefits) acquired Cobee. The two exits combined offer the Company a return of 1.5x, including contingent deferred proceeds.

    Overview of investments
    The Company completed 16 investments in the 18 months to 31 December 2024 (comprising a total of £8.2 million) and 4 further investments after the reporting date totalling £2.4 million. More information on some of these businesses can be found below:

    A selection of our completed investments

    Revitalising Healthcare

    Pencil Biosciences is a gene editing technology platform.

    Awell Health automates routine clinical tasks, synchronising data between systems and driving seamless coordination between care teams and patients.

    Cellvoyant is an artificial intelligence (AI) first biotechnology company creating novel stem cell-based therapies for chronic diseases.

    Manual provides easy access to advice and medical support for diagnosis, custom treatment plans and holistic care to induce long-term behaviour change.

    Nanosyrinx has developed a targeted biologic therapeutic delivery platform (a nano-syringe).

    Empowering people

    Correcto is an AI writing and grammar tool for the Spanish language.

    Remofirst is an Employer of Record (EOR) and compliance platform that allows companies to hire and pay employees globally.

    Swiipr has developed a digital payments platform specifically for the airline industry.

    Building a sustainable planet

    Metris Energy has created a platform that allows landlords of multi-unit buildings to monetise modular renewable energy projects through a single billing platform to charge tenants.

    Drift is designing sailing vessels and routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas for transportation back to shore using a fully integrated desalination, electrolysis and storage system.

    Q&A

    Q. How do you value a portfolio company?
    A. Future Generations VCT’s unquoted portfolio companies are valued in accordance with UK Generally Accepted Accounting Practice (UK GAAP) accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines.

    This means we value the portfolio at fair value, with all companies being valued at least twice yearly, for our half-year (June) and annual accounts (December).

    Q. What do you mean by ‘fair value’?
    A. When we say fair value, we mean the price we expect people would be willing to buy or sell an asset for, assuming they understand the asset and market conditions, are knowledgeable parties, act independently, and that the transaction is carried out under the normal course of business (i.e. is not rushed and proper marketing has taken place).

    Q. Who values the portfolio, what is the process and what oversight is there to make sure this is right?
    A. The Octopus Investment Managers involved with the portfolio companies, either in the capacity of a Director or observer on the board, or the primary contact, will provide commentary including, but not limited to, recent developments with the portfolio and the wider market in which they operate, progress towards milestones, management team changes, board dynamics and technical progress. This is combined with the latest available financial accounts and budget provided by the portfolio company which will be summarised into Key Performance Indicators (KPIs).

    From this information, a member of the separate Valuations team drafts the initial proposal. This will highlight any material changes, key asset level assumptions used and KPIs, and discuss portfolio company performance as well as the rationale underpinning the selected valuation methodology. A peer review exercise then takes place, where the proposals are challenged and reviewed. The peer reviewer is an investment professional from the Fund Manager (typically the Lead Fund Manager) who has not been involved in preparing the valuations.

    This will then be reviewed and approved by the Octopus Valuations Committee which comprises individuals with appropriate expertise and experience in valuations. Those individuals are not involved in the investment decisions and as such can independently review and challenge. The Future Generations VCT Board will then meet to discuss them in detail, revise as necessary and ultimately approve them.

    There are also more valuation checkpoints throughout the year in advance of allotments and other share-related transactions, which means that the portfolio’s valuation is reviewed to ensure NAV is fairly represented prior to these corporate actions.

    As part of our continuous improvement processes, we periodically review the actual realised value of our investments compared to their last holding value and refine our valuation methodologies accordingly. This, combined with the high proportion of valuations that are based on the terms of further funding rounds led by new external investors, firmly underpins the robustness of the valuation process.

    Valuations
    The table illustrates the split of valuation methodology (shown as a percentage of portfolio value and number of companies). ‘External price’ includes valuations based on funding rounds that typically completed in the last 18 months to the period end or shortly after the period end, and exits of companies where terms have been agreed with an acquirer. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability weighted ‘scenario analysis’ is considered.

    Valuation methodology By value By number of companies
    Multiples 18% 3
    External price 44% 12
    Scenario analysis 14% 7
    Milestone analysis 24% 10
    Write-off — 4

    Portfolio case studies

    CoMind
    CoMind is building revolutionary brain sensing technologies.

    Their mission is to redefine the way the brain is measured and treated at every stage of care. One of the first applications of CoMind’s core technology is in measuring intracranial brain pressure using an adhesive sensor and advanced signal processing. This will be a step change from the current standard of having to drill through the skull to measure intracranial pressure in patients impacted by traumatic brain injury, stroke, and/or other neurocritical conditions.

