GlobeNewswire – Page 607

MIL-OSI: Ninepoint Partners Announces Final January 2025 Cash Distribution for Ninepoint Cash Management Fund – ETF Series

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the final January 2025 cash distribution for the Ninepoint Cash Management Fund – ETF Series. The record date for the distribution is January 31, 2025. This distribution is payable on February 7, 2025.

The per-unit final January distribution is detailed below:

Ninepoint ETF Series	Ticker	Cash Distribution per unit		Notional Distribution per unit		CUSIP
Ninepoint Cash Management Fund	NSAV	$0.14673		$0.00000		65443X105

About Ninepoint Partners

Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets

For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

Sales Inquiries:

Ninepoint Partners LP
Neil Ross
416-945-6227
nross@ninepoint.com

The MIL Network –

February 1, 2025

MIL-OSI: Topicus.com Inc. acquires 9.99% Stake in Asseco Poland S.A. in Poland

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) — Topicus.com Inc. (TOI.V) today announced that Topicus’ subsidiary Yukon Niebieski Kapital B.V. has purchased 8,300,029 shares in Asseco Poland S.A. (“Company”) from Cyfrowy Polsat S.A., representing approximately 9.99% of the issued shares in the Company. The shares were acquired at a price of 85 PLN per share.

About Asseco Poland S.A.

Asseco Group is a federation of companies engaged in information technology and operates in 62 countries worldwide. Asseco Group companies are listed on the Warsaw Stock Exchange, Tel-Aviv Stock Exchange as well as on the American NASDAQ Global Markets. Asseco Group offers comprehensive, proprietary IT solutions for all sectors of the economy.

About Topicus.com

Topicus.com Inc. is a leading pan-European provider of vertical market software and vertical market platforms to clients in public and private sector markets. Operating and investing in countries and markets across Europe with long-term growth potential, Topicus.com Inc. acquires, builds and manages leading software companies providing specialized, mission-critical and high-impact software solutions that address the particular needs of customers.

About Cyfrowy Polsat S.A.

Cyfrowy Polsat S.A. is a leading media and telecom group in Poland, offering digital pay-TV, mobile and fixed-line telephony, mobile and fixed-line broadband internet, and TV broadcasting. It also operates in renewable energy and green hydrogen development. Key brands include Polsat, PolsatBox, Plus, Netia, and Interia.pl. Founded in 1996, the company is headquartered in Warsaw.

For further information, contact:

Topicus.com Inc.
Jamal Baksh, Chief Financial Officer
416-861-9677
Email: jbaksh@csisoftware.com

The MIL Network –

February 1, 2025

MIL-OSI: POET Engaged by Global Financial Services Leader to Develop Custom Optical Engine

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly-integrated optical engines and light sources for Artificial Intelligence networks, announces that it has signed an agreement to develop a novel optical engine for use in a high-frequency securities trading operation for a global capital markets firm. High-frequency trading (“HFT”) is a type of automated trading that uses powerful computers to execute a large number of trades in fractions of a second.

The multi-phase project is a pioneering effort to increase the speed and decrease the latency inherent in current transceiver solutions utilized by securities trading operations. The first phase of the project will begin immediately with POET designing prototypes of POET Optical Interposer–based transceiver engines built to meet the customer’s specification. Subsequent phases include building additional prototypes and, if successful, production optical engines customized for this application.

“We are delighted to have embarked on this ambitious project with a global leader in HFT,” commented Raju Kankipati, Chief Revenue Officer of POET. “This project generates revenue for POET this year and demonstrates the versatility of the POET Optical Interposer and the entry into a new, related market space by the Company.”

About POET Technologies Inc.
POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.

Forward-Looking Statements
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high-frequency trading solutions and its penetration of the Artificial Intelligence hardware markets.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its securities trading partner, the ability to build working prototypes to the customer’s specifications, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure to produce working prototypes on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

The MIL Network –

February 1, 2025

MIL-OSI: Orrstown Financial Services, Inc. Reports Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Net income of $13.7 million, or $0.71 per diluted share, for the three months ended December 31, 2024 compared to net loss of $7.9 million, or $0.41 per diluted share, for the three months ended September 30, 2024; the fourth quarter of 2024 included $3.9 million in expenses related to the merger and $0.5 million for a legal settlement compared to $17.0 million in expenses related to the merger, $15.5 million of provision for credit losses on non-purchase credit deteriorated loans and $4.8 million for an executive retirement, net of taxes, for the third quarter of 2024;
Excluding the impact of the non-recurring charges referenced above, net income and diluted earnings per share, respectively, were $16.7 million⁽¹⁾ and $0.87⁽¹⁾ for the fourth quarter of 2024 compared to adjusted net income and diluted earnings per share of $21.4 million⁽¹⁾ and $1.11⁽¹⁾, respectively;
The Board of Directors declared a cash dividend of $0.26 per common share, payable February 21, 2025, to shareholders of record as of February 14, 2025; this represents an increase in the Company’s quarterly cash dividend of $0.03 per share, or 13%;
The previously announced cost save target of 18% has been achieved for the go-forward operating run rate as of December 31, 2024;
With the core conversion being completed in November 2024, the fourth quarter results reflected several ongoing activities associated with the conversion and the transitional period; the fourth quarter also included elevated salaries and employee benefit expenses due to year end performance-based incentive accruals;
Net interest margin, on a tax equivalent basis, was 4.05% in the fourth quarter of 2024 compared to 4.14% in the third quarter of 2024; the net accretion impact of purchase accounting marks was $7.2 million of net interest income, which represents 52 basis points of net interest margin for the fourth quarter of 2024 compared to $5.8 million of net interest income, which represents 42 basis points of net interest margin, for the third quarter of 2024;
Commercial loans declined by $59.5 million, or 2%, from September 30, 2024 to December 31, 2024 due primarily to strategic actions to reduce risk in the portfolio, including reducing commercial real estate (“CRE”) loan concentrations; a pool of mostly commercial and industrial loans totaling $6.0 million was sold, including $2.6 million of nonaccrual loans; total classified loans declined by $16.9 million during the fourth quarter of 2024;
Noninterest income decreased by $1.2 million to $11.2 million in the three months ended December 31, 2024 compared to $12.4 million in the three months ended September 30, 2024; this reduction was driven by certain courtesy fee waivers provided to clients as well as tax credits recognized in the third quarter of 2024 that did not recur in the fourth quarter;
The provision for credit losses was $1.8 million for the three months ended December 31, 2024, inclusive of a charge-off of $2.4 million for one commercial and industrial (C&I) relationship and charge-offs associated with the loan sale of $0.6 million, which was offset by the acceleration of a purchase mark for the same amount;
Tangible book value per common share⁽¹⁾ increased to $21.19 per share at December 31, 2024 compared to $21.12 per share at September 30, 2024.

⁽¹⁾ Non-GAAP measure. See Appendix A for additional information.

HARRISBURG, Pa., Jan. 31, 2025 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced earnings for the three months ended December 31, 2024. Net income totaled $13.7 million for the three months ended December 31, 2024, compared to net loss of $7.9 million for the three months ended September 30, 2024 and net income of $7.6 million for the three months ended December 31, 2023. Diluted earnings per share was $0.71 for the three months ended December 31, 2024, compared to diluted loss per share of $0.41 for the three months ended September 30, 2024 and diluted earnings per share of $0.73 for the three months ended December 31, 2023. For the fourth quarter of 2024, excluding the impact of merger-related expenses and other non-recurring charges, net of taxes, net income and diluted earnings per share were $16.7 million⁽¹⁾ and $0.87⁽¹⁾, respectively. For the third quarter of 2024, excluding the impact of the merger-related expenses, net of taxes, net income and diluted earnings per share were $21.4 million⁽¹⁾ and $1.11⁽¹⁾, respectively. For the fourth quarter of 2023, excluding the impact from the merger-related expenses, net income and diluted earnings per share were $8.6 million⁽¹⁾ and $0.83⁽¹⁾, respectively.

“While we are pleased with another year of strong core earnings, we are even more excited about what lies ahead,” said Thomas R. Quinn, Jr., President and Chief Executive Officer. “We successfully completed our core conversion in November and have achieved the targeted 18% cost savings in our future operating run rate of the two banks’ combined noninterest expense base. With the integration behind us, we look forward to returning our focus to growing the company, enhancing shareholder value and building the premier community banking franchise in our Pennsylvania and Maryland markets.”

⁽¹⁾ Non-GAAP measure. See Appendix A for additional information.

DISCUSSION OF RESULTS

Balance Sheet

Loans

Loans held for investment was $3.9 billion at December 31, 2024, a decrease of $50.2 million, compared to $4.0 billion at September 30, 2024. The decrease from the third quarter of 2024 was primarily due to strategic actions to reduce risk in the portfolio, including reducing CRE loan concentrations.

Investment Securities

Investment securities, all of which are classified as available-for-sale, increased by $2.9 million to $829.7 million at December 31, 2024 from $826.8 million at September 30, 2024. During the fourth quarter of 2024, investment securities totaling $37.7 million were purchased, partially offset by paydowns of $18.1 million and net unrealized losses of $16.2 million. The overall duration of the Company’s investment securities portfolio was 4.1 years at December 31, 2024 compared to 4.6 years at September 30, 2024. See Appendix B for a summary of the Bank’s investment securities at December 31, 2024, highlighting their concentrations, credit ratings and credit enhancement levels.

Deposits

During the fourth quarter of 2024, deposits decreased by $35.1 million to $4.6 billion at December 31, 2024 compared to $4.7 billion at September 30, 2024 due to normal seasonal activity. The Bank’s loan-to-deposit ratio decreased slightly to 85% at December 31, 2024 from 86% at September 30, 2024.

Borrowings

The Bank actively manages its liquidity position through its various sources of funding to meet the needs of its clients. FHLB advances and other borrowings remained at $115.4 million at December 31, 2024 and September 30, 2024. The Bank seeks to maintain sufficient liquidity to ensure client needs can be addressed in a timely basis. The Bank had available alternative funding sources, such as FHLB advances and other wholesale options, of approximately $1.7 billion at December 31, 2024.

Goodwill and Intangible Assets

Goodwill decreased by $2.5 million from September 30, 2024 to December 31, 2024 due to certain purchase accounting adjustments, primarily an increase in the core deposit intangible of $4.1 million.

Income Statement

Net Interest Income and Margin

Net interest income was $50.6 million for the three months ended December 31, 2024 compared to $51.7 million for the three months ended September 30, 2024. The net interest margin, on a tax equivalent basis, decreased to 4.05% in the fourth quarter of 2024 from 4.14% in the third quarter of 2024. The net interest margin was positively impacted by the net accretion impact of purchase accounting marks on loans, securities, deposits and borrowings of $7.2 million, which represents 52 basis points of net interest margin during the fourth quarter of 2024. During the third quarter of 2024, the net accretion impact of purchase accounting marks was $5.8 million, which represented 42 basis points of net interest margin. Funding costs show signs of stabilizing.

Interest income on loans, on a tax equivalent basis, decreased by $2.7 million to $68.1 million for the three months ended December 31, 2024 compared to $70.8 million for the three months ended September 30, 2024. Average loans decreased by $28.0 million during the three months ended December 31, 2024 compared to the three months ended September 30, 2024.

Interest income on investment securities, on a tax equivalent basis, was $9.9 million for the fourth quarter of 2024 compared to $10.1 million in the third quarter of 2024.

Interest expense, on a tax equivalent basis, decreased by $1.9 million to $29.4 million for the three months ended December 31, 2024 compared to $31.3 million for the three months ended September 30, 2024. Average interest-bearing deposits decreased by $58.1 million during the three months ended December 31, 2024 compared to the three months ended September 30, 2024. Average borrowings decreased by $1.3 million during the three months ended December 31, 2024 compared to the three months ended September 30, 2024. Interest expense includes $0.9 million and $1.5 million of amortization of purchase accounting marks for the three months ended December 31, 2024 and September 30, 2024, respectively.

Provision for Credit Losses

The allowance for credit losses (“ACL”) on loans decreased to $48.7 million at December 31, 2024 from $49.6 million at September 30, 2024. The ACL to total loans was 1.24% at December 31, 2024 compared to 1.25% at September 30, 2024. The Company recorded a provision for credit losses on loans of $2.1 million for the three months ended December 31, 2024 compared to $14.1 million for the three months ended September 30, 2024. Net charge-offs were $3.0 million for the three months ended December 31, 2024 compared to net charge-offs of $0.3 million for the three months ended September 30, 2024. During the fourth quarter of 2024, the Bank sold $6.0 million of mostly C&I loans, which resulted in a charge-off totaling $0.6 million. There was also a corresponding $0.6 million of purchase accounting accretion associated with these loans.

Classified loans decreased by $16.9 million to $88.6 million at December 31, 2024 from $105.5 million at September 30, 2024 primarily due to a combination of repayments and net rating upgrades, in addition to the loan sale. Non-accrual loans decreased by $2.8 million to $24.1 million at December 31, 2024 from $26.9 million at September 30, 2024 partially due to a sale of mostly C&I loans on nonaccrual status totaling $2.6 million during the fourth quarter of 2024. Nonaccrual loans to total loans decreased to 0.61% at December 31, 2024 compared to 0.68% at September 30, 2024 and decreased from 1.11% at December 31, 2023. Management believes the ACL to be adequate based on current asset quality metrics and economic conditions.

Noninterest Income

Noninterest income decreased by $1.2 million to $11.2 million in the three months ended December 31, 2024 from $12.4 million in the three months ended September 30, 2024. There were reduced service charges in the fourth quarter due to fee waivers provided to clients in the post-conversion period from November through the end of the year.

Wealth management income decreased to $4.9 million in the three months ended December 31, 2024 compared to $5.0 million for the three months ended September 30, 2024. The team continues to provide value added services to clients and deliver strong results.

Other income decreased by $0.3 million to $1.6 million in the three months ended December 31, 2024 compared to $1.9 million in the three months ended September 30, 2024 due to income from solar tax credits totaling $0.3 million recorded during the third quarter of 2024.

Noninterest Expenses

Noninterest expenses decreased by $17.4 million to $42.9 million in the three months ended December 31, 2024 from $60.3 million in the three months ended September 30, 2024.

The Company’s financial results for any periods ended prior to July 1, 2024 reflect Orrstown’s results only on a standalone basis. As a result of this factor and the merger-related items below, the Company’s financial results for the fourth quarter of 2024 may not be directly comparable to prior reported periods.

For the three months ended December 31, 2024, merger-related expenses totaled $3.9 million, a decrease of $13.1 million, compared to $17.0 million for the three months ended September 30, 2024. The merger costs incurred during the fourth quarter of 2024 include employee separation costs, software conversion costs and professional fees. The Company expect to incur some additional merger-related expenses in the first quarter of 2025.

Salaries and benefits expense decreased by $4.8 million to $22.4 million for the three months ended December 31, 2024 compared to $27.2 million for the three months ended September 30, 2024. The three months ended September 30, 2024 included $4.8 million of expenses associated with the retirement of an executive.

Intangible asset amortization increased to $2.8 million for the three months ended December 31, 2024 compared to $2.5 million for the three months ended September 30, 2024. This increase is due to the amortization expense recognized on the core deposit intangible of $40.1 million and wealth customer relationship intangible of $10.4 million established on July 1, 2024 from the merger. Due to the aforementioned purchase accounting adjustment, the three months ended December 31, 2024 included $0.4 million of additional amortization expense associated with this adjustment.

Taxes other than income decreased by $0.8 million in the three months ended December 31, 2024 compared to the three months ended September 30, 2024. This decrease reflects tax credits recognized during the fourth quarter of 2024.

Income Taxes

The Company’s effective tax rate was 20.1% for both the fourth and third quarters of 2024. The Company’s effective tax rate for the three months ended December 31, 2024 is less than the 21% federal statutory rate primarily due to tax-exempt income, including interest earned on tax-exempt loans and securities and income from life insurance policies and tax credits partially offset by the disallowed portion of interest expense against earnings in association with the Bank’s tax-exempt investments under the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) and the impact of nondeductible merger-related costs. The Company regularly analyzes its projected taxable income and makes adjustments to the provision for income taxes accordingly.

Capital

Shareholders’ equity totaled $516.7 million at December 31, 2024 compared to $516.2 million at September 30, 2024. The impact of net income of $13.7 million was offset by a reduction of $10.4 million in accumulated other comprehensive loss from an increase in unrealized losses in the investment portfolio and dividend payments of $4.4 million.

Tangible book value per share⁽¹⁾ increased to $21.19 per share at December 31, 2024 from $21.12 per share at September 30, 2024.

The Company’s tangible common equity ratio was 7.5% at both December 31, 2024 and September 30, 2024. The Company’s total risk-based capital ratio was 12.4% at both December 31, 2024 and September 30, 2024. The Company’s Tier 1 leverage ratio increased to 8.3% at December 31, 2024 compared to 8.0% at September 30, 2024 driven by earnings and a decrease in average assets during the fourth quarter of 2024.

