Category: Finance

MIL-OSI: Hyperscale Data Subsidiary Reaches Agreement in Principle to Add Capability for an Incremental 40 Megawatts to its Michigan Data Center, Boosting AI Infrastructure Development

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, Feb. 27, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its indirectly wholly owned subsidiary Alliance Cloud Services, LLC (“ACS”) has reached an agreement in principle with the local natural gas utility to provide the capability to energize ACS’ Michigan data center (the “Data Center”), with an additional 40 megawatts (“MW”). This would enable ACS to increase its power capacity from approximately 30 MW to approximately 340 MW. This announcement follows the Company’s recent announcement detailing ACS’ ability to expand the Data Center to 300 MW. The project is expected to be completed within 18 months of the execution of definitive agreements.

As the Company recently stated, the expansion of the Data Center to 300 MW is a crucial long-term goal for ACS, enabling ACS to better serve the rapidly growing demand for high-performance computing (“HPC”) services powering artificial intelligence (“AI”) infrastructure. The Company notes that the incremental 40 MW of power would be delivered significantly sooner than the previously announced power upgrade. This is due, in part, to the difference in power supply, as the approximately 300 MW increase would be coming from grid utility sources, including nuclear power, while the approximately 40 MW would be coming from natural gas delivered to the Data Center. The Company is working through multiple approaches that could utilize the natural gas supply and provide incremental power to the Data Center while the larger power upgrade project is under way. Additionally, the Company is exploring options that could potentially provide a further incremental capability to energize another approximately 85 MW. As Hyperscale Data moves forward in the coming months with both its short-term transition to HPC services and its power upgrade expansion process, it will provide ongoing updates to its stockholders and the public as developments warrant.

William B. Horne, Chief Executive Officer of Hyperscale Data, commented, “We are excited to take another step in the right direction for the Company’s long-term goal of becoming a pureplay data center business. The use of alternative power sources will be critical in ACS’ plans to bring incremental power to the Data Center and serve the growing AI data center industry.”

The completion of the power upgrades is subject to a number of risks and uncertainties, one or more which could result in the project being curtailed, delayed or terminated, including, but not limited to: failure to agree upon terms and execute definitive agreements; the inability of the Company to raise sufficient funds to pay for the power upgrades; failure to obtain regulatory consents and approvals; the inability to obtain sufficient easements, rights-of-way and land rights necessary to the work to be performed, and other presently unforeseen events or conditions.

For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

About Hyperscale Data, Inc.

Through its wholly owned subsidiaries, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data’s subsidiary, Ault Capital Group, Inc. (“ACG”), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

Hyperscale Data intends to completely divest itself of ACG on or about December 31, 2025, at which time it would be solely an owner and operator of data centers to support HPC services. Until then, however, the Company provides, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.hyperscaledata.com.

Hyperscale Data Investor Contact:
IR@hyperscaledata.com or 1-888-753-2235

The MIL Network –

February 28, 2025

MIL-OSI: Outbrain Announces Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Reports another quarter of accelerated growth and profitability, achieved Q4 guidance on Ex TAC gross profit and Adjusted EBITDA, and generated strong cash flow

Closed acquisition of Teads in February 2025; Combined company operating under the name Teads

NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (Nasdaq: OB), which is operating under the new Teads brand, announced today financial results for the quarter and full year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Key Financial Metrics:

	Three Months Ended December 31,								Twelve Months Ended December 31,
(in millions USD)		2024			2023	% Change				2024			2023		% Change
Revenue	$	234.6		$	248.2		(5	)%	$	889.9		$	935.8			(5	)%
Gross profit		56.1			53.2		5	%		192.1			184.8			4	%
Net (loss) income		(0.2	)		4.1		(104	)%		(0.7	)		10.2			(107	)%
Net cash provided by operating activities		42.7			25.5		67	%		68.6			13.7			399	%

Non-GAAP Financial Data*
Ex-TAC gross profit		68.3			63.8		7	%		236.1			227.4			4	%
Adjusted EBITDA		17.0			14.0		21	%		37.3			28.5			31	%
Adjusted net income (loss)		3.5			4.3		(20	)%		4.1			(3.9	)		205	%
Free cash flow		37.6			21.0		79	%		51.3			(6.5	)	NM

_____________________________

NM Not meaningful

* See non-GAAP reconciliations below

“Continued momentum in our growth areas helped drive accelerated growth and profitability, with a record level of cash flow” said David Kostman, CEO of Outbrain.

“A few weeks post closing of our merger with Teads, I am even more excited about combining the category-leading branding and performance capabilities of Outbrain and Teads into one of the largest Open Internet platforms. We believe the new Teads will better serve enterprise brands and agencies, as well as mid-market and direct response advertisers, by delivering elevated outcomes from branding to performance across curated, quality media environments from digital to CTV,” added Kostman.

Recent Developments

On February 3, 2025, we completed the acquisition of Teads, for total value of approximately $900 million, comprised of $625 million in cash and 43.75 million shares of Outbrain common stock. The combined company will operate under the name Teads.

In connection with the acquisition:

On February 3, 2025, entered into a credit agreement with Goldman Sachs Bank, U.S. Bank Trust Company, and certain other lenders, which provided, among other things, for a new $100.0 million super senior secured revolving credit facility maturing on February 3, 2030, which may be used for working capital and other general corporate purposes.
On February 11, 2025, completed the private offering of $637.5 million in aggregate principal amount of 10.0% senior secured notes due 2030 at an issue price of 98.087% of the principal amount in a transaction exempt from registration. The proceeds were used, together with cash on hand, to repay in full and cancel a bridge credit facility used to finance the cash consideration paid at closing.
Terminated the existing revolving credit facility with the Silicon Valley Bank, a division of First Citizens Bank & Trust Company, dated as of November 2, 2021.
We expect to realize approximately $65 million to $75 million of annual synergies in 2026 with further opportunities for expanded synergies. Of this amount, approximately $60 million relates to cost synergies, including approximately $45 million of compensation-related expenses, with approximately 70% of the estimated compensation-related synergies already actioned in February.

Fourth Quarter 2024 Business Highlights:

Continued acceleration of year-over-year growth of Ex-TAC gross profit, improvement in Ex-TAC gross margin, and growth in Adjusted EBITDA.
Fifth consecutive quarter of year-over-year RPM growth.
Strong initial reception of our Moments offering, launched in Q3 and live on over 40 publishers, including New York Post, NewsCorp Australia, RTL and Rolling Stone.
Continued growth in advertiser spend on Outbrain DSP (previously known as Zemanta), by approximately 45% in FY 2024, as compared to the prior year.
Continued supply expansion outside of traditional feed product representing approximately 30% of our revenue in Q4 2024, versus 26% in Q4 2023.
Premium supply competitive wins include Penske Media (US) and Prensa Ibérica (Spain), and renewals including Spiegel (Germany), Il Messaggero (Italy), and Grape (Japan).

Fourth Quarter 2024 Financial Highlights:

Revenue of $234.6 million, a decrease of $13.6 million, or 5%, compared to $248.2 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.8 million.
Gross profit of $56.1 million, an increase of $2.9 million, or 5%, compared to $53.2 million in the prior year period. Gross margin increased 250 basis points to 23.9%, compared to 21.4% in the prior year period.
Ex-TAC gross profit of $68.3 million, an increase of $4.5 million, or 7%, compared to $63.8 million in the prior year period, as lower revenue was more than offset by our Ex-TAC gross margin improvement of approximately 340 basis points to 29.1%, compared to 25.7% in the prior year period.
Net loss of $0.2 million, compared to net income of $4.1 million in the prior year period. Net loss in the current period includes acquisition-related costs of $3.6 million, net of taxes.
Adjusted net income of $3.5 million, compared to adjusted net income of $4.3 million in the prior year period.
Adjusted EBITDA of $17.0 million, compared to Adjusted EBITDA of $14.0 million in the prior year period. Adjusted EBITDA included net unfavorable foreign currency effects of approximately $0.8 million.
Generated net cash provided by operating activities of $42.7 million, compared to $25.5 million in the prior year period. Free cash flow was $37.6 million, as compared to $21.0 million in the prior year period.
Cash, cash equivalents and investments in marketable securities were $166.1 million, comprised of cash and cash equivalents of $89.1 million and short-term investments in marketable securities of $77.0 million as of December 31, 2024.

Full Year 2024 Financial Results:

Revenue of $889.9 million, a decrease of $45.9 million, or 5%, compared to $935.8 million in the prior year period, including net unfavorable foreign currency effects of approximately $2.4 million.
Gross profit of $192.1 million, an increase of $7.3 million, or 4%, compared to $184.8 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.3 million. Gross margin increased 190 basis points to 21.6% in 2024, compared to 19.7% in 2023.
Ex-TAC gross profit of $236.1 million, an increase of $8.7 million, or 4%, compared to $227.4 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.3 million.
Net loss of $0.7 million, including net one-time expenses of $4.8 million, compared to net income of $10.2 million, including net one-time benefits of $14.1 million in the prior year. See non-GAAP reconciliations below for details of one-time items.
Adjusted net income of $4.1 million, compared to adjusted net loss of $3.9 million in the prior year.
Adjusted EBITDA of $37.3 million, compared to $28.5 million in the prior year. Adjusted EBITDA included net unfavorable foreign currency effects of approximately $1.2 million.
Generated net cash provided by operating activities of $68.6 million, compared to net cash provided $13.7 million in the prior year. Free cash flow was $51.3 million, compared to a use of cash of $6.5 million in the prior year.

Share Repurchases:

There were no share repurchases during the three months ended December 31, 2024. During the twelve months ended December 31, 2024, we repurchased 1,410,001 shares for $5.8 million, including related costs, under our $30 million stock repurchase program authorized in December 2022. The remaining availability under the repurchase program was $6.6 million as of December 31, 2024.

2025 Full Year and First Quarter Guidance

The following forward-looking statements reflect our expectations for 2025, including the contribution from Teads.

For the first quarter ending March 31, 2025, which includes the results for the legacy Outbrain business plus the addition of operating results for legacy Teads beginning on February 3, 2025, we expect:

Ex-TAC gross profit of $100 million to $105 million
Adjusted EBITDA of $8 million to $12 million

For the full year ending December 31, 2025, we expect:

Adjusted EBITDA of at least $180 million

The above measures are forward-looking non-GAAP financial measures for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See “Non-GAAP Financial Measures” below. In addition, our guidance is subject to risks and uncertainties, as outlined below in this release.

Conference Call and Webcast Information

Outbrain will host an investor conference call this morning, Thursday, February 27 at 8:30 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13750872. The replay will be available until March 13, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.

Non-GAAP Financial Measures

In addition to GAAP performance measures, we use the following supplemental non-GAAP financial measures to evaluate our business, measure our performance, identify trends, and allocate our resources: Ex-TAC gross profit, Ex-TAC gross margin, Adjusted EBITDA, free cash flow, adjusted net income (loss), and adjusted diluted EPS. These non-GAAP financial measures are defined and reconciled to the corresponding GAAP measures below. These non-GAAP financial measures are subject to significant limitations, including those we identify below. In addition, other companies in our industry may define these measures differently, which may reduce their usefulness as comparative measures. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue, gross profit, net income (loss), diluted EPS, or cash flows from operating activities presented in accordance with U.S. GAAP.

Because we are a global company, the comparability of our operating results is affected by foreign exchange fluctuations. We calculate certain constant currency measures and foreign currency impacts by translating the current year’s reported amounts into comparable amounts using the prior year’s exchange rates. All constant currency financial information that may be presented is non-GAAP and should be used as a supplement to our reported operating results. We believe that this information is helpful to our management and investors to assess our operating performance on a comparable basis. However, these measures are not intended to replace amounts presented in accordance with GAAP and may be different from similar measures calculated by other companies.

The Company is also providing fourth quarter and full year guidance. These forward-looking non-GAAP financial measures are calculated based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. The Company has not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures because it is unable, without unreasonable effort, to predict with reasonable certainty the occurrence or amount of all excluded items that may arise during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Such excluded items could be material to the reported results individually or in the aggregate.

Ex-TAC Gross Profit

Ex-TAC gross profit is a non-GAAP financial measure. Gross profit is the most comparable GAAP measure. In calculating Ex-TAC gross profit, we add back other cost of revenue to gross profit. Ex-TAC gross profit may fluctuate in the future due to various factors, including, but not limited to, seasonality and changes in the number of media partners and advertisers, advertiser demand or user engagements.

We present Ex-TAC gross profit, Ex-TAC gross margin (calculated as Ex-TAC gross profit as a percentage of revenue), and Adjusted EBITDA as a percentage of Ex-TAC gross profit, because they are key profitability measures used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans, and make strategic decisions regarding the allocation of capital. Accordingly, we believe that these measures provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors. There are limitations on the use of Ex-TAC gross profit in that traffic acquisition cost is a significant component of our total cost of revenue but not the only component and, by definition, Ex-TAC gross profit presented for any period will be higher than gross profit for that period. A potential limitation of this non-GAAP financial measure is that other companies, including companies in our industry, which have a similar business, may define Ex-TAC gross profit differently, which may make comparisons difficult. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue or gross profit presented in accordance with U.S. GAAP.

Adjusted EBITDA

We define Adjusted EBITDA as net income (loss) before gain on convertible debt; interest expense; interest income and other income (expense), net; provision for income taxes; depreciation and amortization; stock-based compensation; and other income or expenses that we do not consider indicative of our core operating performance, including but not limited to, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. We present Adjusted EBITDA as a supplemental performance measure because it is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans and make strategic decisions regarding the allocation of capital, and we believe it facilitates operating performance comparisons from period to period.

We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. However, our calculation of Adjusted EBITDA is not necessarily comparable to non-GAAP information of other companies. Adjusted EBITDA should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with U.S. GAAP.

Adjusted Net Income (Loss) and Adjusted Diluted EPS

Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding items that we do not consider indicative of our core operating performance, including but not limited to gain on convertible debt, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. Adjusted net income (loss), as defined above, is also presented on a per diluted share basis. We present adjusted net income (loss) and adjusted diluted EPS as supplemental performance measures because we believe they facilitate performance comparisons from period to period. However, adjusted net income (loss) or adjusted diluted EPS should not be considered in isolation or as a substitute for net income (loss) or diluted earnings per share reported in accordance with U.S. GAAP.

Free Cash Flow

Free cash flow is defined as cash flow provided by (used in) operating activities less capital expenditures and capitalized software development costs. Free cash flow is a supplementary measure used by our management and board of directors to evaluate our ability to generate cash and we believe it allows for a more complete analysis of our available cash flows. Free cash flow should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with U.S. GAAP.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition of Teads S.A., a public limited liability company(société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the acquisition; the outcome of any securities litigation, stockholder derivative or other litigation related to the acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; the volatility of the market price of our common stock and any drop in the market price of our common stock following the acquisition; our ability to attract and retain customers, management and other key personnel; overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, and other events or factors outside of our control, such as U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, tariffs and trade wars, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in connection with the new U.S. presidential administration, and other factors that have and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the sustainability of the recent cease-fire between Israel and Hamas and any conflicts with other terrorist organizations; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2023, in our definitive proxy statement filed with the SEC on October 31, 2024 and in subsequent reports filed with the SEC. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

About The Combined Company

Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

Media Contact

press@outbrain.com

Investor Relations Contact

IR@outbrain.com

(332) 205-8999

OUTBRAIN INC. Condensed Consolidated Statements of Operations *(In thousands, except for share and per share data)*

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
	(Unaudited)
Revenue	$	234,586		$	248,229		$	889,875		$	935,818
Cost of revenue:
Traffic acquisition costs		166,247			184,425			653,731			708,449
Other cost of revenue		12,277			10,572			44,042			42,571
Total cost of revenue		178,524			194,997			697,773			751,020
Gross profit		56,062			53,232			192,102			184,798
Operating expenses:
Research and development		9,434			8,369			37,080			36,402
Sales and marketing		25,736			25,254			97,498			98,370
General and administrative		18,357			13,899			70,162			58,665
Total operating expenses		53,527			47,522			204,740			193,437
Income (loss) from operations		2,535			5,710			(12,638	)		(8,639	)
Other income (expense), net:
Gain on convertible debt		—			—			8,782			22,594
Interest expense		(699	)		(965	)		(3,649	)		(5,393	)
Interest income and other income, net		1,522			2,060			9,209			7,793
Total other income, net		823			1,095			14,342			24,994
Income before income taxes		3,358			6,805			1,704			16,355
Provision for income taxes		3,525			2,748			2,415			6,113
Net (loss) income	$	(167	)	$	4,057		$	(711	)	$	10,242

Weighted average shares outstanding:
Basic		49,767,704			50,076,364			49,321,301			50,900,422
Diluted		49,767,704			50,108,460			52,709,356			56,965,299

Net income (loss) per common share:
Basic	$	0.00		$	0.08		$	(0.01	)	$	0.20
Diluted	$	0.00		$	0.08		$	(0.11	)	$	(0.06	)

OUTBRAIN INC. Condensed Consolidated Balance Sheets *(In thousands, except for number of shares and par value)*

	December 31, 2024			December 31, 2023
	(Unaudited)
ASSETS:
Current assets:
Cash and cash equivalents	$	89,094		$	70,889
Short-term investments in marketable securities		77,035			94,313
Accounts receivable, net of allowances		149,167			189,334
Prepaid expenses and other current assets		27,835			47,240
Total current assets		343,131			401,776
Non-current assets:
Long-term investments in marketable securities		—			65,767
Property, equipment and capitalized software, net		45,250			42,461
Operating lease right-of-use assets, net		15,047			12,145
Intangible assets, net		16,928			20,396
Goodwill		63,063			63,063
Deferred tax assets		40,825			38,360
Other assets		24,969			20,669
TOTAL ASSETS	$	549,213		$	664,637

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	149,479		$	150,812
Accrued compensation and benefits		19,430			18,620
Accrued and other current liabilities		113,630			119,703
Deferred revenue		6,932			8,486
Total current liabilities		289,471			297,621
Non-current liabilities:
Long-term debt		—			118,000
Operating lease liabilities, non-current		11,783			9,217
Other liabilities		16,616			16,735
TOTAL LIABILITIES	$	317,870		$	441,573

STOCKHOLDERS’ EQUITY:
Common stock, par value of $0.001 per share − one billion shares authorized; 63,503,274 shares issued and 50,090,114 shares outstanding as of December 31, 2024; 61,567,520 shares issued and 49,726,518 shares outstanding as of December 31, 2023		64			62
Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of December 31, 2024 and December 31, 2023		—			—
Additional paid-in capital		484,541			468,525
Treasury stock, at cost − 13,413,160 shares as of December 31, 2024 and 11,841,002 shares as of December 31, 2023		(74,289	)		(67,689	)
Accumulated other comprehensive loss		(9,480	)		(9,052	)
Accumulated deficit		(169,493	)		(168,782	)
TOTAL STOCKHOLDERS’ EQUITY		231,343			223,064
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	549,213		$	664,637

