NewzIntel.com

Category: GlobeNewswire

  • MIL-OSI: Zscaler ThreatLabz Uncovers Surge in AI-Driven Cyberattacks Targeting Critical Business Operations

    Source: GlobeNewswire (MIL-OSI)

    Key Findings:

    • Global phishing is down 20%, but attackers are striking deeper, not wider—targeting IT, HR, finance, and payroll teams with high-impact campaigns.
    • Telegram, Steam, and Facebook are top platforms for phishing – used for both impersonation and malware delivery.
    • Tech support and job scams increase with 159M+ hits in 2024, preying on users across social platforms.

    SAN JOSE, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, today published its Zscaler ThreatLabz 2025 Phishing Report, analyzing over two billion blocked phishing attempts between January and December 2024 captured by the Zscaler Zero Trust Exchange™, the world’s largest cloud security platform. The annual report exposes how cybercriminals are using Generative AI to launch surgical, targeted attacks against high-impact business functions – and why a Zero Trust + AI defense strategy is mission critical. The report uncovers a shift from high-volume email blasts to targeted, AI-fueled attacks designed to evade defenses and exploit human behavior. It also offers actionable insight to help organizations defend against this evolving threat landscape.

    “The phishing game has changed. Attackers are using GenAI to create near-flawless lures and even outsmart AI-based defenses,” said Deepen Desai, CSO and Head of Security Research, Zscaler. “Cybercriminals are weaponizing AI to evade detection and manipulate victims, which means organizations must leverage equally advanced AI-powered defenses to outpace these emerging threats. Our research reinforces the importance of adopting a proactive, multi-layered approach—combining robust zero trust architecture with advanced AI-driven phishing prevention—to effectively combat the rapidly evolving threat landscape.”

    Emerging markets see a surge in phishing activity
    While phishing dropped overall by 20% globally and by nearly 32% in the U.S., due in part to rising email authentication standards, attackers transitioned just as fast, launching more attacks on emerging markets like Brazil, Hong Kong, and the Netherlands, often where digital adoption outpaces security investment. Established targets like India, Germany, and the UK remain under sustained pressure, as threat actors adapt to local patterns and seasonal trends.

    Community platforms fuel phishing growth
    Phishing campaigns are increasingly abusing community-based platforms like Facebook, Telegram, Steam, and Instagram – not only spoofing their brands, but using them to distribute malware, mask C2 communications, gather target intel, and carry out social engineering attacks. Meanwhile, tech support scams, where attackers pose as IT support teams to exploit urgency and safety concerns of victims, remain widespread with 159,148,766 hits in 2024.

    Threat actors capitalize on AI: Phishing-as-a-Service and AI deception on the rise
    Cybercriminals are using GenAI to scale attacks, generate fake websites, and craft deepfake voice, video, and text for social engineering. New scams mimic AI tools – such as resume generators and design platforms – tricking users into handing over credentials or payment data. Critical departments like payroll, finance, and HR are prime targets, along with executives – as they hold the keys to sensitive systems, information, and processes, and can more easily approve fraudulent payments.

    Cybercriminals are also creating fake “AI assistant” or “AI agent” websites, falsely offering services such as resume generation, graphic design, workflow automation, and more. As AI tools become increasingly integrated into daily life, attackers are capitalizing on the ease of use and trust around AI to drive unsuspecting users to fraudulent sites.

    Zscaler can help: Defending against AI threats with Zero Trust everywhere + AI
    As cybercriminals continue to use GenAI to develop new tactics and deliver more sophisticated attacks, enterprises need to strengthen their defenses against every type of compromise.

    The Zscaler Zero Trust Exchange protects users, applications, and data across all phases of the attack chain by:

    • Minimizing the attack surface
    • Preventing initial compromise
    • Eliminating lateral movement
    • Shutting down insider threats
    • Stopping data loss

    Zscaler AI-powered offerings add advanced protection by securing public AI use, shielding private AI models, and detecting AI-generated threats.

    Download the Report
    Get the full ThreatLabz 2025 Phishing Report to explore emerging trends and attack vectors. Learn why a Zero Trust + AI approach is critical to staying ahead of today’s phishing threats. Download today.

    Research Methodology
    Zscaler ThreatLabz analyzed 2 billion blocked phishing transactions between January–December 2024, exploring various aspects including the top phishing attacks, targeted countries, hosting countries for phishing content, distribution of company types based on server IP addresses, and the top referrers linked to these phishing attacks. Additionally, ThreatLabz tracked and examined notable phishing trends and use cases observed throughout 2024.

    About ThreatLabz
    ThreatLabz is the security research arm of Zscaler. This world-class team is responsible for hunting new threats and ensuring that the thousands of organizations using the global Zscaler platform are always protected. In addition to malware research and behavioral analysis, team members are involved in the research and development of new prototype modules for advanced threat protection on the Zscaler platform, and regularly conduct internal security audits to ensure that Zscaler products and infrastructure meet security compliance standards. ThreatLabz regularly publishes in-depth analyses of new and emerging threats on its portal, research.zscaler.com.

    About Zscaler
    Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

    Media Contacts
    Nick Gonzalez
    Sr. Manager, Media Relations
    press@zscaler.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6b96dd38-9f87-4353-85b3-13a0086fc129

    The MIL Network –

  • MIL-OSI: JZMOR Breaks New Ground in Technological Innovation: High-Performance Matching Engine Empowers Global Traders

    Source: GlobeNewswire (MIL-OSI)

    GREENWOOD VILLAGE, Colo., April 24, 2025 (GLOBE NEWSWIRE) — Recently, JZMOR Exchange announced the official launch of its next-generation high-performance matching engine. This technological upgrade has elevated the order processing speed of the platform to the million-level threshold, marking a significant step forward for JZMOR in the era of high-frequency trading and delivering an unprecedentedly efficient trading experience for users.

    JZMOR CEO Marsh Noah stated: “We understand that in the rapidly evolving crypto market, trading efficiency and precision are critical to user success. The launch of the new matching engine not only overcomes technical bottlenecks but also significantly optimizes order processing and market responsiveness.”

    The high-performance matching engine, which took the JZMOR technical team two years to develop, is built on a globally advanced distributed computing architecture and features a deeply optimized matching algorithm. It achieves millisecond-level order matching response times. With its highly parallel processing capabilities, the engine can handle massive volumes of trading requests, greatly enhancing market depth and order execution efficiency.

    This breakthrough engine eliminates the speed limitations of traditional systems, ensuring that users can quickly seize trading opportunities in a rapidly changing market and avoid potential losses caused by system delays. For high-frequency traders, this represents a revolutionary upgrade in their trading experience.

    To ensure the stability and accuracy of order processing, JZMOR has integrated an AI-driven dynamic optimization mechanism into the new engine. This mechanism automatically adjusts system resource allocation based on real-time trading volume and market conditions, maintaining high operational stability even during periods of market volatility.

    With the launch of the next-generation matching engine, JZMOR has significantly improved trading efficiency, better meeting the global demand for high-frequency trading, low latency, and high-precision order matching.

    Looking ahead, JZMOR will continue to uphold its philosophy of “technology-driven innovation” by advancing research and iterative development to further enhance platform functionality. Marsh Noah emphasized: “The mission of JZMOR is to provide every user with equal opportunities to participate in the future of finance. Through continuous innovation, we aim to bring more possibilities to the digital asset market.”

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d1adfe7d-70bb-4935-b2a9-017b9d299de2

    The MIL Network –

  • MIL-OSI: MYT Netherlands Parent B.V. (“Mytheresa”) and Richemont announce the successful completion of Mytheresa’s acquisition of YOOX NET-A-PORTER (“YNAP”)

    Source: GlobeNewswire (MIL-OSI)

    MYT Netherlands Parent B.V. (“Mytheresa”) and Richemont announce the successful completion of Mytheresa’s acquisition of YOOX NET-A-PORTER (“YNAP”)

    24 April 2025 – Mytheresa (NYSE:MYTE) successfully closed its acquisition of YNAP from Richemont (SWX:CFR), through its subsidiary Richemont Italia Holding S.P.A., following the fulfillment of all conditions including receipt of all unconditional approvals from the relevant regulatory authorities.

    Mytheresa is now YNAP’s sole shareholder which it will fully consolidate under the MYT Netherlands Parent B.V. umbrella. The company will be renamed “LuxExperience B.V.” and will continue to be listed on the New York Stock Exchange (NYSE) with the trade name “LuxExperience” and a new ticker symbol of “LUXE”, effective 1 May 2025.

    In exchange for all shares of YNAP and a net cash position of €555m and no financial debt, Richemont has received 49,741,342 shares in Mytheresa, representing 33% of Mytheresa’s fully diluted share capital post issuance of the consideration shares.

    Nora Aufreiter, Chair of the Supervisory Board of MYT Netherlands Parent B.V., said: “The successful acquisition marks a milestone in the great success story of Mytheresa. Our company will become a group that includes some of the best retail banners in digital luxury. We will use our proven strength to execute on our strategic plans and create even more value for our shareholders, brand partners, customers and employees. We are confident that in the course of the integration and restructuring we will become one of the strongest and most resilient global players in the digital luxury sector.”

    The store brands Mytheresa, NET-A-PORTER, MR PORTER, YOOX and THE OUTNET will be strengthened in their differentiated and complementary profiles. Significant synergies will be achieved primarily through a shared infrastructure and technology platform as well as operational efficiency improvements. The off-price division – consisting of YOOX and THE OUTNET – will be separated from the luxury division to enable a much simpler and more efficient operating model under the new roof. YNAP’s white label service business will be discontinued as soon as the Richemont Maisons’ online stores powered by YNAP have been migrated to their own chosen platforms.

    Forward-looking statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward- looking statements. Forward-looking statements give Mytheresa’s current expectations and projections relating to the completed transaction and the operation of the combined companies; its financial condition, results of operations, plans, objectives, future performance and business, including statements relating to financing activities, future sales, expenses, and profitability; future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital spending. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements contained in this press release are based on assumptions that Mytheresa has made in light of its industry experience and perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond Mytheresa’s control) and assumptions. Although Mytheresa believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. Mytheresa believes these factors include, but are not limited to: the risk that the completed transaction and its announcement could have an adverse effect on the ability of YNAP to retain customers and retain and hire key personnel and maintain relationships with their brand partners and customers and on their operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of YNAP and Mytheresa, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve cost-cutting synergies or that it may take longer than expected to achieve those synergies; Mytheresa’s ability to effectively compete in a highly competitive industry; Mytheresa’s ability to respond to consumer demands, spending and tastes; general economic conditions, including economic conditions resulting from deteriorating geopolitical and macroeconomic conditions, such as the recent global trade war that escalated after the U.S. imposed tariffs on countries across the globe, and the adoption of retaliatory tariffs by those countries, that may adversely impact consumer demand; Mytheresa’s ability to acquire new customers and retain existing customers; consumers of luxury products may not choose to shop online in sufficient numbers; the volatility and difficulty in predicting the luxury fashion industry; Mytheresa’s reliance on consumer discretionary spending; and Mytheresa’s ability to maintain average order levels and other factors. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, Mytheresa’s actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements.

    Mytheresa undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

    The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Mytheresa’s results could differ materially from the results expressed or implied by the forward-looking statements it makes.

    You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent Mytheresa’s management’s beliefs and assumptions only as of the date such statements are made.

    Further information on these and other factors that could affect Mytheresa’s financial results is included in filings it makes with the U.S. Securities and Exchange Commission (“SEC”) from time to time, including the section titled “Risk Factors” in its annual report on Form 20-F and on Form 6-K (reporting its quarterly results). These documents are available on the SEC’s website at www.sec.gov and on the SEC Filings section of the Investor Relations section of our website at: https://investors.mytheresa.com.

    About Mytheresa

    Mytheresa is one of the leading luxury multi-brand digital platforms shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear, shoes, bags and accessories for womenswear, menswear, kidswear as well as lifestyle products and fine jewelry. The highly curated edit of up to 250 brands focuses on true luxury brands such as Bottega Veneta, Brunello Cucinelli, Dolce&Gabbana, Gucci, Loewe, Loro Piana, Moncler, Prada, Saint Laurent, The Row, Valentino, and many more. Mytheresa’s unique digital experience is based on a sharp focus on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms as well as high quality service operations. The NYSE listed company reported € 913.6 million GMV in fiscal year 2024 (+7% vs. FY23).
    For more information, please visit https://investors.mytheresa.com/.

    “LuxExperience” will be the trade name for LuxExperience B.V., a Dutch company with limited liability, upon completion of the renaming of MYT Netherlands Parent B.V.

    About Richemont

    At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

    Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as Watchfinder & Co. Find out more at https://www.richemont.com/.

    Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. The ‘A’ shares are also traded on the Johannesburg Stock Exchange (JSE), Richemont’s secondary listing.

    Investor Relations Contacts
    Mytheresa.com GmbH
    Stefanie Muenz
    phone: +49 89 127695-1919
    email: investors@mytheresa.com

    Media Contacts for public relations
    Mytheresa.com GmbH
    Sandra Romano
    mobile: +49 152 54725178
    email: sandra.romano@mytheresa.com

    Media Contacts for business press
    Mytheresa.com GmbH
    Lisa Schulz
    mobile: +49 151 11216490
    email: lisa.schulz@mytheresa.com

    Media Contacts for business press
    BOC Consult GmbH
    Ruediger Assion
    mobile: +49 176 2424 7691
    email: ruediger.assion@boc-consult.com

    Richemont Contacts
    Investor / analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
    Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

    Source: MYT Netherlands Parent B.V.

    Click here for a printer-friendly version in English (PDF)

    The MIL Network –

  • MIL-OSI: Quadient Named a Leader in the SPARK Matrix™: Customer Communication Management Report for 2025

    Source: GlobeNewswire (MIL-OSI)

    Quadient Named a Leader in the SPARK Matrix™: Customer Communication Management Report for 2025

    • QKS Group recognizes Quadient for its advanced AI-powered capabilities that simplify and enhance the creation and orchestration of hyper-personalized and impactful customer interactions

    Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, has been recognized as a Leader in the SPARK Matrix™: Customer Communication Management (CCM), Q2, 2025 report by global advisory and consulting firm QKS Group. This marks the fifth consecutive year Quadient has been named a Leader in the SPARK Matrix for CCM, a strategic vendor performance assessment tool that ranks vendors across the categories of Technology Excellence and Customer Impact.

    This year’s SPARK Matrix focused heavily on how CCM providers are leveraging artificial intelligence (AI) to make customer interactions more relevant, timely and seamless. Quadient was recognized for its newly extended AI capabilities that include sentiment analysis and scoring, multi-language translation and personally identifiable information (PII) detection. Quadient’s advanced AI features like script assistance significantly improve employee productivity, accuracy and performance by automating complex data transfer and processing tasks.

    “Quadient continues to deliver strong value in the CCM space through a platform that balances performance, flexibility and innovation,” said Saurabh Raj, senior analyst at QKS Group. “Its focus on supporting high-volume, compliant communications alongside real-time journey orchestration and AI-driven modernization makes it a compelling choice for organizations with complex communication needs. It supports multiple deployment models, including on-premises, hybrid and cloud environments, enabling customers to align technology with their broader IT and regulatory strategies.”

    Additionally, Quadient was recognized for a differentiated AI strategy that allows organizations using its CCM solution, Quadient Inspire, to leverage their preferred and trusted AI service for assured data security and consistent AI adoption. By using existing AI investments, organizations ensure that AI-driven insights align with their industry-specific needs, security policies and regulatory requirements.

    Beyond CCM, Quadient’s intelligent automation platform has been consistently recognized as a Leader in the SPARK Matrix for various categories, including customer journey mapping, accounts payable automation and accounts receivable applications.

    “We are proud to be recognized for the fifth time as a Leader on the SPARK Matrix for CCM and believe this position reflects Quadient’s commitment to driving advancements in AI-powered automation,” said Chris Hartigan, chief solution officer, Digital, Quadient. “Quadient’s AI-powered capabilities enable organizations to craft and deliver hyper-personalized, efficient and impactful customer interactions. By enhancing satisfaction and fostering lasting loyalty, these capabilities not only strengthen customer relationships but also help mitigate the risks of regulatory non-compliance.”

    For complimentary access to an abridged SPARK Matrix CCM 2025 report, visit: https://www.quadient.com/en/resources/spark-matrix-ccm-2025.

    About Quadient®
    Quadient is a global automation platform powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing. For more information about Quadient, visit http://www.quadient.com/en/.

    Contacts

    Sandy Armstrong, Sterling Kilgore   Joe Scolaro, Quadient         
    VP of Media & Communications   Global Press Relations Manager
    +1-630-699-8979   +1 203-301-3673
    sarmstrong@sterlingkilgore.com   j.scolaro@quadient.com

    Attachment

    The MIL Network –

  • MIL-OSI: Prosafe SE: Update on Recapitalisation

    Source: GlobeNewswire (MIL-OSI)

    Prosafe SE (“Prosafe” or the “Company”) is pleased to announce that it has agreed the terms of a recapitalisation (the “Transaction”) with lenders representing the Company’s USD 250 million loan facility and its USD 93 million loan facility (the “Existing Facilities”), subject to final approvals being obtained by all lenders. The Transaction is also supported by shareholders representing 54% of the shares in the Company.

    The Transaction involves the equitisation of USD 193 million of the Existing Facilities in return for 90% of the shares in Prosafe post Transaction. Existing shareholders will initially hold 5% of the shares in the Company and will be offered an additional 5% of shares in the form of penny warrants (at EUR 0.01 per share).

    The Transaction also includes a reinstatement of the Existing Facilities and new money financing on the following basis (together, the “New Facility”):

    1. a super senior secured facility of USD 150 million, comprising (i) USD 75 million by way of new money injections, backstopped by an ad hoc group of creditors, and (ii) USD 75 million of elevated and reinstated debt under the Existing Facilities, each maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller’s Credit falls due); and
    2. a reinstated senior secured facility comprised of USD 75 million of reinstated debt maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller’s Credit falls due).

    The post Transaction shareholdings above are calculated based on an assumption of full exercise of shareholder warrants, but before any new management incentive program which may be established post Transaction.

    The Transaction shall include the following features (among other things):

    1. the establishment of a new Norwegian domiciled holding company, shares of which will be charged to lenders under the New Facility, to be interposed between the Company and certain of its subsidiaries;
    2. no fixed amortisation in respect of the New Facility, which shall be repayable in full at maturity;
    3. a fee (the “Fee”) shall be payable to the lenders of the super senior secured facility of USD 5 million at maturity; and
    4. interest of SOFR + margin (sized to 11% per annum) on the New Facility, payable in cash. The senior secured facility will include the ability for the Company to pay 2% cash interest and 9% PIK interest as an alternative to 11% full cash interest subject to certain conditions.

    The Transaction will provide the Company with a sustainable capital structure and sufficient liquidity to meet its capital expenditure and working capital needs for the foreseeable future. Total gross debt post the Transaction will be approximately USD 306 million, consisting of a USD 155 million super senior facility (including the Fee), a USD 75m senior facility and the USD 75.5 million remaining Cosco Seller’s Credit for Safe Eurus. Total net debt post the Transaction will be approximately USD 220 million, with unrestricted liquidity (after transaction costs) of approximately USD 80 million.

    Transaction completion is subject to agreeing customary documentation with lenders and shareholders, final lender approvals and formal shareholder approvals (including approval at an extraordinary general meeting of the Company’s shareholders).

    The Company has been granted a waiver from its lenders under the existing USD 250 million loan facility and a forbearance from its lenders under the existing USD 93 million loan facility until 31 July 2025, in both cases with respect to interest payments. The minimum liquidity covenant under the respective facilities has also been reduced to USD 10m.

    The Company aims to conclude the Transaction by Q3 2025. The Company will make further announcements as and when there are further developments regarding implementation of the Transaction. Notice to convene an extraordinary general meeting of the Company’s shareholders to approve the Transaction will be issued shortly.

