Category: Finance

MIL-OSI: WENDEL: 2024 Full-Year Results: a very active year, a dual model in place, strong value creation & a growing return to shareholders

Source: GlobeNewswire (MIL-OSI)

2024 Full-Year Results: a very active year, a dual model in place, strong value creation & a growing return to shareholders

Fully diluted¹ Net Asset Value per share of €185.7,
representing a +16.9% year-over-year value creation, adjusted for the dividend paid

Dividend boosted at €4.7 per share, up +17.5% year-over-year

Strong portfolio rotation: more than €2 billion of capital reallocation

Significant expansion of the Asset Management platform in Europe and US, and development of our dual business model towards more recurring cash flows and growth

Fully diluted Net Asset Value²as of December 31, 2024: €185.7 per share, up +14.4%

Value creation of +16.9%³ over 2024, adjusted for the €4 dividend paid in May 2024 reflecting:
- The increase in Bureau Veritas’ share price (+28.3% YoY) on the back of the quality of its LEAP | 28 strategic plan
- The changes in the valuation of unlisted assets, on a like-for-like basis, in line with their respective operating performances and multiples, and active management of private principal investments to create long term value through repositioning and accretive bolt-ons (Stahl, Scalian, and CPI).
- The strong growth of IK Partners’ FRE to €69.9 million, above estimates (€60 million). IK Partners’ AuM up +24% in 2024, totaling €13.8 billion, with €3.4 billion raised.

Delivering strong and recurring returns to shareholders, in line with the strategic roadmap published in 2023

Ordinary dividend of €4.70 per share for 2024, up +17.5% compared to 2023, to be proposed at the Annual Shareholders’ Meeting on May 15, 2025, representing slightly above 2.5%⁴ of NAV and a 4.8%⁵ yield vs share price as of February 21, 2025. This dividend level takes into account the first partial integration of Asset management activities into Wendel in 2024, which will be mechanically higher in 2025.
€100 million share buyback launched in October 2023 completed in July 2024. €92.5 million share bought back in 2024.

Very active investment activity & capital allocation

Principal Investments:
- €2.3 billion proceeds and value crystallization
- €0.7 billion invested including €0.6 billion in Globeducate
Asset Management:
- €0.4 billion invested for the acquisition of 51% of IK Partners
- $1.13 billion will be invested in equity to acquire 75% of Monroe Capital, as announced on October 22, 2024 (closing expected in the first quarter of 2025)

Strong financial structure and committed to remain Investment Grade

Debt maturity of 3.6 years with an average cost of 2.4%
LTV ratio at 7.2%⁶ as of December 31, 2024, and 22.9%⁷ on a pro forma basis taking into account future investment commitments in IK Partners funds and the acquisition of Monroe Capital.
Pro forma total liquidity of €1.2⁸ billion as of December 31, 2024, including €0.4 billion in cash and €875 million in committed credit facility (fully undrawn)

Reappointment of Wendel’s Executive Board

On February 26, 2025, Wendel’s Supervisory Board decided to reappoint the members of the Executive Board. Laurent Mignon has been reappointed Chairman of the Executive Board and David Darmon, Member of the Executive Board, Deputy CEO, for a period of four years ending to April 6, 2029

Net income, Group share at €293.9 million, showing a strong increase

The net income from operations rose from €711 million to €753.7 million, up 6%.
Net income, group share, at €293.9 million in 2024, compared with €142.4 in 2023, due to the disposal of Constantia Flexibles in 2024.

Laurent Mignon, Wendel Group CEO, commented:

“2024 was a very active year for Wendel and its portfolio companies. Fully diluted net asset value growth, adjusted for the €4 dividend paid in 2024, was 16.9%, driven in particular by the good share price and operational performance of Bureau Veritas and the strong growth of our new third-party asset management business.

We continued to execute our strategic plan, as detailed in 2023, with determination, rigour and financial discipline.

In 2024, we further improved our cash flow generation and value creation profile, notably with the announced acquisition of Monroe Capital, which will give us critical mass to develop our third-party asset management platform. We also focused on premium assets in our principal investments activites, highlighted by the acquisition of Globeducate in October 2024.

These value-creating and recurring cash flow generating transformations now enable us to propose a dividend that is 17.5% higher than last year, reaching 4.70 euros for the financial year 2024.Our transition to a dual model is now well grounded, with top partners in asset management such as IK Partners in private equity and Monroe Capital in private credit, bringing third-party assets under management to more than 33 billion euros.The priorities of Wendel’s teams are to create value on existing assets, to successfully build the private asset management platform around IK Partners and Monroe Capital, and to maintain a solid financial structure.

I would like to thank the members of the Supervisory Board for their renewed full support, as well as the Wendel teams who are skillfully accompanying our value-creating transformation.

In 2025, Wendel’s teams will pursue the roadmap defined two years ago, supporting our principal investments companies in their value creation process, building the third-party asset management platform through the successful integration of Monroe Capital, the continued development of IK Partners as well as the implementation of commercial synergies between the two entities, and continuing to have an agile management of our balance sheet to seize the right opportunities, while maintaining a solid financial structure. We are confident that the development of this dual model will continue to create more value and more recurring returns for our shareholders.”

Wendel’s net asset value as of December 31, 2024: €185.7 per share on a fully diluted basis

Wendel’s Net Asset Value (NAV) as of December 31, 2024, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

Fully diluted Net Asset Value was €185.7 per share as of December 31, 2024 (see detail in the table below), as compared to €162.3 on December 31, 2023, representing an increase of +14.4% since the start of the year and + 16.9% restated from the dividend paid in 2024. Compared to the last 20-day average share price as of December 31, the discount to the December 31, 2024, fully diluted NAV per share was -49.6%.

Bureau Veritas contributed very positively to Net Asset Value, as end of December 2024, its 20-day average share price was up strongly YTD (+32.5%). IHS Towers (-28.0%) and Tarkett (+15.4%) share price impacts were negligible given the weight of Bureau Veritas in NAV. Total value creation per share of listed assets was therefore +€25.9 on a fully diluted basis over the course of 2024.

Unlisted asset contribution to NAV was negative over the course of the year with a total change per share of -€4.9 reflecting selective assets’ operational performances offsetting the good performance from CPI.

Asset management activities were consolidated and accounted in the NAV for the first time at the end of June following the acquisition of IK Partners. There is no sponsor money included in the NAV yet, as no capital has been called. IK Partners’ valuation is up by €6.0 per share, driven by strong performance and positive market multiples evolution.

Cash operating costs, Net Financing Results and Other items impacted NAV by -€1.0, as Wendel benefits from a positive carry. The impact of year-to-date share buyback activity would be +€1.4 per share as of December 31, 2024.

Total Net Asset Value creation per share amounted to €27.4 in 2024.

Fully diluted NAV per share of €185.7 as of December 31, 2024

(in millions of euros)			12/31/2024		12/31/2023
Listed investments	Number of shares	Share price ⁽¹⁾	3,793	3,867
Bureau Veritas	120.3m/160.8m	€29.5/€22.2	3,544	3,575
IHS	63.0m/63.0m	$3.2/$4.4	192	251
Tarkett		€10.5/€9.1	57	40
Investment in unlisted assets ⁽²⁾			3,612	4,360
Asset Management Activities ⁽³⁾			616	–
Other assets and liabilities of Wendel and holding companies ⁽⁴⁾			174	6
Net cash position & financial assets ⁽⁵⁾			2,407	1,286
Gross asset value			10,603	9,518
Wendel bond debt			-2,401	-2,401
IK Partners transaction deferred payment			-131	–
Net Asset Value			8,071	7,118
Of which net debt			-124	-1,115
Number of shares			44,461,997	44,430,554
Net Asset Value per share			€181.5	€160.2
Wendel’s 20 days share price average			€93.5	€79.9
Premium (discount) on NAV			-48.5%	-50.1%
Number of shares – fully diluted			42,466,569	43,302,016
Fully diluted Net Asset Value, per share			€185.7	€162.3
Premium (discount) on fully diluted NAV			-49.6%	-50.7%

(1)   Last 20 trading days average as of December 31, 2024, and December 31, 2023.
(2)   Investments in unlisted companies (Globeducate, Stahl, Crisis Prevention Institute, ACAMS, Scalian and Wendel Growth as of December 31, 2024. As of Dec 31,2023 also included Constantia Flexibles and excluded Globeducate). Aggregates retained for the calculation exclude the impact of IFRS16.
(3)   IK Partners’ activity, no sponsor money at this stage.
(4)   Of which 1,995,428 treasury shares as of December 31, 2024, and 1,128,538 treasury shares as of December 31, 2023
(5)   Cash position and financial assets of Wendel & holdings.

Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 246 of the 2023 Registration Document.

Wendel’s Principal Investments’ portfolio rotation

In 2024, Wendel has realized a total of €2.3 billion in disposals for its own account and has invested c.€0.7 billion, reflecting the acceleration of the diversification of its investment portfolio, in line with the strategy announced a few months ago:

Wendel announced on January 4, 2024, that it had completed the sale of Constantia Flexibles, generating total net proceeds⁹ for Wendel of €1,121 million for its shares, i.e. a valuation over 10% higher than the latest NAV on record before the announcement of the transaction (as at March 31, 2023).
Wendel announced on April 5, 2024, that it had successfully completed the sale of 40.5 million shares in Bureau Veritas, representing c.9% of the Company’s share capital, for total proceeds of approximately €1.1 billion. The transaction was carried out at a price of €27.127, or a discount of 3% from the previous day’s share price.
Wendel Growth realized its investment in Preligens, a leader in artificial intelligence (AI) for aerospace and defence, generating net proceeds to Wendel of c.€14.6 million, translating into a gross IRR of 28%¹⁰. In addition, Wendel Growth announced on June 11, 2024, the acquisition of a minority stake in YesWeHack through an equity investment of €14.5 million.
Wendel reinvested €43.7m in Scalian upon the acquisition of Mannarino on June 21, 2024. This Canadian company is a leading engineering services specialist for advanced technology R&D for the aviation sector, primarily in North America, with recognized expertise in safety-critical embedded software and systems.
On October 16, 2024, Wendel completed the acquisition of c.50% of Globeducate, one of the world’s leading bilingual K-12 education groups, from Providence Equity Partners. Wendel invested €607 million of equity, at an Enterprise Value of c.€2 billion¹¹, to join Providence, and both firms will now own c.50% of the group.

Wendel’s Asset Management platform evolution

Acquisition of Monroe Capital dramatically expands Wendel’s Asset Management platform and rebalances its business model towards more recurring cash flows and growth

Wendel announced on October 22, 2024 that it had entered into a definitive partnership agreement including the acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”) for $1.13 billion, and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.

For Wendel, the acquisition of a controlling stake in Monroe Capital, a private credit market leader focused on the U.S. lower middle market that has established an outstanding track record, would represent a significant and transformational advancement of the strategy it announced in March 2023 to develop its third-party asset management platform to complement its longstanding Principal Investment business.

With IK Partners and Monroe Capital, Wendel’s third party asset management platform will reach more than €33 billion in AUM¹², and should generate, on a full year basis, c.€ 455 million revenues, c.€160 million pre-tax FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s objective is to reach €150 million (Wendel share) in pre-tax FRE in 2027.

Third Party Asset Management value creation and performance

2024 performance

Over 2024, IK Partners had particularly strong activity, generating a total of €163.3 million in revenue, up 31% YoY, and a strong growth of FRE to €69.9 million. Total Assets under Management (€13.8 billion, of which €3 billion of Dry Powder¹³) grew by 24% since the beginning of the year, and FPAuM¹⁴ (€10.1 billion) by 33%. Over the period, €3.4 billion of new funds were raised (IK X, IK PF III, IK SC IV and IK CV I) and 11 exits have been announced, for over €1.6 billion.

Sponsor money invested by Wendel

Wendel committed €500 million in IK Partners funds, of which €300 million in IK X. These commitments have not yet been called as of December 31, 2024.

Principal Investment companies’ value creation and performance

Figures post IFRS 16 unless otherwise specified.

Listed Assets: 36% of Gross Asset Value

Bureau Veritas’ LEAP | 28 strategy delivers outstanding results in 2024; Confident 2025 outlook

(full consolidation)

Revenue in 2024 amounted to €6,240.9 million, a 6.4% increase year-on-year. The organic increase was 10.2% (including 9.6% in the fourth quarter) benefiting from robust underlying trends across businesses and geographies.

Adjusted operating profit increased by 7.1% to €996.2 million. This represents an adjusted operating margin of 16.0% up 11bps on a reported basis and up 38 bps at constant currency.

Bureau Veritas posted a record free cash flow of €843.3 million (+27.9% year-on year). As of December 31, 2024, adjusted net financial debt was €1,226.3 million, i.e. 1.06x EBITDA, compared with 0.92x at December 31, 2023.

In line with LEAP I 28 plan focused portfolio strategy and through active portfolio management, in 2024 Bureau Veritas completed: i) the acquisition of 10 bolt-on companies for a total annualized revenue of c. €180 million; ii) the divestment of its Food testing business and of a technical supervision business on construction projects in China (c. € 165 million in annualized combined revenue). Bureau Veritas ended the year with its inclusion in the CAC 40, the benchmark index of the Paris stock exchange. This achievement underscores the Group’s consistent operational success and marks a significant milestone in Bureau Veritas’ remarkable journey.

2025 outlook

Building on a strong 2024 momentum, a robust opportunities pipeline, a solid backlog, and a strong underlying market growth, and in line with LEAP | 28 financial ambitions, Bureau Veritas expects to deliver for the full year 2025:

Mid-to-high single-digit organic revenue growth;
Improvement in adjusted operating margin at constant exchange rates;
Strong cash flow, with a cash conversion¹⁵ above 90%.

For further details: group.bureauveritas.com

IHS Towers – IHS Towers will report its FY 2024 results in March 2025

Tarkett reported its annual results on February 20, 2025

For more information: https://www.tarkett-group.com/en/investors/

Unlisted Assets: 34% of Gross Asset Value

(in millions)	Sales		EBITDA			Net debt
	2023	2024	2023 including IFRS 16	2024 including IFRS 16	Δ	End of December including IFRS 16
Stahl	€913.5	€930.2	€204.0	€206.9	+1.4%	€383.8
CPI	$138.4	$150.1	$68.6	$74.0	+7.8%	$378.2
ACAMS	$102.9	$102.1	$24.6	$25.1	+2.0%	$165.0
Scalian	€539.9	€533.4	€63.9	€59.8	-6,3%	€345.6
Globeducate⁽¹⁾	na	€352.2	na	€84.2	na	na

(1) Globeducate acquisition was completed on October 16^th, 2024. Globeducate fiscal year ends in August, and figures shown are last twelve months at the end of August 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures for the year ending in August-24.

Stahl – Total sales up +1.8% in 2024 despite market challenges in the automotive and luxury goods end-markets. Strong EBITDA margin of 22.2%. In 2024, Stahl completed its transformation into a pure-play specialty coatings formulator for flexible materials.

(Full consolidation) 

Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €930.2 million in the full year of 2024, representing a total increase of +1.8% versus 2023.

Organically, sales were slightly down -1.1%, in a context of tougher markets in automotive and luxury goods, while FX contributed -1.5%. Acquisitions contributed positively (+4.4%) to total sales variation.

Full Year 2024 EBITDA¹⁶ amounted to €206.9 million (+1.4% vs. 2023), translating into a strong EBITDA margin of 22.2%, thanks to a disciplined margin and fixed costs management, as well as a good diversification across geographies and segments.

Net debt as of December 31^st, 2024, was €383.8 million¹⁷, versus €329 million at the end of 2023 and leverage stood at 1.7x¹⁸.

On November 18, 2024, Stahl announced the sale of its Wet-end leather chemicals division, that marks an important step in the Group’s strategic journey. The proposed sale completes Stahl’s transformation into a pure-play specialty coatings formulator for flexible materials. The transaction is subject to customary closing conditions and is expected to close in H1 2025.