At December 31, 2024, all four capital ratios applicable to the Company were above regulatory minimum levels to be deemed “well capitalized” under current bank regulatory guidelines. The Company continues to believe that capital is adequate to support the risks inherent in the balance sheet, as well as growth requirements.

⁽¹⁾ Non-GAAP measure. See Appendix A for additional information.

Investor Relations Contact:

Neelesh Kalani

Executive Vice President, Chief Financial Officer

Phone (717) 510-7097

FINANCIAL HIGHLIGHTS (Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
(In thousands)		2024			2023			2024			2023

Profitability for the period:
Net interest income	$	50,573		$	26,018		$	155,254		$	104,906
Provision for credit losses		1,755			418			16,546			1,682
Noninterest income		11,247			6,491			37,435			25,652
Noninterest expenses		42,930			22,392			148,337			83,843
Income before income tax expense		17,135			9,699			27,806			45,033
Income tax expense		3,451			2,056			5,756			9,370
Net income available to common shareholders	$	13,684		$	7,643		$	22,050		$	35,663

Financial ratios:
Return on average assets ⁽¹⁾		1.00	%		1.00	%		0.51	%		1.19	%
Return on average assets, adjusted ^{(1) (2) (3)}		1.22	%		1.13	%		1.30	%		1.22	%
Return on average equity ⁽¹⁾		10.54	%		12.21	%		5.62	%		14.66	%
Return on average equity, adjusted ^{(1) (2) (3)}		12.86	%		13.77	%		14.29	%		15.06	%
Net interest margin ⁽¹⁾		4.05	%		3.71	%		3.92	%		3.80	%
Efficiency ratio		69.4	%		68.9	%		77.0	%		64.2	%
Efficiency ratio, adjusted ^{(2) (3)}		62.3	%		65.6	%		62.5	%		63.4	%
Income per common share:
Basic	$	0.72		$	0.74		$	1.49		$	3.45
Basic, adjusted ^{(2) (3)}	$	0.87		$	0.84		$	3.80		$	3.54
Diluted	$	0.71		$	0.73		$	1.48		$	3.42
Diluted, adjusted ^{(2) (3)}	$	0.87		$	0.83		$	3.76		$	3.51

Average equity to average assets		9.45	%		8.18	%		9.08	%		8.11	%

⁽¹⁾ Annualized for the three months ended December 31, 2024 and 2023.
⁽²⁾ Ratio has been adjusted for the non-recurring charges for all periods presented.
⁽³⁾ Non-GAAP based financial measure. Please refer to Appendix A – Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.

FINANCIAL HIGHLIGHTS (Unaudited)
(continued)
	December 31,			December 31,
(Dollars in thousands, except per share amounts)		2024			2023
At period-end:
Total assets	$	5,431,023		$	3,064,240
Loans, net of allowance for credit losses		3,882,525			2,269,611
Loans held-for-sale, at fair value		6,614			5,816
Securities available for sale, at fair value		829,711			513,519
Total deposits		4,615,706			2,558,814
FHLB advances and other borrowings and Securities sold under agreements to repurchase		141,227			147,285
Subordinated notes and trust preferred debt		68,680			32,093
Shareholders’ equity		516,682			265,056

Credit quality and capital ratios ⁽¹⁾:
Allowance for credit losses to total loans		1.24	%		1.25	%
Total nonaccrual loans to total loans		0.61	%		1.11	%
Nonperforming assets to total assets		0.45	%		0.83	%
Allowance for credit losses to nonaccrual loans		202	%		112	%
Total risk-based capital:
Orrstown Financial Services, Inc.		12.4	%		13.0	%
Orrstown Bank		12.4	%		12.8	%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.		10.2	%		10.8	%
Orrstown Bank		11.2	%		11.6	%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.		10.0	%		10.8	%
Orrstown Bank		11.2	%		11.6	%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.		8.3	%		8.9	%
Orrstown Bank		9.1	%		9.5	%

Book value per common share	$	26.65		$	24.98

⁽¹⁾ Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses (“CECL”) to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the CECL standard.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands, except per share amounts)	December 31, 2024			December 31, 2023
Assets
Cash and due from banks	$	51,026		$	32,586
Interest-bearing deposits with banks		187,282			32,575
Cash and cash equivalents		238,308			65,161
Restricted investments in bank stocks		20,232			11,992
Securities available for sale (amortized cost of $864,920 and $549,089 at December 31, 2024 and December 31, 2023, respectively)		829,711			513,519
Loans held for sale, at fair value		6,614			5,816
Loans		3,931,214			2,298,313
Less: Allowance for credit losses		(48,689	)		(28,702	)
Net loans		3,882,525			2,269,611
Premises and equipment, net		50,217			29,393
Cash surrender value of life insurance		143,854			73,204
Goodwill		68,106			18,724
Other intangible assets, net		47,765			2,414
Accrued interest receivable		21,058			13,630
Deferred tax assets, net		42,647			22,017
Other assets		79,986			38,759
Total assets	$	5,431,023		$	3,064,240

Liabilities
Deposits:
Noninterest-bearing	$	886,786		$	430,959
Interest-bearing		3,728,920			2,127,855
Total deposits		4,615,706			2,558,814
Securities sold under agreements to repurchase and federal funds purchased		25,863			9,785
FHLB advances and other borrowings		115,364			137,500
Subordinated notes and trust preferred debt		68,680			32,093
Other liabilities		88,728			60,992
Total liabilities		4,914,341			2,799,184

Shareholders’ Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding		—			—
Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 19,722,640 shares issued and 19,389,967 outstanding at December 31, 2024; 11,204,599 shares issued and 10,612,390 outstanding at December 31, 2023		1,027			583
Additional paid—in capital		423,274			189,027
Retained earnings		126,540			117,667
Accumulated other comprehensive loss		(26,316	)		(28,476	)
Treasury stock— 332,673 and 592,209 shares, at cost at December 31, 2024 and December 31, 2023, respectively		(7,843	)		(13,745	)
Total shareholders’ equity		516,682			265,056
Total liabilities and shareholders’ equity	$	5,431,023		$	3,064,240

ORRSTOWN FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,		December 31,
(Dollars in thousands, except per share amounts)		2024			2023			2024		2023
Interest income
Loans	$	67,870		$	33,910		$	210,287	$	126,595
Investment securities – taxable		8,773			4,787			27,361		18,031
Investment securities – tax-exempt		880			871			3,521		3,462
Short-term investments		2,492			460			7,764		1,809
Total interest income		80,015			40,028			248,933		149,897
Interest expense
Deposits		26,850			12,118			84,234		37,510
Securities sold under agreements to repurchase and federal funds purchased		67			30			215		114
FHLB advances and other borrowings		1,165			1,358			4,945		5,350
Subordinated notes and trust preferred debt		1,360			504			4,285		2,017
Total interest expense		29,442			14,010			93,679		44,991
Net interest income		50,573			26,018			155,254		104,906
Provision for credit losses		1,755			418			16,546		1,682
Net interest income after provision for credit losses		48,818			25,600			138,708		103,224
Noninterest income
Service charges		2,050			1,198			6,893		4,866
Interchange income		1,608			952			5,259		3,873
Swap fee income		597			588			1,676		1,039
Wealth management income		4,902			2,945			16,353		11,340
Mortgage banking activities		517			143			1,835		591
Investment securities (losses) gains		(5	)		(39	)		249		(47	)
Other income		1,578			704			5,170		3,990
Total noninterest income		11,247			6,491			37,435		25,652
Noninterest expenses
Salaries and employee benefits		22,444			12,848			76,581		50,983
Occupancy, furniture and equipment		4,893			2,534			14,570		9,593
Data processing		1,540			1,247			6,088		4,913
Advertising and bank promotions		878			501			2,587		2,157
FDIC insurance		955			460			2,677		1,960
Professional services		1,591			702			4,142		2,905
Taxes other than income		(312	)		203			734		1,050
Intangible asset amortization		2,838			236			5,742		953
Merger-related expenses		3,887			1,059			22,671		1,059
Restructuring expenses		39			—			296		—
Other operating expenses		4,177			2,602			12,249		8,270
Total noninterest expenses		42,930			22,392			148,337		83,843
Income before income tax expense		17,135			9,699			27,806		45,033
Income tax expense		3,451			2,056			5,756		9,370
Net income	$	13,684		$	7,643		$	22,050	$	35,663
continued

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,		December 31,
		2024			2023			2024		2023
Share information:
Basic earnings per share	$	0.72		$	0.74		$	1.49	$	3.45
Diluted earnings per share	$	0.71		$	0.73		$	1.48	$	3.42
Dividends paid per share	$	0.23		$	0.20		$	0.86	$	0.80
Weighted average shares – basic		19,118			10,321			14,761		10,340
Weighted average shares – diluted		19,300			10,419			14,914		10,435

ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)

	Three Months Ended
	12/31/2024							9/30/2024							6/30/2024							3/31/2024							12/31/2023
			Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-
	Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent
(In thousands)	Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate
Assets
Federal funds sold & interest-bearing bank balances	$	199,236	$	2,492		4.96	%	$	184,465	$	2,452		5.29	%	$	142,868	$	1,864		5.25	%	$	74,523	$	956		5.16	%	$	37,873	$	460		4.82	%
Investment securities ⁽¹⁾⁽²⁾		849,389		9,887		4.66			849,700		10,123		4.77			538,451		6,114		4.54			519,851		5,694		4.39			508,891		5,890		4.63
Loans ^{(1)(3)(4)(5)(6)}		3,961,269		68,073		6.82			3,989,259		70,849		7.07			2,324,942		35,690		6.17			2,308,103		36,382		6.34			2,286,678		34,055		5.91
Total interest-earning assets		5,009,894		80,452		6.38			5,023,424		83,424		6.61			3,006,261		43,668		5.84			2,902,477		43,032		5.96			2,833,442		40,405		5.67
Other assets		454,271							491,719							204,863							196,295							204,382
Total assets	$	5,464,165						$	5,515,143						$	3,211,124						$	3,098,772						$	3,037,824
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits⁽⁷⁾	$	1,257,316		5,360		1.69		$	2,554,743		16,165		2.52		$	1,649,753		10,118		2.47		$	1,570,622		9,192		2.35		$	1,543,575		8,333		2.14
Savings deposits⁽⁷⁾		1,538,287		10,381		2.68			283,337		148		0.21			165,467		140		0.34			170,005		144		0.34			178,351		153		0.34
Time deposits		998,963		11,109		4.41			1,014,628		12,290		4.82			481,721		5,007		4.18			428,443		4,180		3.92			392,085		3,632		3.67
Total interest-bearing deposits		3,794,566		26,850		2.81			3,852,708		28,603		2.95			2,296,941		15,265		2.67			2,169,070		13,516		2.51			2,114,011		12,118		2.27
Securities sold under agreements to repurchase and federal funds purchased		21,572		67		1.23			23,075		96		1.66			13,412		27		0.81			12,010		25		0.85			13,874		30		0.85
FHLB advances and other borrowings		115,373		1,165		4.01			115,388		1,154		3.98			115,000		1,152		4.03			137,505		1,474		4.31			127,843		1,358		4.21
Subordinated notes and trust preferred debt		68,571		1,360		7.88			68,399		1,437		8.36			32,118		734		9.19			32,100		754		9.45			32,083		504		6.29
Total interest-bearing liabilities		4,000,082		29,442		2.92			4,059,570		31,290		3.07			2,457,471		17,178		2.81			2,350,685		15,769		2.70			2,287,811		14,010		2.43
Noninterest-bearing demand deposits		849,999							807,886							423,037							417,469							441,695
Other liabilities		97,685							110,017							57,828							62,329							59,876
Total liabilities		4,947,766							4,977,473							2,938,336							2,830,483							2,789,382
Shareholders’ equity		516,399							537,670							272,788							268,289							248,442
Total	$	5,464,165						$	5,515,143						$	3,211,124						$	3,098,772						$	3,037,824
Taxable-equivalent net interest income / net interest spread				51,010		3.46	%				52,134		3.55	%				26,490		3.02	%				27,263		3.26	%				26,395		3.24	%
Taxable-equivalent net interest margin						4.05	%						4.14	%						3.54	%						3.77	%						3.71	%
Taxable-equivalent adjustment				(437	)						(437	)						(387	)						(382	)						(377	)
Net interest income			$	50,573						$	51,697						$	26,103						$	26,881						$	26,018
Ratio of average interest-earning assets to average interest-bearing liabilities						125	%						124	%						122	%						123	%						124	%

NOTES:
⁽¹⁾ Yields and interest income on tax-exempt assets have been computed on a taxable-equivalent basis assuming a 21% tax rate.
⁽²⁾ Average balance of investment securities is computed at fair value.
⁽³⁾ Average balances include nonaccrual loans.
⁽⁴⁾ Interest income on loans includes prepayment and late fees, where applicable.
⁽⁵⁾ Interest income on loans includes interest recovered of $1.6 million from the payoff of a commercial real estate loan on nonaccrual status in the three months ended March 31, 2024.
⁽⁶⁾ Interest income on loans includes accretion on purchase accounting marks of $7.6 million, $7.3 million, $0.2 million, $0.1 million and $0.1 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.
⁽⁷⁾ Changes between average deposit type balances are due to operational updates for deposit sweeps during the three months ended December 31, 2024.

ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)
(continued)
	Twelve Months Ended
	December 31, 2024								December 31, 2023
			Taxable-			Taxable-					Taxable-			Taxable-
	Average		Equivalent			Equivalent			Average		Equivalent			Equivalent
(In thousands)	Balance		Interest			Rate			Balance		Interest			Rate
Assets
Federal funds sold & interest-bearing bank balances	$	150,500	$	7,764			5.14	%	$	40,856	$	1,809			4.43	%
Investment securities ⁽¹⁾⁽²⁾		690,223		31,817			4.60			520,465		22,414			4.31
Loans ^{(1)(3)(4)(5)(6)}		3,150,425		210,994			6.68			2,239,574		127,107			5.68
Total interest-earning assets		3,991,148		250,575			6.26			2,800,895		151,330			5.40
Other assets		330,324								198,632
Total assets	$	4,321,472							$	2,999,527
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits⁽⁷⁾	$	1,147,124		21,455			1.87		$	1,525,204		26,944			1.77
Savings deposits⁽⁷⁾		1,153,097		30,193			2.61			198,157		585			0.30
Time deposits		732,446		32,586			4.44			338,170		9,981			2.95
Total interest-bearing deposits		3,032,667		84,234			2.77			2,061,531		37,510			1.82
Securities sold under agreements to repurchase and federal funds purchased		17,543		215			1.22			14,111		114			0.80
FHLB advances and other borrowings		120,787		4,945			4.08			123,697		5,350			4.32
Subordinated notes and trust preferred debt		50,397		4,285			8.48			32,058		2,017			6.29
Total interest-bearing liabilities		3,221,394		93,679			2.91			2,231,397		44,991			2.02
Noninterest-bearing demand deposits		625,714								470,349
Other liabilities		82,084								54,447
Total liabilities		3,929,192								2,756,193
Shareholders’ equity		392,280								243,334
Total liabilities and shareholders’ equity	$	4,321,472							$	2,999,527
Taxable-equivalent net interest income / net interest spread				156,896			3.36	%				106,339			3.39	%
Taxable-equivalent net interest margin							3.92	%							3.80	%
Taxable-equivalent adjustment				(1,642	)							(1,433	)
Net interest income			$	155,254							$	104,906
Ratio of average interest-earning assets to average interest-bearing liabilities							124	%							126	%

NOTES TO ANALYSIS OF NET INTEREST INCOME:
⁽¹⁾ Yields and interest income on tax-exempt assets have been computed on a taxable-equivalent basis assuming a 21% tax rate.
⁽²⁾ Average balance of investment securities is computed at fair value.
⁽³⁾ Average balances include nonaccrual loans.
⁽⁴⁾ Interest income on loans includes prepayment and late fees, where applicable.
⁽⁵⁾ Interest income on loans includes interest recovered of $1.6 million from the payoff of a commercial real estate loan on nonaccrual status for the twelve months ended December 31, 2024.
⁽⁶⁾ Interest income on loans includes accretion on purchase accounting marks of $15.2 million and $0.7 million for the twelve months ended December 31, 2024 and 2023, respectively.
⁽⁷⁾ Changes between average deposit type balances are due to operational updates for deposit sweeps during the three months ended December 31, 2024.

