Category: GlobeNewswire

MIL-OSI: Leading U.S. Law Firm Chooses Quadient in a Deal Over $1M to Streamline Mailing, Shipping, and Accounting Processes

Source: GlobeNewswire (MIL-OSI)

The deal includes the provision of nearly 100 Quadient mailing systems and cloud-based accounting and shipping software at offices across the country

Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, announced today a new contract with one of the largest injury law firms in the U.S, transitioning the firm from its long-standing provider to Quadient. Under the new agreement, worth over 1 million dollars, the firm is rolling out nearly 100 Quadient iX-Series mailing systems at offices across the country, all seamlessly integrated with Quadient’s cloud-based S.M.A.R.T. accounting and shipping software.

The decision reflects the law firm’s commitment to operational excellence as it manages the complexities of mailing and shipping operations for its attorneys who specialize in personal injury, medical malpractice, data breaches, and other legal areas. The firm, which has recovered billions of dollars for its clients, conducted a rigorous proof-of-concept trial with Quadient solutions at three locations in 2024. Following impressive efficiency gains and cost savings, the firm expanded the deployment to all offices, replacing its previous systems with Quadient’s industry-leading technology.

“The legal industry, like many others, is undergoing a transformation where efficiency, compliance, and digitalization are no longer optional—they are essential to staying competitive”, said Alain Fairise, Chief Solution Officer for Mail Automation at Quadient. “We are proud to support this leading law firm in its commitment to innovation, helping it create a more agile and future-ready operation. This collaboration reinforces a broader shift toward intelligent, data-driven processes that empower organizations to focus on their core mission while optimizing operational performance.”

The transition to Quadient’s innovative mail solutions has brought significant benefits to the law firm. By implementing Quadient’s iX-Series and S.M.A.R.T. software, the firm has achieved full compliance with the USPS Intelligent Mail Indicia (IMI) technology standard, ensuring future-proof operations. Additionally, automated workflows have streamlined mailing and shipping processes, significantly reducing manual tasks and enabling staff to focus on strategic legal work. These advancements have not only improved operational efficiency but also generated cost savings projected to reach up to $120,000 annually, while providing enhanced tracking, reporting, and accounting capabilities through robust data-driven insights.

As businesses navigate an increasingly complex and digital-first world, Quadient remains committed to delivering solutions that drive efficiency, compliance, and sustainability. By choosing Quadient, this leading law firm joins a growing number of organizations leveraging intelligent automation to future-proof their operations. For more information on Quadient’s Mail and Digital solutions, visit mail.quadient.com and quadient.com.

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

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

Attachment

PR_US Law Firm Mail customer-EN

The MIL Network –

January 30, 2025

MIL-OSI: STMicroelectronics Supervisory Board to propose new member at 2025 AGM
Source: GlobeNewswire (MIL-OSI)

PR No: C3310C

STMicroelectronics Supervisory Board to propose new member at 2025 AGM

Geneva – January 30, 2025 – STMicroelectronics (NYSE:STM), a global semiconductor leader serving customers across the spectrum of electronics applications, announces that its Supervisory Board has agreed to propose for shareholders’ approval at the Company’s 2025 Annual General Meeting the appointment of Werner Lieberherr to the Supervisory Board of ST, in replacement of Janet Davidson whose mandate will expire at the end of the 2025 AGM.

Werner Lieberherr has successfully led global companies in energy, aviation and automotive in the United States, Asia, Europe and Switzerland, most recently at Landis+Gyr AG, an integrated energy management solutions provider, as Chief Executive Officer.

About STMicroelectronics
At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and connectivity. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

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

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

Attachment
- CC3310C_New SB member proposed 30jan2025
The MIL Network –
January 30, 2025
MIL-OSI: Sterling Trading Tech Builds its Business Development
Source: GlobeNewswire (MIL-OSI)

Chicago , Jan. 30, 2025 (GLOBE NEWSWIRE) — Sterling Trading Tech (Sterling), a leading global provider of technology in order management, risk & margin, and trading platforms, today announced that industry technology sales professional Chris Contrino has joined the firm. Sterling has a robust business development team in place and Contrino brings substantial expertise that will be additive in achieving growth projections.

Sterling’s products are designed to meet and anticipate the complexity and challenges its clients face in the current global trading environment – driven by regulation, competition, and technology. Clients across professional segments worldwide now look to Sterling’s product suite as they consider cross-asset requirements in risk, order management, and trading technologies. 2024 saw substantial interest in and success with Sterling’s approach across all market segments worldwide and the firm is poised for further growth.

Contrino brings a breadth and depth of client service and business development capability to the role shaped by key positions at leading financial technology firms. Most recently he served as Customer Service Manager at Trading Technologies and previously contributed to client and business solutions at Eventus and Fidessa, specializing in derivatives. Contrino was a trader with The New York Mercantile Exchange and holds a BA from Brown University.

Said Jennifer Nayar, Sterling CEO: “We are committed to our clients’ success, as reflected in the confidence they have in our approach and offerings. As Sterling continues to expand globally, attracting top talent is crucial to ongoing success. Chris brings the expertise and skill set that will aid in strengthening our franchise as we grow regionally, diversify asset classes, broaden client segments, and enhance product offerings.”

-END-

About Sterling Trading Tech

Sterling Trading Tech (Sterling) is a leading provider of professional trading technology solutions for the global equities, equity options and futures markets. With over 100 clients including leading brokers, clearing firms and prop groups in over 20 countries, Sterling provides solutions tailored to clients’ needs. Sterling is committed to providing fast, stable technology along with outstanding customer service. Sterling provides trading platforms, OMS and risk products to its clients.

Media Contact:

Magdalena Mayer
magdalena.mayer@sterlingtradingtech.com
(312) 346-9600

Attachment
- Chris Contrino
The MIL Network –
January 30, 2025

MIL-OSI: Shell plc publishes fourth quarter 2024 press release

Source: GlobeNewswire (MIL-OSI)

London, January 30, 2025

“2024 was another year of strong financial performance across Shell. Despite the lower earnings this quarter, cash delivery remained solid and we generated free cash flow of $40 billion across the year, higher than 2023, in a lower price environment. Our continued focus on simplification helped to deliver over $3 billion in structural cost reductions since 2022, meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets¹.

Today, we announce a 4% increase in our dividends and another $3.5 billion buyback programme, making this the 13th consecutive quarter of at least $3 billion of buybacks, all whilst further strengthening our balance sheet this year to position us well for the future.

We will outline the next steps in our strategy to deliver more value with less emissions at our Capital Markets Day in March.”

Shell plc Chief Executive Officer, Wael Sawan

SOLID CASH FLOW GENERATION; RESILIENT DISTRIBUTIONS

Robust CFFO of $13.2 billion in Q4 2024, with CFFO of $54.7 billion and free cash flow of $39.5 billion for the full year 2024. $22.6 billion distributed to shareholders in 2024, representing 41% of CFFO generated.
Q4 2024 Adjusted Earnings² of $3.7 billion reflect lower prices and margins, higher exploration well write-offs, and the non-cash impact of expiring hedging contracts on LNG trading and optimisation results.
Structural cost reductions of $3.1 billion achieved since 2022, meeting the 2023 Capital Markets Day (CMD23) target a year early, with significant progress against the other CMD23 financial targets¹.
Focus on disciplined capital allocation drove down 2024 cash capex to $21.1 billion; our cash capex range for the full year 2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day in March.
Increasing dividend per share by 4% to $0.358 for the fourth quarter, while commencing a $3.5 billion share buyback programme, expected to be completed by Q1 2025 results announcement.

$ million²		Adj. Earnings	Adj. EBITDA	CFFO	Cash capex
Integrated Gas		2,165	4,568	4,391	1,337
Upstream		1,682	7,676	4,509	2,076
Marketing		839	1,709	1,363	811
Chemicals & Products³		(229)	475	2,032	1,392
Renewables & Energy Solutions		(311)	(123)	850	1,277
Corporate		(380)	(24)	16	30
Less: Non-controlling interest (NCI)		106
Shell	Q4 2024	3,661	14,281	13,162	6,924
	Q3 2024	6,028	16,005	14,684	4,950
	FY 2024	23,716	65,803	54,684	21,084
	FY 2023	28,250	68,538	54,191	24,392

¹Progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at www.shell.com/2024-progress-on-cmd23.html.

²Income/(loss) attributable to shareholders for Q4 2024 is $0.9 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

³Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.3) billion and Products $0.0 billion.

CFFO of $13.2 billion for Q4 2024 includes a working capital inflow of $2.4 billion. CFFO reflects tax payments of $2.9 billion, and a $1.4 billion outflow¹ related to the timing impact of payments for emissions certificates and biofuel programmes.
Net debt increased by $3.6 billion over the quarter to $38.8 billion, reflecting the recognition of the LNG Canada pipeline lease liability. Net debt at the end of 2024 was $4.7 billion lower than at the beginning of the year.

$ billion²	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Divestment proceeds	0.6	1.0	0.8	0.2	0.8
Free cash flow	6.9	9.8	10.2	10.8	8.7
Net debt	43.5	40.5	38.3	35.2	38.8

¹ Includes payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), excludes the payment of German Mineral Oil Taxes.

² Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investor^s.

Q4 2024 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q3 2024	Q4 2024	Q1 2025 outlook
Realised liquids price ($/bbl)	63	63	—
Realised gas price ($/thousand scf)	7.9	8.1	—
Production (kboe/d)	941	905	930 – 990
LNG liquefaction volumes (MT)	7.5	7.1	6.6 – 7.2
LNG sales volumes (MT)	17.0	15.5	—

Adjusted Earnings reflect lower trading and optimisation results driven by the (non-cash) impact of expiring hedging contracts, and lower volumes due to Pearl GTL turnaround, lower feedgas supply and lower liftings (timing) versus Q3 2024.
Q1 2025 production outlook reflects Pearl GTL being back in operation; LNG liquefaction volumes outlook is impacted by lower feedgas supply.

UPSTREAM

Key data	Q3 2024	Q4 2024	Q1 2025 outlook
Realised liquids price ($/bbl)	75	71	—
Realised gas price ($/thousand scf)	6.6	7.0	—
Liquids production (kboe/d)	1,321	1,332	—
Gas production (million scf/d)	2,844	3,056	—
Total production (kboe/d)	1,811	1,859	1,750 – 1,950

Adjusted Earnings reflect higher volumes, offset by lower prices, above-average well write-offs, and higher year-end opex.
First production achieved from Mero-3 and Whale (January), and FID taken on Bonga North, supporting portfolio longevity.

MARKETING

Key data	Q3 2024	Q4 2024	Q1 2025 outlook
Marketing sales volumes (kb/d)	2,945	2,795	2,500 – 3,000
Mobility (kb/d)	2,119	2,041	—
Lubricants (kb/d)	81	77	—
Sectors & Decarbonisation (kb/d)	745	678	—

Wholesale commercial fuels, previously reported in the Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.
Comparative information for the Marketing segment and the Chemicals & Products segment has been revised.

Adjusted Earnings in Q4 2024 reflect the seasonal impact of lower volumes and lower Mobility margins.

2024 full year Adjusted Earnings were $3.9 billion, up $0.6 billion from 2023, driven by improved margins and lower opex.

CHEMICALS & PRODUCTS

Key data	Q3 2024	Q4 2024	Q1 2025 outlook¹
Refinery processing intake (kb/d)	1,305	1,215	—
Chemicals sales volumes (kT)	3,015	2,926	—
Refinery utilisation (%)	81	76	80 – 88
Chemicals manufacturing plant utilisation (%)	76	75	78 – 86
Global indicative refining margin ($/bbl)	5.5	5.5	—
Global indicative chemical margin ($/t)	164	138	—

¹Oil sands production: In Q1 2025, Shell’s remaining interest in the Canadian oil sands is expected to be swapped for an additional 10% interest in the Scotford upgrader and Quest CCS projects.

Adjusted Earnings reflect significantly lower contribution from trading and optimisation, including seasonality effects, and continued weak chemicals margin environment.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q3 2024	Q4 2024
External power sales (TWh)	79	76
Sales of pipeline gas to end-use customers (TWh)	148	165
Renewables power generation capacity (GW)*	7.3	7.4
in operation (GW)	3.4	3.4
under construction and/or committed for sale (GW)	3.9	4.0

*Excludes Shell’s equity share of associates where information cannot be obtained.

Adjusted Earnings were lower than in Q3 2024, largely driven by one-off tax charges in the quarter.

Acquired a 609 MW combined-cycle gas turbine power plant in Rhode Island, USA.

Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

CORPORATE

Key data	Q3 2024	Q4 2024	Q1 2025 outlook
Adjusted Earnings ($ billion)	(0.6)	(0.4)	(0.6) – (0.4)

2024 FULL YEAR

$ billion	Adj. Earnings	CFFO excl. WC	CFFO	Cash capex	Free cash flow
FY 2024	23.7	52.6	54.7	21.1	39.5
FY 2023	28.3	47.1	54.2	24.4	36.5

Operational performance	FY 2023	FY 2024	% change
Oil and gas production (kboe/d)	2,791	2,836	2%
LNG liquefaction volumes (MT)	28.3	29.1	3%
Marketing sales volumes (kb/d)	3,045	2,843	(7)%
Refinery processing intake (kb/d)	1,349	1,344	(0)%
Chemicals sales volumes (kT)	11,245	11,875	6%

Macro indicators	FY 2023	FY 2024	% change
Brent ($/bbl)	83	81	(2)%
Henry Hub ($/MMBtu)	2.5	2.2	(13)%
EU TTF ($/MMBtu)	13.0	11.0	(16)%
Indicative refining margin ($/bbl)	12.5	7.7	(38)%
Indicative chemicals margin ($/t)	133	152	14%

UPCOMING INVESTOR EVENTS

February 25, 2025	Shell LNG Outlook 2025 publication
March 25, 2025	Capital Markets Day 2025
May 2, 2025	First quarter 2025 results and dividends
May 20, 2025	Annual General Meeting
July 31, 2025	Second quarter 2025 results and dividends
October 30, 2025	Third quarter 2025 results and dividends

USEFUL LINKS

Results materials Q4 2024

Quarterly Databook Q4 2024

Webcast registration Q 4 202 4

Dividend announcement Q 4 2024

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

This announcement may contain certain forward-looking non-GAAP measures for cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

CAUTIONARY STATEMENT

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; “anticipate”; “believe”; “commit”; “commitment”; “could”; “estimate”; “expect”; “goals”; “intend”; “may”; “milestones”; “objectives”; “outlook”; “plan”; “probably”; “project”; “risks”; “schedule”; “seek”; “should”; “target”; “will”; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, January 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

Shell’s Net Carbon Intensity

Also, in this announcement we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act. The statutory accounts for the year ended December 31, 2024 will be delivered to the Registrar of Companies for England and Wales in due course.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s fourth quarter 2024 and full year 2024 unaudited results available on www.shell.com/investors.

CONTACTS

Media: International +44 207 934 5550; USA +1 832 337 4355

The MIL Network –

January 30, 2025

MIL-OSI: Shell plc Fourth Quarter 2024 Interim Dividend

Source: GlobeNewswire (MIL-OSI)

London, January 30, 2025 − The Board of Shell plc (the “Company”) (XLON: SHEL, XNYS: SHEL, XAMS: SHELL) today announced an interim dividend in respect of the fourth quarter of 2024 of US$ 0.358 per ordinary share.

Details relating to the fourth quarter 2024 interim dividend

Per ordinary share (GB00BP6MXD84)	Q4 2024
Shell Shares (US$)	0.358

Shareholders will be able to elect to receive their dividends in US dollars, euros or pounds sterling.

Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros.

Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling.

The pound sterling and euro equivalent dividend payments will be announced on March 10, 2025.

Per ADS (US7802593050)	Q4 2024
Shell ADSs (US$)	0.716

Cash dividends on American Depositary Shares (“ADSs”) will be paid, by default, in US dollars.

Each ADS represents two ordinary shares. ADSs are evidenced by an American Depositary Receipt (“ADR”) certificate. In many cases the terms ADR and ADS are used interchangeably.

Dividend timetable for the fourth quarter 2024 interim dividend

Event	Date
Announcement date	January 30, 2025
Ex- Dividend Date for ADSs	February 14, 2025
Ex- Dividend Date for ordinary shares	February 13, 2025
Record date	February 14, 2025
Closing of currency election date (see Note below)	February 28, 2025
Pound sterling and euro equivalents announcement date	March 10, 2025
Payment date	March 24, 2025

Note

A different currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.

Taxation – cash dividends

If you are uncertain as to the tax treatment of any dividends you should consult your tax advisor.

Dividend Reinvestment Programmes (“DRIP”)

The following organisations offer Dividend Reinvestment Plans (“DRIPs”) which enable the Company’s shareholders to elect to have their dividend payments used to purchase the Company’s shares:

Equiniti Financial Services Limited (“EFSL”), for those holding shares (a) directly on the register as certificate holder or as CREST Member and (b) via the Shell Corporate Nominee;

ABN-AMRO NV (“ABN”) for Financial Intermediaries holding shares via Euroclear Nederland;

JPMorgan Chase Bank, N.A. (“JPM”) for holders of ADSs; and

Other DRIPs may also be available from the intermediary through which investors hold their shares and ADSs.

These DRIP offerors provide their DRIPs fully on their account and not on behalf of the Company. Interested parties should contact the relevant DRIP offeror directly.

More information can be found at https://www.shell.com/drip

To be eligible to participate in the DRIPs for the next dividend, shareholders must make a valid dividend reinvestment election before the published date for the close of elections.

Enquiries
Media International: +44 207 934 5550
Media Americas: +1 832 337 4355

Cautionary Note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-Looking Statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, January 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

Shell’s Net Carbon Intensity

Shell’s net-zero emissions target

Forward-Looking non-GAAP measures

This announcement may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

The contents of websites referred to in this announcement do not form part of this announcement.

LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Additional regulated information required to be disclosed under the laws of the United Kingdom

The MIL Network –

January 30, 2025

MIL-OSI: CLIQ Digital Reports Preliminary 2024 Results

Source: GlobeNewswire (MIL-OSI)

CLIQ Digital Reports Preliminary 2024 Results

4Q sales declined q/q by 11% to €48m (-26% y/y)
Total customer acquisition costs in 4Q improved by 15% q/q (-45% y/y)
€21m EBITDA before special items realised in FY (€10m reported EBITDA)
€12m net cash position per year-end vs. €16m at end of 2023
Share buyback programme successfully completed

DÜSSELDORF, 30 January 2025 – The CLIQ Group announces today its preliminary and unaudited 2024 headline financial results. On 20 February 2025, the audited 2024 Annual Report will be published on the company’s website at https://cliqdigital.com/investors/financialreporting and presented by Management during an earnings call.

Performance

in millions of €	4Q 2024	3Q 2024	Δ	FY 2024	FY 2023	Δ
Sales	48	54	-11%	243	326	-26%
Expected average LTV (in €)	70	72	-2%	77	85	-10%
Total CAC¹	-11	-10	15%	-75	-135	-45%
EBITDA (before special items)	5	6	-15%	21	50	-57%
EBITDA margin²	10%	11%		9%	15%
Operating free cash flow	4	3	39%	3	19	-82%

Sales: In 4Q 2024, Group sales declined by 11% quarter-on-quarter to €48 million (3Q 2024: €54 million) mainly due to less customers. The expected average lifetime value (LTV) decreased quarter-on-quarter from €72 to €70 due to the higher churn rates resulting from new customer care tools in place at the card scheme companies, which consequently resulted in shorter average customer loyalty durations. However, the quarter-on-quarter Group sales decrease decelerated notably from -21% in 3Q 2024 to -11% in the fourth quarter.
Customer acquisition costs: The Group’s decision to strategically increase its focus on profitability was attributable for the lowering of the cost per acquisition (CPA).
EBITDA: Quarter-on-quarter, EBITDA before special items in 4Q 2024 decreased by 15% to €5 million (3Q 2024: €6 million) and the corresponding EBITDA margin was marginally lower at 10% (3Q 2024: 11%) predominantly as a result of the lower sales development and despite reduced cost of sales and operating expenses. €2 million special items related mostly to costs incurred from the “Fit For Future” transformation programme to restructure and optimise the Group’s operational structures. Reported EBITDA was stable at €3 million (3Q 2024: €3 million) and the EBITDA margin came in at 6% (3Q 2024: 5%).
Liquidity: Quarter-on-quarter, CLIQ increased its operating free cash flow by €1 million to €4 million in 4Q 2024 (3Q 2024: €3 million). In the full year 2024, the operating free cash flow decreased by €16 million to €3 million (2023: €19 million). The net cash position at the year-end close was €12 million (31/12/2023: €16 million) after buying back shares for €5.5 million and distributing €0.3 million in dividends in April 2024.

Share buyback programme

The Group successfully completed its share buyback programme ahead of schedule on 3 January 2025. In total, CLIQ bought back 646,871 own shares for €5.5 million at an average share price of €8.48, which equalled 9.9% of the total share capital issued.

Management Board statement

“2024 was a very tough year for CLIQ and also for my fellow shareholders as our business faced tougher market conditions and the new sales growth initiatives progressed slower than expected,” said Luc Voncken, CEO. “Although market conditions in 2025 remain unstable, we have fixed our foundations and now we must build the future with a fresh entrepreneurial spirit and a clear sense of renewal to tap into the growth opportunities that lie ahead of us.”

Contacts

Investor Relations:
Sebastian McCoskrie, s.mccoskrie@cliqdigital.com, +49 151 52043659

Media Relations:
Daniela Münster, daniela.muenster@h-advisors.global, +49 174 3358111

Financial calendar

Annual report 2024 & earnings call	Thursday	20 February 2025
Annual General Meeting 2025	Friday	11 April 2025
Financial report 1Q 2025 & earnings call	Thursday	8 May 2025
Half-year financial report 2025 & earnings call	Thursday	7 August 2025
Financial report 3Q/9M 2025 and earnings call	Thursday	6 November 2025

About CLIQ

The CLIQ Digital Group is a leading online performance marketing company selling subscription-based streaming services that bundle movies & series, music, audiobooks, sports and games to consumers worldwide. The Group licenses streaming content from partners, bundles it and sells the content through its numerous streaming services. Over the years, CLIQ Digital has become a specialist in online advertising and creating streaming services that are advertised towards specific consumer groups.

