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Category: India

  • MIL-OSI Banking: Note Sorting Machines: Standards issued by the Bureau of Indian Standards -Revised Timeline for Implementation

    Source: Reserve Bank of India

    RBI/2025-26/31
    DCM (NPD) No.S287/18.00.014/2025-26

    April 24, 2025

    The Chairman/ Managing Director/ Chief Executive Officer
    All Banks

    Madam/ Dear Sir,

    Note Sorting Machines: Standards issued by the Bureau of Indian Standards -Revised Timeline for Implementation

    Reference is invited to our circular DCM (NPD) No. S2193/09.45.000/2024-25 dated October 30, 2024 on “Note Sorting Machines – Standards issued by the Bureau of Indian Standards”.

    2. In view of representations received from various banks citing implementation challenges, it has been decided to extend the timeline for implementation of the instructions by six months i.e., up to November 01, 2025. The banks shall however, endeavour to comply with the instructions at the earliest.

    3. All other provisions prescribed in the circular dated October 30, 2024, remain unchanged.

    Yours faithfully

    (Sanjeev Prakash)
    Chief General Manager-in-Charge

    MIL OSI Global Banks –

  • MIL-OSI USA: California is now the 4th largest economy in the world 

    Source: US State of California 2

    Apr 23, 2025

    What you need to know: California’s economy continues to dominate and grow at a faster rate than the world’s top economies, with new data showing it has overtaken Japan as the 4th largest economy in the world.

    SACRAMENTO — Governor Gavin Newsom today announced that California has officially overtaken Japan to become the world’s fourth-largest economy, according to newly released data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA).

    “California isn’t just keeping pace with the world—we’re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation. And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California’s economy powers the nation, and it must be protected.”

    Governor Gavin Newsom

    According to the IMF’s 2024 World Economic Outlook data released yesterday, and BEA data California’s nominal GDP reached $4.1 trillion, surpassing Japan’s $4.02 trillion, and placing California behind only the United States, China, and Germany in global rankings. California’s GDP figure is based on the latest state-level GDP data from the BEA.

    Outperforming the nation

    California’s economy is growing at a faster rate than the world’s top three economies. In 2024, California’s growth rate of 6% outpaced the top three economies: U.S. (5.3%), China (2.6%) and Germany (2.9%). California’s success is long-term –the state’s economy grew strongly over the last four years, with an average nominal GDP growth of 7.5% from 2021 to 2024. Preliminary data indicates India is projected to surpass California by 2026.

    California is the backbone of the nation’s economy 

    With an increasing state population and recent record-high tourism spending, California is the nation’s top state for new business starts, access to venture capital funding, and manufacturing, high-tech, and agriculture.

    The state drives national economic growth and also sends over $83 billion more to the federal government than it receives in federal funding. California is the leading agricultural producer in the country and is also the center for manufacturing output in the United States, with over 36,000 manufacturing firms employing over 1.1 million Californians. 

    The Golden State’s manufacturing firms have created new industries and supplied the world with manufactured goods spanning aerospace, computers and electronics, and, most recently, zero-emission vehicles.
     

    Protecting California’s economy

    Governor Gavin Newsom is protecting California’s economy, and last week filed a lawsuit in federal court challenging the president’s use of emergency powers to enact broad-sweeping tariffs that hurt states, consumers, and businesses. The lawsuit seeks to end President Trump’s tariff chaos, which has wreaked havoc on the economy, destabilized the stock and bond markets, caused hundreds of billions of dollars in losses, and inflicted higher costs for consumers and businesses. These harms will only continue to grow, as President Trump’s tariffs are projected to shrink the U.S. economy by $100 billion annually.

    Recent news

    Apr 23, 2025

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    Apr 23, 2025

    News What you need to know: More than 4 million California children will automatically receive SUN Bucks food benefits via EBT card starting in June. Each eligible child will receive $120 in food benefits. Sacramento, California – Governor Gavin Newsom announced today…

    Apr 23, 2025

    News What you need to know: 14,133 cases have been referred to district attorneys’ offices through a community grant investment proposed by Governor Gavin Newsom to root out organized retail crime and hold bad actors accountable. Sacramento, California – Marking a…

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

    Source: Government of India

    Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

    Steel has played skeleton like role in the modern economies of the world, steel is the power behind every success story: PM

    We are proud that today India has become the second largest steel producer in the world: PM

    We have set a target of producing 300 million tonnes of steel by 2030 under the National Steel Policy: PM

    Government policies for the steel industry are playing an important role in making many other Indian industries globally competitive: PM

    For all our Infrastructure projects the goal should be ‘Zero Import’ and ‘Net Export’: PM

    Our steel sector has to be ready for new processes, new grades and new scale: PM

    We have to expand and upgrade keeping the future in mind, We have to become future ready from now itself: PM

    In the last 10 years, many mining reforms have been implemented, availability of iron ore has become easier: PM

    Now is the time to make proper use of allotted mines and the resources of the country, Green-field mining needs to be accelerated: PM

    Together, let us build a Resilient, Revolutionary and Steel-Strong India: PM

    Posted On: 24 APR 2025 2:49PM by PIB Delhi

    The Prime Minister Shri Narendra Modi delivered his remarks during the India Steel 2025 programme at Mumbai, via video message today. Addressing the gathering, he said that over the next two days, discussions will focus on the potential and opportunities of India’s sunrise sector—the steel industry. He remarked that this sector forms the foundation of India’s progress, strengthens the base of a developed India, and is scripting a new chapter of transformation in the country. The Prime Minister welcomed everyone to India Steel 2025 and expressed confidence that the event will serve as a launchpad for sharing new ideas, forging new partnerships, and promoting innovation. He emphasized that this event will lay the groundwork for a new chapter in the steel sector.

    “Steel has played a pivotal role in modern economies, akin to a skeleton”, emphasised Shri Modi, remarking that whether it is skyscrapers, shipping, highways, high-speed rail, smart cities, or industrial corridors, steel is the strength behind every success story. “India is striving to achieve the goal of becoming a $5 trillion economy, with the steel sector playing a significant role in this mission”, he added, expressing pride in India being the world’s second-largest steel producer. He noted that under the National Steel Policy, India has set a target of producing 300 million tons of steel by 2030. He remarked that the current per capita steel consumption in India is approximately 98 kilograms and is expected to rise to 160 kilograms by 2030. Shri Modi emphasized that this increasing steel consumption serves as a golden standard for the country’s infrastructure and economy, adding that it is also a benchmark for the nation’s direction, as well as the government’s efficiency and effectiveness.

    Underlining that the steel industry is brimming with renewed confidence about its future due to the foundation of the PM-Gati Shakti National Master Plan, the Prime Minister remarked that this initiative integrates various utility services and logistics modes. He emphasized that mine areas and steel units are being mapped for improved multi-modal connectivity. He noted that new projects are being introduced to upgrade critical infrastructure in eastern India, where most of the steel sector is concentrated. He further highlighted that the $1.3 trillion National Infrastructure Pipeline is being advanced. He remarked that large-scale efforts to transform cities into smart cities, along with unprecedented pace in the development of roads, railways, airports, ports, and pipelines, are creating fresh opportunities for the steel sector. The Prime Minister pointed out that crores of houses are being constructed under the PM Awas Yojana, and significant infrastructure is being built in villages through the Jal Jeevan Mission. He remarked that welfare initiatives like these are also providing new strength to the steel industry. He highlighted the government’s decision to use only ‘Made in India’ steel in government projects and noted that government-driven initiatives account for the highest consumption of steel in building construction and infrastructure.

    Underscoring that steel is a primary component driving the growth of multiple sectors, Shri Modi remarked that government policies for the steel industry are playing a crucial role in making many other industries in India globally competitive. He highlighted that sectors such as manufacturing, construction, machinery, and automotive are gaining strength from the Indian steel industry. He mentioned that the government has introduced the National Manufacturing Mission in this year’s Budget to accelerate the ‘Make in India’ initiative. The mission caters to small, medium, and large industries and will open new opportunities for the steel sector, he added.

    Noting that India was long dependent on imports for high-grade steel, which was critical for defense and strategic sectors, the Prime Minister expressed pride in the fact that the steel used in India’s first indigenous aircraft carrier was produced domestically. He also noted that Indian steel contributed to the success of the historic Chandrayaan mission, symbolizing India’s capability and confidence. The Prime Minister remarked that this transformation was made possible through initiatives such as the PLI scheme, which has allocated thousands of crores to support the production of high-grade steel. He emphasized that this is just the beginning and that there is a long road ahead. He pointed out the growing demand for high-grade steel due to mega-projects being initiated across the country. He mentioned that in this year’s Budget, shipbuilding has been classified as infrastructure, adding “India aims to manufacture modern and large ships domestically and export them to other countries”. The Prime Minister highlighted the rising demand for pipeline-grade steel and corrosion-resistant alloys in India. He remarked that the country’s rail infrastructure is expanding at an unprecedented pace. He stressed the need for a goal of “zero imports” and a focus on net exports. “India is currently working towards a target of exporting 25 million tons of steel and aims to increase production capacity to 500 million tons by 2047”, he noted emphasizing the importance of preparing the steel sector for new processes, grades, and scales, urging the industry to expand and upgrade with a future-ready mindset. The Prime Minister underlined the vast employment generation potential of the steel industry’s growth. He called upon both the private and public sectors to develop, nurture, and share new ideas. He emphasized collaboration in manufacturing, R&D, and technology upgrades to create more job opportunities for the country’s youth.

    Shri Modi acknowledged that the steel industry faces certain challenges that need resolution for further growth, highlighting that raw material security remains a significant concern, with India still dependent on imports for nickel, coking coal, and manganese. He emphasized the need to strengthen global partnerships, secure supply chains, and focus on technology upgrades. He underlined the importance of moving swiftly towards energy-efficient, low-emission, and digitally advanced technologies. “The future of the steel industry will be shaped by AI, automation, recycling, and by-product utilization”, he remarked, stressing the need to enhance efforts in these areas through innovation. He expressed optimism that collaboration between global partners and Indian companies will help address these challenges more effectively and at a faster pace.

    The Prime Minister remarked on the significant impact of coal imports, particularly coking coal, on both costs and the economy. He emphasized the importance of exploring alternatives to reduce this dependence. He highlighted the availability of technologies such as the DRI route and stressed efforts to promote them further. Pointing out that coal gasification can be effectively utilized to make better use of the country’s coal resources and decrease reliance on imports, he urged all stakeholders in the steel industry to actively participate in this endeavor and take the necessary steps to move forward in this direction.

    Underlining the importance of addressing the issue of unused greenfield mines, Shri Modi noted that significant mining reforms have been introduced in the last decade, making iron ore availability easier. He stressed that it is now time to utilize the allotted mines effectively to ensure optimal use of the country’s resources. Cautioning that delays in this process would adversely impact the industry, Shri Modi urged for the acceleration of greenfield mining efforts to overcome this challenge.