Pro forma for the sale of the Wet-end leather chemicals business and the acquisition of Weilburger Graphics GmbH, 2024 sales would amount to c.€ 759 million, EBITDA to c.€180 million (i.e., a 23.7% margin) and leverage would stand at an estimated 1.6x. These transactions strengthen Stahl’s growth profile, with the company now better positioned for faster growth, and have an accretive impact on its EBITDA margin.

Crisis Prevention Institute reports +8.5% revenue and +7.8% EBITDA growth

(Full consolidation)

CPI recorded 2024 revenues of $150.1 million, up +8.5% compared to 2023, or +8.4% organically (FX impact was +0.1%), resulting from strong growth in the consumption of training materials, signifying active training of broader staff throughout the Company’s primary customers in educational, healthcare and human services settings. In addition, the Company benefitted from continued growth in its Enterprise segment, a core strategic focus targeting large health systems.

Full Year 2024 EBITDA was $74.0 million¹⁹, reflecting a margin of 49.3%. EBITDA was up +7.8% vs. last year while margins are stable (49.6% in 2023), despite investments to scale in International markets.

As of December 31, 2024, net debt totaled $378.2 million²⁰, or 4.6x EBITDA as defined in CPI’s credit agreement, following the c. $100 million dividend payment to Wendel in April of 2024. Given current leverage, CPI repriced its Term Loan and received a 50bps interest rate stepdown, or a c. $1.4 million annual savings.

On January 21^st, 2025, CPI announced the acquisition of Verge, a Norwegian leader in behaviour intervention and training. This acquisition extends CPI’s presence in the Nordics, and enhances CPI’s ability to support professionals worldwide, leveraging Verge’s innovative techniques to address challenging behaviours, aggression and violence.

ACAMS – Total sales stable and improved 24.6% margin amid strong transformation momentum

(full consolidation)

ACAMS, the global leader in training and certifications for anti-money laundering and financial crime prevention professionals, generated 2024 revenue of $102.1 million, down 0.8% vs. 2023. The results for 2024 reflected continued growth and market expansion in North America and Europe, largely offset by soft sales in the Asia-Pacific region and from exhibition spend at certain conferences early in the year, slower sales to non-banking customers at consultancies and governments.

EBITDA²¹ in 2024 was $25.1 million, up 2% vs. 2023, and reflecting a margin of 24.6%, up 70 bps year-over -year.

As of December 31, 2024, net debt totaled $165.0 million²², slightly up from $155.8 million at the end of 2023, which represents 6.7x EBITDA leverage as defined in ACAMS’ credit agreement, with ample room relative to the 9.5x covenant level.

This past year has been pivotal in the Company’s transformation, with the addition of CEO Neil Sternthal who joined from Thomson Reuters in early 2024 and subsequently made several additions to the senior leadership team, and shifted focus to core growth with large enterprise customers, product and market expansion including the introduction of its Certified Anti-Fraud Specialist certification (CAFS), and key investments in the technology platform. These critical investments are all geared toward advancing the impact of the Company’s mission of combating financial crime, accelerating its strategy and further developing its position as a technology-enabled provider of trusted information, data and analytics for the anti-financial crime (AFC) community.

Management expects the significant changes will, over time, create a more robust platform for the global AFC community and a more scalable, consistent business model with accelerated growth for ACAMS.

ACAMS anticipates modest growth in 2025 as the recent changes take hold with improved growth toward the end of the year and into 2026.

Scalian – Slight decrease of total sales of -1.2% in 2024, in the context of continued market growth slowdown. EBITDA margin rate at 11.2%, down c. 60 bps, mainly due to lower utilization rate and the marked slowdown in certain sectors (automotive in Germany and civil aeronautics). Acquisition of Dulin in January 2024 and Mannarino in June 2024.

(Full consolidation since July 2023.) 

Scalian, a European leader in digital transformation, project management and operational performance consulting, reported total sales of €533.4 million as of December 31, 2024, a -1.2% decrease vs. 2023. The slowdown is spread across several sectors, particularly automotive in Europe and Aeronautics (supply chain disruptions). Sales are down -4.0% organically and benefited from a positive scope effect of +2.8%.

Scalian generated an EBITDA²³ of €59.8 million in 2024. The EBITDA margin rate stood at 11.2%, down c. 60 bps vs. 2023, mainly explained by lower utilization rate, partially offset by strict SG&A control.

As of December 31, 2024, net debt²⁴ stood at €345.6 million (leverage of 6.46x²⁵ EBITDA).

In 2024, Scalian announced the acquisition of Dulin Technology in January, a Spanish-based consulting firm specializing in cybersecurity for the financial sector, and Manarinno in June, a Canadian-based company that is a leading engineering services specialist with a unique know-how in advanced technology R&D for the aviation sector.

Globeducate – Total sales up +10%²⁶over LTM as of August 2024 Year-end. Strong EBITDA margin at 23.9%²⁷in line with expectations.

(Accounted for by the equity method. Globeducate acquisition was completed on October 16^th, 2024. Globeducate fiscal year ends in August, and figures shown below are last twelve months at the end of August 2024 and first 3 months of the Globeducate year (September – November). Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures for the year ending in August-24).

Globeducate, one of the world’s leading bilingual K-12 education groups, posted total sales of €352.2 million¹ for the full year ending in August 2024, representing a total increase of +10% year on year.

EBITDA² for the year ending in August amounted to €84.2 million, translating into a strong EBITDA margin of 23.9%, in line with expectations. This solid financial performance was fueled by a combination of organic and external growth.

Over the first quarter of Globeducate’s fiscal year (September – November), Globeducate completed 3 acquisitions: Olympion School in Cyprus, and Ecole des Petits and Battersea in the UK.

Net debt as of November 30^th, 2024, was €490 million²⁸ and leverage³ stood at 6.2x.

Consolidated Accounts

On February 26, 2025, Wendel’s Supervisory Board met under the chairmanship of Nicolas ver Hulst and reviewed Wendel’s consolidated financial statements, as approved by the Executive Board on February 21, 2025. The audit procedures by the statutory auditors on the consolidated financial statements are underway. The audit report would be released mid-March 2025.

Wendel Group’s consolidated net sales²⁹ totaled €8,063.5 million, up +13.1% overall and up +8.4% organically. FX contribution is -3.9% and scope effect is +8.6%.

The overall contribution of Group portfolio companies to net income from operations, Group share amounted to €274.1 million, down -24.3% year on year impacted by the disposal of Constantia and the sale of 25% of the stake in Bureau Veritas. Net income from operation, Group share, was €232.7 million, down -5.8%.

Financial expenses, operating expenses and taxes at Wendel SE level totaled €63.0 million (of which €22.4 million non-cash), down -45.4% from the €115.3 million (of which €25.3 million non-cash) reported in 2023. Operating expenses are slightly down and financial expenses are positive with a positive carry of cash generating €35.6 million. 2024 is impacted by a goodwill depreciation of €188.2 million, mainly related to Scalian and the Stahl’s wet-end division, which is in the process of being sold.

Net income Group share €293.9 million strongly up vs.€142.4 million in 2023, reflecting a €418.6 million capital gain group share from the disposal of Constantia Flexibles in H1 2024.

ESG achievements

Non-financial ratings: Wendel improves its CSA rating from S&P, confirms its inclusion in the DJSI World and Europe.

For the sixth year in a row, Wendel has been included in the Dow Jones Best-in-Class (previously Dow Jones Sustainability Indices) World and Europe indices, making it one of the top 10% of companies in terms of sustainability in the Diversified Financials category. With a score of 76/100 in its category, Wendel is well above the average for its sector (26/100). This rating places Wendel in the top 1% of its sector “FBN Diversified Financial Services and Capital Markets”

Through the review of the Corporate Sustainability Assessment questionnaire, S&P Global assesses the ESG (Environment, Social, Governance) performance of listed companies in different industries since 1999. The top 10% of companies with the best performance in terms of sustainability, according to criteria defined for each industry, are included in the Dow Jones Best-in-Class Indices (previously Dow Jones Sustainability Indices).

New ESG roadmap 2024-2027

In 2024, Wendel defined a new ESG roadmap, approved by the Supervisory Board and the Executive Board, notably to take into account the Group’s recent strategic developments, including the new third-party asset management activity (IK Partners and Monroe Capital acquisitions).
This roadmap includes five priorities: Governance & Business Ethics, Reliability of extra-financial information, Health & Safety, Climate change & adaptation, Parity.

These five priorities will apply to all Wendel’ investment activities, encompassing both principal investment and third-party asset management. The detailed policies and action plans of the roadmap will be presented in the sustainability report included in the Group’s 2024 Universal Registration Document.

Renewal of the Executive Board of Wendel

On 26 February 2025, the Supervisory Board of Wendel decided to renew the appointments of Laurent Mignon and David Darmon as Chairman of the Executive Board of Wendel and Member of the Executive Board and Group Deputy CEO of Wendel, respectively, for a period of four years until 6 April 2029, with effect from 7 April 2025.

Renewal of the appointments of members of the Supervisory Board

At the General Meeting of 15 May 2025, it will be proposed to the shareholders that Nicolas ver Hulst, Priscilla de Moustier, Bénédicte Coste and François de Mitry be reappointed as members of the Supervisory Board for a further four-year term. If the renewal of their mandate is approved, Nicolas Ver Hulst will remain chairman of the Supervisory Board, Priscilla de Moustier and Bénédicte Coste will continue their roles on the Governance and Sustainable Development Committee, and François de Mitry will continue his role on the Audit, Risk and Compliance Committee.

Agenda

Thursday, April 24, 2025

Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)

Thursday, May 15, 2025

Annual General Meeting

Wednesday, July 30, 2025

H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)

Thursday, October 23, 2025

Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)

Wednesday, December 10, 2025

2025 Investor Day.

About Wendel

Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also announced in October 2024 the acquisition of 75% of Monroe Capital. Pro forma of Monroe Capital, Wendel manages more than 33 billion euros on behalf of third-party investors, and c.7.4 billion euros invested in its principal investments activity.

Wendel is listed on Eurolist by Euronext Paris.

Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2 since January 25, 2019

Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.

For more information: wendelgroup.com

Appendix 1: 2024 Consolidated sales and results

2024 consolidated net sales

(in millions of euros)	2023	2024	Δ	Organic Δ
Bureau Veritas	5,867.8	6,240.9	+6.4%	+10.2%
Stahl⁽¹⁾	913.5	930.2	+1.8%	-1.1%
Scalian⁽²⁾	126.8	533.4	n.a.	n.a.
CPI	128.0	138.8	+8.4%	+8.4%
ACAMS⁽³⁾	91.6	93.7	+2.4%	-0.6%
IK Partners⁽⁴⁾	n.a.	126.5	n.a.	n.a.
Consolidated sales	7,127.6	8,063.5	+13.1%	+8.4%

(1) Acquisition of ICP Industrial Solutions Group (ISG) since March 2023 (sales’ contribution of €89.7M vs €89.1M in 2023) and acquisition of Weilburger since September 2024 (sales’ contribution of €18.2M).

(2) Scalian, which had a different reporting date to Wendel (refer to 2023 consolidated financial statements – Note 2 – 1.” Changes in scope of consolidation in 2023″), realigns its closing date with Wendel group. Consequently, 2024 sale’s contribution correponds to 12 months’ sales between January 1st 2024 and December 31st 2024. Last year’s contribution corresponds to 3 months’ sales between July 1st 2023 and September 30 2023.

(3) The sales include a PPA restatement for an impact of -€0.6M (vs -€3.4M as of 12M 2023). Excluding this restatement,the sales amount to €94.2M vs. €95.2M as of 12M 2023. The total growth of +2.4% include a PPA effect of +3,3%.

(4) Contribution of eight months of sales

2024 net sales of equity-accounted companies

(in millions of euros)	2023	2024	Δ	Organic Δ
Tarkett ⁽⁵⁾	3,363.1	3,331.9	-0.9%	-0.4%
Sales (Equity method) ⁽⁶⁾	3,363.1	3,331.9	-0.9%	-0.4%

(5)Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the
“organic growth” indicator

(6) Due to the recent acquisition date of the Globeducate group, its contribution is not yet included in Group sales.

2024 consolidated results

(in millions of euros)	2023	2024
Contribution from asset management	–	42.3
Consolidated subsidiaries	826.3	774.4
Financing, operating expenses and taxes	-115.3	-63.0
Net income from operations⁽¹⁾	711.0	753.7
Net income from operations, Group share	*246.9*	*232.7*
Non-recurring income/loss	-60.4	532.3
Impact of goodwill allocation	-120.4	-107.9
Impairment	0.7	-188.2
Total net income⁽²⁾	530.9	989.9
Net income, Group share	142.4	293.9

(1) Net income before goodwill allocation entries and non-recurring items.

(2) -€85.2M of change in fair value for IHS recognized through OCI and €784M of capital gain on the Bureau Veritas bloc accounted for through equity.

2024 net income from operations

(in millions of euros)	2023			2024	Change
Total contribution from asset management: IK Partners			n/a	42.3	n/a
Bureau Veritas	594.0			643.3	+8.3%
Stahl	90.3			100.2	+11.0%
Constantia Flexibles	115.2			–	n/a
CPI	20.7			22.2	+7.2%
ACAMS	0.0			-0.7	n/a
Scalian	-2,8			-6.2	n/a
Tarkett (equity accounted)	8.8			15.6	+76.2%
Total contribution from Group companies		826.3		774.4	-6.3%
of which Group share	362.1			274.1	-24.3%
Operating expenses net of management fees			-72.5	-72.2	-0.4%
Taxes	-1.5			-4.0	+169.8%
Financial expenses	-15,9			35.6	n/a
Non-cash operating expenses	-25.3			-22.4	-11.4%
Net income from operations	711.0			753.7	+6.0%
of which Group share	246.9			232.7	-5.8%

Appendix 2: Fully diluted Net Asset Value bridge over 2024

Appendix 3: Conversion from accounting presentation to economic presentation

Please refer to table 7.1 of the consolidated statements.

Appendix 4: Glossary

AUM (Assets under Management): Corresponding – for a given fund – to total investors’ commitment (during the fund’s investment period) or total invested amount (post investment period)
FRE (Fee-Related Earnings) : Earnings generated by recurring fee revenues (mainly management fees). It excludes earnings generated by more volatile performance-related revenues.
GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM)

1 Fully-diluted NAV per share assumes all treasury shares are cancelled and a complementary liability is booked to account for all LTIP related securities in the money as of the valuation date.

2 Fully diluted of share buybacks and treasury shares.

3 Including the €4.0 per share dividend paid in 2024.

⁴ Dividend payout calculated on the basis of fully-diluted NAV at the end of December 2024.

5 Based on Wendel’s share price of €97.15 as of February 21, 2025.

6 Including sponsor money commitment in IK (€-500m).

7 Including sponsor money commitment in IK (€500m) and proforma of IK Partners transaction deferred payment (€-131m), Monroe Capital 100% acquisition (including estimated earnout and put on 25% of residual capital, i.e €-1.6bn) and GP commitments in Monroe Capital ($-200m for 2025).

8 €2.4bn of cash as of December 31, 2024, restated from sponsor money commitment in IK (€-500m), IK Partners transaction deferred payment (€-131m), Monroe Capital 100% acquisition (including estimated earnout and put on 25% of residual capital, i.e €1.6bn) and GP commitments in Monroe Capital’s new strategies (c. $-200m for 2025).

9 Net proceeds after ticking fees, financial debt, dilution to the benefit of the Company’s minority investors, transaction costs and other debt-like adjustments.
10 Gross IRR of 28%. Net IRR of 26%.
11 EV including IFRS 16 impacts. Excluding IFRS 16, EV stands at c.€1.86 billion.
12 As of end of December 2024

13 Commitments not yet invested

14 Fee Paying AuM

15 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit

16 EBITDA including IFRS 16 impacts, EBITDA excluding IFRS 16 stands at €201.0m.

17 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was €364.4m.

18 Leverage as per credit documentation definition.

19 Recurring EBITDA post IFRS 16. Recurring EBITDA pre IFRS 16 was $72.8m

20 Post IFRS 16 impact. Net debt pre IFRS 16 impact was $375.2m.

21 EBITDA including IFRS 16. EBITDA excluding IFRS16 stands at $24.0m

22 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was $164.2m.