CLIQ Digital operated in 40 countries and employed 132 staff from 33 different nationalities as at 31 December 2024. The company is headquartered in Düsseldorf and has offices in Amsterdam, Paris and Toronto. CLIQ Digital is listed in the Scale segment of the Frankfurt Stock Exchange (ISIN: DE000A35JS40, GSIN/WKN: A35JS4) and is a constituent of the MSCI World Micro Cap Index.

Visit our website at https://cliqdigital.com/investors, where you will find all publications as well as further information about CLIQ Digital and please follow us on LinkedIn.

1 customer acquisition costs
2 before special items

The MIL Network –

January 30, 2025

MIL-OSI: Proposals by the Board of Directors to Nokia Corporation’s Annual General Meeting 2025
Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
30 January 2025 at 8:10 EET

Proposals by the Board of Directors to Nokia Corporation’s Annual General Meeting 2025

Nokia Corporation’s Annual General Meeting will be held on Tuesday 29 April 2025 at 13:00 (EEST) at Finlandia Hall, Helsinki, Finland. The Board submits the following proposals to the Annual General Meeting. Complete proposals are available as of today at www.nokia.com/agm2025. The notice of the Annual General Meeting with more detailed information on the participation and voting will be published separately during week 7, 2025 on the Company’s website and by a stock exchange release.

Authorization of the Board of Directors to decide on the distribution of dividend and assets from the reserve for invested unrestricted equity

The Board of Directors proposes to the Annual General Meeting to be authorized to resolve in its discretion on the distribution of an aggregate maximum of EUR 0.14 per share as dividend from the retained earnings and/or as assets from the reserve for invested unrestricted equity.

The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the period of validity of the authorization unless the Board of Directors decides otherwise for a justified reason. The proposed total authorization for asset distribution is in line with the Company’s dividend policy. The authorization would be valid until the opening of the next Annual General Meeting.

The Board would make separate resolutions on the amount and timing of each distribution of the dividend and/or assets from the reserve for invested unrestricted equity so that the preliminary record and payment dates will be as set out below. The Company shall make a separate announcement of each such Board resolution.

Preliminary record date Preliminary payment date

5 May 2025 12 May 2025

29 July 2025 7 August 2025

28 October 2025 6 November 2025

3 February 2026 12 February 2026

Each installment based on the resolution of the Board of Directors will be paid to a shareholder registered in the Company’s shareholders’ register maintained by Euroclear Finland Oy on the record date of the payment.

Board composition and remuneration

Søren Skou and Carla Smits-Nusteling have informed the Board’s Corporate Governance and Nomination Committee that they will no longer be available to serve on the Nokia Board of Directors after the Annual General Meeting. On the recommendation of the Corporate Governance and Nomination Committee, the Board proposes to the Annual General Meeting that the number of Board members be ten (10). However, should any number of the candidates proposed by the Board not be available for election, the number of Board members shall be decreased accordingly.

On the recommendation of the Corporate Governance and Nomination Committee, the Board further proposes to the Annual General Meeting that the following current Board members be re-elected as members of the Board of Directors for a term until the close of the next Annual General Meeting: Timo Ahopelto, Sari Baldauf, Elizabeth Crain, Thomas Dannenfeldt, Lisa Hook, Mike McNamara, Thomas Saueressig and Kai Öistämö. In addition, it is proposed that Pernille Erenbjerg, Danish citizen, former Group CEO and President of TDC Group; and Timo Ihamuotila, Finnish citizen, Chief Financial Officer of ABB Ltd, be elected as new members of the Board of Directors for a term until the close of the next Annual General Meeting.

Resumes of the Board candidates are presented in the Board’s proposal available as of today at www.nokia.com/agm2025.

The Corporate Governance and Nomination Committee will propose in the assembly meeting of the new Board of Directors after the Annual General Meeting that Sari Baldauf be re-elected as the Chair of the Board and Timo Ihamuotila be elected as the Vice Chair, subject to their election to the Board.

On the recommendation of the Corporate Governance and Nomination Committee, the Board proposes to the Annual General Meeting that the annual fees payable to Board members for a term ending at the close of the next Annual General Meeting are kept at the current levels:
- EUR 440 000 for the Chair of the Board;
- EUR 210 000 for the Vice Chair of the Board;
- EUR 185 000 for each member of the Board;
- EUR 30 000 each for the Chairs of the Audit Committee and the Personnel Committee and EUR 20 000 for the Chairs of the Technology Committee and the Strategy Committee as an additional annual fee; and
- EUR 15 000 for each member of the Audit Committee and the Personnel Committee and EUR 10 000 for each member of the Technology Committee and the Strategy Committee as an additional annual fee.
In line with Nokia’s Corporate Governance Guidelines, the Board proposes that approximately 40% of the annual fee be paid in Nokia shares. The rest of the annual fee would be paid in cash to cover taxes arising from the remuneration. The Directors shall retain until the end of their directorship such number of shares that they have received as Board remuneration during their first three years of service on the Board.

In addition, the Board proposes that the meeting fees for Board and Committee meetings remain at their current level. The meeting fees are based on travel required between the Board member’s home location and the location of a meeting and paid for a maximum of seven meetings per term as follows:
- EUR 5 000 per meeting requiring intercontinental travel; and
- EUR 2 000 per meeting requiring intracontinental travel.
Only one meeting fee is paid if the travel entitling to the fee includes several meetings of the Board and the Committees. Moreover, it is proposed that members of the Board shall be compensated for travel and accommodation expenses as well as other costs directly related to Board and Committee work.

Auditor election and remuneration

On the recommendation of the Audit Committee, the Board of Directors proposes to the Annual General Meeting that Deloitte Oy be re-elected as the auditor of the Company for the financial year 2026.

It is also proposed that the auditor elected for the financial year 2026 be reimbursed based on the purchase policy approved by the Audit Committee and the invoice approved by the Company.

Sustainability reporting assurer election and remuneration

On the recommendation of the Audit Committee, the Board of Directors proposes to the Annual General Meeting that Authorized Sustainability Audit Firm Deloitte Oy be re-elected as the sustainability reporting assurer for the financial year 2026.

It is also proposed that the assurer of the sustainability reporting elected for the financial year 2026 be reimbursed based on the purchase policy approved by the Audit Committee and the invoice approved by the Company.

Authorization to the Board to issue shares and repurchase Company’s shares

The Board proposes that the Annual General Meeting authorize the Board to resolve to issue in total a maximum of 530 million shares through issuance of shares or special rights entitling to shares under Chapter 10, Section 1 of the Finnish Limited Liability Companies Act in one or more issues during the effective period of the authorization. The Board may issue either new shares or treasury shares held by the Company. Shares and special rights entitling to shares may be issued in deviation from the shareholders’ pre-emptive rights within the limits set by law. The authorization may be used to develop the Company’s capital structure, diversify the shareholder base, finance or carry out acquisitions or other arrangements, to settle the Company’s equity-based incentive plans or for other purposes resolved by the Board. It is proposed that the authorization be effective until 28 October 2026 and terminate the authorization for issuance of shares and special rights entitling to shares resolved at the Annual General Meeting on 3 April 2024.

The Board also proposes that the Board be authorized to resolve to repurchase a maximum of 530 million shares. The repurchases would reduce distributable funds of the Company. The shares may be repurchased otherwise than in proportion to the shares held by the shareholders (directed repurchase). Shares may be repurchased to be cancelled, held to be reissued, transferred further or for other purposes resolved by the Board. It is proposed that the authorization be effective until 28 October 2026 and terminate the authorization for repurchasing the Company’s shares granted by the Annual General Meeting on 3 April 2024 to the extent that the Board has not previously resolved to repurchase shares based on such authorization.

530 million shares corresponds to less than 10 percent of the Company’s total number of shares. The Board shall resolve on all other matters related to the issuance or repurchase of Nokia shares in accordance with the resolution by the Annual General Meeting.

Other matters to be addressed by the Annual General Meeting

Furthermore, the Annual General Meeting would address adopting the Company’s financial statements for the financial year 2024, discharging the members of the Board of Directors and the President and Chief Executive Officer from liability for the financial year 2024, adopting the updated Remuneration Policy for the Company’s governing bodies and adopting the Remuneration Report 2024.

The Remuneration Report for 2024 and the “Nokia in 2024” annual report, which includes the Company’s Annual Accounts, the review by the Board of Directors and the auditor’s report, are expected to be published and available at www.nokia.com/agm2025 in week 11 of 2025. The updated Remuneration Policy is expected to be published as an attachment to the Notice of the Annual General Meeting and available at www.nokia.com/agm2025 in week 7 of 2025.

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

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

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

Inquiries:

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

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

The MIL Network –
January 30, 2025
MIL-OSI: Academician Lingyun Xiang was awarded the International Cultural Exchange Ambassador Certificate by the Ukrainian Ambassador to China

Source: GlobeNewswire (MIL-OSI)

Beijing, China, Jan. 30, 2025 (GLOBE NEWSWIRE) — Recently, Professor Lingyun Xiang, a Foreign Academician of the National Academy of Engineering of Ukraine, was awarded the International Cultural Exchange Ambassador Certificate by the Embassy of Ukraine in China.

Ukrainian diplomat Gili and the Secretary to Professor Lingyun Xiang, a Foreign Academician of the National Academy of Engineering of Ukraine in China.

Ukraine, with its capital Kyiv, is located in Eastern Europe along the northern coasts of the Black Sea and the Sea of Azov. It shares borders with Belarus to the north, Russia to the northeast, Poland, Slovakia, and Hungary to the west, and Romania and Moldova to the south. Rich in mineral resources, Ukraine covers 603,700 square kilometers, making it the second-largest country in Europe by land area. The country is divided into 24 oblasts (provinces), one autonomous republic (the Republic of Crimea), and two cities with special status (the capital Kyiv and Sevastopol).

As of September 2022, Ukraine’s total population was 41.13 million (excluding the Crimea region). Ukraine is classified as a developing country with a highly advanced agricultural sector, though its industrial development, particularly in manufacturing, lags. Ukraine ranks as the fifth-largest exporter of IT services in the world. It is the largest market for software development, programming, and IT outsourcing services in Central and Eastern Europe. In 2021, Ukraine’s GDP was approximately $200 billion.

The National Academy of Engineering of Ukraine (Академія Інженерних Наук України) is one f Ukraine’s highest academic institutions. It originated as the Ukrainian Republic Branch of the Soviet Union Academy of Engineering. In 1998, it became a member of the International Council of Academies of Engineering and Technological Sciences (CAETS), a global alliance that includes engineering academies from 27 countries, such as the Chinese Academy of Engineering.

As of December 2023, the National Academy of Engineering of Ukraine has over 160 academicians, more than 130 corresponding members, and over 50 foreign academicians. The current president of the academy is Petro Mihailovich Talanchuk, who previously served as Ukraine’s Minister of Education and Science, President of the National Technical University of Ukraine (formerly Kyiv Polytechnic Institute), a candidate in the 1994 Ukrainian presidential election, and currently an advisor to the President of Ukraine.

Professor Xiang was elected on July 22, 2024. He is also a recipient of the British King’s Medal and the European Outstanding Achievement Award, a Fellow of the Royal Society of the United Kingdom, a Lifetime Fellow of the Royal Academy of Engineering of the United Kingdom, and a Foreign Full Member of Academy of Engineering Sciences of Ukraine, a lifelong full-time professor of the European Union University, a lifelong professor (doctoral supervisor) of the National University of Maryland, a Special Term professor of Peking University Boya, a visiting professor of Beijing Union University, a visiting professor of Capital Normal University, a visiting professor of Shaanxi University of Science & Technology.

The MIL Network –

January 30, 2025
MIL-OSI: Klaus Agent Becomes the First Blockchain AI Agent to Integrate Custom DeepSeek Model
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Jan. 30, 2025 (GLOBE NEWSWIRE) — Klaus Agent, the AI-powered blockchain assistant, has officially integrated a custom DeepSeek model, making it one of the most intelligent, cost-effective, and autonomous AI agents in the market.

Built on the Klaus meme, the Klaus AI agent is designed to be an advanced digital assistant, capable of voice-to-voice interactions and executing real-world tasks such as sending emails, purchasing products, trading crypto, and managing schedules.

With this latest integration, the Klaus development team has downloaded, modified, and optimized the DeepSeek large language model (LLM) to run on their own GPUs, enhancing performance, efficiency, and affordability within its proprietary tech stack.

A Breakthrough AI Tech Stack

Unlike most AI agents that rely solely on external LLMs, Klaus Agent operates on a proprietary AI system built for speed, intelligence, and autonomy. The core tech stack includes:
- Google DialogFlow – Enables ultra-fast response times by interpreting user commands before engaging LLM processing.
- Klaus Novel Graph – A supervised learning graph that categorizes and routes user queries, reducing reliance on generative AI.
- Klaus Neural Network – A multi-cluster system that organizes and processes AI-driven tasks, from shopping to crypto trading.
- Klaus Vectorized Database – A self-learning database that enables continuous improvement, user behavior adaptation, and seamless AI development.
- Claude Anthropic – Enhances response structuring while providing advanced human-like interaction modeling.
DeepSeek Integration: A New Era of AI Learning

DeepSeek’s open-source model has now been fully incorporated into the Klaus Agent’s unsupervised learning framework. Unlike closed-source LLMs such as GPT or Claude, DeepSeek allows fine-tuning using the Klaus vectorized data, enabling the AI to learn and evolve based on real-world interactions.

“This integration means Klaus Agent is no longer just a passive AI responding to prompts—it’s an adaptive digital entity, capable of learning from its experiences while leveraging DeepSeek’s extensive training data,” said the Klaus Agent’s Lead Developer.

Klaus Agent’s First Live Deployment

The first use case of this powerful AI integration is already live at x.com/Klaus_Agent, where Klaus:
- Finds and verifies the latest news using AI-driven fact-checking.
- Cross-references multiple sources to eliminate misinformation.
- Presents unbiased, AI-curated insights in real time.
Join the AI Revolution

As one of the first blockchain AI agents with an independently trained DeepSeek model, Klaus is pioneering the future of autonomous digital assistants.

For more information, visit x.com/Klaus_Agent and experience the next evolution in AI.

Media details:
Webmail: Info@klausoneth.com
Website: https://www.klausoneth.com
Location: Dubai, UAE
Person Name: Liam Johnson

Disclaimer: This press release is provided by Klaus on ETH. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/96dd2bcd-841c-45f5-b2e3-2273b4d62ac0

The MIL Network –
January 30, 2025

MIL-OSI: STMicroelectronics Reports Q4 and FY 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

PR No: C3309C

STMicroelectronics Reports Q4 and FY 2024 Financial Results

Q4 net revenues $3.32 billion; gross margin 37.7%; operating margin 11.1%; net income $341 million
FY net revenues $13.27 billion; gross margin 39.3%; operating margin 12.6%; net income $1.56 billion
Business outlook at mid-point: Q1 net revenues of $2.51 billion and gross margin of 33.8%
Start of the company-wide program to resize global cost base*

Geneva, January 30, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the fourth quarter ended December 31, 2024. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported fourth quarter net revenues of $3.32 billion, gross margin of 37.7%, operating margin of 11.1%, and net income of $341 million or $0.37 diluted earnings per share.

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

“FY24 revenues decreased 23.2% to $13.27 billion. Operating margin was 12.6% compared to 26.7% in FY23 and net income decreased 63.0% to $1.56 billion. We invested $2.53 billion in Net Capex (non-U.S. GAAP) while delivering free cash flow (non-U.S. GAAP) of $288 million.”
“Q4 net revenues were in line with the mid-point of our business outlook range driven by higher revenues in Personal Electronics offset by lower revenues in Industrial, while Automotive and CECP were as expected. Q4 gross margin of 37.7% was broadly in line with the mid-point of our business outlook range.”
“Our book-to-bill ratio remained below 1 in Q4 as we continued to face a delayed recovery and inventory correction in Industrial and a slowdown in Automotive, both particularly in Europe.”
“Our first quarter business outlook, at the mid-point, is for net revenues of $2.51 billion, decreasing year-over-year by 27.6% and decreasing sequentially by 24.4%; gross margin is expected to be about 33.8%, impacted by about 500 basis points of unused capacity charges.”
“For 2025, we plan to invest between $2.0 to $2.3 billion in Net Capex (non-U.S. GAAP).”

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data)	Q4 2024	Q3 2024	Q4 2023	Q/Q	Y/Y
Net Revenues	$3,321	$3,251	$4,282	2.2%	-22.4%
Gross Profit	$1,253	$1,228	$1,949	2.1%	-35.7%
Gross Margin	37.7%	37.8%	45.5%	-10 bps	-780 bps
Operating Income	$369	$381	$1,023	-3.3%	-64.0%
Operating Margin	11.1%	11.7%	23.9%	-60 bps	-1,280 bps
Net Income	$341	$351	$1,076	-2.6%	-68.3%
Diluted Earnings Per Share	$0.37	$0.37	$1.14	0%	-67.5%

* For each of the concerned countries, the start of the program will take place in accordance with applicable regulations.

Annual Financial Summary (U.S. GAAP)

(US$ m, except earnings per share data)	FY2024	FY2023	Y/Y
Net Revenues	$13,269	$17,286	-23.2%
Gross Profit	$5,220	$8,287	-37.0%
Gross Margin	39.3%	47.9%	-860 bps
Operating Income	$1,676	$4,611	-63.7%
Operating Margin	12.6%	26.7%	-1,410 bps
Net Income	$1,557	$4,211	-63.0%
Diluted Earnings Per Share	$1.66	$4.46	-62.8%

Fourth Quarter 2024 Summary Review

Reminder: On January 10, 2024, ST announced a new organization which implied a change in segment reporting starting Q1 2024. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

Net Revenues by Reportable Segment (US$ m)	Q4 2024	Q3 2024	Q4 2023	Q/Q	Y/Y
Analog products, MEMS and Sensors (AM&S) segment	1,198	1,185	1,418	1.1%	-15.5%
Power and discrete products (P&D) segment	752	807	965	-6.8%	-22.1%
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group	1,950	1,992	2,383	-2.1%	-18.2%
Microcontrollers (MCU) segment	887	829	1,272	7.0%	-30.2%
Digital ICs and RF Products (D&RF) segment	481	426	623	13.0%	-22.8%
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group	1,368	1,255	1,895	9.0%	-27.8%
Others	3	4	4	–	–
Total Net Revenues	$3,321	$3,251	$4,282	2.2%	-22.4%

Net revenues totaled $3.32 billion, representing a year-over-year decrease of 22.4%. Year-over-year net sales to OEMs and Distribution decreased 19.8% and 28.7%, respectively. On a sequential basis, net revenues increased 2.2%, in line with the mid-point of ST’s guidance.

Gross profit totaled $1.25 billion, representing a year-over-year decrease of 35.7%. Gross margin of 37.7%, 30 basis points below the mid-point of ST’s guidance, decreased 780 basis points year-over-year, mainly due to product mix and, to a lesser extent, to sales price and higher unused capacity charges.

Operating income decreased 64.0% to $369 million, compared to $1.02 billion in the year-ago quarter. ST’s operating margin decreased 1,280 basis points on a year-over-year basis to 11.1% of net revenues, compared to 23.9% in the fourth quarter of 2023.

By reportable segment¹, compared with the year-ago quarter:

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

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

Revenue decreased 15.5% mainly due to decreases in Analog and in Imaging.
Operating profit decreased by 41.2% to $176 million. Operating margin was 14.7% compared to 21.1%.

Power and Discrete products (P&D) segment:

Revenue decreased 22.1%.
Operating profit decreased by 63.7% to $89 million. Operating margin was 11.9% compared to 25.4%.

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

Microcontrollers (MCU) segment:

Revenue decreased 30.2% mainly due to a decrease in GP MCU.
Operating profit decreased by 66.4% to $127 million. Operating margin was 14.3% compared to 29.8%.

Digital ICs and RF products (D&RF) segment:

Revenue decreased 22.8% mainly due to a decrease in ADAS (automotive ADAS and infotainment).
Operating profit decreased by 33.2% to $149 million. Operating margin was 31.0% compared to 35.7%.

Net income and diluted Earnings Per Share decreased to $341 million and $0.37 respectively compared to $1.08 billion and $1.14 respectively in the year-ago quarter. As a reminder, the fourth quarter 2023 net income included a one-time non-cash income tax benefit of $191 million.

Cash Flow and Balance Sheet Highlights

				Trailing 12 Months
(US$ m)	Q4 2024	Q3 2024	Q4 2023	Q4 2024	Q4 2023	TTM Change
Net cash from operating activities	681	723	1,480	2,965	5,992	-50.5%
Free cash flow (non-U.S. GAAP)²	128	136	652	288	1,774	-83.8%

Net cash from operating activities was $681 million in the fourth quarter compared to $1.48 billion in the year-ago quarter. For the full-year 2024, net cash from operating activities decreased 50.5% to $2.97 billion, which represents 22.3% of total revenues.

Net Capex (non-U.S. GAAP), were $470 million in the fourth quarter and $2.53 billion for the full year 2024. In the respective year-ago periods, net capital expenditures were $798 million and $4.11 billion.

Free cash flow (non-U.S. GAAP) was $128 million and $288 million in the fourth quarter and full year 2024, respectively, compared to $652 million and $1.77 billion in the year-ago respective periods.

Inventory at the end of the fourth quarter was $2.79 billion, compared to $2.88 billion in the previous quarter and $2.70 billion in the year-ago quarter. Days sales of inventory at quarter-end was 122 days, compared to 130 days in the previous quarter, and 104 days in the year-ago quarter.