    The Prime Minister emphasized that India is no longer focused solely on domestic growth but is preparing for global leadership. He remarked that the world now views India as a trusted supplier of high-quality steel. He reiterated the importance of maintaining world-class standards in steel production and continually upgrading capabilities. He emphasized that improving logistics, developing multi-modal transport networks, and reducing costs will help India become a Global Steel Hub. The Prime Minister highlighted that India Steel provides a platform to expand capabilities and turn ideas into actionable solutions. He concluded by  expressing best wishes to all participants and called for collective efforts to build a resilient, revolutionary, and steel-strong India.

     

     

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    MJPS/SR

    (Release ID: 2124042) Visitor Counter : 130

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Health Minister Shri J P Nadda launches National Zero Measles-Rubella Elimination Campaign on the occasion of World Immunization Week

    Source: Government of India

    Union Health Minister Shri J P Nadda launches National Zero Measles-Rubella Elimination Campaign on the occasion of World Immunization Week

    Measles-Rubella elimination campaign 2025-26 marks an opportunity to achieve 100% immunization coverage to provide high quality life to children by administering them with two doses of Measles and Rubella vaccine: Shri J P Nadda

    “332 districts across the country have reported zero Measles cases and 487 districts have reported zero Rubella cases during January- March 2025 which underscores the progress achieved in the goal of M-R elimination”

    “With the ‘ACT NOW’ policy, we have to target the elimination of M-R in the same way as Polio and Maternal and Neonatal Tetanus elimination was achieved, so that no child is left behind”

    Currently India’s MR vaccination coverage stands at 93.7% for the first dose and 92.2% for the second dose, as per 2024-25 HMIS data

    Posted On: 24 APR 2025 2:26PM by PIB Delhi

    Union Minister of Health and Family Welfare, Shri Jagat Prakash Nadda today virtually launched the National Zero Measles-Rubella Elimination campaign 2025-26 on the first day of the World Immunization Week (24-30 April), marking a significant step towards India’s goal of eliminating Measles and Rubella by 2026.

    On the occasion, Union Health Minister released multi-language M-R IEC materials (posters, radio jingles, MR elimination and official U-WIN launch film) for creating awareness in the communities. These IEC materials were also shared with all States/UTs for adaptation and rollout during the MR Elimination Campaign 2025-26. 

    Addressing the occasion, Shri J P Nadda stated that, “today is momentous occasion as the launch of Measles-Rubella elimination campaign 2025-26 marks an opportunity to achieve 100% immunization coverage to provide high quality lifestyle to children by administering them with the two doses of Measles and Rubella vaccine.” Noting that this disease is of a highly contagious nature that hampers not only children’s life but also cause misery to their parents, Shri Nadda underlined the importance of ensuring that not even a single child is left behind.

    The Union Health Minister congratulated the Ministry for getting recognition with the prestigious Measles and Rubella Champion Award by the Measles and Rubella Partnership in 2024. He highlighted that “332 districts in the country have reported zero measles cases and 487 districts have reported zero rubella cases during January- March 2025 which underscores the progress achieved in the goal of M-R elimination.”

    Shri Nadda highlighted the need for keeping the IDSP activated and strengthening surveillance. “We have to target the elimination of M-R in the same way as Polio and Maternal and Neonatal Tetanus elimination was achieved”, he stated. He urged the states and UTs to be attentive, alert, and proactive and work with a ‘ACT NOW’ policy.

    Shri Nadda also urged the State Ministers and Chief Medical Officers to hold public and press meetings where people at large can be informed about the vaccination drive through active Jan Bhagidari. He also called upon States for an inclusive participation of all MLAs, MPs, local and Panchayat heads to spread awareness about the vaccination against Measles and Rubella. He also urged the frontline workers to reach out to remote and hard to reach areas, slums, migratory population, areas with frequent outbreaks. “We have to reach out to people in the last mile to ensure that we achieve 100% coverage”, he stated. He also emphasized on the need for coordinating with line ministries. He concluded his address by stating that “if we work and act from today, we will be able to achieve success tomorrow.”

    Background:

    Measles and Rubella are highly infectious viral diseases that can lead to serious illnesses, lifelong complications, and even death. Due to their high infection rate, India has set a goal to eliminate these diseases by 2026. Under the Universal Immunization Programme (UIP), two doses of the Measles-Rubella (MR) vaccine are provided free of cost to all eligible children, at 9-12 months and 16-24 months of age, respectively. Currently, India’s MR vaccination coverage stands at 93.7% for the first dose (2024-25 HMIS data) and 92.2% for the second dose.

    In 2024, India has recorded a remarkable decline of 73% in Measles cases and a 17% reduction in Rubella cases in comparison with 2023.

    India’s plan for eliminating measles and rubella includes a comprehensive framework:

    1. Immunization: Achieve and maintain high population immunity with > 95% vaccination coverage with 2 doses of measles and rubella containing vaccines in each district of the country.
    1. Surveillance: Sustain a sensitive and timely case-based surveillance system for measles & rubella.
    2. Outbreaks: Ensure adequate preparedness and timely response to measles and rubella outbreaks.
    3. Linkages: Strengthen support and linkages to achieve the above strategic objectives.
    4. Demand Generation for Vaccination: Focused mass awareness campaigns to mitigate the risks of non-vaccination and dispel myths related to MR vaccine for addressing vaccine hesitancy and increasing coverage.

    In recognition of country’s exceptional efforts in prevention of Measles and Rubella, India was awarded the prestigious Measles and Rubella Champion Award by the Measles and Rubella Partnership at the American Red Cross Headquarters in Washington D.C. on March 6, 2024. 

    Under the Universal Immunization Programme (UIP), India runs world’s largest vaccination programme for pregnant women and children – reaching out to 2.9 crore pregnant women and 2.6 crore newborns annually. This provides protection against 12 vaccine preventable diseases (VPDs) such as Polio, Measles, Rubella, Diphtheria, Tetanus, Rotavirus diarrhoea, Hepatitis B among others. U-WIN digital platform for vaccination, launched by the Hon’ble Prime Minister is being utilized extensively to record vaccination events, generate vaccination certificate and book appointment for vaccination across the country.

    India’s Universal Immunization Programme, has been instrumental in reducing mortality rates and controlling infectious diseases among children under five years of age. From 2014 to 2020, under-5 mortality rates dropped from 45 to 32 per 1,000 live births (Sample Registration System – 2020).  Since 2014, under UIP, over 6 new vaccines have been introduced including MR vaccine.

    Smt. Punya Salila Srivastava, Union Health Secretary; Dr Rajiv Bahl, Secretary, Dept. of Health Research and DG, ICMR; Smt. Aradhana Patnaik, Addl. Secretary and Mission Director (NHM), Union Health Ministry; Smt. Meera Srivastava, Joint Secretary, Union Health Ministry, Additional Commissioner (Immunization), Additional Chief Secretaries, Principal Secretaries (Health), Mission Directors (NHM) and State Immunization Officers from States/UTs had joined the virtual launch event.

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    MV

    HFW/HFM MR Elimination Campaign Launch/24 April 2025/1

    (Release ID: 2124032) Visitor Counter : 19

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

    Source: Government of India

    Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

    In the last decade, several measures have been taken to empower Panchayats, Panchayats have been strengthened through technology: PM

    The rural economy has gained new momentum in the last decade: PM

    The past decade has been the decade of India’s infrastructure: PM

    Makhana is a superfood for the country and the world today, but in Mithila it is a part of the culture,source for prosperity here: PM

    The willpower of 140 crore Indians will now break the back of the perpetrators of terror: PM

    Terrorism will not go unpunished, Every effort will be made to ensure that justice is done, The entire nation is firm in this resolve: PM

    Posted On: 24 APR 2025 2:11PM by PIB Delhi

    The Prime Minister Shri Narendra Modi inaugurated, laid the foundation stone and dedicated to the nation multiple development projects worth over Rs 13,480 crore in Madhubani, Bihar today on the occasion of National Panchayati Raj Day. The Prime Minister appealed to everyone at the event to observe silence and pray for the departed souls in the Pahalgam attacks on 22 April 2025. Addressing the gathering on the occasion, he said that on the occasion of Panchayati Raj Day, the entire nation is connected with Mithila and Bihar. He remarked that projects worth thousands of crores of rupees, aimed at Bihar’s development, have been inaugurated and foundations laid for, emphasising that these initiatives in electricity, railways, and infrastructure will create new employment opportunities in Bihar. He paid tributes to the great poet and national icon, Ramdhari Singh Dinkar Ji, on his death anniversary. 

    Remarking that Bihar is the land where Mahatma Gandhi expanded the mantra of Satyagraha, Shri Modi highlighted Mahatma Gandhi’s firm belief that India’s rapid development is only possible when its villages are strong. He emphasized that the concept of Panchayati Raj was rooted in this sentiment. “Over the past decade, continuous steps have been taken to empower Panchayats. Technology has played a significant role in strengthening Panchayats, with over 2 lakh Gram Panchayats connected to the internet in the last decade”, he added. Shri Modi pointed out that more than 5.5 lakh Common Service Centers have been established in villages, underlining that the digitalization of Panchayats has brought additional benefits, such as easy access to documents like birth and death certificates, and landholding certificates. He remarked that while the nation received a new Parliament building after decades of independence, 30,000 new Panchayat Bhawans have also been constructed across the country. He also highlighted that ensuring adequate funds for Panchayats has been a priority for the government. “Over the past decade, Panchayats have received more than ₹2 lakh crore, all of which has been utilized for the development of villages”, he said.

    Highlighting that one of the major issues faced by Gram Panchayats has been related to land disputes, the Prime Minister mentioned the frequent disagreements over which land is residential, agricultural, Panchayat-owned, or government-owned. He emphasized that to address this issue, the digitization of land records is being undertaken, which has helped resolve unnecessary disputes effectively.

    Shri Modi underscored that Panchayats have strengthened social participation, remarking that Bihar was the first state in the country to provide 50% reservation for women in Panchayats. He emphasized that today, a significant number of women from economically weaker sections, Dalits, Mahadalits, backward, and extremely backward communities are serving as public representatives in Bihar, describing it as true social justice and genuine social participation. He underlined that democracy thrives and becomes stronger with greater participation. Reflecting this vision, Shri Modi noted that a law providing 33% reservation for women in the Lok Sabha and State Assemblies has also been enacted. He remarked that this will benefit women across all states, giving our sisters and daughters greater representation.