23 EBITDA including IFRS 16 impact. Excluding IFRS 16, EBITDA stands at €50.9 m. Mannarino taken into account for 6 months.

24 Net debt including IFRS 16 impact. Excluding IFRS 16, net debt stands at €314.9 m.

25 As per credit documentation (pre IFRS 16)

26 Excluding Indian activities. Indian estimated revenue stands at €25 m.

27 EBITDA including IFRS 16 impacts and excluding Indian activities. Indian estimated EBITDA stands at €9.8 m.

28 As per credit documentation definition.

29 Consolidated sales will be published only for Full Year and Interim results. For Q1 & Q3, sales by companies/activities will continue to be commented on an individual basis

Attachment

Wendel_EN_FY 2024

The MIL Network –

February 27, 2025

MIL-OSI United Nations: Upcoming Financing for Development Conference ‘Perhaps Last’ Chance for Real Commitments, Deputy Secretary-General Tells Summit

Source: United Nations General Assembly and Security Council

Following is UN Deputy Secretary-General Amina Mohammed’s message for the opening of the Finance in Common Summit, held in Cape Town, South Africa, today:

I thank Remy Rioux and Adama Mariko from Finance in Common’s leadership, and this event’s co-hosts, the Development Bank of Southern Africa and the Asian Infrastructure Investment Bank, for bringing us together.

The world is dangerously off track in achieving the Sustainable Development Goals (SDGs). While we have made progress on many aspects of our development agenda, we have also faced multiple setbacks, including the pandemic, new conflicts, slowing global growth and escalating borrowing costs.

Looking ahead, accelerating climate impacts, crushing debt burdens, and the spectre of escalating trade and geopolitical tensions are darkening the horizon. The only way out of this storm is financing.

But, right now, developing countries are unable to mobilize SDG investments in the face of debt overhangs, capital flight, climate risks and illicit financial flows that bleed their economies dry. Even official development assistance (ODA), which has long provided a minimum safety net, is now under threat.

The fourth International Conference on Financing for Development in Sevilla in July will be a pivotal moment to renew the global financing framework and redouble our collective efforts to achieve the 2030 Agenda [for Sustainable Development]. It presents a significant, and perhaps the last, opportunity before 2030 for real financial commitments to turn aspirations into actions.

Addressing the sustainable development crisis requires two essential changes — both of which require the work of the institutions here at the Financing in Common Summit.

The first change is a massive investment push. The now-adopted Pact for the Future called for a massive financial stimulus to help developing countries invest in sustainable development.

This push must be publicly led, but designed to leverage private investment and innovation. It must work to mobilize capital at low cost. And it must focus on transformative investments that can yield the greatest impact. Public development banks are integral to meeting this challenge.

Doing so requires good governance, careful risk management and effective, independent management. Development banks also need clear direction from policymakers to align their operations with the 2030 Agenda.

The second change is reforming the international financial architecture. This was another key commitment in the Pact for the Future. The existing architecture was crafted 80 years ago when many countries were still under colonial rule.

It’s high time for change. This system needs to be fit for purpose in today’s world, which means putting developing countries squarely in the driver’s seat. The elevation of public development banks is a critical part of this change.

National banks are best placed to source projects and work with Governments to develop project pipelines that align with country priorities. MDB [Multilateral development bank] financing, co-financing and working with national development banks can all combine to expand developing country ownership and improve the efficiency of the international system.

The fourth International Conference on Financing for Development is uniquely placed to support this agenda. The zero draft of the Conference’s outcome document already contains ambitious proposals related to public development banks. While Member States will ultimately decide how to proceed, I urge you to support them.

Across this work and more, your engagement with the Financing for Development process will help ensure the Conference has political traction and the best chance of success. I wish you a successful Summit this week and hope to see you again in Sevilla.

MIL OSI United Nations News –

February 27, 2025
MIL-OSI: Dundee Corporation Continues To Advance Its Strategic Plan and Announces Proposed Sale of Its Interest in Android Industries

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) is pleased to announce that the ownership group of Android Industries, L.L.C. (“Android”) have agreed to sell their interest in Android. The Corporation holds a 20% interest in Android, a private company and leading high technology-enabled assembler and sequencer of complex assemblies for the automotive industry.

As a result of this transaction, Dundee anticipates receiving cash proceeds of approximately C$24.5 million at closing, with an incremental C$6.9 million payable contingent upon the release of all escrows. “The sale of our 20% interest in Android Industries represents a significant milestone for Dundee as we rationalize what remains of our non-core legacy asset portfolio which is a key strategic initiative as we recycle our capital into our core mining business,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “I would like to extend my congratulations to the team for their exceptional effort in getting this deal moved toward the finish line. This divesture underscores the Corporation’s commitment to optimizing its asset portfolio and delivering value to shareholders. We remain focused on executing on our strategic objectives and pursuing growth within the mining sector.”

The transaction is subject to satisfying customary closing conditions and obtaining necessary regulatory approvals and is expected to close on or around the end of the first quarter of 2025.

ABOUT DUNDEE CORPORATION:

Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.

FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

FOR FURTHER INFORMATION PLEASE CONTACT:

Investor and Media Relations
T: (416) 864-3584
E: ir @dundeecorporation.com

The MIL Network –

February 27, 2025
MIL-OSI: Haffner Energy successfully commissioned its hydrogen-from-biomass production unit in Marolles, France – a breakthrough for the hydrogen industry
Source: GlobeNewswire (MIL-OSI)

Vitry-le-François, France – February 26, 2025, 6:00 PM (CEST)
- Commissioning of the world’s first plant producing hydrogen from solid biomass at the Marolles site (Champagne region, France).
- Unique thermochemical process that significantly reduces green hydrogen costs.
- “Super green”¹ hydrogen available for commercial use beginning the second half of 2025.
Haffner Energy (ISIN: FR0014007ND6 – Ticker: ALHAF) announces the commencement of hydrogen² production utilizing its proprietary solid biomass thermolysis technology at its Marolles hydrogen production, testing, and training center, as was announced in the 12/17/2024 press release. This unique technology enables the production of renewable hydrogen at a substantially lower cost compared to conventional methods, while offering an unparalleled carbon footprint.

“Achieving the continuous production of competitive green hydrogen is a decisive step. Currently, the industry faces significant delays due to the excessive cost of decarbonized hydrogen. We are confident that our solution will accelerate the adoption of renewable hydrogen and enhance the sector’s competitiveness. I want to congratulate the Haffner Energy team and our partners for this remarkable achievement, ushering the company into a new era,” stated Philippe Haffner, Co-founder and CEO of Haffner Energy.

A Flexible and Economically Advantageous Production Model

The site’s production capacity will be 15 kg of hydrogen per hour (kg/h), with an initial phase temporarily limited to 11 kg/h due to the existing PSA (Pressure Swing Adsorption) purification equipment. This equipment will be replaced in the coming months by a PSA designed to reach a 15 kg/h capacity. The unit already produces hydrogen at 8 bar pressure, ready for commercial distribution starting in the second half of 2025 to serve transportation and industrial markets.

Anticipated since late 2024, this commissioning required the site to be connected to the medium-voltage electrical grid, which was completed earlier this year, followed by the on-site presence of commissioning engineers focused on the main equipment suppliers for hydrogen purification.

The biomass thermolysis unit, operational since June 2024, exceeds the capacity required to produce 15 kg/h of hydrogen. The new PSA, already received by Haffner Energy, will be complemented by a compressor reaching 35 bar pressure, supplying an H14 distribution station provided by HRS.

Marolles is designed to operate 8,000 hours per year. As part of this site’s operations, 120 metric tons of mobility-grade hydrogen per year (15 kg/hour) will be produced, contributing to the decarbonization of mobility and industry. This is equivalent to 12 million kilometers traveled with hydrogen vehicles. Approximately 2,400 metric tons of CO₂ per year will be avoided or captured through hydrogen and biocarbon (char or biochar) combined.

A memorandum of understanding for the offtake has been signed for the supply of 90 tonnes of hydrogen per year, mainly for mobility applications, which is designed to ensure a commercial outlet within the next few months.

Hydrogen Production from Residual Solid Biomass: A Game Changer

The scaling up of Haffner Energy’s proprietary biomass thermolysis technology is poised to disrupt the global and French renewable hydrogen markets, facilitating accelerated commercial and industrial development. This technology offers several key advantages:
- Economically Competitive Solution: Already capable of competing with gray hydrogen for installations of 20 MW and above – a feat far from achievable by alternative technologies.
- Economic Model Based on Low-Cost Biomass Energy: Hydrogen from biomass thermolysis is significantly cheaper to produce than hydrogen from the electrolysis of water thanks to low primary energy costs (<30€/MWh and often even <20€/MWh, compared with >70€/MWh for decarbonized electricity) and optimal energy efficiency (generally >70%).
- Independence from the Electrical Grid: Unlike electrolysis, thermolysis is minimally dependent on electricity availability and cost, ensuring stable and predictable production.
- Negative Carbon Footprint: This technology sequesters biogenic carbon through biochar co-production, achieving a negative carbon footprint when considering the full LCA.³
- Flexible Sourcing: This biomass-agnostic technology is able to utilize various residual biomasses, in particular from agriculture, ensuring greater autonomy and resilience against feedstock market fluctuations while significantly expanding available resources.
Towards Commercial and Industrial Expansion

The commissioning of the Marolles unit marks a strategic milestone for Haffner Energy. This success accelerates commercial discussions with several partners interested in this disruptive technology and, as announced in previous communications, will enable the Company’s project pipeline to be converted into firm orders, thereby generating revenue. In particular, the effective commissioning of the site is a catalyst for finalizing the signing of two major contracts.

The continuous operation of hydrogen and renewable gas production equipment on site will also enable Haffner Energy’s team to conduct tests using specific biomasses for each potential client, including non-conventional biomasses such as organic sludge, manure, and algae, thereby confirming the compatibility of Haffner Energy’s technology.

Furthermore, Haffner Energy is now positioned to leverage a previously untapped technological solution that converts hydrogen into electricity at an extremely competitive cost, highly valuable during peak consumption periods.

Despite a global context that remains unfavorable to the development of the hydrogen market, particularly in Europe and in France—where the national hydrogen strategy has yet to be announced—Haffner Energy’s position in this high-potential market is now strengthened.

Additional resources

Next events
- Annual results 2024-2025 June 18, 2025
- Annual Shareholders Meeting September 10, 2025
About Haffner Energy

Haffner Energy is a French company providing solutions for competitive clean fuels production. With a 32- year experience converting biomass into renewable energies, it has developed innovative proprietary biomass thermolysis and gasification technologies to produce renewable gas, hydrogen and methanol, as well as Sustainable Aviation Fuel (SAF). The company also contributes to regenerating the planet through the co-production of biogenic CO₂ and biocarbon (or char/biochar). Haffner Energy is listed on Euronext Growth (ISIN code : FR0014007ND6 – Ticker : ALHAF).

Investor Relations

investisseurs@haffner-energy.com

Media Relations

Laure BOURDON
laure.bourdon@haffner-energy.com
+33 (0) 7 87 96 35 15

Glossary:

* Biocarbon is a carbon-rich solid material. Biocarbon contains biogenic carbon absorbed from the atmosphere by plants via photosynthesis. This characteristic makes it a major carbon sink when used as a soil amendment, either applied directly or incorporated into fertilizers (known as biochar), or incorporated into building materials (known as char). Biocarbon is also a very dense source of renewable energy (31 MJ/kg) that can be gasified on site to increase the production of biofuels such as bio-SAF or the production of renewable hydrogen, but can also be shipped and gasified at another site, notably for the production of e-fuels.

¹ In accordance with the order of July 1, 2024 specifying the greenhouse gas emission threshold and the methodology for qualifying hydrogen as renewable or low-carbon.

² Samples were taken today by an independent laboratory to validate the mobility quality of this hydrogen.

³ In accordance with the life cycle assessment study carried out by the LCA consultancy EVEA at the end of 2021.

Attachment
- PR_H2production_Marolles_EN_20250226
The MIL Network –
February 27, 2025
MIL-OSI United Nations: 26 February 2025 Departmental update WHO champions data quality for stronger HIV programmes

Source: World Health Organisation

WHO, in collaboration with The Global Fund, UNAIDS and partners, has published a new technical brief on HIV data quality management and improvement. This technical brief underscores the critical role of accurate and reliable data in enhancing HIV programmes and health outcomes, while also highlighting the transformative potential of artificial intelligence in this domain.

Since 2018, WHO has been at the forefront of efforts to enhance data quality, partnering with countries and stakeholders to conduct over 40 data quality assessments across the six WHO regions. These efforts have not only bolstered programme impact but have also supported evidence-based decision-making, optimized service delivery, procurement and supply chain management. It has also enabled accurate tracking of progress and outcomes.

Enhancing programmes through improved data quality

Implementing robust data quality assessment and improvement activities is crucial for strengthening data systems and enhancing programmatic impact. WHO and partners have developed comprehensive data quality assessment tools and guidance, such as this newly published brief, the 2024 data quality assessment implementation tool for HIV treatment, or the 2024 module for assessing and strengthening the quality of viral load testing data.

“Investing in data quality is essential to ensure value for money, boost efficiency, inform data-driven decisions and amplify impact of HIV programmes,” said Dr Meg Doherty, Director of WHO Department of Global HIV, Hepatitis and STIs Programmes. “This technical brief is a vital resource for national HIV programmes, implementing partners, and funders. By prioritizing data quality, learning from country experiences and embracing digital solutions, HIV programmes can achieve greater impact and sustainability.”

Lessons learnt and success stories from countries

The technical brief showcases successful practices and lessons learned from countries, illustrating the importance of tailored approaches to data quality management. While every country needs to adapt the key principles outlined in the brief to their situation, the good practice examples can serve as inspiration for other countries facing similar challenges.

Embracing the future with digital solutions

Looking ahead, integration of artificial intelligence and other digital solutions is poised to further enhance data quality and utilization in a cost-effective manner. These advancements which are highlighted in the technical brief offer new avenues for improving data accuracy, reducing manual errors, and boosting the overall efficiency of health data systems. By leveraging digital innovations, HIV programmes can ensure sustainable and impactful responses.

MIL OSI United Nations News –

February 27, 2025
MIL-OSI United Kingdom: Ambitious budget set to empower communities and support the most vulnerable
Source: Scotland – City of Perth

Despite the costs of providing essential services continuing to rise, flexibility from a three-year Council Tax strategy and additional funding from the Scottish Government meant that Councillors were able to agree a budget for each of the next three years which prioritises services for the most vulnerable, avoids further public sector job cuts, and invests in community empowerment and business growth. All with a lower Council Tax increase than originally proposed.

The agreed Council Tax increase for 2025/26 is 9.5%. This follows a freeze in the current year. For people living in a Band D property, this represents a £2.56 weekly increase, or £11.11 more a month. Provisional increases have also been agreed of 9.5% for 2026/27 and 6% for 2027/28.

Key investments agreed:
- Protecting vital services for residents in the greatest need – the budget prioritises vulnerable residents, with almost £7 million to maintain health and social care services, plus £1 million over two years to support innovation and provide new models of delivering care in our communities.
- Protecting frontline jobs – no further job cuts are required as part of the budget decisions made today, with over £2 million being put back into Education and Learning to reverse proposed reductions in teacher numbers and £400,000 to prevent further cuts to teams supporting vulnerable children and families. Council officers are continuing to deliver on phase 2 of the leadership savings agreed last year.
- Empowering communities – the budget includes £1 million to support community resilience, £1 million for Culture Perth and Kinross services, and almost £150,000 in community sports.
Council Leader, Councillor Grant Laing, said: “Community groups are an essential part of delivering on local ambitions, and I’m proud that this budget creates more opportunities than ever before to put them at the heart of local decision-making. From additional funding for Bloom groups and Community Councils, to investing in community resilience and community sports, there’s lots we have been able to do.

“We’ve also listened to the community members who have campaigned in support of their rural libraries, and allocated money over two years to allow Culture Perth and Kinross to maintain current premises and opening hours. But, this funding is contingent upon the energy and commitment shown by those supporters now being directed towards working with CPK to plan and implement sustainable futures for those libraries.”