    Terje Askvig, CEO said “We are very pleased with the support shown by our lenders and a significant part of our shareholders through this agreement. This is an important step in the refinancing of Prosafe. This agreement, in combination with the improved balance sheet, will ensure that Prosafe continues to be the world’s leading provider of floating accommodation vessels and Units for Maintenance and Safety (UMS).”

    For further information, please contact:

    Terje Askvig, CEO Phone: +47 952 03 886
    Reese McNeel, CFO Phone: +47 415 08 186

    Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to https://www.prosafe.com (https://www.prosafe.com/).

    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Line Bliksmark, Marketing and Communications Manager, on 24 April 2025, at approx. 09:00 CET.

    The MIL Network –

  • MIL-OSI: Eurocastle Releases Fourth Quarter and Year End 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EUROCASTLE INVESTMENT LIMITED

                                                                                                                                                                                                                FOR IMMEDIATE RELEASE
    Contact:        
    Oak Fund Services (Guernsey) Limited
    Company Administrator
    Attn: Nicole Barnes
    Tel: +44 1481 723450        

    Eurocastle Releases Fourth Quarter and Year End 2024 Financial Results

    Guernsey, 24 April 2025 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) today has released its annual report for the year ended 31 December 2024.

    • IFRS NAV of €22.08 million, or €22.05 per share vs €21.34 per share as at Q3 2024 and €21.77 per share as at YE 2023, reflecting an increase in the value of the Company’s holding in a Luxembourg fund under the New Investment Strategy, following the closing of its first investment in October 2024.
    • Adjusted Net Asset Value (“NAV”) of €11.35 million1, or €11.34 per share2 vs. €10.91 per share in Q3 2024 and €11.12 per share as at YE 2023.

            The tables below summarise the NAV by segment:

                         
        YE 2024 NAV   Q3 2024 NAV   YE 2023 NAV
        €’m € p.s.   €’m € p.s.   €’m € p.s.
    New Investment Strategy – Greece   5.77 5.76   0.11 0.11   0.10 0.10
    Legacy Italian Real Estate Funds   0.06 0.06   0.06 0.06   0.08 0.08
    Net Corporate Cash3   12.28 12.26   17.47 17.45   17.83 17.86
    Legacy German Tax Asset   3.97 3.97   3.73 3.72   3.73 3.73
    IFRS NAV   22.08 22.05   21.37 21.34   21.74 21.77
                       
    Legacy German Tax Reserve4   (5.99) (5.97)   (5.44) (5.43)   (5.46) (5.46)
                       
    Adjusted NAV before Liquidation Reserve   16.09 16.08   15.93 15.91   16.28 16.31
                       
    Liquidation Reserve4   (4.74) (4.74)   (5.00) (5.00)   (5.18) (5.19)
                       
    Adjusted NAV   11.35 11.34   10.93 10.91   11.10 11.12
    Ordinary shares outstanding   1,001,555   1,001,555   998,555
                         
                         

    As at 31 December 2024, the Company’s assets mainly comprise:

                1.   €12.28 million, or €12.26 per share, of net corporate cash, which is available to continue seeking investments under the New Investment Strategy.

                2.   €5.77 million, or €5.76 per share, in the Company’s first investment under the New Investment Strategy, a share in a Luxembourg fund which has opportunistically acquired a boutique retail complex in an affluent part of Athens, Greece.

                3.   A tax asset of €3.97 million, or €3.97 per share, representing amounts paid (and associated interest) in relation to additional tax assessed against a legacy German property subsidiary where the Company won the first instance of its appeal in December 2024. The German tax authorities have since appealed the decision and the Company is waiting for the date of the next hearing.

                4.   Residual interests in two legacy Italian Real Estate Fund Investments with an NAV of €0.06 million, or €0.06 per share, where the underlying properties have been fully sold, with both funds now in liquidation.

    2024 BUSINESS HIGHLIGHTS

    FY 2024 Overview

    During 2024, having largely concluded its Realisation Plan, the Company made significant progress in implementing the New Investment Strategy by establishing the platform through which it can raise third party capital and make investments, while also closing on the first acquisition made as part of this strategy.

    Highlights

    • New Investment Strategy – In August 2024, Eurocastle launched a Luxembourg regulated fund, European Properties Investment Fund S.C.A., SICAV RAIF (“EPIF” or the “Fund”), through which it expects to invest alongside selected external co-investors. EPIF initially closed with Eurocastle committing to invest €8 million alongside a €2 million commitment from its JV Partner. EPIF is now being marketed to potential investors with a target size of €100 million.
    • In addition to generating attractive risk adjusted returns on its share of any investments made, Eurocastle also anticipates receiving market standard management and incentive fees from external investors. The Company sees the Fund as an attractive opportunity to earn enhanced returns on the capital it invests while also building a meaningful base for future investments.
    • In October 2024, the Fund made its first acquisition, being part of a boutique retail complex in an affluent part of Athens with Eurocastle investing a total of €5.5 million into the Fund. The asset was acquired from one of the largest Greek banks out of a distressed situation. As at the end of 2024, Eurocastle’s 80% share in the NAV of EPIF is €5.8 million. In parallel with executing this first investment, EPIF has been underwriting a number of additional opportunities.
    • Legacy Italian Real Estate Funds –The remaining NAV for these investments of €0.06 million, or €0.06 per share, reflects cash currently reserved in the funds that is expected to be released once the fund manager resolves certain potential liabilities and liquidates each fund.
    • Legacy German Tax Matter – Prior to 2024, the Company had paid a net amount of €3.7 million in relation to the Legacy German tax matter against which it has raised a corresponding tax asset (together with associated interest). The Company, in pursuing the reimbursement of this amount through the German fiscal court, won the first instance of its appeal in December 2024. Shortly after, the German tax authorities appealed the decision through the German federal tax court and the Company is currently waiting to be notified of the date of the hearing. In the meantime, €2.5 million of the €3.7 million of additional tax paid by the Company, being the additional tax assessed before late payment interest, is accruing interest at 6% per annum, which would be paid to the Company should it finally prevail in the case.
    • The remaining potential exposure, associated with the same point under dispute, is estimated to be €1.7 million. This relates to the years 2013 to 2015 which remain subject to ongoing tax audits. Notwithstanding the Company’s expectation that the tax matter will eventually be resolved in the Company’s favour, as at 31 December 2024, the full potential liability of €6.0 million, or €5.97 per share (including associated defence costs and interest accrued), is fully reserved for within the Additional Reserves.
    • Additional Reserves – As at 31 December 2024, of the total Additional Reserves of €10.7 million, €6.0 million related to the legacy German tax matter with the balance of approximately €4.7 million in place to allow for future costs and potential liabilities while the Company pursues in parallel the New Investment Strategy. The Board anticipates reviewing the appropriate level of reserves once it has further clarity on the amount of commitments received by EPIF.

    Subsequent Events

    On April 23rd, 2025, EPIF successfully held its first investor close, securing €16 million of commitments from 10 investors taking the total fund size to €26 million. Currently, a significant number of potential additional commitments are at advanced stage of due diligence, with a further close expected in May 2025.

    The commitments closed on 23 April 2025 will reduce Eurocastle’s interest in the Fund from 80% to approximately 31%. As a result, the new investors will reimburse Eurocastle an estimated total of €3.5 million of the €5.5 million it had invested to date in EPIF. This reimbursement is to align Eurocastle’s revised pro rata share of the capital called plus compensatory interest. The amount to be paid to Eurocastle is substantially in line with the relevant share of Eurocastle’s valuation of its interest in EPIF as at 31 December 2024.

           
         

    Income Statement for the Fourth Quarter 2024, Full Year 2024 and Full Year 2023

    		 Q4 2024 FY 2024 FY 2023
      € Thousands € Thousands € Thousands
    Portfolio Returns      
    New Investment Strategy – Greece unrealised fair value movement 429 273 –
    Legacy Italian NPLs & Other Loans realised gain                          – – 2
    Legacy Italian Real Estate Funds unrealised fair value movement                        – (18) (50)
    Fair value movement on Investments                       429 255 (48)
    Other Income 100 113 2
    Interest income                            345 827                            519
    Loss on foreign currency translation                             – (1) (2)
    Total income                        874 1,194 471
           
    Operating Expenses      
    Manager base and incentive fees 42 103 94
    Remaining operating expenses 115 745 1,012
    Other operating expenses 157 848 1,106
    Total expenses 157 848 1,106
           
    Net profit/(loss) for the period/year 717 346 (635)
    € per share 0.72 0.35 (0.64)
      Balance Sheet and Adjusted NAV Reconciliation as at 31 December 2024 New Strategy Investments Greece Legacy Italian

    Investments

    		 Corporate Total Total
              2024 2023
        € Thousands € Thousands € Thousands € Thousands € Thousands
    Assets          
      Other assets – – 315 315 210
      Legacy German tax asset – – 3,974 3,974 3,727
      Investments – New Investment Strategy – Greece 5,770 – – 5,770 –
      Investments – Legacy Italian Real Estate Funds – 64 – 64 82
      Cash, cash equivalents and treasury investments          
      Cash and cash equivalents – – 12,415 12,415 13,951
      Treasury investments – – – – 4,236
    Total assets 5,770 64 16,704 22,538 22,206
    Liabilities          
      Trade and other payables   – 389 389 425
      Manager base and incentive fees   – 63 63 41
    Total liabilities   – 452 452 466
    IFRS Net Asset Value 5,770 64 16,252 22,086 21,740
    Liquidation cash reserve – – (4,748) (4,748) (5,185)
    Legacy German tax cash reserve – – (2,008) (2,008) (1,728)
    Legacy German tax asset – – (3,974) (3,974) (3,727)
    Adjusted NAV 5,770 64 5,522 11,356 11,100
    Adjusted NAV (€ per Share) 5.76 0.06 5.52 11.34 11.12

    NOTICE:

    This announcement contains inside information for the purposes of the Market Abuse Regulation 596/2014.

    ADDITIONAL INFORMATION

    For investment portfolio information, please refer to the Company’s most recent Financial Report, which will be available on the Company’s website (www.eurocastleinv.com).

    ABOUT EUROCASTLE

    Eurocastle Investment Limited (“Eurocastle” or the “Company”) is a publicly traded closed-ended investment company. On 8 July 2022, the Company announced the relaunch of its investment activity and is currently in the early stages of pursuing its new strategy by initially focusing on opportunistic real estate in Greece with a plan to expand across Southern Europe. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.

    FORWARD LOOKING STATEMENTS

    This release contains statements that constitute forward-looking statements. Such forward-looking statements may relate to, among other things, future commitments to sell real estate and achievement of disposal targets, availability of investment and divestment opportunities, timing or certainty of completion of acquisitions and disposals, the operating performance of our investments and financing needs. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may”, “will”, “should”, “potential”, “intend”, “expect”, “endeavor”, “seek”, “anticipate”, “estimate”, “overestimate”, “underestimate”, “believe”, “could”, “project”, “predict”, “project”, “continue”, “plan”, “forecast” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. The Company’s ability to predict results or the actual effect of future plans or strategies is limited. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, its actual results and performance may differ materially from those set forth in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause the Company’s actual results in future periods to differ materially from forecasted results or stated expectations including the risks regarding Eurocastle’s ability to declare dividends or achieve its targets regarding asset disposals or asset performance.

    1 In light of the Realisation Plan announced in November 2019, the Adjusted NAV as at 31 December 2024 reflects additional reserves for future costs and potential liabilities, which have not been accounted for under the IFRS NAV (“Additional Reserves”). No commitments for these future costs and potential liabilities existed as at 31 December 2024.
    2 Per share calculations for Eurocastle as at 31 December 2024 are based on 1,001,555 shares in issue. YE 2023 NAV per share based on 998,555 shares; Q3 2024 NAV per share based on 1,001,555 shares.
    3 Reflects corporate cash net of accrued liabilities and other assets.

    4 Reserves that were put in place when the Company realised the majority of its investment assets in 2019 in order for the Company to continue in operation and fund its
    future costs and potential liabilities. These reserves are not accounted for under IFRS.

    The MIL Network –

  • MIL-OSI: Haffner Energy unveils Hynoca® Flex 500 IG: A flexible, cost-effective alternative to grey hydrogen and fossil fuels

    Source: GlobeNewswire (MIL-OSI)

    Haffner Energy unveils Hynoca® Flex 500 IG: A flexible, cost-effective alternative to grey hydrogen and fossil fuels

    Cogeneration of hydrogen and electricity offers a unique solution for managing random hydrogen demand

    Vitry-le-François, France – April 24, 2025, 08:00am (CET)

    Haffner Energy introduces Hynoca® Flex 500 IG, a line of hydrogen production units capable of producing 12 tonnes of green hydrogen per day to be delivered under €3/kg without subsidies. Hynoca®Flex 500 IG also enables the production of cost-competitive renewable electricity to manage fluctuations in hydrogen demand or ensure energy autonomy.

    “The expectations for hydrogen are extremely high, but they remain significantly constrained by the chicken-and-egg problem and the high cost of green hydrogen production,” said Philippe Haffner, Co-founder and CEO of Haffner Energy. “Our Hynoca® Flex 500 IG solution simultaneously addresses both challenges, in a market worth over €100 billion worldwide. This is a major milestone for our company, which is expected to have a significant impact on our 2025 results, and which should also enable us to build up our order book for the coming years. More generally, it’s clearly a major paradigm shift for the global hydrogen ecosystem.”

    Thanks to existing subsidies, grants or tax credits available in most developed countries, green hydrogen is now clearly cost-competitive with grey (fossil-based) hydrogen, while providing much more flexibility and bringing a carbon-free solution. Not only does hydrogen and electricity cogeneration provide a unique solution for managing fluctuating hydrogen demand, it can also ensure energy autonomy of the system or even create opportunities in off-grid locations.

    A major breakthrough for the hydrogen market

    With unmatched flexibility, optimized energy efficiency (80%), and near-independence from power grids, Hynoca® Flex 500 IG emerges as a scalable decentralized alternative to grey hydrogen and fossil fuels. The technology is modular and standardized, which ensures reliable and replicable deployment at scale. Available worldwide, the first units can be reserved starting today, with commissioning of the first units early 2027.

    A significant EBITDA contribution starting this year

    Hynoca® Flex 500 IG is expected to make a significant contribution to Haffner Energy’s revenue – and above all to its EBITDA – for the current fiscal year, notably through paying engineering studies. The company reiterates its objective to reach EBITDA breakeven by March 31, 2026.

    Cost-effective, modular green hydrogen

    Hynoca® Flex 500 IG combines performance and modularity to meet industrial and mobility needs:

    • Flexible production, requiring minimal or no grid dependency
    • Optimization of CAPEX and OPEX, ensuring that hydrogen can be commercialized under €3/kg without subsidies Over 80% energy efficiency, maximizing process performance
    • Rapid deployment, free from grid infrastructure constraints
    • Standardized design, ensuring predictable performance and simplified integration

    A syngas with unmatched competitiveness

    Hynoca® Flex 500 IG generates highly competitive syngas, the precursor to hydrogen. Its low cost opens up new economic opportunities beyond hydrogen production.

    • Profitable peak-hour electricity generation: The cost of syngas is so competitive that it enables power production during peak hours, making it an economically viable solution to balance hydrogen demand fluctuations.
    • Operational security without rigid contracts: This flexibility allows plant operators to maintain stable production without requiring rigid offtake agreements.

    By combining hydrogen and electricity generation, Hynoca® Flex 500 IG ensures continuous operation, optimizing revenue streams and enhancing economic resilience, making final investment decisions (FID) easier.

    A strategic complement to electrolysis and power-to-liquid (PTL)

    Each Hynoca® Flex 500 IG unit generates 58,000 tonnes of biogenic CO₂ per year, a key resource for PTL (e-fuels) production and a critical enabler for hydrogen from electrolysis.

    • 58,000 tonnes of renewable CO₂ can convert 5,230 tonnes of hydrogen into 42,000 tonnes of e-methanol (or 18,000 tonnes of e-SAF), easy to transport and store
    • 5,230 tonnes of hydrogen is the volume produced each year by 60 MW of electrolyzer capacity (4,000 hours/year load factor)
    • Strategic synergy between Hynoca® Flex 500 IG and electrolysis plants, structuring the hydrogen economy

    Hynoca® Flex 500 IG not only delivers competitive hydrogen, but it also supports the expansion of electrolysis by providing a reliable source of competitive biogenic CO2.

    Proven, standardized technology for industrial scale deployment

    Hynoca® Flex 500 IG builds on Hynoca® technology, already operational at the Center for hydrogen production, testing and training in Marolles, France. This unit has been producing hydrogen that meets mobility standards.

    Scaling up this technology ensures industrial continuity with no technical risks, optimizing implementation for large-scale projects.

    Hynoca® process accepts all possible organic renewable feedstocks, including agricultural residues, sludge, manure, municipal sorted waste, and woody by-products, supporting a circular, low-carbon economy with a near-zero carbon footprint. Compatibility with all organic feedstocks means considerably lower costs, while at the same time significantly improving security of supply.

    Each Hynoca®Flex 500 IG unit consumes approximately 31,000 tonnes of dry plant-based biomass per year.

    Reservations system to manage market demand

    A recent market survey conducted by Haffner Energy indicates that demand for Hynoca® Flex 500 IG will far exceed the company’s current industrial and commercial capacity.

    To structure production and ensure timely deployment, a reservations system is currently being prepared and will open in 2025 Q3. In the meanwhile, requests for quotations can be made to the company in advance.

    Reservations, which will involve the payment of an upfront fee, constitute a win/win system for the company and its customers, allowing in particular:

    • Guarantee that customers will be served in the face of demand that is expected to far exceed supply
    • Secure delivery timelines and fixed pricing
    • Substantial savings on typical FID (Final Investment Decision) costs
    • Assistance with feedstock sourcing plans

    This system prioritizes committed clients while allowing flexibility for project development, helping to align industrial production capacity with actual market needs.

    About Haffner Energy

    Haffner Energy is a French company providing solutions for the production of competitive clean fuels. With 32 years of 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).

    Media relations

    HAFFNER ENERGY

    Laure BOURDON

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

    Sales relations

    sales@haffner-energy.com

    Investor relations

    investisseurs@haffner-energy.com

    Attachment

    The MIL Network –

  • MIL-OSI: Flow Traders Leadership Update

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders Leadership Update

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces that Mike Kuehnel has conveyed to the Board of Flow Traders Ltd. his intention not to seek re-election as Chief Executive Officer (CEO) for another full term at the 2025 Annual General Meeting (AGM). He will leave Flow Traders at the end of August to pursue a new opportunity. To ensure a seamless leadership transition, Mike has agreed to be nominated for re-election as CEO at the upcoming AGM on 13 June 2025, with his renewed term extending until 31 August 2025. The Board has initiated a search for his successor.

    Furthermore, Marc Jansen will be nominated for election as Executive Director of Flow Traders Ltd. at the forthcoming AGM. Marc has played an instrumental role in developing and expanding Flow Traders’ trading footprint. He is also a current member of the Management Board of Flow Traders B.V., the firm’s largest operating entity. In addition, Marc Jansen and Alex Kieft will be appointed as Co-Chief Trading Officers, effective immediately. They will jointly manage the Global Trading Division, focusing on expanding the Company’s trading operations across multiple asset classes and geographies.

    Mike Kuehnel
    Mike joined Flow Traders in August 2021 and was elected as Chief Financial Officer (CFO) in September 2021 and subsequently appointed to the role of CEO in February 2023. During his term, Mike has been instrumental in systematically strengthening the firm by enhancing its position as a leading globally diversified trading firm. Specifically, in 2024, he initiated Flow Traders’ Trading Capital Expansion Plan, which successfully contributed to the firm’s second-best financial year in its 20-year history.