    Emphasising that the government is working in mission mode to increase women’s income and create new opportunities for employment and self-employment, Shri Modi highlighted the transformative impact of the ‘Jeevika Didi’ program in Bihar, which has changed the lives of many women. He remarked that today, self-help groups of women in Bihar have been provided financial assistance of approximately ₹1,000 crore, noting that this will further strengthen the economic empowerment of women and contribute to the goal of creating 3 crore Lakhpati Didis across the country. He highlighted that the rural economy has gained new momentum over the past decade. He pointed out that villages have seen the construction of houses for the poor, roads, gas connections, water connections, and toilets, bringing lakhs of crores of rupees to rural areas. The Prime Minister remarked that new employment opportunities have been created, benefiting laborers, farmers, vehicle operators, and shopkeepers, providing them with new avenues for income. He emphasized that this has particularly benefited communities that have been deprived for generations. He cited the example of the PM Awas Yojana, which aims to ensure that no family in the country remains homeless and that everyone has a permanent roof over their heads. He noted that over the past decade, more than 4 crore permanent houses have been constructed under this scheme. He highlighted that in Bihar alone, 57 lakh poor families have received permanent houses. He remarked that these houses have been provided to families from economically weaker sections, Dalits, and backward and extremely backward communities like Pasmanda families. Shri Modi announced that in the coming years, 3 crore more permanent houses will be provided to the poor. He noted that today, approximately 1.5 lakh families in Bihar are moving into their new permanent homes. He said that across the country, 15 lakh poor families have been issued approval letters for the construction of new houses, including 3.5 lakh beneficiaries from Bihar. He highlighted that today, financial assistance has been sent to approximately 10 lakh poor families for their permanent houses, including 80,000 rural families and 1 lakh urban families from Bihar.

    “The past decade has been a decade of infrastructure development for India”, said the Prime Minister, highlighting that this modern infrastructure is strengthening the foundation of a developed India. He noted that for the first time, over 12 crore rural families have received tap water connections in their homes, underlining that more than 2.5 crore households have been electrified, and those who never imagined cooking on gas stoves have now received gas cylinders. “Even in challenging regions like Ladakh and Siachen, where providing basic facilities is difficult, 4G and 5G mobile connections have now been established, reflecting the nation’s current priorities”, he pointed out. The Prime Minister highlighted advancements in healthcare, noting that institutions like AIIMS were once limited to major cities like Delhi. He announced that AIIMS is now being established in Darbhanga, and the number of medical colleges in the country has nearly doubled in the past decade and mentioned the construction of a new medical college in Jhanjharpur. He emphasized that to ensure quality healthcare in villages, over 1.5 lakh Ayushman Arogya Mandirs have been established across the country, including more than 10,000 in Bihar. He remarked that Jan Aushadhi Kendras have become a significant relief for the poor and middle class, offering medicines at an 80% discount. He noted that Bihar now has over 800 Jan Aushadhi Kendras, saving its people ₹2,000 crore in medical expenses. The Prime Minister highlighted that under the Ayushman Bharat scheme, lakhs of families in Bihar have received free treatment, resulting in savings of thousands of crores of rupees for these families.

    “India is rapidly advancing its connectivity through infrastructure like railways, roads, and airports”, highlighted Shri Modi, noting that metro projects are underway in Patna, and over two dozen cities across the country are now connected with metro facilities. He announced the launch of the ‘Namo Bharat Rapid Rail’ service between Patna and Jaynagar, which will significantly reduce travel time between the two locations, and emphasized that this development will benefit lakhs of people from Samastipur, Darbhanga, Madhubani, and Begusarai.

    The Prime Minister also mentioned the inauguration and launch of multiple new railway lines in Bihar, highlighting the commencement of the modern Amrit Bharat train service between Saharsa and Mumbai, which will greatly benefit the labor families. He remarked that the government is modernizing several railway stations in Bihar, including Madhubani and Jhanjharpur. He emphasized that air connectivity in Mithila and Bihar has improved significantly with Darbhanga Airport, and the expansion of Patna Airport is underway. “These development projects are creating new employment opportunities in Bihar”, he added.

    “Farmers are the backbone of the rural economy, the stronger this backbone, the stronger the villages, and consequently, the nation”, said Shri Modi. He highlighted the persistent challenges of floods in the Mithila and Kosi regions, noting that the government is set to invest ₹11,000 crore to mitigate the impact of floods in Bihar. He said that this investment will facilitate the construction of dams on rivers such as Bagmati, Dhar, Budhi Gandak, and Kosi, adding that canals will be developed, ensuring irrigation arrangements through river water. “This initiative will not only reduce flood-related issues but will also ensure adequate water supply reaches every farmer’s field”, he added.

    “Makhana, a cultural staple of Mithila, has now gained global recognition as a superfood”, highlighted Shri Modi, mentioning that makhana has been granted a GI tag, officially certifying it as a product of this region. He added that the Makhana Research Centre has been accorded national status. He also highlighted the Budget announcement of the Makhana Board, which is expected to transform the fortunes of makhana farmers, emphasising that Bihar’s makhana will now reach international markets as a superfood. He noted that the National Institute of Food Technology and Management is being established in Bihar, which will support the youth in setting up small enterprises related to food processing. He further emphasized that Bihar is making consistent progress in fisheries along with agriculture, highlighting that fishermen now have access to the benefits of the Kisan Credit Card, providing advantages to numerous families involved in fisheries. He remarked that under the PM Matsya Sampada Yojana, projects worth hundreds of crores have been executed in Bihar.

    Expressing deep sorrow over the brutal killing of innocent civilians by terrorists in Pahalgam, Jammu and Kashmir, on April 22, Shri Modi remarked that the entire nation is distressed and stands in solidarity with the grieving families. He assured that every effort is being made by the government to ensure the speedy recovery of those undergoing treatment. He highlighted the profound loss suffered by families, where some lost their sons, brothers, or life partners, noting that the victims came from diverse linguistic and regional backgrounds—some spoke Bengali, Kannada, Marathi, Odia, Gujarati, and some were from Bihar. Underlining that from Kargil to Kanyakumari, the grief and outrage over this attack are shared equally across the nation, Shri Modi remarked that this attack was not just on unarmed tourists but was a brazen assault on the soul of India. “The terrorists responsible for this attack, along with those who conspired it, will face punishment beyond their imagination”, he declared in unequivocal terms, asserting that the time has come to eliminate the remaining strongholds of terrorism. “The willpower of 140 crore Indians will now break the backbone of the perpetrators of terror”, he stressed.

    The Prime Minister declared from the soil of Bihar that India will identify, track, and punish every terrorist, their handlers, and their backers, emphasising that India will pursue them to the ends of the earth. “India’s spirit will never be broken by terrorism and terrorism will not go unpunished. Every effort will be made to ensure justice is served and the entire nation is firm in this resolve against terrorism”, he stressed. He further stated that everyone who believes in humanity stands with India during these times. He expressed his gratitude to the people and leaders of various countries who have supported India in these moments.

    “Peace and security are the most critical prerequisites for rapid development”, said Shri Modi, remarking that a developed Bihar is essential for a developed India. He concluded by highlighting that efforts are being made to ensure development in Bihar and to extend the benefits of progress to every section and every region of the state. He expressed gratitude to everyone for joining the program on the occasion of Panchayati Raj Day.

    The Governor of Bihar, Shri Arif Mohammed Khan, Chief Minister of Bihar, Shri Nitish Kumar, Union Ministers Shri Rajiv Ranjan Singh, Shri Jitan Ram Manji, Shri Giriraj Singh, Shri Chirag Paswan, Shri Nityanand Rai, Shri Ram Nath Thakur, Dr. Raj Bhushan Choudhary were present among other dignitaries at the event.

    Background 

    Prime Minister participated in the National Panchayati Raj Day programme in Madhubani, Bihar. He also presented National Panchayat Awards, recognizing and incentivizing best-performing Panchayats on the occasion. 

    Prime Minister laid the foundation stone of an LPG bottling plant with rail unloading facility at Hathua in Gopalganj District of Bihar worth around Rs 340 crore. This will help in streamlining the supply chain and improving efficiency of bulk LPG transportation.

    Boosting power infrastructure in the region, Prime Minister laid the foundation stone for projects worth over Rs 1,170 crore and also inaugurated multiple projects worth over Rs 5,030 crore in the power sector in Bihar under the Revamped Distribution Sector Scheme. 

    In line with his commitment to boost rail connectivity across the nation, Prime Minister flagged off Amrit Bharat express between Saharsa and Mumbai, Namo Bharat Rapid rail between Jaynagar and Patna and trains between Pipra and Saharsa and Saharsa and Samastipur. He also inaugurated the Supaul Pipra rail line, Hasanpur Bithan Rail line and two 2-lane Rail over bridges at Chapra and Bagaha. He dedicated to the nation the Khagaria-Alauli Rail line. These projects will improve connectivity and lead to overall socio-economic development of the region.

    Prime Minister distributed benefits of around Rs 930 crore under Community Investment Fund to over 2 lakh SHGs from Bihar under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY- NRLM).

    Prime Minister handed over sanction letters to 15 lakh new beneficiaries of PMAY-Gramin and released instalments to 10 lakh PMAY-G beneficiaries from across the country. He also handed over keys to some beneficiaries marking the Grih Pravesh of 1 lakh PMAY-G and 54,000 PMAY-U houses in Bihar.

     

     

    ***

    MJPS/SR

    (Release ID: 2124029) Visitor Counter : 85

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister chairs a meeting of the CCS

    Source: Government of India

    Posted On: 23 APR 2025 9:00PM by PIB Delhi

    Prime Minister, Shri Narendra Modi, chaired a meeting of the Cabinet Committee on Security at 7, Lok Kalyan Marg, today, in the wake of the terrorist attack in Pahalgam.

    The Prime Minister posted on X :

    “In the wake of the terrorist attack in Pahalgam, chaired a meeting of the CCS at 7, Lok Kalyan Marg.”

     

     

    ***

    MJPS/VJ

    (Release ID: 2123981) Visitor Counter : 82

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: “Indian Telecom Services Performance Indicator Report” for the Quarter October-December, 2024

    Source: Government of India

    Ministry of Communications

    “Indian Telecom Services Performance Indicator Report” for the Quarter October-December, 2024

    Posted On: 24 APR 2025 3:46PM by PIB Delhi

    TRAI today has released the “Indian Telecom Services Performance Indicator Report” for the Quarter ending 31st December, 2024. This Report provides a broad perspective of the Telecom Services in India and presents the key parameters and growth trends of the Telecom Services as well as Cable TV, DTH & Radio Broadcasting services in India for the period covering 1st October, 2024 to 31st December, 2024 compiled mainly on the basis of information furnished by the Service Providers.

    Executive Summary of the Report is enclosed. The complete Report is available on TRAI’s website (www.trai.gov.in and under the link http://www. trai.gov.in/release-publication/reports/performance-indicators-reports). Any suggestion or any clarification pertaining to this report, Shri Vijay Kumar, Advisor (F&EA), TRAI may be contacted on Tel. +91-20907773 and e-mail: advfea1@trai.gov.in.

    The Indian Telecom Services Performance Indicators

    October–December, 2024

    Executive Summary

     

    1. Total number of Internet subscribers decreased from 971.50 million at the end of Sep-24 to 970.16 million at the end of Dec-24, registering a quarterly rate of decline 0.14%. Out of 970.16 million internet subscribers, number of Wired Internet subscribers are 41.21 million and number of Wireless Internet subscribers are 928.96 million.