Additional key investments include:
- Economic growth – £9 million over four years in the Commercial Property Investment Programme to make more units available for new and growing businesses, particularly in rural Perth and Kinross.
- Environmental initiatives – £200,000 to provide practical support to Bloom and biodiversity groups to accelerate the delivery of the biodiversity aims of our Grow Wild approach to greenspaces. And, another £200,000 to deliver a new round of the Green Living Fund for community projects.
- Public transport – almost £170,000 to extend the offer for free bus travel on the first Saturday of every month for another year, adding extra free travel for Clean Air Day in June and for an additional free Saturday in December in the peak Christmas shopping season. Plus, almost £70,000 for rural bus services and community transport initiatives.
- Tackling poverty – adding £2 million to target anti-poverty initiatives, including continuing school holiday food and fun activities, and investing in efforts to tackle poverty in rural areas.
Councillor Laing added: “One of our key priorities is to tackle poverty head-on. We are investing in job creation and growth schemes, such as apprenticeships and rural employability programs, to provide more opportunities for our residents. Additionally, we are adding £2 million to our anti-poverty funding and allocating £600,000 to the Financial Insecurity Fund and Scottish Welfare Fund. This will ensure that we can support those facing financial challenges and help them access the discounts and benefits they are entitled to.

“Our Welfare Rights Team does a fantastic job in helping maximise income for households in financial need. By investing further in this team, we can support even more households and ensure that everyone in our community has the resources they need to thrive.
“With this ambitious budget, we are not only addressing immediate needs but also laying the foundations for a resilient and thriving community. Together, we are building a brighter future for Perth and Kinross.”
MIL OSI United Kingdom –
February 27, 2025
MIL-OSI Security: Honduran National With Three Violent Crime Convictions Arrested for Illegal Re-Entry in Del Rio

Source: Office of United States Attorneys

DEL RIO, Texas – A Honduran national was arrested near Eagle Pass on criminal charges related to his alleged illegal re-entry.

According to court documents, Daniel Antonio Borjas-Flores, 29, was previously removed from the United States through Alexandria, Louisiana on Nov. 4, 2024. Borjas-Flores has three prior convictions—two for assault, including one domestic violence charge, and a third for cruelty toward a child.

If convicted, Borjas-Flores faces up to 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting U.S. Attorney Margaret Leachman for the Western District of Texas made the announcement.

Homeland Security Investigations and the U.S. Border Patrol are investigating the case.

Assistant U.S. Attorney Brett Miner is prosecuting the case.

A criminal complaint is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

###

MIL Security OSI –

February 27, 2025
MIL-OSI Security: Wausau Man Sentenced to 14 Years for Leading Methamphetamine and Cocaine Trafficking Organization

Source: Office of United States Attorneys

MADISON, WIS. – Timothy M. O’Shea, United States Attorney for the Western District of Wisconsin, announced that Tommie L. Haney, 44, Wausau, Wisconsin, was sentenced February 20 by U.S. District Judge William M. Conley to 14 years in federal prison for conspiring to distribute 500 grams or more of both methamphetamine and cocaine. The prison term will be followed by 5 years of supervised release. Haney pleaded guilty to this charge on December 2, 2024.

In February 2022, Central Wisconsin Narcotics Task Force officers began investigating a methamphetamine and cocaine trafficking organization operating in Wausau, Wisconsin. The multi-year investigation involved the seizure of drug-laden packages from the mail, controlled purchases of narcotics, and seizures of firearms and large quantities of drugs from residence searches. From the investigation, officers believe the drug trafficking organization was distributing kilograms quantities of methamphetamine and cocaine.

Haney was identified as a local leader of the drug trafficking organization. He worked closely with sources of supply, he arranged bulk purchases, and he accompanied others traveling to obtain drugs. He also helped set drug prices and recruited additional members to the organization. Haney supplied and directed the activities of several regional drug distributors. He also distributed drugs himself. He sold 226 grams of methamphetamine on February 24, 2022, 29 grams of cocaine on January 19, 2023, and 115 grams of methamphetamine on March 16, 2023.

At sentencing, Judge Conley said Haney was part of a substantial drug conspiracy that caused harm to the Wausau community. Judge Conley also said that the quantity of drugs involved in the case warranted a lengthy sentence.

Eight others were also charged in connection with this drug trafficking organization. Teala L. Kumbera was convicted of conspiracy to distribute cocaine and methamphetamine and sentenced to 54 months in federal prison. Shandel L. Mohr was convicted of conspiracy to distribute cocaine and methamphetamine and sentenced to 12 months and 1 day in federal prison. Quo Vadis Lewis was convicted of conspiracy to distribute 500 grams or more of both methamphetamine and cocaine and possessing firearms as a felon and was sentenced to 12 ½ years in federal prison. Shelby Gutch pleaded guilty to conspiracy to distribute methamphetamine and cocaine on January 7, 2025, and entered into a 24-month diversion agreement. Troy C. Olsen was convicted of conspiracy to distribute methamphetamine and cocaine and was sentenced to 45 months in federal prison. Craig C. Gates was convicted of possessing cocaine intended for distribution and possessing a loaded firearm in furtherance of a drug trafficking crime and was sentenced to 106 months in federal prison. Edwin Lewis and Samuel A. Teague have pleaded guilty and are scheduled to be sentenced in the coming months.

The charges against Haney and the others in his organization were the result of an investigation conducted by the Federal Bureau of Investigation’s Central Wisconsin Narcotics Task Force comprised of investigators from the FBI, Wisconsin State Patrol, Wisconsin Department of Criminal Investigation, Lincoln County Sheriff’s Office, Marathon County Sheriff’s Office, Portage County Sheriff’s Office, Mountain Bay Police Department, Wausau Police Department and Wisconsin National Guard Counter Drug Program. The Marathon County District Attorney’s Office also assisted with the investigation. Assistant U.S. Attorney Steven P. Anderson prosecuted this case.

This case has also been brought as part of Project Safe Neighborhoods (PSN), the U.S. Justice Department’s program to reduce violent crime. The PSN approach emphasizes coordination between state and federal prosecutors and all levels of law enforcement to address gun crime, especially felons illegally possessing firearms and ammunition and violent and drug crimes that involve the use of firearms.

In addition, this operation is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

MIL Security OSI –

February 27, 2025
MIL-OSI United Nations: Deputy Secretary-General’s remarks to the opening of the Finance in Common Summit 2025 [as prepared for delivery]

Source: United Nations secretary general

Excellencies, Distinguished guests,

I thank Remy Rioux and Adama Mariko from Finance in Common’s leadership, and this event’s co-hosts, the Development Bank of Southern Africa and the Asian Infrastructure Investment Bank, for bringing us together.

Excellencies,

The world is dangerously off track in achieving the Sustainable Development Goals.

While we have made progress on many aspects of our development agenda, we have also faced multiple setbacks, including the pandemic, new conflicts, slowing global growth, and escalating borrowing costs.

Looking ahead, accelerating climate impacts, crushing debt burdens, and the specter of escalating trade and geopolitical tensions are darkening the horizon.

The only way out of this storm is financing.

But right now, developing countries are unable to mobilize SDG investments in the face of debt overhangs, capital flight, climate risks, and illicit financial flows that bleed their economies dry.

Even official development assistance, which has long provided a minimum safety net, is now under threat.

The Fourth International Conference on Financing for Development in Sevilla in July will be a pivotal moment to renew the global financing framework and redouble our collective efforts to achieve the 2030 Agenda.

It presents a significant, and perhaps the last, opportunity before 2030 for real financial commitments to turn aspirations into actions.

Addressing the sustainable development crisis requires two essential changes – both of which require the work of the institutions here at the Financing in Common Summit.

The first change is a massive investment push.

The now-adopted Pact for the Future called for a massive financial stimulus to help developing countries invest in sustainable development.

This push must be publicly-led but designed to leverage private investment and innovation. It must work to mobilize capital at low cost. And it must focus on transformative investments that can yield the greatest impact.

Public development banks are integral to meeting this challenge.

Doing so requires good governance, careful risk management, and effective, independent management.

Development banks also need clear direction from policymakers to align their operations with the 2030 Agenda.

The second change is reforming the international financial architecture.

This was another key commitment in the Pact for the Future.

The existing architecture was crafted 80 years ago when many countries were still under colonial rule.

It’s high time for change.

This system needs to be fit for purpose in today’s world, which means putting developing countries squarely in the driver’s seat.

The elevation of public development banks is a critical part of this change.

National banks are best placed to source projects and work with governments to develop project pipelines that align with country priorities.

MDB financing, co-financing, and working with national development banks can all combine to expand developing country ownership and improve the efficiency of the international system.

The Fourth International Conference on Financing for Development is uniquely placed to support this agenda.

The zero draft of the conference’s outcome document already contains ambitious proposals related to public development banks. While Member States will ultimately decide how to proceed, I urge you to support them.

Excellencies,

Across this work and more, your engagement with the FfD process will help ensure the Conference has political traction and the best chance of success.

I wish you a successful Summit this week and hope to see you again in Sevilla.

Thank you.

MIL OSI United Nations News –

February 27, 2025
MIL-OSI: ThoughtSpot Appoints Brad Roberts as Chief Financial Officer to Drive Growth and Scalability in the AI Era

Source: GlobeNewswire (MIL-OSI)

MOUNTAIN VIEW, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — ThoughtSpot, the AI-native Intelligence Platform, has announced the appointment of Brad Roberts as Chief Financial Officer (CFO). This strategic appointment to the leadership team underscores ThoughtSpot’s commitment to building a trusted AI company that drives industry innovation in the era of AI and agentic analytics.

Roberts, a seasoned executive finance leader, brings over thirty years of experience in the technology industry, having served as a CFO and interim CFO for high growth technology companies including Addepar and Panorama Education, among others. He also spent nearly a decade at Synopsys, supporting and managing growth from $400M to $1.3B in his tenure and another decade in the technology practice of strategy consulting firm, Bain & Company.

“Brad exemplifies the financial leadership that is crucial as we accelerate our growth and solidify our position as a leader in AI-powered analytics intelligence,” said Ketan Karkhanis, Chief Executive Officer at ThoughtSpot. “His experience is not only valuable, it becomes an asset to our roadmap at ThoughtSpot as we take advantage of the AI opportunity in front of us and build ThoughtSpot 3.0, powering the autonomous enterprise and leveraging agentic AI for all.”

As AI redefines business intelligence, trust becomes a key catalyst for future buying decisions. Roberts’ leadership, in collaboration with the executive team, will be instrumental in empowering customers to confidently leverage ThoughtSpot’s intelligence platform and positions ThoughtSpot to take advantage of the moment and continue their leadership position in AI-driven intelligence.

“ThoughtSpot is uniquely positioned to drive transformational change across customers using agentic AI for management insights and process efficiencies.The opportunity ahead enables us to evolve from a high-growth company into an industry-defining leader,” said Brad Roberts, Chief Financial Officer at ThoughtSpot. “Ketan and the leadership team have set a bold and urgent vision, providing a clear path forward for my role. Finance will be a strategic enabler, fueling innovation, expanding our product portfolio, and powering the next phase of ThoughtSpot’s evolution.”

Roberts joins ThoughtSpot after posting significant fiscal growth in Fiscal Year 2024, closing with 40% year-over-year SaaS growth and more than doubling its monthly active users. ThoughtSpot also unveiled a significant expansion to the company’s artificial intelligence capabilities with the launch of Spotter, an agentic AI analyst, followed by the launch of Analyst Studio, a creator space that empowers data teams to get data ready for AI and analytics.

In the last year, ThoughtSpot has appointed several leaders, including Ketan Karkhanis as Chief Executive Officer, Ahmed Quadri as Chief Customer Officer, Anthony Lee-Masis as Chief Information Security Officer, and Francois Lopitaux as SVP and General Manager of Emerging Technologies and Products.

Roberts holds an MBA from Harvard Business School as well as bachelor’s degrees from the University of Pennsylvania Wharton Business School and the School of Engineering and Applied Science.

About ThoughtSpot
ThoughtSpot is the AI-native Intelligence Platform for every enterprise. Our mission is to create a more fact-driven world by empowering everyone to explore any data, ask any question, and uncover actionable insights faster—leading to growth, better business outcomes, and efficiency in their organizations. With ThoughtSpot’s intuitive natural language search, every user can confidently generate answers from their business data at every point of decisioning. The platform’s unified capabilities, along with our agentic AI analyst, Spotter, enable users to create precise, transparent, personalized, and actionable insights with enterprise grade trust, security, and scale. Accessible via the web and mobile app, ThoughtSpot ensures intelligent decision-making happens seamlessly, wherever and whenever needed. For developers, ThoughtSpot Embedded offers a low-code solution to integrate AI-powered analytics directly into products and services, driving data monetization and boosting user engagement for customers. Industry leaders like NVIDIA, Hilton Worldwide, Capital One and Huel rely on ThoughtSpot to transform how their employees and customers take advantage of data to create better business outcomes. Try ThoughtSpot today and experience the new era of analytics.

PR Contact:
Lindsay Noonan
Director of Communications, ThoughtSpot
press@thoughtspot.com

The MIL Network –

February 27, 2025
MIL-OSI Security: King County Man Who Dealt Narcotics on the Dark Web and Kept a Cache of Weapons at His RV Sentenced to Eight Years in Prison

Source: Federal Bureau of Investigation (FBI) State Crime News

Law enforcement was already investigating dark web drug trafficking when defendant was shot near Olallie State Park

Seattle – A King County man, arrested after law enforcement discovered a drug lab and cache of firearms and explosives inside an RV near a state park, was sentenced today to eight years in prison for possession of fentanyl with intent to distribute, unlawful possession of a machinegun, and unlawful possession of destructive devices, announced Acting U.S. Attorney Teal Luthy Miller. Braiden F. Wilson, 29, and his partner, 30- year-old Chandler B. Bennett were arrested following a May 12, 2024, shooting in rural King County. At today’s sentencing hearing U.S. District Judge Lauren King said, the crimes “were egregious… You distributed a large amount of drugs that cause a danger to our community.”

“Mr. Wilson used the dark web to advertise his potentially deadly wares, shipping fentanyl pills across the country,” said Acting U.S. Attorney Miller. “He further placed the lives of the community in danger by stockpiling a cache of weapons and explosives, which he stored adjacent to a state park frequented by the public.”

According to records filed in the case, Homeland Security Investigation (HSI) was investigating Wilson for dealing drugs on the dark web, when King County Sheriff’s deputies were called to the RV near Olallie State Park when Wilson was shot. The deputies noticed that the RV had surveillance cameras and asked to get access to the recorded video to identify the assailant. Bennett refused to allow law enforcement to enter the RV, so they sought a warrant from a King County Judge.

When law enforcement entered the RV, they found a large cache of weapons as well as fentanyl powder, tablets containing fentanyl, and sundry items associated with the manufacture of tablets, including a manual pill press. Law enforcement located more than two and a half kilograms of fentanyl-laced pills. Law enforcement seized 16 firearms, body armor, silencers, and ballistic shields. They also found gun parts made from 3D printers – making them untraceable. There were multiple destructive devices and literature on the chemistry and manufacturing of explosives, as well as literature on how to convert firearms to fully automatic capability.

Agents and officers also searched two storage units associated with Wilson and found two additional pill presses, more controlled substances, and mailing supplies. In all law enforcement seized more than two kilos of fentanyl-laced pills, nearly a kilo of fentanyl powder, and more than three kilos of methamphetamine. Computer and bank records reveal that Wilson distributed controlled substances via his dark web identity more than 2,000 times and he took in more than $287,000 in crypto currency.

Wilson pleaded guilty in October 2024.

Asking for an eight-year prison sentence prosecutors wrote to the court, “Wilson engaged in a comprehensive enterprise to distribute fentanyl-laced pills throughout the country by offering his products for sale on dark web

marketplaces… He maintained a veritable armory while engaged in his drug distribution business. Inside the motorhomes Wilson shared with his co-defendant, investigators found an operable machinegun; silencers designed to muffle the report of a discharged firearm; a shotgun stored in a case designed to look like it carried a musical instrument; destructive devices commonly called pipe bombs; and materials to make more destructive devices.”