    Under Mike’s leadership, and in collaboration with the entire leadership team, the firm has launched several strategic initiatives aimed at enhancing efficiency through automation as well as enhancing the firm’s structure with the objective of building a fully scalable organization. As part of the firm’s strategy, Mike has played a pivotal role in developing Flow Traders’ global leadership team and in attracting key talent to enhance the firm’s capability set. Subsequently, Mike has facilitated new strategic partnerships across global financial markets, allowing the firm to capitalize on new revenue opportunities to accelerate the growth of the Flow Traders.

    Marc Jansen
    Marc joined Flow Traders in 2013 as a Trader and became Head of Trading EMEA in 2018. He continued playing a pivotal role in building out the firm’s trading operations, when he moved to the Americas, where he assumed the role of Managing Director, before being appointed Head of Trading with a focus on Digital Assets in 2021. He became Global Head of Trading and Management Board Member of Flow Traders B.V. in January 2024. Effective immediately, Marc will be appointed as Co-Chief Trading Officer.

    Alex Kieft
    Alex joined Flow Traders in 2014 as a Trader and was appointed Head of Trading EMEA in 2019, followed by Global Head of Trading with a focus on equities in 2022. Effective immediately, Alex will be appointed as Co-Chief Trading Officer and will lead the firm’s Global Trading Division alongside Marc Jansen.

    Rudolf Ferscha, Chairman of the Board, stated:
    “Flow Traders has evolved beyond its foundational trading focus, marking a significant transition that enables us to capitalize on new opportunities and forge strategic partnerships, thereby advancing our long-term strategic ambitions. This transformation has been successfully initiated and managed under Mike’s leadership, and on behalf of the entire Board, I would like to express our deepest appreciation for his numerous contributions to the firm. 

    We fully respect his decision to pursue another opportunity outside the firm and wish him every success in his future endeavors. We also thank him for his dedication to developing this strengthened leadership team. Under Mike’s guidance, the leadership team has driven the firm’s growth and expansion in recent years, notably with the successful launch of the Trading Capital Expansion Plan last year, leading to the second-best financial year in our 20-year history.

    Additionally, we are thrilled to appoint Marc and Alex as Co-Chief Trading Officers. Both Marc and Alex are esteemed leaders with a proven track record of shaping and accelerating our trading strategies across various asset classes and geographies. Their promotion reflects our dedication to strengthening our leadership and accelerating growth within our Trading Division. With a long-term focus on both talent and capital, we aim to intensify efforts in both traditional and digital asset markets, marking Flow Traders’ next phase of growth.”

    Mike Kuehnel, CEO of Flow Traders, added:
    “Throughout my tenure at Flow Traders, I have witnessed firsthand the transformative impact of technology and innovation on global financial markets. These experiences have reinforced my conviction to engage more broadly in the field of artificial intelligence, prompting my decision not to seek another full term as CEO.

    I am immensely proud of what we have collectively achieved, as evidenced by our strengthened position as a globally diversified trading firm. Equally, I take pride in the development and growth of our global leadership team. Cultivating and attracting talent has been a pivotal focus during my four years, and I am thrilled about the current standing of this team. I have full confidence in Flow Traders’ future, and its ability to grow and become an even more significant force in promoting transparency, efficiency, and resilience within global financial markets.

    I would like to extend my heartfelt gratitude to the Board and all my colleagues at Flow Traders, it has been an exceptionally rewarding privilege to work alongside you. Serving as your CFO and CEO over the past four years has been an honor, and I am genuinely excited about the firm’s future.”

    Notes

    • Following shareholder approval at the 2025 AGM, Mike’s re-election as CEO and Executive Director will run until 31 August 2025
    • Following shareholder approval at the 2025 AGM and regulatory vetting, Marc’s election as Executive Director of Flow Traders Ltd. will be effective for a term of four years
    • In the notice for the 2025 Annual General Meeting, scheduled to be published on 2 May, all necessary information will be included in accordance with the nominations outlined in this press release

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders
    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Important Legal Information

    This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

    Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

    Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

    By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

    Market Abuse Regulation
    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Attachments

    The MIL Network –

  • MIL-OSI: Flow Traders 1Q 2025 Trading Update

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders 1Q 2025 Trading Update

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 1Q 2025 trading update.

    Highlights

    • Flow Traders recorded Net Trading Income of €140.2m and Total Income of €135.1m in 1Q25, an increase of 10% and 4% when compared to €127.1m and €129.6m in 1Q24, respectively.
    • Flow Traders’ ETP Value Traded increased by 24% in 1Q25 to €507bn from €409bn in 1Q24.
    • Fixed Operating Expenses were €50.8m in the quarter, an increase of 15% when compared to the €44.1m in 1Q24, due mostly to increased employee and technology expenses.
    • Total Operating Expenses were €72.7m in 1Q25, an increase of 7% when compared to the €67.9m in 1Q24, due to higher Fixed Operating Expenses.
    • EBITDA was €62.3m in the quarter, an increase of 1% when compared to €61.6m in 1Q24. EBITDA margin was 46% in 1Q25 vs. 48% in 1Q24.
    • Net Profit came in at €36.3m in 1Q25, yielding a basic EPS of €0.84 and diluted EPS of €0.82, a 21% decrease compared to a Net Profit of €45.9m, basic EPS of €1.05, and diluted EPS of €1.04 in 1Q24.
    • Trading Capital stood at €803m at the end of 1Q25, a 32% and 4% increase from €609m and €775m at the end of 1Q24 and 4Q24, respectively, and generated a 68% return on average trading capital1.
    • Shareholders’ equity was €787m at the end of 1Q25, compared to €631m at the end of 1Q24 and €767m at the end of 4Q24.
    • Flow Traders employed 619 FTEs at the end of 1Q25, compared to 601 at the end of 1Q24 and 609 at the end of 4Q24.

    Leadership Update

    In a separate release today, Flow Traders announced that Mike Kuehnel has conveyed to the Board his intention not to seek re-election as CEO for another full term at the 2025 AGM. He will leave Flow Traders at the end of August of this year, to pursue a new opportunity. To ensure a seamless leadership transition, Mike has agreed to be nominated for re-election as CEO at the upcoming AGM on 13 June 2025, his renewed term extending until 31 August 2025. The Board has initiated a search for his successor.

    Furthermore, Marc Jansen will be nominated for election as Executive Director of Flow Traders Ltd. and in addition, Marc Jansen and Alex Kieft will be appointed as Co-Chief Trading Officers, effective immediately.

    Financial Overview

    €million 1Q25 1Q24 Change YTD25 YTD24 Change
    Net trading income 140.2 127.1 10% 140.2 127.1 10%
    Other income (5.1) 2.5 NM (5.1) 2.5 NM
    Total income 135.1 129.6 4% 135.1 129.6 4%
    Revenue by region2            
    Europe 79.9 68.5 17% 79.9 68.5 17%
    Americas 11.4 41.3 (72%) 11.4 41.3 (72%)
    Asia 43.7 19.9 120% 43.7 19.9 120%
    Fixed employee expenses 24.3 20.7 18% 24.3 20.7 18%
    Technology expenses 17.4 15.8 10% 17.4 15.8 10%
    Other expenses 9.1 7.7 19% 9.1 7.7 19%
    Fixed operating expenses 50.8 44.1 15% 50.8 44.1 15%
    Variable employee expenses 22.0 23.8 (8%) 22.0 23.8 (8%)
    Total operating expenses 72.7 67.9 7% 72.7 67.9 7%
    EBITDA 62.3 61.6 1% 62.3 61.6 1%
    Interest expenses 0.4 – NM 0.4 – NM
    Lease expenses 0.5 0.6 (8%) 0.5 0.6 (8%)
    Depreciation & amortisation 4.7 4.3 11% 4.7 4.3 11%
    Impairment of intangible assets 10.5 – NM 10.5 – NM
    Profit/(loss) on equity-accounted investments (1.8) (0.4) 375% (1.8) (0.4) 375%
    Profit before tax 44.3 56.4 (21%) 44.3 56.4 (21%)
    Tax expense 8.0 10.6 (24%) 8.0 10.6 (24%)
    Net profit 36.3 45.9 (21%) 36.3 45.9 (21%)
    Basic EPS3 (€) 0.84 1.05 (21%) 0.84 1.05 (21%)
    Fully diluted EPS4 (€) 0.82 1.04 (21%) 0.82 1.04 (21%)
    EBITDA margin 46% 48%   46% 48%  

    Revenue by Region

    €million 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
    Europe 58.5 33.1 33.6 42.6 68.4 48.6 70.2 86.9 79.9
    Americas 32.8 9.3 22.0 18.1 41.3 13.4 20.8 18.2 11.4
    Asia 19.2 9.0 12.1 13.6 19.9 14.2 23.6 53.8 43.7

    Value Traded Overview

    €billion 1Q25 1Q24 Change YTD25 YTD24 Change
    Flow Traders ETP Value Traded 507 409 24% 507 409 24%
    Europe 245 152 61% 245 152 61%
    Americas 213 229 (7%) 213 229 (7%)
    Asia 49 27 81% 49 27 81%
    Flow Traders non-ETP Value Traded 1,217 1,146 6% 1,217 1,146 6%
    Flow Traders Value Traded 1,724 1,555 11% 1,724 1,555 11%
    Equity 861 819 5% 861 819 5%
    FICC 774 691 12% 774 691 12%
    Other 89 45 100% 89 45 100%
    Market ETP Value Traded5 14,425 11,981 20% 14,425 11,981 20%
    Europe 882 597 48% 882 597 48%
    Americas 11,065 9,965 11% 11,065 9,965 11%
    Asia 2,478 1,419 75% 2,478 1,419 75%
    Asia ex China 645 439 47% 645 439 47%

    Trading Capital

      1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
    Trading Capital (€m) 647 574 585 584 609 624 668 775 803
    Return on Avg Trading Capital1 67% 65% 56% 49% 50% 58% 62% 69% 68%
    Average VIX7 21.0 16.7 15.1 15.4 13.9 14.2 17.1 17.3 18.5

    Market Environment

    Europe

    Equity trading volumes in the quarter across major exchanges saw meaningful increases when compared to the same period a year ago, while market volatility also increased . Fixed Income trading volumes on MTFs increased slightly compared to the same period a year ago.

    Americas

    Equity trading volumes in the U.S. increased compared to the same period a year ago, but at a much lower level when compared to the other regions, while market volatility increased. Fixed Income trading volumes in the U.S. also increased slightly when compared to the same period a year ago, while volatility declined.

    Asia

    Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases while Japan experienced declines when compared to the same period a year ago. Market volatility increased across the board in Hong Kong, China and Japan when compared to the same period a year ago.

    Digital Assets

    Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes in cryptocurrencies increased when compared to the same period a year ago. However, net fund flows into cryptocurrency ETFs declined significantly compared to a year ago given the spot Bitcoin ETF launches in the U.S. in January 2024.

    Outlook

    Fixed operating expenses guidance for the year remains unchanged and is expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

    CEO Statement

    Mike Kuehnel, CEO
    “Flow Traders posted a strong set of results in the first quarter, with the strength in the Equity segment in Europe and Asia in the quarter offsetting the lower contribution from Digital Assets when compared to the first quarter of 2024. The results serve as further confirmation of our diversification strategy and our ability to capture opportunities as they arise. The 68% return on average trading capital in the quarter also further validates our strategic decision to retain more profits to reinvest back into the company under the Trading Capital Expansion Plan, announced in July last year.

    During the quarter, market trading volumes increased meaningfully across Europe and Asia given the macroeconomic uncertainty raised by the prospect of tariffs from the U.S. and the potential impact to the global economy. Volumes were particularly elevated in Hong Kong and China given the continued investor interest in China following the stimulus unveiled by the government in the fourth quarter of last year. Similarly, volumes increased meaningfully in Europe given the market outperformance, as investors looked to rotate their investments given the seismic geopolitical shift in the U.S. and its ramifications on Europe. The Americas had a more muted quarter when compared with the other regions as we allocated more of our capital to regions with greater dislocations. Regardless of where the activities were in the quarter, Flow Traders continued to provide liquidity to our counterparty base and was able to leverage trading opportunities given the breadth of our global trading operation.

    In Digital Assets, while the value of cryptocurrencies pulled back post the U.S. presidential inauguration, we continue to see positive sentiment shifts by regulators in not only the U.S. but also in places like Hong Kong, Japan and Korea. The first Consensus conference in Asia, held in Hong Kong in February, demonstrated the increasing institutional interest and adoption of digital assets and the underlying technology in the region. As one of the earliest adopters, Flow Traders remains instrumental in providing liquidity to this asset class on a 24/7 basis and bridging the gap between traditional finance and digital assets ecosystems.

    Looking forward to the rest of 2025, we remain committed to enhancing our trading capabilities by strategically investing in cutting-edge technology and talent. This approach aligns seamlessly with our growth and diversification strategy. We anticipate that these investments, coupled with our Trading Capital Expansion Plan, will drive top-line growth for the firm over time.”

    Preliminary Financial Calendar

    13 June 2025                AGM
    31 July 2025                1H25 Results

    Analyst Conference Call and Webcast

    The 1Q25 trading update analyst conference call will be held at 10:00 am CEST on Thursday 24 April 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders

    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Notes

    1. Return on average trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
    2. Revenue by region includes NTI, Other Income, and inter-company revenue.
    3. Weighted average shares outstanding: 1Q25 – 43,394,080; 4Q24 – 43,066,302; 1Q24 – 43,515,359.
    4. Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
    5. Source – Flow Traders analysis.
    6. Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

    Important Legal Information

    This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

    Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

    Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

    By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

    All results published in this release are unaudited.

    Market Abuse Regulation

    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Attachment

    The MIL Network –

  • MIL-OSI: Exor Press Release – Tender Offer Result

    Source: GlobeNewswire (MIL-OSI)

    THIS PRESS RELEASE IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN AUSTRALIA, CANADA, JAPAN, OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.

    Amsterdam, 24 April 2025

    EXOR ANNOUNCES OVERSUBSCRIBED TENDER OFFER,
    AS PART OF €1 BILLION SHARE BUYBACK PROGRAM

    Exor N.V. (“Exor” or the “Company”) announces the results of the Tender Offer set out in the Offer Memorandum published by the Company on 26 March 2025 (the “Offer Memorandum”). The Tender Offer closed at 17:40 CET on 23 April 2025.

    22,965,749 Ordinary Shares were validly tendered by Qualifying Shareholders in the Tender Offer and, following application of the scaling-down mechanism set out in the Offer Memorandum, 12,254,495 Ordinary Shares will be purchased at a price per Ordinary Share of EUR 81.6027 (the Strike Price), for a total consideration of EUR 1 billion. This represents 5.5% of the Ordinary Shares issued in the share capital of Exor. The Strike Price of the Tender Offer, determined in the manner described in the Offer Memorandum is equal to the Reference VWAP +2%.

    The aggregate value (at the Strike Price) of the Ordinary Shares validly tendered by Qualifying Shareholders at a price at or below the Strike Price (or as Strike Price Tenders) exceeded EUR 1 billion, and hence the Tender Offer is oversubscribed. Because the Tender Offer is oversubscribed, tenders will be accepted as follows, in line with the Offer Memorandum:

    • all Strike Price Tenders will be purchased in full;
    • all tenders at a price below the Strike Price (excluding Strike Price Tenders) will be purchased in full;
    • tenders at the Strike Price will be scaled down by 38.15% so that the total consideration for the Ordinary Shares purchased in the Tender Offer does not exceed EUR 1 billion; and
    • all tenders at a price higher than the Strike Price will be rejected and will not be purchased in the Tender Offer.

    The settlement of the Tender Offer is expected to take place on or around 28 April 2025.

    In accordance with the Irrevocable Undertaking by Giovanni Agnelli B.V., 6,985,062 Ordinary Shares will be purchased from Giovanni Agnelli B.V. as part of the Tender Offer. After settlement, Giovanni Agnelli B.V. will hold 114,714,169 Ordinary Shares, representing 51.9% of the Ordinary Shares issued in the share capital of the Company before the share cancellation.

    Following settlement, Exor will start the process of cancelling the 12,254,495 Ordinary Shares acquired as part of the Tender Offer and 950,000 Ordinary Shares currently held in treasury, representing 6.0% of the Ordinary Shares issued in the share capital of Exor. In addition, Exor will cancel the 6,985,062 Special Voting Shares to be retransferred to Exor in connection with the Tender Offer and 1,462,186 Special Voting Shares currently held in treasury.

    Terms used but not defined in this announcement have the meaning assigned to them in the Offer Memorandum.

    Qualifying Shareholders whose Ordinary Shares were validly tendered and accepted by the Company are still entitled to participate at the forthcoming AGM, which will be held on 22 May 2025, and cast their vote on such Ordinary Shares (and any corresponding Special Voting Shares) in the usual manner, provided that these Ordinary Shares were held in an intermediary account participating in the Euronext Securities Milan system (formerly known as Monte Titoli), or on the Company’s Loyalty Register, as applicable, on the record date.

    About Exor

    Exor N.V. (AEX: EXO) has been building great companies since its foundation by the Agnelli Family. For more than a century, Exor has made successful investments worldwide, applying a culture that combines entrepreneurial spirit and financial discipline. Its portfolio is principally made up of companies in which Exor is the largest shareholder including Ferrari, Stellantis, Philips and CNH.

    Regulated Information

    This press release contains information that qualifies as inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (596/2014).

    Restrictions

    This announcement does not constitute or form part of an offer or invitation, or a solicitation of any offer or invitation, to purchase any Ordinary Shares or other securities.

    Goldman Sachs Bank Europe SE (“Goldman Sachs”), which is authorised and regulated by the European Central Bank and the Federal Financial Supervisory Authority (Die Bundesanstalt für Finanzdienstleistungsaufsicht) and Deutsche Bundesbank in Germany, is acting exclusively as Dealer Manager to Exor and to no-one else in connection with the Tender Offer. Neither Goldman Sachs nor its affiliates, nor their respective partners, directors, officers, employees or agents are responsible to any other person than Exor for providing the protections afforded to clients of Goldman Sachs or for providing advice in connection with the Tender Offer.

    ING Bank N.V. (“ING“) is directly supervised by the European Central Bank as part of the Single Supervisory Mechanism and regulated by De Nederlandsche Bank and the Dutch Autoriteit Financiële Markten, and is acting as Dealer Manager and Tender Agent exclusively for Exor and for no-one else in connection with the Tender Offer and will not be responsible to any person other than the Company for providing the protections afforded to clients of ING or for providing assistance in connection with the Tender Offer.

    Apart from the responsibilities and liabilities, if any, which may be imposed on the Dealer Managers under their respective legal or regulatory regime: (i) none of the Dealer Managers or any persons associated or affiliated with either of them accepts any responsibility whatsoever or makes any warranty or representation, express or implied, in relation to the contents of the Offer Memorandum, including its accuracy, completeness or verification or for any other statement made or purported to be made by, or on behalf of it, Exor or the members of the Board, in connection with Exor and/or the Tender Offer; and (ii) each of the Dealer Managers accordingly disclaims, to the fullest extent permitted by law, all and any liability whatsoever, whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise be found to have in respect of the Offer Memorandum or any such statement.

    Cautionary statement regarding forward-looking statements

    This announcement includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms anticipates, believes, could, estimates, expects, intends, may, plans, projects, should or will, or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances.

    Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this announcement reflect Exor’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group and its operations, results of operations, and growth strategy. Other than in accordance with its legal or regulatory obligations (including the Market Abuse Regulation and applicable stock exchange rules), Exor is not under any obligation and Exor expressly disclaims any intention or obligation (to the maximum extent permitted by law) to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Dealer Managers and Tender Agent

    Goldman Sachs and ING each act as a Dealer Manager, and together as the Dealer Managers for the Tender Offer. ING acts as Tender Agent for the Tender Offer.

    Further information

    Public announcements in connection are available on the dedicated tender offer website of the Company at https://www.exor.com/pages/investors-media/shareholders-corner/share-buyback.

    For any questions related to this announcement, please contact Exor’s Investor Relations at
    ir@exor.com or +31 (0)20 240 2 222.