    Composition of internet subscription

     

     

    1. The Internet subscriber base is comprised of Broadband Internet subscriber base of 944.96 million and Narrowband Internet subscriber base of 25.20 million.
    2. The broadband Internet subscriber base increased by 0.06% from 944.39 million at the end of Sep-24 to 944.96 million at the end of Dec-24. The narrowband Internet subscriber base decreased from 27.11 million at the end of Sep-24 to 25.20 million at the end of Dec-24.
    1. Wireline subscribers increased from 36.93 million at the end of Sep-24 to 39.27 million at the end of Dec-24 with a quarterly rate of growth 6.32% and, on Y-O-Y basis, wireline subscriptions also increased by 23.32% at the end of QE Dec-24.
    2. Wireline Tele-density increased from 2.63% at the end of Sep-24 to 2.79% at the end of Dec-24 with quarterly rate of growth 6.09%.
    3. Monthly Average Revenue per User (ARPU) for wireless service increased by 5.34%, from Rs.172.57 in QE Sep-24 to Rs.181.80 in QE Dec-24. On Y-O-Y basis, monthly ARPU for wireless service increased by 19.17% in this quarter.
    1. The ARPU per month for the pre-paid segment is Rs.180.91 and for the post-paid segment is Rs.191.51 in Q.E. Dec-2024.                               
    2. On an all-India average, the overall MOU per month Increased by 3.62% from 974 in Q.E. Sep 2024 to 1009 in Q.E. Dec 2024. 
    1. Prepaid MOU per subscriber is 1053 and Postpaid MOU per subscriber per month is 526 in QE Dec-24.
    1. Gross Revenue (GR), Applicable Gross Revenue (ApGR) and Adjusted Gross Revenue (AGR) of Telecom Service Sector for the Q.E. Dec-24 has been Rs.96,390 Crore, Rs.92,342 crore and Rs.77,934 Crore respectively.  GR increased by 5.43%, ApGR increased by 4.65% and AGR increased by 3.48% in Q.E. Dec-24, as compared to previous quarter. 
    1. The Y-O-Y rate of growth in GR, ApGR and AGR in Q.E. Dec-24 over the same quarter in last year has been 14.07%, 13.86% and 14.89% respectively.
    1. Pass Through Charges increased from Rs.12,926 Crore in QE Sep-24 to Rs.14,410 Crore in QE Dec-24 with quarterly rate of growth by 11.48%. The Y-O-Y rate of growth 7.12% has been recorded in pass-through charges for QE Dec-24.
    2. The License Fee increased from Rs.6,023 Crore for the QE Sep-24 to Rs.6,234 Crore for the QE Dec-24. The quarterly and the  Y-O-Y rates of growth in license fees are 3.50% and 14.75% respectively in this quarter.       

     

    Service-wise composition of Adjusted Gross Revenue

     

    1. Access services contributed 84.35% of the total Adjusted Gross Revenue of telecom services. In Access services, Gross Revenue (GR), Applicable Gross Revenue (ApGR), Adjusted Gross Revenue (AGR), License Fee, Spectrum Usage Charges (SUC) and Pass Through Charges increased by 4.87%, 4.52%, 4.30%, 4.28%, 4.62% and 5.96% respectively in QE Dec-24.
    2. The number of telephone subscribers in India decreased from 1,190.66 million at the end of Sep-24 to 1,189.92 million at the end of Dec-24, registering a rate of decline 0.06% over the previous quarter. This reflects Year-On-Year (Y-O-Y) rate of decline 0.03% over the same quarter of the last year. The overall Tele-density in India decreased from 84.69% as in QE Sep-24 to 84.45% as in QE Dec-24.

     

    Trends in Telephone subscribers and Tele-density in India

     

    1. Telephone subscribers in Urban areas increased from 662.15 million at the end of Sep-24 to 662.72 million at the end of Dec-24 however Urban Tele-density decreased from 131.86% to 131.37% during the same period.
    2. Rural telephone subscribers decreased from 528.51 million at the end of Sep-24 to 527.20 million at the end of Dec-24 and Rural Tele-density also decreased from 58.48% to 58.29% during the same period.
    1. Out of the total subscription, the share of Rural subscription decreased from 44.39% at the end of Sep-24 to 44.31% at the end of Dec-24.

    Composition of Telephone Subscribers

       

    1. With a net loss of 3.07 million subscribers during the quarter, the total wireless subscriber base decreased from 1153.72 million at the end of Sep-24 to 1150.66 million at the end of Dec-24, registering a rate of decline 0.27% over the previous quarter. On Y-O-Y basis, wireless subscriptions decreased at the rate of 0.68% during the year.  
    2. Wireless Tele-density decreased from 82.07% at the end of Sep-24 to 81.67% at the end of Dec-24 with quarterly rate of decline of 0.49%.
    1. During this quarter, the following parameters in terms of QoS benchmarks have been fully complied by wireline service providers: –
      1. Point of Interconnection (POI) Congestion (90th percentile value) ≤ 0.5%
    2. During this quarter, list of QoS parameters which are fully complied by all the Access Service (Wireless) providers in all the LSAs: –

     

    S.No.

    Parameter

    Benchmark

    1

    Percentage of significant network outage (services not available in a district for more than 4 hours) reported to the Authority within 24 hrs of start of the outage

    100%

    2

    Point of Interconnection (POI) Congestion (90th percentile value)

    ≤ 0.5%

    3

    Latency (in 4G and 5G network)

    ≤ 75 msec

    4

    Packet Drop Rate (in 4G and 5G network)

    ≤ 3%

    5

    Billing and charging complaints

    ≤ 0.1%

    6

    Application of adjustment to customer’s account within one week from the date of resolution of billing and charging complaints or rectification of faults or rectification of significant network outage, as applicable

    100%

    7

     Accessibility of call centre/ customer care

    ≥ 95%

    8

    Termination/ closure of service within seven working days of receipt of customer’s request

    100%

    9

    Refund of deposits within 45 days of closure of service or non-provisioning of service

    100%
    1. A total of approximately 914 private satellite TV channels have been permitted by the Ministry of Information and Broadcasting (MIB) for uplinking only/downlinking only/both uplinking & downlinking.  
    2. As per the reporting done by broadcasters in pursuance of the Tariff Order dated 3rd March 2017, as amended, out of 904 permitted satellite TV channels which are available for downlinking in India, there are 362 satellite pay TV channels as on 31st December, 2024. Out of 362 pay channels, 258 are SD satellite pay TV channels and 104 are HD satellite pay TV channels.  
    3. During the QE 31st December 2024, there were 4 pay DTH service providers in the country.
    1. Pay DTH has attained total active subscriber base of around 58.22 million. This is in addition to the subscribers of the DD Free Dish (free DTH services of Doordarshan). The total active subscriber base has decreased from 59.91 million in September 2024 to 58.22 million in December 2024.
    2. Apart from the radio channels operated by All India Radio – the public broadcaster, as per the data reported by FM Radio operators to TRAI, as on 31st December 2024, there are 388 operational private FM Radio channels in 113 cities operated by 36 private FM Radio operators. As compared to the previous quarter, there is no change in the number of operational private FM Radio channels, cities and FM Radio operators.
    1. The advertisement revenue reported by FM Radio operators during the quarter ending 31st December 2024 in respect of 388 private FM Radio channels is Rs.500.11 crore as against Rs.423.52 crore in respect of 388 private FM Radio channels for the previous quarter. 
    1. As on 31st December, 2024, 529 Community Radio stations are operational.

    SNAPSHOT

    (Data as on Q.E. 31st December, 2024)

    Telecom Subscribers (Wireless+Wireline)

    Total Subscribers

    1189.92 Million

    % change over the previous quarter

    -0.06%

    Urban Subscribers

    662.72 Million

    Rural Subscribers

    527.20 Million

    Market share of Private Operators

    91.45%

    Market share of PSU Operators

    8.55%

    Tele-density

    84.45%

    Urban Tele-density

    131.37%

    Rural Tele-density

    58.29%

    Wireless Subscribers

    Total Wireless Subscribers

    1,150.66 Million

    % change over the previous quarter

    -0.27%

    Urban Subscribers

    626.43 Million

    Rural Subscribers

    524.23 Million

    Market share of Private Operators

    91.92%

    Market share of PSU Operators

    8.08%

    Tele-density

    81.67%

    Urban Tele-density

    124.18%

    Rural Tele-density

    57.96%

    Total Wireless Data Usage during the quarter

    56,975 PB

    Number of Public Mobile Radio Trunk Services (PMRTS)

    65,996

    Number of Very Small Aperture Terminals (VSAT)

    2,52,612

    Wireline Subscribers

    Total Wireline Subscribers

    39.27 Million

    % change over the previous quarter

    6.32%

    Urban Subscribers

    36.29 Million

    Rural Subscribers

    2.98 Million

    Market share of PSU Operators

    22.23%

    Market share of Private Operators

    77.77%

    Tele-density

    2.79%

    Rural Tele-density

    0.33%

    Urban Tele-density

    7.19%

    No. of Village Public Telephones (VPT)

                68,606

     

    No. of Public Call Office (PCO)

             13,442

     

    Telecom Financial Data

    Gross Revenue (GR) during the quarter

    Rs. 96,390/- crore

    % change in GR over the previous quarter

    5.43%

    Applicable Gross Revenue (ApGR) during quarter

    Rs. 92,342/- crore

    % change in ApGR over the previous quarter

    4.65%

    Adjusted Gross Revenue (AGR) during the quarter

    Rs.77,934/- crore

    % change in AGR over the previous quarter

    3.48%

    Share of Public sector undertakings in Access AGR

    3.72%
     

    Internet/Broadband Subscribers

    Total Internet Subscribers

    970.16 Million

    % change over previous quarter

    -0.14%

    Narrowband subscribers

    25.20 Million

    Broadband subscribers

    944.96 Million

    Wired Internet Subscribers

    41.21 Million

    Wireless Internet Subscribers

    928.96 Million

    Urban Internet Subscribers

    563.19 Million

    Rural Internet Subscribers

    406.97 Million

     

    M

    Total Internet Subscribers per 100 population

    68.86

    Urban Internet Subscribers per 100 population

    111.64

    Rural Internet Subscribers per 100 population

    44.99

    Total Outgoing Minutes of Usage for Internet Telephony

    87.53 Million

    No. of Public Wi-Fi Hotspots

    46,878

    Aggregate Data Consumed (TB) for Wi-Fi Hotspots

    15,714

    Broadcasting & Cable Services

    Number of private satellite TV channels permitted by the Ministry of I&B for uplinking only/downlinking only/both uplinking and downlinking

    914

    Number of Pay TV Channels as reported by broadcasters

    362

    Number of private FM Radio Stations (excluding All India Radio)

    388

    Number of total active subscribers with pay DTH operators

    58.22 Million

    Number of Operational Community Radio Stations

    529

    Number of pay DTH Operators

    4

    Revenue & Usage Parameters

    Monthly ARPU of Wireless Service

    Rs.181.80

    Minutes of Usage (MOU) per subscriber per month – Wireless Service

    1009

    Wireless Data Usage

    Average Wireless Data Usage per wireless data subscriber per month

    21.52 GB

    Average revenue realization per GB for wireless data usage during the quarter

    Rs.9.34

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

    Samrat

    (Release ID: 2124056)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India’s Underground Coal Mining Gets a Major Boost with New Incentives by Ministry of Coal

    Source: Government of India

    Posted On: 24 APR 2025 11:05AM by PIB Delhi

    In a decisive step towards revitalizing India’s coal sector, the Ministry of Coal has introduced a series of transformative policy measures aimed at promoting underground coal mining. These bold reforms address the traditional challenges of high capital investment and longer gestation periods, reaffirming the Government’s resolve to modernize the coal ecosystem while aligning with the broader vision of sustainable development.