OUTBRAIN INC. Condensed Consolidated Statements of Cash Flows *(In thousands)*

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(167	)	$	4,057		$	(711	)	$	10,242
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Gain on convertible debt		—			—			(8,782	)		(22,594	)
Stock-based compensation		3,974			2,988			15,461			12,141
Depreciation and amortization of property and equipment		1,658			1,720			6,312			6,915
Amortization of capitalized software development costs		2,477			2,372			9,758			9,633
Amortization of intangible assets		850			853			3,409			4,154
Provision for credit losses		55			1,931			3,006			8,008
Non-cash operating lease expense		1,305			1,092			5,130			4,453
Deferred income taxes		(664	)		(1,478	)		(5,095	)		(4,312	)
Amortization of discount on marketable securities		(396	)		(729	)		(2,235	)		(3,604	)
Other		665			(483	)		47			(717	)
Changes in operating assets and liabilities:
Accounts receivable		4,471			(16,939	)		35,905			(12,946	)
Prepaid expenses and other current assets		9,291			2,409			18,412			843
Accounts payable and other current liabilities		18,867			27,127			(11,696	)		(1,228	)
Operating lease liabilities		(1,223	)		(1,018	)		(5,092	)		(4,297	)
Deferred revenue		555			1,524			(1,496	)		1,621
Other non-current assets and liabilities		945			51			6,228			5,434
Net cash provided by operating activities		42,663			25,477			68,561			13,746

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of a business, net of cash acquired		—			(77	)		(181	)		(389	)
Purchases of property and equipment		(2,712	)		(2,257	)		(7,380	)		(10,127	)
Capitalized software development costs		(2,321	)		(2,243	)		(9,913	)		(10,107	)
Purchases of marketable securities		(34,436	)		(44,658	)		(90,602	)		(131,543	)
Proceeds from sales and maturities of marketable securities		31,068			35,228			175,325			221,878
Other		(15	)		(63	)		(96	)		(72	)
Net cash (used in) provided by investing activities		(8,416	)		(14,070	)		67,153			69,640

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt obligations		—			—			(109,740	)		(96,170	)
Payment of deferred financing costs		(598	)		—			(1,099	)		—
Treasury stock repurchases and share withholdings on vested awards		(210	)		(5,270	)		(6,600	)		(18,521	)
Principal payments on finance lease obligations		—			(353	)		(263	)		(1,830	)
Payment of contingent consideration liability up to acquisition-date fair value		—			—			—			(547	)
Net cash used in financing activities		(808	)		(5,623	)		(117,702	)		(117,068	)

Effect of exchange rate changes		(1,400	)		564			634			(1,004	)

Net increase (decrease) in cash, cash equivalents and restricted cash	$	32,039		$	6,348		$	18,646		$	(34,686	)
Cash, cash equivalents and restricted cash — Beginning		57,686			64,731			71,079			105,765
Cash, cash equivalents and restricted cash — Ending	$	89,725		$	71,079		$	89,725		$	71,079

OUTBRAIN INC.
Non-GAAP Reconciliations
(In thousands)
(Unaudited)

The following table presents the reconciliation of Gross profit to Ex-TAC gross profit and Ex-TAC gross margin, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Revenue	$	234,586		$	248,229		$	889,875		$	935,818
Traffic acquisition costs		(166,247	)		(184,425	)		(653,731	)		(708,449	)
Other cost of revenue		(12,277	)		(10,572	)		(44,042	)		(42,571	)
Gross profit		56,062			53,232			192,102			184,798
Other cost of revenue		12,277			10,572			44,042			42,571
Ex-TAC gross profit	$	68,339		$	63,804		$	236,144		$	227,369

Gross margin (gross profit as % of revenue)		23.9	%		21.4	%		21.6	%		19.7	%
Ex-TAC gross margin (Ex-TAC gross profit as % of revenue)		29.1	%		25.7	%		26.5	%		24.3	%

The following table presents the reconciliation of net income (loss) to Adjusted EBITDA, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Net (loss) income	$	(167	)	$	4,057		$	(711	)	$	10,242
Interest expense		699			965			3,649			5,393
Interest income and other income, net		(1,522	)		(2,060	)		(9,209	)		(7,793	)
Gain on convertible debt		—			—			(8,782	)		(22,594	)
Provision for income taxes		3,525			2,748			2,415			6,113
Depreciation and amortization		4,985			4,945			19,479			20,702
Stock-based compensation		3,974			2,988			15,461			12,141
Regulatory matter costs		—			—			—			742
Acquisition-related costs		5,469			—			14,256			—
Severance and related costs		—			361			742			3,509
Adjusted EBITDA	$	16,963		$	14,004		$	37,300		$	28,455

Net (loss) income as % of gross profit		(0.3	)%		7.6	%		(0.4	)%		5.5	%
Adjusted EBITDA as % of Ex-TAC Gross Profit		24.8	%		21.9	%		15.8	%		12.5	%

The following table presents the reconciliation of net income (loss) and diluted EPS to adjusted net income (loss) and adjusted diluted EPS, respectively, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Net loss (income)	$	(167	)	$	4,057		$	(711	)	$	10,242
Adjustments:
Gain on convertible debt		—			—			(8,782	)		(22,594	)
Regulatory matter costs		—			—			—			742
Acquisition-related costs		5,469			—			14,256			—
Severance and related costs		—			361			742			3,509
Total adjustments, before tax		5,469			361			6,216			(18,343	)
Income tax effect		(1,844	)		(97	)		(1,438	)		4,234
Total adjustments, after tax		3,625			264			4,778			(14,109	)
Adjusted net income (loss)	$	3,458		$	4,321		$	4,067		$	(3,867	)

Basic weighted-average shares, as reported		49,767,704			50,076,364			49,321,301			50,900,422
Restricted stock units		793,713			32,096			519,729			—
Adjusted diluted weighted average shares		50,561,417			50,108,460			49,841,030			50,900,422

Diluted net income (loss) per share – reported	$	—		$	0.08		$	(0.11	)	$	(0.06	)
Adjustments, after tax		0.07			0.01			0.19			(0.02	)
Diluted net income (loss) per share – adjusted	$	0.07		$	0.09		$	0.08		$	(0.08	)

The following table presents the reconciliation of net cash provided by (used in) operating activities to free cash flow, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Net cash provided by operating activities	$	42,663		$	25,477		$	68,561		$	13,746
Purchases of property and equipment		(2,712	)		(2,257	)		(7,380	)		(10,127	)
Capitalized software development costs		(2,321	)		(2,243	)		(9,913	)		(10,107	)
Free cash flow	$	37,630		$	20,977		$	51,268		$	(6,488	)

Teads
Non-IFRS Reconciliations
(In thousands)
(Unaudited)

The below information is presented for informational purposes only. The acquisition of Teads closed in February 2025. Therefore, its results are not included in Outbrain Inc.’s consolidated results of operations for any periods in 2024. The following is a summary of Teads’ non-IFRS financial measures, as calculated based on Teads’ historical financial statements, which we may publicly present from time to time, and which differ from US GAAP. Non-IFRS financial measures should be viewed in addition to, and not as an alternative for, Teads’ historical financial results prepared in accordance with IFRS. The financial information set forth below for the three months and twelve months ended December 31, 2024 is preliminary and is subject to change. Actual financial results may differ from these preliminary estimates due to the completion of Teads’ annual audit and are subject to adjustments and other developments that may arise before such results are finalized.

Ex-TAC Gross Profit is defined as gross profit plus other cost of revenue. The following table presents the reconciliation of Ex-TAC Gross Profit to gross profit for the periods presented:

	Three Months Ended March 31, 2024			Three Months Ended June 30, 2024			Three Months Ended September 30, 2024			Three Months Ended December 31, 2024			Twelve Months Ended December 31, 2024
	(in thousands)
Revenue	$	125,372		$	153,734		$	149,376		$	188,953		$	617,435
Traffic acquisition costs		(46,939	)		(55,716	)		(59,085	)		(69,091	)		(230,831	)
Other cost of revenue^(a)		(26,387	)		(26,721	)		(26,865	)		(26,441	)		(106,414	)
Gross profit		52,046			71,297			63,426			93,421			280,190
Other cost of revenue^(a)		26,387			26,721			26,865			26,441			106,414
Ex-TAC Gross Profit	$	78,433		$	98,018		$	90,291		$	119,862		$	386,604

^{__________________________________}
^(a) Other cost of revenue for Teads is subject to accounting policy alignment with Outbrain, with no impact to Ex-TAC Gross Profit included in the above table.

Teads defines Adjusted EBITDA as profit (loss) for the year/period before income tax expense, finance costs, other financial income and expenses, depreciation and amortization, other expenses and income (capital gains, non-recurring litigation, restructuring costs) and share-based compensation. This may not be comparable to similarly titled measures used by other companies. Further, this measure should not be considered as an alternative for net income as the effects of income tax expense, finance costs, other financial income and expenses, depreciation and amortization, other expenses and income (such as severance costs, and merger and acquisition costs) and share-based compensation excluded from Adjusted EBITDA do affect the operating results. Teads believes that Adjusted EBITDA is a useful supplementary measure for evaluating the operating performance of Teads’ business. The following table provides a reconciliation of profit (loss) for the period to Adjusted EBITDA, the most directly comparable IFRS measure, for the periods presented:

	Three Months Ended March 31, 2024			Three Months Ended June 30, 2024			Three Months Ended September 30, 2024			Three Months Ended December 31, 2024			Twelve Months Ended December 31, 2024
	(in thousands)
(Loss) profit for the period		(36,551	)		23,323			32,933		$	46,158		$	65,863
Finance Costs		250			277			532			117			1,176
Other financial (income) and expenses		20,531			(12,432	)		(20,529	)		(19,967	)		(32,397	)
Provision for income taxes		716			10,800			10,597			17,637			39,750
Depreciation and amortization		3,180			3,350			3,277			3,027			12,834
Share-based compensation		25,612			5,760			(3,284	)		(134	)		27,954
Severance costs		281			520			398			394			1,593
Merger and acquisition costs		323			763			(125	)		4,929			5,890
Adjusted EBITDA	$	14,342		$	32,361		$	23,799		$	52,161		$	122,663

The MIL Network –

February 28, 2025

MIL-OSI: Enerflex Ltd. Announces Fourth Quarter 2024 Financial and Operational Results

Source: GlobeNewswire (MIL-OSI)

ADJUSTED EBITDA OF $121 MILLION AND FREE CASH FLOW OF $76 MILLION¹

EI CONTRACT BACKLOG AND ES BACKLOG OF $1.5 BILLION AND $1.3 BILLION, RESPECTIVELY, PROVIDING STRONG OPERATIONAL VISIBILITY

REDUCED BANK ADJUSTED NET DEBT-TO-EBITDA RATIO²TO 1.5X TIMES AT YEAR-END

CALGARY, Alberta, Feb. 27, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today reported its financial and operational results for the three and twelve months ended December 31, 2024.

All amounts presented are in U.S. Dollars (“USD”) unless otherwise stated.

Q4/24 FINANCIAL AND OPERATIONAL OVERVIEW

Generated revenue of $561 million compared to $574 million in Q4/23 and $601 million in Q3/24.
Recorded gross margin before depreciation and amortization of $174 million, or 31% of revenue, compared to $158 million, or 28% of revenue in Q4/23 and $176 million, or 29% of revenue during Q3/24.
- Energy Infrastructure (“EI”) and After-Market Services (“AMS”) product lines generated 67% of consolidated gross margin before depreciation and amortization during Q4/24 and 69% on a full-year basis in 2024.
- ES gross margin before depreciation and amortization increased to 21% in Q4/24 compared to 15% in Q4/23 and 19% in Q3/24, benefiting from favorable product mix and strong project execution.
Adjusted earnings before finance costs, income taxes, depreciation, and amortization (“adjusted EBITDA”) of $121 million compared to $91 million in Q4/23 and $120 million during Q3/24. The year-over-year increase in adjusted EBITDA reflects improved gross margin and favorable foreign exchange rate movements.
Cash provided by operating activities was $113 million, which included net working capital recovery of $39 million. This compares to cash provided by operating activities of $158 million in Q4/23 and $98 million in Q3/24. Free cash flow was $76 million in Q4/24 compared to $139 million during Q4/23 and $78 million during Q3/24¹.
Invested $47 million in the business in Q4/24, consisting of $32 million in capital expenditures and $15 million for expansion of an EI project in the Eastern Hemisphere (“EH”) that will be accounted for as a finance lease.
Recorded ES bookings of $301 million inclusive of a $75 million derecognition, with no associated gross margin on future revenue, related to the termination of the cryogenic natural gas processing facility project contract in Kurdistan. The majority of bookings originated in the North America segment and relate to gas compression solutions. Total backlog as at December 31, 2024 was $1.3 billion, providing strong visibility into future revenue generation and business activity levels.
Enerflex’s USA contract compression business continues to perform well, led by increasing natural gas production in the Permian basin and continued discipline across industry competitors.
- This business generated revenue of $36 million and gross margin before depreciation and amortization of 78% during Q4/24 compared to $33 million and 76% in Q4/23 and $37 million and 70% during Q3/24.
- Utilization remained stable at 95% across a fleet size of approximately 428,000 horsepower. Enerflex expects its North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025.
The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on March 24, 2025, to shareholders of record on March 10, 2025.

BALANCE SHEET AND LIQUIDITY

Enerflex exited Q4/24 with net debt of $616 million, which included $92 million of cash and cash equivalents, a reduction of $208 million compared to Q4/23 and $76 million lower than the third quarter.
During Q4/24, Enerflex redeemed $62.5 million (or 10% of the aggregate principal amount originally issued) of its 9.00% Senior Secured Notes due 2027. The redemption was completed at a price of 103% of the principal amount of the Notes redeemed, plus accrued and unpaid interest up to, but excluding, the redemption date. The redemption was funded with available liquidity, which included cash and cash equivalents and the undrawn portion of Enerflex’s lower cost $800 million revolving credit facility.
Enerflex’s bank-adjusted net debt-to-EBITDA ratio was approximately 1.5x at the end of Q4/24, down from 2.3x at the end of Q4/23 and 1.9x at the end of Q3/24. The leverage ratio at the end of Q4/24 is within Enerflex’s target bank-adjusted net debt-to-EBITDA ratio range of 1.5x to 2.0x.
The Company maintains strong liquidity with access to $614 million under its credit facility.

__________________________________________
¹ During the fourth quarter of 2024, the Company modified its calculation of free cash flow. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. Refer to the “Free Cash Flow” section of this press release for further details.
² The Company defines bank-adjusted net debt to EBITDA as borrowings under the Revolving Credit Facility (“RCF”) and its 9.00% Senior Secured Notes due 2027 (the “Notes”) less cash and cash equivalents, divided by EBITDA as defined by the Company’s lenders for the trailing 12- months.

MANAGEMENT COMMENTARY

“We delivered a strong finish to the year, with solid operating results across Enerflex’s geographies and product lines,” said Marc Rossiter, Enerflex’s President and Chief Executive Officer. “Our Energy Infrastructure and After-Market Services business lines continue to provide steady, reliable performance and revenue streams, reinforcing Enerflex’s ability to deliver sustainable returns across our global platform. Our Engineered Systems business delivered solid performance throughout 2024, highlighted by strong project execution.”

Rossiter continued, “As we enter 2025, visibility across our business remains solid, underpinned by a $1.5 billion contract backlog for our Energy Infrastructure assets, the recurring nature of our After-Market Services business, and a $1.3 billion Engineered Systems backlog. By focusing on operational execution, optimizing our core business, and maintaining disciplined capital allocation, we expect to further reduce debt and create meaningful long-term value for our shareholders.”

Preet S. Dhindsa, Enerflex’s Senior Vice President and Chief Financial Officer, stated, “Enerflex delivered fourth-quarter results that exceeded the ranges included in our 2024 guidance. We are particularly pleased with our ongoing progress in efficiently managing working capital, lowering net finance costs, and optimizing the Company’s debt stack. Backed by Enerflex’s strong global leadership team and talented employees, we continue to enhance the profitability and resilience of our operations. Our focus remains on generating sustainable free cash flow, further improving our balance sheet health and positioning the Company for long-term growth and value creation.”

SUMMARY RESULTS

	Three months ended December 31,				Twelve months ended December 31,
($ millions, except percentages and ratios)		2024		2023		2024		2023
Revenue	$	561	$	574	$	2,414	$	2,343
Gross margin		140		119		504		457
Gross margin as a percentage of revenue		25.0%		20.7%		20.9%		19.5%
Selling, general and administrative expenses (“SG&A”)		92		74		327		293
Foreign exchange (gain) loss		(2)		16		4		43
Operating income		50		29		173		121
EBITDA¹		92		–		364		240
EBIT¹		47		(51)		179		42
EBT¹		21		(76)		81		(52)
Net earnings (loss)		15		(95)		32		(83)
Cash provided by operating activities		113		158		324		206

Key Financial Performance Indicators (“KPIs”)²
ES bookings³	$	301	$	265	$	1,401	$	1,306
ES backlog³		1,280		1,134		1,280		1,134
EI contract backlog⁴		1,545		1,700		1,545		1,700
Gross margin before depreciation and amortization (“Gross margin before D&A”)⁵		174		158		642		609
Gross margin before D&A as a percentage of revenue⁵		31.0%		27.5%		26.6%		26.0%
Adjusted EBITDA⁶		121		91		432		378
Free cash flow⁷		76		139		222		95
Net debt		616		824		616		824
Bank-adjusted net debt to EBITDA ratio		1.5x		2.3x		1.5x		2.3x
Return on capital employed (“ROCE”)⁸		10.3%		2.1%		10.3%		2.1%

¹EBITDA is defined as earnings before finance costs, income taxes, depreciation and amortization. EBIT is defined as earnings before finance costs and income taxes. EBT is defined as earnings before taxes.
²These KPIs are non-IFRS measures. Further detail is provided in the “Non-IFRS Measures” section of the fourth quarter 2024 MD&A.
³Refer to the “ES Bookings and Backlog” section of the MD&A for more information on these KPIs.
⁴Refer to the “EI Contract Backlog” section of the MD&A.
⁵Refer to the “Gross Margin by Product line” section of the MD&A for further details.
⁶Refer to the “Adjusted EBITDA” section of the MD&A for further details.
⁷During the fourth quarter of 2024, the Company modified its calculation of free cash flow. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. Refer to the “Free Cash Flow” section of this press release for further details.
⁸Determined by using the trailing 12-month period.

Enerflex’s consolidated financial statements and notes (the “financial statements”) and Management’s Discussion and Analysis (“MD&A”) as at December 31, 2024, can be accessed on the Company’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

OUTLOOK

During 2025, Enerflex’s priorities include: (1) enhancing the profitability of core operations; (2) leveraging the Company’s leading position in core operating countries to capitalize on expected increases in natural gas and produced water volumes; and (3) maximizing free cash flow to further strengthen Enerflex’s financial position, provide direct shareholder returns, and invest in selective customer supported growth opportunities.

Industry Update

Enerflex’s preliminary outlook for 2025 reflects steady demand across its business lines and geographic regions. Operating results will be underpinned by the highly contracted EI product line and the recurring nature of AMS, which together are expected to account for approximately 65% of our gross margin before depreciation and amortization. Enerflex’s EI product line is supported by customer contracts, which are expected to generate approximately $1.5 billion of revenue during their current terms.