    While other companies are trying to create noninvasive technology in this sector, we believe CoMind has a distinct competitive advantage. CoMind has developed an advanced optical sensing technique that has opened up new possibilities in monitoring brain health. Unlike existing methods, CoMind’s technology is more similar to the “LiDAR” (Light Detection and Ranging) systems used in self-driving cars. This allows CoMind’s devices to give a unique, detailed view of brain health, helping doctors deliver more personalised and targeted treatments to patients at every stage of care.

    >250 subjects were measured in 2024.
    Several devices are currently being used in hospitals for clinical trials.

    Swiipr
    Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service.

    When flights are disrupted, compensating passengers is a hassle for both airlines and travellers. Swiipr’s platform simplifies this by automating payment verification and processing through a system designed specifically for airlines. The company provides passengers with virtual and physical prepaid cards, offering instant, flexible spending compared to outdated paper vouchers or slow payments. Swiipr also supports airlines with solutions for crew, operational, and crisis payments, enabling fast, direct payouts to staff. Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service, and retailers benefit from instant payment settlement. Swiipr also integrates with airline Customer Relationship Management systems, making it an essential partner for the industry.

    Octopus Ventures is excited about Swiipr’s travel-focused digital payments solution and its potential to revolutionise how airlines handle pay-outs. Swiipr’s innovative product aims to transform compensation payments and speed up management processes for airlines and beyond. By enabling digital payments, Swiipr seeks to boost efficiency, enhance customer experiences, and provide automated processes that are transparent and compliant with regulations.

    With over 500 million passengers affected by travel disruptions each year, simplifying the path to compensation has the potential to significantly improve customer satisfaction, build trust, and foster loyalty in the industry.

    Only 1–2% of disrupted passengers currently receive compensation.
    Billions of dollars lost by passengers in outdated, inefficient pay-out processes every year.
    Pay360 Payment Award winner: Best B2B Programme and Best Customer Facing Experience at the 2024 awards.

    DRIFT
    DRIFT aims to drive the clean energy transition worldwide with high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and deliver it globally.

    It does this using a unique, AI-enabled vessel routing system that enables the vessels to find and stay in optimum weather conditions. The growing demand for clean hydrogen to accelerate the decarbonisation of sectors such as heavy industry, transportation and manufacturing is sparking innovation in the sector. DRIFT’s solution is mobile, resilient and works outside of existing infrastructure. The company is developing renewable energy partnerships that will benefit coastal and island communities around the world.

    DRIFT is leading the way in developing a truly innovative new class of mobile renewable energy, building the world’s first net-positive ships and unlocking a new era of clean fuel generation capable of covering 70% of the globe. The company’s technology uniquely unlocks the planet’s greatest resource, overcoming supply challenges and enabling a fair and equitable clean energy transition.

    €10 trillion: Goldman Sachs estimates that the green hydrogen market could reach €10 trillion by 2050.

    24%: Bank of America predicts that clean hydrogen could provide 24% of global energy needs by 2050.

    COP 28 winner: DRIFT is a COP 28 award-winning DeepTech company and winner of the Monaco Prize for Innovation in Renewable Hydrogen and Transportation 2024.

    Top 10 investments
    Here, we set out the cost and valuation of the top 10 holdings, which account for over 58% of the value of the portfolio.

    Portfolio company Investment cost Valuation at
    31 December 2024
    Investment Theme
    1. HelloSelf Limited £2.6m £2.6m Revitalising healthcare
    2. Remofirst, Inc £1.2m £1.7m Empowering people
    3. Infinitopes Ltd £1.6m £1.6m Revitalising healthcare
    4. Neat SAS £0.6m £1.5m Building a sustainable planet
    5. TYTN Ltd (t/a TitanML) £0.5m £1.5m Building a sustainable planet
    6. Apheris AI GmbH £1.5m £1.5m Empowering people
    7. Menwell Limited (t/a Manual) £0.9m £1.5m Revitalising healthcare
    8. Mr & Mrs Oliver Ltd (t/a Skin + Me) £1.0m £1.4m Revitalising healthcare
    9. Intrinsic Semiconductor Technologies Ltd £0.9m £1.2m Empowering people
    10. CoMind Technologies Ltd £0.8m £1.0m Revitalising healthcare

    Top 10 investments in detail1

    1

    HelloSelf Limited
    A digital, personalised psychological therapy and coaching platform.
    www.helloself.com

    Initial investment date: January 2023
    Investment cost: £2.6m
      (2023: £2.6m)
    Valuation: £2.6m
      (2023: £2.6m)
    Last submitted accounts: 31 March 2024
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: £(15.5)m
      (2023: £(9.8)m)
    Valuation methodology: Calibration