In the fourth quarter, ST paid cash dividends to its stockholders totaling $88 million and executed a $92 million share buy-back, as part of its current share repurchase program.

ST’s net financial position (non-U.S. GAAP) was $3.23 billion as of December 31, 2024, compared to $3.18 billion as of September 28, 2024 and reflected total liquidity of $6.18 billion and total financial debt of $2.95 billion. Adjusted net financial position (non-U.S. GAAP), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.85 billion as of December 31, 2024.

Corporate developments

In Q4, we announced the launch of a new company-wide program to reshape our manufacturing footprint accelerating our wafer fab capacity to 300mm Silicon (Agrate and Crolles) and 200mm Silicon Carbide (Catania) and resizing our global cost base.

This program should result in strengthening our capability to grow our revenues with an improved operating efficiency resulting in annual cost savings in the high triple-digit million-dollar range exiting 2027. Specifically in terms of operating expenses (SG&A and R&D), ST expects annual cost savings totaling $300 to 360 million, exiting 2027, compared to the cost base of 2024.

Business Outlook

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

Net revenues are expected to be $2.51 billion, a decrease of 24.4% sequentially, plus or minus 350 basis points.
Gross margin of 33.8%, plus or minus 200 basis points.
This outlook is based on an assumed effective currency exchange rate of approximately $1.06 = €1.00 for the 2025 first quarter and includes the impact of existing hedging contracts.
The first quarter will close on March 29, 2025.

Conference Call and Webcast Information

ST will conduct a conference call with analysts, investors and reporters to discuss its fourth quarter and full year 2024 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until February 14, 2025.

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

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

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

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

Forward-looking Information

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

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

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

Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (“SEC”) on February 22, 2024. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

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

About STMicroelectronics

At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

For further information, please contact:

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

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

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Three months ended
	December 31,	December 31,
	2024	2023
	(Unaudited)	(Unaudited)

Net sales	3,301	4,262
Other revenues	20	20
NET REVENUES	3,321	4,282
Cost of sales	(2,068)	(2,333)
GROSS PROFIT	1,253	1,949
Selling, general and administrative expenses	(420)	(416)
Research and development expenses	(523)	(521)
Other income and expenses, net	59	11
Total operating expenses	(884)	(926)
OPERATING INCOME	369	1,023
Interest income, net	52	57
Other components of pension benefit costs	(3)	(5)
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	418	1,075
Income tax (expense) benefit	(82)	6
NET INCOME	336	1,081
Net loss (income) attributable to noncontrolling interest	5	(5)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	341	1,076

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.38	1.19
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.37	1.14

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	935.7	942.9

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Twelve months ended
	December 31,	December 31,
	2024	2023
	(Unaudited)	(Audited)

Net sales	13,217	17,239
Other revenues	52	47
NET REVENUES	13,269	17,286
Cost of sales	(8,049)	(8,999)
GROSS PROFIT	5,220	8,287
Selling, general and administrative expenses	(1,649)	(1,631)
Research and development expenses	(2,077)	(2,100)
Other income and expenses, net	182	55
Total operating expenses	(3,544)	(3,676)
OPERATING INCOME	1,676	4,611
Interest income, net	218	171
Other components of pension benefit costs	(15)	(19)
Loss on financial instruments, net	(1)	–
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	1,878	4,763
Income tax expense	(313)	(541)
NET INCOME	1,565	4,222
Net income attributable to noncontrolling interest	(8)	(11)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1,557	4,211

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1.73	4.66
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1.66	4.46

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	939.3	944.2


STMicroelectronics N.V.
CONSOLIDATED BALANCE SHEETS
As at	December 31,	September 28,	December 31,
In millions of U.S. dollars	2024	2024	2023
	(Unaudited)	(Unaudited)	(Audited)
ASSETS
Current assets:
Cash and cash equivalents	2,282	3,077	3,222
Short-term deposits	1,450	977	1,226
Marketable securities	2,452	2,242	1,635
Trade accounts receivable, net	1,749	1,730	1,731
Inventories	2,794	2,875	2,698
Other current assets	1,007	1,062	1,295
Total current assets	11,734	11,963	11,807
Goodwill	290	303	303
Other intangible assets, net	346	354	367
Property, plant and equipment, net	10,877	11,258	10,554
Non-current deferred tax assets	464	547	592
Long-term investments	71	20	22
Other non-current assets	961	1,071	808
	13,009	13,553	12,646
Total assets	24,743	25,516	24,453

LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	990	1,003	217
Trade accounts payable	1,323	1,585	1,856
Other payables and accrued liabilities	1,306	1,327	1,525
Dividends payable to stockholders	88	177	54
Accrued income tax	66	116	78
Total current liabilities	3,773	4,208	3,730
Long-term debt	1,963	2,112	2,710
Post-employment benefit obligations	377	397	372
Long-term deferred tax liabilities	47	60	54
Other long-term liabilities	904	935	735
	3,291	3,504	3,871
Total liabilities	7,064	7,712	7,601
Commitment and contingencies
Equity
Parent company stockholders’ equity
Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 898,175,408 shares outstanding as of December 31, 2024)	1,157	1,157	1,157
Additional Paid-in Capital	3,088	3,032	2,866
Retained earnings	13,459	13,118	12,470
Accumulated other comprehensive income	236	657	613
Treasury stock	(491)	(400)	(377)
Total parent company stockholders’ equity	17,449	17,564	16,729
Noncontrolling interest	230	240	123
Total equity	17,679	17,804	16,852
Total liabilities and equity	24,743	25,516	24,453


STMicroelectronics N.V.

SELECTED CASH FLOW DATA

Cash Flow Data (in US$ millions)	Q4 2024	Q3 2024	Q4 2023

Net Cash from operating activities	681	723	1,480
Net Cash used in investing activities	(1,259)	(601)	(1,610)
Net Cash from (used in) financing activities	(209)	(142)	336
Net Cash increase (decrease)	(795)	(15)	211

Selected Cash Flow Data (in US$ millions)	Q4 2024	Q3 2024	Q4 2023

Depreciation & amortization	451	440	414
Net payment for Capital expenditures	(501)	(601)	(798)
Dividends paid to stockholders	(88)	(80)	(60)
Change in inventories, net	(2)	(17)	219

Appendix
ST
New organization

On January 10, 2024, ST announced a new organization to deliver enhanced product development innovation and efficiency, time-to-market as well as customer focus by end market. This new organization implies a change in segment reporting which is applied from January 1, 2024.

ST moved from three reportable segments (ADG, AMS and MDG) to four reportable segments as follows:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
- Analog products, MEMS and Sensors (AM&S) segment, comprised of ST analog products, MEMS sensors and actuators, and optical sensing solutions.
- Power and Discrete products (P&D) segment comprised of discrete and power transistor products.

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

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
- Microcontrollers (MCU) segment, comprised of general-purpose and automotive microcontrollers, microprocessors and connected security products (including EEPROM).
- Digital ICs and RF Products (D&RF) segment, comprised of automotive ADAS, infotainment, RF and communications products.

In this Press release, “Auto MCU” refers to Automotive microcontrollers and microprocessors, “GP MCU” to general purpose microcontrollers and microprocessors, “Connected Security” to connected security products (including EEPROM), “ADAS” to automotive ADAS and infotainment, “RF Communications” to RF and communications products.

Prior year quarters comparative information has been adjusted accordingly.

(Appendix – continued)
ST – Supplemental Financial Information

	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	FY 2024	FY 2023
Net Revenues By Market Channel (%)
Total OEM	73%	76%	73%	70%	70%	73%	66%
Distribution	27%	24%	27%	30%	30%	27%	34%

€/$ Effective Rate	1.09	1.08	1.08	1.09	1.08	1.08	1.08

Reportable Segment Data (US$ m)
Analog products, MEMS and Sensors (AM&S) segment
– Net Revenues	1,198	1,185	1,165	1,217	1,418	4,764	5,478
– Operating Income	176	175	144	185	300	680	1,191
Power and Discrete products (P&D) segment
– Net Revenues	752	807	747	820	965	3,126	3,852
– Operating Income	89	121	110	138	245	458	1,006
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group
– Net Revenues	1,950	1,992	1,912	2,037	2,383	7,890	9,330
– Operating Income	265	296	254	323	545	1,138	2,197
Microcontrollers (MCU) segment
– Net Revenues	887	829	800	950	1,272	3,466	5,668
– Operating Income	127	116	72	185	378	499	2,018
Digital ICs and RF Products (D&RF) segment
– Net Revenues	481	426	516	475	623	1,898	2,272
– Operating Income	149	114	150	150	223	564	810
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group
– Net Revenues	1,368	1,255	1,316	1,425	1,895	5,364	7,940
– Operating Income	276	230	222	335	601	1,063	2,828
Others ^(a)
– Net Revenues	3	4	4	3	4	15	16
– Operating Income (Loss)	(172)	(145)	(101)	(107)	(123)	(525)	(414)
Total
– Net Revenues	3,321	3,251	3,232	3,465	4,282	13,269	17,286
– Operating Income	369	381	375	551	1,023	1,676	4,611

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

(US$ m)	*Q4 2024*	*Q3 2024*	*Q2 2024*	*Q1 2024*	*Q4 2023*	*FY 2024*	*FY 2023*
*Unused capacity charges*	*118*	*104*	84	63	57	*370*	*120*

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

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

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

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

Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. Starting Q4 2023, ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet. Reporting periods prior to Q4 2023 are not impacted.

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

(US$ m)	Dec 31 2024	Sep 28 2024	June 29 2024	Mar 30 2024	Dec 31 2023
Cash and cash equivalents	2,282	3,077	3,092	3,133	3,222
Short term deposits	1,450	977	975	1,226	1,226
Marketable securities	2,452	2,242	2,218	1,880	1,635
Total liquidity	6,184	6,296	6,285	6,239	6,083
Short-term debt	(990)	(1,003)	(236)	(238)	(217)
Long-term debt ^(a)	(1,963)	(2,112)	(2,850)	(2,875)	(2,710)
Total financial debt	(2,953)	(3,115)	(3,086)	(3,113)	(2,927)
Net Financial Position	3,231	3,181	3,199	3,126	3,156
Advances received on capital grants	(385)	(366)	(402)	(351)	(152)
Adjusted Net Financial Position	2,846	2,815	2,797	2,775	3,004

^(a)Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $634 million equivalent, are currently undrawn.

(Appendix – continued)

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

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

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

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

(US$ m)	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	FY 2024	FY 2023
Payment for purchase of tangible assets, as reported	(584)	(669)	(690)	(1,145)	(1,076)	(3,088)	(4,439)
Proceeds from sale of tangible assets, as reported	–	2	1	2	–	5	8
Proceeds from capital grants and other contributions, as reported	83	66	143	149	278	441	320
Advances from capital grants allocated to property, plant and equipment	31	36	18	27	–	111	–
Net Capex	(470)	(565)	(528)	(967)	(798)	(2,531)	(4,111)

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

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

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

(US$ m)	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	FY 2024	FY 2023
Net cash from operating activities	681	723	702	859	1,480	2,965	5,992
Net Capex	(470)	(565)	(528)	(967)	(798)	(2,531)	(4,111)
Payment for purchase of intangible assets, net of proceeds from sale	(32)	(20)	(15)	(26)	(28)	(93)	(97)
Payment for purchase of financial assets, net of proceeds from sale	(51)	(2)	–	–	(2)	(53)	(10)
Free Cash Flow	128	136	159	(134)	652	288	1,774

¹See Appendix for the definition of reportable segments.

²Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why ST believes these measures are important.

Attachment

C3309C – Q424 Earnings PR – FINAL FOR PUBLICATION

The MIL Network –

January 30, 2025

MIL-OSI: Nokia Corporation Financial Report for Q4 and full year 2024

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Financial Statement Release
30 January 2025 at 08:00 EET

Nokia Corporation Financial Report for Q4 and full year 2024

Strong Q4 growth and profitability as market trends improve

Q4 net sales increased 9% y-o-y in constant currency (10% reported). Network Infrastructure net sales grew strongly with all units contributing, Nokia Technologies grew significantly and Cloud and Network Services also grew in Q4.
Comparable gross margin in Q4 increased by 250bps y-o-y to 47.2% (reported increased 280bps to 46.1%), with a strong contribution from Nokia Technologies along with smaller contributions from other businesses.
Q4 comparable operating margin increased 380bps y-o-y to 19.1% (reported up 540bps to 15.3%), mainly due to higher gross margin, continued cost control and higher contribution from Nokia Technologies.
Q4 comparable diluted EPS for the period of EUR 0.18; reported diluted EPS for the period of EUR 0.15.
Q4 free cash flow of EUR 0.05 billion, net cash balance of EUR 4.9 billion.
Full year 2024 net sales declined 9% in both reported and constant currency, of which 7 percentage points was related to India. Comparable operating profit was EUR 2.6 billion (reported EUR 2.0 billion).
Full year comparable diluted EPS of EUR 0.39; reported diluted EPS of 0.23.
Board proposes dividend authorization of EUR 0.14 per share.
Nokia issues full year 2025 outlook on an organic basis. Nokia expects comparable operating profit of between EUR 1.9 billion and 2.4 billion and free cash flow conversion from comparable operating profit of between 50% and 80%.

This is a summary of the Nokia Corporation Financial report for Q4 and full year 2024 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. A video interview summarizing the key points of our Q4 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

PEKKA LUNDMARK, PRESIDENT AND CEO, ON Q4 AND FULL YEAR 2024 RESULTS

In the following quote, net sales growth rates are on a constant currency basis
We saw a strong finish to 2024 with 9% net sales growth year-on-year in Q4. I am optimistic that the improving market trends we are now seeing will persist into 2025. Alongside the net sales growth, we saw excellent profitability in Q4 with a comparable operating margin of 19.1%. This meant our full year comparable operating profit was EUR 2.6 billion, at the mid-point of our guidance of EUR 2.3 to 2.9 billion.

All business groups delivered a strong operational performance in the quarter. Net sales growth in Network Infrastructure accelerated to 17%, with IP Networks growing 24%, Fixed Networks 16% and Optical Networks 7%. This reflected a strong recovery in demand from communication service providers, notably in North America.

Mobile Networks net sales stabilized with continued resilience in gross margin. We also secured many important deals, winning 18 000 additional base station sites, since the start of 2024 on a net basis. This was achieved while maintaining our commercial and pricing discipline to protect our gross margins.

Cloud and Network Services returned to 7% net sales growth in the quarter, despite a headwind of 4 percentage points from a prior business disposal, and its operating margin improved over the full year. Both Core Networks and Enterprise Campus Edge grew strongly. The fourth quarter saw the acquisition of Rapid’s technology assets. This will bolster our R&D capacity in Network as Code and increase our developer access. Taken together with our autonomous networks application suite, we are accelerating our efforts to help operators fully automate and monetize their networks.

Nokia Technologies had an extremely active quarter. We signed a deal with Transsion, a previously unlicensed mobile devices vendor, along with multimedia deals with HP and Samsung, as well as many other smaller deals. Our annual net sales run-rate increased to approximately between EUR 1.3 and 1.4 billion in Q4, progressing towards our mid-term EUR 1.4 to 1.5 billion target.

We delivered a strong cash performance throughout 2024, ending with full year free cash flow of EUR 2.0 billion. This means we continue to have a strong balance sheet supporting our business with net cash of EUR 4.9 billion at the end of the year, even after returning EUR 1.4 billion to shareholders through dividend and share buybacks. The Board is proposing an increase in the dividend to EUR 0.14 per share in respect of the financial year 2024. We also continue to execute against our outstanding share buyback program to offset any dilution from the equity component of our pending Infinera acquisition. Going forward, our target remains to maintain a net cash position of between 10-15% of annual net sales.

Q4 also saw further progress in efforts to expand our presence in the data center market. We signed important deals with Microsoft and Nscale for our data center switching products, along with announcing partnerships with both Kyndryl and Lenovo. We are now stepping up our investments to broaden our addressable market in data center IP networking. We will invest up to an additional EUR 100 million in annual operating expenses with a view to driving incremental net sales of EUR 1 billion by 2028. In the short-term this will moderate the pace of operating margin expansion in Network Infrastructure, but we anticipate a strong return on investment considering the momentum we already have today in the market.

Looking further ahead into 2025, we expect the improved trends we have seen in Network Infrastructure in the second half of this year, to sustain and drive strong growth. Cloud and Network Services is also expected to grow with strong 5G Core momentum and growth in our Enterprise Campus Edge business. End markets in Mobile Networks are improving and we currently assume largely stable net sales. Nokia Technologies is expected to deliver approximately EUR 1.1 billion of operating profit.

At the Nokia level, we currently estimate we will deliver comparable operating profit of between EUR 1.9 and 2.4 billion in 2025. We also target free cash flow conversion from comparable operating profit of between 50% and 80%. Excluding the one-time items that benefited 2024 by over EUR 700 million which were mostly in the first half of the year, this guidance would imply a strong improvement in our comparable operating profit in 2025 despite select increased investments.

Given the market volatility in 2024, our results demonstrate the responsiveness and capacity of the Nokia team to execute in all market conditions. I thank the whole Nokia team for their commitment, hard work and drive which made these results possible.

FINANCIAL RESULTS

EUR million (except for EPS in EUR)	Q4’24	Q4’23	YoY change	Constant currency YoY change	Q1-Q4’24	Q1-Q4’23	YoY change	Constant currency YoY change
Reported results
Net sales	5 983	5 416	10%	9%	19 220	21 138	(9)%	(9)%
Gross margin %	46.1%	43.3%	280bps		46.1%	40.4%	570bps
Research and development expenses	(1 136)	(1 080)	5%		(4 512)	(4 277)	5%
Selling, general and administrative expenses	(789)	(774)	2%		(2 890)	(2 878)	0%
Operating profit	917	534	72%		1 999	1 661	20%
Operating margin %	15.3%	9.9%	540bps		10.4%	7.9%	250bps
Profit/(loss) from continuing operations	746	(51)			1 711	649	164%
Profit/(loss) from discontinued operations	67	18	272%		(427)	30
Profit/(loss) for the period	813	(33)			1 284	679	89%
EPS for the period, diluted	0.15	(0.01)			0.23	0.12	92%
Net cash and interest-bearing financial investments	4 854	4 323	12%		4 854	4 323	12%
Comparable results
Net sales	5 983	5 416	10%	9%	19 220	21 138	(9)%	(9)%
Gross margin %	47.2%	44.7%	250bps		47.1%	41.1%	600bps
Research and development expenses	(1 129)	(1 023)	10%		(4 298)	(4 143)	4%
Selling, general and administrative expenses	(638)	(615)	4%		(2 423)	(2 448)	(1)%
Operating profit	1 142	830	38%		2 619	2 337	12%
Operating margin %	19.1%	15.3%	380bps		13.6%	11.1%	250bps
Profit for the period	977	555	76%		2 175	1 590	37%
EPS for the period, diluted	0.18	0.10	80%		0.39	0.28	39%
ROIC⁽¹⁾	13.0%	9.9%	310bps		13.0%	9.9%	310bps

¹ Comparable ROIC = Comparable operating profit after tax, last four quarters / invested capital, average of last five quarters’ ending balances. Refer to the Alternative performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for details.

Business group results	Network Infrastructure		Mobile Networks		Cloud and Network Services		Nokia Technologies		Group Common and Other
EUR million	Q4’24	Q4’23	Q4’24	Q4’23	Q4’24	Q4’23	Q4’24	Q4’23	Q4’24	Q4’23
Net sales	2 031	1 712	2 431	2 450	1 054	977	463	251	6	25
YoY change	19%		(1)%		8%		84%		(76)%
Constant currency YoY change	17%		(2)%		7%		85%		(76)%
Gross margin %	45.4%	44.7%	38.1%	38.3%	48.1%	47.6%	99.8%	100.0%
Operating profit/(loss)	398	264	187	281	236	223	356	169	(35)	(106)
Operating margin %	19.6%	15.4%	7.7%	11.5%	22.4%	22.8%	76.9%	67.3%

SHAREHOLDER DISTRIBUTION

Dividend

The Board of Directors proposes that the Annual General Meeting 2025 authorizes the Board to resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of the financial year 2024. The authorization would be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

Under the current authorization by the Annual General Meeting held on 3 April 2024, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.13 per share to be paid in respect of financial year 2023. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

On 30 January 2025, the Board resolved to distribute a dividend of EUR 0.03 per share. The dividend record date is 4 February 2025 and the dividend will be paid on 13 February 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

Following this announced distribution of the fourth installment and executed payments of the previous installments, the Board has no remaining distribution authorization.

Share buyback programs

In January 2024, Nokia’s Board of Directors initiated a share buyback program to repurchase shares to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The share buyback execution started on 20 March 2024. On 19 July 2024, Nokia’s Board of Directors decided to accelerate the timeframe for the share buyback program with the aim of completing the full EUR 600 million program by the end of the year instead of the initial two year timeframe. The program was completed on 21 November 2024 and the repurchased 157 646 220 shares were canceled on 4 December 2024.

On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares (“ADSs”), depending on the elections of Infinera shareholders. To offset the dilution from the transaction to Nokia shareholders, on 22 November 2024 Nokia announced a new share buyback program targeting to repurchase 150 million shares for an aggregate purchase price not exceeding EUR 900 million. Under this share buyback program, by 31 December 2024, Nokia had repurchased 19 186 046 of its own shares at an average price per share of approximately EUR 4.14.

OUTLOOK

	Full Year 2025
Comparable operating profit⁽¹⁾	EUR 1.9 billion to EUR 2.4 billion (excluding any impact from pending Infinera acquisition)
Free cash flow⁽¹⁾	50% to 80% conversion from comparable operating profit (excluding any impact from pending Infinera acquisition)

¹Please refer to Alternative performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for a full explanation of how these terms are defined.

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

Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook. Considering the pending Infinera acquisition along with the transfer of Managed Services from Cloud and Network Services to Mobile Networks (further details of this transfer are included in the Additional Topics section), Nokia is not currently providing assumptions by business group as it did previously.