Complementing Enerflex’s recurring revenue businesses is the ES product line, which carried a backlog of approximately $1.3 billion as at December 31, 2024, the majority of which is expected to convert into revenue over the next 12 months. During 2025, ES gross margin before depreciation and amortization is expected to be more consistent with the historical long-term average for this business line, reflective of the weakness in domestic natural gas prices during much of 2024 and a shift of project mix in Enerflex’s ES backlog. Notwithstanding, near-term revenue for this business line is expected to remain steady. Enerflex is encouraged by initial customer response to improved domestic natural gas prices, and the medium-term outlook for ES products and services continues to be attractive, driven by expected increases in natural gas and produced water volumes across Enerflex’s global footprint.

The Company continues to closely monitor geopolitical tensions across North America, including the potential application of tariffs. Based on currently available information, the direct impact of tariffs on Enerflex’s business is expected to be mitigated by the Company’s diversified operations and proactive risk management. Enerflex’s operations in the USA, Canada and Mexico are largely distinct in the customers and projects they serve, and the Company has been working to mitigate the impact of potential tariffs. The United States is Enerflex’s largest operating region, generating 45% of consolidated revenue in 2024 by destination of sale, and we believe the Company is well positioned to benefit from growth in domestic energy production. Enerflex’s operations in Canada and Mexico generated 10% and 3% of consolidated revenue in 2024, respectively.

Capital Spending

Enerflex is targeting a disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. This includes a total of approximately $70 million for maintenance and PP&E capital expenditures. Similar to 2024, disciplined capital spending will focus on customer supported opportunities in the USA and Middle East. Notably, the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants. Enerflex will continue to make selective customer supported growth investments in this business.

Capital Allocation

Providing meaningful direct shareholder returns is a priority for Enerflex. With the Company operating within its target leverage range of bank-adjusted net debt-to-EBITDA ratio of 1.5x to 2.0x, Enerflex is positioned to increase direct shareholder returns. This is reflected through the previously announced 50% increase of the Company’s quarterly dividend.

Going forward, capital allocation decisions will be based on delivering value to Enerflex shareholders and measured against Enerflex’s ability to maintain balance sheet strength. In addition to increases to the Company’s dividend, share repurchases, and disciplined growth capital spending, Enerflex will also consider reducing leverage below its target range to further improve balance sheet strength and lower net finance costs. Unlocking greater financial flexibility positions the Company to capitalize on opportunities to optimize its debt stack and respond to evolving market conditions.

DIVIDEND DECLARATION

Enerflex is committed to paying a sustainable quarterly cash dividend to shareholders. The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on March 24, 2025, to shareholders of record on March 10, 2025. With this dividend declaration, Enerflex has shortened the number of calendar days between its record date and payment date to better align the Company’s dividend approach with peers.

CONFERENCE CALL AND WEBCAST DETAILS

Investors, analysts, members of the media, and other interested parties, are invited to participate in a conference call and audio webcast on Thursday, February 27, 2025 at 8:00 a.m. (MST), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

To participate, register at https://register.vevent.com/register/BI3947144f36ac4488be4e38db59385a7f. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/dvksnz6g/.

NON-IFRS MEASURES

Throughout this news release and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including net debt-to-EBITDA ratio and bank-adjusted net debt-to-EBITDA ratio. These non-IFRS measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, non-IFRS measures should not be considered more meaningful than generally accepted accounting principles measures as indicators of Enerflex’s performance. Refer to “Non-IFRS Measures” of Enerflex’s MD&A for the three months ended December 31, 2024, for information which is incorporated by reference into this news release and can be accessed on Enerflex’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

ADJUSTED EBITDA

Three months ended December 31, 2024
($ millions)		NAM		LATAM		EH		Total
Net earnings¹							$	15
Income taxes¹								6
Net finance costs^1,2								26
EBIT³	$	34	$	11	$	4	$	47
Depreciation and Amortization		19		12		14		45
EBITDA	$	53	$	23	$	18	$	92
Restructuring, transaction and integration costs		1		–		–		1
Share-based compensation		11		2		3		16
Impact of finance leases
Principal payments received		–		–		10		10
Loss on redemption options³								2
Adjusted EBITDA	$	65	$	25	$	31	$	121

¹The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
²Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
³EBIT includes $2 million loss on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

Three months ended December 31, 2023
($ millions)		NAM		LATAM		EH		Total
Net loss¹							$	(95)
Income taxes¹								19
Net finance costs^1,2								25
EBIT	$	47	$	(84)	$	(14)	$	(51)
Depreciation and amortization		18		14		19		51
EBITDA	$	65	$	(70)	$	5	$	–
Restructuring, transaction and integration costs		3		2		13		18
Share-based compensation		(1)		–		–		(1)
Impact of finance leases
Principal payments received		–		–		9		9
Goodwill impairment		–		65		–		65
Adjusted EBITDA	$	67	$	(3)	$	27	$	91

Twelve months ended December 31, 2024
($ millions)		NAM		LATAM		EH		Total
Net earnings¹							$	32
Income taxes¹								49
Net finance costs^1,2								98
EBIT³	$	166	$	29	$	(33)	$	179
Depreciation and amortization		74		53		58		185
EBITDA	$	240	$	82	$	25	$	364
Restructuring, transaction and integration costs		7		4		3		14
Share-based compensation		19		5		5		29
Impact of finance leases
Upfront gain		–		–		(3)		(3)
Principal payments received		–		1		44		45
Gain on redemption options³								(17)
Adjusted EBITDA	$	266	$	92	$	74	$	432

¹The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
²Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
³EBIT includes $17 million gain on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

Twelve months ended December 31, 2023
($ millions)		NAM		LATAM		EH		Total
Net loss¹							$	(83)
Income taxes¹								31
Net finance costs^1,2								94
EBIT	$	127	$	(90)	$	5	$	42
Depreciation and amortization		69		48		81		198
EBITDA	$	196	$	(42)	$	86	$	240
Restructuring, transaction and integration costs		11		10		23		44
Share-based compensation		4		1		1		6
Impact of finance leases
Upfront gain		–		–		(13)		(13)
Principal payments received		–		1		35		36
Goodwill impairment		–		65		–		65
Adjusted EBITDA	$	211	$	35	$	132	$	378

FREE CASH FLOW AND DIVIDEND PAYOUT RATIO

The Company modified its calculation of free cash flow to include a deduction for growth capital expenditures and exclude the deduction for dividends paid. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. This modification is aimed at providing additional clarity into Enerflex’s free cash flow and help users of the financial statements assess the level of free cash generated to fund other non-operating activities. These activities could include dividend payments, share repurchases, and non-mandatory debt repayments. Free cash flow may not be comparable to similar measures presented by other companies as it does not have a standardized meaning under IFRS. Management has adopted this non-IFRS measure to improve comparability with its peers.

	Three months ended December 31,				Twelve months ended December 31,
($ millions, except percentages)		2024		2023		2024		2023
Cash provided by operating activities before changes in working capital and other¹	$	74	$	46	$	218	$	193
Net change in working capital and other		39		112		106		13
Cash provided by operating activities²	$	113	$	158	$	324	$	206
Less:
Capital expenditures – Maintenance and PP&E		(21)		(13)		(53)		(45)
Capital expenditures – Growth		(11)		(4)		(22)		(61)
Mandatory debt repayments		–		(10)		(10)		(20)
Lease payments		(5)		(3)		(20)		(15)
Add:
Proceeds on disposals of PP&E and EI assets		–		11		3		30
Free cash flow	$	76	$	139	$	222	$	95
Dividends paid		2		2		9		9
Dividend payout ratio		2.6%		1.4%		4.1%		9.5%

¹Enerflex also refers to cash provided by operating activities before changes in working capital and other as “Funds from operations” or “FFO”.
²Enerflex also refers to cash provided by operating activities as “Cashflow from operations” or “CFO”.

BANK-ADJUSTED NET DEBT-TO-EBITDA RATIO

The Company defines net debt as short- and long-term debt less cash and cash equivalents at period end, which is then divided by EBITDA for the trailing 12 months. In assessing whether the Company is compliant with the financial covenants related to its debt instruments, certain adjustments are made to net debt and EBITDA to determine Enerflex’s bank-adjusted net debt-to-EBITDA ratio. These adjustments and Enerflex’s bank-adjusted net-debt-to EBITDA ratio are calculated in accordance with, and derived from, the Company’s financing agreements.

GROSS MARGIN BEFORE DEPRECIATION AND AMORTIZATION

Gross margin before depreciation and amortization is a non-IFRS measure defined as gross margin excluding the impact of depreciation and amortization. The historical costs of assets may differ if they were acquired through acquisition or constructed, resulting in differing depreciation. Gross margin before depreciation and amortization is useful to present operating performance of the business before the impact of depreciation and amortization that may not be comparable across assets.

ADVISORY REGARDING FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”, “may”, “plan”, “potential”, “predict”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

In particular, this news release includes (without limitation) forward-looking information and statements pertaining to:

expectations that the North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025;
the Company’s expectations to further reduce debt, provide direct shareholder returns and create meaningful long-term value for Enerflex shareholders, and the timing associated therewith, if at all;
disclosures under the heading “Outlook” including:
- steady demand will continue across our business lines and geographic regions for 2025;
- the highly contracted EI product line and the recurring nature of AMS will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization;
- customer contracts within Enerflex’s EI product line will generate approximately $1.5 billion of revenue during their current terms;
- a majority of the ES product line backlog of approximately $1.3 billion as at December 31, 2024, will convert into revenue over the next 12 months;
- ES gross margin before depreciation and amortization is expected to be more consistent with the historical long-term average for this business line with near term revenue remaining steady;
- the potential application of tariffs and the anticipated impact of such tariffs including the Company’s expectation that such impact to Enerflex will be mitigated by the Company’s diversified operations and proactive risk management;
- that the Company is well positioned to benefit from growth in domestic energy production;
- total capital expenditures in 2025 will be $110 million to $130 million which includes approximately $70 million for maintenance and PP&E capital expenditures; and
- the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian and capital spending discipline from market participants;
the ability of Enerflex to continue to pay a sustainable quarterly cash dividend.

FLI reflect management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:

any potential tariffs imposed will have a manageable impact on our operations and cost structure and increased domestic energy production will offset any negative effects of such tariffs;
market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s core operating countries;
market conditions, customer activity, and industry fundamentals will support stable demand across our business lines and geographic regions throughout 2025;
the high level of contractual commitments within the EI product line and the predictable, recurring revenue from AMS will continue;
existing customer contracts within the EI product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
the execution of projects within the ES product line will proceed as scheduled and the conversion to revenue will proceed without significant delays or cancellations;
no significant unforeseen cost overruns or project delays;
Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.

As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 28, 2024, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

The outlook provided in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management’s assessment of the relevant information currently available. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

ABOUT ENERFLEX

Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

For investor and media enquiries, contact:

Marc Rossiter
President and Chief Executive Officer
E-mail: MRossiter@enerflex.com

Preet S. Dhindsa
Senior Vice President and Chief Financial Officer
E-mail: PDhindsa@enerflex.com

Jeff Fetterly
Vice President, Corporate Development and Investor Relations
E-mail: JFetterly@enerflex.com

The MIL Network –

February 28, 2025

MIL-Evening Report: Relatives of slain PNG police officer block Highlands Highway over unresolved killing

By Scott Waide, RNZ Pacific PNG correspondent

The family of a Papua New Guinea police constable, killed in an ambush last month, has blocked a section of the Highlands Highway in Goroka, Eastern Highlands Province, demanding justice for his death.

Constable Harry Gorano succumbed to his injuries in intensive care two weeks ago after spending three weeks in a coma.

He was attacked alongside colleagues in the Southern Highlands in January, during which fellow officer Constable Noel Biape was fatally shot.

Gorano’s relatives, frustrated by the lack of arrests in the case, staged the roadblock early today, halting traffic on a key transit route.

They have repeatedly called for authorities to arrest those responsible for the ambush.

Additional personnel have been deployed to Goroka to assist local officers in managing tensions.

Forces in neighboring regions have also been placed on standby amid concerns that the protest could spark broader unrest.

The incident highlights the ongoing risks faced by PNG’s police force.

Since 2017, more than 20 officers have been killed in the line of duty, with many perpetrators still at large.

Investigations into Constable Gorano’s death remain ongoing.

Protesters block a section of the Highlands Highway outside Goroka. Image: RNZ Pacific/Lae-Morope Crime Alert via WhatsApp

This article is republished under a community partnership agreement with RNZ.

Family of late constable urges authorities to fast-track investigation

MIL OSI Analysis – EveningReport.nz –

February 28, 2025
MIL-OSI United Kingdom: £230m DHL investment in Coventry to create hundreds of local jobs
Source: United Kingdom – Executive Government & Departments

Press release

£230m DHL investment in Coventry to create hundreds of local jobs

DHL Group has announced a £230 million e-commerce hub investment in Coventry creating up to 600 local jobs.
Major £230m investment in new state-of-the-art e-commerce hub in Coventry will create up to 600 local jobs.

New hub near Coventry Airport can handle up to 1 million parcels a day and is part of DHL e-Commerce’s wider £482m investment into the UK.

Minister Justin Madders will open the hub today, celebrating the latest in a series of job-boosting investments across the country.

Logistics giant DHL has invested £230 million in a new state-of-the-art e-commerce hub in Coventry which will create up to 600 local jobs, in the latest in a series of job-boosting investments across the UK.

Today (27 February), Business Minister Justin Madders will formally open the new hub which covers 25,000 m² of space and can handle up to a million parcels a day, speeding up delivery times for UK consumers in a major win to the Coventry and wider West Midlands economy.

During his visit, the Minister will meet with DHL Group’s senior leadership, including CEO of DHL eCommerce Pablo Ciano, tour the new site to see the latest e-commerce technologies in action, and learn about how the new hub will benefit not only Coventry but the wider West Midlands.

This announcement comes as the latest research shows the UK is expected to reach a turnover in e-commerce of £176 billion by 2029, leading all European economies. The latest figures from the Department for Business & Trade also show the West Midlands region landed 133 foreign direct investments in 2023/24, generating 7,581 new jobs.

Securing investment is central to the Government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off as part of our Plan for Change.

Since entering office, the Government has been focused on restoring economic stability – which is the foundation of growth – to give businesses the confidence to invest and expand in the UK, and today’s announcement from DHL is a major vote of confidence in the UK’s investment environment.

Business Minister Justin Madders said:

The West Midlands is a powerhouse for investment, and this state-of-the-art hub in Coventry will not only create hundreds of local jobs but give a major boost to our logistics sector and speed up delivery times for consumers.

The UK is open for business, and DHL’s investment is the latest vote of confidence in the country which will deliver economic growth and raise living standards, showing our Plan for Change is working.

Stuart Hill, CEO of DHL eCommerce UK said:

As e-commerce continues to shape the way we live and work, this expansion will enable us to meet growing demand. The investment reflects our confidence in British business and our dedication to helping our customers thrive in the digital marketplace through innovation and best-in-class service delivery.

By increasing our capacity with a state-of-the-art operation, we’re creating long-term jobs, growth opportunities for our customers and a blueprint for more sustainable logistics.

DHL’s cutting-edge new site will help to grow UK e-commerce businesses and improve delivery to consumers across the UK, as well as improving export logistics for businesses in the region. The hub features secure bonded storage and customs capabilities to support international e-commerce, making it quicker and easier to dispatch parcels internationally.

The hub also provides EV charging points and 7,000m² of solar panels along with LED lighting. This minimises the site’s environmental impact and preserves the area’s natural biodiversity – supporting the government’s ambitions to make the UK a clean energy superpower.

Economic growth is the foundation of our Plan for Change, and DHL’s vote of confidence will play a vital role in not only unlocking further investment but turbocharging the UK’s logistics sector.

DHL’s announcement today is the latest in a series of recent investment wins for the UK, including:

Creating nearly 38,000 jobs across the UK following our record-breaking International Investment Summit last October, with £63 billion worth of investment secured by companies such as Amazon Web Services, Iberdrola and Octopus Energy.

Car manufacturer Nissan, and the Japan Automatic Transmission Company (JATCO) securing a £50 million investment deal in partnership with the government to create a new manufacturing plant in Sunderland.

US company Knighthead’s £3 billion regeneration project in East Birmingham, creating 8,400 new jobs annually, paving the way for a new 60,000-seater stadium alongside a sports campus of training facilities, a new academy, and community pitches.

Rolls Royce investing £300m in the expansion of their Goodwood facility to meet the growing demand for bespoke upgrades.

JLR investing £500 million in its Halewood facility to enable the production of electric vehicles, alongside existing combustion and hybrid models.

Blackstone’s £10 billion investment to create the biggest AI data centre in Europe, creating 4000 jobs.

Eren Holding investing £1 billion in the redevelopment of Shotton Mill in North Wales, safeguarding 147 jobs and creating a further 220 jobs.

Heathrow Airport announcing a multibillion-pound investment programme to expand the airport, including new terminal buildings, aircraft stands, passenger infrastructure and work towards its third runway.

Background:

The hub has BREEAM ‘Excellent’ status – the assessment rating used to specify and measure the sustainability performance of buildings, ensuring that projects meet sustainability goals and continue to perform optimally over time: https://breeam.com/about/how-breeam-works

For full details of inward investment into the West Midlands in 2023-24 are available here: https://www.gov.uk/government/statistics/dbt-inward-investment-results-2023-to-2024

Research firm Forrester published its 2024 to 2029 Europe e-commerce forecast last month, indicating that the UK will dominate European e-commerce and reach a turnover of £176 billion by 2029: https://www.forrester.com/report/europe-5-online-retail-forecast-2024-to-2029/RES182011

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Published 27 February 2025
MIL OSI United Kingdom –
February 28, 2025
MIL-OSI: Cenovus Energy announces redemption of Series 5 Preferred Shares

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 27, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (“Cenovus” or the “Company”) (TSX: CVE) (NYSE: CVE) announced today it will exercise its right to redeem the Company’s 4.591% Series 5 Preferred Shares (the “Series 5 Preferred Shares”) on March 31, 2025 (the “Redemption”). All 8 million Series 5 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $200 million, less required withholdings, if any, funded primarily from cash on hand.

As previously announced, the Company’s Board of Directors has declared a quarterly dividend of $0.28694 per Series 5 Preferred Share payable on March 31, 2025, to shareholders of record as of March 14, 2025. This will be the final dividend paid on the Series 5 Preferred Shares.

Inquiries from registered holders of Series 5 Preferred Shares should be directed to Cenovus’s Registrar and Transfer Agent, Computershare Investor Services Inc. at 1-866-332-8898 or (514) 982-8717 outside North America. Beneficial holders, who are not directly registered holders of Series 5 Preferred Shares, should contact the financial institution, broker, or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

Advisory

This news release contains certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”), within the meaning of applicable securities legislation, about Cenovus’s current expectations, estimates and projections about the future, based on certain assumptions made in light of the Company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as “anticipate”, “continue”, “expect”, “intend”, “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: the completion of the Redemption, including the timing and funding thereof and the dividend payments with respect to the Series 5 Preferred Shares.

Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally.