ORRSTOWN FINANCIAL SERVICES, INC.
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)

(In thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Profitability for the quarter:
Net interest income	$	50,573		$	51,697		$	26,103		$	26,881		$	26,018
Provision for credit losses		1,755			13,681			812			298			418
Noninterest income		11,247			12,386			7,172			6,630			6,491
Noninterest expenses		42,930			60,299			22,639			22,469			22,392
Income (loss) before income taxes		17,135			(9,897	)		9,824			10,744			9,699
Income tax expense (benefit)		3,451			(1,994	)		2,086			2,213			2,056
Net income (loss)	$	13,684		$	(7,903	)	$	7,738		$	8,531		$	7,643

Financial ratios:
Return on average assets ⁽¹⁾		1.00	%		(0.57)	%		0.97	%		1.11	%		1.00	%
Return on average assets, adjusted ^(1)(2)(3)		1.22	%		1.55	%		1.09	%		1.19	%		1.13	%
Return on average equity ⁽¹⁾		10.54	%		(5.85)	%		11.41	%		12.79	%		12.21	%
Return on average equity, adjusted ^(1)(2)(3)		12.86	%		15.85	%		12.88	%		13.79	%		13.77	%
Net interest margin ⁽¹⁾		4.05	%		4.14	%		3.54	%		3.77	%		3.71	%
Efficiency ratio		69.4	%		94.1	%		68.0	%		67.0	%		68.9	%
Efficiency ratio, adjusted ⁽²⁾⁽³⁾		62.3	%		67.2	%		64.6	%		65.0	%		65.6	%

Per share information:
Income (loss) per common share:
Basic	$	0.72		$	(0.41	)	$	0.74		$	0.82		$	0.74
Basic, adjusted ⁽²⁾⁽³⁾		0.87			1.12			0.84			0.89			0.84
Diluted		0.71			(0.41	)		0.73			0.81			0.73
Diluted, adjusted ⁽²⁾⁽³⁾		0.87			1.11			0.83			0.88			0.83
Book value		26.65			26.65			25.97			25.38			24.98
Book value, adjusted ^{(2) (3)}		28.40			28.24			26.12			25.44			25.07
Tangible book value ⁽³⁾		21.19			21.12			24.08			23.47			23.03
Tangible book value, adjusted ^{(2) (3)}		22.94			22.72			24.23			23.53			23.12
Cash dividends paid		0.23			0.23			0.20			0.20			0.20

Average basic shares		19,118			19,088			10,393			10,349			10,321
Average diluted shares		19,300			19,226			10,553			10,482			10,419

⁽¹⁾ Annualized.
⁽²⁾ Ratio has been adjusted for non-recurring expenses for all periods presented.
⁽³⁾ Non-GAAP based financial measure. Please refer to Appendix A – Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.

ORRSTOWN FINANCIAL SERVICES, INC.
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands)	December 31, 2024			September 30, 2024		June 30, 2024			March 31, 2024			December 31, 2023
Noninterest income:
Service charges	$	2,050		$	2,360	$	1,283		$	1,200		$	1,198
Interchange income		1,608			1,779		961			911			952
Swap fee income		597			505		375			199			588
Wealth management income		4,902			5,037		3,312			3,102			2,945
Mortgage banking activities		517			491		369			458			143
Other income		1,578			1,943		884			765			704
Investment securities (losses) gains		(5	)		271		(12	)		(5	)		(39	)
Total noninterest income	$	11,247		$	12,386	$	7,172		$	6,630		$	6,491

Noninterest expenses:
Salaries and employee benefits	$	22,444		$	27,190	$	13,195		$	13,752		$	12,848
Occupancy, furniture and equipment		4,893			4,333		2,705			2,639			2,534
Data processing		1,540			2,046		1,237			1,265			1,247
Advertising and bank promotions		878			537		774			398			501
FDIC insurance		955			862		419			441			460
Professional services		1,591			1,119		801			631			702
Taxes other than income		(312	)		503		49			494			203
Intangible asset amortization		2,838			2,464		215			225			236
Merger-related expenses		3,887			16,977		1,135			672			1,059
Restructuring expenses		39			257		—			—			—
Other operating expenses		4,177			4,011		2,109			1,952			2,602
Total noninterest expenses	$	42,930		$	60,299	$	22,639		$	22,469		$	22,392

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Balance Sheet at quarter end:
Cash and cash equivalents	$	238,308		$	236,780		$	132,509		$	182,722		$	65,161
Restricted investments in bank stocks		20,232			20,247			11,147			11,453			11,992
Securities available for sale		829,711			826,828			529,082			514,909			513,519
Loans held for sale, at fair value		6,614			3,561			1,562			535			5,816
Loans:
Commercial real estate:
Owner occupied		633,567			622,726			371,301			364,280			373,757
Non-owner occupied		1,160,238			1,164,501			710,477			707,871			694,638
Multi-family		274,135			276,296			151,542			147,773			150,675
Non-owner occupied residential		179,512			190,786			89,156			91,858			95,040
Agricultural		125,156			129,486			25,551			25,909			26,847
Commercial and industrial		451,384			471,983			349,425			339,615			340,238
Acquisition and development:
1-4 family residential construction		47,432			56,383			32,439			22,277			24,516
Commercial and land development		241,424			262,317			129,883			118,010			115,249
Municipal		30,044			27,960			10,594			10,925			9,812
Total commercial loans		3,142,892			3,202,438			1,870,368			1,828,518			1,830,772
Residential mortgage:
First lien		460,297			451,195			271,153			270,748			266,239
Home equity – term		5,988			6,508			4,633			4,966			5,078
Home equity – lines of credit		303,561			303,165			192,736			189,966			186,450
Installment and other loans		18,476			18,131			8,713			8,875			9,774
Total loans		3,931,214			3,981,437			2,347,603			2,303,073			2,298,313
Allowance for credit losses		(48,689	)		(49,630	)		(29,864	)		(29,165	)		(28,702	)
Net loans held for investment		3,882,525			3,931,807			2,317,739			2,273,908			2,269,611
Goodwill		68,106			70,655			18,724			18,724			18,724
Other intangible assets, net		47,765			46,144			1,974			2,189			2,414
Total assets		5,431,023			5,470,589			3,198,782			3,183,331			3,064,240
Total deposits		4,615,706			4,650,853			2,702,884			2,695,951			2,558,814
FHLB advances and other borrowings and Securities sold under agreements to repurchase		141,227			137,310			129,625			127,099			147,285
Subordinated notes and trust preferred debt		68,680			68,510			32,128			32,111			32,093
Total shareholders’ equity		516,682			516,206			278,376			271,682			265,056

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Capital and credit quality measures ⁽¹⁾:
Total risk-based capital:
Orrstown Financial Services, Inc.		12.4	%		12.4	%		13.3	%		13.4	%		13.0	%
Orrstown Bank		12.4	%		12.2	%		13.1	%		13.1	%		12.8	%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.		10.2	%		10.0	%		11.1	%		11.2	%		10.8	%
Orrstown Bank		11.2	%		11.0	%		12.0	%		11.9	%		11.6	%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.		10.0	%		9.8	%		11.1	%		11.2	%		10.8	%
Orrstown Bank		11.2	%		11.0	%		12.0	%		11.9	%		11.6	%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.		8.3	%		8.0	%		8.9	%		9.0	%		8.9	%
Orrstown Bank		9.1	%		8.8	%		9.5	%		9.6	%		9.5	%

Average equity to average assets		9.45	%		9.75	%		8.50	%		8.66	%		8.18	%
Allowance for credit losses to total loans		1.24	%		1.25	%		1.27	%		1.27	%		1.25	%
Total nonaccrual loans to total loans		0.61	%		0.68	%		0.36	%		0.56	%		1.11	%
Nonperforming assets to total assets		0.45	%		0.49	%		0.26	%		0.40	%		0.83	%
Allowance for credit losses to nonaccrual loans		202	%		184	%		357	%		226	%		112	%

Other information:
Net charge-offs (recoveries)	$	3,002		$	269		$	113		$	(42	)	$	(6	)
Classified loans		88,628			105,465			48,722			48,997			55,030
Nonperforming and other risk assets:
Nonaccrual loans		24,111			26,927			8,363			12,886			25,527
Other real estate owned		138			138			—			—			—
Total nonperforming assets		24,249			27,065			8,363			12,886			25,527
Financial difficulty modifications still accruing		4,897			9,497			—			—			9
Loans past due 90 days or more and still accruing		641			337			187			99			66
Total nonperforming and other risk assets	$	29,787		$	36,899		$	8,550		$	12,985		$	25,602

(1) Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses (“CECL”) to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the new CECL standard.

Appendix A – Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations

Management believes providing certain other “non-GAAP” financial information will assist investors in their understanding of the effect on recent financial results from non-recurring charges.

As a result of acquisitions, the Company has intangible assets consisting of goodwill, core deposit and other intangible assets, which totaled $115.9 million and $21.1 million at December 31, 2024 and December 31, 2023, respectively. In addition, during the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, the Company incurred $3.9 million, $17.0 million, $1.1 million, $0.7 million and $1.1 million in merger-related expenses, respectively. During the three months ended December 31, 2024 and September 30, 2024, the Company incurred other non-recurring charges totaling $0.5 million and $20.2 million, respectively.

Tangible book value per common share and the impact of the non-recurring expenses on net income and associated ratios, as used by the Company in this earnings release, are determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). While we believe this information is a useful supplement to GAAP based measures presented in this earnings release, readers are cautioned that this non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results and financial condition as reported under GAAP, nor are such measures necessarily comparable to non-GAAP performance measures that may be presented by other companies. This supplemental presentation should not be construed as an inference that our future results will be unaffected by similar adjustments to be determined in accordance with GAAP.

The following tables present the computation of each non-GAAP based measure:

(In thousands)

Tangible Book Value per Common Share	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Shareholders’ equity (most directly comparable GAAP-based measure)	$	516,682		$	516,206		$	278,376		$	271,682		$	265,056
Less: Goodwill		68,106			70,655			18,724			18,724			18,724
Other intangible assets		47,765			46,144			1,974			2,189			2,414
Related tax effect		(10,031	)		(9,690	)		(415	)		(460	)		(507	)
Tangible common equity (non-GAAP)	$	410,842		$	409,097		$	258,093		$	251,229		$	244,425

Common shares outstanding		19,390			19,373			10,720			10,705			10,612

Book value per share (most directly comparable GAAP-based measure)	$	26.65		$	26.65		$	25.97		$	25.38		$	24.98
Intangible assets per share		5.46			5.53			1.89			1.91			1.95
Tangible book value per share (non-GAAP)	$	21.19		$	21.12		$	24.08		$	23.47		$	23.03

(In thousands)	Three Months Ended															Twelve Months Ended
Adjusted Ratios for Non-recurring Charges	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net income (loss) (A) – most directly comparable GAAP-based measure	$	13,684		$	(7,903	)	$	7,738		$	8,531		$	7,643		$	22,050		$	35,663
Plus: Merger-related expenses (B)		3,887			16,977			1,135			672			1,059			22,671			1,059
Plus: Executive retirement expenses (B)		35			4,758			—			—			—			4,793			—
Plus: Provision for credit losses on non-PCD loans (B)		—			15,504			—			—			—			15,504			—
Plus: Provision for legal settlement (B)		478			—			—			—			—			478			—
Less: Related tax effect (C)		(1,386	)		(7,915	)		(139	)		(1	)		(79	)		(9,442	)		(79	)
Adjusted net income (D=A+B-C) – Non-GAAP	$	16,698		$	21,421		$	8,734		$	9,202		$	8,623		$	56,054		$	36,643

Average assets (E)	$	5,464,165		$	5,515,143		$	3,211,124		$	3,098,772		$	3,037,824		$	4,321,472		$	2,999,527
Return on average assets (= A / E) – most directly comparable GAAP-based measure ⁽¹⁾		1.00	%		(0.57)	%		0.97	%		1.11	%		1.00	%		0.51	%		1.19	%
Return on average assets, adjusted (= D / E) – Non-GAAP ⁽¹⁾		1.22	%		1.55	%		1.09	%		1.19	%		1.13	%		1.30	%		1.22	%

Average equity (F)	$	516,399		$	537,670		$	272,788		$	268,289		$	248,442		$	392,280		$	243,334
Return on average equity (= A / F) – most directly comparable GAAP-based measure ⁽¹⁾		10.54	%		(5.85)	%		11.41	%		12.79	%		12.21	%		5.62	%		14.66	%
Return on average equity, adjusted (= D / F) – Non-GAAP ⁽¹⁾		12.86	%		15.85	%		12.88	%		13.79	%		13.77	%		14.29	%		15.06	%

Weighted average shares – basic (G) – most directly comparable GAAP-based measure		19,118			19,088			10,393			10,349			10,321			14,761			10,340
Basic earnings (loss) per share (= A / G) – most directly comparable GAAP-based measure	$	0.72		$	(0.41	)	$	0.74		$	0.82		$	0.74		$	1.49		$	3.45
Basic earnings per share, adjusted (= D / G) – Non-GAAP	$	0.87		$	1.12		$	0.84		$	0.89		$	0.84		$	3.80		$	3.54

Weighted average shares – diluted (H) – most directly comparable GAAP-based measure		19,300			19,226			10,553			10,482			10,419			14,914			10,435
Diluted earnings (loss) per share (= A / H) – most directly comparable GAAP-based measure	$	0.71		$	(0.41	)	$	0.73		$	0.81		$	0.73		$	1.48		$	3.42
Diluted earnings per share, adjusted (= D / H) – Non-GAAP	$	0.87		$	1.11		$	0.83		$	0.88		$	0.83		$	3.76		$	3.51

continued
(1) Annualized

	Three Months Ended															Twelve Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Noninterest expense (I) – most directly comparable GAAP-based measure	$	42,930		$	60,299		$	22,639		$	22,469		$	22,392		$	148,337		$	83,843
Less: Merger-related expenses (B)		(3,887	)		(16,977	)		(1,135	)		(672	)		(1,059	)		(22,671	)		(1,059	)
Less: Executive retirement expenses (B)		(35	)		(4,758	)		—			—			—			(4,793	)		—
Less: Provision for legal settlement (B)		(478	)		—			—			—			—			(478	)		—
Adjusted noninterest expense (J = I – B) – Non-GAAP	$	38,531		$	38,564		$	21,504		$	21,797		$	21,333		$	120,396		$	82,784

Net interest income (K)	$	50,573		$	51,697		$	26,103		$	26,881		$	26,018		$	155,254		$	104,906
Noninterest income (L)		11,247			12,386			7,172			6,630			6,491			37,435			25,652
Total operating income (M = K + L)	$	61,820		$	64,083		$	33,275		$	33,511		$	32,509		$	192,689		$	130,558

Efficiency ratio (= I / M) – most directly comparable GAAP-based measure		69.4	%		94.1	%		68.0	%		67.0	%		68.9	%		77.0	%		64.2	%
Efficiency ratio, adjusted (= J / M) – Non-GAAP		62.3	%		60.2	%		64.6	%		65.0	%		65.6	%		62.5	%		63.4	%

(1) Annualized

Appendix B – Investment Portfolio Concentrations

The following table summarizes the credit ratings and collateral associated with the Company’s investment security portfolio, excluding equity securities, at December 31, 2024:

(In thousands)

Sector	Portfolio Mix		Amortized Book		Fair Value		Credit Enhancement		AAA		AA		A		BBB		NR		Collateral / Guarantee Type
Unsecured ABS	—	%	$	3,073	$	2,854	27	%	—	%	—	%	—	%	—	%	100	%	Unsecured Consumer Debt
Student Loan ABS	1			4,060		4,035	27		—		—		—		—		100		Seasoned Student Loans
Federal Family Education Loan ABS	9			80,121		80,063	11		7		81		—		12		—		Federal Family Education Loan ⁽¹⁾
PACE Loan ABS	—			1,985		1,727	7		100		—		—		—		—		PACE Loans ⁽²⁾
Non-Agency CMBS	2			15,920		15,901	27		—		—		—		—		100
Non-Agency RMBS	2			16,555		14,528	16		100		—		—		—		—		Reverse Mortgages ⁽³⁾
Municipal – General Obligation	12			99,515		90,767			11		82		7		—		—
Municipal – Revenue	14			120,903		109,261			—		82		12		—		6
SBA ReRemic ⁽⁵⁾	—			2,283		2,278			—		100		—		—		—		SBA Guarantee ⁽⁴⁾
Small Business Administration	1			5,926		6,263			—		100		—		—		—		SBA Guarantee ⁽⁴⁾
Agency MBS	19			160,027		155,778			—		100		—		—		—		Residential Mortgages ⁽⁴⁾
Agency CMO	38			332,380		326,045			—		100		—		—		—
U.S. Treasury securities	2			20,043		18,063			—		100		—		—		—		U.S. Government Guarantee ⁽⁴⁾
Corporate bonds	—			1,935		1,954			—		—		52		48		—
	100	%	$	864,726	$	829,517			4	%	89	%	3	%	1	%	3	%

⁽¹⁾ 97% guaranteed by U.S. government
⁽²⁾ PACE acronym represents Property Assessed Clean Energy loans
⁽³⁾ Non-agency reverse mortgages with current structural credit enhancements
⁽⁴⁾ Guaranteed by U.S. government or U.S. government agencies
⁽⁵⁾ SBA ReRemic acronym represents Re-Securitization of Real Estate Mortgage Investment Conduits

Note: Ratings in table are the lowest of the six rating agencies (Standard & Poor’s, Moody’s, Fitch, Morningstar, DBRS and Kroll Bond Rating Agency). Standard & Poor’s rates U.S. government obligations at AA+.