    Attachment

    The MIL Network –

  • MIL-OSI: Dassault Systèmes and Airbus Extend Strategic Partnership to Use Virtual Twins for Next-Generation Programs

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — April 24, 2025

    Dassault Systèmes and Airbus Extend Strategic Partnership to Use Virtual Twins for Next-Generation Programs

    • Dassault Systèmes’ 3DEXPERIENCE platform will be used across Airbus, company-wide, for all future generations of civil and military aircraft and helicopters
    • More than 20,000 users from every business area and the value chain will collaborate and use Dassault Systèmes’ virtual twins to improve efficiency, shorten development cycles and reduce costs
    • This is a key milestone in the digital transformation of Airbus’ ways of working and the preparation of the next generation of aerospace products

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) and Airbus have extended their long-term strategic partnership, putting the 3DEXPERIENCE platform at the heart of lifecycle management of all new Airbus programs for civil and military aircraft and helicopters.

    This deployment will support the entire development chain for all Airbus civil and military aircraft and helicopters. More than 20,000 users from every business area, as well as Airbus suppliers, will be able to collaborate more effectively and use virtual twins – on premise or on a sovereign cloud – to shorten development cycles, anticipate and improve production efficiency, and enhance aftersales support – all while reducing costs.

    “Digitalization is a key enabler that we are leveraging to support our core priorities, whether it is ramping up the production of our commercial aircraft, preparing the next generation of platforms that will further contribute to the decarbonization of our sector, or pioneering the defense and security solutions of tomorrow,” said Guillaume Faury, CEO, Airbus. “This renewed partnership with Dassault Systèmes will play an important role in accelerating our progress towards these goals, while ensuring the highest levels of quality, safety and security throughout the lifecycle of our products and solutions, from design to in-service operations.”

    “Our long history of collaboration with Airbus embarks on its next chapter, enabling the entire enterprise and its value chain to innovate globally, efficiently and virtually for decades to come. Airbus can take full advantage of AI-powered generative experiences, and scientific advances in material science, modeling, simulation, production and operation systems efficiency with our 3DEXPERIENCE platform. This will open new possibilities to imagine, create and produce the experiences that will define the future of the aerospace industry,” said Bernard Charlès, Executive Chairman, Dassault Systèmes.

    Dassault Systèmes will provide Airbus with seven industry solution experiences based on the 3DEXPERIENCE platform: “Program Excellence,” “Winning Concept,” “Co-Design to Target,” “Cleared to Operate,” “Ready for Rate,” “Build to Operate,” and “Keep Them Operating.”1  

    ###

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

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

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
    India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

    1 The agreement between Dassault Systèmes and Airbus was signed in Q4 2024.

    Attachment

    The MIL Network –

  • MIL-OSI: Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — April 24, 2025

    Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the first quarter 2025 ended March 31, 2025. The Group’s Board of Directors approved these estimated results on April 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 1Q25: Software revenue increased by 5% driven by recurring revenue up 7%;
    • 1Q25: Strong subscription growth of 14%, bringing New business up 7%;
    • 1Q25: 3DEXPERIENCE software revenue growth of 17%;
    • 1Q25: Diluted EPS up 5% (6% as reported) to €0.32;
    • 1Q25: Cash flow from operations grew 21%, as reported, to €813 million (IFRS);
    • FY25: Full year objectives unchanged, total revenue growth of 6-8% and diluted EPS of €1.36-€1.39.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “In February this year we announced Gen 7, the new generation of representation of our customers’ virtual universes – we call it 3D UNIV+RSES. This seventh generation of MODSIM data, powered by AI and spatial computing, makes the 3DEXPERIENCE the next-generation platform for knowledge and know-how, establishing it as a global IP management platform. Early customer feedback confirms that platform-based AI leveraging virtual twins creates competitive advantage. 

    We’ve had a solid start to the year. In the first quarter, the Manufacturing Industries sector performed well led by Aerospace & Defense and High Tech, along with Transportation & Mobility in China, Japan and US. At the same time, we’re accelerating in Sovereign Infrastructure, where energy, security, and AI capabilities – through high-performance data centers – are becoming strategic imperatives for nations and territories.

    We are committed to being the trusted partner for our customers – helping them stay ahead, while strengthening our leadership position for the long term and raising barriers to entry.”

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “In the first quarter, our revenue is driven by strong subscription growth of 14%. As a result, recurring revenue now represents 86% of software revenue, highlighting the resilience of our business model. Regarding operational efficiency, we reached the upper end of our EPS guidance and saw strong growth in operating cash flow, increasing by 21% as reported.

    Entering 2025, our approach was to provide a risk-adjusted financial outlook. Since then, the introduction of new tariffs has created a more volatile market environment, which could lead to longer decision-making cycles. That said, our pipeline remains solid, and our current visibility aligns with the midpoint of our full year guidance.

    Therefore, we keep our 2025 outlook of 6-8% total revenue growth and 7-10% EPS growth unchanged. In addition, we are slightly adjusting our operating margin target, expecting a year-over-year expansion of 50-70 basis points, versus 70-100 basis points prior, to gain additional flexibility and invest in Gen 7 to support our long-term growth.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   Non-IFRS
      Q1 2025 Q1 2024 Change Change in constant currencies   Q1 2025 Q1 2024 Change Change in constant currencies
    Total Revenue   1,573.0 1,499.7 5% 4%   1,573.0 1,499.7 5% 4%
    Software Revenue   1,432.7 1,352.8 6% 5%   1,432.7 1,352.8 6% 5%
    Operating Margin   19.4% 21.6% (2.3)pts     30.9% 31.1% (0.2)pt  
    Diluted EPS   0.20 0.21 (9)%     0.32 0.30 6% 5%

    First Quarter 2025 Versus 2024 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the first quarter grew by 4% to €1.57 billion, and software revenue increased by 5% to €1.43 billion. Subscription & support revenue rose by 7%; recurring revenue represented 86% of software revenue, up 2 basis points versus last year. Licenses and other software revenue declined by 10% to €198 million. Services revenue was down 6% to €140 million, during the quarter.
    • Software Revenue by Geography: Revenue in the Americas increased by 7% to represent 43% of software revenue. This growth acceleration is driven by Aerospace & Defense, Transport & Mobility and High-Tech. Despite tariff uncertainty, Europe increased by 1%, led by good growth in Aerospace & Defense. Europe represented 36% of software revenue. In Asia, revenue increased by 5%, driven by India, Southeast Asia and Korea. Asia represented 22% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue increased by 8% to €793 million. This strong broad-based performance was led by CATIA, ENOVIA, DELMIA and NETVIBES. Industrial Innovation software represented 55% of software revenue.
    • Life Sciences software revenue was stable at €293 million, accounting for 20% of software revenue. MEDIDATA was impacted by continued CRO2 headwinds, while benefiting from the steady dynamic with Large Pharma and Mid-Market.
    • Mainstream Innovation software revenue increased by 2% to €347 million. SOLIDWORKS had a slow start to the year, but saw solid bookings and good momentum in 3DEXPERIENCE adoption. CENTRIC PLM was impacted by timing of renewals, after an exceptional year of growth in 2024. Mainstream Innovation represented 24% of software revenue, during the period.
    • Software Revenue by Industry: Aerospace & Defense, High Tech and Industrial Equipment were among the best performers during the quarter.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 17%, driven by Aerospace & Defense, High Tech and Transportation & Mobility, along with opportunities in the sovereign infrastructure domain. 3DEXPERIENCE software revenue represented 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased by 41%.
    • Operating Income and Margin: IFRS operating income declined by 6% to €304 million, as reported. Non-IFRS operating income increased by 3% in constant currencies to €486 million (up 4% as reported). The IFRS operating margin stood at 19.4% compared to 21.6% in the first quarter of 2024. The non-IFRS operating margin totaled 30.9% versus 31.1% during the same period last year.
    • Earnings per Share: IFRS diluted EPS was €0.20, down 9% as reported. Non-IFRS diluted EPS grew to €0.32, up 6% as reported, or 5% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €813 million, an increase of 21% relative to the same period last year with strong cash collection. Cash flow from operations was principally used for the acquisition of ContentServ for €191 million (net of €11 million of cash acquired), repurchase of Treasury Shares for €80 million, repayment of debt for €59 million and €56 million for investments in CAPEX.
    • Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.79 billion as of March 31, 2025, an increase of €0.33 billion, compared to €1.46 billion for the year ending December 31, 2024. Cash and cash equivalents totaled €4.24 billion at the end of March 2025.

    Financial Objectives for 2025

    Dassault Systèmes’ second quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q2 2025 FY 2025  
      Total Revenue (billion) €1.520 – €1.580 €6.567 – €6.667  
      Growth 2 – 6% 6 – 7%  
      Growth ex FX 3 – 7% 6 – 8%  
               
      Software revenue growth * 3 – 7% 6 – 8%  
        Of which licenses and other software revenue growth * (6) – 1% 2 – 6%  
        Of which recurring revenue growth * 5 – 8% 7 – 8%  
     

    Services revenue growth *

    3 – 7%

    		 4 – 6%  
               
      Operating Margin 29.8% – 29.9% 32.3% – 32.6%  
               
      EPS Diluted €0.30 – €0.31 €1.36 – €1.39  
      Growth (1) – 3% 7 – 9%  
      Growth ex FX 1 – 5% 7 – 10%  
               
      US dollar $1.10 per Euro $1.09 per Euro  
      Japanese yen (before hedging) JPY 155.0 per Euro JPY 156.4 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €213 million (these estimates do not include any new stock option or share grants issued after March 31, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €353 million, largely impacted by the acquisition of MEDIDATA and lease incentives of acquired companies at approximately €1 million.

    The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after March 31, 2025.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Thursday, April 24, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • Capital Markets Day: June 6, 2025
    • Second Quarter 2025 Earnings Release: July 24, 2025
    • Third Quarter 2025 Earnings Release: October 23, 2025
    • Fourth Quarter 2025 Earnings Release: February 11, 2026

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the second quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY156.4 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.   

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

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

    Dassault Systèmes Investor Relations Team                        FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

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

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s product lines financial reporting include the following financial information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue which includes SOLIDWORKS, as well as its CENTRIC PLM and 3DVIA brands.

    Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEOs

    Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEOs;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
    • the “Asia” group, comprising Asia and Oceania and made of five GEOs.

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

    New business

    New business is the combination of subscription revenue and licenses & other software revenue.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended
    March 31,

    2025

    		 March 31,

    2024

    		 Change Change in constant currencies
    Total Revenue € 1,573.0 € 1,499.7 5% 4%
             
    Revenue breakdown by activity        
    Software revenue 1,432.7 1,352.8 6% 5%
    Of which licenses and other software revenue 198.1 218.5 (9)% (10)%
    Of which subscription and support revenue 1,234.6 1,134.3 9% 7%
    Services revenue 140.2 146.8 (4)% (6)%
             
    Software revenue breakdown by product line        
    Industrial Innovation 793.1 731.4 8% 8%
    Life Sciences 292.6 284.7 3% 0%
    Mainstream Innovation 347.1 336.7 3% 2%
             
    Software Revenue breakdown by geography        
    Americas 611.1 553.6 10% 7%
    Europe 513.2 503.2 2% 1%
    Asia 308.4 296.0 4% 5%
             
    Operating income € 486.1 € 466.5 4%  
    Operating margin 30.9% 31.1%    
             
    Net income attributable to shareholders € 420.1 € 397.2 6%  
    Diluted earnings per share € 0.32 € 0.30 6% 5%
             
    Closing headcount 26,225 25,780 2%  
             
    Average Rate USD per Euro 1.05 1.09 (3)%  
    Average Rate JPY per Euro 160.45 161.15 (0)%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    March 31,

    2025

    		 March 31,

    2024

    		 Change
    Revenue QTD 1,573.0 1,499.7 73.3 52.6 0.9 19.8

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended
    March 31, March 31,
    2025 2024
    Licenses and other software revenue 198.1 218.5
    Subscription and Support revenue 1,234.6 1,134.3
    Software revenue 1,432.7 1,352.8
    Services revenue 140.2 146.8
    Total Revenue € 1,573.0 € 1,499.7
    Cost of software revenue (1) (129.2) (111.9)
    Cost of services revenue (131.1) (131.8)
    Research and development expenses (348.6) (311.4)
    Marketing and sales expenses (446.5) (420.3)
    General and administrative expenses (120.4) (105.1)
    Amortization of acquired intangible assets and of tangible assets revaluation (88.3) (93.3)
    Other operating income and expense, net (4.4) (1.8)
    Total Operating Expenses (1,268.5) (1,175.6)
    Operating Income € 304.5 € 324.1
    Financial income (loss), net 30.3 30.2
    Income before income taxes € 334.8 € 354.2
    Income tax expense (75.5) (68.3)
    Net Income € 259.4 € 286.0
    Non-controlling interest 1.2 (0.3)
    Net Income attributable to equity holders of the parent € 260.5 € 285.7
    Basic earnings per share 0.20 0.22
    Diluted earnings per share € 0.20 € 0.21
    Basic weighted average shares outstanding (in millions) 1,312.3 1,313.6
    Diluted weighted average shares outstanding (in millions) 1,332.2 1,331.1

            (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended March 31, 2025
    Change (2) Change in constant currencies
    Total Revenue 5% 4%
    Revenue by activity    
    Software revenue 6% 5%
    Services revenue (4)% (6)%
    Software Revenue by product line    
    Industrial Innovation 8% 8%
    Life Sciences 3% 0%
    Mainstream Innovation 3% 2%
    Software Revenue by geography    
    Americas 10% 7%
    Europe 2% 1%
    Asia 4% 5%

                    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    March 31, December 31,
    2025 2024
    ASSETS    
    Cash and cash equivalents 4,242.9 3,952.6
    Trade accounts receivable, net 1,709.5 2,120.9
    Contract assets 34.3 30.1
    Other current assets 464.8 464.0
    Total current assets 6,451.5 6,567.6
    Property and equipment, net 928.7 945.8
    Goodwill and Intangible assets, net 7,597.6 7,687.1
    Other non-current assets 358.9 345.5
    Total non-current assets 8,885.2 8,978.3
    Total Assets € 15,336.7 € 15,545.9
    LIABILITIES    
    Trade accounts payable 199.5 259.9
    Contract liabilities 1,716.0 1,663.4
    Borrowings, current 411.4 450.8
    Other current liabilities 1,109.7 1,147.4
    Total current liabilities 3,436.6 3,521.5
    Borrowings, non-current 2,043.3 2,042.8
    Other non-current liabilities 887.9 900.9
    Total non-current liabilities 2,931.3 2,943.7
    Non-controlling interests 14.3 14.1
    Parent shareholders’ equity 8,954.5 9,066.6
    Total Liabilities € 15,336.7 € 15,545.9

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended
    March 31, March 31, Change
    2025 2024
    Net income attributable to equity holders of the parent 260.5 285.7 (25.2)
    Non-controlling interest (1.2) 0.3 (1.4)
    Net income 259.4 286.0 (26.6)
    Depreciation of property and equipment 50.5 47.6 2.8
    Amortization of intangible assets 89.6 95.2 (5.6)
    Adjustments for other non-cash items 16.1 37.7 (21.6)
    Changes in working capital 397.4 204.4 193.0
    Net Cash From Operating Activities € 813.0 € 670.9 € 142.1
           
    Additions to property, equipment and intangibles assets (55.9) (57.2) 1.2
    Payment for acquisition of businesses, net of cash acquired (193.8) (4.5) (189.2)
    Other (37.8) 22.3 (60.1)
    Net Cash Provided by (Used in) Investing Activities € (287.5) € (39.4) € (248.1)
           
    Proceeds from exercise of stock options 22.2 21.3 0.8
    Repurchase and sale of treasury stock (80.1) (131.1) 51.0
    Acquisition of non-controlling interests (0.2) (2.6) 2.5
    Repayment of borrowings (58.9) (0.1) (58.8)
    Repayment of lease liabilities (22.6) (24.0) 1.4
    Net Cash Provided by (Used in) Financing Activities € (139.6) € (136.5) € (3.0)
           
    Effect of exchange rate changes on cash and cash equivalents (95.7) 32.7 (128.4)
           
    Increase (decrease) in cash and cash equivalents € 290.3 € 527.7 € (237.4)
           
           
    Cash and cash equivalents at beginning of period € 3,952.6 € 3,568.3  
    Cash and cash equivalents at end of period € 4,242.9 € 4,095.9  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended March 31, Change
    2025 Adjustment(1) 2025 2024 Adjustment(1) 2024 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,573.0 – € 1,573.0 € 1,499.7 – € 1,499.7 5% 5%
    Revenue breakdown by activity                
    Software revenue 1,432.7 – 1,432.7 1,352.8 – 1,352.8 6% 6%
    Licenses and other software revenue 198.1 – 198.1 218.5 – 218.5 (9)% (9)%
    Subscription and Support revenue 1,234.6 – 1,234.6 1,134.3 – 1,134.3 9% 9%
    Recurring portion of Software revenue 86%   86% 84%   84%    
    Services revenue 140.2 – 140.2 146.8 – 146.8 (4)% (4)%
    Software Revenue breakdown by product line                
    Industrial Innovation 793.1 – 793.1 731.4 – 731.4 8% 8%
    Life Sciences 292.6 – 292.6 284.7 – 284.7 3% 3%
    Mainstream Innovation 347.1 – 347.1 336.7 – 336.7 3% 3%
    Software Revenue breakdown by geography                
    Americas 611.1 – 611.1 553.6 – 553.6 10% 10%
    Europe 513.2 – 513.2 503.2 – 503.2 2% 2%
    Asia 308.4 – 308.4 296.0 – 296.0 4% 4%
    Total Operating Expenses € (1,268.5) € 181.6 € (1,086.9) € (1,175.6) € 142.4 € (1,033.2) 8% 5%
    Share-based compensation expense and related social charges (88.5) 88.5 – (46.7) 46.7 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (88.3) 88.3 – (93.3) 93.3 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.7) 0.7 –    
    Other operating income and expense, net (4.4) 4.4 – (1.8) 1.8 –    
    Operating Income € 304.5 € 181.6 € 486.1 € 324.1 € 142.4 € 466.5 (6)% 4%
    Operating Margin 19.4%   30.9% 21.6%   31.1%    
    Financial income (loss), net 30.3 0.6 30.9 30.2 1.0 31.2 1% (1)%
    Income tax expense (75.5) (21.6) (97.1) (68.3) (31.6) (99.9) 11% (3)%
    Non-controlling interest 1.2 (0.9) 0.2 (0.3) (0.3) (0.5) N/A (141)%
    Net Income attributable to shareholders € 260.5 € 159.6 € 420.1 € 285.7 € 111.5 € 397.2 (9)% 6%
    Diluted Earnings Per Share (3) € 0.20 € 0.12 € 0.32 € 0.21 € 0.08 € 0.30 (9)% 6%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended March 31, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (260.3) 4.9 0.1 (255.2) (243.8) 2.9 0.2 (240.6) 7% 6%
    Research and development expenses (348.6) 32.5 0.1 (316.0) (311.4) 17.9 0.3 (293.2) 12% 8%
    Marketing and sales expenses (446.5) 24.5 0.1 (421.9) (420.3) 13.7 0.1 (406.5) 6% 4%
    General and administrative expenses (120.4) 26.6 0.0 (93.8) (105.1) 12.3 0.0 (92.7) 15% 1%
    Total   € 88.5 € 0.4     € 46.7 € 0.7      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,332.2 million diluted shares for Q1 2025 and 1,331.1 million diluted shares for Q1 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 260.5 million for Q1 2025 (€ 285.7 million for Q1 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    1 IFRS figures for 1Q25: total revenue at €1.57 billion, operating margin of 19.4% and diluted EPS at €0.20.