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking information, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis for the period ended December 31, 2024, and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada, which are available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts

Investors Media

Investor Relations general line Media Relations general line

403-766-7711 403-766-7751

The MIL Network –

February 28, 2025
MIL-OSI Africa: African Leaders Unite to Mobilize African Investment and Financing for Implementing Agenda 2063
Source: Africa Press Organisation – English (2) – Report:

ADDIS ABABA, Ethiopia, February 27, 2025/APO Group/ —

On the sidelines of the 38^th Ordinary Session of the Assembly of the African Union Summit in Addis Ababa, Ethiopia, African Heads of State, Government and Business Leaders convened for a Presidential Breakfast Dialogue to address the continent’s financing and investment gaps. The event was held under the theme “Africa at the Forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063”.

The dialogue, which was hosted by His Excellency John Dramani Mahama, President of the Republic of Ghana and Champion on African Union Financial Institutions, in collaboration with the African Union Commission (AUC) and the Alliance of African Multilateral Financial Institutions (AAMFI), reaffirmed the continent’s commitment to accelerating self-reliant, sustainable economic development.

In his keynote address, President Mahama emphasized the urgency of strengthening Africa’s financial independence through domestic resource mobilization, concessional financing, and strategic public-private partnerships. “Africa must harness its own financial and investment capacities to drive the transformative vision of Agenda 2063. We cannot continue to rely on external financing mechanisms that do not align with our long-term development goals,” he stated.

Dr. Ngozi Okonjo-Iweala, Director General, World Trade Organization (WTO) emphasized the need for Africans to take charge of their own development by shifting mindsets and strengthening financial self-sufficiency.

She Said, “The Africa Club is a crucial step toward looking inward and harnessing our own potential. However, we need to focus on four key priorities for Africa’s financial and economic transformation: Firstly, strengthening African financial institutions – If we are to finance our continent’s development, we must capitalize our own financial institutions, including national development banks, ensuring they have the resources to support Africa’s needs. Secondly, let’s address debt challenges to attract investment – we must focus on attracting and retaining investment, including foreign direct investment (FDI), and implementing coordinated strategies to leverage equity financing. Instead of relying on aid, Africa should push for partnerships that channel financial resources into investments. Thirdly, let’s leverage domestic resources – with over $250 billion in pension funds on the continent, we must tap into these resources for development. Strengthening our capital markets, integrating African financial institutions, and utilizing diaspora bonds can significantly boost Africa’s financial resilience. Lastly, let’s drive trade and economic growth – sustainable financing hinges on Africa’s ability to grow its economies, trade more, and add value to its products. Without economic expansion, the resources needed to bridge financing gaps will remain out of reach.”

Speaking during the dialogue, H.E. Dr. Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission, highlighted Africa’s immense potential and the critical role of collaboration. “This is an exciting time for Africa, which has been stretching and renewing itself economically, politically, and socially in recent years. Only the grumpiest pessimists will bet against this new era of ‘Africa Time’ for its economic and social transformation as envisioned under Agenda 2063.”

Dr. Nsanzabaganwa urged investors to seize the opportunities within Africa’s evolving economic landscape. “You will be right to have faith and believe in investing in Africa. The continent is perceived as the ‘new frontier,’ the ‘future paradise’ that sharpens a race to markets by an increasing number of investors.”

Speaking on behalf of AAMFI, Prof. Benedict O. Oramah, Chairperson of AAMFI’s Governing Council and President of Afreximbank, underscored the significance of African financial institutions leading the charge in development finance. “AAMFI represents Africa’s collective financial strength, and through coordinated action, we will mobilize resources at scale to achieve Agenda 2063,” he stated. He further emphasized Africa’s need for financial solidarity in debt resolution: “We have developed a platform that will make it possible to jointly invest in projects that are impactful to the continent. There is no reason why the bridge across Congo Brazzaville and Congo Kinshasa should not be built, the cost is a mere US$500 million; there is no reason why railways cannot be built across Africa, at best they cost about US$1-2Bn. We cannot call for a reform of the international financial architecture on weak legs, no one will listen to us if they view us as mere beggars. We must rely on our own institutions and use this platform to leverage our individual and collective resources to transform our continent. Let’s strengthen our alliance to meet our set objectives.”

The dialogue featured a high-level panel of distinguished leaders and finance experts, including: Dr. Donald Kaberuka, African Union (AU) High Representative for Financing of the Union and the Peace Fund; Samaila Zubairu, 1^st Vice Chairperson, AAMFI and President & CEO of Africa Finance Corporation (AFC); Dr. Corneille Karekezi, 2^nd Vice Chairperson AAMFI and Group Managing Director & CEO, African Reinsurance Corporation; Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa, UNDP; and H.E. Amb. Albert Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, African Union Commission.

Discussions centered on innovative strategies for mobilizing African capital, strengthening financial institutions, and leveraging the role of African Multilateral Financial Institutions (AMFIs) in financing critical development sectors such as infrastructure, industrialization, and trade.

The event also witnessed special investment announcements:
- African Trade Transformation Fund (ATTF), a groundbreaking USD5 billion concessional finance window initiative by Afreximbank to provide concessional financing to unlock new opportunities for African businesses and governments.
- Shelter Afrique Development Bank (ShafDB) introduced the Catalytic Capital Replenishment Fund to bridge the housing and urban infrastructure gap in Africa which is reported to be a 53-million-unit deficit requiring $1.3 trillion to bridge.
- The African Reinsurance Corporation (Africa Re) Group has pledged $1 million to the African Union Peace Fund. Additionally, the Corporation donated $500,000 to the Africa CDC during the COVID-19 pandemic and has now authorized the use of the balance for Mpox response efforts. The Group Managing Director further stated that Africa Re has committed 2% of its net profits to the African Re Foundation, which will allocate funds to support various initiatives across the continent, including disaster risk financing.
- The African Solidarity Fund (ASF) established two key partnerships: a $320 million Guarantee Line to enhance access to housing credit and a $240 million Credit Line Guarantee to support women and youth empowerment, fostering entrepreneurship in the WAEMU.
- Arab Bank for Economic Development in Africa (BADEA) launched a Debt for Equity initiative to support the capitalization of African Multilateral Financial Institutions by mobilizing resources from the Arab world towards sub-Saharan Africa.
African Heads of State & Government, including leaders from Angola, Nigeria, Mauritania, Rwanda, Zambia, Libya, Kenya, Cote d’Ivoire, Benin, and Equatorial Guinea, reaffirmed their commitment to strengthening Africa’s financial ecosystem and supporting the growth of AAMFIs as key instruments of economic transformation.

The event concluded with a unified call to action for African governments, financial institutions, and the private sector to strengthen coordination and build strategic partnerships to accelerate Africa’s development by His Excellency Ambassador Albert Muchanga, Commissioner for Trade and Industry at the African Union Commission.

MIL OSI Africa –
February 28, 2025
MIL-OSI: The recording of Šiaulių Bankas Investor Conference Webinar of introducing the financial results for the Year 2024

Source: GlobeNewswire (MIL-OSI)

During the Investor Conference Webinar by Vytautas Sinius, CEO, Tomas Varenbergas, Head of Investment Management Division and Tautvydas Mėdžius, Strategy Partner introduced the Bank’s financial results for Q4 and FY2024 and recent developments and answered the participant questions afterwards.

The recording of it can be found on Šiaulių Bankas youtube channel here.

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

The MIL Network –

February 27, 2025
MIL-OSI: Axi Recognised With ‘Best Workplace 2025’ Award by Xref Engage

Source: GlobeNewswire (MIL-OSI)

SYDNEY, Feb. 27, 2025 (GLOBE NEWSWIRE) — Leading online FX and CFD broker Axi announced that it has been recognised with the Best Workplace 2025 award by Xref Engage. The latest award builds on the broker’s previous recognition by Voice Project, where Axi won the ‘Best Workplace’ award for two consecutive years in 2020 and 2021.

Rajesh Yohannan, CEO at Axi, shared his excitement for the company’s newest recognition: “This award is a testament to the strong culture we’ve built together—one grounded in innovation, collaboration, and a shared commitment to excellence. At Axi, we continually invest in creating a safe and respectful environment where everyone can express their opinion and be heard, and thrive and succeed, and we’re incredibly proud to see our efforts reaffirmed.”

Founded in 2007, the Australian-based broker has grown from a two-person startup to a highly respected global group of companies, with over 400 staff members from 45+ nationalities across nine offices worldwide: Australia, Singapore, United Kingdom, Cyprus, Dubai, Philippines, Malaysia, India, and Vanuatu.

The latest accolade follows a series of other notable achievements for Axi. In 2024, the broker was recognised with the ‘Innovator of the Year’ award at the 2024 Dubai Forex Expo and was recently named ‘Most Innovative Proprietary Trading Firm’ by Finance Feeds. Additionally, the broker was also named Best Broker (MENA), Most Trusted Broker (LatAm), Most Reliable Broker (Europe), and Best Introducing Broker Programme (Asia) for 2024 by Global Forex Awards.

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cccccb40-307b-4f21-bcf2-1af3f88de766

The MIL Network –

February 27, 2025
MIL-OSI: MEXC Launches Campaign for ENA & USDe with $1,000,000 Rewards

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 27, 2025 (GLOBE NEWSWIRE) — MEXC, the world’s leading cryptocurrency trading platform, announced the listing of the Ethena USDe (USDE) in the Innovation Zone and open USDE-related trading pairs. To celebrate the launch, MEXC is introducing USDe & ENA-related events for all users with a $1,000,000 reward pool.

MEXC Backs Decentralized Stable Assets with USDe Listing

Since their inception, stablecoins have played an important role in the crypto ecosystem. However, many face limitations due to dependence on centralized custodians and traditional banking infrastructure. USDe, issued by the Ethereum-based DeFi platform Ethena (ENA), addresses these challenges. It is a fully decentralized synthetic USD asset that uses delta-neutral hedging to maintain a soft peg to the U.S. dollar without the need for overcollateralization or central custody. Unlike typical stablecoins, USDe employs smart contracts to automatically open and close perpetual short positions, ensuring scalability and stability.

As a global leader in digital asset trading, MEXC’s listing of USDe and USDE-related trading pairs highlights the growing importance of decentralized stable assets in the evolving DeFi landscape. This initiative reaffirms MEXC’s commitment to supporting innovative blockchain solutions and promoting decentralized finance. By providing strong liquidity and broad market coverage, MEXC creates the ideal environment for projects like USDe to thrive and unlock new possibilities in the digital economy. MEXC also offers users the chance to participate in a $1,000,000 reward pool through four major activities. This initiative enables users to engage with cutting-edge DeFi projects, explore innovative stable assets like USDe, and actively contribute to the growth of the broader DeFi ecosystem.

Celebrate the ENA & USDe Campaign with a $1,000,000 Prize Pool

MEXC, known for quickly listing trending tokens, expands its offerings with USDe (USDE). The USDE/USDT trading market officially launched in the Innovation Zone on February 27, 2025, at 10:00 (UTC), followed by ENA/USDE, BTC/USDE, ETH/USDE, SOL/USDE, and XRP/USDE at 11:00 (UTC).
To celebrate this significant listing, MEXC has designed a series of events that cater to both new and experienced traders. Users can enjoy zero-fee trading across select USDE and ENA trading pairs, creating an optimal environment for market participants to explore these assets. USDE holders can earn attractive yields of up to 10% APR simply by holding the token, with no additional staking or locking required. Meanwhile, new users joining the ENA staking program can enjoy up to 400% APR, further maximizing their earnings. The platform is also introducing exclusive staking pools, with particularly appealing rates for new users.

Additionally, active traders can participate in trading competitions with a substantial prize pool of 300,000 USDT in Futures bonuses, rewarding various levels of trading activity. In a move to further support stablecoin adoption, MEXC has also purchased $20 million in USDe, reinforcing its commitment to expanding the stablecoin ecosystem.

Beyond Trading: Earn Passive Income on MEXC

In addition to listing a wide range of tokens and trading pairs, MEXC provides various financial products designed to help crypto holders generate passive income. Flexible and fixed-term savings plans allow deposits of supported tokens to earn interest. Flexible savings incur no lock-up period and deliver daily interest, while fixed-term savings require a set commitment but offer higher potential returns. Through these offerings, MEXC continues to expand its ecosystem, providing a multifaceted approach to digital asset growth that caters to both new and experienced market participants.

Your Easiest Way to Trending Tokens

MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 30 million by providing a diverse selection of tokens, high-frequency airdrops, and simple participation processes. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 32 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent 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

Contact:
Lucia Hu
PR Manager
lucia.hu@mexc.com

Disclaimer: This content 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. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9ce22b33-25e4-47d2-a488-573f3084696d

The MIL Network –

February 27, 2025
MIL-OSI United Kingdom: Cruise Ship Levy consultation

Source: Scottish Government

Views sought on proposed new power for councils.

Local authorities could be given the optional power to introduce a tax on cruise ships that visit their areas in future.

The Scottish Government is seeking views on the practicalities of such a levy, as well as the potential market implications and effect on local economies and communities.

Analysis shows there were around 1,000 cruise ship visits to Scottish ports in 2024, bringing 1.2 million passengers – an increase of almost 400,000 per year compared with 2019.

Finance Secretary Shona Robison said:

“The tourism sector is a crucially important part of the Scottish economy and cruise visits are increasing. The consultation will help to inform the Scottish Government’s decision over whether or not to bring forward legislation and it is really important that we hear from a wide variety of voices on this matter.

“Last year, we held events to hear the views of the cruise ship industry, local government, and others. We want to continue the helpful dialogue which started at those events, and explore further what a cruise ship levy could mean in a Scottish context.”

Background

Consultation on a potential local authority Cruise Ship Levy in Scotland – gov.scot

The Scottish Government has no plans to introduce a nationwide cruise ship levy.

The areas that welcome the most cruise passengers are Invergordon, Orkney, Edinburgh, Lerwick, and Greenock, and the average ship in the five busiest ports carries over 1,000 passengers.

In 2024 the Scottish Parliament passed the Visitor Levy (Scotland) Act, which for the first time gave local authorities the power to introduce a visitor levy on overnight accommodation in their area. As the Act was being considered by Parliament, calls were made for a similar levy power to be given to local authorities in relation to cruise ship passengers.

MIL OSI United Kingdom –

February 27, 2025
MIL-OSI: KANZHUN LIMITED to Report Fourth Quarter and FY2024 Results on March 11, 2025

Source: GlobeNewswire (MIL-OSI)

BEIJING, Feb. 27, 2025 (GLOBE NEWSWIRE) — KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced that it will report its unaudited consolidated results for the fourth quarter and full year ended December 31, 2024, before the U.S. market opens on Tuesday, March 11, 2025.

The Company will host a conference call on Tuesday, March 11, 2025 at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results.

Participants are required to pre-register for the conference call at:
https://register.vevent.com/register/BIf38866f4e46849c3b6fe1743c4231f65

Upon registration, participants will receive an email containing participant dial-in numbers and unique personal PIN. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

A live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.zhipin.com.

About KANZHUN LIMITED

KANZHUN LIMITED operates the leading online recruitment platform BOSS Zhipin in China. The Company connects job seekers and enterprise users in an efficient and seamless manner through its highly interactive mobile app, a transformative product that promotes two-way communication, focuses on intelligent recommendations, and creates new scenarios in the online recruiting process. Benefiting from its large and diverse user base, BOSS Zhipin has developed powerful network effects to deliver higher recruitment efficiency and drive rapid expansion.

For more information, please visit https://ir.zhipin.com.

For investor and media inquiries, please contact:

KANZHUN LIMITED
Investor Relations
Email: ir@kanzhun.com

In China：

PIACENTE FINANCIAL COMMUNICATIONS
Helen Wu
Tel: +86-10-6508-0677
Email: kanzhun@tpg-ir.com

In the United States:

PIACENTE FINANCIAL COMMUNICATIONS
Brandi Piacente
Phone: +1-212-481-2050
Email: kanzhun@tpg-ir.com

The MIL Network –

February 27, 2025
MIL-OSI Economics: Secretary-General of ASEAN meets with the Minister of Investment, Trade and Industry of Malaysia

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Minister of Investment, Trade and Industry of Malaysia and the Chair of the ASEAN Economic Ministers’ Meeting Tengku Zafrul Tengku Abdul Aziz, in Johor, Malaysia. They discussed the work and priorities under Malaysia’s ASEAN Chairmanship in 2025, including the ongoing ASEAN-India Trade in Goods Agreement (AITIGA) review, the ASEAN Economic Community (AEC) Strategic Plan 2026-2030, and Timor-Leste’s Accession to ASEAN Economic Agreements.

The post Secretary-General of ASEAN meets with the Minister of Investment, Trade and Industry of Malaysia appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 27, 2025
MIL-OSI United Kingdom: UK and Mongolia’s joint statement after the first annual UK-Mongolia political dialogue
Source: United Kingdom – Executive Government & Departments

World news story

UK and Mongolia’s joint statement after the first annual UK-Mongolia political dialogue

Respect for sovereignty, international law, and territorial integrity were key areas of discussion during the first annual UK-Mongolia political dialogue in London on 26 February, 2025.
Minister Catherine West MP and Mongolian Deputy Prime Minister Amarsaikhan Sainbuyan.

British Parliamentary Under-Secretary of State for the Indo-Pacific, Minister Catherine West MP, welcomed Mongolian Deputy Prime Minister Amarsaikhan Sainbuyan to London on 26 February 2025 for the 15th UK-Mongolia roundtable, and the first annual political dialogue under the UK-Mongolia Joint Cooperation Roadmap towards a Comprehensive Partnership.

Minister West and Deputy Prime Minister Amarsaikhan affirmed the strong partnership between the UK and Mongolia, grounded in shared democratic values, open societies, and a growing economic relationship.

Both sides noted deepening geopolitical tensions, stressed their commitment to upholding the principles of the UN Charter, and called on all countries to refrain from using force against the territorial integrity and political independence of any state. They agreed to continue to work closely to uphold international law and advance our shared principles.

Economic Growth

The Ministers confirmed that the UK and Mongolia will work together with a view to increasing the volume of trade and investment between the two countries – to drive mutual economic growth

They agreed to continue discussions with UK Export Finance to explore support for the construction of the metro system in Ulaanbaatar.

Talks also focused on facilitating trade and investment by working towards the removal of barriers to trade and red tape, and creating stable and transparent business environments.

Energy Transition

The Ministers stressed the urgency of action to address the impacts of climate change. They committed to achieving the UK and Mongolia’s NDC and welcomed the recent allocation from the NDC Partnership to Mongolia, including funding from the UK, to reach Mongolia’s climate goals.

They encouraged greater public-private partnerships to leverage public finance for private sector investment in line with both countries’ climate strategies.

They looked forward to Mongolia hosting COP17 on Desertification in 2026 and agreed to facilitate an exchange of experts to support preparations for and the outcome of COP17.

Women’s empowerment

The Ministers reaffirmed both countries’ commitment to gender equality and to expanding the number of women elected to both parliaments. Minister West welcomed the expanded number of female parliamentarians in the Mongolian parliament following elections in 2024, and commended Mongolia for its quota target of 40% of female candidates by 2028. UK and Mongolia’s joint statement after the first annual UK-Mongolia Political Dialogue Amarsaikhan welcomed the UK achieving its highest level of female representation in the UK parliament following the 2024 UK general election.