About the Company

With $5.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudon County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements and there can be no assurances that the Company will achieve the desired level of new business development and new loans, growth in the balance sheet and fee-based revenue lines of business, cost savings initiatives and continued reductions in risk assets or mitigation of losses in the future. Factors which could cause the actual results of the Company’s operations to differ materially from expectations include, but are not limited to: general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ineffectiveness of the Company’s strategic growth plan due to changes in current or future market conditions; changes in interest rates; the diversion of management’s attention from ongoing business operations and opportunities; the effects of competition and how it may impact our community banking model, including industry consolidation and development of competing financial products and services; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in laws and regulations; changes in credit quality; inability to raise capital, if necessary, under favorable conditions; volatility in the securities markets; the demand for our products and services; deteriorating economic conditions; geopolitical tensions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; expenses associated with litigation and legal proceedings; the possibility that the anticipated benefits of the merger with Codorus (the “Merger”) are not realized when expected or at all; the possibility that the Merger may be more expensive to complete than anticipated; the possibility that revenues following the Merger may be lower than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the ability to complete the integration of the two companies successfully; the dilution caused by the Company’s issuance of additional shares of its capital stock in connection with the Merger; and other risks and uncertainties, including those detailed in our Annual Report on Form 10-K for the year ended December 31, 2023 under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in subsequent filings made with the Securities and Exchange Commission.

The foregoing list of factors is not exhaustive. If one or more events related to these or other risks or uncertainties materializes, or if the Company’s underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, and it is not possible for the Company to predict those events or how they may affect it. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

The review period for subsequent events extends up to and includes the filing date of a public company’s financial statements, when filed with the Securities and Exchange Commission. Accordingly, the consolidated financial information presented in this announcement is subject to change. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only and are not forecasts and may not reflect actual results.

The MIL Network –

February 1, 2025

MIL-OSI: Bitfarms Engages Strategic Partners to Develop HPC/AI Business

Source: GlobeNewswire (MIL-OSI)

-Engages expert consultants ASG & World Wide Technology-

TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin and vertically integrated data center company, today announced it has engaged two expert consultants in HPC strategy and artificial intelligence (“AI”), Appleby Strategy Group (“ASG”) and World Wide Technology (“WWT”), to conduct a comprehensive feasibility analysis on all its North American sites and advise on its global HPC/AI strategy. In parallel, ASG and WWT will help build accelerated sales and development strategies and market the sites on behalf of Bitfarms to potential customers.

Bitfarms CEO Ben Gagnon stated, “Bitfarms is committed to maximizing the utility and value of our 1.2 GW North American portfolio. ASG and WWT will draw upon their substantial expertise to evaluate our sites for HPC/AI. Based on active discussions over the past several months with potential HPC/AI partners and customers, we are confident that our North American portfolio pipeline, particularly sites located on the PJM grid, is strongly suited for HPC/AI. The contracts associated with HPC/AI customers provide long-term, steady cash flows and earnings streams while our Bitcoin mining operations will continue to monetize Bitcoin’s flexible upside potential, creating a powerful and resilient portfolio that will generate long-term value for our shareholders.”

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global Bitcoin and vertically integrated data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

Bitfarms currently has 12 operating Bitcoin data centers and two under development, as well as hosting agreements with two data centers, in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

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

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

Glossary of Terms

Y/Y or M/M= year over year or month over month
EH or EH/s = Exahash or exahash per second
MW or MWh = Megawatts or megawatt hour
HPC/AI = High Performance Computing / Artificial Intelligence

Forward-Looking Statements

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding projected growth, target hashrate, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the merits and ability to secure long-term contracts associated with HPC/AI customers and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of the Company’s facilities may not occur as currently planned, or at all; there is no guarantee that the Company will be able to complete the acquisition of Stronghold Digital Mining, Inc. on the terms as announced, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; the ability to complete current and future financings; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law . Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contacts:

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

Media Contacts:

Caroline Brady Baker
Director, Communications
cbaker@bitfarms.com

The MIL Network –

February 1, 2025

MIL-OSI: Prospect Capital Corporation Makes $65 Million Investment in Taos Footwear

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 31, 2025 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) has provided a first lien senior secured term loan, a first lien senior secured convertible term loan, and a preferred equity investment to Taos Footwear Holdings, LLC (“Taos Footwear” or “Company”), aggregating $65 million, in collaboration with Taos Footwear’s founder and leadership team.

Taos Footwear is a leading, innovative footwear brand providing customers with stylish and supportive footwear products. The Company is renowned for its supportive footbed that has reshaped the lifestyle footwear industry over the past 20 years.

“During the last 20 years, the Taos Footwear team has developed differentiated products meeting the needs of our loyal customers, resulting in significant growth for our company,” said Taos Footwear Founder and CEO, Glen Barad. “As the business has scaled, we saw a need for a value-added collaborator that could offer both capital and strategic expertise to elevate our brand. Prospect is the ideal fit to help us achieve our vision and drive continued success.”

“Prospect is excited about our investment in Taos Footwear and is pleased to complete this important transaction alongside the Taos Footwear team,” said Robert Melman, Managing Director at Prospect. “Taos Footwear is a leading brand providing an array of innovative and supportive footwear products to its vast customer base. We look forward to supporting the Company’s continued growth.”

About Prospect Capital Corporation

Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

For further information, contact:

Grier Eliasek, President and Chief Operating Officer

grier@prospectcap.com

Telephone (212) 448-0702

The MIL Network –

February 1, 2025

MIL-OSI: Brookfield Business Partners Reports 2024 Year End Results

Source: GlobeNewswire (MIL-OSI)

BROOKFIELD, News, Jan. 31, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the year ended December 31, 2024.

“Our business had another successful year in 2024. We generated over $2 billion from our capital recycling initiatives, acquired two market-leading operations and achieved solid financial results,” said Anuj Ranjan, CEO of Brookfield Business Partners. “The enhanced strength of our balance sheet and substantial liquidity provides us optionality to meaningfully advance our capital allocation priorities with a focus on increasing the intrinsic value of our business for our unitholders.”


	Three Months Ended December 31,					Year Ended December 31,
US$ millions (except per unit amounts), unaudited		2024			2023		2024			2023
Net income (loss) attributable to Unitholders¹	$	(438	)	$	1,423	$	(109	)	$	1,405
Net income (loss) per limited partnership unit²	$	*(2.02*	)	$	6.57	$	*(0.50*	)	$	6.49

Adjusted EBITDA³	$	653		$	608	$	2,565		$	2,491

Net loss attributable to Unitholders for the year ended December 31, 2024 was $109 million (loss of $0.50 per limited partnership unit) compared to net income of $1,405 million ($6.49 per limited partnership unit) in the prior year. Net loss attributable to Unitholders includes a one-time non-cash expense at our healthcare services operation, combined with provisions at our construction operation. Prior year included net gains primarily related to the sale of our nuclear technology services operation.

Adjusted EBITDA for the year ended December 31, 2024 was $2,565 million compared to $2,491 million for the year ended December 31, 2023, reflecting improved performance of operations and tax benefits recorded at our advanced energy storage operation. Prior year results included $308 million of contribution from operations which have been sold.

Operational Update

The following table presents Adjusted EBITDA by segment:

	Three Months Ended December 31,						Year Ended December 31,
US$ millions, unaudited		2024			2023			2024			2023
Industrials	$	306		$	222		$	1,247		$	855
Business Services		217			227			832			900
Infrastructure Services		160			184			606			853
Corporate and Other		(30	)		(25	)		(120	)		(117	)
Adjusted EBITDA	$	653		$	608		$	2,565		$	2,491

Our Industrials segment generated Adjusted EBITDA of $1,247 million in 2024, compared to $855 million in 2023. Current year results included $371 million of tax benefits at our advanced energy storage operation. Strong underlying performance at our advanced energy storage operation and growing contribution from water and wastewater services offset reduced performance at our engineered components manufacturing operation due to weak market conditions. Prior year results included contribution from disposed operations including our Canadian aggregates production operation which was sold in June 2024.

Our Business Services segment generated Adjusted EBITDA of $832 million in 2024, compared to $900 million in 2023. Strong performance at our residential mortgage insurer was primarily offset by the impact of a cyber incident at our dealer software and technology services operation and reduced performance at our construction and healthcare services operations during the year. Prior year results included contribution from our road fuels operation which was sold in July 2024.

Our Infrastructure Services segment generated Adjusted EBITDA of $606 million in 2024, compared to $853 million in 2023. Prior year results included $236 million of contribution from our nuclear technology services operation which was sold in November 2023. Current year results benefited from improved performance of offshore oil services, offset by reduced contribution at work access services.

The following table presents Adjusted EFO⁴ by segment:

	Three Months Ended December 31,						Year Ended December 31,
US$ millions, unaudited		2024			2023			2024			2023
Adjusted EFO
Industrials	$	193		$	115		$	935		$	492
Business Services		142			181			641			636
Infrastructure Services		78			1,790			287			2,070
Corporate and Other		(83	)		(77	)		(331	)		(335	)

Adjusted EFO for the year ended December 31, 2024 included $306 million in net gains primarily related to the dispositions of our road fuels operation and Canadian aggregates production operation, the sale of public securities and the deconsolidation of our payment processing services operation. Infrastructure Services Adjusted EFO reflected the impact of the prior year disposition of our nuclear technology services operation. Prior year results included $2,006 million in after-tax net gains primarily related to the sale of our nuclear technology services operation.

Strategic Initiatives

Advanced Energy Storage Operation
In January, our advanced energy storage operation raised $5 billion of new first lien debt – $4.5 billion of the proceeds are not required in the business and therefore were used to fund a special distribution to owners, of which Brookfield Business Partners’ share was approximately $1.2 billion. This represented a multiple of 1.5x of our initial equity investment and we still own our entire share of the business.

Offshore Oil Services
In January, we completed the previously announced sale of our offshore oil services’ shuttle tanker operation. Cash proceeds to Brookfield Business Partners for the sale of its interest after the repayment of debt are expected to be approximately $250 million.

Unit Repurchase Program and Capital Deployment
We are allocating up to $250 million of capital to accelerate the repurchase of Brookfield Business Partners’ securities under our existing and future normal course issuer bids (NCIB).
In January, we completed the acquisition of Chemelex, a leading manufacturer of electric heat tracing systems, through a carve-out from a larger industrial company for total enterprise value of $1.7 billion. Brookfield Business Partners invested $212 million for an approximate 25% economic interest in the business, with the balance funded by institutional partners.

Liquidity

We ended the year with approximately $1.3 billion of liquidity at the corporate level including $91 million of cash and liquid securities, $25 million of remaining preferred equity commitment from Brookfield Corporation and $1.2 billion of availability on our corporate credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is $2.7 billion.

Distribution

The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on March 31, 2025 to unitholders of record as at the close of business on February 28, 2025.

Additional Information

The Board has reviewed and approved this news release, including the summarized unaudited consolidated financial statements contained herein.

Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.


^Notes:
¹	^{Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.}
²	^{Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three and twelve months ended December 31, 2024 which were 74.3 million and 74.3 million, respectively (December 31, 2023: 74.3 million and 74.5 million, respectively).}
³	^{Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on acquisitions/dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its IFRS consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included elsewhere in this news release.}
⁴	^{Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its IFRS consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.}

Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

For more information, please contact:

Conference Call and 2024 Earnings Webcast Details

Investors, analysts and other interested parties can access Brookfield Business Partners’ 2024 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

The results call can be accessed via webcast on January 31, 2025 at 10:00 a.m. Eastern Time at BBU2024Q4Webcast or participants can pre-register at BBU2024Q4ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

Brookfield Business Partners L.P.
Consolidated Statements of Financial Position

As at

US$ millions, unaudited

December 31, 2024

December 31, 2023

Assets

Cash and cash equivalents

$

3,239

$

3,252

Financial assets

12,371

13,176

Accounts and other receivable, net

6,279

6,563

Inventory and other assets

5,728

5,321

Property, plant and equipment

13,232

15,724

Deferred income tax assets

1,744

1,220

Intangible assets

18,317

20,846

Equity accounted investments

2,325

2,154

Goodwill

12,239

14,129

Total Assets

$

75,474

$

82,385

Liabilities and Equity

Liabilities

Corporate borrowings

$

2,142

$

1,440

Accounts payable and other

16,691

18,378

Non-recourse borrowings in subsidiaries of Brookfield Business Partners

36,720

40,809

Deferred income tax liabilities

2,613

3,226

Equity

Limited partners

$

1,752

$

1,909

Non-controlling interests attributable to:

Redemption-exchange units

1,644

1,792

Special limited partner

—

BBUC exchangeable shares

1,721

1,875

Preferred securities

740

740

Interest of others in operating subsidiaries

11,451

12,216

17,308

18,532

Total Liabilities and Equity

$

75,474

$

82,385


Brookfield Business Partners L.P. Consolidated Statements of Operating Results

US$ millions, unaudited	Three Months Ended December 31,						Year Ended December 31,
US$ millions, unaudited		2024			2023			2024			2023

Revenues	$	7,427		$	13,405		$	40,620		$	55,068
Direct operating costs		(6,008	)		(12,209	)		(34,883	)		(50,021	)
General and administrative expenses		(324	)		(336	)		(1,267	)		(1,538	)
Interest income (expense), net		(752	)		(858	)		(3,104	)		(3,596	)
Equity accounted income (loss), net		35			48			90			132
Impairment reversal (expense), net		(991	)		(780	)		(981	)		(831	)
Gain (loss) on acquisitions/dispositions, net		—			4,477			692			4,686
Other income (expense), net		(360	)		(344	)		(573	)		(178	)
Income (loss) before income tax		(973	)		3,403			594			3,722
Income tax (expense) recovery
Current		(158	)		(171	)		(646	)		(775	)
Deferred		23			252			947			830
Net income (loss)	$	(1,108	)	$	3,484		$	895		$	3,777
Attributable to:
Limited partners	$	(150	)	$	488		$	(37	)	$	482
Non-controlling interests attributable to:
Redemption-exchange units		(141	)		457			(35	)		451
Special limited partner		—			—			—			—
BBUC exchangeable shares		(147	)		478			(37	)		472
Preferred securities		13			17			52			83
Interest of others in operating subsidiaries		(683	)		2,044			952			2,289


Brookfield Business Partners L.P. Reconciliation of Non-IFRS Measures

US$ millions, unaudited	Three Months Ended December 31, 2024
US$ millions, unaudited			Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)		$	(955	)	$	(72	)	$	(31	)	$	(50	)	$	(1,108	)

Add or subtract the following:
Depreciation and amortization expense			223			228			328			—			779
Impairment reversal (expense), net			690			1			300			—			991
Gain (loss) on acquisitions/dispositions, net			—			—			—			—			—
Other income (expense), net¹			312			4			47			(3	)		360
Income tax (expense) recovery			28			9			115			(17	)		135
Equity accounted income (loss), net			(4	)		(12	)		(19	)		—			(35	)
Interest income (expense), net			233			166			313			40			752
Equity accounted Adjusted EBITDA²			25			47			17			—			89
Amounts attributable to non-controlling interests³			(335	)		(211	)		(764	)		—			(1,310	)
Adjusted EBITDA		$	217		$	160		$	306		$	(30	)	$	653

^Notes:
¹		^{Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $407 million related to a provision for payment of a litigation settlement at our dealer software and technology services operation, $116 million of net gains on the sale of property, plant and equipment and other assets, $57 million related to provisions recorded at our construction operation, $52 million of business separation expenses, stand-up costs and restructuring charges, $27 million of net gains on debt modification and extinguishment, $16 million of net revaluation gains and $3 million in transaction costs.}
²		^{Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.}
³		^{Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}


Brookfield Business Partners L.P. Reconciliation of Non-IFRS Measures

US$ millions, unaudited	Year Ended December 31, 2024
US$ millions, unaudited			Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)		$	(169	)	$	(347	)	$	1,654		$	(243	)	$	895

Add or subtract the following:
Depreciation and amortization expense			961			888			1,355			—			3,204
Impairment reversal (expense), net			686			(11	)		306			—			981
Gain (loss) on acquisitions/dispositions, net			(608	)		—			(84	)		—			(692	)
Other income (expense), net¹			365			32			164			12			573
Income tax (expense) recovery			75			6			(341	)		(41	)		(301	)
Equity accounted income (loss), net			(4	)		(23	)		(63	)		—			(90	)
Interest income (expense), net			972			701			1,279			152			3,104
Equity accounted Adjusted EBITDA²			79			168			61			—			308
Amounts attributable to non-controlling interests³			(1,525	)		(808	)		(3,084	)		—			(5,417	)
Adjusted EBITDA		$	832		$	606		$	1,247		$	(120	)	$	2,565