    2
    Remofirst, Inc.
    Global payroll and compliance system for remote teams.
    www.remofirst.com

    Initial investment date: February 2024
    Investment cost: £1.2m
      (2023: n/a)
    Valuation: £1.7m
      (2023: n/a)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last Round

    3
    Infinitopes Ltd
    Has built an antigen discovery platform to develop cancer vaccines that provide better treatment outcomes.
    www.infinitopes.com

    Initial investment date: December 2022
    Investment cost: £1.6m
      (2023: £1.6m)
    Valuation: £1.6m
      (2023: £1.6m)
    Last submitted accounts: 31 December 2023
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax Not available2
      (2023: Not available2)
    Net assets: £9.3m
      (2023: £8.1m)
    Valuation methodology: Last Round

    4
    Neat SAS
    An embedded insurance platform that gives merchants the ability to provide insurance bundles to their customers at a competitive rate.
    mobility.neat.eu

    Initial investment date: November 2022
    Investment cost: £0.6m
      (2023: £0.8m)
    Valuation: £1.5m
      (2023: £0.8m)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last round

    5

    TYTN Ltd (t/a TitanML)
    An artificial intelligence company which is developing a one-stop-shop for Natural Language Processing AI Optimisation, allowing enterprises to generate value from their data.
    www.titanml.co

    Initial investment date: February 2023
    Investment cost: £0.5m
      (2023: £0.5m)
    Valuation: £1.5m
      (2023: £0.5m)
    Last submitted accounts: 30 April 2024
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: £1.5m
      (2023: £2.0m)
    Valuation methodology: Last Round

    6

    Apheris AI GmbH
    An end-to-end federated learning platform enabling data scientists to conduct analysis over sensitive data without compromising the privacy or security of the data subjects.
    www.apheris.com

    Initial investment date: November 2022
    Investment cost: £1.5m
      (2023: £1.2m)
    Valuation: £1.5m
      (2023: £1.2m)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last round

    7

    Menwell Limited (t/a Manual)
    Making high-quality healthcare more accessible and stigma-free
    www.manual.co

    Initial investment date: May 2024
    Investment cost: £0.9m
    (2023: n/a)
    Valuation: £1.5m
      (2023: n/a)
    Last submitted accounts: 31 December 2023
    Turnover: £54.7m
    (2023: £22.4m)
    Profit/(loss) before tax: £(7.9)m
    (2023: £(10.6)m)
    Net assets: £11.8m
    (2023: £8.0m)
    Valuation methodology: Last round

    8
    Mr & Mrs Oliver Ltd (t/a Skin + Me)
    A direct to consumer, personalised skin care company.
    www.skinandme.com

    Initial investment date: December 2022
    Investment cost: £1.0m
      (2023: £1.0m)
    Valuation: £1.4m
      (2023: £1.3m)
    Last submitted accounts: 31 August 2023
    Turnover: £28.7m
      (2023: £14.3m)
    Profit/(loss) before tax: £1.8m
      (2023: £(3.3)m)
    Net assets: £12.8m
      (2023: £(0.7)m)
    Valuation methodology: Revenue Multiple

    9
    Intrinsic Semiconductor Technologies Ltd
    Solid state memory technology that is simple to integrate and faster than current alternatives like Flash.
    www.intrinsicsemi.com

    Initial investment date: December 2023
    Investment cost: £0.9m
      (2023: n/a)
    Valuation: £1.2m
      (2023: n/a)
    Last submitted group accounts: 31 December 2023
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
    (2023: Not available2)
    Consolidated net assets: £4.0m
      (2023: £5.5m)
    Valuation methodology: Scenario Analysis

    10

    CoMind Technologies Ltd
    Development of non-invasive brain sensing technology for monitoring of medical conditions.
    comind.io

    Initial investment date: November 2023
    Investment cost: £0.8m
      (2023: n/a)
    Valuation: £1.0m
      (2023: n/a)
    Last submitted group accounts: 31 December 2023
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
    (2023: Not available2)
    Net assets: £17.1m
      (2023: £4.1m)
    Valuation methodology: Milestone Analysis

    1. These are numbers per latest public filings. More recent figures have not yet been disclosed.
    2. Information not publicly available.