	Full year 2025
Group Common and Other operating expenses	approximately EUR 400 million
Comparable financial income and expenses	Positive EUR 50 to 150 million
Comparable income tax rate	~25%
Cash outflows related to income taxes	EUR 450 million
Capital Expenditures	EUR 550 million

2026 TARGETS

Nokia’s current targets for its existing perimeter of the business for 2026 are outlined below. This does not consider pending acquisitions. Nokia sees further opportunities to increase margins beyond 2026 and believes an operating margin of 14% remains achievable over the longer term.

Net sales	Grow faster than the market
Comparable operating margin⁽¹⁾	≥ 13%
Free cash flow⁽¹⁾	55% to 85% conversion from comparable operating profit

¹ Please refer to Alternative Performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for a full explanation of how these terms are defined.

The comparable operating margin target for Nokia group is built on the following assumptions by business group for 2026:

Network Infrastructure	13 – 16% operating margin
Mobile Networks	6 – 9% operating margin
Cloud and Network Services	7 – 10% operating margin
Nokia Technologies	Operating profit more than EUR 1.1 billion
Group common and other	Approximately EUR 300 million of operating expenses

ADDITIONAL TOPICS

Progress on Infinera acquisition
On 27 June 2024, Nokia announced a definitive agreement under which Nokia will acquire Infinera, a global supplier of innovative open optical networking solutions and advanced optical semiconductors. The acquisition process continues to proceed as expected. On 13 September 2024, the applicable waiting period under the US pre-merger review expired and the Department of Justice decided not to investigate the planned transaction. On 1 October 2024, Infinera shareholders approved the planned acquisition. On 7 October 2024, Nokia and Infinera received approval from the Committee on Foreign Investment in the United States (CFIUS). During the fourth quarter Nokia received many of the outstanding required approvals for the deal. At this point approval from the European Union and Taiwan, along with contractual closing conditions, are the major items outstanding to proceed to closing. Assuming the current target timelines, Nokia and Infinera now expect the deal to close during the first quarter of 2025.

Nokia exercised NSB call option to simplify ownership structure in China

Nokia and its joint venture partner China Huaxin have been together reviewing the future ownership structure of Nokia Shanghai Bell (NSB). Following those discussions, Nokia exercised its call option, outlined in NSB’s shareholders’ agreement, to initiate the process to become the sole shareholder by purchasing China Huaxin’s approximately 50% share in NSB. This will allow Nokia to simplify its ownership structure in China while Nokia remains committed to continue serving the local market.
Since the creation of the joint venture Nokia has recorded a liability on its balance sheet based on the estimated future cash settlement to acquire China Huaxin’s ownership interest. The execution of the call option is subject to completing required steps under the shareholders’ agreement.

Managed Services business transferred from Cloud and Network Services into Mobile Networks in 2025
Nokia has moved its Managed Services business into Mobile Networks (MN), effective 1 January 2025. The Managed Services business provides outsourced network management of multi-vendor RAN networks for operators and since 2021 has been part of our Cloud and Network Services (CNS) business group. Considering CNS is increasingly transitioning towards cloud-native software sales, ‘as-a-service’ product offerings and helping customers to monetize networks through API’s, Nokia believes that this business is more aligned and fits better with its MN business. Based on 2024 results, this change is expected to lead to a transfer of approximately EUR 430 million of net sales and approximately EUR 40 million of comparable operating profit from CNS to MN. Nokia will provide recast financial information for 2024 for MN and CNS reflecting this change prior to Nokia’s Q1 financial results.

RISK FACTORS

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

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

as well the risk factors specified under Forward-looking statements of this release, and our 2023 annual report on Form 20-F published on 29 February 2024 under Operating and financial review and prospects-Risk factors.

FORWARD-LOOKING STATEMENTS

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

ANALYST WEBCAST

Nokia’s webcast will begin on 30 January 2025 at 11.30 a.m. Finnish time (EET). The webcast will last approximately 60 minutes.
The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
A link to the webcast will be available at www.nokia.com/financials.
Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

FINANCIAL CALENDAR

Nokia plans to publish its “Nokia in 2024” annual report, which includes the review by the Board of Directors and the audited annual accounts, during the week starting on 10 March 2025.
Nokia plans to publish its first quarter 2025 results on 24 April 2025.
Nokia’s Annual General Meeting 2025 is planned to be held on 29 April 2025.
Nokia plans to publish its second quarter and half year 2025 results on 24 July 2025.
Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

About Nokia

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

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

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

Inquiries:

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

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

Attachment

2024_Q4_Nokia_Earnings_release_English

The MIL Network –

January 30, 2025

MIL-OSI: TGS Awarded Offshore Wind Site Characterization Contract in UK

Source: GlobeNewswire (MIL-OSI)

OSLO, Norway (30 January 2025) – TGS, a leading provider of energy data and intelligence, is pleased to announce the award of another offshore wind site characterization contract on the UK continental shelf. The contract has a total duration of approximately 30 days and the Ramform Vanguard will mobilize for the project in Q2 2025.

Kristian Johansen, CEO of TGS, commented, “We are very pleased to secure more offshore wind site characterization contracts. Our geophysical approach for mapping the shallow subsurface layers with an ultra-high resolution 3D streamer is significantly more efficient than conventional site survey solutions. Energy companies value the shorter lead time we can offer to access high-quality data.”

For more information, visit TGS.com or contact:

Bård Stenberg
VP IR & Communication
Mobile: +47 992 45 235
investor@tgs.com

About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

The MIL Network –

January 30, 2025
MIL-OSI: CROCS SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Crocs, Inc. – CROX

Source: GlobeNewswire (MIL-OSI)

NEW ORLEANS, Jan. 29, 2025 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until March 24, 2025 to file lead plaintiff applications in a securities class action lawsuit against Crocs, Inc. (NasdaqGS: CROX), if they purchased the Company’s shares between November 3, 2022, and October 28 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of Delaware.

Get Help

Crocs investors should visit us at https://claimsfiler.com/cases/nasdaq-crox-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

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

In February 2022, the Company completed its acquisition of HEYDUDE, a footwear brand focusing on casual, comfortable, and lightweight footwear. On October 29, 2024, the Company reported its financial results for 3Q 2024, disclosing that HEYDUDE revenues fell below the Company’s expectations and that “HEYDUDE’s recent performance and the current operating environment are signaling it will take longer than we had initially planned for the business to turn the corner” due to “excess inventories in the market,” among other things.

On this news, the price of Crocs common stock declined $26.47 per share, or approximately 19.2%, from a close of $138.05 per share on October 28, 2024, to close at $111.58 per share on October 29, 2024.

The case is Carretta v. Crocs, Inc., et al., No. 25-cv-00096.

About ClaimsFiler

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

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

The MIL Network –

January 30, 2025

MIL-OSI: Sound Financial Bancorp, Inc. Q4 2024 Results

Source: GlobeNewswire (MIL-OSI)

SEATTLE, Jan. 29, 2025 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.9 million for the quarter ended December 31, 2024, or $0.74 diluted earnings per share, as compared to net income of $1.2 million, or $0.45 diluted earnings per share, for the quarter ended September 30, 2024, and $1.2 million, or $0.47 diluted earnings per share, for the quarter ended December 31, 2023. The Company also announced today that its Board of Directors declared a cash dividend on the Company’s common stock of $0.19 per share, payable on February 26, 2025 to stockholders of record as of the close of business on February 12, 2025.

Comments from the President and Chief Executive Officer

“The Bank ended the year with many positives, including a 15-basis-point increase in net interest margin compared to the third quarter of 2024. This was largely due to our significant progress in reducing deposit costs, which fell by 16 basis points,” remarked Laurie Stewart, President and Chief Executive Officer. “Additionally, nonperforming loans decreased by 11.8% from the third quarter, and for the first time in more than a decade, we have no OREO,” concluded Ms. Stewart. “Notable progress was made in reducing funding costs during the quarter and in controlling expenses throughout the entire year. We hope to continue this momentum in 2025. Our staff across the company played an important role in these accomplishments by focusing on client relationships and increasing efficiencies through technological improvements,” explained Wes Ochs, Executive Vice President and Chief Financial Officer. Mr. Ochs continued, “We ended the year with the same balance sheet strategy that we used to close out 2023, which helped reduce the Bank’s asset size below $1 billion. This strategy is intended to provide the Bank with additional operational flexibility and continued cost savings in 2025.”
Q4 2024 Financial Performance
Total assets decreased $107.3 million or 9.7% to $993.6 million at December 31, 2024, from $1.10 billion at September 30, 2024, and decreased $1.6 million or 0.2% from $995.2 million at December 31, 2023.				Net interest income increased $347 thousand or 4.4% to $8.2 million for the quarter ended December 31, 2024, from $7.9 million for the quarter ended September 30, 2024, and increased $653 thousand or 8.6% from $7.6 million for the quarter ended December 31, 2023.

				Net interest margin (“NIM”), annualized, was 3.13% for the quarter ended December 31, 2024, compared to 2.98% for the quarter ended September 30, 2024 and 3.04% for the quarter ended December 31, 2023.
Loans held-for-portfolio decreased $1.6 million or 0.2% to $900.2 million at December 31, 2024, compared to $901.7 million at September 30, 2024, and increased $5.7 million or 0.6% from $894.5 million at December 31, 2023.
				A $14 thousand provision for credit losses was recorded for the quarter ended December 31, 2024, compared to an $8 thousand provision and a $27 thousand release of provision for credit losses for the quarters ended September 30, 2024 and December 31, 2023, respectively. At December 31, 2024, the allowance for credit losses on loans to total loans outstanding was 0.94%, compared to 0.95% at September 30, 2024 and 0.98% December 31, 2023.
Total deposits decreased $92.4 million or 9.9% to $837.8 million at December 31, 2024, from $930.2 million at September 30, 2024, and increased $11.3 million or 1.4% from $826.5 million at December 31, 2023. Noninterest-bearing deposits increased $2.8 million or 2.2% to $132.5 million at December 31, 2024 compared to $129.7 million at September 30, 2024, and increased $5.8 million or 4.6% compared to $126.7 million at December 31, 2023.
				Total noninterest income decreased $75 thousand or 6.1% to $1.2 million for the quarter ended December 31, 2024, compared to the quarter ended September 30, 2024, and increased $94 thousand or 8.8% compared to the quarter ended December 31, 2023.
The loans-to-deposits ratio was 108% at December 31, 2024, compared to 97% at September 30, 2024 and 108% at December 31, 2023.
				Total noninterest expense decreased $621 thousand or 8.1% to $7.1 million for the quarter ended December 31, 2024, compared to the quarter ended September 30, 2024, and decreased $248 thousand or 3.4% compared to the quarter ended December 31, 2023.
Total nonperforming loans decreased $998 thousand or 11.8% to $7.5 million at December 31, 2024, from $8.5 million at September 30, 2024, and increased $3.9 million or 110.7% from $3.6 million at December 31, 2023. Nonperforming loans to total loans was 0.83% and the allowance for credit losses on loans to total nonperforming loans was 113.46% at December 31, 2024.
				The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at December 31, 2024.

Operating Results

Net interest income increased $347 thousand, or 4.4%, to $8.2 million for the quarter ended December 31, 2024, compared to $7.9 million for the quarter ended September 30, 2024, and increased $653 thousand, or 8.6%, from $7.6 million for the quarter ended December 31, 2023.The increase from the prior quarter was primarily the result of lower funding costs and an increase in average yield on loans receivable and investments, partially offset by a decrease in the average balance and yield on interest-bearing cash. The increase in net interest income compared to the same quarter one year ago was primarily due to a higher average yield on interest-earning assets, particularly loans receivable and investments, and an increase in the average balances of both loans receivable and interest-bearing cash, partially offset by a lower average yield on interest-bearing cash and higher funding costs.

Interest income decreased $102 thousand, or 0.7%, to $14.7 million for the quarter ended December 31, 2024, compared to $14.8 million for the quarter ended September 30, 2024, and increased $1.4 million, or 10.5%, from $13.3 million for the quarter ended December 31, 2023. The decrease from the prior quarter was primarily due to a lower average balance of interest-bearing cash, and a 59 basis point decline in the average yield on interest-bearing cash, offset by a seven basis point increase in the average loan yield and a 16 basis point increase in the average yield on investments. The increase in interest income compared to the same quarter last year was due primarily to higher average balances of loans and interest-bearing cash, a 37 basis point increase in the average yield on loans, and a 43 basis point increase in the average yield on investments, partially offset by a decline in the average balance of investments and a 59 basis point decline in the average yield on interest-bearing cash.

Interest income on loans increased $194 thousand, or 1.5%, to $13.1 million for the quarter ended December 31, 2024, compared to $12.9 million for the quarter ended September 30, 2024, and increased $1.0 million, or 8.6%, from $12.0 million for the quarter ended December 31, 2023. The average balance of total loans was $900.8 million for the quarter ended December 31, 2024, up from $898.6 million for the quarter ended September 30, 2024 and $884.7 million for the quarter ended December 31, 2023. The average yield on total loans was 5.77% for the quarter ended December 31, 2024, up from 5.70% for the quarter ended September 30, 2024 and 5.40% for the quarter ended December 31, 2023. The increase in the average loan yield during the current quarter, compared to both the prior quarter and the fourth quarter of 2023, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the prior quarters. The increase in the average balance during the current quarter compared to the prior quarter was primarily due to growth in commercial and multifamily loans, manufactured housing loans and floating home loans. This was partially offset by a decline in construction and land loans and commercial business loans. The average balances for one-to-four family loans, home equity loans, and other consumer loans remained relatively flat from the third quarter of 2024. The increase in the average balance of loans during the current quarter compared to the fourth quarter of 2023 was primarily due to loan growth across all categories, except for one-to-four family loans, construction and land loans, commercial business loans, and other consumer loans, with the largest decrease being in construction and land loans.

Interest income on investments was $132 thousand for both the quarters ended December 31, 2024 and September 30, 2024, and $129 thousand for the quarter ended December 31, 2023. Interest income on interest-bearing cash decreased $296 thousand to $1.5 million for the quarter ended December 31, 2024, compared to $1.8 million for the quarter ended September 30, 2024, and increased $359 thousand from $1.2 million for the quarter ended December 31, 2023. The decrease from the prior quarter was due to decreases in the average yield and average balance of interest-bearing cash. The increase from the same quarter in the prior year was a result of a higher average balance, partially offset by a lower average yield.

Interest expense decreased $449 thousand, or 6.4%, to $6.5 million for the quarter ended December 31, 2024, from $7.0 million for the quarter ended September 30, 2024, and increased $746 thousand, or 12.9%, from $5.8 million for the quarter ended December 31, 2023. The decrease in interest expense during the current quarter from the prior quarter was primarily the result of average balance decreases of $3.8 million in demand and NOW accounts, $2.3 million in certificate accounts and $9.5 million in FHLB advances, as well as lower average rates paid on all categories of interest-bearing deposits, partially offset by a $10.2 million increase in the average balance of savings and money market accounts. The increase in interest expense during the current quarter from the same quarter a year ago was primarily the result of a $91.9 million increase in the average balance of savings and money market accounts and a $1.3 million increase in the average balance of certificate accounts, as well as higher average rates paid on savings and money market accounts. This was partially offset by a $25.3 million decrease in the average balance of demand and NOW accounts and a $9.6 million decrease in the average balance of FHLB advances. The average cost of deposits was 2.58% for the quarter ended December 31, 2024, down from 2.74% for the quarter ended September 30, 2024 and up from 2.38% for the quarter ended December 31, 2023. The average cost of FHLB advances was 4.31% for the quarter ended December 31, 2024, down from 4.32% for the quarter ended September 30, 2024, and up from 4.26% for the quarter ended December 31, 2023.

NIM (annualized) was 3.13% for the quarter ended December 31, 2024, up from 2.98% for the quarter ended September 30, 2024 and 3.04% for the quarter ended December 31, 2023. The increase in NIM from the prior quarter was the result of lower cost of funding, partially offset by a decrease in interest income on interest-earning assets. The increase in NIM from the quarter one year ago was primarily due to an increase in interest income on interest-earning assets, driven by the higher average balance in loans and interest-bearing cash and a higher yield earned on loans and investments, partially offset by a higher average balance of and cost of savings and money market accounts.

A provision for credit losses of $14 thousand was recorded for the quarter ended December 31, 2024, consisting of a release of provision for credit losses on loans of $73 thousand and a provision for credit losses on unfunded loan commitments of $87 thousand. This compared to a provision for credit losses of $8 thousand for the quarter ended September 30, 2024, consisting of a provision for credit losses on loans of $106 thousand and a release of provision for credit losses on unfunded loan commitments of $98 thousand, and a release of provision for credit losses of $27 thousand for the quarter ended December 31, 2023, consisting of a provision for credit losses on loans of $337 thousand and a release of the provision for credit losses on unfunded loan commitments of $364 thousand. The increase in the provision for credit losses for the quarter ended December 31, 2024 compared to the quarter ended September 30, 2024 resulted primarily from an additional qualitative adjustment related to our loan review, additional enhancements to the loss model related to how we adjust for the qualitative component, including the utilization of a scorecard to drive managements analysis, and growth in our unfunded construction loan portfolio, which has a higher loss rate than our other loan portfolios. These increases were offset by lower reserves in both our floating home sub-segment of other consumer loans within our quantitative analysis and in our qualitative analysis related to market conditions and value of underlying collateral, as economic conditions have improved. Expected loss estimates consider various factors, such as market conditions, borrower-specific information, projected delinquencies, and the impact of economic conditions on borrowers’ ability to repay.

Noninterest income decreased $75 thousand, or 6.1%, to $1.2 million for the quarter ended December 31, 2024, compared to the quarter ended September 30, 2024, and increased $94 thousand, or 8.8%, compared to the quarter ended December 31, 2023. The decrease from the prior quarter was primarily related to a $24 thousand downward adjustment in fair value of mortgage servicing rights and a $59 thousand decrease in earnings from bank-owned life insurance (“BOLI”), both influenced by fluctuating market interest rates. These decreases were partially offset by an increase of $13 thousand in net gain on sale of loans due to higher sales volume in the fourth quarter of 2024, and a $7 thousand increase in gain on disposal of assets due to insurance claims exceeding the book value on the replacement of stolen laptops in the second quarter of 2024. The increase in noninterest income from the same quarter of 2023 was primarily due an $43 thousand increase in service charges and fee income primarily due to increases in late fees on loans, higher interchange income and income related to a new, multi-year agreement with our credit card provider that was effective in 2024, a late fee on one commercial loan and higher specialty deposit fees due to fewer reversals of fees in 2024, a $173 thousand increase in the fair value adjustment on mortgage servicing rights due to changes in prepayment speeds, servicing costs, and discount rate, and a $7 thousand increase in gain on disposal of assets as noted above. These increases were partially offset by a $95 thousand decrease in earnings on BOLI due to market rate fluctuations, and a $23 thousand decrease in net gain on sale of loans due to fewer loans sold, and an $11 thousand decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than we are replacing the loans. Loans sold during the quarter ended December 31, 2024, totaled $3.5 million, compared to $2.4 million and $4.5 million of loans sold during the quarters ended September 30, 2024 and December 31, 2023, respectively.

Noninterest expense decreased $621 thousand, or 8.1%, to $7.1 million for the quarter ended December 31, 2024, compared to the quarter ended September 30, 2024, and decreased $248 thousand, or 3.4%, from the quarter ended December 31, 2023. The decrease from the quarter ended September 30, 2024 was primarily a result of lower salaries and benefits and operations expenses, partially offset by higher data processing expense. Salaries and benefits decreased $549 thousand primarily due to lower incentive compensation, lower retirement plan expense due to fluctuating market rates, lower medical expense due to higher medical costs during the third quarter of 2024, and lower salaries expense, as well as higher deferred salaries due to higher loan production. Operations expense decreased $211 thousand primarily due to a reversal of state and local tax expense related to higher estimated tax payments made than actual tax due, and lower operational losses in the current quarter as the prior quarter included the charge-off of a fraudulently obtained loan. This was partially offset by an $165 thousand increase in data processing expenses, reflecting new technology implementation costs. Compared to same quarter in 2023, the decrease in noninterest expense was primarily due to lower operations expenses, occupancy expenses and data processing expenses, which were partially offset by a $118 thousand increase in salaries and benefits costs. Operations expenses decreased due to reduction in loan originations costs, office expenses, operational losses, charitable contributions and state and local taxes, partially offset by higher professional fees primarily related to costs for future FDIC Improvement Act implementation. Data processing expenses decreased due to lower costs related to our core processor, while occupancy expenses decreased primarily due to fully amortized leasehold improvements. The increase in salaries and benefits compared to the same quarter last year reflected higher incentive compensation, lower deferred salaries, higher medical expenses due primarily to a change in insurance providers, and a higher contribution to our employee stock ownership plan due to the increase in value of our stock in 2024. This was partially offset by lower retirement plan expenses due to fluctuating market rates and lower salaries from a restructuring of positions at the end of 2023.

Balance Sheet Review, Capital Management and Credit Quality

Assets at December 31, 2024 totaled $993.6 million, down from $1.10 billion at September 30, 2024 and $995.22 million at December 31, 2023. The decrease in total assets from September 30, 2024 was primarily due to decreases in cash and cash equivalents and loans held-for-portfolio. The decrease from one year ago was primarily a result of lower balances of cash and cash equivalents and investment securities, offset by an increase in loans held-for-portfolio.

Cash and cash equivalents decreased $105.3 million, or 70.7%, to $43.6 million at December 31, 2024, compared to $148.9 million at September 30, 2024, and decreased $6.0 million, or 12.2%, from $49.7 million at December 31, 2023. The decrease from the prior quarter was primarily due to higher deposit withdrawals, as well as the strategic decision to sell reciprocal deposits at the end of the year. Cash and cash equivalents decreased from one year ago primarily due to the increase in loans held-for-portfolio and the payoff of one FHLB borrowing, partially offset by an increase in deposits.