^Notes:
¹	^{Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $407 million related to a provision for payment of a litigation settlement at our dealer software and technology services operation, $251 million related to provisions recorded at our construction operation, $168 million of net revaluation gains, $158 million of business separation expenses, stand-up costs and restructuring charges, $108 million of net gains on the sale of property, plant and equipment and other assets, $52 million of net gains on debt modification and extinguishment, $50 million of other income related to a distribution at our entertainment operation, $35 million in transaction costs and $100 million of other expenses.}
²	^{Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.}
³	^{Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.}


Brookfield Business Partners L.P. Reconciliation of Non-IFRS Measures

US$ millions, unaudited	Three Months Ended December 31, 2023
US$ millions, unaudited			Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)		$	51		$	3,744		$	(264	)	$	(47	)	$	3,484

Add or subtract the following:
Depreciation and amortization expense			287			257			347			—			891
Impairment reversal (expense), net			650			33			97			—			780
Gain (loss) on acquisitions/dispositions, net			(566	)		(3,902	)		(9	)		—			(4,477	)
Other income (expense), net¹			(24	)		46			317			5			344
Income tax (expense) recovery			18			(10	)		(68	)		(21	)		(81	)
Equity accounted income (loss), net			(6	)		(22	)		(20	)		—			(48	)
Interest income (expense), net			259			225			336			38			858
Equity accounted Adjusted EBITDA²			17			51			17			—			85
Amounts attributable to non-controlling interests³			(459	)		(238	)		(531	)		—			(1,228	)
Adjusted EBITDA		$	227		$	184		$	222		$	(25	)	$	608

^Notes:
¹	^{Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $247 million loss related to the reclassification of our graphite electrode operations as a financial asset, $96 million of net gains on debt extinguishment/modifications, $80 million of business separation expenses, stand-up costs and restructuring charges, $37 million in transaction costs and $76 million of other expenses.}
²	^{Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.}
³	^{Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.}


Brookfield Business Partners L.P. Reconciliation of Non-IFRS Measures

US$ millions, unaudited	Year Ended December 31, 2023
US$ millions, unaudited			Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)		$	602		$	3,616		$	(245	)	$	(196	)	$	3,777

Add or subtract the following:
Depreciation and amortization expense			1,045			1,174			1,373			—			3,592
Impairment reversal (expense), net			656			(13	)		188			—			831
Gain (loss) on acquisitions/dispositions, net			(720	)		(3,916	)		(50	)		—			(4,686	)
Other income (expense), net¹			(138	)		(90	)		396			10			178
Income tax (expense) recovery			245			(6	)		(218	)		(76	)		(55	)
Equity accounted income (loss), net			(25	)		(51	)		(56	)		—			(132	)
Interest income (expense), net			1,031			1,051			1,369			145			3,596
Equity accounted Adjusted EBITDA²			61			183			63			—			307
Amounts attributable to non-controlling interests³			(1,857	)		(1,095	)		(1,965	)		—			(4,917	)
Adjusted EBITDA		$	900		$	853		$	855		$	(117	)	$	2,491

^Notes:
¹	^{Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $446 million of net gains on debt modification and extinguishment, $247 million loss related to the reclassification of our graphite electrode operations as a financial asset, $246 million of business separation expenses, stand-up costs and restructuring charges, $116 million in transaction costs, $93 million of net revaluation gains and $108 million of other expenses.}
²	^{Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.}
³	^{Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.}

Brookfield Business Corporation Reports 2024 Year End Results

Brookfield, News, January 31, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the year ended December 31, 2024.

	Three Months Ended December 31,					Year Ended December 31,
US$ millions, unaudited		2024			2023		2024			2023

Net income (loss) attributable to Brookfield Business Partners	$	(396	)	$	454	$	(888	)	$	519

Net loss attributable to Brookfield Business Partners for the year ended December 31, 2024 was $888 million compared to net income of $519 million in 2023 which included net gains primarily related to the sale of our nuclear technology services operation. Current year results included $208 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS. As at December 31, 2024, the exchangeable and class B shares were remeasured to reflect the closing price of $23.42 per unit.

Dividend

The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on March 31, 2025 to shareholders of record as at the close of business on February 28, 2025.

Additional Information

Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares will be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.


Brookfield Business Corporation Consolidated Statements of Financial Position

	As at
US$ millions, unaudited	December 31, 2024					December 31, 2023

Assets
Cash and cash equivalents				$	1,008			$	772
Financial assets					353				224
Accounts and other receivable, net					3,229				3,569
Inventory, net					52				61
Other assets					627				737
Property, plant and equipment					2,480				2,743
Deferred income tax assets					197				221
Intangible assets					5,966				6,931
Equity accounted investments					198				222
Goodwill					4,988				5,702
Total Assets				$	19,098			$	21,182

Liabilities and Equity
Liabilities
Accounts payable and other				$	5,276			$	4,818
Non-recourse borrowings in subsidiaries of Brookfield Business Corporation					8,490				8,823
Exchangeable and class B shares					1,709				1,501
Deferred income tax liabilities					988				1,280

Equity
Brookfield Business Partners	$	(59	)			$	880
Non-controlling interests		2,694					3,880
					2,635				4,760
Total Liabilities and Equity				$	19,098			$	21,182


Brookfield Business Corporation Consolidated Statements of Operating Results

US$ millions, unaudited	Three Months Ended December 31,						Year Ended December 31,
US$ millions, unaudited		2024			2023			2024			2023
Continuing operations
Revenues	$	2,209		$	1,946		$	8,208		$	7,683
Direct operating costs		(2,041	)		(1,749	)		(7,568	)		(6,794	)
General and administrative expenses		(107	)		(78	)		(326	)		(268	)
Interest income (expense), net		(212	)		(206	)		(832	)		(878	)
Equity accounted income (loss), net		2			2			8			3
Impairment reversal (expense), net		(689	)		(599	)		(691	)		(606	)
Gain (loss) on acquisitions/dispositions, net		—			—			—			87
Remeasurement of exchangeable and class B shares		(9	)		(392	)		(208	)		(264	)
Other income (expense), net		(469	)		44			(666	)		126
Income (loss) before income tax from continuing operations		(1,316	)		(1,032	)		(2,075	)		(911	)
Income tax (expense) recovery
Current		(8	)		(5	)		(50	)		(167	)
Deferred		42			1			198			95
Net income (loss) from continuing operations	$	(1,282	)	$	(1,036	)	$	(1,927	)	$	(983	)
Discontinued operations
Net income (loss) from discontinued operations		—			3,885			—			3,812
Net income (loss)	$	(1,282	)	$	2,849		$	(1,927	)	$	2,829
Attributable to:
Brookfield Business Partners	$	(396	)	$	454		$	(888	)	$	519
Non-controlling interests		(886	)		2,395			(1,039	)		2,310

Cautionary Statement Regarding Forward-looking Statements and Information

Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation and volatility in the financial markets; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; changes to U.S. laws or policies, including changes in U.S. domestic economic policies and foreign trade policies and tariffs; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 to be filed on Form 20-F.

Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Cautionary Statement Regarding the Use of a Non-IFRS Measure

This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our annual report for the year ended December 31, 2024 to be filed on Form 20-F.

The MIL Network –

February 1, 2025

MIL-OSI: Signing Day Sports Retains Rights as “National Recruiting Partner” to U.S. Army Bowl Through 2026 in New Deal

Source: GlobeNewswire (MIL-OSI)

SCOTTSDALE, Ariz., Jan. 31, 2025 (GLOBE NEWSWIRE) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today announced the signing of a new Sponsorship Agreement with the U.S. Army Bowl, extending its rights as “National Recruiting Partner”. The Sponsorship Agreement solidifies Signing Day Sports’ role as manager of the U.S. Army Bowl’s National Combines and specified Regional Combines, enables the Company to promote its app and services, and provides revenue-sharing opportunities.

“Our collaboration with the U.S. Army Bowl and the U.S. Army Bowl’s owner, Goat Farm Sports, has already brought over 8,000 new football users into our SaaS model app,” said Jeff Hecklinski, President of Signing Day Sports. “We are ecstatic to be able to finalize a new Sponsorship Agreement, strengthening the business relationship between Goat Farm Sports and Signing Day Sports. We want to thank Goat Farm Sports for their continued trust and support of Signing Day Sports. Based on our prior collaboration as National Recruiting Partner to the U.S. Army Bowl in 2022, 2023 and 2024, we believe that we have created and grown one of the best-known high school football combine series in the country. With the technology of Signing Day Sports and the brand of the U.S. Army Bowl, we have been able to help provide complete and necessary services to student-athletes and their families around the country to help them successfully navigate the college recruiting landscape. Over the past year alone, we have worked with almost 4,000 student-athletes and their families. Through our comprehensive webinars, individual informational sessions, and other outreach, we have helped student-athletes reach their goals of playing college football. We are excited to continue our growth and success alongside Goat Farm Sports and the U.S. Army Bowl in the coming years.”

Nearly 3,000 student-athletes participated in the 2024 U.S. Army Bowl Regional Combines, and projections exceed 4,000 in 2025. Signing Day Sports will continue to operate the U.S. Army Bowl National Combine in December 2025, now the largest high school football combine in the country. The Company will receive a $60 stipend for each athlete who attends the National Combine and pays the full registration fee. Signing Day Sports will manage specified regional combines, retaining all earnings and absorbing all costs directly with minimal overhead. Regional combines may feature an official U.S. Army Bowl academy, at which the Company will feature a 1-day combine managed and operated by the Company. The Company will receive $135 of any academy fee and commissions for assisting with academy sales. Every participant will receive their video-verified data from their combine in their Signing Day Sports app and, after their free trial period ends, will be added to the app to continue with their recruiting profile. Through the app, athletes will be able to search and communicate directly with coaches from around the country through the newly updated coaches search tab found in the app.

A copy of the Sponsorship Agreement was filed as an exhibit to the Current Report on Form 8-K filed by Signing Day Sports with the U.S. Securities and Exchange Commission (“SEC”) on January 30, 2025.

Student-athletes interested in participating in the U.S. Army Regional Combine series can register at sdscombines.com.

About Signing Day Sports

Signing Day Sports’ mission is to help student-athletes achieve their goal of playing college sports. Signing Day Sports’ app allows student-athletes to build their Signing Day Sports’ recruitment profile, which includes information college coaches need to evaluate and verify them through video technology. For more information on Signing Day Sports, go to https://bit.ly/SigningDaySports.

Forward-Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including without limitation, the Company’s ability to realize the expected benefits of its collaboration with the owner of the U.S. Army Bowl; the ability of the collaboration to yield significant revenues or other value for the Company; the Company’s ability to execute the collaboration strategy as expected; the number of student-athletes who will use and purchase subscriptions to the Company’s app through the Company’s U.S. Army Bowl collaboration; the Company’s ability to obtain additional funding to develop additional services and offerings; market acceptance of the Company’s offerings; competition from existing online offerings or new offerings that may emerge; impacts from strategic changes to the Company’s business on its net sales, revenues, income from continuing operations, or other results of operations; the Company’s ability to attract new users and customers, increase the rate of subscription renewals, and slow the rate of user attrition; the Company’s ability and third parties’ abilities to protect intellectual property rights; the Company’s ability to adequately support future growth; the Company’s ability to comply with user data privacy laws and other current or anticipated legal requirements; and the Company’s ability to attract and retain key personnel to manage its business effectively. Further information regarding factors which could affect the forward-looking statements can be found under “Risk Factors” and sections containing cautionary statements relating to forward-looking statements in the Company’s periodic reports which are filed with the Securities and Exchange Commission. These risks, uncertainties and other factors are, in some cases, beyond our control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Investor Contacts:
Crescendo Communications, LLC
212-671-1020
SGN@crescendo-ir.com

The MIL Network –

February 1, 2025

MIL-OSI: Interim report for Q1 of 2024/25 (the period 01.10.2024 – 31.12.2024)

Source: GlobeNewswire (MIL-OSI)

Nørresundby, Denmark, 31 January 2025
Announcement no. 03/2025

Q1 DELIVERS IMPROVED REVENUE AND GROSS MARGIN COMPARED TO Q1 LAST YEAR.

“We observed a significant increase in both revenue and gross margin in Q1 2024/25 compared to Q1 2023/24. Historically, Q1 is the lowest-performing quarter for RTX, as many customers reduce inventories to manage year-end working capital.

In Q1 2024/25, revenue reached DKK 101 million, with a gross margin of 51%, aligning with both our expectations and the previous quarter’s performance. While maintaining strong gross margins across segments, we remain focused on driving revenue growth.

Order intake increased in this quarter, which is an encouraging development. With short lead times on orders, our visibility for the full year remains limited. However, the first half of the financial year is expected to show an increase in both revenue and EBITDA compared to last year.”

Mille Tram Lux

HIGHLIGHTS

Revenue in Q1 2024/25 showed an increase of more than 20% compared to Q1 last year, reaching DKK 101 million compared to DKK 82 million in Q1 2023-24.
Gross margin reached a solid level of 51% for Q1 2024/25 compared to 39% in Q1 2023/24.
Q1 2024/25 showed an increase in new orders compared to previous quarter, however still with order horizons of 3-6 months.
Contract signed with Henrik Mørck Mogensen, who will take on the role as CEO of RTX from 1st of March 2025.

OUTLOOK
RTX confirms the previously announced financial outlook for 2024/25:

Revenue DKK 490 to 520 million
EBITDA DKK 0 to 20 million
EBIT DKK -35 to -15 million

RTX A/S

PETER THOSTRUP MILLE TRAM LUX
Chair CFO

Investor and analyst conference call
On Tuesday, 4 February 2025 at 10:00 CET, RTX will hold a conference call for investors and analysts hosted by Danske Bank.

To register for the conference call, please e-mail vonh@danskebank.dk.

Enquiries and further information:
Peter Thostrup, Chair, tel +45 96 32 23 00
Mille Tram Lux, CFO, tel +45 96 32 23 00

Attachments

The MIL Network –

February 1, 2025

MIL-OSI: JLT Mobile Computers AB nomination committee 2025

Source: GlobeNewswire (MIL-OSI)

Växjö, Sweden, 31 January 2025 * * * JLT Mobile Computers, announces today that, in accordance with the established principles for appointing JLT Mobile Computers’ Nomination Committee, the company’s major shareholders/shareholder groups have appointed a Nomination Committee, with Emil Hjalmarsson as convener.

The company’s Nomination Committee shall consist of three members, with one member appointed by each of the three largest shareholders. The members of the Nomination Committee are:

Jan Olofsson, representing personal holdings
Emil Hjalmarsson, appointed by AB Grenspecialisten
Wilhelm Gruvberg, appointed by Alcur Fonder

The Nomination Committee has appointed Emil Hjalmarsson as its Chairman.

The Nomination Committee is responsible for preparing proposals on the following matters to be presented for resolution at the 2025 Annual General Meeting:

Proposal for the Chairman of the Annual General Meeting
Proposal for Board members
Proposal for the Chairman of the Board
Proposal for director fees and other remuneration for Board assignments, including compensation for committee work
Proposal for the company’s auditor
Proposal for auditor’s fees
Instructions for the Nomination Committee ahead of the 2025 Annual General Meeting

Shareholders who wish to submit proposals to the Nomination Committee may do so via email to Emil Hjalmarsson at emil@grenspecialisten.com or by mail to:

JLT Mobile Computers nomination committee
Attn: Emil Hjalmarsson, AB Grenspecialisten
Box 4042
203 11 Malmö, Sweden

Proposals must be submitted no later than February 28, 2025.

Financial information about JLT is available online on: jltmobile.com/investor-relations/.

About JLT Mobile Computers

JLT Mobile Computers is a leading supplier of rugged mobile computing devices and solutions for demanding environments. 30 years of development and manufacturing experience have enabled JLT to set the standard in rugged computing, combining outstanding product quality with expert service, support and solutions to ensure trouble-free business operations for customers in warehousing, transportation, manufacturing, mining, ports and agriculture. JLT operates globally from offices in Sweden, France, and the US, complemented by an extensive network of sales partners in local markets. The company was founded in 1994, and the share has been listed on the Nasdaq First North Growth Market stock exchange since 2002 under the symbol JLT. Eminova Fondkommission AB acts as Certified Adviser. Learn more at jltmobile.com.