    2 Contract Research Organizations

    Attachment

    The MIL Network –

  • MIL-OSI: Nokia Corporation Interim Report for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation

    Interim report
    24 April 2025 at 08:00 EEST

    Nokia Corporation Interim Report for Q1 2025

    Network Infrastructure delivers strong net sales growth to start 2025

    • Infinera acquisition completed during Q1, increasing Nokia’s scale in Optical Networks and with hyperscalers. Integration underway with many portfolio decisions already taken. Positive momentum with customers, with Q1 seeing strong order intake for Infinera driven by growth in hyperscalers.
    • Q1 net sales declined 3% y-o-y on a constant currency and portfolio basis (-1% reported) due to a challenging prior year comparison in Nokia Technologies. Network Infrastructure grew 11% on a constant currency and portfolio basis while Cloud and Network Services grew 8%. Mobile Networks grew 2%.
    • Comparable gross margin in Q1 decreased 820bps y-o-y to 42.3% (reported decreased 820bps to 41.5%), half of which is related to lower net sales in Nokia Technologies. It was also impacted by a contract settlement charge with net impact of EUR 120 million in Mobile Networks.
    • Q1 comparable operating margin decreased 990bps y-o-y to 3.6% (reported up 1 020bps to -1.1%), mainly due to lower gross margin and increased operating expenses resulting from targeted investments for long-term growth.
    • Q1 comparable diluted EPS for the period of EUR 0.03; reported diluted EPS for the period of EUR -0.01.
    • Q1 free cash flow of EUR 0.7 billion, net cash balance of EUR 3.0 billion.
    • Full year 2025 outlook unchanged with comparable operating profit of between EUR 1.9 billion and 2.4 billion and free cash flow conversion from comparable operating profit of between 50% and 80%.

    This is a summary of the Nokia Corporation Interim Report for Q1 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. A video interview summarizing the key points of our Q1 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    JUSTIN HOTARD, PRESIDENT AND CEO, ON Q1 2025 RESULTS

    In the following quote, net sales growth rates are on a constant currency and portfolio basis.
    Since joining Nokia as President and CEO three weeks ago, I’ve had great engagements with some of our customers, partners and employees. I see great potential for Nokia, and my early focus is on capital allocation to ensure we both drive efficiency and invest sufficiently in the right growth segments for long-term value creation. I am impressed with our core technology base across our portfolio including in RAN and core as well as in IP, Optical and Fiber technologies. In speaking with customers, it is clear we play a critical role as a trusted partner operating their mobile and fixed networks and have the potential to expand our presence in hyperscale, enterprise and defense markets. Spending the time with our employees I’ve been excited by their innovative spirit, energy and drive to unlock Nokia’s full potential.

    Our first quarter financial performance saw a net sales decline of 3%. However, excluding the catch-up element of licensing deals signed in the prior year, sales grew 7%. Our operating margin declined year-on-year due to the challenging prior year comparison in Nokia Technologies and a one-time charge in Mobile Networks, while profitability improved in both Network Infrastructure and Cloud and Network Services.

    Network Infrastructure net sales grew 11% with all units contributing to growth and its backlog increased. The highlight of the first quarter was the completion of the Infinera acquisition. Our expanded Optical Networks business had a strong first quarter with 15% net sales growth along with several important design wins, particularly with hyperscalers. We have initiated the integration of Infinera and made many important roadmap decisions which we communicated to customers in early April. We are on track to deliver our synergy targets and I believe this acquisition has significant value creation potential for Nokia.

    In Mobile Networks we continue to see positive signs of stabilization with further wins in addition to those we discussed last quarter. Today we have announced an important contract extension with T-Mobile US. Regarding our financial performance, net sales grew 2% but profitability was impacted by an unexpected one-time contract settlement with a net impact of EUR 120 million. The settlement related to a project for a single customer that started shipping in 2019 and the settlement fully resolves the situation.

    Cloud and Network Services delivered net sales growth of 8% and we continue to see strong demand in the market for our 5G Core offers with additional footprint won at AT&T, Boost Mobile, Ooredoo Qatar and Telefónica. Nokia Technologies continued its execution with further deals signed in the quarter that increased the contracted annual net sales run-rate to approximately EUR 1.4 billion.

    Looking forward, we are not immune to the rapidly evolving global trade landscape however based on early customer feedback, I believe our markets should prove to be relatively resilient. In 2025, we continue to expect strong net sales growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales for Mobile Networks. In Nokia Technologies we expect approximately EUR 1.1 billion of operating profit.

    Regarding the tariff situation, there could be some short-term disruption. We will continue to utilize the flexibility of our global manufacturing network to minimize impact of the evolving tariff landscape. Based on what we see today, we currently expect a EUR 20 to 30 million impact to our comparable operating profit in the second quarter from the current tariffs. Given the lack of visibility, we have not taken an assumption related to tariffs in the second half of 2025.

    In terms of our outlook for the financial year 2025, we will continue to focus on investing in future growth opportunities and we now have an unexpected charge impacting Mobile Networks. Considering these factors, while achieving the top-end of the range will now be more challenging, our comparable operating profit guidance remains between EUR 1.9 and 2.4 billion. Our free cash flow guidance remains between 50% and 80% of comparable operating profit.

    In the coming months I will continue to listen and learn from customers, employees, shareholders and other stakeholders. I will provide an update with our Q2 results and I look forward to presenting our complete value creation vision for Nokia at our capital markets day which we now expect to hold in November.

    Justin Hotard
    President and CEO

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q1’25 Q1’24 YoY change
    Reported results      
    Net sales 4 390 4 444 (1)%
    Gross margin % 41.5% 49.7% (820)bps
    Research and development expenses (1 145) (1 125) 2%
    Selling, general and administrative expenses (728) (693) 5%
    Operating (loss)/profit (48) 405 (112)%
    Operating margin % (1.1)% 9.1% (1 020)bps
    (Loss)/profit from continuing operations (60) 451  
    Profit/(loss) from discontinued operations — (13)  
    (Loss)/profit for the period (60) 438  
    EPS for the period, diluted (0.01) 0.08  
    Net cash and interest-bearing financial investments 2 988 5 137 (42)%
    Comparable results      
    Net sales 4 390 4 444 (1)%
    Constant currency and portfolio YoY change(1)             (3%)
    Gross margin % 42.3% 50.5% (820)bps
    Research and development expenses (1 115) (1 076) 4%
    Selling, general and administrative expenses (587) (584) 1%
    Operating profit 156 600 (74)%
    Operating margin % 3.6% 13.5% (990)bps
    Profit for the period 153 512 (70)%
    EPS for the period, diluted 0.03 0.09 (67)%
    Business group results Network
    Infrastructure    		 Mobile
    Networks    		 Cloud and Network Services Nokia
    Technologies    		 Group Common and Other
    EUR million Q1’25 Q1’24 Q1’25 Q1’24 Q1’25 Q1’24 Q1’25 Q1’24 Q1’25 Q1’24
    Net sales 1 722 1 439 1 729 1 682 567 546 369 757 4 23
    YoY change 20%   3%   4%   (51)%   (83)%  
    Constant currency and portfolio YoY change(1) 11%   2%   8%   (52)%   (83)%  
    Gross margin % 40.6% 40.8% 30.9% 40.9% 45.9% 39.4% 100.0% 100.0%    
    Operating profit/(loss) 135 85 (152) (32) 14 (37) 259 658 (99) (75)
    Operating margin % 7.8% 5.9% (8.8)% (1.9)% 2.5% (6.8)% 70.2% 86.9%    

    (1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Interim Report for Q1 2025.

    SHAREHOLDER DISTRIBUTION

    Dividend

    The Board of Directors proposes that the Annual General Meeting 2025 to be held on 29 April 2025 authorizes the Board to resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of the financial year 2024. The authorization would be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason. Subject to approval by the Annual General Meeting, the Board is expected to resolve on the amount and timing of each distribution so that the preliminary record and payment dates will be as set out in the Board’s proposal to the Annual General Meeting. Accordingly, the first expected record date would be 5 May 2025 and the expected payment date would be 12 May 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    Share buyback program

    On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares, depending on the elections of Infinera shareholders. To offset the dilution from the transaction to Nokia shareholders, on 22 November 2024 Nokia announced a share buyback program targeting to repurchase 150 million shares. This share buyback program was completed on 2 April 2025. Under this program, Nokia repurchased 150 million of its own shares at an average price per share of approximately EUR 4.69. The repurchases reduced the company’s unrestricted equity by approximately EUR 703 million and the repurchased shares were cancelled on 23 April 2025.

    OUTLOOK

    The outlook provided below reflects the acquisition of Infinera.

      Full Year 2025
    Comparable operating profit(1) EUR 1.9 billion to EUR 2.4 billion
    Free cash flow(1) 50% to 80% conversion from comparable operating profit

    1Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q1 2025 for a full explanation of how these terms are defined.

    The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

    Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

      Full year 2025 Comment
    Group Common and Other operating expenses approximately EUR 400 million  
    Comparable financial income and expenses Positive EUR 50 to 150 million  
    Comparable income tax rate ~25%  
    Cash outflows related to income taxes EUR 500 million (update) Mainly reflecting evolving regional mix and the inclusion of Infinera
    Capital Expenditures EUR 650 million (update) Reflecting the inclusion of Infinera
    Recurring gross cost savings EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies
    Restructuring and associated charges related to cost savings programs EUR 250 million Related to ongoing cost savings program and not including Infinera-related synergies
    Restructuring and associated cash outflows EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies

    ADDITIONAL TOPICS

    Completion of Infinera acquisition

    On 28 February 2025, Nokia announced the completion of the acquisition of Infinera Corporation, pursuant to the definitive agreement announced on 27 June 2024. Infinera, the San Jose based global supplier of innovative open optical networking solutions and advanced optical semiconductors, has become part of the Nokia group effective as of the closing with Nokia holding 100% of its equity and voting rights. The total purchase consideration was EUR 2.5 billion, consisting of cash proceeds, Nokia shares in the form of American Depositary Shares, the fair value of the portion of Infinera’s performance and restricted shares attributable to pre-combination services that were replaced with Nokia’s share-based payment awards and the fair value of Infinera’s convertible senior notes in line with relevant bond indentures. For more information regarding the acquisition, refer to Note 3. Acquisitions in Nokia Corporation Interim Report for Q1 2025.

    “Constant currency and portfolio net sales growth” alternative performance metric

    In Q1 2025, Nokia has introduced a new alternative performance metric (APM), “constant currency and portfolio net sales growth”. Constant currency and portfolio net sales growth is presented on a constant currency basis and also assumes certain specific acquisitions had already been owned during both periods and as if disposals had already occurred in both comparison periods. This has been added to mainly consider the acquisition of Infinera and is an evolution of the constant currency APM that had been previously used.

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

    as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 24 April 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
    • A link to the webcast will be available at www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia’s Annual General Meeting 2025 is planned to be held on 29 April 2025.
    • Nokia plans to publish its second quarter and half year 2025 results on 24 July 2025.
    • Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

    About Nokia

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

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

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

    Inquiries:

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

    Nokia

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

    Attachment

    The MIL Network –

  • MIL-OSI: Armenian investment firm Balchug Capital confirms deal to acquire Goldman Sachs Bank in Russia has closed

    Source: GlobeNewswire (MIL-OSI)

    • Landmark acquisition for Balchug Capital
    • Through its investment activities Balchug is supporting international investors in their divestment from Russia
    • Previous acquisitions include leading commercial real estate assets

    YEREVAN, Armenia, April 24, 2025 (GLOBE NEWSWIRE) — The Armenian investment firm Balchug Capital (“Balchug”) has confirmed that its deal to acquire OOO Goldman Sachs Bank – the Russian bank controlled by Goldman Sachs Group – has closed. It was previously announced that a sales agreement had been entered into by both parties and had received official approval. It is a landmark acquisition for the Armenian investor with total assets of approximately $2 billion.

    Under the terms of the transaction, Balchug will acquire the bank with its licence but going forward the bank will operate under a different name.

    Through its investment activities Balchug is supporting international investors in divesting from Russia in full compliance with local and international regulations. It has undertaken a number of transactions of this nature, including the acquisition of two major commercial real estate assets in Russia – Pulkovo Sky, one of the largest Class A office buildings in St Petersburg, and Metropolis shopping center, one of the largest shopping malls in Moscow.

    David Amaryan, founder and CEO of Balchug Capital, said: “I am delighted that this deal has now closed. We have worked closely with all the relevant authorities to ensure that this transaction is in full compliance with all local and international laws and sanction regulations. The bank will play a key role in our portfolio and will allow us to implement a long-term strategy that we have adopted across the regions of our operations.”

    Notes to editors:

    About Balchug Capital:
    Balchug Capital is an investment firm headquartered in Yerevan, Armenia. It was founded in 2010 by David Amaryan, who serves as CEO and oversees all investment activities.

    Media contact:
    For further information please contact:
    Lena Gyulkhasyan, Balchug Capital: l.gyulkhasyan@balchug.com

    The MIL Network –

  • MIL-OSI: Sp Mortgage Bank Plc & Savings Banks Group: Half-Year Reports for January–June 2025 will be published on 13 August 2025 

    Source: GlobeNewswire (MIL-OSI)

    Stock Exchange Release 
    24th of April 2025 at 8 am (CET +1) 

    Sp Mortgage Bank Plc & Savings Banks Group: Half-Year Reports for 1st of January–30th of June 2024 will be published on 13th of August 2025 as a stock exchange release and can be also found at www.saastopankki.fi.

    Sp Mortgage Bank Plc & Savings Banks Group 

    Further information: 

    Kai Koskela 
    Managing Director, Savings Banks Union Coop 
    kai.koskela@sastopankki.fi
    +358 40 549 0430  

    Sp Mortgage Bank Plc is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank is responsible for the Savings Banks Group’s mortgage-secured funding by issuing covered bonds. 

    The MIL Network –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc & Savings Banks Group: Half-Year Reports January–June 2025 will be published on 13 August 2025 

    Source: GlobeNewswire (MIL-OSI)

    Stock Exchange Release 
    24th of April 2025 at 8 am (CET +1) 

    Central Bank of Savings Banks Finland Plc & Savings Banks Group: Half year Reports for 1st of January–30th of June 2025 will be published on 13th of August 2025 as a stock exchange release and can be also found at www.saastopankki.fi. 

    Central Bank of Savings Banks Finland Plc & Savings Banks Group 

    Further information: 

    Kai Koskela 
    Managing Director, Savings Banks Union Coop 
    kai.koskela@sastopankki.fi
    +358 40 549 0430  

    Central Bank of Savings Banks Finland Plc is part of the Savings Banks Amalgamation and Savings Banks Group and operates as Group’s central credit institution. Central Bank of Savings Banks’ role is to ensure liquidity and wholesale funding of the Savings Banks Group via operating in the money and capital markets, issue payment cards, and provide payment transfer and account operator services.

    The MIL Network –

  • MIL-OSI: STMicroelectronics Reports 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    PR No: C3332C 

    STMicroelectronics Reports 2025 First Quarter Financial Results

    • Q1 net revenues $2.52 billion; gross margin 33.4%; operating income $3 million; net income $56 million
    • Business outlook at mid-point: Q2 net revenues of $2.71 billion and gross margin of 33.4%
    • Company-wide program to reshape manufacturing footprint and resize global cost base on track; annual cost savings target in the high triple-digit million-dollar range exiting 2027 confirmed.

    Geneva, April 24, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the first quarter ended March 29, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

    ST reported first quarter net revenues of $2.52 billion, gross margin of 33.4%, operating income of $3 million and net income of $56 million or $0.06 diluted earnings per share.

    Jean-Marc Chery, ST President & CEO, commented:

    • “Q1 net revenues came in line with the midpoint of our business outlook range, driven by higher revenues in Personal Electronics offset by lower-than-expected revenues in Automotive and Industrial. Gross margin was slightly below the mid-point of our business outlook range mainly due to product mix.”
    • “On a year-over-year basis, Q1 net revenues decreased 27.3%, operating margin decreased to 0.1% from 15.9% and net income decreased 89.1% to $56 million.”
    • “In the first quarter, our book-to-bill ratio improved with both Automotive and Industrial above parity.”
    • “Our second quarter business outlook, at the mid-point, is for net revenues of $2.71 billion, decreasing year-over-year by 16.2% and increasing sequentially by 7.7%; gross margin is expected to be about 33.4%, impacted by about 420 basis points of unused capacity charges.”
    • “We plan to maintain our Net Capex (non-U.S. GAAP1) plan for 2025 between $2.0 billion and $2.3 billion mainly to execute the reshaping of our manufacturing footprint.”
    • “While we see Q1 2025 as the bottom, in the current uncertain environment we are focusing on what we can control: keep on innovating to continuously improve and accelerate the competitiveness of our product and technology portfolio, focus on advanced manufacturing and tightly manage our costs. In this respect our company-wide program to reshape ST manufacturing footprint and resize our global cost base is on track and we confirm the annual cost savings target in the high triple-digit million-dollar range exiting 2027.”

    Quarterly Financial Summary

    U.S. GAAP
    (US$ m, except per share data)    		 Q1 2025 Q4 2024 Q1 2024 Q/Q Y/Y
    Net Revenues $2,517 $3,321 $3,465 -24.2% -27.3%
    Gross Profit $841 $1,253 $1,444 -32.9% -41.7%
    Gross Margin 33.4% 37.7% 41.7% -430 bps -830 bps
    Operating Income $3 $369 $551 -99.2% -99.5%
    Operating Margin 0.1% 11.1% 15.9% -1,100 bps -1,580 bps
    Net Income $56 $341 $513 -83.6% -89.1%
    Diluted Earnings Per Share $0.06 $0.37 $0.54 -83.8% -88.9%

    First Quarter 2025 Summary Review
    ST made some adjustments to its segment reporting effective starting January 1, 2025. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

    Net Revenues by Reportable Segment2 (US$ m) Q1 2025 Q4 2024 Q1 2024 Q/Q Y/Y
    Analog products, MEMS and Sensors (AM&S) segment 1,069 1,348 1,406 -20.7% -23.9%
    Power and discrete products (P&D) segment 397 602 631 -34.1% -37.1%
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 1,466 1,950 2,037 -24.8% -28.0%
    Embedded Processing (EMP) segment 742 1,002 1,047 -26.0% -29.1%
    RF & Optical Communications (RF&OC) segment 306 366 378 -16.5% -19.2%
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group 1,048 1,368 1,425 -23.4% -26.5%
    Others 3 3 3 – –
    Total Net Revenues $2,517 $3,321 $3,465 -24.2% -27.3%

    Net revenues totaled $2.52 billion, representing a year-over-year decrease of 27.3%. Year-over-year net sales to OEMs and Distribution decreased 25.7% and 31.2%, respectively. On a sequential basis, net revenues decreased 24.2%, 20 basis points better than the mid-point of ST’s guidance.

    Gross profit totaled $841 million, representing a year-over-year decrease of 41.7%. Gross margin of 33.4%, 40 basis points below the mid-point of ST’s guidance, decreased 830 basis points year-over-year, mainly due to product mix and, to a lesser extent, higher unused capacity charges and lower sales price.

    Operating income decreased 99.5% to $3 million, compared to $551 million in the year-ago quarter. ST’s operating margin decreased 1,580 basis points on a year-over-year basis to 0.1% of net revenues, compared to 15.9% in the first quarter of 2024. Excluding Impairment, restructuring charges and other related phase-out costs3, operating income stood at $11 million in the first quarter.

    By reportable segment, compared with the year-ago quarter:

    In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

    Analog products, MEMS and Sensors (AM&S) segment:

    • Revenue decreased 23.9% mainly due to a decrease in Analog.   
    • Operating profit decreased by 66.7% to $82 million. Operating margin was 7.7% compared to 17.5%.

    Power and Discrete products (P&D) segment:

    • Revenue decreased 37.1%.
    • Operating profit decreased from a positive $77 million to a negative $28 million. Operating margin was -6.9% compared to 12.1%.

    In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

    Embedded Processing (EMP) segment:

    • Revenue decreased 29.1% mainly due to a decrease in GPAM.
    • Operating profit decreased by 71.5% to $66 million. Operating margin was 8.9% compared to 22.2%.