Investment securities decreased $251 thousand, or 2.5%, to $9.9 million at December 31, 2024, compared to $10.2 million at September 30, 2024, and decreased $533 thousand, or 5.1%, from $10.5 million at December 31, 2023. Held-to-maturity securities totaled $2.1 million at both December 31, 2024 and September 30, 2024, and totaled $2.2 million at December 31, 2023. Available-for-sale securities totaled $7.8 million at December 31, 2024, compared to $8.0 million at September 30, 2024 and $8.3 million at December 31, 2023.

Loans held-for-portfolio were $900.2 million at December 31, 2024, compared to $901.7 million at September 30, 2024 and $894.5 million at December 31, 2023.

Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, decreased $1.1 million, or 12.9%, to $7.5 million at December 31, 2024, from $8.6 million at September 30, 2024 and increased $3.4 million, or 81.3%, from $4.1 million at December 31, 2023. The decrease in NPAs from September 30, 2024 was primarily due to the payoff of seven loans totaling $1.2 million, one loan totaling $76 thousand returning to accrual status, and sale of one other real estate owned property for $115 thousand for a small net gain on sale, partially offset by the addition of seven loans totaling $326 thousand to nonaccrual. The increase in NPAs from one year ago was primarily due to the placement of an additional $9.3 million of loans on nonaccrual status, which included a $3.7 million matured commercial real estate loan where the borrower is in the process of securing financing from another lender, and a $2.4 million floating home loan, all of which are well secured. These additions were partially offset by payoffs totaling $4.2 million, the return of $784 thousand of loans to accrual status, charge-offs of $142 thousand, the sale of two other real estate owned properties for $685 thousand, and normal loan payments.

NPAs to total assets were 0.75%, 0.78% and 0.42% at December 31, 2024, September 30, 2024 and December 31, 2023, respectively. The allowance for credit losses on loans to total loans outstanding was 0.94% at December 31, 2024, compared to 0.95% at September 30, 2024 and 0.98% at December 31, 2023. Net loan charge-offs for the fourth quarter of 2024 totaled $13 thousand, compared to $14 thousand for the third quarter of 2024, and $15 thousand for the fourth quarter of 2023.

The following table summarizes our NPAs at the dates indicated (dollars in thousands):

	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Nonperforming Loans:
One-to-four family	$	537		$	745		$	822		$	835		$	1,108
Home equity loans		298			338			342			83			84
Commercial and multifamily		3,734			4,719			5,161			4,747			—
Construction and land		24			25			28			29			—
Manufactured homes		521			230			136			166			228
Floating homes		2,363			2,377			2,417			3,192			—
Commercial business		11			23			—			—			2,135
Other consumer		3			32			3			1			1
Total nonperforming loans		7,491			8,489			8,909			9,053			3,556
OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			—			575			575
Manufactured homes		—			115			115			115			—
Total OREO and repossessed assets		—			115			115			690			575
Total NPAs	$	7,491		$	8,604		$	9,024		$	9,743		$	4,131

Percentage of Nonperforming Loans:
One-to-four family		7.3	%		8.7	%		9.1	%		8.5	%		26.9	%
Home equity loans		4.0			3.9			3.8			0.9			2.0
Commercial and multifamily		49.8			54.8			57.2			48.7			—
Construction and land		0.3			0.3			0.3			0.3			—
Manufactured homes		7.0			2.7			1.5			1.7			5.5
Floating homes		31.5			27.6			26.8			32.8			—
Commercial business		0.1			0.3			—			—			51.7
Other consumer		—			0.4			—			—			—
Total nonperforming loans		100.0			98.7			98.7			92.9			86.1
Percentage of OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			—			5.9			13.9
Manufactured homes		—			1.3			1.3			1.2			—
Total OREO and repossessed assets		—			1.3			1.3			7.1			13.9
Total NPAs		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

	At or For the Quarter Ended:
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Allowance for Credit Losses on Loans
Balance at beginning of period	$	8,585		$	8,493		$	8,598		$	8,760		$	8,438
(Release of) provision for credit losses during the period		(73	)		106			(88	)		(106	)		337
Net charge-offs during the period		(13	)		(14	)		(17	)		(56	)		(15	)
Balance at end of period	$	8,499		$	8,585		$	8,493		$	8,598		$	8,760
Allowance for Credit Losses on Unfunded Loan Commitments
Balance at beginning of period	$	147		$	245		$	266		$	193		$	557
Provision for (release of) provision for credit losses during the period		87			(98	)		(21	)		73			(364	)
Balance at end of period		234			147			245			266			193
Allowance for Credit Losses	$	8,733		$	8,732		$	8,738		$	8,864		$	8,953
Allowance for credit losses on loans to total loans		0.94	%		0.95	%		0.96	%		0.96	%		0.98	%
Allowance for credit losses to total loans		0.97	%		0.97	%		0.98	%		0.99	%		1.00	%
Allowance for credit losses on loans to total nonperforming loans		113.46	%		101.13	%		95.33	%		94.97	%		246.34	%
Allowance for credit losses to total nonperforming loans		116.58	%		102.86	%		98.08	%		97.91	%		251.77	%

Total deposits decreased $92.4 million, or 9.9%, to $837.8 million at December 31, 2024, from $930.2 million at September 30, 2024 and increased $11.3 million, or 1.4%, from $826.5 million at December 31, 2023. The decrease in total deposits compared to the prior quarter-end was primarily a result of the movement of reciprocal deposits off balance sheet for strategic objectives at year-end, followed by the return of those deposits to our balance sheet in the first quarter of 2025, and a decrease in one high cost money market depositor relationship as part of our strategic decision to decrease our overall cost of funds. Noninterest-bearing deposits increased $2.8 million, or 2.2%, to $132.5 million at December 31, 2024, compared to $129.7 million at September 30, 2024 and increased $5.8 million, or 4.6%, from $126.7 million at December 31, 2023. Noninterest-bearing deposits represented 15.8%, 14.0% and 15.3% of total deposits at December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

FHLB advances totaled $25.0 million at December 31, 2024, compared to $40.0 million at both September 30, 2024, and December 31, 2023. The decrease from both prior dated was due to the repayment of a $15.0 million FHLB advance that matured in November 2024. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at December 31, 2024 had maturities ranging from early 2026 through early 2028. Subordinated notes, net totaled $11.8 million at each of December 31, 2024, September 30, 2024 and December 31, 2023.

Stockholders’ equity totaled $103.7 million at December 31, 2024, an increase of $1.4 million, or 1.4%, from $102.2 million at September 30, 2024, and an increase of $3.0 million, or 3.0%, from $100.7 million at December 31, 2023. The increase in stockholders’ equity from September 30, 2024 was primarily the result of $1.9 million of net income earned during the current quarter, $98 thousand in share-based compensation, and $19 thousand in common stock options exercised, partially offset by a $122 thousand increase in accumulated other comprehensive loss, net of tax and the payment of $486 thousand in cash dividends to the Company’s stockholders.

Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

Forward-Looking Statements Disclaimer

When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

Factors which could cause actual results to differ materially, include, but are not limited to:adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans;expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the potential imposition of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sector; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

CONSOLIDATED INCOME STATEMENTS (Dollars in thousands, unaudited)
	For the Quarter Ended
	December 31, 2024			September 30, 2024		June 30, 2024			March 31, 2024			December 31, 2023
Interest income	$	14,736		$	14,838	$	14,039		$	13,760		$	13,337
Interest expense		6,516			6,965		6,591			6,300			5,770
Net interest income		8,220			7,873		7,448			7,460			7,567
Provision for (release of) credit losses		14			8		(109	)		(33	)		(27	)
Net interest income after provision for (release of) credit losses		8,206			7,865		7,557			7,493			7,594
Noninterest income:
Service charges and fee income		619			628		761			612			576
Earnings on bank-owned life insurance		127			186		134			177			222
Mortgage servicing income		277			280		279			282			288
Fair value adjustment on mortgage servicing rights		77			101		(116	)		(65	)		(96	)
Net gain on sale of loans		53			40		74			90			76
Other income		7			—		30			—			—
Total noninterest income		1,160			1,235		1,162			1,096			1,066
Noninterest expense:
Salaries and benefits		3,920			4,469		4,658			4,543			3,802
Operations		1,329			1,540		1,569			1,457			1,537
Regulatory assessments		189			189		220			189			198
Occupancy		409			414		397			444			458
Data processing		1,232			1,067		910			1,017			1,311
Net (gain) loss on OREO and repossessed assets		(21	)		—		(17	)		6			—
Total noninterest expense		7,058			7,679		7,737			7,656			7,306
Income before provision for income taxes		2,308			1,421		982			933			1,354
Provision for income taxes		389			267		187			163			143
Net income	$	1,919		$	1,154	$	795		$	770		$	1,211

CONSOLIDATED INCOME STATEMENTS (Dollars in thousands, unaudited)

	For theYear Ended December 31
		2024			2023
Interest income	$	57,374		$	50,609
Interest expense		26,372			16,759
Net interest income		31,002			33,850
(Release of) provision for credit losses		(120	)		(273	)
Net interest income after (release of) provision for credit losses		31,122			34,123
Noninterest income:
Service charges and fee income		2,620			2,527
Earnings on bank-owned life insurance		625			1,179
Mortgage servicing income		1,118			1,179
Fair value adjustment on mortgage servicing rights		(4	)		(219	)
Net gain on sale of loans		258			340
Other income		38			—
Total noninterest income		4,655			5,006
Noninterest expense:
Salaries and benefits		17,590			17,135
Operations		5,894			6,095
Regulatory assessments		787			688
Occupancy		1,665			1,810
Data processing		4,226			4,388
Net (gain) loss on OREO and repossessed assets		(31	)		13
Total noninterest expense		30,131			30,129
Income before provision for income taxes		5,646			9,000
Provision for income taxes		1,006			1,561
Net income	$	4,640		$	7,439

CONSOLIDATED BALANCE SHEETS (Dollars in thousands, unaudited)
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
ASSETS
Cash and cash equivalents	$	43,641		$	148,930		$	135,111		$	137,977		$	49,690
Available-for-sale securities, at fair value		7,790			8,032			7,996			8,115			8,287
Held-to-maturity securities, at amortized cost		2,130			2,139			2,147			2,157			2,166
Loans held-for-sale		487			65			257			351			603
Loans held-for-portfolio		900,171			901,733			889,274			897,877			894,478
Allowance for credit losses – loans		(8,499	)		(8,585	)		(8,493	)		(8,598	)		(8,760	)
Total loans held-for-portfolio, net		891,672			893,148			880,781			889,279			885,718
Accrued interest receivable		3,471			3,705			3,413			3,617			3,452
Bank-owned life insurance, net		22,490			22,363			22,172			22,037			21,860
Other real estate owned (“OREO”) and other repossessed assets, net		—			115			115			690			575
Mortgage servicing rights, at fair value		4,769			4,665			4,540			4,612			4,632
Federal Home Loan Bank (“FHLB”) stock, at cost		1,730			2,405			2,406			2,406			2,396
Premises and equipment, net		4,697			4,807			4,906			6,685			5,240
Right-of-use assets		3,725			3,779			4,020			4,259			4,496
Other assets		7,031			6,777			6,995			4,500			6,106
TOTAL ASSETS	$	993,633		$	1,100,930		$	1,074,859		$	1,086,685		$	995,221
LIABILITIES
Interest-bearing deposits	$	705,267		$	800,480		$	781,854		$	788,217		$	699,813
Noninterest-bearing deposits		132,532			129,717			124,915			128,666			126,726
Total deposits		837,799			930,197			906,769			916,883			826,539
Borrowings		25,000			40,000			40,000			40,000			40,000
Accrued interest payable		765			908			760			719			817
Lease liabilities		4,013			4,079			4,328			4,576			4,821
Other liabilities		9,371			9,711			9,105			9,578			9,563
Advance payments from borrowers for taxes and insurance		1,260			2,047			812			2,209			1,110
Subordinated notes, net		11,759			11,749			11,738			11,728			11,717
TOTAL LIABILITIES		889,967			998,691			973,512			985,693			894,567
STOCKHOLDERS’ EQUITY:
Common stock		25			25			25			25			25
Additional paid-in capital		28,413			28,296			28,198			28,110			27,990
Retained earnings		76,272			74,840			74,173			73,907			73,627
Accumulated other comprehensive loss, net of tax		(1,044	)		(922	)		(1,049	)		(1,050	)		(988	)
TOTAL STOCKHOLDERS’ EQUITY		103,666			102,239			101,347			100,992			100,654
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	993,633		$	1,100,930		$	1,074,859		$	1,086,685		$	995,221

KEY FINANCIAL RATIOS (unaudited)
	For the Quarter Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Annualized return on average assets	0.70	%	0.42	%	0.30	%	0.29	%	0.46	%
Annualized return on average equity	7.40	%	4.50	%	3.17	%	3.06	%	4.78	%
Annualized net interest margin⁽¹⁾	3.13	%	2.98	%	2.92	%	2.95	%	3.04	%
Annualized efficiency ratio⁽²⁾	75.25	%	84.31	%	89.86	%	89.48	%	84.63	%

(1) Net interest income divided by average interest earning assets.
(2) Noninterest expense divided by total revenue (net interest income and noninterest income).

PER COMMON SHARE DATA (unaudited)
	At or For the Quarter Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Basic earnings per share	$	0.75	$	0.45	$	0.31	$	0.30	$	0.47
Diluted earnings per share	$	0.74	$	0.45	$	0.31	$	0.30	$	0.47
Weighted-average basic shares outstanding		2,547,210		2,544,233		2,540,538		2,539,213		2,542,175
Weighted-average diluted shares outstanding		2,578,771		2,569,368		2,559,015		2,556,958		2,560,656
Common shares outstanding at period-end		2,564,907		2,564,095		2,557,284		2,558,546		2,549,427
Book value per share	$	40.42	$	39.87	$	39.63	$	39.47	$	39.48

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
(Dollars in thousands, unaudited)

The following tables present, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

	Three Months Ended
	December 31, 2024							September 30, 2024							December 31, 2023
	Average Outstanding Balance			Interest Earned/ Paid		Yield/ Rate		Average Outstanding Balance			Interest Earned/ Paid		Yield/ Rate		Average Outstanding Balance			Interest Earned/ Paid		Yield/ Rate
Interest-Earning Assets:
Loans receivable	$	900,832		$	13,070	5.77	%	$	898,570		$	12,876	5.70	%	$	884,677		$	12,033	5.40	%
Interest-earning cash		130,412			1,534	4.68	%		138,240			1,830	5.27	%		88,401			1,175	5.27	%
Investments		13,263			132	3.96	%		13,806			132	3.80	%		14,479			129	3.53	%
Total interest-earning assets	$	1,044,507			14,736	5.61	%		1,050,616		$	14,838	5.62	%	$	987,557			13,337	5.36	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	350,495			2,476	2.81	%	$	340,281			2,688	3.14	%	$	258,583			1,586	2.43	%
Demand and NOW accounts		144,470			128	0.35	%		148,252			151	0.41	%		169,816			149	0.35	%
Certificate accounts		301,293			3,413	4.51	%		303,632			3,524	4.62	%		300,042			3,436	4.54	%
Subordinated notes		11,756			168	5.69	%		11,745			168	5.69	%		11,714			168	5.69	%
Borrowings		30,546			331	4.31	%		40,000			434	4.32	%		40,109			431	4.26	%
Total interest-bearing liabilities	$	838,560			6,516	3.09	%	$	843,910			6,965	3.28	%	$	780,264			5,770	2.93	%
Net interest income/spread				$	8,220	2.52	%				$	7,873	2.34	%				$	7,567	2.42	%
Net interest margin						3.13	%						2.98	%						3.04	%

Ratio of interest-earning assets to interest-bearing liabilities		125	%						124	%						127	%
Noninterest-bearing deposits	$	130,476						$	132,762						$	134,857
Total deposits		926,734		$	6,017	2.58	%		924,927		$	6,363	2.74	%		863,298		$	5,171	2.38	%
Total funding⁽¹⁾		969,036			6,516	2.68	%		976,672			6,965	2.84	%		915,121			5,770	2.50	%

(1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

	Year Ended
	December 31, 2024							December 31, 2023
	Average Outstanding Balance			Interest Earned/Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/Paid		Yield/Rate
Interest-Earning Assets:
Loans receivable	$	896,690		$	50,499	5.63	%	$	870,227		$	46,470	5.34	%
Interest-earning cash		124,259			6,367	5.12	%		74,708			3,621	4.85	%
Investments		12,468			508	4.07	%		13,661			518	3.79	%
Total interest-earning assets	$	1,033,417			57,374	5.55	%	$	958,596			50,609	5.28	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	319,314			9,145	2.86	%	$	194,810			2,783	1.43	%
Demand and NOW accounts		151,528			568	0.37	%		204,922			736	0.36	%
Certificate accounts		309,441			14,363	4.64	%		280,238			10,617	3.79	%
Subordinated notes		11,740			672	5.72	%		11,698			672	5.74	%
Borrowings		37,623			1,624	4.32	%		43,977			1,951	4.44	%
Total interest-bearing liabilities	$	829,646			26,372	3.18	%	$	735,645			16,759	2.28	%
Net interest income/spread				$	31,002	2.37	%				$	33,850	3.00	%
Net interest margin						3.00	%						3.53	%

Ratio of interest-earning assets to interest-bearing liabilities		125	%						130	%
Noninterest-bearing deposits	$	131,141						$	154,448
Total deposits		911,424		$	24,076	2.64	%		834,418		$	14,136	1.69	%
Total funding⁽¹⁾		960,787			26,372	2.74	%		890,093			16,759	1.88	%

LOANS (Dollars in thousands, unaudited)
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Real estate loans:
One-to-four family	$	269,684		$	271,702		$	268,488		$	279,213		$	279,448
Home equity		26,686			25,199			26,185			24,380			23,073
Commercial and multifamily		371,516			358,587			342,632			324,483			315,280
Construction and land		73,077			85,724			96,962			111,726			126,758
Total real estate loans		740,963			741,212			734,267			739,802			744,559
Consumer Loans:
Manufactured homes		41,128			40,371			38,953			37,583			36,193
Floating homes		86,411			86,155			81,622			84,237			75,108
Other consumer		17,720			18,266			18,422			18,847			19,612
Total consumer loans		145,259			144,792			138,997			140,667			130,913
Commercial business loans		15,605			17,481			17,860			19,075			20,688
Total loans		901,827			903,485			891,124			899,544			896,160
Less:
Premiums		718			736			754			808			829
Deferred fees, net		(2,374	)		(2,488	)		(2,604	)		(2,475	)		(2,511	)
Allowance for credit losses – loans		(8,499	)		(8,585	)		(8,493	)		(8,598	)		(8,760	)
Total loans held-for-portfolio, net	$	891,672		$	893,148		$	880,781		$	889,279		$	885,718

DEPOSITS (Dollars in thousands, unaudited)
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Noninterest-bearing demand	$	132,532	$	129,717	$	124,915	$	128,666	$	126,726
Interest-bearing demand		142,126		148,740		152,829		159,178		168,346
Savings		61,252		61,455		63,368		65,723		69,461
Money market⁽¹⁾		206,067		285,655		253,873		241,976		154,044
Certificates		295,822		304,630		311,784		321,340		307,962
Total deposits	$	837,799	$	930,197	$	906,769	$	916,883	$	826,539

(1) Includes $5.0 million of brokered deposits at December 31, 2023.

CREDIT QUALITY DATA (Dollars in thousands, unaudited)
	At or For the Quarter Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Total nonperforming loans	$	7,491		$	8,489		$	8,909		$	9,053		$	3,556
OREO and other repossessed assets		—			115			115			690			575
Total nonperforming assets	$	7,491		$	8,604		$	9,024		$	9,743		$	4,131
Net charge-offs during the quarter	$	(13	)	$	(14	)	$	(17	)	$	(56	)	$	(15	)
Provision for (release of) credit losses during the quarter		14			8			(109	)		(33	)		(27	)
Allowance for credit losses – loans		8,499			8,585			8,493			8,598			8,760
Allowance for credit losses – loans to total loans		0.94	%		0.95	%		0.96	%		0.96	%		0.98	%
Allowance for credit losses – loans to total nonperforming loans		113.46	%		101.13	%		95.33	%		94.97	%		246.34	%
Nonperforming loans to total loans		0.83	%		0.94	%		1.00	%		1.01	%		0.40	%
Nonperforming assets to total assets		0.75	%		0.78	%		0.84	%		0.90	%		0.42	%

OTHER STATISTICS (Dollars in thousands, unaudited)
	At or For the Quarter Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023

Total loans to total deposits		107.64	%		97.13	%		98.27	%		98.11	%		108.42	%
Noninterest-bearing deposits to total deposits		15.82	%		13.95	%		13.78	%		14.03	%		15.33	%

Average total assets for the quarter	$	1,089,067		$	1,095,404		$	1,070,579		$	1,062,036		$	1,033,985
Average total equity for the quarter	$	103,181		$	102,059		$	100,961		$	101,292		$	100,612

Contact

Financial:
Wes Ochs
Executive Vice President/CFO
(206) 436-8587

Media:
Laurie Stewart
President/CEO
(206) 436-1495

The MIL Network –

January 30, 2025

MIL-OSI: North American Construction Group Ltd. Announces Early Redemption of 5.5% Debentures Due June 30, 2028

Source: GlobeNewswire (MIL-OSI)

ACHESON, Alberta, Jan. 29, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA/NYSE:NOA) announced today that it has delivered notice to the holders of the Company’s outstanding 5.5% convertible unsecured subordinated debentures due June 30, 2028 (the “Debentures”) that pursuant to Section 4.3 of the trust indenture governing the Debentures dated June 1, 2021 (the “Trust Indenture”), the Company will, effective February 28, 2025 (the “Redemption Date”), redeem all issued and outstanding Debentures, plus accrued interest thereon.