The MIL Network –

February 1, 2025

MIL-OSI: Navatar’s A-Game Podcast: Navigating Alternative Investments and the Impact of the Latest Election with New Republic Partners

Source: GlobeNewswire (MIL-OSI)

NEW YORK and LONDON, Jan. 31, 2025 (GLOBE NEWSWIRE) — Navatar is pleased to announce the latest episode of the A-Game podcast for private markets. In this episode, Alok Misra, CEO of Navatar, and New Republic Partners delve into the evolving landscape of alternative investments, offering valuable insights for family offices and investment professionals. Their discussion covers the impact of the recent election and the new regime on investment strategies.

New Republic Partners shares their team’s extensive experience in alternative asset funds, discussing the importance of understanding various asset classes and the challenges family offices face in building scalable and sophisticated investment models.
Listeners will gain a deeper understanding of the operational challenges in managing alternative investments, the potential opportunities in private credit, secondary markets, and venture capital, and the importance of collaboration and partnerships in navigating the alternative investment landscape.

Don’t miss this opportunity to learn from industry leaders. The entire episode can be viewed here:

https://www.youtube.com/watch?v=ID7UmNB7hd0&t=2s

About Navatar
Navatar (@navatargroup), the CRM platform for alternative assets and investment banking firms, enables investment professionals make informed decisions based on superior proprietary intelligence. Navatar is used by hundreds of firms including private equity funds, M&A boutiques and bulge brackets, fund of funds, multi-asset credit, hedge funds, real estate funds, venture capital firms, corporate development groups, family offices, private placement and other financial services companies. For more information, visit www.navatargroup.com.

About New Republic Partners
New Republic Partners (“NRP”) is an innovative investment management and wealth advisory firm serving families, business owners, endowments and foundations. We believe clients benefit from access to investment opportunities usually reserved for large institutional investors and the expertise and experience of a successful and seasoned investment management, wealth advisory and family office solutions team. NRP is headquartered in Charlotte, North Carolina, and serves clients across the U.S. with regional offices. More information is available at New Republic Partners.
New Republic Capital, LLC (which does business as New Republic Partners) is an investment adviser with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about New Republic Capital’s advisory services can be found in its Form ADV Part 2 and/or Form CRS, both of which are available upon request.

Sales Team
Navatar
sales@navatargroup.com

The MIL Network –

February 1, 2025

MIL-OSI: Banco Santander-Chile Announces Fourth Quarter 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Jan. 31, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its results¹ for the twelve-month period ended December 31, 2024, and fourth quarter 2024 (4Q24).

Strong Financial Performance with ROAE²of 26.0% in 4Q24³and 20.2% in 12M24⁴.

As of December 31, 2024, the Bank’s net income attributable to shareholders totaled $858 billion ($4.55 per share and US$1.83 per ADR), marking a 72.8% increase compared to the same period of the previous year and with an ROAE of 20.2%.

In 4Q24, net income attributable to shareholders of the Bank totaled $277 billion, increasing 13.7% in the quarter with a quarterly ROAE of 26.0%. This marks the third consecutive quarter with an ROAE above 20%.

The improvement in results is explained by an increase in the Bank’s main revenue lines. Operating income increased by 34.5% YoY, supported by a stronger interest margin and readjustments.

Robust NIM⁵recovery, reaching 3.6% in 2024 and 4.2% in 4Q24.

Net interest and readjustment income (NII) for the year ended December 31, 2024 increased by 62.1% compared to the same period in 2023. This growth was primarily due to higher net interest income, resulting from a lower monetary policy rate that reduced our funding costs from 6.8% to 4.7% in 12M24. This was partially offset by lower readjustment income due to a smaller variation in the UF compared to the previous year. Consequently, the NIM improved from 2.2% in 2023 to 3.6% in 2024, and further to 4.2% in 4Q24.

Continued Expansion of Customer Base with a 6.4% YoY Increase in Total Customers and a 5.9% YoY Increase in Digital Customers

Our strategy to enhance digital products has led to a continued growth in our customer base reaching approximately 4.3 million customers, with over 2.2 million digital customers (88% of our active customers).

The Bank’s market share in current accounts remains robust at 23.2% as of October 2024, driven by increased customer demand for US dollar current accounts which can be easily opened digitally by our customers. It also demonstrates the success of Getnet’s strategy in encouraging cross-selling of other products such as the Cuenta Pyme Life.

Customer funds increased 4.7% QoQ and 12.6% since December 2023.

Customer funds (demand deposits, time deposits and mutual funds) increased by 4.7% QoQ and 12.6% from December 2023, reflecting client growth and fund accumulation. The Bank’s total deposits increased by 5.7% from December 31, 2023, explained by the 5.3% increase in demand deposits and the 6.0% increase in time deposits. In the quarter, total deposits grew by 5.9%, with demand deposits up by 8.7% and time deposits by 3.7%. The strong growth in the quarter is explained by the seasonality of deposits at the end of the year, especially among corporate clients.

Our customer’s investments through mutual funds intermediated by the Bank also grew in the quarter, reaching an increase of 2.2% QoQ and 32.6% since December 31, 2023, given the clients’ preference for mutual funds in this scenario of falling rates.

Net fees and commissions increase 8.8% in 12M24, achieving a recurrence⁶level of 60.3%.

Net fees increased 8.8% in the twelve months ended December 31, 2024 compared to the same period in 2023 due to increased client numbers and higher product usage. As a result, the recurrence ratio (total net fees divided by structural support expenses) increased from 57.4% YTD as of December 2023 to 60.3% YTD as of December 2024, demonstrating that more than half of the Bank’s expenses are financed by fees generated by our clients.

Efficiency ratio of 36.5% in 4Q24 and 39.0% in 4Q24

The Bank’s efficiency ratio reached 39.0% as of December 31, 2024, compared to the 46.6% of the same period last year, with a quarterly efficiency ratio of 36.5%. On the other hand, the cost to assets ratio increased to 1.5% in 12M24 vs. 1.3% in the same period of the previous year.

Structural support expenses (salaries, administration and amortization) grew 3.5% in 12M24 compared to 12M23, below inflation, and in line with the guidance provided previously and a slight decrease of 1.8% compared to 3Q24 mainly due to lower salary expenses.

Total operating expenses (which includes other expenses) increased 12.4% in 12M24 compared to 12M23 driven by higher other operating expenses, related to a provision for the restructuring of our branch network and the transformation to Work/Café and also advances in digital banking.

Cost of credit of 1.29% in 12M24, and NPL coverage at 115.4%

During the Covid-19 pandemic, asset quality benefited from state aid and pension fund withdrawals, which led to a positive performance in assets during that period, before normalizing in line with the performance of the economy and the drainage of excess liquidity from households. Currently, our clients’ performance is reflecting the state of the economy and the labor market, where delinquency is higher than the levels we saw before the pandemic with the non-performing loans (NPL) ratio increasing to 3.2% and the impaired portfolio to 6.7% at December 2024. Overall the cost of credit remained stable at 1.29% in the quarter.

Solid capital levels with a BIS⁷ratio of 17.1% and a CET1⁸of 10.5%.

Our CET1 (Common Equity Tier 1) ratio remains at solid levels of 10.5% and the total Basel III ratio reaches 17.1% at the end of December 2024, which includes a provision of dividend payment of 70% of 2024 earnings.

We made significant progress in our Chile First strategy in 2024

Largest bank in terms of loans and deposits (16.9% market share according to latest information from the CMF).
More than US$ 450 million committed to invest in infrastructure and technology between 2023 and 2026.
A total of 99 Workcafés in Chile, serving our clients and the community in their different formats.
Recognized by Euromoney as the Best Bank in the Country in the SME and ESG Categories.
The only Chilean bank included in the DJSI emerging markets and within the top 3% of the most sustainable banks in the world.
Top Employer Certification January 2025 (seventh consecutive year).
Recognized as the Best Bank in Chile for SMEs by Global Finance.
ALAS20: First place in the category of leading company in sustainability.
Institutional Investor: “Most Honored Company.”

Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a stable outlook.

As of December 31, 2024, the Bank has total assets of $68,458,933 million (US$68,865 million), total gross loans (including loans to banks) at amortized cost of $41,323,844 million (US$41,569 million), total deposits of $31,359,234 million (US$31,545 million) and shareholders’ equity of $4,292,440 million (US$4,318 million). The BIS capital ratio was 17.1%, with a core capital ratio of 10.5%. As of December 31, 2024, Santander Chile employs 8,757 people and has 236 branches throughout Chile.

CONTACT INFORMATION
Cristian Vicuña
Chief Strategy Officer and Head of Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Email: irelations@santander.cl Website: www.santander.cl

1 The information contained in this report is presented in accordance with Chilean Bank GAAP as defined by the Financial Markets Commission (FMC).
2 Annualized net income attributable to shareholders of the Bank divided by the average equity attributable to equity holders
3 The fourth quarter of 2024
4 The twelve months accumulated as of December31, 2024
5 NIM: Net interest margin. Annualized net interest income and annualized readjustments divided by interest-earning assets
6Recurrence: Net commissions divided by structural operating expenses (excludes other operating expenses).
7 Regulatory capital divided by risk-weighted assets, according to CMF BIS III definitions
8 Core capital divided by risk-weighted assets, according to CMF BIS III definitions.

The MIL Network –

February 1, 2025

MIL-OSI: Netcompany – Notice to convene the Annual General Meeting 2025

Source: GlobeNewswire (MIL-OSI)

Company announcement
No. 08/2025

31 January 2025

The Annual General Meeting of Netcompany Group A/S will be held on Tuesday, 4 March 2025 at 15:00 (CET).

The Annual General Meeting will be held completely electronically and admission and participation in the General Meeting will solely take place via the internet in accordance with the Articles of Association section 7.2 and as further described in the notice. Physical attendance will not be possible.

The notice to convene the Annual General Meeting, including appendix 1 (Description of the candidates for the Board of Directors) is enclosed.

Further information about the Annual General Meeting is available at:
https://netcompany.com/investor/general-meetings/.

Additional information
For additional information, please contact:

Netcompany Group A/S
Thomas Johansen, CFO, +45 51 19 32 24
Frederikke Linde, Head of IR, +45 60 62 60 87

Attachments

The MIL Network –

February 1, 2025

MIL-OSI: Speakers at Biz2X Frontiers of Digital Finance Conference Kick Off 2025 and Predict What’s Next in Fintech and Business Finance

Source: GlobeNewswire (MIL-OSI)

NEW YORK and MIAMI, Jan. 31, 2025 (GLOBE NEWSWIRE) — The Biz2X 2025 Frontiers of Digital Finance (FDF) Conference at University of Miami’s Business School, held on January 14, brought together top global leaders in technology, business and government to examine the rapidly changing digital finance landscape, particularly AI’s transformative impact on small business lending. For video highlights, click here.

FDF assembled a ‘Who’s Who’ of digital finance experts who delved into major issues, such as potential changes in regulation in the new Trump administration, increased use of AI in lending, and the rise of alternative lenders. Speakers from over 25 organizations were represented, in an invite-only audience of more than 200 delegates. Among the A-List speakers were:

Former Congressman Patrick McHenry, who served as Chair of the House Financial Services Committee for the past two years. His keynote address, The Future of Fintech Regulation, drew upon his more than two-decades in Congress. The session was moderated by Charlie Gasparino of Fox Business News.
USAA President & CEO Wayne Peacock spoke about Leadership in Fintech in The Next Decade. Under Peacock’s visionary leadership, USAA has become a household name. At FDF, he shared insights from his expertise in mission-driven leadership to navigate the evolving financial services landscape.
Jim Esposito, President of Citadel Securities, led a discussion entitled Building the Future: Technology in Financial Markets in which he shared his insights for driving long-term growth and building global client and partner relationships.
Miami Mayor Francis X. Suarez examined Where Innovation Meets Opportunity – A Legal and Economic Vision, together with legendary litigator Marc Kasowitz from Kasowitz Benson Torres. They shared their perspectives on the legal and economic forces shaping today’s business landscape, and Mayor Suarez explored how cities like Miami can become innovation hubs for the private sector.

BCG & Biz2X Launch New SMB Finance White Paper at FDF Miami

Biz2X partnered with Boston Consulting Group (BCG), one of the world’s top business consulting firms, to unveil a brand-new proprietary white paper entitled, The Forthcoming Revolution in Small Business Lending.

The study examines the rapidly changing dynamics of small business lending. Biz2X and BCG analyzed the reasons why banks — particularly the country’s largest institutions — place limitations on lending to small and medium-sized businesses. BCG identifies a global small business funding gap that exceeds $5 trillion.

Biz2X and BCG conclude that SMB lending must be fundamentally altered through technology such as digital lending platforms to achieve lower risk, broader access to capital, and a significantly-improved digital experience for both borrowers and lenders. To download the full report, click here.

Looking Ahead to Future FDF Conferences

“FDF Miami 2025 was the highest-attended conference yet in our continuing series of these events. Our goal with FDF is to create a platform that drives the finance industry forward by bringing together the right people from all sides of industry and policy,” said Conference Chair and the CEO & Co-Founder of Biz2X, Rohit Arora.

Future editions of FDF in 2025 are being planned in Riyadh and Mumbai, along with a likely return to Miami, with dates to be announced. For more information about FDF sponsors, speakers, and to see exclusive content from FDF Miami and previous FDF events, visit frontiersofdigitalfinance.com.

About Frontiers of Digital Finance (FDF)
FDF is an invitation only, global conference series that assembles global experts in the field. These include top financial institutions, innovative startups, investors, policy makers, technologists, and other leaders to learn about trends in digital finance and build relationships with key executives in the fintech industry.

Attendees gain valuable insights from distinguished speakers and forge meaningful connections with key industry executives through curated networking events. Previous conferences have been held in some of the world’s most dynamic financial hubs: Dubai, Riyadh, Abu Dhabi, Mumbai, New York (at Columbia Business School) and Miami. Visit frontiersofdigitalfinance.com and LinkedIn for more information and highlights from the conferences.

About Biz2X
Biz2X^® is the digital lending platform chosen by successful business lenders, with more than $10 billion funded globally to businesses through the company’s innovative technology. The platform has been chosen for business lending at banks and financial institutions around the world. Lenders choose the platform because they want to transform their lending practices digitally. Biz2X makes this possible through best-in-class technology and AI-powered underwriting models. Biz2X LLC is a subsidiary of Biz2Credit. Visit Biz2X.com for more information.

Contact: John Mooney, Over The Moon PR, 908-720-6057, john@overthemoonpr.com

The MIL Network –

February 1, 2025

MIL-OSI: SBM Offshore completes the Share Purchase Agreements with MISC Berhad

Source: GlobeNewswire (MIL-OSI)

Amsterdam, January 31, 2025

SBM Offshore confirms it has completed the transactions related to the Share Purchase Agreements announced on September 6, 2024 with its partner MISC Berhad for:

i) the acquisition of MISC Berhad’s entire effective equity interest in the lease and operating entities related to the FPSO Espirito Santo in Brazil; and

ii) the full divestment to MISC Berhad of SBM Offshore’s effective equity interest in the lease and operating entities of the FPSO Kikeh in Malaysia.

This transaction furthers SBM Offshore’s efforts to rationalize our portfolio to ‘maintain focus and excellence’ of our operations.

Corporate Profile

SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.
More than 7,400 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.
For further information, please visit our website at www.sbmoffshore.com.

Financial Calendar	Date	Year
Full Year 2024 Earnings	February 20	2025
Annual General Meeting	April 9	2025
First Quarter 2025 Trading Update	May 15	2025
Half Year 2025 Earnings	August 7	2025
Third Quarter 2025 Trading Update	November 13	2025

For further information, please contact:
Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager

Media Relations

Giampaolo Arghittu
Head of External Relations

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

Disclaimer
Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impact, Risk and Opportunity Management’ section of the 2023 Annual Report.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the Half-Year Management Report accompanying the Half Year Earnings 2024 report, available on our website https://www.sbmoffshore.com/investors/financial-disclosures.

Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

“SBM Offshore^®“, the SBM logomark, “Fast4Ward^®”, “emissionZERO^®” and “F4W^®” are proprietary marks owned by SBM Offshore.

Attachment

SBM Offshore completes the Share Purchase Agreements with MISC Berhad

The MIL Network –

January 31, 2025

MIL-OSI: EIB submits form 18-K/A Amendment No.11: EIB Group announces preliminary unaudited operational results 2024

Source: GlobeNewswire (MIL-OSI)

For immediate release

31 January 2025

EIB submits SEC Form 18-K/A Amendment No. 11

The European Investment Bank (EIB) has submitted its SEC Form 18-K/A Amendment No. 11.

To view the document, please go to: EDGAR Filing Documents for 0000950157-25-000089

The 18-K/A has also been posted on the EIB website: Amendment to the Annual Report 2023 (Form 18-K/A Amendment No 11)

ENDS

The MIL Network –

January 31, 2025

MIL-OSI: BNP Paribas Primary New Issues: POST STAB Notice – OVH Groupe SA

Source: GlobeNewswire (MIL-OSI)

29/1/2025

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

[OVH Groupe SA]

Post-stabilisation Period Announcement

NO STABILISATION CARRIED OUT

[Further to the pre-stabilisation period announcement dated 29/1/2025] BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222) hereby gives notice that no stabilisation (within the meaning of Article 3.2(d) of the Market Abuse Regulation (EU/596/2014)) was undertaken by the Stabilisation Manager(s) named below in relation to the offer of the following securities.