“This is another example of great work by our patrol deputies, as they went above and beyond on a call that resulted in taking two dangerous criminals off the street,” said King County Sheriff Patti Cole-Tindall. “Additionally, I am so proud of the work done by our Gun Violence Reduction Unit. That team was able to ensure the proper steps were taken in this investigation, and in partnership with several federal agencies, were able to hold these people accountable and ensure justice was served.”

The case was investigated by Homeland Security Investigation (HSI), the King County Sheriff’s Office, the Bureau of Alcohol, Tobacco, Firearms & Explosives (ATF), the United States Postal Inspection Service (USPIS), the Federal Bureau of Investigation (FBI), and the Drug Enforcement Administration (DEA), with assistance from the Washington State Patrol.

The case is being prosecuted by Assistant United States Attorneys Casey Conzatti and Brian Wynne.

MIL Security OSI –

February 27, 2025
MIL-OSI Security: U.S. Attorney’s Office Announces Sentencing of New York Man for Role in Scheme Defrauding Bernalillo County

Source: Federal Bureau of Investigation FBI Crime News (b)

strong>ALBUQUERQUE – A New York man was sentenced today in federal court for his role in a business email compromise scheme that defrauded Bernalillo County of over $447,000.

There is no parole in the federal system.

According to court documents, Oscar Kipikirui Ngeno, a naturalized U.S. citizen originally from Kenya, was involved in a business email compromise scheme targeting the government of Bernalillo County, New Mexico. Between October and December 2019, while residing in New York on an immigrant visa, Ngeno allowed others to have access to his bank account, which was used for fraudulent transfers.

The scheme involved a spoofed email sent to Bernalillo County, purportedly from a legitimate vendor, containing falsified payment information and a phone number controlled by Ngeno. As a result, the county transferred a total of $447,372.89 to Ngeno‘s account over several months.

Ngeno became aware of the illegal nature of these transfers and the criminal origin of the funds in his account. On November 6, 2019, he used approximately $13,090.82 of the fraudulently obtained money to pay off a personal vehicle loan with Capital One Auto.

On November 15, 2024, Ngeno pleaded guilty to one count of money laundering, acknowledging his role in the scheme. Ngeno was sentenced to three years of probation and ordered to pay restitution in the amount of $15,000 to Bernalillo County.

Acting U.S. Attorney Holland S. Kastrin and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today.

The Albuquerque Field Office of the FBI investigated this case with assistance from the Buffalo Field Office, the Rochester Resident Agency, Richmond FBI Field Office and Bernalillo County Sheriff’s Office. Assistant United States Attorney Kimberly A. Brawley is prosecuting the case.

MIL Security OSI –

February 27, 2025
MIL-OSI: Defiance ETFs’ QTUM, Quantum Computing ETF, Earns 5-Star Morningstar Rating and Surpasses $1 Billion in AUM

Source: GlobeNewswire (MIL-OSI)

MIAMI , Feb. 26, 2025 (GLOBE NEWSWIRE) — Defiance ETFs, a pioneer in thematic investing, is proud to announce that its QTUM – Defiance Quantum Computing ETF has achieved two significant milestones: a prestigious 5-star Overall Morningstar Rating™ and assets under management (AUM) exceeding $1 billion. These accomplishments underscore QTUM’s position as a leader in providing investors with targeted exposure to the rapidly evolving quantum computing sector. The 5-star Morningstar Rating, based on risk-adjusted returns as of January 31, 2025, places QTUM among the top-performing funds in its technology category, evaluated against 262 peers over a three-year period.

Launched in September 2018, QTUM tracks the BlueStar Quantum Computing and Machine Learning Index, offering access to a diversified portfolio of global companies at the forefront of quantum innovation. With holdings including industry trailblazers like D-Wave Quantum (NYSE: QBTS), IonQ (NYSE: IONQ), and Rigetti Computing (NASDAQ: RGTI), QTUM has capitalized on the surging demand for computational power driving the AI age.

“We’re thrilled to see QTUM earn a 5-star Morningstar Rating and break the $1 billion AUM barrier,” said Sylvia Jablonski, CEO of Defiance ETFs. “This dual achievement is a testament to the vision we had when we launched QTUM—to give investors a front-row seat to one of the most disruptive technological shifts of our time. Quantum computing isn’t just the future; it’s the now”

The quantum computing market is projected to grow exponentially, with estimates suggesting a valuation of $90 billion to $170 billion by 2040¹, driven by its ability to solve complex problems beyond the reach of classical computing. QTUM’s success reflects this momentum, offering a compelling option for investors seeking to tap into this high-growth sector without the risks of single-stock exposure.

For more information on QTUM, including current holdings and performance data, visit www.defianceetfs.com/qtum.

About Defiance ETFs
Founded in 2018, Defiance ETFs is a leading issuer of thematic, leveraged, and income-focused exchange-traded funds.

^1. Source: bcg.com The Long-Term Forecast for Quantum Computing Still Looks Bright, July 18, 2024.

Past performance does not guarantee future results. Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

The Funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 833.333.9383.

Morningstar Disclaimer: The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products with at least a three-year history. The top 10% of products in each category receive 5 stars. The Overall Morningstar Rating is derived from a weighted average of performance figures associated with its three-, five-, and 10- year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. ©2025 Morningstar, Inc. All Rights Reserved.

Investing involves risk. Principal loss is possible. The Funds are not actively managed and would not sell a security due to current or projected under performance unless that security is removed from the Index or is required upon a reconstitution of the Index. A portfolio concentrated in a single industry or country may be subject to a higher degree of risk. The value of stocks of information technology companies are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition.

The Fund is considered to be non-diversified, so it may invest more of its assets in the securities of a single issuer or a smaller number of issuers. Investments in foreign securities involve certain risks including risk of loss due to foreign currency fluctuations or to political or economic instability. This risk is magnified in emerging markets. Small and mid-cap companies are subject to greater and more unpredictable price changes than securities of large-cap companies.

The possible applications of quantum computing are only in the exploration stages, and the possibility of returns is uncertain and may not be realized in the near future.

The “BlueStar Quantum Computing and Machine Learning Index™”, “BQTUM™ Index” (collectively “Quantum Computing and Machine Learning Index”), is the exclusive property and a trademark of BlueStar Global Investors LLC d/b/a BlueStar Indexes® and has been licensed for use for certain purposes by Defiance ETFs LLC. Products based on the Quantum Computing and Machine Learning Index are not sponsored, endorsed, sold or promoted by BlueStar Global Investors, LLC or BlueStar Indexes®, and BlueStar Global Investors, LLC and BlueStar Indexes® makes no representation regarding the advisability of trading in such product(s). It is not possible to invest directly in an index.

QTUM is distributed by Foreside Fund Services, LLC.

Contact Information

David Hanono
info@defianceetfs.com
833-333-9383

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d994faf-766a-4a4d-8949-39f33c321b95

The MIL Network –

February 27, 2025
MIL-OSI United Nations: ‘Last Chance’ to Achieve Two-State Solution, UN Mediator Tells Security Council, as Speakers Highlight Need to Sustain Gaza Ceasefire

Source: United Nations General Assembly and Security Council

This may be “the last chance” to achieve a two-State solution — the creation of independent Israel and Palestine coexisting peacefully side by side — a United Nations mediator told the Security Council today, as it considered the fragile ceasefire in the Gaza Strip, the first phase of which is set to expire on 1 March.

While welcoming the implementation of this initial phase, including the release of 34 hostages, Sigrid Kaag, UN Special Coordinator for the Middle East Peace Process ad interim, added: “None of us will forget the harrowing pictures of the coffins of the Bibas children taken hostage with their mother and killed while in captivity.” Condemning Hamas’ public parading of hostages, she also noted the release of 1,135 Palestinian prisoners and detainees, and reports of the ill treatment and humiliation they experienced.

In Gaza, far more remains to be done to address over 15 months of deprivation of basic human necessities and “above all, a loss of human dignity”, she said, while noting some improvements in humanitarian aid access. “Palestinians must be able to resume their lives, to rebuild and to construct their future in Gaza,” she stressed, adding that there can be no question of forced displacement. Gaza must remain an integral part of a future Palestinian State, and the Strip must be unified with the West Bank including East Jerusalem, “politically, economically and administratively”, she said, calling on the Council to ensure continued support for the full realization of the ceasefire deal, urgent de-escalation in West Bank and support for Gaza’s recovery and reconstruction — which would cost $53 billion.

Also briefing the Council today was Daniel Levy, President of the US/Middle East Project, who stressed that Israelis and Palestinians both deserve security, while acknowledging the “power asymmetry” between a colonizing State and a colonized people. Recalling the Israeli ambassador’s “gimmick” of shredding the UN Charter at the General Assembly podium, he said: “When a State like Israel conducts itself in ways that render the Charter meaningless and which assault [international] conventions, including on genocide […] then that is a challenge that cannot be allowed to pass.”

Calling for a full ceasefire, the release of all Israeli hostages and a surge in humanitarian assistance, he cautioned: “There is good reason to fear that this could collapse.” In that vein, he warned against the attempt to permanently depopulate the north of Gaza, adding: “Hamas non-governance in Gaza is achievable, the movement itself has said so.” But, there will be resistance if the structural violence of occupation and apartheid continue. He also cautioned against zero-sum thinking, also stressing that the unlawful forced displacement of Palestinians must not be endorsed or encouraged by any State, let alone, one of the permanent five.

Testimony from Ex-Hostage

“I was kidnapped by Hamas terrorists on 7 October 2023 from the Nova music festival with my partner,” recalled Noa Argamani, who also addressed the Council today. She added that she was taken by force into Gaza and “held in total fear, living in a nightmare”. Noting that she was rescued by Israeli soldiers after eight months in captivity, she said: “Being here today is a miracle, but I’m here today to tell you we have no time.” There are still 63 hostages in captivity — 24 believed to still be alive — “the [ceasefire] deal must go on, in full”, she urged.

Recalling that her captors murdered her friend, she underscored: “Every second in captivity is dangerous.” The Council must “not let the darkness take over”, she warned, stating that she came to the Council so that the international community understands that “the hostages are in hell” and deserve to return home immediately.

Determined to Eradicate Hamas

“This is the story of every hostage and every family shattered by Hamas’ terror,” said Israel’s delegate, urging the Council to adopt a resolution condemning the group — a move he argued the 15-member organ could have taken 16 months ago. Stressing that the tragedy will not end “until each one of them is back home”, he continued: “The question now is whether this Council will help write that ending, or continue to look away.”

“No matter what happens, our commitment to freeing all the hostages and completely eradicating Hamas is unshakeable,” he underscored. Turning to the humanitarian situation, he pointed to thousands of trucks entering Gaza every week to deliver aid and stressed: “The only starved people in Gaza are the hostages.” He added that “it is time to think beyond the frameworks of the past and build a new reality — one where terrorists do not hold entire communities hostage and where life is sacred once more”.

Recordings of Gunfire at Family

Riyad H. Mansour, Permanent Observer for the State of Palestine, said while “nothing justifies” what happened to the Bibas family, Palestinian children are “not any less deserving of your outrage for their killing”. He went on to play recordings of the calls made to emergency services by 15-year-old Layan Hamadeh and her 6-year-old cousin Hind Rajab — both found dead later — after their family members were shot dead while evacuating Gaza City by car. He also remembered the Palestinian parents who had to collect “what remained of their children’s bodies in plastic bags”.

“Did you see the images of our released prisoners, often starved, with marks and scars on their bodies?”, he asked, noting that Israel subjects them to beatings and humiliating treatments. “How many hostages were released by military actions and how many hundreds of Palestinians have perished in these military attacks that were supposed to rescue the hostages but led to the death of many of them?”, he asked, adding: “Ceasefire works.” The next few days is a test of Israel’s true priorities, he said.

Support for Ceasefire’s Second Phase

Council members stressed the need to uphold the ceasefire and reach an agreement on the second phase, which aims to establish a permanent truce. Under this phase, Israel would fully withdraw from Gaza, while Hamas would release all remaining hostages in exchange for additional detainees.

The representative of Sierra Leone, voiced a “renewed sense of relief and optimism” despite “the uncertainty that still looms”. The representative of the Republic of Korea noted that the agreement shows “what firm political will can bring to the region” as Israeli hostages and Palestinian prisoners reunite with their families. The ceasefire is also saving lives, Denmark’s delegate said, adding that it is vital that it moves to its second phase. Georgios Gerapetritis, Minister for Foreign Affairs of Greece, added that the ceasefire will “allow planning for a more prosperous and secure ‘day after’ for the whole region”.

The representative of France said that his country has deployed specialized personnel within the framework of the European Union Border Assistance Mission at the Rafah Crossing Point to support the ceasefire. He also noted that his country and Saudi Arabia will co-chair an international conference for the implementation of a two-State solution in June.

The Russian Federation’s delegate expressed concern about the “opaque monitoring mechanism”, highlighting accusations from both sides about the other side’s bad faith in the implementation of individual steps. Somalia’s delegate said that the continued attacks, illegal arrests, settlement-expansion and excessive use of force “undermine the spirit of the ceasefire deal” and that “mediation efforts will not succeed if the aggression continues unchecked”. If the ceasefire fails, Panama’s delegate warned, “then the human toll will be incalculable and prospects for regional peace and stability will fade further”.

The representative of the United Kingdom welcomed improved aid supplies since the ceasefire agreement as having “demonstrated the central role of the UN and humanitarian actors, including UNRWA [United Nations Relief and Works Agency for Palestine Refugees in the Near East]”. She also expressed concern over tightening humanitarian space, as well as the expansion of Israel’s operations killing and displacing civilians in the West Bank.

Gaza’s Future without Hamas

The representative of the United States expressed support for Israel’s “sovereign decision” to close UNRWA offices in Jerusalem, adding: “UNRWA is not and never has been the only option for providing humanitarian assistance in Gaza”. Her country stands with all hostages, she said, adding that the desecration of the remains of Shiri Bibas shows “the depth of Hamas’s cruelty”. President Donald J. Trump has made clear that the future of Gaza must look different, she said, adding that Hamas must be fully removed from power and held accountable for its 7 October 2023 terrorist massacre.

Save West Bank from Becoming Next Gaza

Other speakers, however, highlighted the impact of Israel’s occupation of Palestinian territories, and the escalation of settlements and violence in the West Bank. “Israel is not trying to return to calm,” said Kuwait’s delegate, speaking for the Arab Group. Asking the Council if it is waiting for a repeat of the Gaza tragedy, he called on the international community to help end the occupying Power’s aggression in the West Bank and its attacks on Christian and Muslim holy sites in the Aqsa Mosque compound.

Algeria’s delegate drew attention to the Israeli Finance Minister’s declaration that the “goal for 2025 is to demolish more than what Palestinian are building in the West Bank”. Stressing the need to support UNRWA and empower the Palestinian Authority, he added that weakening the Authority is a deliberate strategy by the Israeli occupying Power which dreams “of a land free of Palestinians”, from the river to the sea. Five newborn babies froze to death yesterday in a hospital in Gaza City, he noted, adding “we have no more time to waste”. The ceasefire agreement should serve as a foundation for a durable peace plan.

Slovenia’s delegate stressed: “Gaza belongs to Gazans and it is an integral part of the Palestinian State.” Pointing to the “many more steps” needed for lasting peace to persist in the Middle East, he observed: “While peace seems to be a big word, it essentially boils down to everyday decisions to work for it.”

“The cumulative effect of Israel’s violent occupation of Palestinian territories has entrapped the Palestinian people in a cycle of violence and poverty,” Guyana’s delegate noted. Pakistan’s representative pointed to the forcible displacement, military raids, settler violence and illegal land annexations Israel is conducting, describing these as “ethnic cleansing in real time”.

The representative of China, Council President for February, speaking in his national capacity, urged the international community to support the parties in moving ahead with negotiations on the second phase of the ceasefire and called on Israel to cease its military and settler activity in the West Bank, underscoring: “The West Bank must not become the next Gaza.”