    Portfolio engagement
    As part of our strategy, we require portfolio companies to put in place a Diversity and Inclusion policy (D&I) and an Anti-Harassment policy. We also engage with each company to help them understand their greenhouse gas (GHG) emissions and support them to take action to minimise them. You can see how we are progressing with these goals below, as at the date of this report:

    D&I policy status
    Policy in place: 100%

    Engaged in monitoring 2023 greenhouse gas emissions1
    Signed up: 16
    Introduced: 19
    In progress: 1

    1 As of 31 December 2024, only 2023 carbon emissions data was available.

    Outlook
    Despite the declining NAV in the reporting period, we are reassured to see an increase in the NAV per share of the fund in the last six months. This, combined with the two profitable realisations in the period, is offering us early proof points of the Company’s investment strategy to deliver sustainable growth as it moves into its third year of deployment. With a more diversified portfolio, in terms of both stage and sector, this also offers a clearer path for the Company to enter a growth phase.

    As is to be expected at this stage in the Company’s lifecycle, it has started to make its first follow-on investments into portfolio companies which are achieving their agreed milestones and successfully gaining new external lead funders. The Company made two follow-on investments in the reporting period and three after.

    This strategy of reinvesting into existing portfolio companies aims to increase the Company’s stake in portfolio companies that have achieved market fit and are scaling successfully, supporting its overall growth plan. Along with further financial support, Octopus’ resources are directed in the most impactful way, both through Octopus-appointed non-executive Directors or monitors on the boards and our in-house People and Talent team. This team works directly with the portfolio company management teams, offering training and recruitment support to ensure the best talent pool is being explored to help drive success.

    We are excited to have the opportunity to continue to scale the Company, support its ambition to make the world a better place for future generations, and hope to deliver attractive returns to shareholders.

    Simon King
    Partner and Lead Fund Manager for Future Generations VCT

    Risks and risk management

    The Board assesses the risks faced by Future Generations VCT, reviews the mitigating controls and monitors the effectiveness of these controls.

    Emerging and principal risks, and risk management
    The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place. The Board carries out a regular review of the risk environment in which the Company operates.

    Emerging risks

    The Board has considered emerging risks. The Board seeks to mitigate risks by setting policy, regularly reviewing performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

    The following are some of the potential emerging risks management and the Board are currently monitoring:

    • adverse changes in global macroeconomic environment;
    • challenging market conditions for private company fundraising and exits;
    • geo‑political instability; and
    • climate change.

    Detailed below are the principal risks of Future Generations VCT, and the mitigating actions in relation to those risks.

    Principal risks

    Risk Mitigation Change
    Investment performance:    
    The focus of Future Generations VCT investments is into early-stage, unquoted, small and medium‑sized VCT qualifying companies which, by their nature, entail a higher level of risk and shorter cash runway than investments in larger quoted companies. Octopus has significant experience of investing in early-stage unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is appointed to the board of a portfolio company using a risk-based approach, considering the size of the company within the Future Generations VCT portfolio and the engagement levels of other investors. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Future Generations VCT to play a prominent role in a portfolio company’s ongoing development and strategy. Increased exposures reflected in the previous period remain unchanged due to the difficult macro environment and challenging trading conditions for some portfolio companies continuing.
    Risk Mitigation Change
    VCT qualifying status:    
    Future Generations VCT is required at all times to observe the conditions for the maintenance of approved VCT status. The loss of such approval could lead to Future Generations VCT and its investors losing access to the various tax benefits associated with VCT status and investment. Octopus tracks Future Generations VCT’s qualifying status throughout the period, and reviews this at key points, including at the point of investment and realisation. This status is reported to the Board at each Board meeting. The Future Generations VCT Board has also engaged external independent advisers to undertake an independent VCT status monitoring role. VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
    Risk Mitigation Change
    Loss of key people:    
    The loss of key investment staff by the Portfolio Manager could lead to poor fund management and/or performance due to lack of continuity or understanding of Future Generations VCT. The Portfolio Manager has a broad team experienced in and focused on early-stage investing. This mitigates the risk of any one individual with the required skill set and knowledge of venture capital investing, and the portfolio specifically, leaving. Key investment staff are also incentivised via the performance incentive fee. The increase is attributed to the departure of key personnel from the Octopus Ventures team and risk exposure reflects a reduction in performance fees potentially increasing attrition.
    Risk Mitigation Change
    Operational:    
    The Future Generations VCT Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar, depositary and tax advisers. A failure of the systems or controls at Octopus or third‑party providers could lead to an inability to provide accurate reporting and accounting and to ensure adherence to VCT rules. The Future Generations VCT Board reviews the system of internal controls, both financial and non-financial, operated by Octopus (to the extent the latter are relevant to Future Generations VCT’s internal controls). These include controls designed to make sure that Future Generations VCT assets are safeguarded and that proper accounting records are maintained. No overall change in risk exposure on balance.
    Risk Mitigation Change
    Information security:    
    A loss of key data could result in a data breach and fines. The Future Generations VCT Board is reliant on Octopus and third parties to take appropriate measures to prevent a loss of confidential customer information. Annual due diligence is conducted on third parties which includes a review of their controls for information security. Octopus has a dedicated Information Security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence. No overall change on balance, although cyber threat remains a significant risk area faced by all providers.
    Risk Mitigation Change
    Economic:    
    Events such as an economic recession, movement in interest rates, inflation and rising living costs could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions of the sectors in which they operate. This could result in a reduction in the value of Future Generations VCT assets. Future Generations VCT aims to invest in a diverse portfolio of companies, across a range of sectors, which helps to mitigate against the impact on any one sector. Future Generations VCT also maintains adequate liquidity to make sure that it can continue to provide follow‑on investment to those portfolio companies which require it and which are supported by the individual investment case. Increased exposures reflected in the previous periods remain as economic uncertainty persists through high inflation, high interest rates and other economic factors.
    Risk Mitigation Change
    Legislative:    
    A change to the VCT regulations could adversely impact Future Generations VCT by restricting the companies Future Generations VCT can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Future Generations VCT’s ability to raise further funds. The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing early-stage companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation. Risk exposure has reduced following the extension of the sunset clause to 2035 being agreed.
    Risk Mitigation Change
    Liquidity:    
    The risk that Future Generations VCT’s available cash will not be sufficient to meet its financial obligations. Future Generations VCT invests into smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice. Future Generations VCT’s liquidity risk is managed on a continuing basis by Octopus in accordance with policies and procedures agreed by the Board. Future Generations VCT’s overall liquidity risks are monitored on a quarterly basis by the Board, with frequent budgeting and close monitoring of available cash resources. Future Generations VCT maintains sufficient investments in cash and readily realisable securities to meet its financial obligations. At 31 December 2024, these resources were valued at £20,084,000. Risk exposures continue to increase, reflecting the potential knock-on effects of economic uncertainty, impacting fundraising and increasing the risk of disposal failure.