    To accelerate the growth/ Operationalization of underground coal mining, the Ministry of Coal has introduced a robust package of incentives:

    1. Reduction in Floor Revenue Share: The floor percentage of revenue share for underground coal mines has been reduced from 4% to 2%. This targeted reduction offers substantial fiscal relief and enhances the financial viability of underground projects.

    2. Waiver of Upfront Payment: The mandatory upfront payment requirement for underground mining ventures has been completely waived off. This measure removes a significant financial barrier, encouraging broader participation from the private sector and facilitating faster project implementation.

    These incentives are further complemented by an existing 50% rebate on performance security for underground coal blocks, collectively lowering the entry threshold and facilitating smoother project implementation.

    The Ministry’s reform-oriented approach underscores its commitment to fostering a future-ready, investment-friendly, and innovation-driven coal sector. By incentivizing underground mining, the Government is not only catalyzing economic growth but also driving the industry toward greater efficiency, safety, and employment generation.

    Underground coal mining is inherently more environment-friendly, as it causes significantly less surface disruption compared to opencast operations. These policy measures are expected to encourage the adoption of advanced technologies—such as continuous miners, longwall systems, remote sensing tools, and AI-based safety mechanisms—which will boost productivity while ensuring ecological balance.

    These forward-leaning reforms mark a strategic shift toward cleaner and more sustainable coal extraction practices. They are poised to unlock the vast untapped potential of underground mining in India, fostering innovation, reducing carbon emissions, and contributing meaningfully to the nation’s energy security and Atmanirbhar Bharat objectives.

    With this visionary roadmap, the Ministry of Coal is not only reshaping the future of coal mining but also reaffirming its role as a catalyst in India’s journey toward self-reliant and environmentally responsible industrial growth.

    ****

    Shuhaib T

    (Release ID: 2123992) Visitor Counter : 134

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: AIIMS Raipur successfully performs its first Swap Kidney Transplant; becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure

    Source: Government of India

    AIIMS Raipur successfully performs its first Swap Kidney Transplant; becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure

    It is estimated that Swap Kidney Transplants can increase the number of transplants by up to 15%

    AIIMS Raipur has also been first amongst the newer AIIMS to start Deceased Donor Organ Donation and Deceased Donor Kidney Transplantation; it is also the first in the state to start Deceased donor Paediatric Kidney Transplantation

    Till date, AIIMS Raipur has performed 54 kidney transplants with a graft survival rate of 95% and patient survival rate of 97%, reflecting its clinical excellence and commitment to high-quality patient care

    Posted On: 24 APR 2025 9:39AM by PIB Delhi

    Under the guidance of the Ministry of Health & Family Welfare, AIIMS Raipur successfully performed its first Swap Kidney Transplant, also known as a Kidney Paired Transplant (KPT). With this achievement, AIIMS Raipur becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure. This significant milestone underscores the institute’s commitment to advancing healthcare and providing innovative treatment solutions for patients suffering from end-stage kidney disease.

    It is estimated that Swap Kidney Transplant lead to a 15% increase in the number of transplants. Recognizing its potential, the National Organisation and Tissue Transplant Organisation (NOTTO) has recommended for the implementation of Swap donor transplantation to all the states and Union Territories as this option could increase the number of donors. NOTTO has also decided to have a ‘uniform one nation one swap transplant programme’ to facilitate these transplants more effectively across the country.

    In a Swap Transplant, a patient with renal failure who has a willing living donor—but is unable to receive the kidney due to an incompatible blood group or the presence of HLA antibodies—can still undergo a transplant by exchanging donors with another incompatible pair. Through this arrangement, both recipients receive compatible kidneys, resulting in successful transplants for both pairs.

    In the landmark case at AIIMS Raipur, two male ESRD patients, aged 39 and 41 from Bilaspur, had been on dialysis for three years. Both were advised to undergo kidney transplantation. Their respective wives came forward as living donors. However, due to blood group incompatibility – one pair having B+ and O+, and the other O+ and B+ – direct donation was not possible. To overcome this challenge, the transplant team at AIIMS Raipur coordinated a successful swap transplant. Each donor gave her kidney to the other recipient, ensuring blood group compatibility and enabling both patients to receive life-saving organs. The surgery was conducted on 15th March 2025, and all four individuals – both donors and recipients – are currently recovering well under close observation in the Transplant ICU. This milestone reflects AIIMS Raipur’s growing capabilities in advanced medical care and its commitment to providing innovative solutions for patients battling chronic kidney disease.

    The Swap Transplant team consisted of Dr Vinay Rathore (Transplant Physician); Dr Amit R Sharma, Dr Deepak Biswal and Dr Satyadeo Sharma (Transplant Surgeons); Dr Subrat Singha, Dr Mayank, Dr Jitendra and Dr Sarita Ramchandani (Anaethesiologists) and other Transplant Co-ordinator team members and OT and Transplant Nursing staff.

    AIIMS Raipur has played a pivotal role in the development of Organ Transplant in Chhattisgarh. The institute has successfully developed a renal transplant program, encompassing both living and deceased donor transplants. Six deceased donors have donated their organs in last two years.

    AIIMS Raipur has also been first amongst the newer AIIMS to start Deceased Donor Organ Donation and Deceased Donor Kidney Transplantation. It is also the first in the state to start Deceased donor Paediatric Kidney Transplantation. To date, the institute has performed 54 kidney transplants with a graft survival rate of 95% and patient survival rate of 97%, reflecting its clinical excellence and commitment to high-quality patient care.

    *****

    MV

    HFW/AIIMS Raipur – Swap Kidney Transplant/24 April 2025/1

    (Release ID: 2123988) Visitor Counter : 71

    MIL OSI Asia Pacific News –

  • MIL-OSI: Donegal Group Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MARIETTA, Pa., April 24, 2025 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the first quarter of 2025.

    Significant Items for First Quarter of 2025 (all comparisons to first quarter of 2024):

    • Net premiums earned increased 2.2% to $232.7 million
    • Combined ratio of 91.6%, compared to 102.4%
    • Net income of $25.2 million, or $0.71 per diluted Class A share, compared to $6.0 million, or $0.18 per diluted Class A share
    • Net investment losses (after tax) of $0.4 million, or 1 cent per diluted Class A share, compared to net investment gains (after tax) of $1.7 million, or 5 cents per diluted Class A share, are included in net income
    • Annualized return on average equity of 17.8%, compared to 4.9%
    • Book value per share of $16.24 at March 31, 2025, compared to $14.53 at March 31, 2024

    Financial Summary

      Three Months Ended March 31,
        2025       2024     % Change
      (dollars in thousands, except per share amounts)
               
    Income Statement Data          
    Net premiums earned $ 232,702     $ 227,749       2.2 %
    Investment income, net   11,984       10,972       9.2  
    Net investment (losses) gains   (471 )     2,113       NM2  
    Total revenues   245,174       241,141       1.7  
    Net income   25,205       5,956       323.2  
    Non-GAAP operating income1   25,577       4,286       496.8  
    Annualized return on average equity   17.8 %     4.9 %     12.9 pts  
                   
    Per Share Data          
    Net income – Class A (diluted) $ 0.71     $ 0.18       294.4 %
    Net income – Class B   0.65       0.16       306.3  
    Non-GAAP operating income – Class A (diluted)   0.72       0.13       453.8  
    Non-GAAP operating income – Class B   0.66       0.12       450.0  
    Book value   16.24       14.53       11.8  
               
     

    1The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).
    2Not meaningful.

    Management Commentary

    Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “We are pleased that positive momentum, which began to emerge in the second half of 2024, continued into the first quarter of 2025 with our achievement of record earnings for the second straight quarter. We believe this accomplishment reflects the deliberate actions and strong operational discipline of our team in prioritizing sustained profitability while pursuing targeted premium growth.

    “Net premiums earned rose by 2.2% to $232.7 million, while net premiums written1 declined modestly by 1.7% compared to the prior-year quarter, with that decline primarily due to lower new business volume and planned attrition, offset partially by solid premium rate increases and strong retention of desired risks. We achieved a combined ratio of 91.6% for the first quarter of 2025, marking significant improvement over the 102.4% combined ratio for the prior-year quarter. We attribute the improvement to core loss ratio decreases that resulted from the strategic initiatives and profit improvement plans we implemented over the past several years, coupled with lower-than-average weather-related and large fire losses and a higher level of favorable development of reserves related to prior accident years.

    “In our commercial lines business, we are actively promoting our small commercial products and capabilities while actively seeking to grow our middle market business segment. In our personal lines business, our strategic focus remains on maintaining profitability through rate adequacy. Our personal lines growth in the first quarter of 2025 was constrained by two intentional strategies. We limited new business volume and continued the non-renewal of a legacy Maryland book of business. We are taking proactive steps to stabilize personal lines premium level as the year progresses, and we will continue to emphasize higher levels of profitable growth in commercial lines that we believe will lead to long-term success.”

    Mr. Burke concluded, “We believe we are well positioned to navigate the evolving insurance landscape, as we continue to enhance and refine our systems and operational capabilities. We are confident in our ability to achieve sustainable excellent financial performance and capitalize on future growth opportunities that will further enhance shareholder value over time.”