Securities

Issuer:	OVH GROUPE SA
Guarantor(s) (if any):	N/A
Aggregate nominal amount:	EUR 500,000,000
Description:	4.75% Senior Unsecured Notes 2031
Offer price:	100

Stabilisation Manager(s)

Name(s):

BNP PARIBAS, JP MORGAN, CREDIT AGRICOLE, HSBC, NATIXIS, LA BANQUE POSTALE, SCOTIABANK

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement is not an offer of securities for sale into the United States. The securities referred to above have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There has not been and will not be a public offer of the securities in the United States.

The MIL Network –

January 31, 2025

MIL-OSI: Shareholders’ Nomination Board’s proposal for the composition of Aktia Bank’s Board of Directors and their remuneration

Source: GlobeNewswire (MIL-OSI)

Aktia Bank Plc
Stock Exchange Release
31 January 2025 at 11.00 a.m.

Shareholders’ Nomination Board’s proposal for the composition of Aktia Bank’s Board of Directors and their remuneration

The Shareholders’ Nomination Board of Aktia Bank Plc has decided to present the following proposal to the Annual General Meeting 2025 of Aktia Bank:

The number of the members of the Board of Directors is proposed to be decreased from nine and set to seven.

The Shareholders’ Nomination Board proposes that of the present members of the Board of Directors, Joakim Frimodig, Carl Haglund, Maria Jerhamre Engström, Harri Lauslahti and Matts Rosenberg, based on their consent, be re-elected for a term continuing up until the end of the next Annual General Meeting. For more information on the Board members proposed to be re-elected, please see the company’s website at www.aktia.com. Ann Grevelius, Sari Pohjonen, Johannes Schulman and Lasse Svens have informed that they will not be available for re-election.

The Shareholders’ Nomination Board also proposes that Hanne Katrama and Sari Somerkallio are elected as new Board members for the same term, based on their consent. Further information on the new Board members proposed to be elected has been attached to this release and can be found closer to the Annual General Meeting on the company’s website www.aktia.com.

Should any of the candidates presented above not be available to be elected to the Board, the proposed number of Board members shall be decreased accordingly and the available candidates are proposed to be elected accordingly.

All the proposed persons are independent in relation to the company according to the definition of the Corporate Governance Code. Only Matts Rosenberg is not independent of a significant shareholder since he is the chair of the board of RG Partners Oy, the largest shareholder (10.13%) of Aktia Bank. In addition, Rosenberg is the CEO of of Rettig Oy Ab, which is the largest owner of RG Partners Oy.

All the proposed persons have informed that they intend, if they are elected, to elect Matts Rosenberg amongst them as Chair of the Board of Directors and to re-elect Joakim Frimodig as Deputy Chair.

Regarding the selection procedure for the members of the Board of Directors, the Shareholders’ Nomination Board recommends that shareholders take a position on the proposal as a whole at the General Meeting. This recommendation is based on the fact that at Aktia the Shareholders’ Nomination Board is separate from the Board of Directors and, in addition to ensuring that individual nominees for membership of the Board of Directors possess the required competences, it is also responsible for making sure that the proposed Board of Directors as a whole also has the best possible expertise and experience for the company and that the composition of the Board of Directors also meets other requirements set for credit institutions as well as the requirements of the Finnish Corporate Governance Code for listed companies.

The Nomination Board proposes that the remuneration for the Board of Directors for the term be unchanged from the current term and determined as follows:

Chair, EUR 75,000 (2024: EUR 75,000)
Deputy Chair, EUR 50,000 (2024: EUR 50,000)
member, EUR 40,000 (2024: EUR 40,000)

Annual remunerations for the Chairs of each Committee as well as meeting remunerations are proposed to be unchanged, meaning that it is proposed that the Chair of each Committee will further receive an annual remuneration of EUR 8,000. The proposed meeting remuneration for Board and Committee meetings is EUR 700 per attended meeting for each person (EUR 700 per attended meeting for each person in 2024). If participation in a board meeting requires travelling outside the board member’s country of residence, the remuneration for board meeting is EUR 1,400 per attended meeting for each person (EUR 1,400 per attended meeting for each person in 2024). The remuneration of the members of the Board is not treated as income forming basis for earnings-related pension. Compensation for travel and accommodation expenses as well as a daily allowance is paid in line with the Finnish Tax Administration’s guidelines and the travel instructions of the company.

The Nomination Board proposes that approximately 40% of the annual remuneration (gross amount) shall be paid to the members in the form of Aktia shares. The company will on account of the Board members acquire Aktia shares on the market to the price that is formed through public trading or it will transfer the company’s own shares to the Board members and the rest of the annual remuneration payable is paid in cash. The shares are acquired or transferred during a two-week time period from the day following the company’s interim report for 1 January 2025–31 March 2025 is published or as soon as possible in accordance with applicable legislation. If the remuneration can’t be paid in shares, it can be paid in cash entirely. The company will be responsible for all expenses and the possible transfer tax for acquiring or transferring the shares.

The proposals of the Nomination Board will be included in the summons of the Annual General Meeting.

Chair of the Shareholders’ Nomination Board of Aktia Bank is Gisela Knuts (appointed by the Pension Insurance Company Veritas and the companies controlled by Erkki Etola), members are Georg Ehrnrooth (appointed by RG Partners Oy), Stefan Wallin (appointed by the Åbo Akademi University Foundation) and Johan Hammarén (appointed by Oy Hammarén & Co Ab), and Lasse Svens, Chair of the Board of Directors of Aktia Bank acts as an expert.

Aktia Bank Plc

Further information:
Gisela Knuts, Chair of the Nomination Board, tel. +358 40 769 8265

Distribution:
Nasdaq Helsinki Ltd
Mass media
www.aktia.com

Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 30 September 2024 amounted to EUR 14.3 billion, and the balance sheet total was EUR 12.0 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

Attachment

Attachment_Information_on_proposed_new_Board_members_for_Aktia_Bank

The MIL Network –

January 31, 2025

MIL-OSI: MEXC Zero-Fee Event for European Traders: 108 Spot Pairs and All EUR Spot Trading Pairs

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Jan. 31, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, is excited to launch a limited-time Zero-Fee Event for European traders. During this limited-time promotion, all EUR Spot trading pairs, as well as a total of 108 Spot trading pairs, will be offered with zero fees, providing exceptional trading opportunities and cost savings for the European cryptocurrency community.

Event Details

The Zero-Fee Event will run from January 23, 2025, to March 31, 2025. During this period, all EUR Spot trading pairs will have 0% maker and taker fees. This promotion is available to all MEXC users.

In addition to EUR Spot pairs, MEXC is also offering zero fees for other trading pairs in Europe.
MEXC offers a total of 108 Spot trading pairs, including:

81 pairs with USDC
5 pairs with USDT
22 pairs with EUR

MEXC will also offer 29 Futures trading pairs as part of the zero-fee event.

User-Centered Benefits for European Traders

According to the latest TokenInsight research report, MEXC demonstrated considerable growth and market presence in 2024, securing a spot among the top 6 in Spot trading and the top 5 in derivatives trading.

The report reveals that MEXC’s market share in the Spot market increased by approximately 9%, reaching 11.6% compared to 2023. In the derivatives market, MEXC also achieved a 10.4% year-over-year growth in market share, the largest increase among major exchanges. This growth is fueled by MEXC’s low fees, exclusive trading events, and flexible token listing strategy.

As Europe is a key market for MEXC, the platform is offering the Zero-Fee Event as a way to give back to European traders, helping them reduce trading costs and maximize their profit potential.

Beyond this event, MEXC delivers four key advantages that have earned the trust of over 30 million users across 170+ countries:

M: Most Trending Tokens
MEXC has over 3,000 token listings and almost lists new tokens daily, offering users a wide range of options and the ability to stay on top of the latest market trends.

E: Everyday Airdrops
MEXC brings users frequent rewards and opportunities. In 2024 alone, the platform completed 2,293 airdrops, distributing over $136 million in rewards.

X: Xtremely Low Fees
MEXC offers highly competitive trading fees, allowing users to significantly reduce their costs compared to industry standards.

C: Comprehensive Liquidity
With deep market depth and high liquidity, MEXC ensures efficient and seamless execution of every transaction, even in volatile markets.

MEXC states that it will continue to prioritize innovation and user experience, launching new tools and services that meet the needs of global traders, with the aim of making cryptocurrency trading simpler and more profitable for every trader.

For more details on the event and its rules, please refer to the Event Announcement.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Risk Disclaimer:
The information provided in this article about cryptocurrencies does not represent MEXC’s official stance or investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully evaluate market fluctuations, project fundamentals, and potential financial risks before making any trading decisions.

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

Disclaimer: This content is provided by MEXC. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9886c09c-dd1c-4df2-90f9-f0ebe65f2479

The MIL Network –

January 31, 2025

MIL-OSI: BNP Paribas Primary New Issues: POST STAB Notice – ENGINEERING INGEGNERIA INFORMATICA S.P.A

Source: GlobeNewswire (MIL-OSI)

[29/1/2025]

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

[ENGINEERING INGEGNERIA INFORMATICA S.P.A]

Post-stabilisation Period Announcement

NO STABILISATION CARRIED OUT

[Further to the pre-stabilisation period announcement dated [29/1/2025] BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222) hereby gives notice that no stabilisation (within the meaning of Article 3.2(d) of the Market Abuse Regulation (EU/596/2014)) was undertaken by the Stabilisation Manager(s) named below in relation to the offer of the following securities.

Securities

Issuer:	ENGINEERING INGEGNERIA INFORMATICA S.P.A
Guarantor(s) (if any):	N/A
Aggregate nominal amount:	EUR 300,000,000 EUR 350,000,000
Description:	8.625% FIXED 2030 FRN notes due 2030
Offer price:	100 100

Stabilisation Manager(s)

Name(s):

Joint GloCo -BNP PARIBAS, UBS
Joint Books – Banca Akros,CACIB, DB, Intesa, GS, Nomura, UCI

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement is not an offer of securities for sale into the United States. The securities referred to above have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There has not been and will not be a public offer of the securities in the United States.

The MIL Network –

January 31, 2025

MIL-OSI: Jyske Realkredit explores the possibilities of issuing a new euro denominated benchmark covered bond

Source: GlobeNewswire (MIL-OSI)

To Nasdaq Copenhagen A/S 31^th of January 2025
Announcement no. 9/2025

Jyske Realkredit explores the possibilities of issuing a new euro denominated benchmark covered bond

Jyske Realkredit has mandated Jyske Bank, Danske Bank, Commerzbank, TD Securities and DekaBank to explore the possibilities of issuing a new euro denominated covered bond out of capital centre E. A benchmark transaction is expected to be launched.

Questions may be addressed to Anders Lund Hansen, Executive Vice President, tel. (+45) 89 89 92 20 or Christian Bech-Ravn, Head of Investor Relations, tel. (+45) 89 89 92 25.

The information will also be available on Jyske Realkredit’s web site at jyskerealkredit.com.

Yours sincerely

Jyske Realkredit A/S

Please observe that the Danish version of this announcement prevails.

The MIL Network –

January 31, 2025

MIL-OSI: WOOD & Co Reinitiated Coverage of Šiaulių Bankas

Source: GlobeNewswire (MIL-OSI)

31 January 2025. WOOD & Co, a leading regional investment bank in Emerging Europe, has reinitiated independent equity research coverage of Šiaulių Bankas (SAB1L). The initiation report includes an analysis suggesting a target price of EUR 0.96.

WOOD & Company Financial Services teams, located in Warsaw, Prague, Bucharest, Bratislava, Milan and London are highly experienced, have deep roots in Emerging Europe, providing wide range of products and services for investors, including Equity Sales, Electronic Trading, DMA and FIX, Equity Structured Products, Equity Research and Equity Capital Markets.

Šiaulių Bankas stock is also covered by Swedbank, Estonian investment research firm Enlight Research, Norwegian investment bank Norne Securities and Erste Group Research. The analysts’ evaluations are available to investors on Šiaulių Bankas IR website.

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

Additional information:
Tomas Varenbergas
Head of Investment Management Division
tomas.varenbergas@sb.lt

The MIL Network –

January 31, 2025

MIL-OSI: Quadient Reports Strong Year-End Locker Usage Growth in Multifamily and Higher Education Campuses in North America

Source: GlobeNewswire (MIL-OSI)

Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, announces strong year-end momentum in the adoption and usage of its Parcel Pending by Quadient locker network across multifamily and higher education campuses in North America.

In the last three months of 2024, Quadient saw a 16% year-over-year increase in total package volume across higher education and multifamily clients, outpacing the installed base growth, with universities showing particularly strong momentum at 23% year-over-year growth. Beyond parcel delivery, universities are increasingly leveraging Quadient smart lockers for academic materials, equipment, mail, and food pantry orders—providing students and staff with a secure delivery management solution.

“Our sustained usage growth in the North American parcel locker network reflects the increasing need for reliable, automated solutions to manage growing parcel volumes efficiently,” said Austin Maddox, executive vice president, Lockers Automation North America at Quadient. “Universities and residential communities are looking for ways to enhance convenience, security, and operations while meeting the evolving expectations of students and residents. We are committed to supporting them with innovative, scalable locker solutions that simplify logistics, reduce workload, and provide seamless, 24/7 access to essential deliveries.”

Quadient provides smart locker solutions for multifamily residential properties, universities, distributors, retailers, carriers and commercial clients. As a leader in global open locker networks, Quadient’s vertical-, location-, and carrier-agnostic technology enables seamless delivery and pickup experiences. With over 25,000 locker units deployed worldwide and continued investments in innovation and service excellence, Quadient is well-positioned to significantly exceed €100 million in Lockers revenue by 2025, improve profitability, and move closer to its 2030 goal of a 40,000-unit installed base.

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 www.quadient.com.

Contacts

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

Attachment

PR Quadient NORAM Locker usage growth_EN

The MIL Network –

January 31, 2025

MIL-OSI: Information about shares issued by INVL Technology and votes granted

Source: GlobeNewswire (MIL-OSI)

Please be informed, that on 30 January 2025 INVL Technology has transferred part of its shares – 18,568 units – to the employees of INVL Technology’s subsidiaries, who acquired the right to realization of the option right under the basis and terms of signed option agreements. Considering this, INVL Technology hereby announces the data on its issued shares as of 30 January 2025:

Type of shares	Number of shares and total voting rights granted by the issued shares, units	Number of votes for the quorum of the General Shareholders Meeting, units	Nominal value, EUR	Total nominal Value and authorized capital, EUR	Portion of the authorized capital, %
Ordinary registered shares	12,175,321	12,008,423	0.29	3,530,843.09	100

The person authorized to provide additional information:
INVL Technology Managing Partner
Kazimieras Tonkūnas
E-mail k.tonkunas@invltechnology.lt

The MIL Network –

January 31, 2025

MIL-OSI: Webcast details for Capital Markets Day presentation on 12 February 2025

Source: GlobeNewswire (MIL-OSI)

Orrön Energy AB (“Orrön Energy”) will publish its financial report for the fourth quarter and full year 2024 on Wednesday 12 February 2025 at 07:30 CET, followed by a Capital Markets Day presentation at 14:00 CET.

Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orrön Energy and its future growth strategy, together with members of Orrön Energy’s management team, at a webcast held on 12 February 2025 at 14:00 CET. The presentation will be followed by a question-and-answer session.

Follow the presentation live on the below webcast link:
https://orron-energy.events.inderes.com/cmd-2025

For further information, please contact:

Robert Eriksson
Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15
robert.eriksson@orron.com

Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68
jenny.sandstrom@orron.com

Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany and France. With significant financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

Forward-looking statements
Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

Attachment

Orrön Energy – Webcast details Q4 and CMD – 31012025en

The MIL Network –

January 31, 2025

MIL-OSI: BW Energy: Fourth Quarter Results 2024

Source: GlobeNewswire (MIL-OSI)

BW ENERGY FOURTH QUARTER RESULTS 2024

HIGHLIGHTS

•          Record Q4 EBITDA of USD 141.6 million, net profit of USD 56.8 million
•          Full-year revenue of USD 0.8 billion (+57%), EBITDA of USD 457.4 million (+90%) and net profit of USD 165.9 million (+105%)
•          Operational cash-flow of USD 117.7 million in the quarter
•          Q4 gross production of 4.0 mmbbls with 3.1 mmbbls net to BW Energy
•          Highest quarterly production since inception from the Dussafu licence
•          ESP replacement program completed as planned with 8 producing Hibiscus / Ruche wells from early 2025
•          Current gross production at Dussafu above 40,000 bbls/day
•          Maintained a strong balance sheet with cash position of USD 221.8 million

BW Energy, operator of the Dussafu Marin licence in Gabon and the Golfinho cluster offshore Brazil, reported a record quarterly EBITDA of USD 141.6 million for the fourth quarter of 2024. This was up from USD 130 million in the previous quarter on increased oil sales following all-time-high production in Gabon. The net production was 33,600 bbls/day, including the Tortue, Hibiscus, and Hibiscus South fields in the Dussafu licence (73.5% working interest or “WI”) and the Golfinho field (100% WI).