    Viability statement

    In accordance with the FRC UK Corporate Governance Code published in 2018 and provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of Future Generations VCT over a period of five years, consistent with the expected investment holding period of an investor. A fundraise with an initial offer to raise up to £5 million was launched on 3 February 2025. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5 million. Under VCT rules, subscribing investors are required to hold their investment for a five‑year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for Future Generations VCT’s shares, and a five-year period is considered to be a reasonable time horizon for this.

    The Board carried out a robust assessment of the emerging and principal risks facing Future Generations VCT and its current position. This includes risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to the Company’s reliance on, and close working relationship with, the Investment Manager. The principal risks faced by the Company and the procedures in place to monitor and mitigate them are set out above.

    The Board has carried out robust stress testing of cash flows, which included assessing the resilience of portfolio companies, including the requirement for any future financial support.

    The Board has additionally considered the ability of Future Generations VCT to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current Investment policy.

    Based on this assessment, the Board confirms that it has a reasonable expectation that Future Generations VCT will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 December 2029. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to make sure Future Generations VCT has sufficient liquidity.

    Directors’ responsibilities statement

    The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the Financial Statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report and financial statements include information required by the UK Listing Rules of the Financial Conduct Authority.

    Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS 102), United Kingdom accounting standards and applicable law. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

    • select suitable accounting policies and then apply them consistently;
    • make judgements and accounting estimates that are reasonable and prudent;
    • state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
    • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
    • prepare a Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

    The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

    In so far as each of the Directors is aware:

    • there is no relevant audit information of which the Company’s auditor is unaware; and
    • the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

    The Directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. Having taken advice from the Audit Committee, the Directors are of the opinion that this report as a whole provides the necessary information to assess the Company’s performance, business model and strategy and is fair, balanced and understandable.

    The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

    The Directors confirm that, to the best of their knowledge:

    • the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
    • the annual report and financial statements (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

    On behalf of the Board

    Helen Sinclair
    Chair

    Income statement

        18 months to 31 December 2024 Year to 30 June 2023
        Revenue Capital Total Revenue Capital Total
        £’000 £’000 £’000 £’000 £’000 £’000
    Gain on disposal of fixed asset investments   — 1,382 1,382 — — —
    Net loss on valuation of fixed asset investments   — (3,564) (3,564) — (6) (6)
    Investment management fee   (345) (1,035) (1,380) (174) (522) (696)
    Investment income   1,427 — 1,427 424 — 424
    Other expenses   (759) — (759) (500) — (500)
    Earnings/(loss) before tax   323 (3,217) (2,894) (250) (528) (778)
    Tax   — — — — — —
    Earnings/(loss) after tax   323 (3,217) (2,894) (250) (528) (778)
    Earnings/(loss) per share – basic and diluted   0.6p (6.3)p (5.7)p (0.6)p (1.3)p (1.9)p
    • The ‘Total’ column of this statement is the profit and loss account of Future Generations VCT; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
    • All revenue and capital items in the above statement derive from continuing operations.
    • Future Generations VCT has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.