    Insurance Operations

    Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

      Three Months Ended March 31,
        2025       2024     % Change
      (dollars in thousands)
               
    Net Premiums Earned          
    Commercial lines $ 136,216     $ 132,092       3.1 %
    Personal lines   96,486       95,657       0.9  
    Total net premiums earned $ 232,702     $ 227,749       2.2 %
               
    Net Premiums Written          
    Commercial lines:          
    Automobile $ 56,525     $ 53,514       5.6 %
    Workers’ compensation   28,754       31,074       -7.5  
    Commercial multi-peril   60,790       57,503       5.7  
    Other   14,549       13,403       8.6  
    Total commercial lines   160,618       155,494       3.3  
    Personal lines:          
    Automobile   55,192       61,381       -10.1  
    Homeowners   28,788       31,759       -9.4  
    Other   2,494       2,808       -11.2  
    Total personal lines   86,474       95,948       -9.9  
    Total net premiums written $ 247,092     $ 251,442       -1.7 %
               
     

    Net Premiums Written

    The 1.7% decrease in net premiums written for the first quarter of 2025 compared to the first quarter of 2024, as shown in the table above, represents the net combination of a 3.3% increase in commercial lines net premiums written and a 9.9% decrease in personal lines net premiums written. The $4.4 million decrease in net premiums written for the first quarter of 2025 compared to the first quarter of 2024 included:

    • Commercial Lines: $5.1 million increase that we attribute primarily to solid retention and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by lower new business writings.
    • Personal Lines: $9.5 million decrease that we attribute primarily to planned attrition due to lower new business writings and non-renewal actions, offset partially by a continuation of renewal premium rate increases and solid retention.

    Underwriting Performance

    We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios1 for the three months ended March 31, 2025 and 2024:

      Three Months Ended
      March 31,
        2025       2024  
           
    GAAP Combined Ratios (Total Lines)      
    Loss ratio – core losses   54.4 %     58.7 %
    Loss ratio – weather-related losses   3.7       4.7  
    Loss ratio – large fire losses   3.1       6.6  
    Loss ratio – net prior-year reserve development   -4.5       -3.7  
    Loss ratio   56.7       66.3  
    Expense ratio   34.6       35.7  
    Dividend ratio   0.3       0.4  
    Combined ratio   91.6 %     102.4 %
           
    Statutory Combined Ratios      
    Commercial lines:      
    Automobile   91.4 %     99.6 %
    Workers’ compensation   117.6       111.2  
    Commercial multi-peril   90.3       102.7  
    Other   80.8       82.2  
    Total commercial lines   94.7       101.6  
    Personal lines:      
    Automobile   85.0       99.8  
    Homeowners   83.8       102.9  
    Other   56.6       85.2  
    Total personal lines   83.6       100.3  
    Total lines   90.3 %     101.2 %
           
     

     

    Loss Ratio

    For the first quarter of 2025, the loss ratio decreased to 56.7%, compared to 66.3% for the first quarter of 2024. The core loss ratio, which excludes weather-related losses, large fire losses and net favorable development of reserves for losses incurred in prior accident years, was 54.2% for the first quarter of 2025, compared to 58.7% for the first quarter of 2024. For the commercial lines segment, the core loss ratio of 58.3% for the first quarter of 2025 decreased modestly from 59.0% for the first quarter of 2024, primarily as the result of ongoing premium rate increases in all lines except workers’ compensation and reduced exposures in underperforming states and classes of business. For the personal lines segment, the core loss ratio of 48.7% for the first quarter of 2025 decreased significantly from 58.1% for the first quarter of 2024, due largely to the favorable impact of ongoing premium rate increases on net premiums earned for that segment. While we did not see a material impact in the first quarter of 2025, we are monitoring the impact of tariffs and other inflationary factors, which may result in increases in loss costs in future quarters.

    Weather-related losses were $8.6 million, or 3.7 percentage points of the loss ratio, for the first quarter of 2025, compared to $10.8 million, or 4.7 percentage points of the loss ratio, for the first quarter of 2024. The weather-related loss ratio for the first quarter of 2025 was modestly lower than our previous five-year first-quarter average of 4.6 percentage points of the loss ratio.

    Large fire losses, which we define as individual fire losses in excess of $50,000, for the first quarter of 2025 were $7.7 million, or 3.3 percentage points of the loss ratio. That amount was substantially lower than the large fire losses of $15.0 million, or 6.6 percentage points of the loss ratio, for the first quarter of 2024. We primarily attribute the decrease to lower loss frequency and severity compared to the prior-year quarter. We experienced a $5.3 million decrease in commercial property fire losses and a $2.0 million decrease in homeowner fire losses.

    Net favorable development of reserves for losses incurred in prior accident years of $10.5 million decreased the loss ratio for the first quarter of 2025 by 4.5 percentage points, compared to $8.4 million that decreased the loss ratio for the first quarter of 2024 by 3.7 percentage points. Our insurance subsidiaries experienced favorable development primarily in the personal automobile, commercial automobile and commercial multi-peril lines of business, offset partially by modest unfavorable development in workers’ compensation for the first quarter of 2025.

    Expense Ratio

    The expense ratio was 34.6% for the first quarter of 2025, compared to 35.7% for the first quarter of 2024. The decrease in the expense ratio primarily reflected the favorable impact of ongoing expense management initiatives, offset partially by higher underwriting-based incentive costs for agents and employees. The impact from costs that Donegal Mutual Insurance Company allocated to our insurance subsidiaries related to its ongoing systems modernization project peaked at approximately 1.3 percentage points of the full year 2024 expense ratio, and we expect that impact to subside gradually over the next several years. Allocated costs related to that project represented approximately 1.2 percentage points of the expense ratio for the first quarter of 2025, and we expect the full year 2025 expense ratio impact will be approximately 1.0 percentage point.

    Investment Operations

    Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 95.7% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at March 31, 2025.

      March 31, 2025   December 31, 2024
      Amount   %   Amount   %
      (dollars in thousands)
    Fixed maturities, at carrying value:              
    U.S. Treasury securities and obligations of U.S.              
    government corporations and agencies $ 176,090       12.5 %   $ 170,423       12.3 %
    Obligations of states and political subdivisions   412,304       29.3       409,560       29.6  
    Corporate securities   442,275       31.4       440,552       31.8  
    Mortgage-backed securities   317,236       22.5       304,459       22.0  
    Allowance for expected credit losses   (1,351 )     -0.1       (1,388 )     -0.1  
    Total fixed maturities   1,346,554       95.6       1,323,606       95.6  
    Equity securities, at fair value   40,206       2.9       36,808       2.6  
    Short-term investments, at cost   20,622       1.5       24,558       1.8  
    Total investments $ 1,407,382       100.0 %   $ 1,384,972       100.0 %
                   
    Average investment yield   3.4 %         3.3 %    
    Average tax-equivalent investment yield   3.5 %         3.4 %    
    Average fixed-maturity duration (years)   5.2           5.2      
                   
     

    Net investment income of $12.0 million for the first quarter of 2025 increased 9.2% compared to $11.0 million for the first quarter of 2024. The increase in net investment income reflected an increase in average investment yield and higher average invested assets relative to the prior-year first quarter.

    Net investment losses were $0.5 million for the first quarter of 2025, compared to net investment gains of $2.1 million for the first quarter of 2024. We attribute the losses to the decrease in the market value of the equity securities we held at March 31, 2025.

    Our book value per share was $16.24 at March 31, 2025, compared to $15.36 at December 31, 2024, with the increase partially related to net income, as well as $6.7 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2025 that increased our book value by $0.19 per share. Consistent with our historical practice, we did not declare any cash dividends in the first quarter of 2025 or 2024.

    Definitions of Non-GAAP Financial Measures

    We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

    Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

    The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

      Three Months Ended March 31,
        2025       2024     % Change
      (dollars in thousands)
               
    Reconciliation of Net Premiums          
    Earned to Net Premiums Written          
    Net premiums earned $ 232,702     $ 227,749       2.2 %
    Change in net unearned premiums   14,390       23,693       -39.3  
    Net premiums written $ 247,092     $ 251,442       -1.7 %
               
     

    The following table provides a reconciliation of net income to operating income for the periods indicated:

      Three Months Ended March 31,
        2025       2024     % Change
      (dollars in thousands, except per share amounts)
               
    Reconciliation of Net Income          
    to Non-GAAP Operating Income              
    Net income $ 25,205     $ 5,956       323.2 %
    Investment losses (gains) (after tax)   372       (1,670 )     NM  
    Non-GAAP operating income $ 25,577     $ 4,286       496.8 %
                   
    Per Share Reconciliation of Net Income              
    to Non-GAAP Operating Income              
    Net income – Class A (diluted) $ 0.71     $ 0.18       294.4 %
    Investment losses (gains) (after tax)   0.01       (0.05 )     NM  
    Non-GAAP operating income – Class A $ 0.72     $ 0.13       453.8 %
                   
    Net income – Class B $ 0.65     $ 0.16       306.3 %
    Investment losses (gains) (after tax)   0.01       (0.04 )     NM  
    Non-GAAP operating income – Class B $ 0.66     $ 0.12       450.0 %
                   
               

    The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

    • the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
    • the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
    • the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

    The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

    Dividend Information

    On April 17, 2025, we declared regular quarterly cash dividends of $0.1825 per share for our Class A common stock and $0.165 per share for our Class B common stock, which are payable on May 15, 2025 to stockholders of record as of the close of business on May 1, 2025.

    Pre-Recorded Webcast

    At approximately 8:30 am EST on Thursday, April 24, 2025, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

    About the Company

    Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

    The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and providing superior experiences to our agents, policyholders and employees.

    Safe Harbor

    We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs, including due to tariffs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments, changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Investor Relations Contacts

    Karin Daly, Vice President, The Equity Group Inc.

    Phone: (212) 836-9623
    E-mail: kdaly@equityny.com

    Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
    Phone: (717) 426-1931
    E-mail: investors@donegalgroup.com

    Financial Supplement

    Donegal Group Inc.
    Consolidated Statements of Income
    (unaudited; in thousands, except share data)
           
      Quarter Ended March 31,
        2025       2024  
           
    Net premiums earned $ 232,702     $ 227,749  
    Investment income, net of expenses   11,984       10,972  
    Net investment (losses) gains   (471 )     2,113  
    Lease income   77       82  
    Installment payment fees   882       225  
    Total revenues   245,174       241,141  
           
    Net losses and loss expenses   132,033       150,896  
    Amortization of deferred acquisition costs   39,231       39,602  
    Other underwriting expenses   41,195       41,740  
    Policyholder dividends   760       1,055  
    Interest   333       155  
    Other expenses, net   461       445  
    Total expenses   214,013       233,893  
           
    Income before income tax expense   31,161       7,248  
    Income tax expense   5,956       1,292  
           
    Net income $ 25,205     $ 5,956  
           
    Net income per common share:      
    Class A – basic $ 0.72     $ 0.18  
    Class A – diluted $ 0.71     $ 0.18  
    Class B – basic and diluted $ 0.65     $ 0.16  
           
    Supplementary Financial Analysts’ Data      
           
    Weighted-average number of shares      
    outstanding:      
    Class A – basic   30,120,649       27,811,312  
    Class A – diluted   30,430,042       27,846,313  
    Class B – basic and diluted   5,576,775       5,576,775  
           
    Net premiums written $ 247,092     $ 251,442  
           
    Book value per common share      
    at end of period $ 16.24     $ 14.53  
           
    Annualized operating return on average equity   17.8 %     4.9 %
    Donegal Group Inc.
    Consolidated Balance Sheets
    (in thousands)
           