Full-year 2024 net production was approximately 10.1 million barrels of oil, up 69% from 2023. EBITDA was USD 457.4 million (USD 241.0 million). The full-year figures are preliminary and unaudited. BW Energy will publish audited 2024 figures on 26 February 2025.

“BW Energy delivers strong production growth, increased reserves and record financial performance in the fourth quarter and full year 2024 supported by new ESPs, successful appraisal wells and the completion of the Hibiscus / Ruche development,” said Carl K. Arnet, the CEO of BW Energy. “We have a pivotal 2025 ahead, executing on our strategy for growth and long-term value creation. Appraisal of the Bourdon structure in Gabon is ongoing, and we plan to sanction the Maromba development in Brazil in coming weeks. Then, in the second half we will drill the first Kudu appraisal in Namibia, a high impact well which may help unlock secure access to energy in a part of Southern Africa with unstable supply.”

DUSSAFU
BW Energy completed three liftings in the fourth quarter at an average realised price of USD 72.5/bbl. Net production was approximately 2.5 mmbbls of oil and the net sold volume, the basis for revenue recognition, was approximately 2.7 mmbbls including 97,500 bbls of DMO deliveries and 311,429 bbls of state profit oil with an under-lift position of 248,700 bbls at period-end.

Net production from the Dussafu licence averaged ~27,300 bbls/day, an increase of 36% from the previous quarter. Operating cost (excluding royalties) decreased to USD 18.5/bbl from USD 20.5/bbl in the third quarter due to operational efficiencies and increased production. Further cost savings are expected as BW Energy is preparing to take over the operations of the BW Adolo FPSO during the first half of 2025.

All ESP change outs were completed as planned and on 2 January 2025, Phase 1 of the Hibiscus / Ruche development was completed with eight producing wells, two more than planned at project sanction.

GOLFINHO
Net production from the Golfinho field averaged ~6,400 bbls/day equivalent to a total production of 585,000 bbls in the quarter, up 17% from the previous quarter. A planned shutdown of a Petrobras gas plant restricted gaslift capacity for approximately 40 days, with only ESP wells producing. One lifting was carried out of ~500,000 bbls at a realised price of USD 73.5/bbl. Remaining inventory was approximately 440,500 bbls at the end of the period. Operating cost (excluding royalties) averaged USD 56.4/bbl barrel, down from 63.3/bbl in the third quarter, primarily due to higher production.

OTHER ITEMS
At 31 December 2024, BW Energy had a cash balance of USD 221.8 million, compared to USD 209.8 million at end-September. The increase reflects cash flow from operations, debt repayment and investments. The Company had a total drawn debt balance of USD 563 million including the MaBoMo lease, the Dussafu RBL, the Golfinho prepayment facility and bond debt.

Production guidance for 2025 is between 11 and 12 mmbbls net to BW Energy. Full-year operating cost is expected to be USD 18 to 22/bbl (the basis for calculating unit operating cost has been revised from 2025 onwards to exclude royalties, tariffs, workovers, domestic market obligation purchases, production sharing costs, and incorporates the impact of IFRS 16 adjustments, primarily impacting Gabon operations). Net capital expenditures are expected at USD 260 to 285 million, including the appraisal well in Namibia. The capex guidance is excluding the Maromba development and the Golfinho Boosting project, both awaiting FID.

DEVELOPMENT PLANS
In Gabon, the Bourdon appraisal prospect, targeting potential gross recoverable reserves of ~30 million barrels in Gamba and Dentale formations, was spud earlier this month and results are expected during the first quarter. At end-October, BW Energy (37.5% WI and operator) signed production sharing contracts (PSCs) for the Niosi Marin and Guduma Marin exploration blocks, which are adjacent to the Dussafu licence and significantly expands the resource base for infrastructure-led exploration. Planning for a 3D seismic campaign is ongoing.

Work on optimising Golfinho production continued to focus on stabilising FPSO performance and selected future well workovers. BW Energy is preparing to commence the Golfinho Boosting project to replace current gaslift with ESPs in two wells to increase production and production regularity from mid-2026.

The Maromba development, targeting low-risk barrels in an oil-rich area with multiple producing assets, is progressing towards planned final investment decision (FID) next month based on the sustainable re-use of an FPSO and a jack-up with drilling capacity and dry trees. This enables a cost-efficient development with an investment budget of USD 1.2 billion and short pay-back time. Project financing is close to completion

In Namibia, BW Energy has sanctioned the drilling of an appraisal well targeting the Kharas Prospect northwest in the Kudu licence with planned start-up drilling operations in the third quarter. Long-lead items have been secured and the Company is reviewing offers for rig capacity. There is a close dialogue with other operators in the Orange Basin on exploring common use available resources. Development planning and concept selection for the Kudu gas-to-power project also continued with relevant stakeholders.

REPORTS AND PRESENTATION
Please find the fourth-quarter earnings presentation attached. The reports are also available at:

www.bwenergy.no/investors/reports-and-presentations

BW Energy will today hold a conference call followed by a Q&A hosted by CEO Carl K. Arnet, CFO Brice Morlot and COO Lin G. Espey at 15:00 CET.

You can follow the presentation via webcast with supporting slides, available on:

VIEWER REGISTRATION • Q4 2024

Call-in information:

Participants dial in numbers:

DK: +45 7876 8490
SE: +46 8 1241 0952
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646-787-0157
Singapore: 65-3-1591097
France: 33-1-81221259

PIN code: 980877

Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser – Chrome is recommended.

BW Energy will publish the audited 2024 annual report, the reserves report and the report on payments to governments on 26 February 2025.

For further information, please contact:
Brice Morlot, CFO BW Energy, +33.7.81.11.41.16
ir@bwenergy.no

About BW Energy:
BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalent at the start of 2024.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments

The MIL Network –

January 31, 2025

MIL-OSI: Inbank Financial Calendar for 2025

Source: GlobeNewswire (MIL-OSI)

AS Inbank has approved the company’s Financial Calendar for the 2025 financial year, according to which Inbank plans to disclose information and hold the Annual General Meeting of shareholders as follows:

25.02.2025 Q4 and 2024 full year Unaudited Interim Report
05.03.2025 2024 Audited Annual Report
31.03.2025 Annual General Meeting
06.05.2025 Q1 Interim Report
05.08.2025 Q2 Interim Report
05.11.2025 Q3 Interim Report

Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with 6,200 merchants, Inbank has 881,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

Additional information:
Styv Solovjov
AS Inbank
Head of Investor Relations
+372 5645 9738
styv.solovjov@inbank.ee

The MIL Network –

January 31, 2025

MIL-OSI: Change in the total number of shares and votes in Anoto

Source: GlobeNewswire (MIL-OSI)

Anoto Group AB (”Anoto”) has as previously announced carried out a directed share issue, a set-off issue, and a rights issue of ordinary shares, which has resulted in a changed number of shares and votes in Anoto.

Through the directed share issue and the set-off issue, the number of shares and votes has increased by 125,043,750 and 230,636,107 respectively. Through the rights issue, the outcome of which was announced through a press release on 30 December 2024, the number of shares and votes has increased by 414,823,830.

The total number of shares and votes in Anoto as of 31 January 2025 amounts to 1,102,362,753.

This information is published in accordance with Chapter 4, Section 9 of the Swedish Financial Instruments Trading Act (SFS 1991:980). This information was submitted for publication on 31 January 2025, at 7 am CET.

For further information, please contact:
Kevin Adeson, Chairman of the board of Anoto Group AB (publ)
For more information about Anoto, please visit www.anoto.com or email ir@anoto.com
Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, SE-116 74 Stockholm

About Anoto Group
Anoto is a publicly held Swedish technology company known globally for innovation in the area of information-rich patterns and the optical recognition of those patterns. It is a lead-er in digital writing and drawing solutions, having historically used its proprietary technology to develop smartpens and related software. These smartpens enrich the daily lives of millions of people around the world. Anoto currently has three main business lines: Livescribe retail, Enterprise Forms and OEM. Anoto also holds a stake in Knowledge AI, a leading AI based education solution company. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT.

Attachment

Anoto Press Release 31 January 2025 (SV)

The MIL Network –

January 31, 2025

MIL-OSI: Viper Energy Announces Pricing of Upsized Class A Common Stock Offering

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, Jan. 30, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc. (NASDAQ: VNOM) (“Viper”) announced today the pricing of an underwritten public offering of 24,640,000 shares of its Class A common stock at a price to the public of $44.50 per share (the “Primary Offering”). Viper’s offering of 24,640,000 shares of Class A common stock represents a 2,640,000 share upsize to the originally proposed 22,000,000 share offering. The underwriters have a 30-day option to purchase up to an additional 3,696,000 shares of Class A common stock from Viper at the public offering price (less the underwriting discount).

Net proceeds to Viper from the sale of the 24,640,000 shares of its Class A common stock, after the underwriting discount and estimated offering expenses, will be approximately $1.1 billion (or $1.2 billion, if the underwriters exercise their option in full).

Viper intends to use the net proceeds from the Primary Offering to fund the cash consideration for its previously announced pending acquisition of all of the equity interests of certain mineral and royalty-interest owning subsidiaries of Viper’s parent, Diamondback Energy, Inc. (the “Pending Drop Down”), if it closes. If the Pending Drop Down does not close, Viper will use the net proceeds from the Primary Offering for general corporate purposes.

The Primary Offering is expected to close on February 3, 2025, subject to customary closing conditions.

J.P. Morgan, Citigroup, Mizuho and Morgan Stanley are acting as joint book-running managers for the Primary Offering. Copies of the written base prospectus and prospectus supplement for the Primary Offering may be obtained on the website of the Securities and Exchange Commission, www.sec.gov or, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146; Mizuho Securities USA LLC, Attn: Equity Capital Markets, 1271 Avenue of the Americas, New York, New York 10020, by telephone at 1-212-205-7600 or by email at US-ECM@mizuhogroup.com; or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

The Class A common stock will be issued and sold pursuant to an effective automatic shelf registration statement on Form S-3ASR previously filed with the Securities and Exchange Commission (the “Registration Statement”).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The Primary Offering may only be made by means of a prospectus supplement and related base prospectus.

About Viper Energy, Inc.

Viper is a publicly traded Delaware corporation that owns and acquires mineral and royalty interests in oil and natural gas properties primarily in the Permian Basin.

Cautionary Note Regarding Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, regarding the completion of the Primary Offering, Viper’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Be cautioned that these forward-looking statements are subject to all of the risk and uncertainties, most of which are difficult to predict and many of which are beyond Viper’s control, incident to the development, production, gathering and sale of oil and natural gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, risks relating to the Pending Drop Down, including its consummation or the realization of the anticipated benefits and synergies therefrom. Actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth in Viper’s filings with the SEC, including the base prospectus and prospectus supplement relating to the Primary Offering, the Registration Statement, its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, under the caption “Risk Factors,” as may be updated from time to time in Viper’s periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Viper undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Investor Contacts:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com

Austen Gilfillian
+1 432.221.7420
agilfillian@viperenergy.com

Source: Viper Energy, Inc.

The MIL Network –

January 31, 2025

MIL-OSI: Mount Logan Capital Inc. Completes Strategic Minority Investment in Runway Growth Capital LLC

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (Cboe Canada: MLC) (“Mount Logan” or the “Company”) today announced it has successfully completed its previously announced minority investment in Runway Growth Capital LLC (“Runway”), alongside BC Partners and its affiliates, which are acquiring the remaining outstanding ownership in Runway. On closing, Mount Logan issued to former Runway members an aggregate of 2,693,071 common shares of Mount Logan at a deemed price of C$2.67, which was determined based on the 20-day volume-weighted average price prior to and including January 27, 2025.

With approval of a new investment advisory agreement, Runway will continue to serve as investment adviser to its managed funds, including Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth Finance”), a business development company, and to other private funds. Mount Logan looks forward to working with BC Partners and Runway’s management and investment teams to capitalize on the opportunities available in the North American credit markets.

Management Commentary

Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan, stated, “We are thrilled to officially welcome David and the talented team at Runway to the Mount Logan family. We are excited about partnering with the Runway team to scale their specialized capabilities in providing financing solutions to late-stage growth platforms. Since the announcement, we have already seen significant benefits of our alignment with the Runway team. Runway’s expertise enhances our credit capabilities, and we are confident in our ability to leverage their strong investment acumen to expand our product suite and further diversify our private credit fund offerings.”

Advisors

Wildeboer Dellelce LLP acted as Canadian legal counsel to Mount Logan. Simpson Thacher & Bartlett LLP acted as legal counsel to BC Partners. Oppenheimer & Co. Inc. acted as the exclusive financial advisor to Runway Growth Capital LLC. Wachtell, Lipton, Rosen & Katz acted as legal counsel to Runway Growth Capital LLC and Eversheds Sutherland (US) LLP acted as legal counsel to the independent directors of Runway Growth Finance.

About Mount Logan Capital Inc.

Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products, primarily through its wholly owned subsidiaries Mount Logan Management LLC (“ML Management”) and Ability Insurance Company (“Ability”), respectively. Mount Logan also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

ML Management was organized in 2020 as a Delaware limited liability company and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The primary business of ML Management is to provide investment management services to (i) privately offered investment funds exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) advised by ML Management, (ii) a non-diversified closed-end management investment company that has elected to be regulated as a business development company, (iii) Ability, and (iv) non-diversified closed-end management investment companies registered under the 1940 Act that operate as interval funds. ML Management also acts as the collateral manager to collateralized loan obligations backed by debt obligations and similar assets.

Ability is a Nebraska domiciled insurer and reinsurer of long-term care policies and annuity products acquired by Mount Logan in the fourth quarter of fiscal year 2021. Ability is also no longer insuring or re-insuring new long-term care risk.

About Runway Growth Capital LLC

Runway Growth Capital LLC is the investment adviser to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of a target of $30 million to $150 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit www.runwaygrowth.com.

About Runway Growth Finance Corp.

Runway Growth Finance is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth Finance is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. Runway Growth Finance is externally managed by Runway Growth Capital LLC, an established registered investment advisor that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.

About BC Partners & BC Partners Credit

BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions “seeks”, “expects”, “believes”, “estimates”, “will”, “target” and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of the Company regarding future results or events and are based on information currently available to it. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this release include, but are not limited to, statements relating to the Company’s business strategy, model, approach and future activities; portfolio composition, size and performance, asset management activities and related income, capital raising activities, future credit opportunities of the Company, portfolio realizations, the protection of stakeholder value, the expansion of the Company’s loan portfolio, including through its investment in Runway, synergies to be achieved by both the Company and Runway through the Company’s strategic minority investment, any future growth and expansion of each of both the Company and Runway, any change in earnings potential for the Company as a result of any growth of Runway, the business and future activities and prospects of Runway and the Company. All forward-looking statements in this press release are qualified by these cautionary statements. The Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, the Company can give no assurance that the actual results or developments will be realized by certain specified dates or at all. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including that the expected synergies of the investment in Runway may not be realized as expected; the risk that each of the Company and Runway may require a significant investment of capital and other resources in order to expand and grow their respective businesses; the Company has a limited operating history with respect to an asset management oriented business model and the matters discussed under “Risk Factors” in the most recently filed annual information form and management discussion and analysis for the Company. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.

This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this release is not, and under no circumstances is it to be construed as, an offer to sell or an offer to purchase any securities in the Company or in any fund or other investment vehicle. This press release is not intended for U.S. persons. The Company’s shares are not registered under the U.S. Securities Act of 1933, as amended, and the Company is not registered under the U.S. Investment Company Act of 1940 (the “1940 Act”). U.S. persons are not permitted to purchase the Company’s shares absent an applicable exemption from registration under each of these Acts. In addition, the number of investors in the United States, or which are U.S. persons or purchasing for the account or benefit of U.S. persons, will be limited to such number as is required to comply with an available exemption from the registration requirements of the 1940 Act.

Contacts
Mount Logan Capital Inc.
365 Bay Street, Suite 800
Toronto, ON M5H 2V1
info@mountlogancapital.ca

Nikita Klassen
Chief Financial Officer
Nikita.Klassen@mountlogancapital.ca

Scott Chan
Investor Relations
Scott.Chan@mountlogan.com

The MIL Network –

January 31, 2025

Category: GlobeNewswire