    Future Generations VCT has no other comprehensive income for the period.

    The accompanying notes form an integral part of the financial statements.

    Balance sheet

        As at 31 December 2024 As at 30 June 2023  
        £’000 £’000 £’000 £’000  
    Fixed asset investments     26,769   24,895  
    Current assets:            
    Debtors   1,166   379    
    Applications cash1   100   370    
    Cash at bank   112   152    
    Money market funds   19,972   20,140    
          21,350   21,041  
    Creditors: amounts falling due within one year   (196)   (518)    
    Net current assets     21,154   20,523  
    Net assets     47,923   45,418  
    Share capital     54   48  
    Share premium     51,854   46,461  
    Capital reserve realised     (328)   (640)  
    Capital reserve unrealised     (3,526)   3  
    Revenue reserve     (131)   (454)  
    Total equity shareholders’ funds     47,923   45,418  
    NAV per share     88.8p   94.3p  
    1. Cash received from investors but not yet allotted.

    The accompanying notes form an integral part of the financial statements.

    The statements were approved by the Directors and authorised for issue on 28 April 2025 and are signed on their behalf by:

    Helen Sinclair
    Chair
    Company No: 13750143

    Statement of changes in equity

      Share capital
    £’000
    Share premium
    £’000
    Capital reserve realised1
    £’000
    Capital reserve unrealised
    £’000
    Revenue reserve1
    £’000
    Total
    £’000
    As at 1 July 2023 48 46,461 (640) 3 (454) 45,418
    Comprehensive income for the period:            
    Management fees allocated as capital expenditure — — (1,035) — — (1,035)
    Current year gain on disposal of fixed asset investments — — 1,382 — — 1,382
    Net loss on fair value of fixed asset investments — — — (3,564) — (3,564)
    Gain after tax — — — — 323 323
    Total comprehensive loss for the period — — 347 (3,564) 323 (2,894)
    Contributions by and distributions to owners:            
    Share issue 6 5,506 — — — 5,512
    Share issue costs — (113) — — — (113)
    Total contributions by and distributions to owners 6 5,393 — — — 5,399
    Other movements:            
    Prior year fixed asset loss unrealised — — (35) 35 — —
    Total other movements — — (35) 35 — —
    Balance as at 31 December 2024 54 51,854 (328) (3,526) (131) 47,923
      Share capital
    £’000
    Share premium
    £’000
    Capital reserve realised1
    £’000
    Capital reserve unrealised
    £’000
    Revenue reserve1
    £’000
    Total
    £’000
    As at 1 July 2022 33 31,572 (118) 9 (204) 31,292
    Comprehensive income for the period:            
    Management fees allocated as capital expenditure — — (522) — — (522)
    Net loss on fair value of fixed asset investments — — — (6) — (6)
    Loss after tax — — — — (250) (250)
    Total comprehensive loss for the period — — (522) (6) (250) (778)
    Contributions by and distributions to owners:            
    Shares issued 15 15,164 — — — 15,179
    Share issue costs — (275) — — — (275)
    Total contributions by and distributions to owners 15 14,889 — — — 14,904
    Balance as at 30 June 2023 48 46,461 (640) 3 (454) 45,418
    1. Reserves are available for distribution, subject to the restrictions.

    The accompanying notes form an integral part of the financial statements.

    Cash flow statement

        18 months to
    31 December 
    Year to
    30 June
        2024 2023
        £’000 £’000
    Cash flows from operating activities      
    Loss before tax1   (2,894) (778)
    Decrease/(increase) in debtors   173 (325)
    Decrease in creditors   (52) (103)
    Gain on disposal of fixed assets   (1,382) —
    Loss on valuation of fixed asset investments   3,564 6
    Outflow from operating activities   (591) (1,200)
    Cash flows from investing activities      
    Purchase of fixed asset investments   (8,162) (23,238)
    Sale of fixed asset investments   3,146 —
    Outflow from investing activities   (5,016) (23,238)
    Cash flows from financing activities      
    Movement in applications account   (270) (1,544)
    Proceeds from share issues   5,512 15,179
    Share issue costs   (113) (275)
    Inflow from financing activities   5,129 13,360
    Decrease in cash and cash equivalents   (478) (11,079)
    Opening cash and cash equivalents   20,662 31,741
    Closing cash and cash equivalents   20,184 20,662
    Cash and cash equivalents comprise      
    Cash at bank   112 152
    Money market funds   19,972 20,140
    Applications cash   100 370
    Closing cash and cash equivalents   20,184 20,662
    1. Loss before tax includes cashflows from dividends of £1.4 million (2023: £0.4 million).