    RF & Optical Communications (RF&OC) segment:

    • Revenue decreased 19.2%.
    • Operating profit decreased by 59.0% to $43 million. Operating margin was 13.9% compared to 27.4%.

    Net income and diluted Earnings Per Share decreased to $56 million and $0.06 respectively compared to $513 million and $0.54 respectively in the year-ago quarter. Excluding Impairment, restructuring charges and other related phase-out costs net of the relevant tax impact, Net income and diluted Earnings Per Share2 stood at $63 million and $0.07 respectively in the first quarter of 2025.

    Cash Flow and Balance Sheet Highlights

            Trailing 12 Months
    (US$ m) Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q1 2024 TTM Change
    Net cash from operating activities 574 681 859 2,680 5,531 – 51.5%
    Free cash flow (non-U.S. GAAP1) 30 128 (134) 453 1,434 – 68.4%

    Net cash from operating activities was $574 million in the first quarter compared to $859 million in the year-ago quarter.

    Net Capex (non-U.S. GAAP), was $530 million in the first quarter compared to $967 million in the year-ago quarter.

    Free cash flow (non-U.S. GAAP) was positive at $30 million in the first quarter, compared to negative $134 million in the year-ago quarter.

    Inventory at the end of the first quarter was $3.01 billion, compared to $2.79 billion in the previous quarter and $2.69 billion in the year-ago quarter. Days sales of inventory at quarter-end was 167 days, compared to 122 days for both the previous quarter and the year-ago quarter.

    In the first quarter, ST paid cash dividends to its stockholders totaling $72 million and executed a $92 million share buy-back, as part of its current share repurchase program.

    ST’s net financial position (non-U.S. GAAP4) remained strong at $3.08 billion as of March 29, 2025, compared to $3.23 billion as of December 31, 2024 and reflected total liquidity of $5.96 billion and total financial debt of $2.88 billion. Adjusted net financial position (non-U.S. GAAP1), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.71 billion as of March 29, 2025.

    Corporate developments

    On April 10, 2025, ST detailed its company-wide program to reshape manufacturing footprint and resize global cost base and confirmed the annual cost savings target in the high triple-digit million-dollar range exiting 2027. Specifically, ST disclosed further elements of its program to reshape its global manufacturing footprint.

    Business Outlook

    ST’s guidance, at the mid-point, for the 2025 second quarter is:

    • Net revenues are expected to be $2.71 billion, an increase of 7.7% sequentially, plus or minus 350 basis points.
    • Gross margin of 33.4%, plus or minus 200 basis points.
    • This outlook is based on an assumed effective currency exchange rate of approximately $1.08 = €1.00 for the 2025 second quarter and includes the impact of existing hedging contracts.
    • The second quarter will close on June 28, 2025.

    This business outlook does not include any impact for potential further changes to global trade tariffs compared to the current situation.

    Conference Call and Webcast Information

    ST will conduct a conference call with analysts, investors and reporters to discuss its first quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until May 9, 2025.

    Use of Supplemental Non-U.S. GAAP Financial Information

    This press release contains supplemental non-U.S. GAAP financial information.

    Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

    See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

    Forward-looking Information

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors: 

    • changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for our products;
    • uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
    • customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
    • the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
    • changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
    • unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
    • financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
    • the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
    • availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
    • the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
    • theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
    • the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
    • changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
    • variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
    • the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
    • product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
    • natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
    • increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
    • epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
    • industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
    • the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
    • individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

    Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

    Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

    Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

    About STMicroelectronics

    At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

    For further information, please contact:

    INVESTOR RELATIONS:
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41 22 929 59 20
    jerome.ramel@st.com

    MEDIA RELATIONS:
    Alexis Breton
    Group VP Corporate External Communications
    Tel: + 33 6 59 16 79 08
    alexis.breton@st.com

    STMicroelectronics N.V.      
    CONSOLIDATED STATEMENTS OF INCOME      
    (in millions of U.S. dollars, except per share data ($))      
           
      Three months ended  
      March 29, March 30,  
      2025 2024  
      (Unaudited) (Unaudited)  
           
    Net sales 2,513 3,444  
    Other revenues 4 21  
    NET REVENUES 2,517 3,465  
    Cost of sales (1,676) (2,021)  
    GROSS PROFIT 841 1,444  
    Selling, general and administrative expenses (390) (425)  
    Research and development expenses (489) (528)  
    Other income and expenses, net 49 60  
    Impairment, restructuring charges and other related phase-out costs (8) –  
    Total operating expenses (838) (893)  
    OPERATING INCOME 3 551  
    Interest income, net 48 59  
    Other components of pension benefit costs (4) (4)  
    Gain (loss) on financial instruments, net 25 –  
    INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST 72 606  
    Income tax expense (13) (92)  
    NET INCOME 59 514  
    Net income attributable to noncontrolling interest (3) (1)  
    NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 56 513  
           
    EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 0.06 0.57  
    EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 0.06 0.54  
           
    NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 933.6 942.3  
           
           
    STMicroelectronics N.V.      
    CONSOLIDATED BALANCE SHEETS      
    As at March 29, December 31, March 30,
    In millions of U.S. dollars 2025 2024 2024
      (Unaudited) (Audited) (Unaudited)
    ASSETS      
    Current assets:      
    Cash and cash equivalents 1,781 2,282 3,133
    Short-term deposits 1,650 1,450 1,226
    Marketable securities 2,528 2,452 1,880
    Trade accounts receivable, net 1,385 1,749 1,787
    Inventories 3,014 2,794 2,685
    Other current assets 1,050 1,007 1,183
    Total current assets 11,408 11,734 11,894
    Goodwill 299 290 298
    Other intangible assets, net 338 346 366
    Property, plant and equipment, net 11,178 10,877 10,866
    Non-current deferred tax assets 490 464 585
    Long-term investments 96 71 22
    Other non-current assets 1,114 961 942
      13,515 13,009 13,079
    Total assets 24,923 24,743 24,973
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Short-term debt 988 990 238
    Trade accounts payable 1,373 1,323 1,642
    Other payables and accrued liabilities 1,290 1,306 1,547
    Dividends payable to stockholders 16 88 6
    Accrued income tax 72 66 133
    Total current liabilities 3,739 3,773 3,566
    Long-term debt 1,889 1,963 2,875
    Post-employment benefit obligations 392 377 372
    Long-term deferred tax liabilities 48 47 49
    Other long-term liabilities 896 904 912
      3,225 3,291 4,208
    Total liabilities 6,964 7,064 7,774
    Commitment and contingencies      
    Equity      
    Parent company stockholders’ equity      
    Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,410,472 shares outstanding as of March 29, 2025) 1,157 1,157 1,157
    Additional Paid-in Capital 3,142 3,088 2,931
    Retained earnings 13,514 13,459 12,982
    Accumulated other comprehensive income 495 236 468
    Treasury stock (582) (491) (463)
    Total parent company stockholders’ equity 17,726 17,449 17,075
    Noncontrolling interest 233 230 124
    Total equity 17,959 17,679 17,199
    Total liabilities and equity 24,923 24,743 24,973
           
           
           
    STMicroelectronics N.V.      
           
    SELECTED CASH FLOW DATA      
           
    Cash Flow Data (in US$ millions) Q1 2025 Q4 2024 Q1 2024
           
    Net Cash from operating activities 574 681 859
    Net Cash used in investing activities (796) (1,259) (1,254)
    Net Cash from (used in) financing activities (282) (209) 308
    Net Cash decrease (501) (795) (89)
           
    Selected Cash Flow Data (in US$ millions) Q1 2025 Q4 2024 Q1 2024
           
    Depreciation & amortization 428 451 430
    Net payment for Capital expenditures (538) (501) (994)
    Dividends paid to stockholders (72) (88) (48)
    Change in inventories, net (172) (2) (12)
           

    Appendix
    ST
    Changes to reportable segments

    Following ST’s reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • The transfer of VIPower products from Power and Discrete products (“P&D”) reportable segment to Analog products, MEMS and Sensors (“AM&S”) reportable segment.    
    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • the newly created ‘Embedded Processing’ (“EMP”) reportable segment includes the former ‘MCU’ segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products).
      • the newly created ‘RF & Optical Communications’ (“RF&OC”) reportable segment includes the former ‘D&RF’ segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former ‘MCU’ segment.

    We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization.

    Our four reportable segments – within each Product Group – are now as follows: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • Analog products, MEMS and Sensors (“AM&S”) reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions.
      • Power and Discrete products (“P&D”) reportable segment, comprised of discrete and power transistor products (now excluding VIPower products).

    In this Press Release, “Analog” refers to analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • Embedded Processing (“EMP”) reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS)
      • RF & Optical Communications (“RF&OC”) reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT.

    In this Press release, “GPAM” refers to General purpose & automotive microcontrollers, “Connected Security” to connected security products, “Custom Processing” to automotive ADAS products.

    Prior year comparative periods have been adjusted accordingly.

    (Appendix – continued)
    ST Supplemental Financial Information

      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Net Revenues By Market Channel (%)          
    Total OEM 71% 73% 76% 73% 70%
    Distribution 29% 27% 24% 27% 30%
               
    €/$ Effective Rate 1.06 1.09 1.08 1.08 1.09
               
    Reportable Segment Data (US$ m)          
    Analog products, MEMS and Sensors (AM&S) segment          
    – Net Revenues 1,069 1,348 1,340 1,336 1,406
    – Operating Income 82 220 216 193 246
    Power and Discrete products (P&D) segment          
    – Net Revenues 397 602 652 576 631
    – Operating Income (28) 45 80 61 77
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group          
    – Net Revenues 1,466 1,950 1,992 1,912 2,037
    – Operating Income 54 265 296 254 323
    Embedded Processing (EMP) segment          
    – Net Revenues 742 1,002 898 906 1,047
    – Operating Income 66 181 146 126 232
    RF & Optical Communications (RF&OC) segment          
    – Net Revenues 306 366 357 410 378
    – Operating Income 43 95 84 96 103
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group          
    – Net Revenues 1,048 1,368 1,255 1,316 1,425
    – Operating Income 109 276 230 222 335
    Others (a)          
    – Net Revenues 3 3 4 4 3
    – Operating Income (Loss) (160) (172) (145) (101) (107)
    Total          
    – Net Revenues 2,517 3,321 3,251 3,232 3,465
    – Operating Income 3 369 381 375 551

    (a)   Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment and restructuring charges, management reorganization costs, start-up and phase out costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

    (US$ m) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Unused capacity charges 123 118 104 84 63

    (Appendix – continued)
    ST Supplemental Non-U.S. GAAP Financial Information
    U.S. GAAP – Non-U.S. GAAP Reconciliation

    The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

    ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

    Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures)

    Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact.

    Q1 2025
    (US$ m, except per share data)    		 Gross Profit Operating Income Net Earnings Corresponding Diluted EPS
    U.S. GAAP 841 3 56 0.06
    Impairment, restructuring charges and other related phase-out costs – 8 8 0.01
    Estimated income tax effect – – (1) –
    Non-U.S. GAAP 841 11 63 0.07

    (Appendix – continued)

    Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

    Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet.

    ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

    (US$ m) Mar 29
    2025    		 Dec 31
    2024    		 Sep 28
    2024    		 June 29
    2024    		 Mar 30
    2024
    Cash and cash equivalents 1,781 2,282 3,077 3,092 3,133
    Short term deposits 1,650 1,450 977 975 1,226
    Marketable securities 2,528 2,452 2,242 2,218 1,880
    Total liquidity 5,959 6,184 6,296 6,285 6,239
    Short-term debt (988) (990) (1,003) (236) (238)
    Long-term debt (a) (1,889) (1,963) (2,112) (2,850) (2,875)
    Total financial debt (2,877) (2,953) (3,115) (3,086) (3,113)
    Net Financial Position (non-U.S. GAAP) 3,082 3,231 3,181 3,199 3,126
    Advances received on capital grants (377) (385) (366) (402) (351)
    Adjusted Net Financial Position (non-U.S. GAAP) 2,705 2,846 2,815 2,797 2,775

    (a)  Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $618 million equivalent, are currently undrawn.

    (Appendix – continued)

    Net Capex and Free Cash Flow (non-U.S. GAAP measures)

    ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

    Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

    ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

    (US$ m) Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024    		 Q1
    2024
    Payment for purchase of tangible assets, as reported (587) (584) (669) (690) (1,145)
    Proceeds from sale of tangible assets, as reported 2 – 2 1 2
    Proceeds from capital grants and other contributions, as reported 47 83 66 143 149
    Advances from capital grants allocated to property, plant and equipment 8 31 36 18 27
    Net Capex (non-U.S. GAAP) (530) (470) (565) (528) (967)

    Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

    ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

    Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

    (US$ m) Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024    		 Q1
    2024
    Net cash from operating activities 574 681 723 702 859
    Net Capex (530) (470) (565) (528) (967)
    Payment for purchase of intangible assets, net of proceeds from sale (14) (32) (20) (15) (26)
    Payment for purchase of financial assets, net of proceeds from sale – (51) (2) – –
    Free Cash Flow (non-U.S. GAAP) 30 128 136 159 (134)

    (Appendix – continued)
    Financial Calendar

    The financial calendar for 2025 is as follows:

    March 16, 2025 – April 24,2025: Quiet period
     

    April 24,2025:

    		  

    Q1 2025 Financial Results
     

    June 16, 2025 – July 24,2025:

    		  

    Quiet period
     

    July 24,2025:

    		  

    Q2 2025 Financial Results
     

    September 16, 2025 – October 23,2025:

    		  

    Quiet period
     

    October 23,2025:

    		  

    Q3 2025 Financial Results

    These dates are preliminary and are subject to final confirmation.

    1Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    2See Appendix for the definition of reportable segments.
    3Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    4Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

    Attachment

    The MIL Network –

  • MIL-OSI: Bigbank’s Unaudited Financial Results for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Bigbank’s total gross loan portfolio grew to a record 2.3 billion euros by the end of the first quarter, up 102 million euros (+5%) quarter on quarter and 550 million euros (+32%) year on year. The business loan portfolio grew by 44 million euros (+6%) to 808 million euros, the home loan portfolio by 51 million euros (+8%) to 664 million euros and the consumer loan portfolio by 12 million euros (+1%) to 840 million euros compared to the previous quarter.

    Bigbank’s deposit portfolio grew in the first quarter mainly through savings deposits. In countries with smaller deposit portfolios, Bigbank offered attractive savings deposit rates in the first quarter – the highest rate was 3.25%, which was offered throughout the quarter in Estonia. While interest rates were lower in the Netherlands and Germany, which have the largest savings deposit portfolios, customers in those countries also showed strong interest in Bigbank’s savings deposits, despite fierce competition and decreasing interest rates.

    Compared to the previous quarter, the Group’s savings deposit portfolio grew by 124 million euros (+12%) to 1.14 billion euros and term deposit portfolio increased by 33 million euros (+2%) to 1.4 billion euros. Current accounts launched for existing customers in Estonia in December last year amounted to 3 million euros at the end of the first quarter. The Group’s total deposit portfolio grew by 159 million euros (+7%) quarter on quarter and by 400 million euros (+19%) year on year to 2.55 billion euros.

    In the first quarter of 2025, Bigbank earned a net profit of 9.8 million euros. Compared to the first quarter of 2024, net profit increased by 3.4 million euros, driven by an improvement in the payment performance of the consumer loan portfolio through a decrease of 1.1 million euros in the net allowance for expected credit losses and a decrease of 2.4 million euros in provisions.

    Compared to the first quarter of 2024, interest income grew by 3.3 million euros (+8%) to 46.2 million euros. Due to the growth in the deposit portfolio and the increase in the volume of bonds issued, interest expense grew also by 3.3 million euros (+19%) to 20.6 million euros. Compared to the same period last year, Bigbank’s net interest income remained stable at 25.6 million euros.

    A positive development in the first quarter was the improvement in the payment performance of the Baltic consumer loan portfolios. As a result, the Group’s net allowance for expected credit losses decreased by 1.1 million euros year on year to 4.6 million euros. In addition, while provisions of 2.4 million euros had to be recognised in the first quarter of 2024, no such costs were incurred in the first quarter of 2025. The credit quality of home loans continued to be very good, and the business loan portfolio was fairly stable.

    Compared to the end of 2024, the portfolio of loans more than 90 days past due grew by 4.7 million euros to 58.8 million euros and accounted for 2.5% of the total loan portfolio (+0.1 pp from the end of 2024). The share of stage 3 (non-performing) loans grew by 10.1 million euros in the first quarter and accounted for 5.1% of the total loan portfolio at the end of the quarter (+0.2 pp from the end of 2024). A relatively high level of the stage 3 portfolio is mainly related to a few bigger loans which are well secured and therefore do not increase expected credit losses. As the share of stage 3 loans surpassed the 5% threshold, Bigbank activated an action plan to bring the level below 5%. This movement was not unexpected as the Group has significantly reduced the sale of non-performing loans in recent quarters. Slower growth in loans more than 90 days past due and their overall lower level reflect that, in addition to loans with long-term payment delays, a significant share of stage 3 loans is made up of loans without long-term payment delays.

    The investment property portfolio increased to 72.6 million euros by the end of the first quarter (+9% compared to the end of 2024). The Group did not recognise any gains or losses from changes in the fair value of investment property during the period.

    Bigbank issued Additional Tier 1 (AT1) bonds in the amount of 3 million euros in the first quarter, increasing its common equity Tier 1 capital by the same amount. A total of 300 bonds with a nominal value of 10,000 euros each were issued to 38 investors. The initial issue size of 3 million euros was fully subscribed. In addition, Bigbank increased the volume of AT1 bonds issued in November 2024 by 1 million euros in the first quarter.

    Income statement, in thousands of euros Q1 2025 Q1 2024 3M 2025 3M 2024
    Net interest income 25,574 25,557 25,574 25,557
    Net fee and commission income 2,523 2,164 2,523 2,164
    Net income (loss) on financial assets 1,950 1,071 1,950 1,071
    Net other operating income -895 -849 -895 -849
    Total net operating income 29,152 27,943 29,152 27,943
    Salaries and associated charges -7,477 -6,412 -7,477 -6,412
    Administrative expenses -2,752 -3,669 -2,752 -3,669
    Depreciation, amortisation and impairment -2,137 -2,052 -2,137 -2,052
    Other gains (losses) 14 -2,419 14 -2,419
    Total expenses -12,352 -14,552 -12,352 -14,552
    Profit before loss allowances 16,800 13,391 16,800 13,391
    Net allowance for expected credit losses -4,635 -5,720 -4,635 -5,720
    Profit before income tax 12,165 7,671 12,165 7,671
    Income tax expense -2,301 -1,275 -2,301 -1,275
    Profit for the period from continuing operations 9,864 6,396 9,864 6,396
    Profit from discontinued operations 0 21 0 21
    Profit for the period 9,864 6,417 9,864 6,417
    Statement of financial position, in thousands of euros 31 March 2025 31 Dec 2024 31 March 2024
    Cash and cash equivalents 487,160 448,661 652,065
    Debt securities at FVOCI 49,431 22,334 13,586
    Loans to customers 2,297,987 2,196,482 1,747,606
    Other assets 109,603 110,939 89,823
    Total assets 2,944,181 2,778,416 2,503,080
    Customer deposits and loans received 2,560,513 2,401,689 2,161,463
    Subordinated notes 95,943 91,668 76,476
    Other liabilities 16,885 15,290 21,688
    Total liabilities 2,673,341 2,508,647 2,259,627
    Equity 270,840 269,769 243,453
    Total liabilities and equity 2,944,181 2,778,416 2,503,080

    Compared to the unaudited financial results published for Q1 2024, the net interest income and the net allowance for expected credit losses for the Q1 2024 have been adjusted, both reduced by 0.8 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure of the financial assets, rather than on net basis. This correction does not impact the net profit for Q1 2024.