      March 31,   December 31,
        2025       2024  
      (unaudited)    
           
    ASSETS
    Investments:      
    Fixed maturities:      
    Held to maturity, at amortized cost $ 706,098     $ 705,714  
    Available for sale, at fair value   640,456       617,892  
    Equity securities, at fair value   40,206       36,808  
    Short-term investments, at cost   20,622       24,558  
    Total investments   1,407,382       1,384,972  
        64,315       52,926  
    Premiums receivable   193,975       181,107  
    Reinsurance receivable   403,382       420,742  
    Deferred policy acquisition costs   76,194       73,347  
    Prepaid reinsurance premiums   182,860       176,162  
    Other assets   40,169       46,776  
    Total assets $ 2,368,277     $ 2,336,032  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    Liabilities:      
    Losses and loss expenses $ 1,092,624     $ 1,120,985  
    Unearned premiums   633,564       612,476  
    Borrowings under lines of credit   35,000       35,000  
    Other liabilities   22,366       21,795  
    Total liabilities   1,783,554       1,790,256  
    Stockholders’ equity:      
    Class A common stock   334       329  
    Class B common stock   56       56  
    Additional paid-in capital   376,864       369,680  
    Accumulated other comprehensive loss   (21,472 )     (28,200 )
    Retained earnings   270,167       245,137  
    Treasury stock   (41,226 )     (41,226 )
    Total stockholders’ equity   584,723       545,776  
    Total liabilities and stockholders’ equity $ 2,368,277     $ 2,336,032  

    The MIL Network –

  • MIL-OSI: TransUnion Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Exceeded first quarter 2025 financial guidance across all key financial metrics
    • Delivered 8 percent organic constant currency revenue growth (7 percent reported) led by U.S. Financial Services, Emerging Verticals and International
    • De-levered to 2.9x Leverage Ratio at quarter-end and repurchased $10 million shares through mid-April
    • Maintaining organic constant currency revenue growth guidance of 4.5 to 6 percent (4 to 5.5 percent reported revenue growth)

    CHICAGO, April 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended March 31, 2025.

    First Quarter 2025 Results

    Revenue:

    • Total revenue for the quarter was $1,096 million, an increase of 7 percent (8 percent on a constant currency basis), compared with the first quarter of 2024.

    Earnings:

    • Net income attributable to TransUnion was $148 million for the quarter, compared with $65 million for the first quarter of 2024 primarily due to a $56 million reduction of a previously established accrual for a lawsuit that was dismissed in the first quarter of 2025. Diluted earnings per share was $0.75, compared with $0.33 in the first quarter of 2024. Net income attributable to TransUnion margin was 13.5 percent, compared with 6 percent in the first quarter of 2024.
    • Adjusted Net Income was $208 million for the quarter, compared with $179 million for the first quarter of 2024. Adjusted Diluted Earnings per Share was $1.05, compared with $0.92 in the first quarter of 2024.
    • Adjusted EBITDA was $397 million for the quarter, compared with $358 million for the first quarter of 2024, an increase of 11 percent (12 percent on a constant currency basis). Adjusted EBITDA margin was 36.2 percent, compared with 35.1 percent in the first quarter of 2024.

    “In the first quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 9 percent against subdued market conditions, led by strong mortgage and accelerating non-mortgage Financial Services and Emerging Verticals growth. International grew 6 percent on a constant currency basis, with high-single digit growth across most markets and India up low-single digits as anticipated.”

    “We are maintaining our 2025 organic constant currency revenue guidance of 4.5 to 6 percent, balancing strong outperformance in the first quarter against increasing market risks. We are actively monitoring conditions but to-date have not experienced softening volumes in our business.”

    “We believe we are well-positioned to navigate potential economic softening. We have a proven track record of delivering revenue growth through economic cycles, supported by a diversified and high-growth portfolio across solutions, verticals and geographies. Should conditions deteriorate, we are prepared to prudently manage costs while prioritizing the completion of our business transformation to deliver structural cost savings and accelerate innovation.”

    First Quarter 2025 Segment Results

    Segment revenue and Adjusted EBITDA for the first quarter of 2025 and the related growth rates compared with the first quarter of 2024 were as follows:

     (in millions) First Quarter
    2025    		   Reported
    Growth Rate    		   Constant
    Currency
    Growth Rate
    U.S. Markets:          
    Financial Services $ 404     15 %   15 %
    Emerging Verticals   315     6 %   6 %
    Consumer Interactive   138     (1 )%   (1 )%
    Total U.S. Markets Revenue $ 857     9 %   9 %
               
    U.S. Markets Adjusted EBITDA $ 320     12 %   12 %
               
    International:          
    Canada $ 38     — %   7 %
    Latin America   33     — %   7 %
    United Kingdom   59     9 %   9 %
    Africa   17     12 %   10 %
    India   69     (3 )%   1 %
    Asia Pacific   27     7 %   8 %
    Total International Revenue $ 242     2 %   6 %
               
    International Adjusted EBITDA $ 110     3 %   7 %


    Liquidity and Capital Resources

    Cash and cash equivalents was $610 million at March 31, 2025 and $679 million at December 31, 2024.

    For the three months ended March 31, 2025, cash provided by operating activities was $53 million, compared with $54 million in 2024. The decrease in cash provided by operating activities was primarily due to the timing of accounts receivable collections and higher bonus payouts in 2025 compared with 2024, mostly offset by improved operating performance and lower interest expense. For the three months ended March 31, 2025, cash used in investing activities was $87 million, compared with $62 million in 2024. The increase in cash used in investing activities was primarily due to a current year investment in a note receivable and an increase in capital expenditures. For the three months ended March 31, 2025, capital expenditures were $68 million, compared with $62 million in 2024. Capital expenditures as a percent of revenue represented 6% for each of the three months ended March 31, 2025 and 2024. For the three months ended March 31, 2025, cash used in financing activities was $41 million, compared with $31 million in 2024. Cash used in financing activities was higher primarily due to stock buybacks in 2025.

    Second Quarter and Full Year 2025 Outlook

    Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

        Three Months Ended
    June 30, 2025    		   Twelve Months Ended
    December 31, 2025
    (in millions, except per share data)   Low   High   Low   High
    Revenue, as reported   $ 1,076     $ 1,095     $ 4,358     $ 4,417  
    Revenue growth1:                
    As reported     3 %     5 %     4 %     5.5 %
    Constant currency1, 2     4 %     6 %     5 %     6 %
    Organic constant currency1, 3     3 %     5 %     4.5 %     6 %
                     
    Net income attributable to TransUnion   $ 69     $ 77     $ 383     $ 411  
    Net income attributable to TransUnion growth   (18 )%   (9 )%     35 %     44 %
    Net income attributable to TransUnion margin     6.5 %     7.1 %     8.8 %     9.3 %
                     
    Diluted Earnings per Share   $ 0.35     $ 0.39     $ 1.92     $ 2.06  
    Diluted Earnings per Share growth   (20 )%   (10 )%     33 %     43 %
                     
    Adjusted EBITDA, as reported5   $ 375     $ 386     $ 1,549     $ 1,590  
    Adjusted EBITDA growth, as reported4     — %     3 %     3 %     6 %
    Adjusted EBITDA margin     34.8 %     35.3 %     35.6 %     36.0 %
                     
    Adjusted Diluted Earnings per Share5   $ 0.95     $ 0.99     $ 3.93     $ 4.08  
    Adjusted Diluted Earnings per Share growth   (4 )%     — %     — %     4 %
    1. Additional revenue growth assumptions:
      1. The impact of changing exchange rates is expected to be approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind for FY 2025.
      2. The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q2 2025 and less than 1 point of benefit for FY 2025.
      3. The impact of mortgage is expected to be approximately 2 points of benefit for Q2 2025 and 2 points of benefit for FY 2025.
      4. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
      5. Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.
      6. Additional Adjusted EBITDA assumptions:
        1. The impact of changing foreign currency exchange rates is expected to have approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind for FY 2025.
        2. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

          3. Earnings Webcast Details

          In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

          About TransUnion (NYSE: TRU)

          TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

          http://www.transunion.com/business

          Availability of Information on TransUnion’s Website

          Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

          Forward-Looking Statements

          This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

          Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

        • macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
        • our ability to provide competitive services and prices;
        • our ability to retain or renew existing agreements with large or long-term customers;
        • our ability to maintain the security and integrity of our data;
        • our ability to deliver services timely without interruption;
        • our ability to maintain our access to data sources;
        • government regulation and changes in the regulatory environment;
        • litigation or regulatory proceedings;
        • our approach to the use of artificial intelligence;
        • our ability to effectively manage our costs;
        • our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
        • our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
        • economic and political stability in the United States and risks associated with the international markets where we operate;
        • our ability to effectively develop and maintain strategic alliances and joint ventures;
        • our ability to timely develop new services and the market’s willingness to adopt our new services;
        • our ability to manage and expand our operations and keep up with rapidly changing technologies;
        • our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
        • our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
        • our ability to defend our intellectual property from infringement claims by third parties;
        • the ability of our outside service providers and key vendors to fulfill their obligations to us;
        • further consolidation in our end-customer markets;
        • the increased availability of free or inexpensive consumer information;
        • losses against which we do not insure;
        • our ability to make timely payments of principal and interest on our indebtedness;
        • our ability to satisfy covenants in the agreements governing our indebtedness;
        • our ability to maintain our liquidity;
        • stock price volatility;
        • our dividend payments;
        • share repurchase plans;
        • dividend rate;
        • our reliance on key management personnel; and
        • changes in tax laws or adverse outcomes resulting from examination of our tax returns.