MIL OSI United Nations News –

February 27, 2025
MIL-OSI USA: CFTC Commissioner Christy Goldsmith Romero to Step Down from the Commission and Retire from Federal Service

Source: US Commodity Futures Trading Commission

With the fulfillment of her term, and the nomination of Brian Quintenz to succeed her, Commissioner Christy Goldsmith Romero will step down from the Commission upon Mr. Quintenz’s confirmation, and retire from federal service. Commissioner Goldsmith Romero said, “It’s been a tremendous privilege to serve in the federal government for 23 years. Following my wonderful tenure at the SEC and as the Special Inspector General for TARP at the Department of the Treasury, it has been a joy to be a CFTC Commissioner and serve alongside my fellow Commissioners and the CFTC staff. History has shown how sound regulation plays a critical role in U.S. financial markets being the envy of the world, and I am honored to have played a part in promoting U.S. markets and protecting investors and customers.” “I congratulate my friend and fellow Commissioner, Christy Goldsmith Romero, on her retirement from decades of dedicated federal service” said Acting Chairman Caroline Pham. “Throughout her distinguished career, she has worked tirelessly to protect the American public and address risks in banking and financial services. I have appreciated her notable accomplishments towards our shared goal of supporting the CFTC’s robust enforcement program—to hold those who break the law accountable and deter bad actors from causing harm to our markets. In particular, Christy has been a thought leader in combatting fraud and addressing cybersecurity in new technologies such as AI and blockchain as sponsor of the CFTC’s Technology Advisory Committee. I will miss her partnership and collegiality on the Commission.”Commissioner Goldsmith Romero is a well-regarded, trusted, and internationally recognized leader in financial regulation and oversight. She has served as a Presidential appointee since 2012, was twice unanimously confirmed by the Senate, has testified before Congress 14 times, and was recently nominated to be the FDIC Chairman and Board Member. Her work has received substantial media coverage, and she is a sought-after speaker. Commissioner Goldsmith Romero led the CFTC during a time of expansion of derivatives markets and amid geopolitical uncertainty. Her overriding priority has been to ensure that markets work well—that they remain vibrant, resilient and have integrity. She has visited farmers, agricultural and energy providers, and critical mineral providers, and met with exchanges, trading platforms, clearing houses, banks and brokers.During her term, Commissioner Goldsmith Romero prioritized risk management, focusing on the Commission’s mission to promote market resilience. Her work led to increased surveillance to ensure prices for food and fuel were not artificially increased by fraud or manipulation. She led the drafting of the CFTC’s first proposed rule on cyber resilience for banks and brokers, which garnered a unanimous Commission vote. She spoke about resilience to climate risk, given the impact of severe climate events on agricultural and energy markets. Commissioner Goldsmith Romero built on her career-long enforcement record of combating fraud and other illegality and of advancing investor and customer protection. She changed the CFTC’s routine practice of settling all cases without requiring defendants to admit their misconduct and called for stricter penalties for recidivism and violations of anti-money laundering laws. She proposed the creation of a National Financial Fraud Registry, and advocated that Congress define “retail customer” for derivatives markets.Commissioner Goldsmith Romero has been a leader at the CFTC on future of finance issues. She promoted responsible innovation and competition in the CFTC’s regulation of trading of digital assets and engaged with technology innovators. She sponsored the CFTC’s Technology Advisory Committee, to which she added technology experts in cryptocurrency, stablecoins, blockchain, digital identity, AI, fintech, and cybersecurity. The committee examined emerging technology and cyber resilience and released first-of-its-kind reports on “Decentralized Finance” and “Responsible AI in Financial Markets.”Commissioner Goldsmith Romero was the first AANHPI lawyer to serve as a CFTC Commissioner and the first LGBTQIA+ Commissioner. She thanks President Biden for her nomination, the U.S. Senate for its unanimous confirmation, and her current and former staff and CFTC for their outstanding public service.About Commissioner Goldsmith RomeroCommissioner Goldsmith Romero was sworn in as a CFTC Commissioner on March 30, 2022, after being nominated by President Biden and unanimously confirmed by the Senate. In June 2024, President Biden nominated her to be the FDIC Chairman and Board Member (nomination returned by the Senate in January 2025).Prior to becoming a CFTC Commissioner, she served for 12 years at the Department of Treasury, including for a decade as the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), after being nominated by President Obama and unanimously confirmed by the Senate. She continued to serve in that position throughout President Trump’s administration and the beginning of President Biden’s administration. There, she led a nationwide law enforcement and audit watchdog office conducting oversight over TARP, the government’s response to the financial crisis that covered banks, derivatives, housing, the automotive industry and insurance. She testified before Congress and served as a non-partisan Congressional resource on the U.S. financial system, the global financial crisis and TARP. SIGTARP returned more than $11 billion to taxpayers and other victims, a 27 times return on investment. SIGTARP developed a unique ability to find hidden fraud in banks. SIGTARP investigations led to criminal charges against 465 defendants (including 75 bankers sentenced to prison and 121 homeowner scammers sentenced to prison), as well as civil charges by the DOJ, the SEC & others against 25 entities including large financial institutions.Commissioner Goldsmith Romero served for six years at the U.S. Securities and Exchange Commission, including as counsel to two SEC Chairs, Christopher Cox (R) and Mary Schapiro (I), after serving on the staff of the Enforcement Division. She also was an adjunct professor at Georgetown University Law Center teaching a class on the SEC and securities regulation, and at the University of Virginia Law School teaching classes on cryptocurrency regulation and federal oversight. Prior to joining the SEC, she worked at national law firms including Jenner & Block, Snell and Wilmer, and Akin Gump Strauss Hauer & Feld, and served a federal clerkship.

MIL OSI USA News –

February 27, 2025
MIL-OSI Security: Crescent Township Resident Charged with Possession of Child Sexual Abuse Materials

Source: Office of United States Attorneys

Defendant remains detained after searches also revealed more than 20 firearms and evidence of antisemitic and violent extremist ideologies

PITTSBURGH, Pa. – A resident of Glenwillard, Pennsylvania, has been indicted by a federal grand jury in Pittsburgh on a charge of possession of material depicting the sexual exploitation of a minor, Acting United States Attorney Troy Rivetti announced today.

The one-count Indictment named Aidan Harding, 20, as the sole defendant.

According to the Indictment and other information presented to the Court, on or about December 11, 2024, Harding possessed material depicting the sexual exploitation of a minor, including videos containing the sexual abuse of prepubescent minors.

On January 27, 2025, Harding was charged by criminal complaint and, at a February 12, 2025, detention hearing, ordered to be held without bond pending trial after the United States introduced evidence that Harding committed the charged offense and possessed additional materials depicting violent sexual assaults. In addition, in support of its contention that Harding presented an unacceptable danger to the community, the United States presented testimony and documentary evidence that Harding adhered to a racially-motivated violent extremist ideology, possessed more than 20 firearms, had targeted Pittsburgh’s Jewish community with antisemitic fliers, and made statements online about his interest in “political and revenge driven” mass casualty events, including references to the shooter who murdered 11 congregants at the Tree of Life Synagogue in Pittsburgh. The evidence also established that Harding, who had been previously adjudicated delinquent for terroristic threats after discussing online his desire to commit a “high kill count” attack, possessed videos of mass shootings from the United States and other countries, and had filmed himself re-enacting the Columbine mass shooting at a memorial honoring the victims of that attack.

The law provides for a maximum sentence of up to 20 years of imprisonment, a fine of up to $250,000, or both. Under the federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offense and the prior criminal history, if any, of the defendant.

Assistant United States Attorney Jeffrey R. Bengel is prosecuting this case on behalf of the government.

The Federal Bureau of Investigation conducted the investigation leading to the Indictment.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

An indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.

MIL Security OSI –

February 27, 2025
MIL-OSI Security: New Jersey Man Pleads Guilty To Filing A False Tax Return; Avoided Paying More Than $1 Million In Taxes

Source: Office of United States Attorneys

NEWARK, N.J. – A New Jersey man admitted to filing a false tax return and causing more than $200,000 in tax losses for tax year 2018, Acting United States Attorney Vikas Khanna announced.

Francis Esposito, 66, of Red Bank, New Jersey, pleaded guilty before United States District Court Judge Georgette Castner in Trenton federal court today to an Information charging him with one count of filing a false tax return.

According to documents filed in this case and statements made in court:

Esposito was the sole or majority owner of numerous entities. For tax years 2015 through 2018, Esposito derived certain income through these entities that he failed to report on his Form 1040.

For tax year 2018, Esposito had approximately $719,272 of unreported income, which resulted in a tax loss of approximately $216,635. For tax year 2017, Esposito had approximately $940,978 of unreported income, which resulted in a tax loss of approximately $383,806. For tax year 2016, Esposito had approximately $746,886 of unreported income, which resulted in a tax loss of approximately $304,640. For tax year 2015, Esposito had approximately $589,929 of unreported income, which resulted in a tax loss of approximately $244,291. In total, Esposito’s unreported income resulted in a tax loss of approximately $1,149,372.

The filing a false tax return charge has a maximum term of three years, and a maximum fine of $250,000 or twice the gain or loss resulting from the offense.

Acting United States Attorney Khanna credited special agents of the Internal Revenue Service – Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark.

The government is represented by Assistant U.S. Attorneys Vinay Limbachia and Andrew Kogan of the Cybercrime Unit in Newark.

MIL Security OSI –

February 27, 2025
MIL-OSI Security: U.S. Attorney’s Office Collects Over $20 Million in Civil and Criminal Actions in Fiscal Year 2024

Source: Office of United States Attorneys

RALEIGH, N.C. – Acting U.S. Attorney Daniel P. Bubar announced today that the United States Attorney’s Office for the Eastern District of North Carolina collected over $20 million in criminal and civil actions in Fiscal Year 2024. Of this amount, over $14 million was collected in criminal actions and over $6 million was collected in civil actions.

Additionally, the Eastern District of North Carolina worked with other U.S. Attorney’s Offices and components of the Department of Justice to collect an additional $27,680.71 in cases pursued jointly by these offices.

The Eastern District of North Carolina’s successful collection efforts included the identification and recovery of over $800,000.00 transferred and concealed by criminal defendant Shephard Spruill, who participated in fraudulent billings to Medicaid by abusing his access to patient information. In another example of successful enforcement, the Eastern District of North Carolina recovered over $500,000 from civil defendant Michael Robinson for amounts fraudulently obtained from farm assistance programs run by the U.S. Department of Agriculture. The recovery of funds fraudulently obtained from such government programs is vital for ensuring the preservation of important public resources.

The U.S. Attorneys’ Offices, along with the department’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the U.S. and criminal debts owed to federal crime victims. The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss. While restitution is paid to the victim, criminal fines and felony assessments are paid to the department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

The Eastern District of North Carolina also aggressively pursued criminal and civil asset forfeiture remedies to disgorge criminals of their ill-gotten gains and recover funds that can subsequently be remitted to the victims of financial crime. Working with partner agencies and divisions, this office collected over two million in asset forfeiture actions in FY 2024. Forfeited assets deposited into the Department of Justice Assets Forfeiture Fund are used to restore funds to crime victims and for a variety of law enforcement purposes.

In addition to those deposits, during Fiscal Year 2024, the Eastern District of North Carolina, in partnership with the Federal Bureau of Investigation, seized and processed for forfeiture nearly $5 million in Tether (USDT) cryptocurrency that is alleged to be proceeds of cryptocurrency confidence investment schemes, a type of fraud scheme in which fraudsters develop romantic or other personal online relationships with a victim and then convince them to invest substantial sums of money through fake apps that are designed to look like legitimate cryptocurrency exchange apps, but instead deceive the victim into believing that they are earning high rates of return on their investments while really funneling the cryptocurrency directly to the fraudsters’ personal wallets. Even larger cryptocurrency seizures and forfeitures are anticipated and in progress in the coming year as law enforcement works aggressively to combat this devastating form of criminal activity.

###

MIL Security OSI –

February 27, 2025
MIL-OSI Security: Rockford-Area Contractor Sent To Prison For Investment Scam

Source: Office of United States Attorneys

LANSING – Acting U.S. Attorney for the Western District of Michigan Andrew Birge announced today that Matthew Mencarelli, 39, of Belmont, Michigan was sentenced to 97 months in prison for a wire fraud scheme in which he offered phony investments in nonexistent “fiber optic cable” and other infrastructure projects. He used the money to finance his lifestyle and make Ponzi-type payments to earlier investors. U.S. District Judge Hala Y. Jarbou, who imposed the sentence, found Mencarelli responsible for causing $1,615,180 in loss to 15 victims of the scheme.

“Those who steal from others to line their own pockets will be held accountable,” Birge said. “We are committed to combatting financial fraud and white-collar crime and would like to thank the victims who came forward to report it.”

“Today’s sentencing of Matthew Mencarelli sends a stern message that fraudulent investment schemes will not be tolerated in Michigan,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “The FBI remains committed to investigating and deterring financial fraud that harms our community. We appreciate the Grand Rapids Police Department for their invaluable partnership and the U.S. Attorney’s Office of the Western District of Michigan in bringing Mr. Mencarelli to justice.”

Court records indicate that Mencarelli, who owned a contracting business called Matthew’s Woodworking LLC, began soliciting fictitious investments in 2018 when his business was suffering from financial difficulties and unsatisfied customers. He approached friends and acquaintances from his family’s yacht club and county club and told them he had lucrative contracts with local governments in Traverse City to install fiber optic cable or other infrastructure projects. He told them he needed money to maintain a “surety bond” in connection with the contracts and guaranteed high rates of return if the investors loaned him money. In truth, there were no such contracts and Mencarelli used the money instead to finance his lifestyle, pouring at least $400,000 into a custom-built home. He also used payments from newer investors to pay off older investors. When it came time to pay investors back, he lied, bullied, and threatened them and manufactured false documents to maintain the charade.

The case was investigated by the Federal Bureau of Investigation. It was prosecuted by Assistant U.S. Attorney Clay Stiffler.

# # #

MIL Security OSI –

February 27, 2025
MIL-OSI: NBC Securities Promotes Sam Ransom to Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

BIRMINGHAM, Ala., Feb. 26, 2025 (GLOBE NEWSWIRE) — NBC Securities, a leading independent full-service broker-dealer and registered investment advisor headquartered in Alabama, is pleased to announce the promotion of Sam Ransom to Chief Financial Officer (CFO). Since joining NBC in 2021 as Director of Finance, Mr. Ransom has played a critical role in overseeing financial operations and driving strategic financial initiatives that have strengthened the firm’s long-term growth.

In his new role, Mr. Ransom will oversee all financial functions, ensuring NBC Securities remains positioned for continued national expansion and operational excellence. His leadership will be instrumental in advancing the company’s financial strategy, budgeting, and reporting while maintaining the Southeastern roots of the BD/RIA, as well as its commitment to providing advisors with industry-leading support and resources.

“Sam has been a driving force behind NBC Securities’ financial strategy, bringing expertise and forward-thinking leadership to our firm,” said Peyton Falkenburg, NBC Securities Executive Vice President. “His broad understanding of financial operations and commitment to NBC’s growth make him an invaluable part of our leadership team. His contributions in this new role will advance our mission to help the legacies of those we serve reach their full potential.”

With a Bachelor of Arts in Mathematics from the University of Richmond, Mr. Ransom brings a proven track record of close to 15 years across various financial sectors, specializing in accounting, budgeting, financial reporting, and operational efficiency. His expertise has been pivotal in developing and implementing financial policies that support NBC’s mission to provide customized investment solutions and comprehensive advisor support.

“I am honored to step into the role of CFO at NBC Securities and proud to be part of a team that is so deeply committed to supporting our advisors and clients,” said Sam Ransom. “NBC’s advisor-first approach and dedication to growth—while fostering a culture of caring and support—create an environment focused on delivering exceptional service, and I look forward to further strengthening our financial strategy to drive continued success.”

About NBC Securities
NBC Securities is a privately held, full-service broker-dealer and registered investment advisor catering to individuals and companies across the United States. They provide private wealth services and asset management strategies from financial professionals who average over 25 years of industry experience, in addition to technology-driven custodial solutions that streamline and optimize operations for advisors nationwide.