    The accompanying notes form an integral part of the financial statements.

    Notes to the financial statements

    1. Principal accounting policies

    Octopus Future Generations VCT plc (‘Future Generations VCT’) is a Public Limited Company (plc) incorporated in England and Wales and its registered office is at 6th Floor, 33 Holborn, London EC1N 2HT.

    Future Generations VCT has been approved as a Venture Capital Trust by HMRC under Section 259 of the Income Taxes Act 2007. The shares of Future Generations VCT were first admitted to the Official List of the UK Listing Authority and trading on the London Stock Exchange on 5 April 2022 and can be found under the TIDM code OFG. Future Generations VCT is premium listed.

    The principal activity of Future Generations VCT is to invest in a diversified portfolio of UK smaller companies in order to generate capital growth over the long term as well as an attractive tax-free dividend stream.

    The financial statements are presented in GBP (£) to the nearest £’000. The functional currency is also GBP (£). Some accounting policies have been disclosed in the respective notes to the financial statements.

    Basis of preparation
    The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (July 2022)’.

    2. Investment income
    Accounting policy

    Investment income comprises interest earned on money market funds. Dividend income is shown net of any related tax credit. Dividends receivable are brought into account when Future Generation’s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate, provided there is no reasonable doubt that payment will be received in due course.

    Disclosure

      18 months to  
      31 December 2024

        30 June 2023

      £’000 £’000
    Money market funds 1,427 424
    Total investment income 1,427 424

    3. Investment management fees
    Accounting policy

    For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 25% to revenue and 75% to capital, in line with the Board’s expected long-term return in the form of income and capital gains respectively from Future Generations VCT’s investment portfolio.

    Disclosure

      18 months to 31 December 2024 Year to 30 June 2023
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Investment            
    management fee 345 1,035 1,380 174 522 696
    Total 345 1,035 1,380 174 522 696

    The Portfolio Manager provides investment management services through agreements with Octopus AIF Management Limited and Future Generations VCT. It also provides accounting and administration services to Future Generations VCT under a Non-Investment Services Agreement (NISA). No compensation is payable if the agreement is terminated by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided, or the required notice period was given.

    4. Other expenses
    Accounting policy

    Other expenses are accounted for on an accruals basis and are charged wholly to revenue.

    The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

      18 months to Year to
      31 December 30 June
      2024 2023
      £’000 £’000
    NISA fees 213 122
    Directors’ remuneration1 157 77
    Audit fees2 78 63
    Directors and Officers (D&O) insurance 74 15
    Depositary fees 62 57
    Listing fees 46 58
    Registrars fees 28 21
    Director recruitment & expenses 27 —
    Report and account fees 26 38
    Other fees 48 49
    Total 759 500

    1. Includes employers’ NI.
    2. Includes VAT.

    Total ongoing charges are capped at 3.0% of net assets. For the period to 31 December 2024, the ongoing charges exceeded this cap and a rebate was paid from the Portfolio Manager for the amount of £39,000. For the 18 months to 31 December 2024 the ongoing charges were 3.0% (2023: 3.0%) of net assets. This is calculated by summing the annualised expenses incurred in the period (excluding non-recurring expenses) divided by the average NAV throughout the period.

    5. Tax on ordinary activities
    Accounting policy

    Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue return on the ‘marginal’ basis as recommended in the SORP.

    Deferred tax is recognised in respect of all timing differences at the reporting date. Timing differences are differences between taxable profits and total income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

    Disclosure
    The corporation tax charge for the period was £nil.

      18 months to Year to
      31 December 30 June
      2024 2023
      £’000 £’000
    Loss on ordinary activities before tax (2,894) (778)
    Current tax at 25% (2023: 20.5%) (724) (159)
    Effects of:    
    Non-taxable income (357) —
    Non-taxable capital gains 546 1
    Non-deductible expenses 1 —
    Excess management expenses on which deferred tax not recognised 534 193
    Tax rate differences1 — (35)
    Total current tax charge — —

    1. Tax rate difference due to tax charge for the period being calculated at 20.5% and excess management expenses on which deferred tax is not recognised being calculated at 25%.

    Unrelieved tax losses of £3,231,000 (2023: £1,094,000) are estimated to be carried forward at 31 December 2024 (subject to completion of Future Generations VCT’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Future Generations VCT has not recognised the deferred tax asset of £808,000 (2023: £273,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward.

    Approved VCTs are exempt from tax on capital gains. As the Directors intend for Future Generations VCT to continue to maintain its approval as a VCT through its affairs, no current deferred tax has been recognised in respect of any capital gains or losses arising on the revaluation or disposal of investment.