    Comment from Martin Länts, Chairman of the Management Board of Bigbank AS:

    In the first quarter of 2025, Bigbank continued its strong growth across all core areas. Our loan portfolio reached a record 2.3 billion euros, with increases in business, home, and consumer loan segments. Particularly encouraging is the significant growth of the home loan portfolio, reflecting not only a more active real estate market but also the trust customers place in Bigbank.

    Our deposit portfolio also continued to grow, driven primarily by our savings deposit product. We are pleased to see that more and more people are choosing our savings deposit – a product that combines some of the best interest rates on the market with flexible access to savings. During the quarter, the volume of the savings deposit portfolio increased by 123 million euros, reaching a group record of 1.14 billion euros.

    The current account service launched for Estonian customers in December last year has been well received. By the end of the quarter, over 3,500 customers had opened a current account. Bigbank offers a 2% interest rate on current account balances. Product development in the field of daily banking will continue at full speed in the coming quarters, with the aim of launching new functionalities in Estonia and gradually expanding the service to Latvia and Lithuania.

    Net profit for the first quarter of the year amounted to 9.8 million euros, an increase of 3.4 million euros compared to the same period last year. This growth was supported, among other factors, by a significant improvement in the payment behaviour of the consumer loan portfolio, which led to a decrease in the net cost of expected credit loss.

    In March, we successfully completed a 3-million-euro AT1 bond issue, which was fully subscribed. In addition, we increased the volume of bonds issued in November 2024 by 1 million euros. Both transactions were aimed at meeting regulatory capital requirements and support the continuation of the bank’s strategic growth, focusing on the expansion of the home and business loan portfolios.

    We thank all our investors and partners for their trust. Our goal remains to provide strong, responsible, and long-term value-creating banking.

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 31 March 2025, the bank’s total assets amounted to 2.9 billion euros, with equity of 271 million euros. Operating in nine countries, the bank serves more than 169,000 active customers and employs over 550 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Telephone: +372 5393 0833
    Email: argo.kiltsmann@bigbank.ee
    www.bigbank.ee

    Attachment

    The MIL Network –

  • MIL-OSI: Nokia lands strategic 5G RAN deal with T-Mobile US to enhance nationwide connectivity

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia lands strategic 5G RAN deal with T-Mobile US to enhance nationwide connectivity

    • Nokia boosts T-Mobile US’s award-winning 5G network with network footprint expansion and site modernization.
    • Partnership brings enhanced 5G connectivity to additional T-Mobile subscribers across the country.
    • Nokia to supply equipment from industry-leading AirScale portfolio.

    24 April 2025
    Espoo, Finland – Nokia today announced a significant multi-year extension of its strategic partnership with T-Mobile US, further expanding and enhancing the Un-carrier’s industry-leading nationwide 5G network coverage and capacity. The agreement will advance T-Mobile’s network by deploying next-generation baseband and radio technologies. T-Mobile’s network already reaches more than 98 percent of the U.S. population. This collaboration demonstrates its commitment to further extending its high-performance 5G capabilities.

    Under the agreement, Nokia will supply its industry-leading AirScale Radio Access Network (RAN) portfolio – including its latest generation Habrok Massive MIMO and Levante Ultra-Performance baseband solutions. These are powered by its energy-efficient ReefShark System-on-Chip technology and will boost T-Mobile’s 5G network for maximum performance, efficiency and reliability. Nokia will also deploy its AI-powered MantaRay SON and AutoPilot, a self-organizing network solution for optimization and automation. The deal includes hardware, software, maintenance, and support services.

    This collaboration will also advance T-Mobile’s network evolution by leveraging next-generation RAN architectures that enhance agility, scalability, and operational efficiency. Nokia will continue to support T-Mobile’s groundbreaking AI-RAN initiatives, including the ongoing technology partnership at T-Mobile’s AI-RAN Innovation Center launched last year. The center is dedicated to integrating AI into RAN to revolutionize network experiences and deliver stronger business outcomes.

    Ulf Ewaldsson, President of Technology, T-Mobile, commented, “T-Mobile’s nationwide standalone 5G network has solidified our global leadership by delivering tangible benefits to our customers. This new agreement with Nokia will further enhance our current network capabilities as we strengthen our journey supercharged with 5G Advanced, laying a robust foundation for future innovation.”

    Justin Hotard, President and CEO of Nokia, said: “This new agreement strengthens our deep partnership with T-Mobile US, and extends their leadership in delivering next-generation connectivity across the U.S. By implementing Nokia’s latest AirScale RAN innovations, along with advanced virtualized and AI-RAN-based solutions, T-Mobile will unlock premium 5G performance for their customers. I’m excited to continue our partnership to shape the next chapter of mobile connectivity in the U.S.”

    Nokia is T-Mobile US’s long-standing partner in RAN. The combination of Nokia’s advanced solutions and T-Mobile’s “Challenger to Champion” strategic initiatives have helped T-Mobile to become America’s largest, fastest, and most awarded 5G network, covering more than 332 million people across two million square miles.

    Multimedia, technical information and related news
    Product Page: Nokia Cloud RAN
    Product Page: Nokia anyRAN
    Product Page: Nokia AirScale Baseband
    Product Page: MantaRay NM

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

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

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

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
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    The MIL Network –

  • MIL-OSI: Nexif Ratch Energy Signs Amended Power Purchase Agreements for Its Ben Tre Wind Power Project, Accelerating Path to Financial Close

    Source: GlobeNewswire (MIL-OSI)

    BEN TRE, Vietnam, April 24, 2025 (GLOBE NEWSWIRE) — Nexif Ratch Energy has reached a key milestone in the development of its 80MW Ben Tre Wind Power Plant project, having successfully signed Amendment and Supplement Agreements to the original Power Purchase Agreements (PPAs) with Vietnam Electricity (EVN) on 18 April 2025.

    With the expiration of the Feed-in Tariff (FiT) regime in October 2021, the Vietnamese government actively worked to establish a new pricing mechanism that reflects lower renewable energy investment costs while continuing to attract long-term private investment.

    In this context, Nexif Ratch Energy has worked diligently and collaboratively with all relevant authorities to agree on a revised tariff, positioning the project as one of the first transitional wind energy projects in Vietnam to sign a Power Purchase Agreement (PPA). The successful negotiations with EVN mark a breakthrough, reflecting strong cooperation among key stakeholders, including EVN and its subsidiary, Electricity Power Trading Company (EPTC).

    This achievement comes at a pivotal moment in Vietnam’s renewable energy landscape, as the country continues to strengthen its regulatory framework and accelerate the transition to cleaner energy sources. The government has taken significant steps toward this goal through the enactment of new laws, decrees, and guidelines related to the power sector, and through the revision of Power Development Plan 8 (PDP8), which proposes ambitious new renewable energy targets — an additional 16.1GW of onshore and nearshore wind, and 27.9GW of utility-scale solar capacity by 2030. These efforts are intended to drive growth in the renewable energy sector while keeping Vietnam competitive in attracting investment in green infrastructure.

    Mr. Surender Singh, Chairman of the board of directors of Nexif Ratch Energy, commented, “We commend the Vietnamese government for its proactive efforts in driving the country’s energy transition. Structural changes in the energy sector require a strong and coordinated approach between government, regulators, and, importantly, investors. As we have seen with the Nexif Energy Ben Tre Wind Power Plant project, success relies on strong, ongoing partnerships to overcome challenges and unlock new opportunities for the country’s sustainable future.”

    Mr. Cyril Dissescou, CEO of Nexif Ratch Energy, added “I’m proud of our team for their persistence and focus in achieving this milestone. I also want to thank EPTC for their close collaboration. This success reflects the strength of our partnerships and our shared commitment to Vietnam’s clean energy future.”

    With the amended PPAs now signed and key procedural steps completed, the project is advancing towards financial close, with construction scheduled to begin in the second half of 2025. This progress underscores Nexif Ratch Energy’s commitment to delivering sustainable and reliable energy to Vietnam’s national grid, supporting the country’s energy transition, and contributing to the development of a greener future.

    About Nexif Ratch Energy

    Nexif Ratch Energy is a leading renewable energy company focused on the development, acquisition, construction, and operation of clean-energy projects across the Asia Pacific region. Headquartered in Singapore with regional offices in Vietnam, the Philippines and Thailand, the company’s portfolio includes 378 MW of operating, under-construction, and shovel-ready hydro, solar, and wind energy assets. Additionally, Nexif Ratch Energy has a development pipeline totaling 3.2 GW across wind, solar, and energy storage projects.

    Nexif Ratch Energy is jointly owned by Nexif Energy (Singapore) with a 51% stake and RATCH Group (Thailand) with a 49% stake.

    For Media Inquiries:

    Chariya Poopisit
    Nexif Ratch Energy
    communications@nexifratch.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe6c5e6a-9551-4686-b931-7e9d74be2cd4

    The MIL Network –

  • MIL-OSI: Euronet Worldwide Reports First Quarter 2025 Financial Results – Highlighted by 18% Operating Income Growth

    Source: GlobeNewswire (MIL-OSI)

    • Record first quarter results – revenue, operating income and adjusted EBITDA
    • Operating margin expansion of 80 basis points
    • Continued expansion of its leading cross-border payments network

    LEAWOOD, Kan., April 23, 2025 (GLOBE NEWSWIRE) — Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, reports first quarter 2025 financial results.

    Euronet reports the following consolidated results for the first quarter 2025 compared with the same period of 2024:

    • Revenues of $915.5 million, a 7% increase from $857.0 million (9% increase on a constant currency1 basis).
    • Operating income of $75.2 million, an 18% increase from $64.0 million (22% increase on a constant currency basis).
    • Adjusted operating income2 of $75.2 million, an 18% increase from $63.6 million (23% increase on a constant currency basis).
    • Adjusted EBITDA3 of $118.7 million, a 9% increase from $108.8 million (12% increase on a constant currency basis).
    • Net income attributable to Euronet of $38.4 million, or $0.85 diluted earnings per share, compared with $26.2 million, or $0.55 diluted earnings per share.
    • Adjusted earnings per share4 of $1.13 ($1.33 excluding a one-time operating tax charge of $0.20 per share) compared to $1.28 ($1.13 excluding a one-time operating tax benefit of $0.15 per share).

    See the reconciliation of non-GAAP items in the attached financial schedules.  

    “I am pleased that we achieved double-digit constant currency growth in adjusted operating income and adjusted EBITDA, highlighted by an 18% increase in adjusted operating income over the prior year. All segments contributed to the strong earnings.  Moreover, the contribution of double-digit earnings growth reflects the strength of our strategic focus on our global payment network which concentrates on high value, digital payments complemented by cross-border transactions.  On an apples-to-apples basis our adjusted EPS of $1.33 increased 18% from $1.13 in the first quarter of 2024,” stated Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. 

    “I would offer that we do not see any direct impacts on our business as a result of the recent United States’ tariff actions.  With a good start to the year together with our diversified global business, we are reaffirming our expectation to produce 12% to 16% earnings growth for the year,” continued Mr. Brown.

    Segment and Other Results

    The EFT Processing Segment reports the following results for the first quarter 2025 compared with the same period or date in 2024:

    • Revenues of $232.5 million, a 7% increase from $217.2 million (10% increase on a constant currency basis).
    • Operating income of $23.3 million, an 8% increase from $21.5 million (13% increase on a constant currency basis).
    • Adjusted Operating income of $23.3 million, a 10% increase from $21.1 million (15% increase on a constant currency basis).
    • Adjusted EBITDA of $47.6 million, a 6% increase from $44.7 million (10% increase on a constant currency basis).
    • Transactions of 3,463 million, a 38% increase from 2,502 million.
    • Total of 55,512 installed ATMs as of March 31, 2025, a 5% increase from 53,029. We operated 51,875 active ATMs as of March 31, 2025, a 5% increase from 49,290 as of March 31, 2024.

    Constant currency revenue, operating income, and adjusted EBITDA growth in the first quarter 2025 was driven by market expansion, growth across most existing markets and the addition of access fees and interchange fees in certain markets. 

    Moreover, the EFT Processing Segment launched operations in two additional countries — Dominican Republic and Peru.

    Transaction growth outpaced revenue growth due to continued growth in high-volume low-value transactions in India. 

    The epay Segment reports the following results for the first quarter 2025 compared with the same period or date in 2024:

    • Revenues of $267.4 million, a 4% increase from $257.1 million (8% increase on a constant currency basis).
    • Operating income of $26.8 million, a 1% increase from $26.6 million (5% increase on a constant currency basis).
    • Adjusted EBITDA of $28.4 million, consistent with prior year (5% increase on a constant currency basis).
    • Transactions of 1,134 million, a 19% increase from 953 million.
    • POS terminals of approximately 735,000 as of March 31, 2025, consistent with prior year.
    • Retailer locations of approximately 358,000 as of March 31, 2025, a 4% from 345,000.

    Constant currency revenue growth was driven by continued payments, digital media and mobile growth. Operating income and adjusted EBITDA growth did not keep pace with revenue growth due to the payment of $4.5 million to resolve a non-recurring, multi-year operating tax matter during the quarter. Excluding this item, adjusted operating income would have grown 22% over the first quarter 2024 – reflecting the benefit of revenue growth and effective expense management.

    epay’s transactions benefited as well from the continuation of strong growth in high-volume low-value transactions in India. 

    The Money Transfer Segment reports the following results for the first quarter 2025 compared with the same period or date in 2024:

    • Revenues of $417.7 million, a 9% increase from $384.6 million (10% increase on a constant currency basis).
    • Operating income of $45.1 million, a 21% increase from $37.2 million (23% increase on a constant currency basis).
    • Adjusted EBITDA of $51.3 million, a 15% increase from $44.5 million (17% increase on a constant currency basis).
    • Total transactions of 44.6 million, a 10% increase from 40.6 million.
    • Network locations of approximately 624,000 as of March 31, 2025, a 7% increase from approximately 583,000.

    Constant currency revenue growth was primarily driven by double-digit growth in cross-border transactions, partially offset by a decrease in intra-US transactions. Direct-to-consumer digital transactions grew by 31%, reflecting strong consumer demand for digital products. Operating income and Adjusted EBITDA growth outpaced revenue growth due to gross margin expansion, leverage of scale and effective expense management.

    Additionally, the Money Transfer segment continued to expand its industry leading global payments network to now reach 4.0 billion bank accounts, 3.2 billion wallet accounts and 624,000 payment locations.

    Corporate and Other reports $20.0 million of expense for the first quarter 2025 compared with $21.3 million for the first quarter 2024. The decrease in corporate expenses is largely from the decrease in long-term share-based compensation.

    Balance Sheet and Financial Position
    Unrestricted cash and cash equivalents on hand was $1,393.6 million as of March 31, 2025, compared to $1,278.8 million as of December 31, 2024. Total indebtedness was $2,202.5 million as of March 31, 2025, compared to $1,949.8 million as of December 31, 2024. Availability under the Company’s revolving credit facilities was approximately $623.1 million as of March 31, 2025. The change in net debt is the result of share repurchases, the repurchase of the convertible notes, and working capital fluctuations, partially offset by cash generated from operations.

    The Company repurchased 0.6 million shares for $59.6 million during the First quarter, which will improve earnings per share by 1% for future periods.

    During the quarter, Euronet repurchased $492 million of convertible notes.

    Non-GAAP Measures
    In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, operating income, adjusted EBITDA, and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, operating income, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company’s performance and overall results of operations. These non-GAAP measures are also an integral part of the Company’s internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.

    The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.  

    (1) Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company’s results when compared to the prior period.

    (2) Adjusted operating income is defined as operating income excluding non-cash purchase accounting adjustments.  Adjusted operating income represents a performance measure and is not intended to represent a liquidity measure. 

    (3) Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation and other non-cash purchase accounting adjustment, non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.

    (4) Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash purchase accounting adjustment f) non-cash investment gain g) other non-operating or non-recurring items and h) dilutive shares relate to the Company’s convertible bonds. Adjusted earnings per share represents a performance measure and is not intended to represent a liquidity measure. 

    Conference Call and Slide Presentation
    Euronet Worldwide will host an analyst conference call on April 24, 2025, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company’s operations, forward-looking information, and other material information about business and financial matters. To listen to the call via telephone please register at Euronet Worldwide First Quarter 2025 Earnings Call. The conference call will also be available via webcast at http://ir.euronetworldwide.com. Participants should register at least five minutes prior to the scheduled start time of the event. A slideshow will be included in the webcast. A webcast replay will be available beginning approximately one hour after the event at  http://ir.euronetworldwide.com and will remain available for one year.

    About Euronet Worldwide, Inc.
    Starting in Central Europe in 1994 and growing to a global real-time digital and cash payments network with millions of touchpoints today, Euronet now moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit card processing, ATMs, POS services, branded payments, foreign currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. 

    A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payments network that includes 55,512 installed ATMs, approximately 1,214,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 69 countries; card software solutions; a prepaid processing network of approximately 735,000 POS terminals at approximately 358,000 retailer locations in 64 countries; and a global money transfer network of approximately 624,000 locations serving – countries and territories. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company’s website at www.euronetworldwide.com.

    Statements contained in this news release that concern Euronet’s or its management’s intentions, expectations, or predictions of future performance, are forward-looking statements. Euronet’s actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including impacts from pandemics; inflation; the war in the Ukraine and the related economic sanctions and tariffs; military conflicts in the Middle East; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC’s Edgar website or by contacting the Company. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. The Company regularly posts important information to the investor relations section of its website.  

     
     EURONET WORLDWIDE, INC.
     Condensed Consolidated Balance Sheets
     (in millions)
           
      As of    
      March 31,   As of
      2025   December 31,
      (unaudited)   2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 1,393.6   $ 1,278.8
    ATM cash 700.3   643.8
    Restricted cash 10.8   9.2
    Settlement assets 1,418.6   1,522.7
    Trade accounts receivable, net 330.5   284.9
    Prepaid expenses and other current assets 319.9   297.1
    Total current assets 4,173.7   4,036.5
           
    Property and equipment, net 337.4   329.7
    Right of use lease asset, net 146.1   132.1
    Goodwill and acquired intangible assets, net 1,070.9   1,048.1
    Other assets, net 325.4   288.1
    Total assets $ 6,053.5   $ 5,834.5
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Settlement obligations $ 1,418.6   $ 1,522.7
    Accounts payable and other current liabilities 843.6   841.0
    Current portion of operating lease liabilities 50.8   48.3
    Short-term debt obligations 295.4   814.0
    Total current liabilities 2,608.4   3,226.0
           
    Debt obligations, net of current portion 1,906.0   1,134.4
    Operating lease liabilities, net of current portion 97.8   87.4
    Capital lease obligations, net of current portion 1.1   1.4
    Deferred income taxes 57.3   71.8
    Other long-term liabilities 81.2   84.3
    Total liabilities 4,751.8   4,605.3
    Equity 1,301.7   1,229.2
    Total liabilities and equity $ 6,053.5   $ 5,834.5
     EURONET WORLDWIDE, INC.
     Consolidated Statements of Operations
     (unaudited – in millions, except share and per share data)
           
       Three Months Ended
      March 31,
      2025   2024
           
    Revenues $ 915.5     $ 857.0  
           
    Operating expenses:      
    Direct operating costs 561.0     533.7  
    Salaries and benefits 164.1     154.7  
    Selling, general and administrative 83.0     71.9  
    Depreciation and amortization 32.2     32.7  
    Total operating expenses 840.3     793.0  
    Operating income 75.2     64.0  
           
    Other income (expense):      
    Interest income 5.3     5.7  
    Interest expense (19.4 )   (14.9 )
    Foreign currency exchange (loss) (18.1 )   (12.5 )
    Other income (expense) 2.5     (0.1 )
    Total other income (expense), net (29.7 )   (21.8 )
    Income before income taxes 45.5     42.2  
           
    Income tax expense (7.1 )   (16.0 )
           
    Net income 38.4     26.2  
    Net loss attributable to non-controlling interests —     —  
    Net income attributable to Euronet Worldwide, Inc. $ 38.4     $ 26.2  
    Add: Interest expense from assumed conversion of convertible notes, net of tax   1.0       0.9  
    Net income for diluted earnings per share calculation $ 39.4     $ 27.1  
    Earnings per share attributable to Euronet      
    Worldwide, Inc. stockholders – diluted $ 0.85     $ 0.55  
           
    Diluted weighted average shares outstanding 46,239,523     48,962,583  
           
     EURONET WORLDWIDE, INC.
    Reconciliation of Net Income to Operating Income (Expense) to Adjusted Operating Income (Expense) and Adjusted EBITDA
     (unaudited – in millions)
                       
      Three months ended March 31, 2025
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 38.4  
                       
    Add: Income tax expense                 7.1  
    Add: Total other expense, net                  29.7  
                       
    Operating income (expense)  $ 23.3     $ 26.8     $ 45.1     $ (20.0 )   $ 75.2  
    Add: Depreciation and amortization 24.3     1.6     6.1     0.2     32.2  
    Add: Share-based compensation  —     —     0.1     11.2     11.3  
    Earnings before interest, taxes, depreciation, amortization and share-based compensation (Adjusted EBITDA) $ 47.6     $ 28.4     $ 51.3     $ (8.6 )   $ 118.7  
                       
      Three months ended March 31, 2024
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 26.2  
                       
    Add: Income tax expense                  16.0  
    Add: Total other expense, net                 21.8  
                       
    Operating income (expense) $ 21.5     $ 26.6     $ 37.2     $ (21.3 )   $ 64.0  
    Less: Non-cash purchase accounting adjustment (0.4 )   —     —     —     (0.4 )
    Adjusted operating income (1) 21.1     26.6     37.2     (21.3 )   63.6  
    Add: Depreciation and amortization 23.6     1.7     7.3     0.1     32.7  
    Add: Share-based compensation —     —     —     12.5     12.5  
    Earnings before interest, taxes, depreciation, amortization and share-based compensation, non-cash purchase accounting adjustment (Adjusted EBITDA) $ 44.7     $ 28.3     $ 44.5     $ (8.7 )   $ 108.8  

    (1) Adjusted operating income and Adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP.