The ministers agreed to work together in multilateral fora ahead of the 30th anniversary of the “Beijing Declaration and Platform Action”.

Critical minerals

The Ministers agreed on the importance of extracting Mongolia’s mineral wealth in a manner that preserves Mongolia’s unique environmental legacy. They discussed the importance of responsible mining, and of high environmental, social and governance standards, as well as investing in Mongolian’s skills development.

In this regard, both sides expressed their commitment to cooperate within the framework of Memorandum of Understanding on critical minerals.

Education, Civil Society and People-to-people ties

The Ministers noted the strength of people-to-people ties between the UK and Mongolia, including the exchange of students through the Chevening Scholarship programme and “Mission 2100” scholarship programme initiated by the President of Mongolia.

Minister West reaffirmed the UK’s support for English language teaching in Mongolia and both ministers welcomed the progress in expanding English language provision. This could include building on existing partnerships with British companies to increase access to and improve the quality of English Language teaching, as well as supporting remote and disadvantaged communities with UK Overseas Development Assistance.

The Ministers agreed to explore possibilities to expand higher education opportunities for Mongolian students, including through the Chevening Scholarship, and to expand partnerships between universities.

They looked forward to the exhibition of the Arts of the Mongol World to be held at the Royal Academy in 2027, and welcomed expanding cultural cooperation.

They noted the important contribution that civil society organisations play in democratic societies, and committed to continue to engage with and seek inputs from civil society organisations representing a broad range of communities to strengthen democratic debate.

Minister West and Deputy Prime Minister Amarsaikhan looked forward to and highlighted the importance of future high-level visits between the UK and Mongolia.

On the sidelines of the roundtable meeting, Deputy Prime Minister Amarsaikhan held a bilateral meeting with Minister Gareth Thomas. During the meeting, the Ministers held constructive and fruitful discussions on further broadening the bilateral relationship in areas of mutual interest, including the promotion of trade and economic cooperation.

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Published 27 February 2025
MIL OSI United Kingdom –
February 27, 2025
MIL-OSI: Aurora Mobile to Report Fourth Quarter and Fiscal Year 2024 Financial Results on March 13, 2025

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, Feb. 27, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it will release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024 before the open of U.S. markets on Thursday, March 13, 2025.

Aurora Mobile’s management will host an earnings conference call on Thursday, March 13, 2025 at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Beijing time on the same day).

All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

Participant Online Registration:
https://register.vevent.com/register/BIbf61e89bd11b4ab1b44c3257207484d3

A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/

For more information, please contact:

Aurora Mobile Limited
E-mail: ir@jiguang.cn

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

The MIL Network –

February 27, 2025
MIL-OSI: Mercurity Fintech Holding Inc. Highlights Growing Institutional Ownership, Reinforcing Growth Strategy

Source: GlobeNewswire (MIL-OSI)

New York, Feb. 27, 2025 (GLOBE NEWSWIRE) — Mercurity Fintech Holding Inc. (the “Company,” “we,” “us,” “our company,” or “MFH”) (Nasdaq: MFH), a digital fintech group, today announced an increase in institutional ownership, as reflected in recent SEC 13F filings, reinforcing MFH’s position as a vertically integrated innovator at the intersection of finance and technology.

The latest ownership reports reveal a diverse group of institutional investors that have acquired stakes in MFH, including asset managers and financial services firms: BlackRock, Inc., Millennium Management LLC, Qube Research & Technologies Ltd, Goldman Sachs Group Inc., Point 72 Asia, UBS Group AG and more. These filings do not specify investment intent or future trading activity.

“We are encouraged by the institutional community’s interest in MFH’s strategic priorities,” said Shi Qiu, CEO of Mercurity Fintech Holding Inc. “As financial institutions and enterprises prioritize regulatory-compliant blockchain integration, and licensed financial services— offers a balanced platform for scalable growth. With continued engagement from institutional investors demonstrating engagement, MFH is well-positioned to continue executing its growth strategy, strengthening our market position, and advancing commitment to financial technology innovation.”

About Mercurity Fintech Holding Inc.
Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries specializing in distributed computing, business consulting and financial brokerage business. Our dedication to compliance, innovation, and operational excellence ensures that we remain a trusted partner in the rapidly transforming digital financial landscape. For more information, please visit the Company’s website at https://mercurityfintech.com.

Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

For more information, please contact:
International Elite Capital Inc.
Vicky Chueng
Tel: +1(646) 866-7989
Email: mfhfintech@iecapitalusa.com

The MIL Network –

February 27, 2025
MIL-OSI: Virtune announces a change of ETP calculation agent for all ETPs
Source: GlobeNewswire (MIL-OSI)

Stockholm, February 27, 2025 – Virtune announces that as of March 3, 2025, the ETP Calculation Agent for Virtune’s ETPs will change from Ultumus to ETFBook. The ETP Calculation Agent is responsible for calculating and distributing PCFs (Portfolio Composition Files) to counterparties as a third party in relation to Virtune.

Notification of Service Provider Change within Virtune’s ETP Program

Virtune announces a change of ETP Calculation Agent from Ultumus to ETFBook for all Virtune’s ETPs, which will be reflected in the updated final terms, available as of March 3, 2025. This change aims to optimize and streamline the process of PCF calculations and their further distribution.

Please note that this change does not affect investors or the trading of Virtune’s ETPs, and no action is required from investors.

Change:
- Previous ETP Calculation Agent: Ultumus LTD.
- New ETP Calculation Agent: SquaredData GmbH, owner of the ETFBook brand.
- Address: Weissenrainstrasse 28, 8707 Uetikon am See, Zurich, Switzerland.
This change applies to all Virtune’s ETPs, which include the following:
- Virtune Bitcoin ETP (ISIN: SE0020845709)
- Virtune Staked Ethereum ETP (ISIN: SE0020541639)
- Virtune Staked Solana (ISIN: SE0021309754)
- Virtune Staked Polkadot ETP (ISIN: SE0021148129)
- Virtune XRP ETP (ISIN: SE0021486156)
- Virtune Avalanche ETP (ISIN: SE0022050092)
- Virtune Chainlink ETP (ISIN: SE0021149259)
- Virtune Arbitrum ETP (ISIN: SE0021310133)
- Virtune Staked Polygon ETP (ISIN: SE0021630217)
- Virtune Staked Cardano ETP (ISIN: SE0021630449)
- Virtune Crypto Altcoin Index ETP (ISIN: SE0023260716)
- Virtune Crypto Top 10 Index ETP SEK (ISIN: SE0020052207)
- Virtune Crypto Top 10 Index ETP EUR (ISIN: SE0020052215)
Press contact

Christopher Kock, VD Virtune AB (Publ)
Christopher@virtune.com
+46 70 073 45 64

Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at www.virtune.com.

Attachment
- Virtune announces a change of ETP calculation agent for all ETPs (1)
The MIL Network –
February 27, 2025
MIL-OSI Africa: Diamond Mining Drives Angola’s Economic Growth Agenda

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

CAPE TOWN, South Africa, February 27, 2025/APO Group/ —

Angola is aiming to increase diamond production to 17.53 million carats by 2027 as part of its National Development Plan 2023–2027, planning to leverage mining revenues to boost food security, employment creation and poverty reduction.

The country expects diamond revenue to rise from $1.4 billion in 2024 to $2.1 billion in 2025, increasing the sector’s contribution to the country’s GDP. With over 24 operational diamond mines, 54 exploration projects and strong governmental support for industry expansion, Angola’s diamond sector presents an opportunity for economic transformation.

The upcoming African Mining Week (AMW) – Africa’s premier event for the mining sector – will showcase lucrative diamond prospects in both well-established and emerging markets across Africa, including in Angola.

Unlocking Angola’s Untapped Potential

Recent discoveries, project launches and foreign investments underscore Angola’s potential as a global diamond mining powerhouse. According to state diamond firm ENDIAMA, the country holds over 732 million carats (https://apo-opa.co/4gU61Zy) of untapped diamond reserves valued at more than $140 billion. To capitalize on these resources, ENDIAMA will launch a diamond production and processing pilot at the Luachimba facility in 2025, reinforcing the sector’s contribution to sustainable development. Additionally, mine development and feasibility studies at the Xamacanda facility are underway as ENDIAMA seeks to expand independent production.

Strategic Investments and Global Partnerships

In November 2024, Maden International Group, a subsidiary of the Sovereign Fund of the Sultanate of Oman, entered the Angolan market by acquiring stakes in Catoca and Luele Mines from Russia’s Alrosa. The milestone introduces fresh capital and expertise, potentially unlocking Angola’s greater diamond production and GDP expansion. Further affirming Angola’s potential, De Beers announced in October 2024 the discovery of eight new diamond project targets as part of its ongoing exploration activities. The discovery follows a strategic partnership with ENDIAMA, Angola’s National Agency of Mineral Resources, Sodiam and the Institution of Geologists in Angola, to conduct airborne surveys, drilling and testing of new kimberlite targets. Angola is also assessing new diamond and critical mineral prospects in partnership with Rio Tinto.

High-Grade Diamond Discoveries

In August 2024, Lucapa Diamond Company discovered a 176-carat diamond at the Lulo Mine – one of the world’s largest – marking the fifth diamond over 100 carats found at the site in 2024. The discovery underscores Angola’s potential for high-grade diamond production, following 20 significant discoveries at Lulo in 2022.

Amid these market developments, AMW represents an ideal platform for global investors and mining stakeholders to connect with Angolan regulatory authorities and projects to explore the country’s vast diamond potential. AMW will facilitate investment discussions, deal signings and strategic partnerships, reinforcing Angola’s position as one of the world’s highly attractive diamond investment destinations.

African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energy 2025 conference (https://apo-opa.co/4ieTYqQ) from October 1 -3. in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com

MIL OSI Africa –

February 27, 2025
MIL-OSI: Bybit Receives In-Principle Approval to Establish Virtual Asset Platform in the United Arab Emirates

Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Feb. 27, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is proud to announce that it has received its In-Principle Approval (IPA) to set up as a Virtual Asset Platform Operator in UAE from the Securities & Commodities Authority (SCA) of the United Arab Emirates (UAE), dated on Feb 18, 2025. Bybit is also in the final steps to receive its fully operational license soon. This milestone marks a significant step in Bybit’s ongoing mission to provide a secure, stable, and compliant platform for crypto traders in the region.

This IPA underscores Bybit’s commitment to upholding the highest regulatory and compliance standards as it works toward full operational approval from the SCA. This authorization moves Bybit closer to offering a broad range of digital asset services to both retail and institutional clients in the UAE. Bybit’s progress in UAE follows its existing regulatory approvals in the Middle East, further solidifying its commitment to compliance in key financial hubs.

Ben Zhou, Co-founder and CEO of Bybit, commented on this milestone:

“We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions. Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE.”

The UAE has emerged as a leading global hub for cryptocurrency and blockchain innovation, supported by progressive regulatory frameworks that align with Bybit’s vision of bridging traditional finance with digital assets. Bybit remains committed to adhering to global compliance standards, including Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) protocols, ensuring a safe and trusted trading environment.

Beyond UAE, Bybit continues to secure regulatory approvals worldwide, expanding its presence in key jurisdictions such as India, Georgia, Kazakhstan, Turkey, etc, further reinforcing its regulatory commitment. These licenses enable Bybit to expand its reach while maintaining the highest security and compliance standards for its users worldwide.

#Bybit / #TheCryptoArk /

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

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

For updates, please follow: Bybit’s Communities and Social Media

Contact
Head of PR
Tony Au
Bybit
tony.au@bybit.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d1e76bf0-610d-49d7-96b0-205a12a6828d

The MIL Network –

February 27, 2025
MIL-OSI: Municipality Finance issues USD 20 million notes under its MTN programme

Source: GlobeNewswire (MIL-OSI)

Municipality Finance Plc
Stock exchange release
27 February 2025 at 10:00 am (EET)

Municipality Finance issues USD 20 million notes under its MTN programme

Municipality Finance Plc issues USD 20 million notes on 28 February 2025. The maturity date of the notes is 28 February 2035. MuniFin has a right, but no obligation, to redeem the notes early on 28 February 2027. The notes bear interest at a fixed rate of 5.305% per annum.

The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the 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 notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 February 2025.

UBS Europe SE acts as the dealer for the issue of the notes.

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 company is owned by Finnish municipalities, the public sector pension fund Keva and the State of Finland.
The Group’s balance sheet total 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 –

February 27, 2025
MIL-OSI China: AI at core of developing new quality productive forces in Hong Kong: financial secretary

Source: China State Council Information Office

Hong Kong will endeavor to develop Artificial Intelligence (AI) as a core industry and empower traditional industries in their upgrading and transformation, the financial secretary of the Hong Kong Special Administrative Region (HKSAR) government said on Wednesday.

While delivering the 2025-26 budget at the HKSAR’s Legislative Council, Paul Chan said that AI is at the core of developing new quality productive forces. Hong Kong will leverage the edge of “one country, two systems” and its internationalized characteristic to develop the city into an international exchange and cooperation hub for the AI industry.

Chan said that to spearhead and support Hong Kong’s innovative R&D as well as industrial application of AI, he has set aside HK$1 billion (about $128.69 million) for the establishment of the Hong Kong AI Research and Development Institute.

To bring together top talents in the industry to study the development and application of AI, the Hong Kong Investment Corporation Limited will host the first International Young Scientist Forum on Artificial Intelligence and the first International Conference on Embodied AI Robot, Chan added.

Furthermore, the HKSAR government has established the Hong Kong Space Robotics and Energy Center under the InnoHK Research Clusters, with the aim of developing a multi-functional lunar surface operation robot, which will contribute to the country’s Chang’e 8 mission, Chan said.

MIL OSI China News –

February 27, 2025
MIL-OSI: IDEX Biometrics interim report for the fourth quarter and preliminary result for 2024
Source: GlobeNewswire (MIL-OSI)

Oslo, Norway: IDEX Biometrics ASA’s interim report for the fourth quarter and preliminary result 2024 is attached to this notice, including the fourth quarter 2024 presentation.

The report and presentation are available on the IDEX Biometrics website:

www.idexbiometrics.com/investors

Recent highlights
- Certification of IDEX PAY platform allowing manufacturers to certify and launch Biometric Payment Card programs with both Visa and Mastercard globally.
- Reaching scale manufacturing quality among key partners, enabling them and us to go beyond pilot volumes.
- IDEX Biometrics partner KONA I becomes first manufacturer certified by Mastercard for both PVC and metal biometric cards.
- Access: Received an order from DigAware to deliver a biometric sensor solution to enhance their smart badges. DigAware’s new biometric ID badge incorporates RFID radios for emergency situations in environments such as schools, hospitals, and enterprises.
- Payments: First commercial launch in Japan together with Life Card, subsidiary to AIFUL Japan’s third largest consumer finance company. Life Card’s commercial roll-out is targeted for the first half of 2025.
- Streamlined global operations and progressed on cost efficiencies, aligning resources with key market priorities and further optimized our workforce.
- Completed rights issue in November, allowing retail investors to participate at the same terms as shareholders participating in the September capital raise.
Financial results Q4 2024
- No product revenues in the fourth quarter.
- Operating expenses excluding cost of products sold and bad debt provisions amounted to $2.4 million in the fourth quarter, below target at $2.5 million.
- An accrual for loss on receivables from Zwipe AS amounting to $0.6 million has been included in the fourth quarter of 2024.
- Net loss in the fourth quarter of 2024 was $2.1 million. The result includes net financial gain amounting to $2.4 million caused by value change of warrants and the derivative related to the convertible debt. Adjusted for these items, the result would have been a net loss of $4.6 million.
- A non-cash impairment of goodwill amounting to $968 thousand was recorded in the fourth quarter.
- Cash balance per 31 December 2024 at $2.0 million
For further information contact:
Marianne Bøe, Head of Investor Relations, +47 91800186
Kristian Flaten, CFO + 47 95092322
E-mail: ir@idexbiometrics.com

About IDEX Biometrics

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

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

Trademark Statement

IDEX, TrustedBio, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

About this notice

This notice was issued by Marianne Bøe, Head of Investor Relations, on 27 February 2025 at 08:00 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to section 5‑6 of the Norwegian Securities Trading Act (STA) and published in accordance with section 5‑12 of the STA.

Attachments
- IDEX BIOMETRICS Q4 2024 REPORT
- IDEX BIOMETRICS Q4 2024 PRESENTATION
The MIL Network –
February 27, 2025
MIL-OSI: Key information relating to the proposed cash dividend to be paid by Subsea 7 S.A.
Source: GlobeNewswire (MIL-OSI)

Luxembourg – 27 February 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, the Company) today announced that its Board of Directors will recommend to the shareholders at the Annual General Meeting of the Company to be held on 8 May 2025 (the AGM) that a dividend of NOK 13.00 per share be paid, in two instalments, equivalent to a total dividend of approximately USD 350 million.

Key information relating to the first instalment of the cash dividend to be paid by Subsea 7 S.A.
- Dividend amount: 6.5 per share
- Announced currency: NOK
- Last day including right: 13 May 2025 for common shareholders / 14 May 2025 for ADR holders
- Ex-date: 14 May 2025 for common shareholders / 15 May 2025 for ADR holders
- Record date: 15 May 2025
- Payment date: 22 May 2025
- Approval date: the proposed cash dividend is subject to approval at the AGM
Key information relating to the second instalment of the cash dividend to be paid by Subsea 7 S.A.
- Dividend amount: 6.5 per share
- Announced currency: NOK
- Last day including right: 28 October 2025 for common shareholders/ 29 October 2025 for ADR holders
- Ex-date: 29 October 2025 for common shareholders/ 30 October 2025 for ADR holders
- Record date: 30 October 2025
- Payment date: 6 November 2025
- Approval date: the proposed cash dividend is subject to approval at the AGM
*******************************************************************************
Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

*******************************************************************************

Contact for enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568
ir@subsea7.com
www.subsea7.com

This information is published in accordance with the requirements of the Continuing Obligations.

This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 27 February 2024 at 08:00 CET.

Attachment
- SUBC AGM Dividend 2025
The MIL Network –
February 27, 2025
MIL-OSI: GM Statement

Source: GlobeNewswire (MIL-OSI)

FORESIGHT TECHNOLOGY VCT PLC
LEI: 21380013CXOR8N6OD977

GENERAL MEETING STATEMENT
27 February 2025

The Board of Foresight Technology VCT plc is pleased to announce that at the General Meeting of the Company held on 26 February 205 the sole resolution proposed was duly passed on a show of hands.

Proxy votes were received in respect of 1,026,247 FWT Shares, representing 2.57% of the issued share capital as at 26 February 2025. The proxy voting was as follows:

Resolution Votes For Votes at Discretion of Chair Votes Against

1 888,320 137,474 453

A copy of the resolutions passed at the GM will be submitted to the National Storage Mechanism in accordance with UK Listing Rules 16.3.5R and 16.3.6R.

For further information, please contact:

Company Secretary:
Foresight Group LLP
Contact: Gary Fraser Tel: 0203 667 8100

Investor Relations:
Foresight Group LLP
Contact: Andrew James Tel: 0203 7636914

The MIL Network –

February 27, 2025
MIL-OSI Economics: Development Asia: Ensuring Sustainable, Locally Relevant Vaccine R&D in Resource-Limited Settings

Source: Asia Development Bank

Decisions on vaccine platform choice should be context-specific.