They are independent and employee-owned, committed to building lasting relationships and legacies. The firm achieves this through the combined power of its network of advisors, sophisticated suite of business services, and in-house portfolio products and research that spans equities, fixed income, mutual funds, SMAs, annuities, and life insurance.

NBC Securities manages or advises approximately $5 billion in assets with an operating footprint that spans the US with corporate headquarters located in Birmingham, Alabama, and 28 branch offices, including Alabama, Florida, Iowa, Maryland, Minnesota, and Ohio.

For more information, visit www.nbcsecurities.com.

Contact: press@mbcstrategic.com

The MIL Network –

February 27, 2025
MIL-OSI: MissionSquare Retirement Expands Sales Team with Key Appointments to Strengthen DCIO Platform

Source: GlobeNewswire (MIL-OSI)

Washington, D.C., Feb. 26, 2025 (GLOBE NEWSWIRE) — MissionSquare Retirement is pleased to announce the appointment of Brian Bouchard as its new Defined Contribution Investment Only (DCIO) Platform Director, alongside Niles Monica, who joined earlier this year as Institutional Client Advisor. Both will work together to enhance the organization’s investment offerings and accelerate its growth in the DCIO market.

Bouchard is a highly accomplished leader in retirement plan sales and DCIO, with a proven track-record of driving revenue growth and building high-performing programs. His extensive experience in sales leadership, business development, and relationship management positions MissionSquare to expand its investment strategies and strengthen its presence in both public and private retirement markets.

Niles Monica brings over 20 years of experience in sales and sales management, specializing in distribution of asset management and technology solutions to large institutions, consultants, advisors, and defined contribution providers. His expertise in fintech and asset management will be instrumental in connecting emerging businesses in the industry to the audiences that can meaningfully grow their revenue with a scalable distribution strategy.

“This appointment underscores MissionSquare’s strategic commitment to the DCIO market, reflecting our focus on providing innovative and effective investment solutions that help retirement plan participants and sponsors achieve their financial goals,” said Andre Robinson, CEO and President of MissionSquare Retirement. “With the combined leadership of Brian and Niles, we are confident that their expertise and vision will help position MissionSquare as a premier provider of investment solutions for defined contribution plans.”

Bouchard joins MissionSquare from the TransamericaSM DCIO team, where he served as Vice President of Institutional Retirement. During his industry tenure, Bouchard achieved multiple top sales awards and successfully expanded distribution within the retirement consulting marketplace. His previous leadership roles at Morgan Stanley and as Head of Investment Only at USAA® further demonstrate his ability to build relationships, execute strategic initiatives, and grow market share.

Monica, currently serving as Institutional Client Advisor at MissionSquare Retirement, has held senior level roles at multiple fintech firms and spent over a decade with JP Morgan Asset Management’s Defined Contribution business. Leveraging his extensive experience in fintech and asset management, Monica develops and implements scalable distribution strategies that drive innovation and growth. His expertise in connecting emerging businesses with key market players supports MissionSquare’s strategic vision of expanding its footprint in the DCIO space and delivering cutting-edge investment solutions that create substantial value for clients and partners.

Bouchard holds a Graduate Certificate in Administration and Management from Harvard University Extension School and a Bachelor of Arts from The Catholic University of America. He is also a registered representative. Monica holds a Bachelor of Science in Finance from Villanova University.

For more information about MissionSquare Retirement’s investment solutions, visit MissionSquare Retirement .

About MissionSquare Retirement
Since our founding in 1972, MissionSquare Retirement has been dedicated to simplifying the path to retirement security for public service employees. As a mission-based financial services company, we manage and administer over $72.0 billion in assets.* Our commitment to delivering results-oriented retirement plans, education, investments, and financial education sets us apart. Explore how we enable public service workers to build a secure financial future. For more information, visit www.missionsq.org or follow the company on Facebook, LinkedIn, and X.

*As of December 31, 2024. Includes 457(b), 401(k), 403(b), Retirement Health Savings (RHS) plans, Employer Investment Program (EIP) plans, affiliated IRAs, and investment-only assets.

The MIL Network –

February 27, 2025
MIL-OSI United Kingdom: Bristol debt recovery business which didn’t hand over money is shut down
Source: United Kingdom – Executive Government & Departments

Press release

Bristol debt recovery business which didn’t hand over money is shut down

Insolvency Service investigation found that Encore Capital Group Inc Ltd failed to fully hand over the money it collected
Encore Capital Group Inc Ltd cold-called businesses and potential customers and then collected debts which they did not fully hand over.

In some instances, they falsely claimed to be regulated by the Financial Conduct Authority (FCA).

The company was shut down following a winding up hearing at the High Court in London on 25 February 2025.

A Bristol-based debt recovery company which collected debts for businesses and individuals but failed to forward on all the money has been shut down.

Encore Capital Group Inc Ltd, which traded as Encore Debt Recovery, cold-called businesses and individuals offering to recover commercial and consumer debts in return for an up-front fee or a percentage payment.

In some instances, they falsely claimed to be regulated by the Financial Conduct Authority (FCA) – which they were not – and said they had been appointed by a court to make debt collections.

Encore was subject to a winding up hearing held at the High Court in London on 25 February 2025.

Edna Okhiria, Chief Investigator at the Insolvency Service, said:

Our investigation found many aspects of Encore’s operations that were not legitimate, namely money not being fully forwarded after a debt collection and false claims to being FCA regulated.

Encore continued to bank the money they collected, while ignoring emails and phone calls from those they had been contracted by to recover the debts.

The Insolvency Service is grateful to those who came forward with their complaints, whose information and evidence helped us to shut down this scam business, protecting the public and economy from further financial harm.

The apparent services offered by Encore included debt collection and County Court Judgement (CCJ) enforcements.

The Insolvency Service identified at least 27 complainants during the investigation who said the company had collected debts on their behalf, or from them, but had failed to forward some or all the money received.

Encore also failed to cooperate with the investigation despite having a legal requirement to do so and did not produce any trading or accounting records, despite repeated requests.

Encore did not have a presence at its registered office or obtain proper authorisation to use that address, despite it being a legal requirement to have an address at which official correspondence can be received.

As well as the Insolvency Service, complaints about Encore were made to Action Fraud and Citizen’s Advice.

All enquiries concerning the affairs of the Encore Capital Group Inc Ltd should be made to the Official Receiver of the Public Interest Unit:

16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ.

Email: piu.or@insolvency.gov.uk

Further information:

Encore Capital Group Inc Ltd, company number 13204266

The Insolvency Service can investigate complaints about corporate abuse by live companies. This may include serious misconduct, fraud, scams or dishonest practice in the way the company operates. Further information on our live investigations can be found here

Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

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Published 26 February 2025
MIL OSI United Kingdom –
February 27, 2025
MIL-OSI: Årsrapport 2024 for Investeringsforeningen Nordea Invest

Source: GlobeNewswire (MIL-OSI)

Bestyrelsen for Investeringsforeningen Nordea Invest har den 26. februar 2025 godkendt årsrapporten for 2024 og indstiller den til godkendelse på den ordinære generalforsamling den 7. april 2025.

Årsrapporten for 2024 kan downloades på www.nordeainvest.dk

Med venlig hilsen
Nordea Fund Management, filial af Nordea Funds Oy, Finland

Rasmus Eske Bruun
Filialbestyrer

The MIL Network –

February 27, 2025
MIL-OSI Security: Former CBP Officer Convicted of Smuggling Cocaine from the U.S. Virgin Islands to Atlanta

Source: Office of United States Attorneys

ATLANTA – Following a five-day jury trial, Ivan Van Beverhoudt, 45, of St. Thomas, U.S. Virgin Islands, has been convicted of importing and possessing with intent to distribute more than 16 kilograms of cocaine.

“Van Beverhoudt used his trusted position as a U.S. Customs and Border Protection officer to circumvent the law and smuggle dangerous drugs into our community,” said Acting U.S. Attorney Richard S. Moultrie, Jr. “Thanks to the diligent efforts of our law enforcement partners, Van Beverhoudt is now being held accountable and faces time in federal prison.”

According to Acting U.S. Attorney Moultrie, the charges, and other information presented in court: On January 10, 2020, Van Beverhoudt, a former U.S. Customs and Border Protection officer, boarded a commercial flight from St. Thomas, U.S. Virgin Islands to Atlanta with 16 bricks of cocaine in two carry-on bags. To avoid TSA screening in St. Thomas, Van Beverhoudt traveled in his official capacity with his loaded CBP-issued firearm. Upon arriving at the Atlanta Hartsfield-Jackson International Airport, en route to his final destination of Baltimore, Maryland, a trained narcotics K-9 officer in the jetway alerted to Van Beverhoudt’s luggage, resulting in the discovery of the cocaine.

At the conclusion of his jury trial, Van Beverhoudt was convicted of conspiracy to import cocaine into the United States, importation of cocaine into the United States, conspiracy to possess with intent to distribute cocaine, and possession with intent to distribute cocaine. In determining the actual sentence, the Court will consider the United States Sentencing Guidelines, which are not binding but provide appropriate sentencing ranges for most offenders.

This case is being investigated by the U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, with valuable assistance provided by the U.S. Customs and Border Protection and Department of Homeland Security, Office of the Inspector General.

Assistant U.S. Attorneys Bethany L. Rupert and Bret R. Hobson are prosecuting the case. Assistant U.S. Attorney Laurel B. Milam also contributed to the prosecution of the case.

The U.S. Attorney’s Office in Atlanta recommends parents and children learn about the dangers of drugs at the following web site: www.justthinktwice.gov.

For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6280. The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

MIL Security OSI –

February 27, 2025
MIL-OSI United Kingdom: Greens press government to act on Grenfell oversight

Source: Green Party of England and Wales

Responding to the government’s announcement that it will accept all the recommendations from the Grenfell Tower Inquiry (1), Green MP Carla Denyer urged the government to accept her Private Members’ Bill on preventing future deaths.

Carla’s Bill calls for the creation of a National Oversight Mechanism which would have responsibility for ensuring that recommendations made following inquests and inquiries are followed. Currently, there is no body which has this responsibility.

Reacting to the government’s statement, Carla Denyer MP said:

“The deaths of 72 people in the Grenfell tower fire was an unimaginable tragedy, but worse, it was an avoidable tragedy. We owe it to those who lost their lives to make sure nothing like this happens again.

“I welcome the Government’s commitment to taking forward all of the report’s recommendations, a vital first step towards justice.

“The Grenfell Inquiry recognised a failure of the state to properly follow up on the recommendations made by inquests and inquiries – meaning that too often, changes needed to prevent people from harm are simply not made. Time and time again, bereaved families go through the trauma of reliving the circumstances of a loved one’s death at an inquest only for the lessons from that death to be forgotten.

“We urgently need an organisation responsible for making sure that recommendations from inquests and inquiries are actually followed, rather than being forgotten. I have put forward a Bill to create a National Oversight Mechanism for state-related deaths, which would do just that. It would be an independent body, able to scrutinise government action so bereaved families don’t have to be the ones fighting for change.

“The National Oversight Mechanism proposal has the support of over 70 organisations, including Grenfell United, Amnesty, the Mayor of London, and the Institute for Government. It recently featured as a recommendation in the Health Services Safety Investigations Body’s report on deaths of mental health patients. It’s clear that this is badly needed, and I hope the government will support my Bill.”

(1) Government responds in full to Grenfell Tower Inquiry, setting out tough new reforms to fix building safety and strengthen accountability  – GOV.UK

MIL OSI United Kingdom –

February 27, 2025
MIL-OSI: AvePoint Launches New Data Security Solutions for Google
Source: GlobeNewswire (MIL-OSI)

Within the AvePoint Confidence Platform, AvePoint expands multi-cloud protection to empower organizations with intelligent risk identification, proactive threat monitoring, and incident response at scale to enhance customers’ cyber resilience and prevent data breaches.

JERSEY CITY, N.J., Feb. 26, 2025 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data security, governance and resilience, today announced new data security solutions for Google Workspace and Google Cloud, reinforcing its commitment to protecting and managing data across multi-cloud environments. Within the Confidence Platform, AvePoint now delivers comprehensive solutions for Google customers across four critical areas: data protection, information lifecycle management, risk intelligence, and data migration.

This investment strengthens AvePoint’s position as the go-to partner for organizations navigating their increasingly complex digital transformations. As enterprises continue to adopt multi-cloud strategies, the need for seamless data security, management and cross-cloud compliance has never been greater: 89% of enterprises now use multiple cloud services, yet 83% report challenges in securing data across platforms.

“AvePoint is embracing a multi-cloud strategy to deliver scalable, secure, and innovative solutions that empower our customers and partners to collaborate with confidence in the digital workplace,” said Mario Carvajal, Chief Strategy and Marketing Officer, AvePoint. “Google Cloud’s commitment to reliability and performance aligns perfectly with our mission to provide exceptional value and flexibility.”

Today’s expansion of the AvePoint Confidence Platform supports the current demands and future needs of Google Cloud customers who secure sensitive data across multiple collaboration platforms, maintain compliance, and optimize IT resources while managing growing data volumes. Some of the key enhancements include:
- Data Protection: In today’s complex cloud environments, organizations can’t risk losing critical business data. AvePoint’s comprehensive backup for Google Workspace safeguards against data loss while ensuring rapid recovery, enabling teams to work seamlessly together while knowing their work is protected and always available. This is especially critical for multi-cloud organizations, because 40% of data breaches involve data stored across multiple environments.
- Risk Intelligence: As collaboration accelerates, organizations struggle to maintain visibility and control over sensitive information sharing. AvePoint automatically identifies and remediates risky behaviors, ensuring data remains secure and properly shared while maintaining productivity and compliance.
- Information Lifecycle Management: Managing records and information governance across cloud platforms creates significant operational complexity. AvePoint simplifies this through centralized control of records across Workspace apps, automating governance to improve efficiency while maintaining compliance requirements without burdening end users.
- Data Migration: Organizations moving between cloud platforms to meet their business needs face the challenge of maintaining security and business continuity. AvePoint streamlines migrations from Microsoft 365 to Google Workspace, enabling seamless transitions while preserving data integrity and user productivity across multi-cloud environments.
“In today’s dynamic threat landscape, proactive data security is paramount to any digital transformation strategy,” said Vineet Bhan, Director, Security and Identity Partnerships, Google Cloud. “AvePoint’s expanded Google Cloud and Workspace offerings provide organizations with additional tools to strengthen their defenses and stay ahead of evolving risks.”

Building on its award-winning multi-SaaS backup solutions and decades of experience managing and securing enterprise data, AvePoint is extending its leadership in data security, governance and resilience to Google Cloud customers. The expanded platform addresses the unique requirements of multi-cloud, agile organizations of all sizes – from global enterprises to smaller organizations with streamlined IT operations and cost-conscious budgets. Through comprehensive data protection, cost-effective solutions with clear ROI, and intuitive management interfaces, AvePoint delivers a seamless end-user experience that builds on its proven track record of success.

“As an organization operating across multiple cloud environments, we needed a trusted solution that could provide protection for all our critical data. AvePoint’s proven track record and ability to deliver robust security, encryption, retention, and granular recovery capabilities across both production and backup environments made them our clear choice,” said Andrew Ritschel, Senior Systems Administrator, Centerline. “By consolidating our multi-cloud data protection into AvePoint’s unified platform, we’ve strengthened our security posture while streamlining our operations.”

To learn more about AvePoint’s Google Workspace solutions, visit our website.

About AvePoint:

Securing the Future. AvePoint is a global leader in data security, governance, and resilience, and over 21,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint’s global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com.