     
     EURONET WORLDWIDE, INC.
     Reconciliation of Adjusted Earnings per Share
     (unaudited – in millions, except share and per share data)
           
       Three Months Ended
      March 31,
      2025   2024
           
    Net income attributable to Euronet Worldwide, Inc. $ 38.4     $ 26.2  
           
     Foreign currency exchange loss 18.1     12.5  
     Intangible asset amortization(1) 4.5     5.5  
     Non-cash purchase accounting adjustment(2) —     (0.4 )
     Share-based compensation(3) 11.3     12.5  
     Income tax effect of above adjustments(4) —     0.6  
     Non-cash investment gain(5) (3.0 )   —  
     Non-cash GAAP tax expense (benefit)(6) (19.3 )   2.5  
           
     Adjusted earnings(7) $ 50.0     $ 59.4  
           
     Adjusted earnings per share – diluted(7) $ 1.13     $ 1.28  
           
    Diluted weighted average shares outstanding (GAAP)   46,239,523     48,962,583  
    Effect of adjusted EPS dilution of convertible notes   (2,347,536 )     (2,781,818 )
    Effect of unrecognized share-based compensation on diluted shares outstanding    371,757     355,219  
    Adjusted diluted weighted average shares outstanding   44,263,744     46,535,984  

    (1) Intangible asset amortization of $4.5 million and $5.5 million are included in depreciation and amortization expense of $32.2 million and $32.7 million for both the three months ended March 31, 2025 and March 31, 2024, in the consolidated statements of operations.

    (2) Non-cash purchase accounting expense adjustment of $0.4 million is included in operating income for the three months ended March 31, 2024, in the consolidated statement of operations.

    (3) Share-based compensation of $11.3 million and $12.5 million are included in salaries and benefits expense of $164.1 million and $154.7 million for the three months ended March 31, 2025 and March 31, 2024, respectively, in the consolidated statements of operations.

    (4) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates. 

    (5) Non-cash investment gain of $3.0 million is included in other income in the consolidated statement of operations.

    (6) Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.

    (7) Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP. 

    The MIL Network –

  • MIL-OSI: FLUENCE ENERGY SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuits Against Fluence Energy, Inc. – FLNC

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, April 23, 2025 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 12, 2025 to file lead plaintiff applications in securities class action lawsuits against Fluence Energy, Inc. (NasdaqGS: FLNC), if they purchased the Company’s shares between October 28, 2021 and February 10, 2025, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Eastern District of Virginia.

    Get Help

    Fluence investors should visit us at https://claimsfiler.com/cases/nasdaq-flnc/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Fluence and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On February 10, 2025, the Company announced its financial results for 1Q 2025, disclosing a net loss of $57 million, or $0.32 per share, compared to a loss of $25.6 million, or $0.14 per share, for the same period in the prior year, revenues down 49% year-over-year to $186.8 million, and decreased revenue guidance for fiscal year 2025, to a range of $3.1 billion to $3.7 billion, from its prior outlook of $3.6 billion to $4.4 billion, due to “customer-driven delays in signing certain contracts that, coupled with competitive pressures, result in the need to lower our fiscal year 2025 outlook.”

    On this news, the price of Fluence’s shares fell $6.07 per share, or 46.44%, to close at $7.00 per share on February 11, 2025.

    The first-filed case is Abramov v. Fluence Energy, Inc., et al., No. 25-cv-00444. A subsequent case, Kramer v. Fluence Energy, Inc., et al., No. 25-cv-00634, expanded the class period.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit www.claimsfiler.com.

    The MIL Network –

  • MIL-OSI: APPLOVIN SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuits Against AppLovin Corporation – APP

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, April 23, 2025 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 5, 2025 to file lead plaintiff applications in securities class action lawsuits against AppLovin Corporation (NasdaqGS: APP), if they purchased the Company’s securities between May 10, 2023 and March 26, 2025, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Northern District of California.

    Get Help

    AppLovin investors should visit us at https://claimsfiler.com/cases/nasdaq-app/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    AppLovin and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On February 26, 2025, analyst research reports highlighted that the Company was engaging in “Ad Fraud” and other dubious practices including reverse engineering and exploiting advertising data from Meta Platforms, and utilizing manipulative practices to artificially inflate their own ad click-through and app download rates, such as by having ads click on themselves or utilizing design gimmicks to trigger forced shadow downloads, erroneously inflating installation numbers and, in turn, its profit figures. On this news, the price of AppLovin’s shares fell from $377.06 per share on February 25, 2025 to $331.00 per share on February 26, 2025.

    Then, on March 26, 2025, Muddy Waters Research reported that the Company systematically used proprietary third-party data in ways that violated the terms of service of Facebook, Google, Snap, Reddit, as well as other platforms, potentially leading to backlash and service blocking and threatening the sustainability of the Company’s revenue growth. On this news, the price of AppLovin’s shares plummeted 20.1 percent, dropping from $327.62 to $261.70 per share on March 27, 2025.

    The first-filed case is Quiero v. AppLovin Corporation, et al., No. 25-cv-02294. A subsequent case, Wayne County Employees’ Retirement System v. AppLovin Corporation, et al., No. 25-cv-3438, expanded the class period.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit www.claimsfiler.com.

    The MIL Network –

  • MIL-OSI: NET POWER SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against NET Power Inc. – NPWR

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, April 23, 2025 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until June 17, 2025 to file lead plaintiff applications in a securities class action lawsuit against NET Power Inc. (“Net Power” or the “Company”) (NYSE: NPWR), if they purchased the Company’s securities between June 9, 2023 and March 7, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Middle District of North Carolina.

    Get Help

    NET Power investors should visit us at https://claimsfiler.com/cases/nyse-npwr/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    NET Power and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On March 10, 2025, pre-market, the Company announced its financial results for the fourth quarter and full fiscal year 2024, disclosing, among other things, that it “now estimates Project Permian’s total installed cost to be between $1.7 billion and $2.0 billion,” significantly higher than its last estimate of $1.1 billion, and that Project Permian would be significantly delayed, expected to come online no earlier than 2029, compared to its prior timeline of between the second half of 2027 and first half of 2028.

    On this news, the price of NET Power’s shares fell $2.18 per share, or 31.46%, to close at $4.75 per share on March 10, 2025.

    The case is Luciani v. Net Power Inc., et al., No. 25-cv-00296.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit www.claimsfiler.com.

    The MIL Network –

  • MIL-OSI: Jade Power Announces Director Appointment

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 23, 2025 (GLOBE NEWSWIRE) — Jade Power Trust (“Jade Power” or the “Trust”) (NEX:JPWR.H) is pleased to announce the appointment of an independent director, Bruce McCannel, to the Board of Directors of Jade Power Administrator Inc., effective immediately.

    Bruce is currently a corporate consultant primarily focused on government and stakeholder engagement and communications strategies. Holding a Master of Public Administration degree, Bruce worked in budget development for the Saskatchewan Ministry of Finance, was an Executive Director for the Ministry of Parks, Culture and Sport, and was on the board of directors for the Canadian Parks Council. When he was the head coach of the University of Regina Cougars Track and Field program, Bruce was a member of the board of directors for Saskatchewan Athletics and the Excel Athletika Track and Field Club.

    David Barclay, Chief Executive Officer stated “We look forward to working with Bruce on the Board. We are excited by the value that his experience in government and stakeholder relations will bring to the Trust.”

    For further information please contact:

    David Barclay
    Chief Executive Officer
    +1 954-895-7217
    david.barclay@bellsouth.net

    About Jade Power

    The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. All material information about the Trust may be found under Jade Power’s issuer profile at www.sedarplus.ca.

    Forward-Looking Statements

    Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Jade Power and its business are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2023, a copy of which is available on Jade Power’s SEDAR+ profile at www.sedarplus.ca. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

    Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: iManage Receives IRAP Assessment within Australian Market

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 23, 2025 (GLOBE NEWSWIRE) — iManage, the company dedicated to Making Knowledge Work™, today announced that the iManage Cloud knowledge work platform has been IRAP assessed, giving Australian governmental agencies and the law firms that do business with them a secure and fully compliant choice for managing their sensitive documents and emails.

    IRAP, or the Infosec Registered Assessors Program, is a framework established by the Australian Cyber Security Centre to assess and certify the security practices of organizations, particularly those handling sensitive government information. Endorsed IRAP Assessors assist organizations to secure their systems and data by independently assessing their cybersecurity posture, identifying security risks and suggesting mitigation measures.

    iManage was assessed by CyberCX—a leading provider of professional cyber security and cloud services across Australia and New Zealand—and achieved “Protected” status. Achieving this status means that an organization’s systems, services, or solutions have been assessed as capable of handling sensitive Australian government information, making them eligible for high-security government projects.

    “In an era where the security of sensitive data is paramount, partnering with an IRAP-assessed vendor reflects our commitment to the highest standards of cybersecurity,” said Gary Adler, Chief Digital Officer at MinterEllison. “This collaboration ensures our clients’ information is safeguarded with robust security measures, aligning with our dedication to trust and integrity in all our legal services.”

    In addition to clearing the way for usage by Federal Australian governmental bodies and the law firms who work with them, the IRAP assessment also aligns with Australian state-specific security requirements, making iManage Cloud a compelling option for state government agencies as well.

    “We are proud to have iManage Cloud officially tick the box on being IRAP assessed,” said Jim Krev, Head of Security, iManage. “As a company, iManage has always been focused on empowering knowledge workers to collaborate and be productive from anywhere, on any device, while delivering comprehensive security to protect an organization’s vital assets. Our robust ongoing investment in security—including undergoing the IRAP assessment—positions us as an ideal document and email management vendor for Australian governmental agencies and the firms who work with them that are looking to move from on-premises systems to an IRAP assessed, cloud-based vendor that meets their rigorous security requirements.”

    If you would like to learn more, join us for our upcoming Webinar on Thursday, April 29 at 11:00 a.m. AEST on “Mastering IRAP: Enhancing Security, Compliance, and Assurance for Government Data” where we are joined by Krev, CyberCX who undertook our assessment and our customer MinterEllison. Register here.

    About iManage
    iManage is dedicated to Making Knowledge Work™. Our cloud-native platform is at the center of the knowledge economy, enabling every organization to work more productively, collaboratively, and securely. Built on more than 20 years of industry experience, iManage helps leading organizations manage documents and emails more efficiently, protect vital information assets, and leverage knowledge to drive better business outcomes. As your strategic business partner, we employ our award-winning AI-enabled technology, an extensive partner ecosystem, and a customer-centric approach to provide support and guidance you can trust to make knowledge work for you. iManage is relied on by more than one million professionals at 4,000 organizations around the world. Visit www.imanage.com to learn more.

    Follow iManage via:
    LinkedIn: https://www.linkedin.com/company/imanage
    X: https://x.com/imanageinc
    YouTube: https://www.youtube.com/@iManage 

    Press contact:
    Alicia Saragosa, iManage
    press@imanage.com

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Urges Stockholders of GB, YOTA, PORT, AKYA to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Global Blue Group Holding AG (NYSE: GB), relating to the proposed merger with Shift4 Payments, Inc. Under the terms of the agreement, Shift4 intends to acquire Global Blue for $7.50 per common share in cash.

    ACT NOW. The Shareholder Vote is scheduled for May 6, 2025.

    Click here for https://monteverdelaw.com/case/global-blue-group-holding-ag-gb/. It is free and there is no cost or obligation to you.

    • Yotta Acquisition Corporation (NYSE: YOTA), relating to its proposed merger with DRIVEiT Financial Auto Group, Inc. Under the terms of the agreement, DRIVEiT securityholders are expected to own approximately 78.4% of the combined company.

    Click here for more information: https://monteverdelaw.com/case/yotta-acquisition-corporation/. It is free and there is no cost or obligation to you.

    • Southport Acquisition Corporation (OTC: PORT), relating to its proposed merger with Angel Studios, Inc. Under the terms of the agreement, Angel Studios shares will automatically be converted into the right to receive Southport shares.

    Click here for more information https://monteverdelaw.com/case/southport-acquisition-corporation/. It is free and there is no cost or obligation to you.

    • Akoya Biosciences, Inc. (NASDAQ: AKYA), relating to the proposed merger with Quanterix. Under the terms of the agreement, Akoya shareholders will receive 0.318 shares of Quanterix common stock for each share of Akoya common stock owned. Akoya shareholders will own approximately 30% of the combined company.

    ACT NOW. The Shareholder Vote is scheduled for May 13, 2025.

    Click here for more https://monteverdelaw.com/case/akoya-biosciences-inc-akya/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: Pulse Seismic Inc. Announces Voting Results at Shareholders’ Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 23, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) announced today the voting results from its annual meeting held in Calgary, Alberta on April 23, 2025. Each of the nominee directors listed in the Company’s management proxy circular dated March 10, 2025, was elected as a director, with a vote being conducted by ballot:

    Name of Nominee Votes For % Votes Against %
    Neal Coleman 31,038,759 99.90 32,292 0.10
    Paul Crilly 31,061,451 99.97 9,600 0.03
    Dallas Droppo 30,880,344 99.39 190,707 0.61
    Robert Robotti 31,045,648 99.92 25,403 0.08
    Patrick Ward 31,047,955 99.93 23,096 0.07
    Melanie Westergaard 31,055,358 99.95 15,693 0.05

    The “Say on Pay” shareholder advisory vote on Pulse’s approach to executive compensation was approved by 99.78% of the votes cast.

    The report on voting for the meeting will be available at www.sedarplus.ca and on the Company’s website at www.pulseseismic.com.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:
    Neal Coleman, President and CEO
    Or
    Pamela Wicks, Vice President Finance and CFO

    Tel.: (403) 237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com.

    PDF available: http://ml.globenewswire.com/Resource/Download/9b5fd3a7-4102-47a8-93f6-f9e16fd4e04a

    The MIL Network –

  • MIL-OSI: New Providence Acquisition Corp. III Announces the Pricing of $261,000,000 Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Palm Beach, FL, April 23, 2025 (GLOBE NEWSWIRE) — New Providence Acquisition Corp. III (the “Company”) announced today the pricing of its initial public offering of 26,100,000 units. The units are expected to be listed on The Nasdaq Global Stock Market LLC (“Nasdaq”) and begin trading tomorrow, April 24, 2025, under the ticker symbol “NPACU.” Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. An amount equal to $10.05 per unit will be deposited into a trust account upon the closing of the offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “NPAC” and “NPACW,” respectively. The offering is expected to close on April 25, 2024, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,915,000 units at the initial public offering price to cover over-allotments, if any.

    The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company seeks to acquire and operate a business in the consumer industry however it may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution.

    The Company’s management team is led by Gary Smith and Alexander Coleman, each a Co-Chief Executive Officer and Co-Chairman of the Board of Directors (the “Board”), and Leo Valentine, its Chief Financial Officer. The Board also includes Rick Mazer, Daniel Ginsberg, Timothy Gannon, and Greg Stevens.

    Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering.

    The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022, or by email at prospectus@cantor.com.

    A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on April 23, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all.

    Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Investor Contacts

    New Providence Acquisition Corp. III
    Leo Valentine
    leo.valentine@npa-corp.com
    929-249-8832

    The MIL Network –

  • MIL-OSI: Phoenix Mercury and Mountain America Credit Union Announce Historic Partnership, Unveil Mountain America Performance Center

    Source: GlobeNewswire (MIL-OSI)

    PHOENIX, April 23, 2025 (GLOBE NEWSWIRE) — The Phoenix Mercury and Mountain America Credit Union today announced a multiyear naming rights partnership for the team’s state-of-the-art practice facility, which will now be called the Mountain America Performance Center. As the official credit union of the Phoenix Mercury since 2023, this historic investment furthers Mountain America’s support of women’s sports. Mountain America is also investing in the next generation of female athletes by becoming the presenting partner of the Jr. Mercury Legacy League, the first-of-its-kind all-girls youth basketball league in Arizona.

    “Expanding the Mercury’s partnership with Mountain America through this historic investment demonstrates our shared commitment to elevate women’s sports,” said Phoenix Mercury and Phoenix Suns Chief Executive Officer Josh Bartelstein. “From adding Mountain America’s name to the Mercury’s world-class facility to their support of the Jr. Mercury Legacy League, this partnership focuses on empowering female athletes and growing women’s basketball at all levels.”

    Mountain America will partner with the Phoenix Suns/Phoenix Mercury Foundation to support the Jr. Mercury Legacy League. Mountain America will have its logo on Legacy League uniforms and will fund a scholarship program to create opportunities for more girls to participate in the league. Every Legacy League season includes a Jr. Mercury Empowerment Day hosted at the Mountain America Performance Center, featuring a basketball clinic and programming that helps young girls be successful on and off the court. Founded in partnership with Valley of the Sun YMCA, the Jr. Mercury Legacy League has grown from 80 participants in its inaugural season during 2024 to more than 500 participants in its fifth season.

    “We are thrilled to expand our partnership with the Phoenix Mercury in a shared commitment to strengthening our community,” said Sterling Nielsen, president and chief executive officer at Mountain America Credit Union. “This is an opportunity to continue making tangible investments in future generations in the areas we serve. We look forward to supporting the growth and development of women’s athletics through the life-changing opportunities offered to girls in Arizona through the Jr. Mercury Legacy League.”

    The newly named Mountain America Performance Center set the standard for women’s professional sports when it opened in July 2024. The 58,000-square-foot facility features world-class, player-first amenities including two full-sized basketball courts named after Mercury legend Diana Taurasi, premier strength and cardio areas, a film room with theatre-style seating and a player lounge with a dedicated chef. As part of the naming rights agreement, Mountain America will be the presenting partner of Phoenix Mercury training camp and of a weekly digital content series that will offer fans a behind-the-scenes look at team training sessions.

    Photos and video can be downloaded here. Credit Phoenix Mercury. 

    For more information about the Phoenix Mercury and their upcoming season visit PhoenixMercury.com.

    For more information about Mountain America visit macu.com.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across multi-state region; and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network –