Various vaccine technologies or platforms are available to help the body defend against pathogens (Table 1). While mRNA-based vaccines were the fastest to be developed and the most effective against SARS-CoV-2, the technology is not a solution for all pathogens. Each vaccine platform has its advantages and limitations, and choosing one depends on factors such as the pathogen, immune response, outbreak situation, cost, and ease of manufacturing.

The understanding of how the human body defends against different pathogens often guides vaccine technology selection. The two major protective, vaccine-induced immune components include: 1) neutralizing antibodies in the blood that can block infection and 2) immune T cells that kill infected cells. For example, the immune system combats bacterial infections through T-cell-dependent antibodies targeting the outer bacterial polysaccharide coating. As a result, most bacterial vaccines use polysaccharide conjugate vaccine technologies.

Tackling pandemic versus endemic pathogens requires vastly different vaccine development considerations. During a pandemic, rapid vaccine development technologies, such as mRNA, are critical. However, for vaccines against endemic pathogens, priorities may shift to long-term immunity and cost-effectiveness. When developing vaccines in or for populations in low-resource settings, cost and manufacturing complexity are key considerations. Furthermore, up-to-date knowledge of the major circulating pathogen strains—both locally and globally—and their associated epidemiology should inform vaccine development.

Investment in a range of vaccine platforms is critical for maximizing success.

As countries tackle a vast range of emerging infectious diseases, experts recommend judicious R&D investments in a variety of platforms, as well as innovations in manufacturing. The “portfolio approach” by the Coalition for Epidemic Preparedness Innovations (CEPI) is a case in point. It refers to the deliberate investment in a diverse range of vaccine platforms. Portfolio diversification enhances overall success by ensuring that different platforms do not share the same features and risks of failure.

Investment in early-stage R&D is instrumental for understanding how vaccine candidates provide protection and for generating evidence to support early go/no-go decisions in vaccine development. All vaccine R&D investments require a comprehensive assessment to evaluate market demand, barriers to access, and expected public health impact. For example, GAVI’s vaccine investment analysis framework aims to understand and capture the full value of vaccines, including social, economic, and population health benefits.

CEPI’s 100-day mission proposes to build a global vaccine library to promote coordinated investments and a global collaborative network for rapid content sharing. This initiative aims to build a library of vaccine prototypes and incorporate AI tools to forecast virus variants for high-priority diseases before their emergence.

Accelerating vaccine development requires multi-stakeholder effort.

The COVID-19 pandemic highlighted the possibility of drastically shrinking clinical development timelines by combining clinical trial phases and using adaptive trial designs. The use of immune correlates of protection (CoP)—i.e., immune parameters responsible for vaccine-induced protection—also enabled the rapid licensure of several COVID-19 vaccines. This was achieved through bridging studies, where immunology results from completed clinical trials were extrapolated to different populations. Fundamental research on high-priority pathogens is therefore crucial for establishing and validating CoP for future pandemic pathogens. Newer methods, such as controlled human challenge models, offer further potential to provide rapid insights into protection and safety.

Regulatory agility during the pandemic facilitated the expedited development of safe and high-quality vaccines. Similarly, regional and global collaboration in sharing manufacturing processes and vaccine safety and efficacy data further accelerated vaccine R&D. Therefore, continued data sharing, harmonization of regulatory requirements and resolving intellectual property issues will lead to faster availability of new vaccines during emergencies.

Limited infrastructure, funding, technical expertise, operational and manpower limitations currently hamper trials in resource-limited countries. Equitable vaccine access may be facilitated through international public-private partnerships in vaccine development and technology transfer. Understanding the magnitude and extent of knowledge and expertise gaps in these countries is important for guiding capacity building initiatives.

Affordability dictates the success of vaccine development programs in resource-limited countries.

Innovative strategies are essential in ensuring financial sustainability of vaccine R&D in lower-resourced countries. Design and discovery of new and improved vaccine technologies usually require decades of investment in basic scientific research, which is mostly sustainable in high-resource settings. To level the playing field, initiatives such as the WHO mRNA transfer hub and private and philanthropic joint ventures like Hilleman laboratories are working to make new vaccine technologies more accessible to lower-resource countries through technology transfer mechanisms.

Additionally, vaccine clinical trials require significant financial investments for setting up infrastructure, capacity development and clinical trial implementation. As a solution, WHO recently set up the Global Clinical Trials Forum to strengthen the clinical trial ecosystem in the Global South and promote domestic financing of clinical trials.

Table 1: Major Vaccine Platforms and Considerations for Development in Resource Constrained Settings

MIL OSI Economics –

February 27, 2025

MIL-OSI: Azerion publishes Interim Unaudited Financial Results Q4 2024 and Preliminary Unaudited Financial Results Full Year 2024

Source: GlobeNewswire (MIL-OSI)

Strong Platform performance driving profitability

Highlights of FY and Q4 2024

Our FY 2024 performance reflects the year long focus on efficiency and profitability driven by continued investment in the advertising platform:

FY 2024 Revenues up 13% from € 486.7 million¹ to € 551.2 million
FY 2024 Adjusted EBITDA up 21% YoY from € 62.2 million¹ to € 75.1 million

Specifically in Q4 2024, we focused on driving synergies and eliminating redundant costs in the advertising platform:

Q4 2024 Adjusted EBITDA up 14% YoY from € 26.4 million to € 30.1 million
Core segment Platform outperformed the group with Adjusted EBITDA up 15% from € 22.8 million in Q4 2023 to € 26.2 million in Q4 2024
Maintained Q4 2024 Revenues at € 168 million (-2%) while integrating and reorganising 2022 and 2023 acquisitions in order to phase out low margin revenues and focus on increased profitability

At the same time we used the last quarter to strengthen our position through new partnerships, acquisitions and further financing:

Signed 90 new publishers and connected 3 additional SSPs and DSPs to expand our digital audiences across Europe and the Americas and further integrated our publisher monetisation tool OneFMS across regions.
Finalised the acquisition of Goldbach Austria GmbH, one of the foremost digital and linear advertising brokers in the DACH region providing Azerion with additional digital out of home footprint and an annual revenue run rate of over € 20 million.
Entered new partnerships with Produpress in Belgium and Moneytizer in France to enrich the unique content and audiences that we make available for brands and agencies.
Successfully completed the placement of additional bonds for an amount of € 50 million under Azerion’s existing Senior Secured Callable Floating Rate Bond framework of € 300 million.

In addition, we further invested in our platform’s multi-cloud infrastructure and AI capabilities:

Added Huawei as cloud partner alongside AWS and Google in our Azerion multi-cloud setup reducing our reliance on single cloud vendors and decreasing our total cost of ownership.
Migration of Eniro to the Azerion multi-cloud bringing them higher quality, lower latency service and annual cost savings of over € 1.5 million once fully implemented.
Deployed our latest version of AI enhanced creative performance benchmark and outcome intelligence tools helping our advertisers and our operators to better understand which ads work best for various audiences in different circumstances and allowing for machine optimisation of campaigns.

¹ (excluding the divested social card games portfolio)

Selected KPIs

Financial Results – Azerion Group N.V.

in millions of €

	Q4 2024	Q4 2023	Growth	FY 2024	FY 2023	Growth

Platform Segment
Advertising Platform	126.3	126.0	0%	412.3	348.6	18%
AAA Game Distribution (e-commerce)	26.9	31.7	(15)%	85.0	88.8	(4)%
Revenue	153.2	157.7	(3)%	497.3	437.4	14%
Operating profit / (loss)	7.2	5.6	29%	(1.7)	(2.0)	(15)%
Adj. EBITDA	26.2	22.8	15%	62.4	53.2	17%

Premium Games Segment¹⁾
Revenue	14.8	14.1	5%	53.9	77.6	(31)%
Operating profit / (loss)	(0.1)	0.5	(120)%	(0.7)	74.8	(101)%
Adj EBITDA	3.9	3.6	8%	12.7	18.7	(32)%

Group (excluding social card games)
Revenue	168.0	171.8	(2)%	551.2	486.7	13%
Operating profit / (loss)	7.1	6.1	16%	(2.4)	(8.2)	(71)%
Adj. EBITDA	30.1	26.4	14%	75.1	62.2	21%

Group (including social card games)
Revenue	168.0	171.8	(2)%	551.2	515.0	7%
Operating profit / (loss)	7.1	6.1	16%	(2.4)	72.8	(103)%
Adj. EBITDA	30.1	26.4	14%	75.1	71.9	5%

¹⁾2023 figures for Premium Games contain results of the social cards game portfolio that was divested in Q3 2023. For detailed split of Premium Games results please refer to respective section below.

	Q4 2024	Q4 2023	FY 2024	FY 2023
Adj. EBITDA Margin %
Platform	17%	15%	13%	12%
Premium Games	26%	26%	24%	24%
Group (excluding social card games)	18%	15%	14%	13%
Group	18%	15%	14%	14%

Message from the CEO

Q4 was a strong quarter for us, marked by a clear focus on profitability. By maintaining operational discipline and executing on our strategic priorities, we successfully met our full-year 2024 guidance. This achievement reflects our commitment to sustainable growth and value creation for our shareholders.Throughout the year, we have dedicated significant time and resources to building an ecosystem that truly supports European publishers. Our platform empowers them to create engaging content, monetize effectively, and manage their resources with greater predictability. By fostering a high-performance environment, we are enabling European publishers to thrive in an increasingly competitive digital landscape by giving them a truly European choice.

Looking ahead, we continue to see AI as a major opportunity to drive further innovation and efficiency. Managing over 250,000 auctions per second gives us a unique vantage point to leverage data at scale. We have developed generative AI advertising solutions that enhance campaign performance, while our latest AI-powered creative performance benchmarks and outcome intelligence tools are delivering valuable insights to our partners. These advancements position us at the forefront of AI-driven advertising, helping our customers achieve better results with greater precision thanks to a long history of machine learning at the core of our platform.

At the same time, we also see an increasing number of opportunities to accelerate our growth through strategic partnerships and acquisitions. We have built a strong pipeline of actionable opportunities and are well-positioned to execute on them. Stay tuned to hear more about our expansion through partnerships throughout this year, alongside the continued deployment of our AI platform.

– Umut Akpinar

Financial overview

Revenue

Q4 2024

Revenue for the quarter amounted to € 168.0 million, down (2.2)% from € 171.8 million in Q4 2023, mainly driven by lower consumer spending in AAA game distribution.

FY 2024

Revenue for FY 2024 amounted to € 551.2 million, up 13.3% from € 486.7 million in FY 2023 excluding the social card games portfolio divested in Q3 2023, mainly driven by higher advertising spend across the Platform Segment, particularly in Direct Sales and the integration of past acquisitions.

Revenue was up 7.0% from € 515.0 million in FY 2023 including the revenue from the social card games portfolio of € 28.3 million in FY 2023.

Earnings

Q4 2024

Adjusted EBITDA for the quarter was € 30.1 million compared to € 26.4 million in Q4 2023, an increase of 14.0% driven by improved performance in both Platform and Premium Games segments. Platform increase was largely due to the mix of Advertising Platform Revenue, increased share of Direct Sales and an increasingly efficient delivery operation. The Premium Games result was driven by the ongoing strong performance of Habbo Hotel Origins and product development across social casino and other metaverse titles, as well as further consolidation and integration efforts resulting in improved operational performance.

The operating profit for the quarter amounted to € 7.1 million, compared to a profit of € 6.1 million in Q4 2023, mainly due to the successful integration of acquisitions and the subsequent synergies and cost reductions that were realised in the Platform segment.

FY 2024

Adjusted EBITDA in FY 2024 was € 75.1 million compared to € 62.2 million in FY 2023 excluding the divested social card games portfolio, an increase of 20.7% driven by higher advertising spend across the Platform Segment and improved performance of Premium Games, specifically metaverse titles due to the release and ongoing strong performance of Habbo Hotel Origins and product development across the social casino titles, plus efficiencies from the integration of previous acquisitions..

Adjusted EBITDA in FY 2024 was up 4.5% from € 71.9 million in FY 2023 including the contribution from the social card games portfolio of € 9.7 million in FY 2023.

The operating loss in FY 2024 amounted to € (2.4) million, compared to € (8.2) million in FY 2023 (excluding gain on the sale and the result of the social card games portfolio of € 81.0 million), driven by increased Platform revenue and contribution from Direct sales, improved performance of Premium Games, specifically metaverse titles due to the release and ongoing success of Habbo Hotel Origins and product development across the social casino titles plus efficiencies from optimisation and consolidation efforts, and notwithstanding the one-off increase in operating expenses related to the settlement of a commercial dispute and renegotiation of contingent consideration terms for one of the acquisitions.

Cash flow

Q4 2024

Cash flow from operating activities in Q4 2024 was an inflow of € 10.0 million, mainly due to strong operating profit after cancellation of non-cash items of € 22.5 million, offset by movements in net working capital reflecting an increase in trade and other payables of € 4.9 million and an increase in trade and other receivables of € (7.6) million, net € (8.3) million paid in interest and € (1.2) million paid in income tax.

Cash flow from investing activities was an outflow of € (18.2) million, due to payments for tangible and intangible assets of € (6.5) million and net cash outflow on acquisition of subsidiaries of € (11.7) million.

Cash flow from financing activities was an inflow of € 31.5 million, mainly due to net proceeds in the amount of € 34.5 million (net of transaction costs) from additional bonds placed under the existing Senior Secured Callable Floating Rate Bond framework offset by repayments of external borrowings and the principal portion of lease liabilities amounting in total to € (3.0) million.

FY 2024

Cash flow from operating activities in FY 2024 was an inflow of € 7.0 million, mainly due to strong operating profit after cancellation of non-cash items of € 52.6 million, offset by movements in net working capital reflecting a decrease in trade and other payables of € (32.5) million and a decrease in trade and other receivables of € 19.9 million, utilisation of provisions of € (3.1) million, net € (25.7) million paid on interest and € (4.2) million paid in income tax.

Cash flow from investing activities was an outflow of € (36.8) million, mainly due to payments for tangible and intangible assets of € (20.8) million and net cash outflow on acquisition of subsidiaries of € (27.7) million, partly offset by the receipt of net deferred consideration for the sale of social card games portfolio in amount of € 11.2 million.

Cash flow from financing activities was an inflow of € 80.9 million, mainly due to net proceeds in the amount of € 92.1 million (net of transaction costs), consisting of € 82.7 million from additional bonds placed under the existing Senior Secured Callable Floating Rate Bond framework and a Revolving Credit Facility of € 9.4 million, offset by repayments of external borrowings and the principal portion of lease liabilities amounting in total to € (11.0) million.

Capex

Azerion capitalises development costs related to the internal development of assets, a core activity to support innovation in its platform. These costs primarily relate to developers’ time devoted to the development of the platform, games and other new features. In Q4 2024 Azerion capitalised € 4.8 million, equivalent to 19.2% (Q4 2023: € 3.4 million, equivalent to 12.4%) of gross personnel costs excluding restructuring provision expense. In FY 2024 Azerion capitalised € 16.2 million, equivalent to 16.0% (FY 2023: € 17.5 million, equivalent of 16.2%) of gross personnel costs excluding restructuring provision expense.

Financial position and borrowing

Net interest-bearing debt^*) amounted to € 203.8 million as at 31 December 2024, mainly comprising the outstanding bond loan with a nominal value of € 265 million (part of a total € 300 million framework) and lease liabilities with a balance of € 19.4 million less the cash and cash equivalents position of € 90.6 million.

^*)As defined in the Terms & Conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657. Please also refer to the Definitions section and the notes of this Interim Report for more information.

Platform Segment

Our Platform segment includes our digital advertising activities, AAA Game Distribution (formerly referred to as e-commerce), Casual Game Distribution (being the operation and distribution of casual games) and Azerion Sports. The Platform segment generates Revenue mainly by displaying digital advertisements in both game and general content, as well as selling and distributing AAA games. Advertisers are serviced through two models: i) Direct sales, which involve a direct engagement between Azerion’s commercial teams and advertisers or their agencies in the placement of digital advertisements, and ii) Automated auction sales in which advertising inventory is purchased through the open market. Platform is also integrated with parts of our Premium Games segment, leveraging inter-segment synergies.

Selected business highlights in Q4 2024 include:

Azerion rated as the leading advertising network in France by Médiamétrie in collaboration with NetRatings.
90 new publishers signed and launched including tuttocampo.it and allermedia.se providing greater reach for digital advertising.
Eniro has deployed our Full Monetisation Solution which we are continuing to roll out across all our regions, including Italy in Q4 2024.
Azerion Intelligence launched enabling new demographic segments in the Azerion DMP.
Azerion DMP is now integrated with Magnite and OpenX SSPs and our audiences for CTV are available via Pubmatic SSP.
Launched Smart AI Curation in the Azerion Marketplace further improving the ability to create custom audiences.
Azerion Casual Games Distribution expanded its reach in Q4 by onboarding 40 new publishers, including third-party channels such as Samsung Instant Plays. By the end of the quarter, its casual games portfolio exceeded 21,000 titles, demonstrating steady year-over-year growth

Platform – Selected Financial KPIs

Financial results – Platform

In millions of €

	Q4 2024	Q4 2023	FY 2024	FY 2023
Advertising Platform	126.3	126.0	412.3	348.6
AAA Game Distribution (formerly e-commerce)	26.9	31.7	85.0	88.8
Total Revenue	153.2	157.7	497.3	437.4
Operating profit / (loss)	7.2	5.6	(1.7)	(2.0)
Adj. EBITDA	26.2	22.8	62.4	53.2

Revenue growth % – Advertising Platform	0.2%		18.3%
Revenue growth % – AAA Game Distribution	(15.1%)		(4.3%)
Total Revenue growth %	(2.9%)		13.7%
Adjusted EBITDA growth / (decrease) %	14.9%		17.3%
Adjusted EBITDA margin %	17.1%	14.5%	12.5%	12.2%

Total Platform Revenue of € 153.2 million in Q4 2024, compared to € 157.7 million in Q4 2023, a decrease of (2.9)% mainly due to lower revenues in our AAA Game distribution. Total Platform Revenue of € 497.3 million in FY 2024, an increase of 13.7% compared to € 437.4 million in FY 2023, mainly due to growth in advertising revenue from Direct sales.

Advertising Platform Revenue of € 126.3 million in Q4 2024, almost flat compared to the € 126.0 million in Q4 2023, mostly the result of an offset between growth in the direct business and the integration of revenues from acquired businesses. In Q4 2024, Azerion’s Direct sales contributed approximately 70% of Platform advertising revenue, with the balance provided by Automated auction sales. FY 2024 Advertising Platform Revenue came to € 412.3 million, up 18.3% compared to € 348.6 m in 2023.

In Q4 2024, AAA Game Distribution generated Revenue of € 26.9 million as compared to € 31.7 million in Q4 2023, a decrease of approximately (15.1)% due to fewer high-profile AAA game releases in Q4 2024 (for example Concord™ by PlayStation didn’t get the consumer traction Sony expected and was subsequently pulled from 3rd party distribution) and optimising towards profitability rather than revenue which meant that the business sold smaller but higher margin titles. In Q4 2024, AAA Game Distribution Revenue represented 17.6% of total Platform Revenue, as compared to 20.1% in Q4 2023.