Forward-Looking Statements:

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint”, “the Company”, “we”, “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

Disclosure Information:

AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Investor Contact
AvePoint
Jamie Arestia
ir@avepoint.com
(551) 220-5654

Media Contact
AvePoint
Nicole Caci
pr@avepoint.com
(201) 201-8143

The MIL Network –
February 27, 2025
MIL-OSI: Latest CarGurus Brand Campaign Celebrates Life’s Big Deal Moments, Like Buying a Car
Source: GlobeNewswire (MIL-OSI)

The “Big Deal” campaign pays tribute to the momentous experience of car shopping, along with the trusted digital tools from CarGurus that help consumers find the best deal on their big deal

BOSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the fastest-growing automotive shopping site in Canada¹, today announced the launch of its latest national brand campaign, “Big Deal”, recognizing the important role cars play in people’s lives. The new spots empathize with the big decisions drivers make along the buying journey, underscoring CarGurus’ role in helping consumers find the best deal on their big deal.

“CarGurus has helped drivers along this important journey for nearly two decades, developing the best tools and information to help consumers feel confident in their decisions,” noted Dafna Sarnoff, CarGurus Chief Marketing Officer. “As a result, CarGurus has earned the trust of millions of Canadian users who turn to our site each month to make sure they find the best deal for their needs.”

CarGurus connects buyers to the best deals by providing complete vehicle history and unbiased deal ratings on a wide selection of new and used vehicles. Added tools like an easy-to-use app, price drop alerts, and the ability to start financing online enable confident decision-making in one of the biggest purchases of a person’s life. The platform also supports sellers with car pricing tools and the ability to receive an instant offer to sell their car completely online.

“Although CarGurus makes the process easy with all the tools and information you need to get the best deal, we don’t want to lessen the gravity of the purchase and its significant impact on people’s lives,” said Carter Collins, Partner and Managing Director of Bindery. “Buying or selling a car is a huge decision, an emotional experience that we wanted to reflect in this campaign.”

The “Big Deal” campaign will run across TV networks and connected TV providers. The spots will be supplemented with digital and social executions throughout the year. View the full campaign video library here.

Creative Credits:

CarGurus
- Dafna Sarnoff, Chief Marketing Officer
- Evan Jones, Creative Director
- Allison Conroy, Brand Marketing Director
- Carli Riibner, Sr Brand Marketing Specialist
- Maggie Meluzio, Director of Public Relations
Creative and Production – Bindery
- Carter Collins, Partner, Managing Director
- Kim Devall, Executive Creative Director
- Laura Hockstad, Producer
- Chris Hilk, Editor
Production – Ruffian
- Bubble & Squeak, Director
- Robert Herman, Founder, EP
- Leslie Vaughn, Line Producer
- Paul Meyers, Director of Photography
- Craig Pinckes, 1st Assistant Director
Production Services – Habitant
- Arturo Arroyo, Managing Director
- Montserrat Becerril, Chief of Staff
- Elizabeth Tapia, Head of Production
- Ivan Perez, Executive Producer
- Andrea Fumero, Line Producer
- Rodrigo Sánchez, Production Manager
Color + VFX – Trafik
- Daniel de Vue, Senior Colorist
- Ali Soofi, Assistant Colorist
- Geoff Linville, Color Producer
- Greer Bratschie, Head of Production
- Karena Ajamian, Executive Producer Ciaran Birks, VFX Producer
- Jaime Aguirre, Flame Lead
- Ben Fall, Flame Assist
Animation and Text Graphics – Buff Motion

Sound – Antfood
- Wilson Brown, Partner, Executive Creative Director
- Sue Lee, Executive Producer
- Joshua Heath, Creative Lead
- Dalton Harts, Composer, Mix Engineer
- Linton Smith, Mix Engineer
- Trevor Haimes, Senior Producer
- Charlie Blasberg, Music Supervisor
- Katie Hansen, Production Coordinator
About CarGurus, Inc.
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with digital retail solutions. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the fastest-growing automotive shopping site in Canada. ¹

CarGurus operates online marketplaces under the CarGurus brand in the U.K., Canada, and U.S., where it is the most visited automotive shopping site². The CarGurus network of brands also includes PistonHeads, the largest online motoring community in the U.K.³; Autolist, a U.S.-based online marketplace; and CarOffer, a digital wholesale marketplace serving the U.S.

To learn more about CarGurus, visit www.cargurus.ca.

CarGurus^® is a registered trademark of CarGurus, Inc., and CarOffer^® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.

¹Similarweb: Traffic Insights, Q4 2024, Canada
²Similarweb: Traffic Report [Cars.com, Autotrader, TrueCar, CARFAX Listings (defined as CARFAX Total visits
minus Vehicle History Reports traffic)], Q4 2024, U.S.
³Similarweb: Traffic Insights, Q4 2024, U.K.

Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
pr@cargurus.com

Investor Contact:
Kirndeep Singh
Vice President, Investor Relations
investors@cargurus.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f1267674-ed08-44a3-a107-cde3ff19ccdb

The MIL Network –
February 27, 2025
MIL-OSI: MKS Instruments to Participate in Cantor Fitzgerald Global Technology Conference

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., Feb. 26, 2025 (GLOBE NEWSWIRE) — MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of enabling technologies that transform our world, announced today that John T.C. Lee, President and Chief Executive Officer, will participate in a fireside chat at Cantor Fitzgerald Global Technology Conference on Tuesday, March 11, 2025 at 1:00 p.m. EDT.

A live webcast of the session will be available in the Investor Relations section of the company’s website at https://investor.mksinst.com/events-and-presentations and a replay of the event will be available for a limited time thereafter.

About MKS Instruments
MKS Instruments enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at www.mks.com.

MKS Investor Relations Contact:
Paretosh Misra
Vice President, Investor Relations
Telephone: +1 (978) 284-4705
Email: paretosh.misra@mksinst.com

The MIL Network –

February 27, 2025
MIL-OSI: Varonis Opens Data Centers in India to Support Expanding Customer Base and Minimize Cloud Data Risk

Source: GlobeNewswire (MIL-OSI)

MIAMI and MUMBAI, India, Feb. 26, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, today announced new data centers in India. Located in Mumbai and Pune, the centers will support customers using the Varonis cloud-native Data Security Platform to protect sensitive data, maintain privacy regulations, and stay on top of threats with AI-powered automation.

New draft rules under the Digital Personal Data Protection Act require Indian businesses to navigate the country’s intricate legal landscape skillfully. Varonis’ new data centers will support customers who must comply with regulatory frameworks from the Reserve Bank of India, the Securities and Exchange Board of India, and the Insurance Regulatory and Development Authority of India — all without disrupting the business.

“Varonis’ new data centers in India help us meet strict data localization requirements while strengthening our security,” said Makesh Chandramohan, the Group CISO of Aditya Birla Capital. “Varonis will help us ensure compliance, reduce latency, and improve our overall cybersecurity posture.”

“Our new data centers underscore Varonis’ dedication to providing our customers with deep data visibility wherever it lives — in the most important data stores and applications across SaaS, IaaS, on-prem, and hybrid environments,” said Scott Leach, Varonis VP of APAC. “The launch demonstrates our ongoing commitment to helping customers automatically reduce their data security risk with a unified platform.”

With data growing at a rate that surpasses the ability to secure it, organizations turn to Varonis to protect their sensitive cloud data.

“Varonis establishing its data centers in India demonstrates our commitment to our customers and partners in the region and helps ensure their requirements around data sovereignty and regional regulatory compliance are met comprehensively,” said Maheswaran Shanmugasundaram, Country Manager for India at Varonis. “This move will accelerate our mission to help customers protect their most valuable and vulnerable asset — data — automatically and help ensure they are compliant and secure.”

Additional Resources

About Varonis

Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management.

Varonis protects data first, not last. Learn more at www.varonis.com.

Investor Relations Contact:
Tim Perz
Varonis Systems, Inc.
646-640-2112
investors@varonis.com

News Media Contact:
Rachel Hunt
Varonis Systems, Inc.
877-292-8767 (ext. 1598)
pr@varonis.com

The MIL Network –

February 27, 2025

MIL-OSI: Šiaulių Bankas Group Results for the Year 2024

Source: GlobeNewswire (MIL-OSI)

Financial targets. Šiaulių Bankas Group demonstrated strong performance and successfully achieved all its financial targets for 2024, delivering on its guidance
Profit. Šiaulių Bankas Group earned a record net profit of €78.8 million
Loan portfolio. The loan portfolio grew by 17% year-on-year to over €3.4 billion
Deposits. The deposit portfolio grew by 12% over the year to almost €3.6 billion at the end of 2024
Fee & commission income. Net fee and commission income grew by 44% year-on-year to over €29 million
Dividends. Šiaulių Bankas Group intends to propose a distribution of 50% of its 2024 net profit, or €0.061 dividend per share
Share buybacks. Will allocate up to 5% of the 2024 net profit for own share buybacks
Rebranding. A rebranding of Šiaulių Bankas will be proposed for the upcoming shareholders’ meeting

“In 2024, we have successfully integrated INVL’s retail business into Šiaulių Bankas Group, updated our long-term vision and strategy, and initiated a business transformation that we believe will bring greater value to our customers, shareholders, and society.

While launching strategic projects such as the replacement of the core banking platform and rebranding preparation, we maintained high profitability and service quality, effectively managing risk and costs.

The successful implementation of our first international bond issuances and the updated dividend policy demonstrate our commitment to efficient capital utilization and delivering high returns to shareholders during the transformation period,” says Vytautas Sinius, CEO of Šiaulių Bankas.

Šiaulių Bankas Group earned an unaudited net profit of €78.8 million in 2024 which is 5% more than in 2023. Operating profit before allowance for impairment losses and income tax amounted to €107.3 million, a 3% decrease compared to operating profit of €111.0 million in 2023.

Net interest income grew by 2% year-on-year to €160.2 million, while net fee and commission income grew by 44% to over €29 million. The latter increased 11% in the last quarter of 2024 alone, compared to Q3 2024.

All loan book segments grew during the year, with the total loan portfolio increasing by 17% (€503 million) to €3.43 billion. New credit agreements worth €1.5 billion were signed during the year, 14% more than in 2023 (€1.3 billion).

The quality of the loan portfolio remains strong, with provisions of €11.3 million made in 2024, €4 million less than in 2023. The Cost of Risk (CoR) of the loan portfolio for year 2024 was 0.35% (0.54% for the 2023).

The deposit portfolio grew by 12% since the beginning of the year (€383 million) and exceeded €3.5 billion at the end of the year. The amount of term deposits grew by 22% (€348 million) to over €1.9 billion during the year and their share in the total deposit portfolio increased by 5 percentage points to 54%.

The bank’s capital structure was enhanced by an additional issue of Tier 1 (AT1) bonds of €50 million in the fourth quarter. All issuances made in 2024 have significantly strengthened and diversified the capital base, which allows for continued rapid growth while ensuring high returns for investors.

The Bank’s Management Board, taking into the account the updated dividend policy, the bank’s strong performance in 2024, its robust capital position, and the favourable outlook for the operating environment, has decided to propose a dividend of 50% of the 2024 net profit (€0.061 per share) for approval at the Bank’s Annual General Meeting.

Šiaulių Bankas has repurchased own shares worth €10.2 million and is planning to continue with buyback programmes, in line with the existing the European Central Bank’s (ECB’s) authorisation granted on 15th August 2024. The bank will also propose to allocate up to 5% of its 2024 net profit for the share buybacks for the capital reduction purpose, and to grant shares as part of the deferred variable remuneration for the employees of the Šiaulių Bankas Group.

The group’s cost/income ratio (C/I) was 49.0%¹ (41.2%¹ in 2023) and the return on equity (RoE) was 14.0% (15.5% in 2023) at the end of the year. The capital and liquidity position remained strong and prudential ratios are being met by a wide margin. The capital adequacy ratio (CAR) stood at 22.8%² and the liquidity coverage ratio (LCR) at 232%².

Income Statement (€’m)	FY2024		FY2023	% ∆

Net Interest Income	160.2	156.9		2%
Net Fee & Commission Income	29.1	20.3		44%
Other Income	34.4	19.3		78%
Total Revenue	223.7	196.5		*14%*

Salaries and Related Expenses	(49.5)	(36.2)		37%
Other Operating Expenses	(66.9)	(49.3)		36%
Total Operating Expenses	(116.4)	(85.5)		*36%*

Operating Profit	107.3	111.0		*(3%)*
Allowance for Impairment Losses	(10.9)	(15.2)		(28%)
Income Tax Expense	(17.7)	(20.4)		(13%)

Net Profit	78.8	75.4		5%

Balance Sheet Metrics (€’m)	Dec 2024	Dec 2023		% ∆

Loans	3 435	2 932		17%
Total Assets	4 923	4 808		2%
Deposits	3 561	3 178		12%
Equity	585	543		8%

Assets under Management³	1,977	1,556		27%
Assets under Custody	1,936	1,943		0%

Key Ratios	FY2024	FY2023		∆

Net Interest Margin (NIM)	3.3%	4.2%		-93bps
Cost-to-Income ratio (C/I)¹	49.0%	41.2%		+779bps
Return on Equity (RoE)	14.0%	15.5%		-146bps
Cost of Risk (CoR)	0.3%	0.5%		-19bps
Capital Adequacy Ratio (CAR)²	22.8%	22.4%		+36bps

Overview of Business Segments

Corporate Client Segment

Šiaulių Bankas has significantly increased the volume of corporate financing over the year – in 12 months new corporate financing agreements worth of €960 million were signed in 2024, 29% increase compared to previous year. In the 2024 the portfolio has grown by 20% (€308 million) to over €1.8 billion. Growth has been well-diversified across several strategic sectors, including manufacturing, retail, and renewable energy. A favourable business environment has encouraged investment and created additional opportunities for expansion.

Šiaulių Bankas continued its commitments to promote sustainability and signed amendments to the Pre-financing and Contingent loan agreements with the European Investment Bank (EIB) concluded in 2016 to increase the Bank’s investment up to €255 million from €195 million – to finance the modernization programme of multi-apartment buildings in Lithuania.

Private Client Segment

In 2024, Šiaulių Bankas has successfully implemented key strategic initiatives that strengthened its market position and ensured sustainable growth. The successful integration of INVL retail business was a major accomplishment, which enabled the bank to expand its service offering and provide customers with even more opportunities. The implementation of new core banking platform is on track, promising a greater efficiency and an improves customer experience.

To strengthen its image and further meet the expectations of its customers, Šiaulių Bankas has also started preparations for the rebranding. A rebranding of Šiaulių Bankas will be proposed for the upcoming shareholders’ meeting.

The volume of new mortgage contracts in 2024 increased by 21% year-on-year to €213 million. In 2024 the mortgage portfolio has grown by 17% (€136 million) reaching €0.9 billion. The volume of new consumer loan contracts increased by 5% year-on-year to €232 million. Since the beginning of 2024, the consumer loan portfolio has grown by 19% (€57 million) to over €0.35 billion.

Investment Client Segment

The bank has remained active in the local corporate bond market, originating €42 million in corporate bonds across 10 issuances for its clients in Q4 2024. Total corporate bond issuance for the year reached €227 million. According to Nasdaq Baltics, Šiaulių Bankas is leading security issuer in Lithuania and the Baltic States and maintains the largest share of securities trading on the Lithuanian stock exchange.

Šiaulių Bankas demonstrated strong performance in asset management business in 2024. Client assets under management (AuM) reached €1.46 billion and grew by €277 million year-on-year. Growth was driven by new client investment flows and investment performance. In 2024, Šiaulių Bankas asset management company, earned €164.4 million for Tier II pension fund clients and €19.8 million for Tier III clients. In total, the profit generated for clients during the year was €184.2 million.

SB Alternative Investment Fund III, providing new investment opportunities for Lithuanian retail investors, has enjoyed a successful launch, attracting over €6 million in 2024. Distribution of units of the investment fund is ongoing.

The Life Insurance segment also showed steady growth, Risk Under Management (RUM) reaching EUR 1.7 billion in the fourth quarter, EUR 174 million more than a year ago.

¹after eliminating the impact of the client portfolio of SB Draudimas
²preliminary data
³includes Asset Management and Modernisation Funds AuM

Šiaulių Bankas invites shareholders, investors, analysts and all interested parties to a webinar presentation of the financial results and highlights for the 2024. The webinar will start on 27 February 2025 at 8.30 am (EET). The webinar will be held in English. Please register here. Please find attached the information that will be presented at the webinar.

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

Attachments

The MIL Network –

February 27, 2025

Category: Finance

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