In accordance with the Trust Indenture, holders of these Debentures may convert the outstanding Debentures into common shares of the Company at a price of $24.23 per share, which is at a discount to the closing price of NACG’s common shares of $28.45 per share on January 29, 2025, the date of this press release.

The Company encourages individual holders of Debentures (“Debentureholders”) to review redemption instructions from their financial institution to ensure a request for conversion is submitted in advance of the cutoff time set by the Debentureholder’s financial institution. This can be several days in advance of the Redemption Date and is not controlled by the Company.

As of the date hereof, there was $74,106,000 ($1,000 per Debenture) aggregate principal amount of Debentures issued and outstanding. Accordingly, on the Redemption Date, subject to compliance with the Trust Indenture, the holder of each Debenture (unless converted prior to the Redemption Date in accordance with the terms of the Trust Indenture) will receive a total payment of $1,008.86111 (the “Redemption Price”), comprised of a principal repayment of $1,000.00 and all accrued and unpaid interest thereon from the interest payment date of December 31, 2024 of $8.86111 until the Redemption Date. All interest on the Debentures shall cease from and after the Redemption Date.

The Company intends to pay the Redemption Price in cash. Subject to regulatory approval, the Company intends to have the Debentures de-listed from the Toronto Stock Exchange following their redemption.

About the Company

NACG is one of Canada and Australia’s largest providers of heavy construction and mining services. For more than 70 years, NACG has provided services to the mining, resource, and infrastructure construction markets. For more information about North American Construction Group Ltd., visit www.nacg.ca.

For further information contact:
Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
(780) 948-2009
jveenstra@nacg.ca
www.nacg.ca

Forward-Looking Information

The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “will”, “intends”, “may”, “could” or similar expressions. In particular, this news release contains forward-looking statements and information relating to the redemption of the Debentures, the issuance of Common Shares as payment of the Redemption Price, the payment of cash in respect of interest and fractional shares and the anticipated de-listing of the Debentures. These forward-looking statements are being made by NACG based on certain assumptions that NACG has made in respect thereof as at the date of this news release, regarding, among other things that all required regulatory approvals will be obtained on the necessary terms in a timely manner; and that NACG will, on the Redemption Date, meet all of the required terms and conditions of the Debentures (including those set forth in the applicable debenture indentures) in order to effect the redemption on the terms currently contemplated (which includes assumptions respecting trading prices of the Common Shares). These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the risk that regulatory approvals will not be obtained in the timelines or on the terms required thereby delaying the redemption or causing it to not occur at all; the risk that NACG will not be able to meet the requirements for redemption on the Redemption Date, including with respect to the price of its Common Shares, which ability may be impacted by a number of risk factors. The material factors or assumptions used to develop the above forward-looking statements and the risks and uncertainties to which such forward-looking statements are subject are highlighted in the Company’s MD&A for the year ended December 31, 2023 and quarter ending September 30, 2024. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.

The MIL Network –

January 30, 2025
MIL-OSI: Enovix to Release Fourth Quarter and Full Year 2024 Financial Results on February 19, 2025

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, today announced it will release financial results for the fourth quarter and full year 2024 on Wednesday, February 19, 2025, after the close of the market.

Enovix will hold a live video call at 2:00 PM PT / 5:00 PM ET on February 19, 2025, to discuss the company’s business updates, key milestones, and financial results. To join the call, participants must use the following link to register: https://enovix-q4-2024.open-exchange.net/. This link will also be available via the Investor Relations section of Enovix’s website at https://ir.enovix.com. Investors may also submit questions on the registration page that they would like addressed on the call by Enovix management.

An archived version of the call will be available on the Enovix investor website for one year at https://ir.enovix.com.

About Enovix

Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.

For media and investor inquiries, please contact:

Enovix Corporation

Robert Lahey

Email: ir@enovix.com

The MIL Network –

January 30, 2025
MIL-OSI: Hampton Financial Corporation Announces 1st Quarter Results
Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) today announced its financial results for the 1^st quarter ended November 30th, 2024.

First Quarter ended November 30^th, 2024.

IFRS results highlights:
- Q1 Revenue of $3,133,000; an increase of 80% year-over-year
- Q1 Net Loss of $(799,000) or $(0.01) per share;
Fiscal results (IFRS results adjusted for non-cash Items) highlights:
- Q1 Adjusted Net Loss of $(505,000) or $(0.01) per share;
- Q1 EBITDA of $240,000 vs $(249,000) in the comparative quarter last year
Summary of Corporate Developments:

Our 1^st quarter results reflect the continued challenging environment across the Capital markets industry. Rising interest rates and global uncertainty continue to delay many corporate finance and broader financial decisions on the part of issuers. While 2025 is showing some signs of improvement, the year ahead for our core business remains unclear. That said we intend to move ahead with a number of initiatives to further expand our business portfolio, while growing our existing Wealth Management prorate and Capital Markets businesses. Our acquisition of Oxygen Working Capital in early 2024 has been integrated and we continue to explore opportunities to expand the landing book.

“The first quarter results continue to demonstrate the industry-wide challenges faced during the fall of 2024. Capital Markets activities have started to improve as interest rates have stabilized, so we are hopeful for a stronger second half of the year. We remain optimistic for the balance of the fiscal year,” said Hampton Executive Chairman & CEO Peter Deeb.

Copies of Hampton’s unaudited interim financial statements and its Management’s Discussion & Analysis for the three months ended November 30, 2024, can be accessed on SEDAR+ at www.sedar.com.

About Hampton Financial Corporation

Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments.

Through its wholly-owned subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company, through HSL, provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad and HSL’s Corporate Finance Group provides early stage, growing companies the capital, they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Principal-Agent programs which offers to the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support, and tax effectiveness as they build and manage their professional practice.

Through its wholly-owned subsidiary, Oxygen Working Capital (“OWC”) the company offers factoring and other commercial financing services to clients across Canada.

The Company is exploring opportunities to diversify its sources of revenue by way of strategic investments in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

For more information, please contact:

Olga Juravlev
Chief Financial Officer
Hampton Financial Corporation
(416) 862-8701

Or

Peter M. Deeb
Executive Chairman & CEO
Hampton Financial Corporation
(416) 862-8651

The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

The MIL Network –
January 30, 2025
MIL-OSI: Quick Custom Intelligence and Modulus Celebrate Success at ICE

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Jan. 29, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a leading provider of cutting-edge business intelligence solutions for the casino industry, and Modulus, an innovator in advanced gaming system technology, are pleased to announce a successful showcase at the International Casino Expo (ICE). Throughout the event, both companies met with dozens of current customers and new prospects, demonstrating the latest in AI technology and data-driven business intelligence tools.

By joining forces in the Modulus booth, QCI and Modulus underscored the synergy of their combined technologies, generating excitement among attendees. The live demos highlighted how these next-generation solutions can empower casinos to make data-driven decisions, enhance customer engagement, and streamline operations.

“The energy at this year’s ICE was truly inspiring,” said Marc Attal, COO of Modulus. “Our newest technology received an exceptional response, and our digitalization strategy for slots and tables resonated deeply with clients who clearly saw the benefits of optimization it brings. Showcasing QCI’s solutions in our booth amplified our message and created an immersive experience that highlighted the potential of the cutting-edge AGI55 platform. The excitement and enthusiasm from both existing and prospective clients made this one of our most successful shows yet, reaffirming our commitment to innovation and excellence.”

“It was fantastic to be part of the show,” remarked Andrew Cardno, CTO of QCI. “Meeting so many new customers and prospects has sparked a sense of excitement and optimism for what lies ahead for QCI in the global casino market. We are grateful to Modulus for the opportunity to partner in showcasing how our integrated solutions can help casinos operate more efficiently and profitably.”

Both companies look forward to expanding their footprint in international gaming markets, fueled by the success and enthusiasm generated at ICE. QCI and Modulus remain committed to developing innovative technologies that drive real-world results for casino operators everywhere.

ABOUT Quick Custom Intelligence
Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI AGI Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and The Bahamas. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Denver, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

ABOUT Andrew Cardno

Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavours.

ABOUT Modulus

As one of the world’s largest independent gaming management system providers, Modulus operates across 40 countries spanning Europe, Africa, South America, Canada, and Asia. Our multilingual suite of management software empowers gaming operators to optimize revenues and efficiently manage costs. With headquarters in Monaco and offices in France and Austria, along with partner offices in South Africa, Latin America, and Asia, our dedicated team of R&D and support professionals ensures the highest levels of customer engagement and product development. Explore the innovative technology of SYSTM Connect, enhancing player experiences and delivering fast, reliable network communication. Visit our website at www.modulusgroup.eu.

Contact:

Laurel Kay, Quick Custom Intellligence

Phone: 858-349-8354

The MIL Network –

January 30, 2025
MIL-OSI: Stellar V Capital Corp. Announces Pricing of $150 Million Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Stellar V Capital Corp. (the “Company”), a newly organized special purpose acquisition company formed as a Cayman Islands exempted company and led by its co-CEOs Prokopios (Akis) Tsirigakis and George Syllantavos, today announced the pricing of its initial public offering of 15,000,000 units at an offering price of $10.00 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant will entitle the holder thereof to purchase one Class A ordinary share at $11.50 per share. The units are expected to trade on the Nasdaq Global Market (“NASDAQ”) under the ticker symbol “SVCCU” beginning January 30, 2025. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Company expects the Class A ordinary shares and warrants comprising the units to begin separate trading on the 52^nd day from this date. Once the securities comprising the units begin separate trading, the Class A ordinary shares and the warrants are expected to be traded on NASDAQ under the symbols “SVCC” and “SVCCW,” respectively.

BTIG, LLC is acting as sole book-running manager for the offering.

The Company has granted the underwriter a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on January 31, 2025, subject to customary closing conditions.

A registration statement relating to the securities sold in the initial public offering was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 29, 2025. The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: BTIG, LLC, 65 East 55th Street, New York, New York 10022, or by email at ProspectusDelivery@btig.com or by accessing the SEC’s website, www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, 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 any such state or jurisdiction.

About Stellar V Capital Corp.

Stellar V Capital Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s initial public offering (“IPO”) and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Stellar V Capital Corp., including those set forth in the Risk Factors section of Stellar V Capital Corp.’s registration statement and preliminary prospectus for the IPO filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. Stellar V Capital Corp. undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

The MIL Network –

January 30, 2025
MIL-OSI: Plum Acquisition Corp. IV Announces the Separate Trading of Its Class A Ordinary Shares and Warrants, Commencing on January 31, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, NY, Jan. 29, 2025 (GLOBE NEWSWIRE) — Plum Acquisition Corp. IV. (Nasdaq: PLMKU) (the “Company”) today announced that, commencing on January 31, 2025, holders of the units (the “Units”) sold in the Company’s initial public offering may elect to separately trade the Company’s Class A ordinary shares (the “Ordinary Shares”) and warrants (the “Warrants”) included in the Units.

The Ordinary Shares and Warrants received from the separated Units will trade on the Nasdaq Global Market (“Nasdaq”) under the symbols “PLMK” and “PLMKW”, respectively. Units that are not separated will continue to trade on Nasdaq under the symbol “PLMKU”. No fractional Warrants will be issued upon separation of the Units and only whole Warrants will trade. Holders of Units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the Units into Ordinary Shares and Warrants.

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an initial business combination opportunity in any industry or sector but intends to capitalize on the ability of its management team to identify, acquire and operate a business or businesses that can benefit from its management team’s established global relationships, sector expertise and active management and operating experience.

The Units were initially offered by the Company in an underwritten offering. Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as lead book-running manager, and Seaport Global Securities acted as joint book runner. Copies of the prospectus relating to the offering may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com.

The registration statement relating to the securities of the Company was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 14, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements” that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and final prospectus for the Company’s initial public offering filed with the SEC, which could cause actual results to differ from forward-looking statements. Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. No assurance can be given that the Company will ultimately complete a business combination transaction.

Contact

Kanishka Roy
Plum Acquisition Corp. IV
Email: plumir@icrinc.com
Website: https://plumpartners.com

The MIL Network –

January 30, 2025
MIL-OSI: NVIDIA Sets Conference Call for Fourth-Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — NVIDIA will host a conference call on Wednesday, February 26, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the fourth quarter and fiscal year 2025, which ended January 26, 2025.

The call will be webcast live (in listen-only mode) on investor.nvidia.com. The company’s prepared remarks will be followed by a Q&A session, which will be limited to questions from financial analysts and institutional investors.

Ahead of the call, NVIDIA will provide written commentary on its fourth-quarter results from its chief financial officer, Colette Kress. This material will be posted to investor.nvidia.com immediately after the company’s results are publicly announced at approximately 1:20 p.m. PT.

The webcast will be recorded and available for replay until the company’s conference call to discuss financial results for its first quarter of fiscal year 2026.

About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

For further information, contact:

Investor Relations
NVIDIA Corporation
ir@nvidia.com Corporate Communications
NVIDIA Corporation
press@nvidia.com

© 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries.

The MIL Network –

January 30, 2025
MIL-OSI: Univest Securities, LLC Announces Closing of $3.4 Million Registered Direct Offering for its Client Lichen China Limited (NASDAQ: LICN)

Source: GlobeNewswire (MIL-OSI)

New York, New York, Jan. 29, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the of registered direct offering (the “Offering”) for its client Lichen China Limited (NASDAQ: LICN) (the “Company”), a dedicated financial and taxation service provider.

Under the terms of the securities purchase agreement, the Company has agreed to sell to several investors for the purchase and sale of an aggregate of 42,500,000 shares of Company’s Class A ordinary share, par value $0.00004 per share (the “Shares”) (or pre-funded warrants in lieu thereof) at a purchase price of $0.08 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share.

The aggregate gross proceeds to the Company was approximately $3.4 million.

Univest Securities, LLC acted as the sole placement agent.

The registered direct offering was made pursuant to a shelf registration statement on Form F-3 (File No. 333-277230) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 1, 2024. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy 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 any such state or jurisdiction.

About Univest Securities, LLC

Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

About Lichen China Limited

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its “Lichen” brand. In recognition of the Company’s expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company’s website: https://ir.lichenzx.com/.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:
Univest Securities, LLC
Edric Guo
Chief Executive Officer
75 Rockefeller Plaza, Suite 18C
New York, NY 10019
Phone: (212) 343-8888
Email: info@univest.us

The MIL Network –

January 30, 2025
MIL-OSI: Parkway International Capital Group Funds $17.5 Million Senior Living Refinance

Source: GlobeNewswire (MIL-OSI)

HENDERSON, Nev., Jan. 29, 2025 (GLOBE NEWSWIRE) — Parkway International Capital Group (PIC Group) has successfully closed a $17.5 million refinance loan for a premier senior living development in Henderson, Nevada, demonstrating its expertise in large-scale, customized financing solutions.

Why the Borrower Chose PIC Group
The borrower, a leading healthcare and senior living developer with over $500 million in completed projects, selected PIC Group for its:

* Industry Expertise: Proven success in senior living financing
* Efficient Execution: Closing within 20 days
* Tailored Solutions: Structuring that delivered cost savings and flexibility

Addressing Growing Market Demand
The project, a 150-unit senior living community with independent living, assisted living, and memory care services, meets rising demand in Henderson, where the senior population continues to grow. This aligns with a projected 44% increase in demand for senior housing by 2030 (NIC data).

Financial Highlights
* Loan Amount: $17.5 million
* Loan Term: 36 Months, up to 5 years amortization
* Interest Rate: Fixed at 8.98%
* Loan-to-Value (LTV): 75%, ensuring liquidity and equity balance

The refinance reduced the borrower’s annual debt service by $450,000 and provided capital for future projects.

About Parkway International Capital Group
PIC Group specializes in innovative commercial financing for high-value projects, partnering with clients to deliver tailored solutions and exceptional results.

Media Contact

Marvin Fincham
Visit our website at pic-group.net
Email us at loans@pic-group.net

The MIL Network –

January 30, 2025
MIL-OSI: United Fire Group, Inc. Announces Its 2024 Fourth Quarter Earnings Call

Source: GlobeNewswire (MIL-OSI)

CEDAR RAPIDS, Iowa, Jan. 29, 2025 (GLOBE NEWSWIRE) — United Fire Group, Inc. (Nasdaq: UFCS) (the “Company”, “UFG”, “we”, or “our”) announced today that its 2024 fourth quarter earnings results will be released after the market closes on Tuesday, February 11, 2025. An earnings call will be held on Wednesday, February 12, 2025 at 9:00 a.m. central time to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the Company’s 2024 fourth quarter results.

Teleconference: Dial-in information for the call is toll-free 1-844-492-3723 (international 1-412-542-4184). Participants should request to join the United Fire Group call. The event will be archived and available for digital replay through February 19, 2025. The replay access information is toll-free 1-877-344-7529 (international 1-412-317-0088); access code no. 4765665.

Webcast: A webcast of the teleconference can be accessed at the Company’s investor relations page at https://ir.ufginsurance.com/event/ or https://event.choruscall.com/mediaframe/webcast.html?webcastid=j4u0yn8Q. The archived audio webcast will be available for one year.

Transcript: A transcript of the teleconference will be available on the Company’s website soon after the completion of the teleconference.

About UFG:

Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance.

The company is licensed as a property and casualty insurer in all 50 states and the District of Columbia, and is represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of “A-” (Excellent) for members of the United Fire & Casualty Group.

For more information about UFG visit www.ufginsurance.com.

Contact: Investor Relations at IR@unitedfiregroup.com.

The MIL Network –

January 30, 2025
MIL-OSI: ACNB Corporation Announces First Quarter Cash Dividend

Source: GlobeNewswire (MIL-OSI)

GETTYSBURG, Pa., Jan. 29, 2025 (GLOBE NEWSWIRE) — ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced today that the Board of Directors approved and declared a regular quarterly cash dividend of $0.32 per share of ACNB Corporation common stock payable on March 14, 2025, to shareholders of record as of February 28, 2025. This per share amount reflects a 6.7% increase over the $0.30 per share paid in the first quarter of 2024. This dividend declaration is expected to result in aggregate dividend payments of approximately $3.38 million to ACNB Corporation shareholders in the first quarter of 2025, an increase of approximately 24% over the prior quarter, due to the additional shares expected to be issued to former Traditions Bancorp, Inc. shareholders upon the anticipated close of the acquisition on February 1, 2025.

ACNB Corporation, headquartered in Gettysburg, PA, is the independent $2.4 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 27 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

FORWARD-LOOKING STATEMENTS – In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

ACNB #2025-3

Contact: Kevin J. Hayes
SVP/General Counsel,
Secretary & Chief
Governance Officer
717.339.5161
khayes@acnb.com

The MIL Network –

January 30, 2025
MIL-OSI: From Expertise to Efficiency: How Law Practice AI Bridge Human Insight and AI Speed
Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Jan. 29, 2025 (GLOBE NEWSWIRE) — Law Practice AI continues to revolutionize the legal field with its groundbreaking product, Demands AI, a tool that combines the best of human expertise with the unparalleled processing speed of artificial intelligence. Designed specifically for personal injury attorneys, AI Demands automates the creation of demand letters while maintaining the accuracy, empathy, and precision that clients expect.

In an age when every second counts and the competition is high, AI Demands enables lawyers to achieve better results while upholding their professional integrity.

Bridging Human Insight and AI Power

The process of drafting demand letters has long been a time-consuming and labor-intensive task. AI Demands addresses this challenge by integrating advanced machine learning algorithms with templates and logic informed by experienced legal professionals.

“AI should enhance human capabilities, not replace them,” said Hamid Kohan, CEO of Law Practice AI. “With Demands AI, we’re blending the speed and efficiency of technology with the nuanced understanding that only seasoned attorneys can bring. This balance ensures that every demand letter meets the highest standards of quality and effectiveness.”

Balancing Innovation with Responsibility

Law Practice AI is committed to bridging the gap between innovation and professional responsibility. Through tools like Demands AI and Doc Reader AI, the company enables professionals to achieve better results without compromising their ethical standards or quality of service:
- Demands AI automates personal injury demand letter drafting, ensuring precision and compliance while saving valuable time.
- Doc Reader AI simplifies document review and analysis, extracting key details from legal and medical files, and highlighting information critical to decision-making.
Key Features of Demands
1. Comprehensive Automation:
  - Generate demand letters tailored to a variety of personal injury cases, including motor vehicle accidents, slip-and-fall incidents, and dog bites.
2. Accuracy and Compliance:
  - Ensure legal statutes and case details are incorporated seamlessly, reducing the risk of errors or omissions.
3. Customizable Outputs:
  - Adjust templates and add personalized details to maintain the unique voice of each attorney or firm.
4. Speed Without Compromise:
  - Produce polished demand letters in minutes, freeing up valuable time for client advocacy and case strategy.
Combining Vision and Responsibility

As the legal industry increasingly embraces technology, Law Practice AI stands out for its commitment to ethical AI adoption. Demands is not just a tool—it’s a solution designed to complement the skills and judgment of legal professionals.

Kohan added: “We’re committed to ensuring that every product we create respects the expertise of our users. Practice AI is not about replacing attorneys; it’s about helping them deliver their best work more efficiently.”

Why Demands Matters

In an environment where accuracy and timeliness can make or break a case, Demands offers a competitive edge. By minimizing manual labor and reducing the risk of errors, the tool allows attorneys to achieve better outcomes for their clients while staying ahead of the curve in a rapidly evolving industry.

Experience Demands AI Today

Law Practice AI invites personal injury attorneys to experience the transformative power of Demands.

How to Get Started
1. Visit the Platform: Head to mylawfirm.ai to sign up—NO CREDIT CARD REQUIRED.
2. Create Your Account: Create a user and your organization by following the steps.
3. Access the Trial: Enjoy the benefits of the trial mode by generating your first demand at no extra fees.
4. Subscribe: By adding your credit card, you can subscribe to Demands and generate your demand letters. We offer a transparent pricing structure.
This simple process ensures that attorneys can quickly integrate Demands into their practices.