Total Platform Operating Profit of € 7.2 million in Q4 2024, compared to € 5.6 million in Q4 2023, a significant increase of 28.6% largely due to the successful integration of acquisitions and the subsequent synergies and cost reductions that were realised. Total Platform Operating Loss of € (1.7) million in FY 2024, compared to € (2.0) million in FY 2023, an improvement largely due the aforementioned results of our efforts to integrate acquisitions, create synergies and reduce costs throughout the year.

Total Platform Adjusted EBITDA of € 26.2 million in Q4 2024, compared to € 22.8 million in Q4 2023, an increase of 14.9% largely due to the mix of Advertising Platform Revenue, increased share of Direct Sales and an increasingly efficient delivery operation. Total Platform Adjusted EBITDA of € 62.4 million in FY 2024, compared to € 53.2 million in FY 2023, an increase of 17.3% mainly as a result of growth in advertising revenue from Direct sales and the integration of previous acquisitions.

Advertising – Selected Operational KPIs

Advertising – Operational KPIs

	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Avg. Digital Ads Sold per Month (bn)	13.9	11.9	12.1	12.6	14.1
Avg. Gross Revenue per Million Processed Ad Requests across the Azerion Platform (EUR)¹⁾	34.5	25.4	29.0	23.4	24.3

¹⁾Average gross revenue per million processed ad requests across Azerion Platform is calculated by dividing gross advertising revenue (processed by Azerion’s advertising auction and monetisation platforms) by a million advertisement requests processed by Azerion’s advertising auction and monetisation platforms.

Note: Both Advertising Operational KPIs now include data relating to the Hawk acquisition as of Q4 2023.

The Average Digital Ads sold per Month increased to 14.1 billion in Q4 2024 from 13.9 billion in Q4 2023, an increase of 1.4%, reflecting the Platform’s demand side growth due to the integration of past acquisitions and the consolidation of Azerion’s monetisation technology into a single scalable media buying platform.

The Average Gross Revenue per Million Processed Ad Requests across the Azerion Platform in Q4 2024 was € 24.3, compared to € 34.5 in Q4 2023, a decline year on year as we onboarded several high volume but relatively low revenue publishing partners in Q4 2024.

Premium Games Segment

Since the end of Q3 2023, the Premium Games segment has consisted of social casino games and metaverse games. Azerion completed the sale of its social card games portfolio to Playtika Holding Corp. on 28 August 2023 and its contribution to the Premium Games segment ceased at that date. The segment generates revenue mainly by offering users the ability to make in-game purchases for extra features and virtual goods to enhance their gameplay experience. This segment aims to stimulate social interaction among players and build communities, offering an extended value proposition to advertisers and generating cross-selling opportunities with the Platform segment.

Selected Q4 2024 business highlights

Habbo Origins revenue has continued to progress several months after its release demonstrating solid long term potential and we have released new features such as Boom, a new game within Habbo Origins, which is intended to increase user engagement.
⁠New releases and packages for players of our Social Casino games such as dynamic bet sizes, bet roulette and Holiday themed collections.

Premium Games – Selected Financial KPIs

Financial results – Premium Games

In millions of €

	Q4 2024	Q4 2023	FY 2024	FY 2023
Revenue (excluding social card games)	14.8	14.1	53.9	49.3
Social card games portfolio	–	–	–	28.3
Total Revenue	14.8	14.1	53.9	77.6
Operating profit / (loss) (excluding social card games)	(0.1)	0.5	(0.7)	(6.2)
Social card games portfolio	–	–	–	81.0
Total Operating profit / (loss)	(0.1)	0.5	(0.7)	74.8
Adjusted EBITDA (excluding social card games)	3.9	3.6	12.7	9.0
Social card games portfolio	–	–	–	9.7
Total Adjusted EBITDA	3.9	3.6	12.7	18.7

Revenue growth % (excluding social card games)	5.0%	–	9.3%	–
Adjusted EBITDA growth % (excluding social card games)	8.3%	–	41.1%	–
Adjusted EBITDA margin % (excluding social card games)	26.4%	25.5%	23.6%	18.3%

Revenue of € 14.8 million in Q4 2024, as compared to € 14.1 million in Q4 2023, an increase of 5.0%, mainly driven by the increased number of paying users in metaverse titles due to the ongoing strong performance of Habbo Hotel Origins combined with new Social Casinos sale features, improved discount strategies and increased partner user acquisition spend. Revenue was € 53.9 million in FY 2024, as compared to € 49.3 million in FY 2023 (excluding social card games), an increase of 9.3%, driven by social casino and metaverse performance and the factors previously described for Q4 2024, partly offset by the sale of Woozworld at the start of January 2024 (totaling € 1.7 million Revenue in FY 2023).

Adjusted EBITDA of € 3.9 million in Q4 2024, compared to € 3.6 million in Q4 2023, an increase of 8.3%, mainly driven by improved performance from metaverse titles due to the ongoing strong performance of Habbo Hotel Origins, consolidation and integration efforts resulting in improved operational performance and product development across the social casino and other metaverse titles. Adjusted EBITDA of € 12.7 million in FY 2024, as compared to € 9.0 million (excluding social card games), an increase of 41.1% compared to FY 2023 reflecting the increased performance of our metaverse titles due to the launch of Habbo Hotel origins, consolidation and integration efforts resulting in improved operational performance and product development across the social casino and other metaverse titles offset by the shift in new user generation to mobile in Azerion’s social casino environment which has higher growth potential over time, but also higher transaction costs as compared to web.

Operating Loss of € (0.1) million in Q4 2024, compared to Operating Profit of € 0.5 million in Q4 2023, mainly driven by end of year adjustments in depreciation and amortisation.

Operating Loss of € (0.7) million in FY 2024, compared to € (6.2) million in FY 2023 (excluding social card games), an improvement once again reflecting the developments described for Adjusted EBITDA above.

Premium Games – Selected Operational KPIs

Premium Games – Operational KPIs

	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Avg. Time in Game per Day (min)	95.0	87.0	81.0	84.7	89.3
Avg. DAUs (thousands)	255.4	251.2	252.9	239.4	227.4
Avg. ARPDAU (EUR)	0.47	0.42	0.53	0.57	0.59

The Average Time in Game per Day (min) decreased by (6)% in Q4 2024 to 89.3 minutes per day as compared to 95.0 minutes per day in Q4 2023 due to slightly shorter average game time in the newly released Habbo Origins title compared with the rest of the metaverse games.
The Average Daily Active Users (DAUs) decreased by (11)% in Q4 2024 to 227.4 compared to Q4 2023 of 255.4, mainly due to lower user acquisition spend and increased focus on greater engagement with higher paying users.
The Average Revenue per Daily Active User (ARPDAU) increased by 26% in Q4 2024 to € 0.59 compared to Q4 2023 of € 0.47, driven by improved in-game sales mechanics in social casino, features and events.

Outlook

With our Full Year 2024 Net Revenue at € 551 million, the closing of several partnerships in the last months of the year, our subsequent bond issue in December, and the opportunities we see for the coming year, our Full Year 2025 Net Revenue is expected to be in the range of approximately € 600 million to € 650 million, with annual growth thereafter in the medium term expected to be approximately 10%.

Adjusted EBITDA for full year 2025 is expected to be at least approximately € 85 million, with annual Adjusted EBITDA margin thereafter in the medium term expected to be in the range of approximately 14% to 16% through further integrations, synergies and scale effects.

Other information

Interest-bearing debt

Interest-bearing debt

in millions of €

	31 December 2024	31 December 2023
Total non-current indebtedness	268.7	172.0
Total current indebtedness	25.9	12.6
Total financial indebtedness	294.6	184.6
Deduct Zero interest-bearing loans	(0.2)	(0.1)
Interest-bearing debt	294.4	184.5
Less: Cash and cash equivalents	(90.6)	(40.3)
Net Interest-bearing debt (Bond terms)	203.8	144.2

References to bond terms in the table above refer to the terms as defined in the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657

Reconciliation of Profit / (loss) for the period to Adjusted EBITDA

Reconciliation of Profit / (loss) for the period to Adjusted EBITDA – Q4

in millions of €

	Q4
	2024				2023
	Azerion Group	Premium Games	Platform	Other	Azerion Group	Premium Games	Platform	Other
Profit / (loss) for the period	3.3				(7.2)
Income Tax expense	(6.7)				(2.4)
Profit / (loss) before tax	(3.4)				(9.6)
Net finance costs	11.0				15.7
Share in profit/(loss) of associate	(0.5)				–
Operating profit / (loss)	7.1	(0.1)	7.2	–	6.1	0.5	5.6	–
Depreciation & Amortisation	15.5	3.6	11.9	–	13.9	3.3	10.6	–
Share in profit/(loss) of associate	0.5	–	0.5	–	–	–	–	–
Other	4.1	1.2	2.9	–	1.7	(0.2)	1.9	–
Acquisition expenses¹⁾	2.8	(0.9)	3.7	–	3.9	(0.1)	4.0	–
Restructuring	0.1	0.1	–	–	0.8	0.1	0.7	–
Adjusted EBITDA	30.1	3.9	26.2	–	26.4	3.6	22.8	–

¹⁾In the past, all changes to the fair value of liabilities for contingent considerations were adjusted out of EBITDA on the basis that these impacts were acquisition related. Management has decided to cease these adjustments where the consideration is contingent upon the achievement of financial targets, because these changes in fair value are offsetting opposite movements already included in the operational performance of the acquired entity. This change has been applied prospectively.

Reconciliation of Profit / (loss) for the period to Adjusted EBITDA – FY

in millions of €

	FY
	2024				2023
	Azerion Group	Premium Games	Platform	Other	Azerion Group	Premium Games	Platform	Other
Profit / (loss) for the period	(35.4)				25.1
Income Tax expense	(6.0)				19.0
Profit / (loss) before tax	(41.4)				44.1
Net finance costs	39.5				28.7
Share in profit/(loss) of associate	(0.5)				–
Operating profit / (loss)	(2.4)	(0.7)	(1.7)	–	72.8	74.8	(2.0)	–
Depreciation & Amortisation	47.8	11.5	36.3	–	46.4	12.9	33.5	–
Share in profit/(loss) of associate	0.5	–	0.5	–	–	–	–	–
Social card games portfolio	–	–	–	–	(72.6)	(72.6)	–	–
Other	5.7	1.5	4.2	–	3.2	0.7	2.5	–
Acquisition expenses¹⁾	22.2	–	22.2	–	14.4	1.1	13.3	–
Restructuring	1.3	0.4	0.9	–	7.7	1.8	5.9	–
Adjusted EBITDA	75.1	12.7	62.4	–	71.9	18.7	53.2	–

Additional notes:

Acquisition expenses for FY 2024 include € 7.7 million relating to:

€ 4.8 million in Q2 2024 on one-off settlement of a commercial dispute and contingent consideration fair value loss (non-operational performance target) relating to a previous acquisition
€ 2.9 million in Q3 2024 on renegotiation of contingent consideration terms for one of the acquisitions.

Operating expenses

Breakdown of Operating expenses

in millions of €

	Q4		FY
	2024	2023	2024	2023
Personnel costs	(20.2)	(24.9)	(86.2)	(98.5)
Includes:
Restructuring related expenses	(0.1)	(0.8)	(1.3)	(7.7)
Acquisition related one-off items	–	–	(1.7)	–

Other expenses	(12.5)	(8.7)	(40.7)	(37.3)
Includes:
One-off settlement expenses	–	–	(3.0)	–

Operating expenses	(32.7)	(33.6)	(126.9)	(135.8)

Condensed consolidated statement of profit or loss and other comprehensive income

In millions of €

	Q4		FY
	2024	2023	2024	2023
Revenue	168.0	171.8	551.2	515.0
Costs of services and materials	(112.4)	(117.9)	(377.4)	(332.3)
Personnel costs	(20.2)	(24.9)	(86.2)	(98.5)
Depreciation	(3.0)	(2.2)	(9.0)	(8.1)
Amortisation	(12.5)	(11.7)	(38.8)	(38.3)
Other gains and losses¹⁾	(0.3)	(0.3)	(1.5)	72.3
Other expenses	(12.5)	(8.7)	(40.7)	(37.3)
Operating profit / (loss)	7.1	6.1	(2.4)	72.8

Finance income	3.1	1.0	7.0	8.5
Finance costs	(14.1)	(16.7)	(46.5)	(37.2)
Net Finance costs	(11.0)	(15.7)	(39.5)	(28.7)

Share in profit/(loss) of associate	0.5	–	0.5	–

Profit / (loss) before tax	(3.4)	(9.6)	(41.4)	44.1
Income tax expense	6.7	2.4	6.0	(19.0)
Profit / (loss) for the period	3.3	(7.2)	(35.4)	25.1

Attributable to:
Owners of the company	3.3	(7.9)	(36.7)	23.7
Non-controlling interest	–	0.7	1.3	1.4

Exchange difference on translation of foreign operations	(0.3)	(0.3)	1.0	(0.6)
Financial assets fair value through OCI	0.0	–	(0.8)	–
Total other comprehensive income	(0.3)	(0.3)	0.2	(0.6)
Total comprehensive income/(loss)	3.0	(7.5)	(35.2)	24.5

Attributable to:
Owners of the company	3.0	(8.2)	(36.5)	23.1
Non-controlling interest	–	0.7	1.3	1.4

¹⁾Earn-out results have been reclassified from Other expenses to Other gains and losses

Condensed consolidated statement of financial position

Condensed consolidated statement of financial position

in millions of €

	31 December 2024	31 December 2023
Assets
Non-current assets	409.2	413.6
Property, plant and equipment	24.3	17.0
Goodwill	192.6	187.1
Intangible assets	167.0	176.3
Non-current financial assets	4.9	30.8
Deferred tax asset	7.6	2.3
Investment in joint venture and associate	12.8	0.1

Current assets	299.6	238.4
Trade and other receivables	208.4	196.7
Current tax assets	0.6	1.4
Cash and cash equivalents	90.6	40.3
Total assets	708.8	652.0

Equity
Share capital	1.2	1.2
Share premium	143.6	140.2
Legal reserve	33.2	27.7
Share based payment reserve	12.6	12.7
Currency translation reserve	(1.0)	(1.9)
Fair value through OCI	(0.8)	–
Retained earnings	(117.1)	(75.6)
Shareholders’ equity	71.7	104.3
Non-controlling interest	6.2	5.3
Total equity	77.9	109.6

Liabilities
Non-current liabilities	310.9	220.1
Borrowings	256.0	161.9
Lease liabilities	12.7	10.1
Provisions	1.6	1.6
Deferred tax liability	25.3	30.0
Other non-current liability	15.3	16.5

Current liabilities	320.0	322.3
Borrowings	19.2	8.4
Provisions	2.2	3.6
Trade payables	136.9	142.0
Accrued liabilities	97.5	112.7
Current tax liabilities	14.0	13.4
Lease liabilities	6.7	4.2
Other current liabilities	43.5	38.0
Total liabilities	630.9	542.4
Total equity and liabilities	708.8	652.0

Condensed consolidated statement of cash flow

In millions of €

	Q4	Q4	FY	FY
	2024	2023	2024	2023
Cash flows from operating activities
Operating profit / (loss)	7.1	6.1	(2.4)	72.8
Adjustments for operating profit / (loss):
Depreciation and amortisation & Impairments	15.5	13.9	47.8	46.4
Movements in provisions per profit and loss	(0.1)	0.9	1.1	8.8
Gain on sale of social card game portfolio	–	–	–	(72.6)
Loss on sale of subsidiaries	–	0.1	–	0.1
Share-based payments expense	–	0.1	0.4	0.8
Adjustment for acquisitions and disposals presented under investing activities	–	–	5.7	(2.9)

Changes in working capital items:
(Increase)/Decrease in trade and other receivables	(7.6)	(6.4)	19.9	12.2
Increase (decrease) in trade payables and other payables	4.9	25.0	(32.5)	14.8

Utilisation of provisions	(0.3)	(3.1)	(3.1)	(9.9)
Interest received	0.2	0.3	1.1	0.3
Interest paid	(8.5)	(3.2)	(26.8)	(17.2)
Income tax paid	(1.2)	(2.7)	(4.2)	(3.7)
Net cash provided by (used for) operating activities	10.0	31.0	7.0	49.9

Cash flows from investing activities
Payments for property, plant and equipment	(0.3)	(0.1)	(0.8)	(1.5)
Payments for intangibles	(6.2)	(3.7)	(20.0)	(23.3)
Net cash outflow on acquisition of subsidiaries	(11.7)	(10.8)	(27.7)	(43.9)
Net cash inflow/(outflow) from sale of business	–	–	11.2	66.0
Distributions from equity method investees	–	–	0.5	–
Net cash outflow on acquisition of securities and equity investments	–	–	–	(2.6)
Net cash provided by (used for) investing activities	(18.2)	(14.6)	(36.8)	(5.3)

Cash flows from financing activities
Proceeds from external borrowings	34.5	162.6	92.1	163.1
Repayment of external borrowings	(0.1)	(200.7)	(3.3)	(204.3)
Payment of principal portion of lease liabilities	(2.9)	(1.8)	(7.7)	(6.8)
Early cancelation of lease liability	–	–	–	(1.5)
Dividends paid to shareholders of non-controlling interests	–	–	(0.2)	(0.4)
Costs related to the issuance of new bond	–	(3.5)	–	(3.5)
Fees and costs related to the redemption of the old bond	–	(1.5)	–	(1.5)
Other inflows (outflows) from financing activities	–	(0.5)	–	(0.5)
Net cash provided by (used for) financing activities	31.5	(45.4)	80.9	(55.4)

Net increase/(decrease) in cash and cash equivalents	23.3	(29.0)	51.1	(10.8)
Effect of changes in exchange rates on cash and cash equivalents	(1.0)	0.1	(0.8)	0.2
Cash and cash equivalents at the beginning of the period	68.3	69.2	40.3	50.9
Cash and cash equivalents at the end of the period	90.6	40.3	90.6	40.3

Definitions

Adjusted EBITDA represents Operating Profit / (Loss) excluding depreciation, amortisation, impairment of non-current assets, restructuring and acquisition related expenses and other items at management discretion, principally those assessed as extraordinary items or non-recurring items which are not in line with the ordinary course of business.

Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Revenue.

Average gross revenue per million processed ad requests across Azerion Platform is calculated by dividing gross advertising revenue (processed by Azerion’s advertising auction and monetisation platforms) by a million advertisement requests processed by Azerion’s advertising auction and monetisation platforms.

Average time in game per day measures how many minutes per day, on average, the players of Premium Games spend in the games. This demonstrates their engagement with the games, which generates more opportunities to grow the ARPDAU.

Average DAUs represents average daily active users, which is the number of distinct users per day averaged across the relevant period.

ARPDAU represents Average Revenue per Daily Active User, which is revenue per period divided by days in the period divided by average daily active users in that period and represents average per user in-game purchases for the period.