    6. (Loss)/earnings per share

      18 months to 31 December 2024 Year to 30 June 2023
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Earnings/(loss) attributable to Ordinary shareholders (£’000)

    323

    (3,217)

    (2,894)

    (250)

    (528)

    (778)

    Earnings/(loss) per Ordinary share (p) 0.6 (6.3) (5.7) (0.6) (1.3) (1.9)

    The Earnings/(loss) per share is based on 51,727,417 (2023: 40,987,788) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.

    There are no potentially dilutive capital instruments in issue and so no diluted return per share figures are relevant. The basic and diluted earnings per share are therefore identical.

    7. Net asset value per share

      31 December 30 June
      2024 2023
    Net assets (£’000) 47,923 45,418
    Shares in issue 53,941,104 48,138,337
    NAV per share (p) 88.8 94.3

    8. Transactions with the Manager and Portfolio Manager

    Future Generations VCT is classified as a full-scope Alternative Investment Fund under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). Future Generations VCT has appointed Octopus AIF Management Limited to provide the services of an AIFM of a full-scope AIF. In accordance with its power to do so under AIFMD, Octopus AIF Management Limited has delegated investment management to Octopus Investments Limited, whilst retaining the obligations of a risk manager.

    Future Generations VCT paid Octopus AIF Management Limited £1,380,000 (2023: £696,000) in the period as a management fee, after applying a rebate to maintain the total ongoing charges below the 3% cap. The annual management charge (AMC) is based on 2% of Future Generations VCT’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. Once the quarter has ended, an adjustment will be made if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. The Manager will donate 10% of the management fee to the Octopus Giving Charitable Foundation, which was set up in 2014 to help charities make the world a better place and which, since inception, has donated more than £1 million to such worthy causes.

    Octopus also provides Non-Investment Services to Future Generations VCT, payable quarterly in advance. The fee is 0.3% of Future Generations VCT’s NAV, calculated at quarterly intervals. The NISA fee is calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. As with the AMC, an adjustment will be made once the quarter has ended if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. During the period £213,000 (2023: £122,000) was paid to Octopus for Non‑Investment Services. In addition, Octopus is entitled to performance-related incentive fees, subject to Future Generations VCT’s total return at year end exceeding the total return at the previous year end when an incentive fee was paid, or 97p if the first incentive fee has not yet been paid (the ‘Excess’), equal to 20% of the Excess. No performance fee will be paid prior to the financial year ending on 31 December 2025, dividends (paid or declared) being equal to or greater than 10p per Ordinary share and the total return exceeding 120p.

    The cap relating to Future Generations VCT’s total expense ratio, that is the regular, recurring costs of Future Generations VCT expressed as a percentage of its NAV, above which Octopus has agreed to pay, is 3.0%, and is calculated in accordance with the AIC Guidelines.

    Octopus AIF Management Limited remuneration disclosures (unaudited)
    Quantitative remuneration disclosures required to be made in this annual report in accordance with the FCA Handbook FUND 3.3.5 are available on the website: https://www.octopusinvestments.com/remuneration-disclosures/.

    9. Related party transactions

    Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Future Generations VCT’s portfolio companies, but they have no controlling interests in those companies.

    Emma Davies, a Non-Executive Director of Future Generations VCT, previously held the role of co-CEO of Octopus Ventures and she also holds shares in Octopus Capital Ltd. On 24 March 2023, Emma Davies ceased to be employed by Octopus Capital Limited and therefore she is no longer considered a related party. Emma retired as a Non-Executive Director of Future Generations VCT on 31 March 2024. No dividends have been paid to the Directors of Future Generations VCT in the period (2023: £nil).

    10. 2024 financial information

    The figures and financial information for the period ended 31 December 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the period to 31 December 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

    11. 2023 financial information

    The figures and financial information for the year ended 30 June 2023 are compiled from an extract of the published financial statements for the period and do not constitute statutory accounts. Those financial statements have been delivered to the Registrar of Companies and included the Auditors’ report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

    12. Annual Report and financial statements
    The Annual Report and financial statements will be posted to shareholders in early May and will be available on the Company’s website, https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/.
    The Notice of Annual General Meeting is contained within the Annual Report.

    13. General information

    Registered in England & Wales. Company No. 13750143
    LEI: 213800AL71Z7N2O58N66

    14. Directors

    Helen Sinclair (Chair), Joanna Santinon and Ajay Chowdhury

    15. Secretary and registered office   

    Octopus Company Secretarial Services Limited
    6th Floor, 33 Holborn, London EC1N 2HT

    The MIL Network –

    April 29, 2025
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