About Law Practice AI

Law Practice AI leads the way in developing AI-powered solutions tailored for legal and medical professionals. With products like Demands AI and Doc Reader AI, the company focuses on streamlining workflows, enhancing accuracy, and delivering secure, compliant tools that improve outcomes for professionals and their clients.

For more information about Law Practice AI’s tools, visit Law Practice AI or contact us below.

For media inquiries, please contact:
Law Practice AI
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The MIL Network –
January 30, 2025
MIL-OSI: Banco Itaú Chile Schedules Fourth Quarter 2024 Financial Results, Conference Call and Webcast

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Jan. 29, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) announced today that it will release its results for the fourth quarter ended December 31, 2024, before the market opens in Santiago, on February 28, 2025.

On Monday, March 3, 2025, at 11:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by André Gailey, CEO; Claudia Labbé Montevecchi, Head of IR and Chief Sustainability Officer; and Matías Valenzuela Barrenechea, Head of FP&A, Capital and IR.

Conference Call Details:

Online registration: https://registrations.events/direct/Q4I6136278

All participants must pre-register using this link to join the conference call. Upon registering, each participant will be provided with details to connect to the call and a registrant ID.

Webcast:

The webcast will be available through the following link:

https://events.q4inc.com/attendee/846439085

Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Following the event, the event will be available in the same link.

Telephone and Virtual Q&A session:

The Q&A session will be available for participants connected through the conference call and through the webcast, where attendees will be allowed to type in their questions – we will read and answer selected questions verbally.

Investor Relations – Itaú Chile

IR@itau.cl / ir.itau.cl

The MIL Network –

January 30, 2025
MIL-OSI: UPDATE – United Kingdom Investment Trusts

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., Jan. 29, 2025 (GLOBE NEWSWIRE) — Closed-End – David Schachter, Senior Vice President of Gabelli Funds, will travel to the United Kingdom to visit selected investment trusts.

With over 40 years of experience exclusively with retail, long term, closed-end fund investors, Mr. Schachter, a most senior and experienced veteran of the U.S. Closed-End Fund industry, is also Vice President of The GAMCO Natural Resources, Gold & Income Trust (GNT), which trades on the NYSE.

During the 19^th century, capital was raised through closed-end funds. These funds helped build the railroads, which linked the American continent from sea to sea and led to the nation’s economic success.

Today, in the early 21^st century, closed-end funds are being threatened for elimination by hedged activists for short-term and short-sighted value extraction.

“Closed-end funds are a metaphor for long-term, patient capital, but they also represent freedom for investors who, in a sector where mass redemptions could force portfolio managers to sell, is an essential ability to those who may not want to be herded into selling.”

Mr. Schachter plans to visit the Gabelli office as well as the Association of Investment Companies (AIC) and speak with interested U.K. investors.

Financial professionals and investors are invited to contact Mr. Schachter directly at (914) 921-5057.

Gabelli Funds, LLC is the adviser to thirteen closed-end funds which trade on the NYSE: Gabelli Equity Trust (GAB), Gabelli Convertible & Income Securities Fund (GCV), Gabelli Multimedia Trust (GGT), Gabelli Utility Trust (GUT), Gabelli Dividend & Income Trust (GDV), Gabelli Global Utility & Income Trust (GLU), GAMCO Global Gold Natural Resources & Income Trust (GGN), The GDL Fund (GDL), Gabelli Healthcare & Wellness^R^X Trust (GRX), GAMCO Natural Resources, Gold & Income Trust (GNT), Gabelli Global Small and Mid-Cap Value Trust (GGZ), Bancroft Fund (BCV) and Ellsworth Growth & Income Fund (ECF). As of December 31, 2024, the thirteen Gabelli closed-end funds had total assets of $7.3 billion.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a Fund before investing. For more information regarding the Funds, call:

David Schachter
(914) 921-5057
dschachter@gabelli.com

A Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in a Fund.

The MIL Network –

January 30, 2025
MIL-OSI: Dundee Corporation Announces Acquisition of Shares of Odyssey Resources Limited

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — In accordance with regulatory requirements, Dundee Corporation (TSX: DC.A) (“Dundee”) announces that its wholly owned subsidiary, Dundee Resources Limited, has acquired 2,000,000 common shares of Odyssey Resources Limited (the “Issuer”) at the price of C$0.05 per share for aggregate consideration of C$100,000 pursuant to a non-brokered private placement.

Immediately prior to the acquisition of securities described in this news release, Dundee and its affiliates owned 11,366,136 common shares of the Issuer representing an approximate 31.37% interest in the Issuer on an undiluted basis. Immediately following the transaction that triggered the requirement to file this news release, Dundee and its affiliates own or control an aggregate of 13,366,136 common shares representing an approximate 34.96% interest in the Issuer on an undiluted basis.

Dundee acquired the securities of the Issuer for investment purposes only. Dundee intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Issuer, subsequent developments affecting the Issuer or its business, and the general market and economic conditions. Based upon these and other factors, Dundee may decide to purchase additional securities of the Issuer or may decide in the future to sell all or part of its investment.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedarplus.ca under the Issuer’s profile. To obtain a copy of the early warning report filed by Dundee, please contact:

Dundee Corporation
Legal Department
80 Richmond Street West, Suite 2000
Toronto, Ontario M5H 2A4
Tel: (416) 365-5172

ABOUT DUNDEE CORPORATION

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

FOR FURTHER INFORMATION PLEASE CONTACT:

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

The MIL Network –

January 30, 2025

MIL-OSI: National Fuel Reports First Quarter Earnings

Source: GlobeNewswire (MIL-OSI)

WILLIAMSVILLE, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the first quarter of its 2025 fiscal year.

FISCAL 2025 FIRST QUARTER SUMMARY

GAAP net income of $45.0 million (or $0.49 per share), which includes $104.6 million in non-cash, after-tax impairment charges in the Exploration & Production segment, compared to GAAP net income of $133.0 million (or $1.44 per share) in the prior year.
Adjusted operating results of $151.9 million (or $1.66 per share), an increase of 14%, or $16.7 million ($0.20 per share), compared to the prior year. See non-GAAP reconciliation on page 2.
Pipeline & Storage segment net income increased $8.4 million, or 35%, compared to the prior year, primarily due to the settlement of the Supply Corporation rate case, which led to increased rates effective February 1, 2024.
Utility segment net income increased $5.9 million, or 22%, compared to the prior year driven by a three-year settlement of a rate proceeding in the Company’s New York jurisdiction, which led to increased rates starting October 1, 2024.
E&P segment adjusted operating results increased $2.6 million, or 5%, compared to the prior year, supported by hedging-related gains, which more than offset the $0.08 per MMBtu decrease in the weighted average natural gas price compared to the prior year.
The Company repurchased $34 million of common stock during the quarter, which brings the total amount repurchased to $99 million, or 1.7 million shares, under the $200 million share buyback program, authorized in March 2024.
The Company is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.50 to $7.00 as a result of higher forecasted natural gas prices and ongoing improvements in the outlook for each segment.

MANAGEMENT COMMENTS

David P. Bauer, President and CEO of National Fuel Gas Company, stated: “Fiscal 2025 is off to a great start for National Fuel, with each business contributing to our strong consolidated adjusted operating results.

“In our regulated segments, we are delivering on our long-term growth outlook, with adjusted earnings per share in the quarter increasing approximately 30% compared to the prior year. The recent approval of our rate case settlement in our New York utility jurisdiction, which extends through 2027, combined with the ongoing benefits from ratemaking activity in our Pennsylvania utility territory and at Supply Corporation, gives us further confidence in our 7% to 10% earnings growth projections over the next three years. Furthermore, our integrated upstream and gathering operations in the Eastern Development Area (“EDA”) continue to exceed expectations, with the combination of strong operational execution and our highly-prolific assets. This differentiated ability to drive capital efficiency improvements alongside a rising price outlook for natural gas positions these businesses to deliver strong results in the coming years. We expect that these tailwinds will contribute to rising free cash flow across the system and deliver significant value to National Fuel shareholders.”

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS


	Three Months Ended
	December 31,
(in thousands except per share amounts)	2024			2023
Reported GAAP Earnings	$	44,986		$	133,020
Items impacting comparability:
Impairment of assets (E&P)		141,802			—
Tax impact of impairment of assets		(37,169	)		—
Unrealized (gain) loss on derivative asset (E&P)		349			4,198
Tax impact of unrealized (gain) loss on derivative asset		(94	)		(1,151	)
Unrealized (gain) loss on other investments (Corporate / All Other)		2,617			(1,049	)
Tax impact of unrealized (gain) loss on other investments		(550	)		220
Adjusted Operating Results	$	151,941		$	135,238

Reported GAAP Earnings Per Share	$	0.49		$	1.44
Items impacting comparability:
Impairment of assets, net of tax (E&P)		1.14			—
Unrealized (gain) loss on derivative asset, net of tax (E&P)		—			0.03
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)		0.02			(0.01	)
Rounding		0.01			—
Adjusted Operating Results Per Share	$	1.66		$	1.46

FISCAL 2025 GUIDANCE UPDATE

National Fuel is increasing its guidance for fiscal 2025 adjusted earnings per share, which are now expected to be within a range of $6.50 to $7.00. This updated range incorporates better than expected results in the first quarter along with the anticipated impact of higher natural gas prices and higher production in the Exploration and Production segment for the remainder of the fiscal year. The Company is now assuming NYMEX natural gas prices will average $3.50 per MMBtu for the remaining nine months of fiscal 2025, an increase of $0.70 from the $2.80 per MMBtu assumed in previous guidance. This updated natural gas price projection approximates the current NYMEX forward curve at this time, however; given the continued volatility in NYMEX natural gas prices, the Company is providing the following sensitivities to its adjusted operating results guidance range:

NYMEX Assumption *Remaining 9 months* ($/MMBtu)		Fiscal 2025 Adjusted Earnings Per Share Sensitivities
$3.00		$6.15 – $6.65
$3.50		$6.50 – $7.00
$4.00		$6.90 – $7.40

The Company’s production guidance for fiscal 2025 is now expected to be in the range of 410 to 425 Bcfe, an increase of 7.5 Bcfe, or 2%, at the midpoint compared to previous guidance. The revised production guidance is principally a result of ongoing improvements in Seneca’s well results and additional operational efficiencies in the highly prolific EDA. This is also expected to result in increased Gathering segment revenue, relative to the Company’s prior projections, and as a result the Company has increased the midpoint of its guidance range by $5 million. While the Company’s guidance does not incorporate any future price-related curtailments, with 87% of its projected fiscal 2025 production linked to firm sales contracts, Seneca has limited exposure to in-basin markets. Further, 71% of expected production for the balance of the fiscal year is either matched by a financial hedge, including a combination of swaps and no-cost collars, or was entered into at a fixed price, both of which provide price certainty for that production.

Additionally, as a result of operational improvements, the Company is revising Seneca’s capital expenditure guidance range downward to $495 million to $515 million, or $505 million at the midpoint, which is a $5 million decrease from the midpoint of the Company’s previous guidance.

The Company’s other fiscal 2025 guidance assumptions remain largely unchanged and are detailed in the table on page 7.

DISCUSSION OF FIRST QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended December 31, 2024 is summarized in a tabular form on pages 8 and 9 of this report. It may be helpful to refer to those tables while reviewing this discussion.

Note that management defines adjusted operating results as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

Upstream Business

Exploration and Production Segment

The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

	Three Months Ended
	December 31,
(in thousands)	2024			2023		Variance
GAAP Earnings	$	(46,777	)	$	52,483	$	(99,260	)
Impairment of assets, net of tax		104,633			—		104,633
Unrealized (gain) loss on derivative asset, net of tax		255			3,047		(2,792	)
Adjusted Operating Results	$	58,111		$	55,530	$	2,581

Adjusted EBITDA	$	156,645		$	159,970	$	(3,325	)

Seneca’s first quarter GAAP earnings decreased $99.3 million versus the prior year. This was driven by non-cash, pre-tax impairment charges of $141.8 million ($104.6 million after-tax), the majority of which is related to a “ceiling test” impairment which required Seneca to write-down the book value of its reserves under the full cost method of accounting. For purposes of the ceiling test, the 12-month average of first day of the month pricing for NYMEX natural gas for the period ended December 31, 2024 was $2.13 per MMBtu.

Excluding impairments, as well as the net impact of unrealized losses related to reductions in the fair value of contingent consideration received in connection with the June 2022 divestiture of Seneca’s California assets (see table above), Seneca’s adjusted operating results increased $2.6 million primarily due to higher realized natural gas prices after the impact of hedging and lower per unit operating expenses, partially offset by lower natural gas production.

During the first quarter, Seneca produced 97.7 Bcf of natural gas, a decrease of 3.0 Bcf, or 3%, from the prior year. Compared to the preceding fourth quarter of fiscal 2024, production in the first quarter is higher by 5.8 Bcf, or 6%. Early in the quarter, Seneca curtailed approximately 1 Bcf of production due to low in-basin pricing. Production in the quarter was lower than the prior year largely due to the timing of turn in line dates for new wells between fiscal years.

Seneca’s average realized natural gas price, after the impact of hedging and transportation costs, was $2.53 per Mcf, an increase of $0.02 per Mcf from the prior year. Seneca recorded hedging gains of $29.7 million, or an uplift of $0.30 per Mcf, during the quarter, which more than offset a $0.08 per Mcf decrease in pre-hedge natural gas price realizations versus the prior year.

On a per unit basis, first quarter Lease Operating Expense (“LOE”) was $0.67 per Mcf, consistent with the prior year. LOE included $55.0 million ($0.56 per Mcf) for gathering and compression services from the Company’s Gathering segment to connect Seneca’s production to sales points along interstate pipelines. General and Administrative Expense (“G&A”) was $0.20 per Mcf, an increase of $0.02 per Mcf compared to the prior year driven by the combination of higher personnel costs and modestly lower production. Depreciation, Depletion and Amortization Expense (“DD&A”) was $0.65 per Mcf, a decrease of $0.06 per Mcf from the prior year largely due to ceiling test impairments recorded in the third and fourth quarters of fiscal 2024 that lowered Seneca’s full cost pool depletable base.

Midstream Businesses

Pipeline and Storage Segment

The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

	Three Months Ended
	December 31,
(in thousands)	2024		2023		Variance
GAAP Earnings	$	32,454	$	24,055	$	8,399

Adjusted EBITDA	$	70,953	$	59,142	$	11,811

The Pipeline and Storage segment’s first quarter GAAP earnings increased $8.4 million versus the prior year primarily due to higher operating revenues, partly offset by higher operation and maintenance (“O&M”) expense.

The increase in operating revenues of $12.2 million, or 13%, was primarily attributable to an increase in Supply Corporation’s transportation and storage rates effective February 1, 2024, in accordance with its rate settlement, which was approved in fiscal 2024. O&M expense increased $1.1 million primarily due to higher pipeline integrity and labor-related costs.

Gathering Segment

The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

	Three Months Ended
	December 31,
(in thousands)	2024		2023		Variance
GAAP Earnings	$	27,145	$	28,825	$	(1,680	)

Adjusted EBITDA	$	51,936	$	53,061	$	(1,125	)

The Gathering segment’s first quarter GAAP earnings decreased $1.7 million versus the prior year due to lower operating revenues and higher DD&A expense.

Operating revenues decreased $1.5 million, or 2%, primarily due to a decrease in throughput from Seneca. DD&A expense increased $1.1 million primarily due to higher average depreciable plant in service compared to the prior year.

Downstream Business

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

	Three Months Ended
	December 31,
(in thousands)	2024		2023		Variance
GAAP Earnings	$	32,499	$	26,551	$	5,948

Adjusted EBITDA	$	60,665	$	53,366	$	7,299

The Utility segment’s first quarter GAAP earnings increased $5.9 million, or 22%, primarily as a result of the implementation of the recent rate case order in the Utility’s New York jurisdiction.

For the quarter, customer margin (operating revenues less purchased gas sold) increased $9.1 million, primarily due to the aforementioned rate case in Distribution Corporation’s New York jurisdiction, for which a settlement became effective October 1, 2024. Other income, which was also impacted by the rate settlement, increased $4.0 million. This was in large part due to the recognition of non-service pension and post-retirement benefit income that is offset with a corresponding reduction in new base rates and as a result, has no effect on net income.

O&M expense increased by $1.6 million, primarily driven by higher personnel costs, partially offset by a reduction related to amortizations of certain regulatory assets as a result of the New York rate settlement. DD&A expense increased $0.8 million primarily due to higher average depreciable plant in service compared to the prior year. Interest expense increased $2.3 million primarily due to a higher average amount of net borrowings.

Corporate and All Other

The Company’s operations that are included in Corporate and All Other generated a combined net loss of $0.3 million in the current-year first quarter, which was $1.4 million lower than combined earnings of $1.1 million in the prior-year first quarter. The reduction in earnings during the quarter was primarily driven by unrealized losses recorded on investment securities that fund non-qualified retirement benefit plans.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, January 30, 2025, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, February 6, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 245940.

National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; changes in economic conditions, including inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; the Company’s ability to complete strategic transactions; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company’s forecast assumptions and business segment guidance are outlined in the table below.

The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the three months ended December 31, 2024, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax unrealized losses on a derivative asset, which reduced earnings by less than $0.01 per share; and (3) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the nine months ending September 30, 2025, the amounts of these and other potential adjustments and charges, including ceiling test impairments, are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

	Previous FY 2025 Guidance	Updated FY 2025 Guidance

Consolidated Adjusted Earnings per Share	$5.50 to $6.00	$6.50 to $7.00
Consolidated Effective Tax Rate	~ 24.5 – 25%	~ 25%

Capital Expenditures(Millions)
Exploration and Production	$495 – $525	$495 – $515
Pipeline and Storage	$130 – $150	$130 – $150
Gathering	$95 – $110	$95 – $110
Utility	$165 – $185	$165 – $185
Consolidated Capital Expenditures	$885 – $970	$885 – $960

Exploration and Production Segment Guidance

Commodity Price Assumptions*
NYMEX natural gas price	$2.80 /MMBtu	$3.50 /MMBtu
Appalachian basin spot price	$2.00 /MMBtu	$2.90 /MMBtu

Realized natural gas prices, after hedging ($/Mcf)	$2.47 – $2.51	$2.77 – $2.81

Production (Bcf)	400 to 420	410 to 425

E&P Operating Costs($/Mcf)
LOE	$0.68 – $0.70	$0.68 – $0.70
G&A	$0.18 – $0.19	$0.18 – $0.19
DD&A	$0.65 – $0.69	$0.63 – $0.67

Other Business Segment Guidance(Millions)
Gathering Segment Revenues	$245 – $255	$250 – $260
Pipeline and Storage Segment Revenues	$415 – $435	$415 – $435

* Commodity price assumptions are for the remaining nine months of the fiscal year.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED DECEMBER 31, 2024
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
(Thousands of Dollars)	Production			Storage			Gathering			Utility			All Other			Consolidated*

First quarter 2024 GAAP earnings	$	52,483		$	24,055		$	28,825		$	26,551		$	1,106		$	133,020
Items impacting comparability:
Unrealized (gain) loss on derivative asset		4,198															4,198
Tax impact of unrealized (gain) loss on derivative asset		(1,151	)														(1,151	)
Unrealized (gain) loss on other investments														(1,049	)		(1,049	)
Tax impact of unrealized (gain) loss on other investments														220			220
First quarter 2024 adjusted operating results		55,530			24,055			28,825			26,551			277			135,238
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		(6,016	)														(6,016	)
Higher (lower) realized natural gas prices, after hedging		1,885															1,885
Midstream Revenues
Higher (lower) operating revenues					9,637			(1,151	)								8,486
Downstream Margins***
Impact of usage and weather											(325	)					(325	)
Impact of new rates in New York											7,865						7,865
Operating Expenses
Lower (higher) lease operating and transportation expenses		1,133															1,133
Lower (higher) operating expenses					(856	)					(1,244	)					(2,100	)
Lower (higher) depreciation / depletion		6,842						(835	)		(624	)					5,383
Other Income (Expense)
Higher (lower) other income		(1,680	)								3,176			1,686			3,182
(Higher) lower interest expense											(1,785	)					(1,785	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(8	)		(488	)		443			(584	)		205			(432	)
All other / rounding		425			106			(137	)		(531	)		(436	)		(573	)
First quarter 2025 adjusted operating results		58,111			32,454			27,145			32,499			1,732			151,941
Items impacting comparability:
Impairment of assets		(141,802	)														(141,802	)
Tax impact of impairment of assets		37,169															37,169
Unrealized gain (loss) on derivative asset		(349	)														(349	)
Tax impact of unrealized gain (loss) on derivative asset		94															94
Unrealized gain (loss) on other investments														(2,617	)		(2,617	)
Tax impact of unrealized gain (loss) on other investments														550			550
First quarter 2025 GAAP earnings	$	(46,777	)	$	32,454		$	27,145		$	32,499		$	(335	)	$	44,986

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED DECEMBER 31, 2024
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
	Production			Storage			Gathering			Utility			All Other			Consolidated*