Financial Indebtedness represents as defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657 any indebtedness in respect of:

monies borrowed or raised, including Market Loans;

the amount of any liability in respect of any Finance Leases;

receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);

any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing;

any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the mark to market value shall be taken into account, provided that if any actual amount is due as a result of a termination or a close-out, such amount shall be used instead);

any counter indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and

(without double counting) any guarantee or other assurance against financial loss in respect of a type referred to in the above paragraphs (1)-(6).

Net Interest-bearing debt as defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657 means the aggregate interest-bearing Financial Indebtedness less cash and cash equivalents (including any cash from a Subsequent Bond Issue standing to the credit on the Proceeds Account or another escrow arrangement for the benefit of the Bondholders) of the Group in accordance with the Accounting Principles (for the avoidance of doubt, excluding any Bonds owned by the Issuer, guarantees, bank guarantees, Subordinated Loans, any claims subordinated pursuant to a subordination agreement on terms and conditions satisfactory to the Agent and interest-bearing Financial Indebtedness borrowed from any Group Company) as such terms are defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657.

Operating expenses are defined as the aggregate of personnel costs and other expenses as reported in the statement of profit or loss and other comprehensive income. More details on the reporting of cost by nature can be found in the published annual financial statements of 2023.

Operating Profit / (Loss) represents revenue less costs of services and materials, operating expenses, depreciation and amortisation and other gains and losses.

Disclaimer and Cautionary Statements

This communication contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This communication may include forward-looking statements. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Azerion to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. Words and expressions such as aims, ambition, anticipates, believes, could, estimates, expects, goals, intends, may, milestones, objectives, outlook, plans, projects, risks, schedules, seeks, should, target, will or other similar words or expressions are typically used to identify forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks, uncertainties and other factors that are difficult to predict and that could cause the actual results, performance or events to differ materially from future results expressed or implied by such forward-looking statements contained in this communication. Readers should not place undue reliance on forward-looking statements.

Any forward-looking statements reflect Azerion’s current views and assumptions based on information currently available to Azerion’s management. Forward-looking statements speak only as of the date they are made and Azerion does not assume any obligation to update or revise such statements as a result of new information, future events or other information, except as required by law.

The interim financial results of Azerion Group N.V. as included in this communication are required to be disclosed pursuant to the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657.

This report has not been reviewed or audited by Azerion’s external auditor.

Certain financial data included in this communication consist of alternative performance measures (“non-IFRS financial measures”), including Adjusted EBITDA. The non-IFRS financial measures, along with comparable IFRS measures, are used by Azerion’s management to evaluate the business performance and are useful to investors. They may not be comparable to similarly titled measures as presented by other companies, nor should they be considered as an alternative to the historical financial results or other indicators of Azerion Group N.V.’s cash flow based on IFRS. Even though the non-IFRS financial measures are used by management to assess Azerion Group N.V.’s financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipients should not consider them in isolation or as a substitute for analysis of Azerion Group N.V.’s financial position or results of operations as reported under IFRS.

For all definitions and reconciliations of non-IFRS financial measures please also refer to www.azerion.com/investors.

This report may contain forward-looking non-IFRS financial measures. The Company is unable to provide a reconciliation of these forward-looking non-IFRS financial measures to the most comparable IFRS financial measures because certain information needed to reconcile those non-IFRS financial measures to the most comparable IFRS financial measures is dependent on future events some of which are outside the control of Azerion. Moreover, estimating such IFRS financial measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-IFRS financial measures in respect of future periods which cannot be reconciled to the most comparable IFRS financial measure are calculated in a manner which is consistent with the accounting policies applied in Azerion Group N.V.’s consolidated financial statements.

This communication does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or any other financial instruments.

Contact

Investor Relations: ir@azerion.comMedia relations: press@azerion.com

Attachment

Key highlights Q4 FY 24

The MIL Network –

February 27, 2025

MIL-OSI USA: Murphy, Blumenthal, Senate Democrats Press HUD Secretary Turner On Threat Of Rising Housing Costs From Plan To Reprivatize Fannie Mae And Freddie Mac
US Senate News:
Source: United States Senator for Connecticut – Chris Murphy

February 26, 2025
WASHINGTON—U.S Senators Chris Murphy (D-Conn) and Richard Blumenthal (D-Conn.) on Wednesday joined a group of eleven Senate Democrats in sending a letter pressing U.S. Secretary of Housing and Urban Development (HUD) Scott Turner on whether his plan to reprivatize Fannie Mae and Freddie Mac will make mortgages more expensive. Following his confirmation, Secretary Turner said he would act as “quarterback” in the Trump Administration’s plan to reprivatize the multi-trillion-dollar companies.

“During your confirmation process, you repeatedly spoke of the desire to reduce housing costs, a goal we share. However, right out of the gate, you are actively advocating for policy changes that would likely raise housing costs for hardworking Americans,” the senators wrote.

The senators continued: “Changes to the ownership of Fannie Mae and Freddie Mac would be a monumental undertaking that would affect our entire housing system and touch the lives of homeowners and renters across the country. If mismanaged, ending the conservatorships and Treasury’s role with Fannie Mae and Freddie Mac could make mortgages more expensive, cut off access to mortgage credit, destroy many of the important reforms made over the past 16 years, and compromise our entire housing market and the broader U.S. economy.”

The senators also raised concerns that privatization could result in a taxpayer-funded giveaway worth billions for wealthy investors and hedge funds, quoting one investor’s optimism that “Trump and his team will get the job done.”

They concluded: “Our housing finance system is a complex, multi-trillion-dollar market that touches the lives of every American family. It is critical that any effort to reprivatize Fannie Mac and Freddie Mac does not result in windfalls for wealthy investors while raising housing costs for American families. We look forward to your prompt and thorough reply on this urgent matter.”

U.S. Senators Elizabeth Warren (D-Mass.), Chuck Schumer (D-N.Y.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Dick Durbin (D-Ill.), Andy Kim (D-N.J.), Jeff Merkley (D-Ore.), Jack Reed (D-R.I.), and Ron Wyden (D-Ore.) also signed the letter.

Full text of the letter is available HERE and below:

Dear Secretary Turner:

We are writing with questions about your role in any effort to reprivatize the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and requesting your commitment that any reprivatization process will not raise housing costs for American families. During your confirmation process, you repeatedly spoke of the desire to reduce housing costs, a goal we share. However, right out of the gate, you are actively advocating for policy changes that would likely raise housing costs for hardworking Americans. One of the first policy issues you addressed as Secretary, in an interview on the day you were sworn in, was privatizing Fannie Mae and Freddie Mac. You indicated that the Department of Housing and Urban Development (HUD) would be “one of” the “partners at the table” in the privatization effort and that you will serve as the “quarterback” in the process. You did not indicate who your additional partners would be in these discussions.

Reprivatization of Fannie Mae and Freddie Mac threatens to raise the cost of mortgages and rent and make it even harder to access credit for purchasing a home. At a time when so many Americans are struggling with housing costs, we must ask why you are choosing as one of your first priorities a policy that only makes it harder for Americans to afford housing.

Since 2008, when Fannie Mae and Freddie Mac (the Enterprises) experienced severe financial stress and needed a significant investment from taxpayers, the Treasury Department has held senior preferred shares and warrants to purchase 79.9% of common shares in the two companies. At the same time that Treasury made this investment, the Enterprises’ regulator, the Federal Housing Finance Agency (FHFA), placed them in conservatorship and began operating as both their regulator and conservator.

In conservatorship, the Enterprises have made significant changes that have improved their operations to reduce risk and better serve homebuyers and renters, providing access to affordable mortgages for hardworking Americans across the country. This includes families who often go underserved in our housing system, including lower income families and people in rural areas.

Changes to the ownership of Fannie Mae and Freddie Mac would be a monumental undertaking that would affect our entire housing system and touch the lives of homeowners and renters across the country. If mismanaged, ending the conservatorships and Treasury’s role with Fannie Mae and Freddie Mac could make mortgages more expensive, cut off access to mortgage credit, destroy many of the important reforms made over the past 16 years, and compromise our entire housing market and the broader U.S. economy. It could also generate billions of dollars for hedge funds and other wealthy investors in the Enterprises at taxpayers’ expense. One prominent hedge fund manager and investor in the Enterprises’ common shares has written that he sees “large asymmetric upside” in investments in the Enterprises because he believes there is a “credible path for their removal from conservatorship” and he expects that “Trump and his team will get the job done.”

Given the enormous housing affordability threats posed by the privatization of Fannie Mae and Freddie Mac, we request that you respond to the following questions by March 12, 2025:

Will HUD, and you as HUD Secretary, be the quarterback of any efforts to make changes to Fannie Mae and Freddie Mac? What specific responsibilities will you have in this role?

If you help lead the process to end the conservatorships of Fannie Mae and Freddie Mac, do you commit to ensuring that any changes do not raise mortgage costs or make it more difficult to access mortgage credit for American homebuyers?

Will you commit to ensuring that any changes to Fannie Mae and Freddie Mac will not result in higher rents for American families?

You have said that “[t]here are partners that will be at the table” on efforts to reprivatize Fannie Mae and Freddie Mac, and that “[w]hen you’re a quarterback, you’ve got to work with the entire huddle.” What other partners will be at the table when discussing changes to Fannie Mae and Freddie Mac?

HUD does not play a direct role in oversight of Fannie Mae and Freddie Mac, and recent public documents and agreements regarding the conservatorships and Treasury’s investments in the Enterprises have only involved the Treasury Department and FHFA. What authority does HUD have with respect to the Enterprises and their ongoing conservatorships?

Will you commit to ensuring that hedge funds and other wealthy investors who stand to profit off of an end to the conservatorship or any changes to Treasury’s ownership stake in Fannie Mae and Freddie Mac do not have an opportunity to unduly influence potential changes to Fannie Mae or Freddie Mac?

Will you commit to running a transparent and open process with regard to all meetings and deliberations over potential changes to Fannie Mae and Freddie Mac?

Will you ensure that the Administration adheres to the public process outlined in the recent side letter agreement between Treasury and FHFA prior to taking any actions regarding the conservatorships or privatization of Fannie Mae and Freddie Mac?

Will you work with all relevant agencies to conduct a thorough analysis of any housing market, mortgage cost, and financial stability impacts of any planned changes to the Enterprises prior to making any changes that would affect the Enterprises’ conservatorship status, Treasury’s ownership stake in the Enterprises, or taxpayers’ compensation for their investment in the Enterprises?

Our housing finance system is a complex, multi-trillion-dollar market that touches the lives of every American family. It is critical that any effort to reprivatize Fannie Mac and Freddie Mac does not result in windfalls for wealthy investors while raising housing costs for American families. We look forward to your prompt and thorough reply on this urgent matter.

Sincerely,
MIL OSI USA News –
February 27, 2025
MIL-OSI: Saudi Arabia’s Ministry of Energy awards prestigious feedstock allocation for joint project between Sipchem and LyondellBasell

Source: GlobeNewswire (MIL-OSI)

AL KHOBAR, Kingdom of Saudi Arabia and HOUSTON, Feb. 27, 2025 (GLOBE NEWSWIRE) — Sipchem and LyondellBasell (LYB) have been awarded a feedstock allocation from the Ministry of Energy of Saudi Arabia supporting a joint feasibility study for a world-scale mixed feed cracker complex combined with a diversified derivative portfolio. Sipchem and LYB will assess the viability and optimal structure for the project, which will be advanced on a 60% (Sipchem) | 40% (LYB) ownership basis. The allocation lays the foundation for both parties to define the technical, financial and commercial configuration for the project. Construction of the joint project would result in the manufacturing of petrochemical products and derivatives to serve customers both within the Kingdom of Saudi Arabia and global export markets while creating several thousand local job opportunities.

With cost-advantaged feedstocks, world-scale assets, leading technologies, and proximity to key international markets, the joint project has the potential to create lasting value. The project will benefit from LYB’s technologies to produce differentiated grades of polyethylene and polypropylene, including the Catalloy product line of elastomeric polyolefins.

Sipchem and LYB will jointly explore carbon management solutions including the use of low emission technologies, in support of the parties’ and the Kingdom’s net zero ambitions.

“Our partnership with LyondellBasell marks an important milestone in our pursuit of ambitious goals for sustainable growth and the strengthening of our position within the petrochemical market locally and globally,” said Abdullah Al-Saadoon, Sipchem chief executive officer. “Through this collaboration, we will leverage the latest cutting-edge, energy-efficient technologies, significantly contributing to our environmental objectives and enhancing the sustainability of our operations. We extend our gratitude to the Ministry of Energy for its unwavering support of the petrochemical industry, which has been instrumental in enabling us to achieve our shared goals. We are enthusiastic about advancing this project and are committed to delivering high-quality products that will drive the development of the industrial sector in the Kingdom of Saudi Arabia.”

“This feedstock allocation is a vital step in our collaboration with Sipchem,” said Peter Vanacker, LyondellBasell chief executive officer. “As we move forward with our joint study, with a long-term partnership in mind, we further strengthen our commitment to Saudi Arabia. Thank you to the Ministry of Energy for their support and collaboration as we build on our successful partnership. We look forward to being a larger part of the Kingdom’s thriving economy, which continues to grow and provide numerous opportunities for development and innovation.”

About LyondellBasell

We are LyondellBasell (NYSE: LYB) ― a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world’s largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.

About Sipchem

Sipchem, officially known as Sahara International Petrochemical Company (TASI: SIPCHEM) ― a Saudi-based leading innovator in the petrochemical sector, founded in 1999. The company provides high-quality chemical and polymer products that serve diverse industries, including construction, automotive, electronics, and packaging. With a strong focus on sustainability, Sipchem integrates energy efficiency, waste reduction, and advanced technologies into its operations to support a circular economy and minimize its environmental impact. Through continuous investment in research and development, Sipchem delivers innovative solutions that address evolving global needs and contribute to long-term growth. For more information, please visit www.Sipchem.com or follow @SipchemGlobal on LinkedIn.

Cautionary Note Regarding Forward-looking Statements

The statements in this release relating to matters that are not historical facts are forward-looking statements. Actual results could differ materially based on factors including, but not limited to, our ability to meet the requirements of the allocation award; the results of the feasibility study described in this release; future investment decisions and the successful development, construction and operation of the proposed facilities described in this release; our ability to implement our strategy and successfully align our asset base with that strategy; and general economic conditions in the Kingdom of Saudi Arabia and globally. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2023, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law.

NEWS INQUIRIES:

Phone: +1-713-309-4791

Email: nick.facchin@lyondellbasell.com

Or

Phone: +966 13 801 9385

Email: dokelly@sipchem.com

The MIL Network –

February 27, 2025
MIL-OSI: Alm. Brand A/S – Annual Report 2024
Source: GlobeNewswire (MIL-OSI)

Alm. Brand released its preliminary statement of financial results for 2024 on 5 February 2025.

Please find attached the Group’s Annual Report for 2024.

Contact

Please direct any questions regarding this announcement to:

Investors and equity analysts:
Head of Investor Relations, Rating & ESG Reporting
Mads Thinggaard
Mobile no. +45 2025 5469

Press:

Media Relations Manager
Mikkel Luplau Schmidt
Mobile no. +45 2052 3883

Attachments
- Årsrapport 2024 Alm Brand AS UK
- AS 15 2025 – Annual Report
The MIL Network –
February 27, 2025
MIL-Evening Report: Virgin Australia’s deal with Qatar has been given the green light. Travellers should be the winners

Source: The Conversation (Au and NZ) – By Chrystal Zhang, Associate Professor, Aerospace Engineering & Aviation, RMIT University

Petr Podrouzek/Shutterstock

Treasurer Jim Chalmers has given the green light for Qatar Airways to buy a 25% stake in Virgin Australia, as part of a strategic alliance. The deal will shake up the Australian aviation market.

The announcement follows a detailed assessment by the Foreign Investment Review Board, and a draft determination to authorise the deal by the Australian Competition and Consumer Commission (ACCC).

The deal allows Qatar Airways to buy the 25% stake from the US private equity firm Bain Capital, and makes an eventual initial public offering of Virgin more likely. It also allows Virgin to operate regular services from some of Australia’s major capital cities to Doha.

Chalmers said the agreement will be subject to enforceable conditions, including retaining Australians on the board of Virgin and protecting consumer data.

The ACCC has previously said the tie-up would boost competition and benefit consumers.

The announcement comes on the same day as competitor Qantas posted its latest half-year earnings, showing statutory profits up 6% on the same period last year. So, will Australian flyers be the ultimate winners?

Getting Australians around the world

For many Australian travellers, getting where they want to go around the world has long meant making a stopover, especially if travelling to Europe.

Currently, Qantas does operate direct flights between Perth and three cities in Europe: London, Paris and Rome.

Doha’s Hamad International Airport is an important global aviation hub.
Light Orancio/Shutterstock

However, other international carriers – including Emirates, Singapore Airlines, Thai Airways, Malaysia Airways and some Chinese carriers – all provide connecting flights via an international hub airport.

Doha’s Hamad International Airport is one such hub, and Qatar Airways currently flies from there to more than 170 destinations.

At the heart of this new partnership is what’s called a “wet lease arrangement”. Virgin will be able to use both the aircraft and crew of Qatar Airways to operate its own flights.

That will allow Virgin to compete as if it were an established international carrier, because it provides access to Qatar’s international network. It should also mean streamlined transit procedures, minimal waiting times, and better baggage handling.

This deal is expected to create 28 new weekly return services to Doha, from Melbourne, Perth, Sydney and Brisbane. Having additional flights to this hub by Virgin will give travellers many more options for getting around the world.

More competition for Qantas

The agreement will greatly expand Virgin’s international reach and make it more competitive with Qantas. Virgin had to scale back its international footprint after it went into receivership in 2020.

Qantas will continue to be a major player in flying Australians to Europe. It has also recently added more direct flights from Perth to European destinations.

But we may be seeing signs of more robust competition pressures already. In its profit announcement on Thursday, Qantas outlined a plan for cabin upgrades for its Boeing 737s as it awaits delivery of new Airbus aircraft.

Virgin will offer international flights through a ‘wet lease’ arrangement with Qatar.
Seth Jaworski/Shutterstock

Turning things around

Virgin Australia has come a long way since entering voluntary administration in April 2020. After being sold to Bain Capital, the airline restructured its cost base, fleet and commercial functions.

With a focus on cutting costs and improving its Velocity frequent flyer program, Virgin has since been able to bounce back from the brink and win back market share.

That success means Virgin is now better positioned to return to international markets and compete with Qantas there, too.

It will give the airline’s owners more confidence in handing over to a new chief executive and preparing the ground for a long-delayed initial public sharemarket offering that would see Virgin return to the Australian Securities Exchanges (ASX).

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

– ref. Virgin Australia’s deal with Qatar has been given the green light. Travellers should be the winners – https://theconversation.com/virgin-australias-deal-with-qatar-has-been-given-the-green-light-travellers-should-be-the-winners-251025

MIL OSI Analysis – EveningReport.nz –

February 27, 2025

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Category: Finance

£230m DHL investment in Coventry to create hundreds of local jobs

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UK and Mongolia’s joint statement after the first annual UK-Mongolia political dialogue

Economic Growth

Energy Transition

Women’s empowerment

Critical minerals

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Getting Australians around the world

More competition for Qantas

Turning things around