First quarter 2024 GAAP earnings per share	$	0.57		$	0.26		$	0.31		$	0.29		$	0.01		$	1.44
Items impacting comparability:
Unrealized (gain) loss on derivative asset, net of tax		0.03															0.03
Unrealized (gain) loss on other investments, net of tax														(0.01	)		(0.01	)
First quarter 2024 adjusted operating results per share		0.60			0.26			0.31			0.29			—			1.46
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		(0.07	)														(0.07	)
Higher (lower) realized natural gas prices, after hedging		0.02															0.02
Midstream Revenues
Higher (lower) operating revenues					0.11			(0.01	)								0.10
Downstream Margins***
Impact of usage and weather											—						—
Impact of new rates in New York											0.09						0.09
Operating Expenses
Lower (higher) lease operating and transportation expenses		0.01															0.01
Lower (higher) operating expenses					(0.01	)					(0.01	)					(0.02	)
Lower (higher) depreciation / depletion		0.08						(0.01	)		(0.01	)					0.06
Other Income (Expense)
Higher (lower) other income		(0.02	)								0.03			0.02			0.03
(Higher) lower interest expense											(0.02	)					(0.02	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		—			(0.01	)		—			(0.01	)		—			(0.02	)
All other / rounding		0.02			—			0.01			—			(0.01	)		0.02
First quarter 2025 adjusted operating results per share		0.64			0.35			0.30			0.36			0.01			1.66
Items impacting comparability:
Impairment of assets, net of tax		(1.14	)														(1.14	)
Unrealized gain (loss) on derivative asset, net of tax		—															—
Unrealized gain (loss) on other investments, net of tax														(0.02	)		(0.02	)
Rounding		(0.01	)														(0.01	)
First quarter 2025 GAAP earnings per share	$	(0.51	)	$	0.35		$	0.30		$	0.36		$	(0.01	)	$	0.49

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)
	Three Months Ended
	December 31,
	(Unaudited)
SUMMARY OF OPERATIONS	2024			2023
Operating Revenues:
Utility Revenues	$	228,424		$	201,920
Exploration and Production and Other Revenues		248,860			254,019
Pipeline and Storage and Gathering Revenues		72,198			69,422
		549,482			525,361
Operating Expenses:
Purchased Gas		65,337			56,552
Operation and Maintenance:
Utility		55,244			53,705
Exploration and Production and Other		33,541			34,826
Pipeline and Storage and Gathering		35,941			34,962
Property, Franchise and Other Taxes		22,056			22,416
Depreciation, Depletion and Amortization		109,370			115,790
Impairment of Assets		141,802			—
		463,291			318,251

Operating Income		86,191			207,110

Other Income (Expense):
Other Income (Deductions)		7,720			3,732
Interest Expense on Long-Term Debt		(33,362	)		(28,462	)
Other Interest Expense		(4,381	)		(6,273	)

Income Before Income Taxes		56,168			176,107

Income Tax Expense		11,182			43,087

Net Income Available for Common Stock	$	44,986		$	133,020

Earnings Per Common Share
Basic	$	0.50		$	1.45
Diluted	$	0.49		$	1.44

Weighted Average Common Shares:
Used in Basic Calculation		90,777,446			91,910,244
Used in Diluted Calculation		91,434,741			92,442,145

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

	December 31,			September 30,
(Thousands of Dollars)	2024			2024
ASSETS
Property, Plant and Equipment	$	14,675,281		$	14,524,798
Less – Accumulated Depreciation, Depletion and Amortization		7,393,477			7,185,593
Net Property, Plant and Equipment		7,281,804			7,339,205
Current Assets:
Cash and Temporary Cash Investments		48,694			38,222
Receivables – Net		202,821			127,222
Unbilled Revenue		57,117			15,521
Gas Stored Underground		24,725			35,055
Materials and Supplies – at average cost		47,820			47,670
Other Current Assets		83,435			92,229
Total Current Assets		464,612			355,919
Other Assets:
Recoverable Future Taxes		83,740			80,084
Unamortized Debt Expense		5,206			5,604
Other Regulatory Assets		106,386			108,022
Deferred Charges		68,952			69,662
Other Investments		71,493			81,705
Goodwill		5,476			5,476
Prepaid Pension and Post-Retirement Benefit Costs		185,224			180,230
Fair Value of Derivative Financial Instruments		20,695			87,905
Other		7,860			5,958
Total Other Assets		555,032			624,646
Total Assets	$	8,301,448		$	8,319,770
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and
Outstanding – 90,612,955 Shares and 91,005,993 Shares, Respectively	$	90,613		$	91,006
Paid in Capital		1,039,705			1,045,487
Earnings Reinvested in the Business		1,698,648			1,727,326
Accumulated Other Comprehensive Loss		(76,153	)		(15,476	)
Total Comprehensive Shareholders’ Equity		2,752,813			2,848,343
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs		2,189,421			2,188,243
Total Capitalization		4,942,234			5,036,586
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		200,000			90,700
Current Portion of Long-Term Debt		500,000			500,000
Accounts Payable		120,991			165,068
Amounts Payable to Customers		42,587			42,720
Dividends Payable		46,671			46,872
Interest Payable on Long-Term Debt		44,376			27,247
Customer Advances		15,295			19,373
Customer Security Deposits		36,091			36,265
Other Accruals and Current Liabilities		172,409			162,903
Fair Value of Derivative Financial Instruments		20,893			4,744
Total Current and Accrued Liabilities		1,199,313			1,095,892
Other Liabilities:
Deferred Income Taxes		1,089,394			1,111,165
Taxes Refundable to Customers		303,344			305,645
Cost of Removal Regulatory Liability		296,660			292,477
Other Regulatory Liabilities		147,561			151,452
Other Post-Retirement Liabilities		3,476			3,511
Asset Retirement Obligations		199,310			203,006
Other Liabilities		120,156			120,036
Total Other Liabilities		2,159,901			2,187,292
Commitments and Contingencies		—			—
Total Capitalization and Liabilities	$	8,301,448		$	8,319,770

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Three Months Ended
	December 31,
(Thousands of Dollars)	2024			2023

Operating Activities:
Net Income Available for Common Stock	$	44,986		$	133,020
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Impairment of Assets		141,802			—
Depreciation, Depletion and Amortization		109,370			115,790
Deferred Income Taxes		(5,385	)		38,362
Stock-Based Compensation		4,705			4,660
Other		7,146			8,041
Change in:
Receivables and Unbilled Revenue		(115,165	)		(58,459	)
Gas Stored Underground and Materials and Supplies		10,180			6,915
Other Current Assets		8,814			892
Accounts Payable		9,703			(3,355	)
Amounts Payable to Customers		(133	)		1,013
Customer Advances		(4,078	)		2,083
Customer Security Deposits		(174	)		2,079
Other Accruals and Current Liabilities		21,266			28,612
Other Assets		(3,892	)		(6,306	)
Other Liabilities		(9,057	)		(2,403	)
Net Cash Provided by Operating Activities	$	220,088		$	270,944

Investing Activities:
Capital Expenditures	$	(240,427	)	$	(246,938	)
Other		5,878			(920	)
Net Cash Used in Investing Activities	$	(234,549	)	$	(247,858	)

Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper		109,300			12,500
Shares Repurchased Under Repurchase Plan		(33,524	)		—
Dividends Paid on Common Stock		(46,872	)		(45,451	)
Net Repurchases of Common Stock Under Stock and Benefit Plans		(3,971	)		(3,897	)
Net Cash Provided by (Used in) Financing Activities	$	24,933		$	(36,848	)

Net Increase (Decrease) in Cash and Cash Equivalents		10,472			(13,762	)
Cash and Cash Equivalents at Beginning of Period		38,222			55,447
Cash and Cash Equivalents at December 31	$	48,694		$	41,685

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

UPSTREAM BUSINESS


	Three Months Ended
(Thousands of Dollars, except per share amounts)	December 31,
EXPLORATION AND PRODUCTION SEGMENT	2024			2023			Variance
Total Operating Revenues	$	248,860		$	254,019		$	(5,159	)
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense		19,326			17,793			1,533
Lease Operating and Transportation Expense		65,640			67,074			(1,434	)
All Other Operation and Maintenance Expense		3,867			5,544			(1,677	)
Property, Franchise and Other Taxes		3,382			3,638			(256	)
Depreciation, Depletion and Amortization		63,304			71,965			(8,661	)
Impairment of Assets		141,802			—			141,802
		297,321			166,014			131,307

Operating Income (Loss)		(48,461	)		88,005			(136,466	)

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		37			100			(63	)
Interest and Other Income (Deductions)		272			(1,513	)		1,785
Interest Expense		(15,200	)		(15,268	)		68
Income (Loss) Before Income Taxes		(63,352	)		71,324			(134,676	)
Income Tax Expense (Benefit)		(16,575	)		18,841			(35,416	)
Net Income (Loss)	$	(46,777	)	$	52,483		$	(99,260	)
Net Income (Loss) Per Share (Diluted)	$	(0.51	)	$	0.57		$	(1.08	)

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

MIDSTREAM BUSINESSES

	Three Months Ended
(Thousands of Dollars, except per share amounts)	December 31,
PIPELINE AND STORAGE SEGMENT	2024			2023			Variance
Revenues from External Customers	$	68,750		$	64,826		$	3,924
Intersegment Revenues		37,862			29,587			8,275
Total Operating Revenues		106,612			94,413			12,199
Operating Expenses:
Purchased Gas		(42	)		601			(643	)
Operation and Maintenance		27,034			25,950			1,084
Property, Franchise and Other Taxes		8,667			8,720			(53	)
Depreciation, Depletion and Amortization		18,585			18,213			372
		54,244			53,484			760

Operating Income		52,368			40,929			11,439

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		952			1,257			(305	)
Interest and Other Income		2,040			1,931			109
Interest Expense		(11,729	)		(11,725	)		(4	)
Income Before Income Taxes		43,631			32,392			11,239
Income Tax Expense		11,177			8,337			2,840
Net Income	$	32,454		$	24,055		$	8,399
Net Income Per Share (Diluted)	$	0.35		$	0.26		$	0.09


	Three Months Ended
	December 31,
GATHERING SEGMENT	2024			2023			Variance
Revenues from External Customers	$	3,448		$	4,596		$	(1,148	)
Intersegment Revenues		57,683			57,992			(309	)
Total Operating Revenues		61,131			62,588			(1,457	)
Operating Expenses:
Operation and Maintenance		9,429			9,504			(75	)
Property, Franchise and Other Taxes		(234	)		23			(257	)
Depreciation, Depletion and Amortization		10,515			9,458			1,057
		19,710			18,985			725

Operating Income		41,421			43,603			(2,182	)

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		—			9			(9	)
Interest and Other Income		58			73			(15	)
Interest Expense		(4,210	)		(3,729	)		(481	)
Income Before Income Taxes		37,269			39,956			(2,687	)
Income Tax Expense		10,124			11,131			(1,007	)
Net Income	$	27,145		$	28,825		$	(1,680	)
Net Income Per Share (Diluted)	$	0.30		$	0.31		$	(0.01	)

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

DOWNSTREAM BUSINESS


	Three Months Ended
(Thousands of Dollars, except per share amounts)	December 31,
UTILITY SEGMENT	2024			2023			Variance
Revenues from External Customers	$	228,424		$	201,920		$	26,504
Intersegment Revenues		85			87			(2	)
Total Operating Revenues		228,509			202,007			26,502
Operating Expenses:
Purchased Gas		101,473			84,051			17,422
Operation and Maintenance		56,260			54,684			1,576
Property, Franchise and Other Taxes		10,111			9,906			205
Depreciation, Depletion and Amortization		16,827			16,037			790
		184,671			164,678			19,993

Operating Income		43,838			37,329			6,509

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		5,871			470			5,401
Interest and Other Income		528			1,911			(1,383	)
Interest Expense		(10,716	)		(8,457	)		(2,259	)
Income Before Income Taxes		39,521			31,253			8,268
Income Tax Expense		7,022			4,702			2,320
Net Income	$	32,499		$	26,551		$	5,948
Net Income Per Share (Diluted)	$	0.36		$	0.29		$	0.07

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended
(Thousands of Dollars, except per share amounts)	December 31,
ALL OTHER	2024			2023			Variance
Total Operating Revenues	$	—		$	—		$	—
Operating Expenses:
Operation and Maintenance		—			—			—
		—			—			—

Operating Income		—			—			—
Other Income (Expense):
Interest and Other Income (Deductions)		(136	)		(77	)		(59	)
Interest Expense		(116	)		(81	)		(35	)
Loss before Income Taxes		(252	)		(158	)		(94	)
Income Tax Benefit		(59	)		(37	)		(22	)
Net Loss	$	(193	)	$	(121	)	$	(72	)
Net Loss Per Share (Diluted)	$	—		$	—		$	—

	Three Months Ended
	December 31,
CORPORATE	2024			2023			Variance
Revenues from External Customers	$	—		$	—		$	—
Intersegment Revenues		1,341			1,285			56
Total Operating Revenues		1,341			1,285			56
Operating Expenses:
Operation and Maintenance		4,047			3,795			252
Property, Franchise and Other Taxes		130			129			1
Depreciation, Depletion and Amortization		139			117			22
		4,316			4,041			275

Operating Loss		(2,975	)		(2,756	)		(219	)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs		(212	)		(387	)		175
Interest and Other Income		41,061			41,030			31
Interest Expense on Long-Term Debt		(33,362	)		(28,462	)		(4,900	)
Other Interest Expense		(5,161	)		(8,085	)		2,924
Income (Loss) before Income Taxes		(649	)		1,340			(1,989	)
Income Tax Expense (Benefit)		(507	)		113			(620	)
Net Income (Loss)	$	(142	)	$	1,227		$	(1,369	)
Net Income (Loss) Per Share (Diluted)	$	(0.01	)	$	0.01		$	(0.02	)


	Three Months Ended
	December 31,
INTERSEGMENT ELIMINATIONS	2024			2023			Variance
Intersegment Revenues	$	(96,971	)	$	(88,951	)	$	(8,020	)
Operating Expenses:
Purchased Gas		(36,094	)		(28,100	)		(7,994	)
Operation and Maintenance		(60,877	)		(60,851	)		(26	)
		(96,971	)		(88,951	)		(8,020	)
Operating Income		—			—			—
Other Income (Expense):
Interest and Other Deductions		(42,751	)		(41,072	)		(1,679	)
Interest Expense		42,751			41,072			1,679
Net Income	$	—		$	—		$	—
Net Income Per Share (Diluted)	$	—		$	—		$	—

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT INFORMATION (Continued)
(Thousands of Dollars)

	Three Months Ended
	December 31,
	(Unaudited)
							Increase
	2024			2023			(Decrease)

Capital Expenditures:
Exploration and Production	$	122,602	⁽¹⁾⁽²⁾	$	160,957	⁽³⁾⁽⁴⁾	$	(38,355	)
Pipeline and Storage		19,792	⁽¹⁾⁽²⁾		24,554	⁽³⁾⁽⁴⁾		(4,762	)
Gathering		13,027	⁽¹⁾⁽²⁾		19,569	⁽³⁾⁽⁴⁾		(6,542	)
Utility		36,430	⁽¹⁾⁽²⁾		30,510	⁽³⁾⁽⁴⁾		5,920
Total Reportable Segments		191,851			235,590			(43,739	)
All Other		—			—			—
Corporate		204			61			143
Total Capital Expenditures	$	192,055		$	235,651		$	(43,596	)

(1)	Capital expenditures for the quarter ended December 31, 2024, include accounts payable and accrued liabilities related to capital expenditures of $56.3 million, $4.4 million, $6.0 million, and $4.9 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at December 31, 2024, since they represent non-cash investing activities at that date.

(2)	Capital expenditures for the quarter ended December 31, 2024, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the quarter ended December 31, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at December 31, 2024.

(3)	Capital expenditures for the quarter ended December 31, 2023, include accounts payable and accrued liabilities related to capital expenditures of $74.9 million, $5.5 million, $11.1 million, and $6.4 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at December 31, 2023, since they represented non-cash investing activities at that date.

(4)	Capital expenditures for the quarter ended December 31, 2023, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the quarter ended December 31, 2023. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at December 31, 2023.

DEGREE DAYS
				Percent Colder
				(Warmer) Than:
Three Months Ended December 31,	Normal	2024	2023	Normal ⁽¹⁾	Last Year ⁽¹⁾
Buffalo, NY	2,253	1,884	1,858	(16.4)	1.4
Erie, PA	1,894	1,697	1,664	(10.4)	2.0

⁽¹⁾Percents compare actual 2024 degree days to normal degree days and actual 2024 degree days to actual 2023 degree days.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION


	Three Months Ended
	December 31,
					Increase
	2024		2023		(Decrease)

Gas Production/Prices:
Production (MMcf)
Appalachia		97,717		100,757		(3,040	)

Average Prices (Per Mcf)
Weighted Average	$	2.23	$	2.31	$	(0.08	)
Weighted Average after Hedging		2.53		2.51		0.02

Selected Operating Performance Statistics:
General and Administrative Expense per Mcf ⁽¹⁾	$	0.20	$	0.18	$	0.02
Lease Operating and Transportation Expense per Mcf ⁽¹⁾⁽²⁾	$	0.67	$	0.67	$	—
Depreciation, Depletion and Amortization per Mcf ⁽¹⁾	$	0.65	$	0.71	$	(0.06	)

⁽¹⁾Refer to page 13 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.

⁽²⁾Amounts include transportation expense of $0.57 and $0.56 per Mcf for the three months ended December 31, 2024 and December 31, 2023, respectively.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES



Pipeline and Storage Throughput – (millions of cubic feet – MMcf)

	Three Months Ended
	December 31,
			Increase
	2024	2023	(Decrease)
Firm Transportation – Affiliated	31,870	31,495	375
Firm Transportation – Non-Affiliated	171,012	168,606	2,406
Interruptible Transportation	62	118	(56	)
	202,944	200,219	2,725

Gathering Volume – (MMcf)
	Three Months Ended
	December 31,
			Increase
	2024	2023	(Decrease)
Gathered Volume	120,961	124,261	(3,300	)


Utility Throughput – (MMcf)
	Three Months Ended
	December 31,
			Increase
	2024	2023	(Decrease)
Retail Sales:
Residential Sales	18,476	17,982	494
Commercial Sales	2,919	2,800	119
Industrial Sales	199	138	61
	21,594	20,920	674
Transportation	16,942	17,528	(586	)
	38,536	38,448	88

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES

In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted operating results, adjusted EBITDA and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

Management defines adjusted operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel’s reported GAAP earnings to adjusted operating results for the three months ended December 31, 2024 and 2023:

	Three Months Ended
	December 31,
(in thousands except per share amounts)	2024			2023
Reported GAAP Earnings	$	44,986		$	133,020
Items impacting comparability:
Impairment of assets (E&P)		141,802			—
Tax impact of impairment of assets		(37,169	)		—
Unrealized (gain) loss on derivative asset (E&P)		349			4,198
Tax impact of unrealized (gain) loss on derivative asset		(94	)		(1,151	)
Unrealized (gain) loss on other investments (Corporate / All Other)		2,617			(1,049	)
Tax impact of unrealized (gain) loss on other investments		(550	)		220
Adjusted Operating Results	$	151,941		$	135,238

Reported GAAP Earnings Per Share	$	0.49		$	1.44
Items impacting comparability:
Impairment of assets, net of tax (E&P)		1.14			—
Unrealized (gain) loss on derivative asset, net of tax (E&P)		—			0.03
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)		0.02			(0.01	)
Rounding		0.01			—
Adjusted Operating Results Per Share	$	1.66		$	1.46

Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel’s reported GAAP earnings to adjusted EBITDA for the three months ended December 31, 2024 and 2023:

	Three Months Ended
	December 31,
(in thousands)	2024			2023
Reported GAAP Earnings	$	44,986		$	133,020
Depreciation, Depletion and Amortization		109,370			115,790
Other (Income) Deductions		(7,720	)		(3,732	)
Interest Expense		37,743			34,735
Income Taxes		11,182			43,087
Impairment of Assets		141,802			—
Adjusted EBITDA	$	337,363		$	322,900

Adjusted EBITDA by Segment
Pipeline and Storage Adjusted EBITDA	$	70,953		$	59,142
Gathering Adjusted EBITDA		51,936			53,061
Total Midstream Businesses Adjusted EBITDA		122,889			112,203
Exploration and Production Adjusted EBITDA		156,645			159,970
Utility Adjusted EBITDA		60,665			53,366
Corporate and All Other Adjusted EBITDA		(2,836	)		(2,639	)
Total Adjusted EBITDA	$	337,363		$	322,900

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
SEGMENT ADJUSTED EBITDA

	Three Months Ended
	December 31,
(in thousands)	2024			2023
Exploration and Production Segment
Reported GAAP Earnings	$	(46,777	)	$	52,483
Depreciation, Depletion and Amortization		63,304			71,965
Other (Income) Deductions		(309	)		1,413
Interest Expense		15,200			15,268
Income Taxes		(16,575	)		18,841
Impairment of Assets		141,802			—
Adjusted EBITDA	$	156,645		$	159,970

Pipeline and Storage Segment
Reported GAAP Earnings	$	32,454		$	24,055
Depreciation, Depletion and Amortization		18,585			18,213
Other (Income) Deductions		(2,992	)		(3,188	)
Interest Expense		11,729			11,725
Income Taxes		11,177			8,337
Adjusted EBITDA	$	70,953		$	59,142

Gathering Segment
Reported GAAP Earnings	$	27,145		$	28,825
Depreciation, Depletion and Amortization		10,515			9,458
Other (Income) Deductions		(58	)		(82	)
Interest Expense		4,210			3,729
Income Taxes		10,124			11,131
Adjusted EBITDA	$	51,936		$	53,061

Utility Segment
Reported GAAP Earnings	$	32,499		$	26,551
Depreciation, Depletion and Amortization		16,827			16,037
Other (Income) Deductions		(6,399	)		(2,381	)
Interest Expense		10,716			8,457
Income Taxes		7,022			4,702
Adjusted EBITDA	$	60,665		$	53,366

Corporate and All Other
Reported GAAP Earnings	$	(335	)	$	1,106
Depreciation, Depletion and Amortization		139			117
Other (Income) Deductions		2,038			506
Interest Expense		(4,112	)		(4,444	)
Income Taxes		(566	)		76
Adjusted EBITDA	$	(2,836	)	$	(2,639	)

Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

The MIL Network –

January 30, 2025

Preliminary record date	Preliminary payment date
5 May 2025	12 May 2025
29 July 2025	7 August 2025
28 October 2025	6 November 2025
3 February 2026	12 February 2026

For further information, contact:
Investor Relations NVIDIA Corporation ir@nvidia.com	Corporate Communications NVIDIA Corporation press@nvidia.com