        There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

        The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

         
        TRANSUNION AND SUBSIDIARIES
        Consolidated Balance Sheets (Unaudited)
        (in millions, except per share data)
         
            March 31,
        2025        		   December 31,
        2024
        Assets        
        Current assets:        
        Cash and cash equivalents   $ 609.9     $ 679.5  
        Trade accounts receivable, net of allowance of $24.4 and $19.9     882.3       798.9  
        Other current assets     326.2       323.4  
        Total current assets     1,818.4       1,801.8  
        Property, plant and equipment, net of accumulated depreciation and amortization of $527.6 and $506.3     199.8       203.5  
        Goodwill     5,162.7       5,144.3  
        Other intangibles, net of accumulated amortization of $2,421.7 and $2,294.5     3,205.6       3,257.5  
        Other assets     562.6       577.7  
        Total assets   $ 10,949.1     $ 10,984.8  
        Liabilities and stockholders’ equity        
        Current liabilities:        
        Trade accounts payable   $ 325.6     $ 294.6  
        Current portion of long-term debt     70.6       70.6  
        Other current liabilities     492.3       694.4  
        Total current liabilities     888.5       1,059.6  
        Long-term debt     5,060.2       5,076.6  
        Deferred taxes     386.4       415.3  
        Other liabilities     121.5       114.5  
        Total liabilities     6,456.6       6,666.0  
        Stockholders’ equity:        
        Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of March 31, 2025 and December 31, 2024, respectively     —       —  
        Common stock, $0.01 par value; 1.0 billion shares authorized at March 31, 2025 and December 31, 2024, 201.7 million and 201.5 million shares issued at March 31, 2025 and December 31, 2024, respectively, and 195.1 million and 194.9 million shares outstanding as of March 31, 2025 and December 31, 2024, respectively     2.0       2.0  
        Additional paid-in capital     2,595.1       2,558.9  
        Treasury stock at cost; 6.7 million and 6.6 million shares at March 31, 2025 and December 31, 2024, respectively     (340.1 )     (334.6 )
        Retained earnings     2,484.5       2,357.9  
        Accumulated other comprehensive loss     (355.7 )     (367.2 )
        Total TransUnion stockholders’ equity     4,385.8       4,217.0  
        Noncontrolling interests     106.7       101.8  
        Total stockholders’ equity     4,492.5       4,318.8  
        Total liabilities and stockholders’ equity   $ 10,949.1     $ 10,984.8  
         
        TRANSUNION AND SUBSIDIARIES
        Consolidated Statements of Operations (Unaudited)
        (in millions, except per share data)
         
            Three Months Ended March 31,
              2025       2024  
        Revenue   $ 1,095.7     $ 1,021.2  
        Operating expenses        
        Cost of services (exclusive of depreciation and amortization below)     445.6       406.3  
        Selling, general and administrative     256.8       305.6  
        Depreciation and amortization     138.9       134.0  
        Restructuring     —       18.2  
        Total operating expenses     841.4       864.1  
        Operating income     254.4       157.2  
        Non-operating income and (expense)        
        Interest expense     (56.1 )     (68.7 )
        Interest income     8.6       5.4  
        Earnings from equity method investments     4.3       4.7  
        Other income and (expense), net     (17.4 )     (15.7 )
        Total non-operating income and (expense)     (60.6 )     (74.1 )
        Income before income taxes     193.8       83.0  
        Provision for income taxes     (41.0 )     (13.0 )
        Net income     152.7       70.0  
        Less: net income attributable to noncontrolling interests     (4.7 )     (4.9 )
        Net income attributable to TransUnion   $ 148.1     $ 65.1  
                 
        Basic earnings per common share from:        
        Net income attributable to TransUnion   $ 0.76     $ 0.34  
        Diluted earnings per common share from:        
        Net income attributable to TransUnion   $ 0.75     $ 0.33  
        Weighted-average shares outstanding:        
        Basic     195.1       194.1  
        Diluted     197.3       195.3  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

         
        TRANSUNION AND SUBSIDIARIES
        Consolidated Statements of Cash Flows (Unaudited)
        (in millions)
         
            Three Months Ended March 31,
              2025       2024  
        Cash flows from operating activities:        
        Net income   $ 152.7     $ 70.0  
        Adjustments to reconcile net income to net cash provided by operating activities:        
        Depreciation and amortization     138.9       134.0  
        Loss on repayment of loans     —       0.7  
        Deferred taxes     (22.5 )     (27.1 )
        Stock-based compensation     30.3       24.1  
        Other     15.2       (1.2 )
        Changes in assets and liabilities:        
        Trade accounts receivable     (88.9 )     (60.7 )
        Other current and long-term assets     3.8       43.7  
        Trade accounts payable     29.7       28.7  
        Other current and long-term liabilities     (206.7 )     (158.2 )
        Cash provided by operating activities     52.5       54.0  
        Cash flows from investing activities:        
        Capital expenditures     (68.4 )     (62.4 )
        Proceeds from sale/maturities of other investments     0.2       —  
        Investments in nonconsolidated affiliates and notes receivable     (20.0 )     (1.2 )
        Other     1.6       1.2  
        Cash used in investing activities     (86.6 )     (62.4 )
        Cash flows from financing activities:        
        Proceeds from term loans     —       264.1  
        Repayments of term loans     —       (257.1 )
        Repayments of debt     (17.7 )     (14.6 )
        Debt financing fees     —       (4.7 )
        Dividends to shareholders     (22.6 )     (20.8 )
        Proceeds from issuance of common stock     10.6       12.4  
        Employee taxes paid on restricted stock units recorded as treasury stock     (5.5 )     (10.6 )
        Repurchase of common stock     (5.4 )     —  
        Cash used in financing activities     (40.6 )     (31.3 )
        Effect of exchange rate changes on cash and cash equivalents     5.1       (2.9 )
        Net change in cash and cash equivalents     (69.6 )     (42.6 )
        Cash and cash equivalents, beginning of period     679.5       476.2  
        Cash and cash equivalents, end of period   $ 609.9     $ 433.6  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

        TRANSUNION AND SUBSIDIARIES
        Non-GAAP Financial Measures

        We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

        We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

        Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

        Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

        Consolidated Adjusted EBITDA

        Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

        • Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
        • Provision for income taxes, as reported on our Consolidated Statements of Operations.
        • Depreciation and amortization, as reported on our Consolidated Statements of Operations.
        • Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
        • Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
        • Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
        • Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
        • Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

        Consolidated Adjusted EBITDA Margin

        Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

        Adjusted Net Income

        Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

        • Amortization of certain intangible assets presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
        • Stock-based compensation (see Consolidated Adjusted EBITDA above)
        • Operating model optimization program (see Consolidated Adjusted EBITDA above)
        • Accelerated technology investment (see Consolidated Adjusted EBITDA above)
        • Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
        • Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
        • Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our consolidated statement of operations.

        Adjusted Diluted Earnings Per Share

        Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

        Adjusted Provision for Income Taxes

        Management has excluded the following items from our provision for income taxes for the periods presented:

        • Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
        • Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
        • Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

        Adjusted Effective Tax Rate

        Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.

        Leverage Ratio

        Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

        This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

        Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

        Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

         
        SCHEDULE 1
        TRANSUNION AND SUBSIDIARIES
        Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
        (Unaudited)
         
            For the Three Months Ended March 31, 2025
        compared with
        the Three Months Ended March 31, 2024
            Reported   CC Growth1   Organic CC
        Growth2
        Revenue:            
        Consolidated   7.3 %   8.1 %   8.1 %
        U.S. Markets   8.6 %   8.6 %   8.6 %
        Financial Services   14.7 %   14.7 %   14.7 %
        Emerging Verticals   5.8 %   5.8 %   5.8 %
        Consumer Interactive   (0.8 )%   (0.8 )%   (0.8 )%
        International   2.5 %   6.0 %   6.0 %
        Canada   0.4 %   6.9 %   6.9 %
        Latin America   (0.5 )%   6.9 %   6.9 %
        United Kingdom   8.6 %   9.5 %   9.5 %
        Africa   11.9 %   9.5 %   9.5 %
        India   (3.3 )%   0.9 %   0.9 %
        Asia Pacific   7.0 %   8.0 %   8.0 %
                     
        Adjusted EBITDA:            
        Consolidated   10.9 %   12.3 %   12.3 %
        U.S. Markets   12.3 %   12.3 %   12.3 %
        International   2.8 %   7.3 %   7.3 %
        1. Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
        2. We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less the inorganic growth rate.
         
        SCHEDULE 2
        TRANSUNION AND SUBSIDIARIES
        Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
        (dollars in millions)
         
          Three Months Ended March 31,
            2025       2024  
        Revenue:      
        U.S. Markets gross revenue      
        Financial Services $ 403.6     $ 351.7  
        Emerging Verticals   314.9       297.5  
        Consumer Interactive   138.2       139.3  
        U.S. Markets gross revenue $ 856.6     $ 788.6  
               
        International gross revenue      
        Canada $ 37.8     $ 37.7  
        Latin America   32.8       32.9  
        United Kingdom   58.8       54.2  
        Africa   16.9       15.1  
        India   68.8       71.1  
        Asia Pacific   27.0       25.3  
        International gross revenue $ 242.2     $ 236.3  
               
        Total gross revenue $ 1,098.8     $ 1,024.9  
               
        Intersegment revenue eliminations      
        U.S. Markets $ (1.6 )   $ (2.3 )
        International   (1.5 )     (1.5 )
        Total intersegment revenue eliminations $ (3.1 )   $ (3.7 )
               
        Total revenue as reported $ 1,095.7     $ 1,021.2  
               
        Adjusted EBITDA:      
        U.S. Markets $ 320.1     $ 285.2  
        International   109.8       106.8  
        Corporate   (32.8 )     (33.9 )
        Adjusted EBITDA Margin:1      
        U.S. Markets   37.4 %     36.2 %
        International   45.3 %     45.2 %
        1. Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
          Three Months Ended March 31,
            2025       2024  
        Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:      
        Net income attributable to TransUnion $ 148.1     $ 65.1  
        Net interest expense   47.5       63.2  
        Provision for income taxes   41.0       13.0  
        Depreciation and amortization   138.9       134.0  
        EBITDA $ 375.5     $ 275.4  
        Adjustments to EBITDA:      
        Stock-based compensation   30.3       24.1  
        Mergers and acquisitions, divestitures and business optimization1   17.9       9.2  
        Accelerated technology investment2   20.0       18.5  
        Operating model optimization program3   9.8       24.4  
        Net other4   (56.4 )     6.5  
        Total adjustments to EBITDA $ 21.7     $ 82.8  
        Consolidated Adjusted EBITDA $ 397.1     $ 358.2  
               
        Net income attributable to TransUnion margin   13.5 %     6.4 %
        Consolidated Adjusted EBITDA margin5   36.2 %     35.1 %

        As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

        1.   Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Three Months Ended March 31,
              2025       2024  
        Transaction and integration costs   $ 5.3     $ 2.2  
        Fair value and impairment adjustments     12.6       0.1  
        Post-acquisition adjustments     —       6.9  
        Total mergers and acquisitions, divestitures and business optimization   $ 17.9     $ 9.2  
        2.   Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Three Months Ended March 31,
              2025       2024  
        Foundational Capabilities   $ 7.4     $ 6.8  
        Migration Management     12.6       10.1  
        Program Enablement     —       1.7  
        Total accelerated technology investment   $ 20.0     $ 18.5  
        3.   Operating model optimization consisted of the following adjustments:
            Three Months Ended March 31,
              2025       2024  
        Employee separation   $ —     $ 16.8  
        Facility exit     —       1.4  
        Business process optimization     9.8       6.2  
        Total operating model optimization   $ 9.8     $ 24.4  
        4.   Net other consisted of the following adjustments: 
            Three Months Ended March 31,
              2025       2024  
        Deferred loan fee expense from debt prepayments and refinancing   $ (0.1 )   $ 3.1  
        Other debt financing expenses     0.5       0.6  
        Currency remeasurement on foreign operations     (0.6 )     2.6  
        Legal and regulatory expenses, net     (56.0 )     —  
        Other non-operating (income) expense     (0.3 )     0.2  
        Total other adjustments   $ (56.4 )   $ 6.5  
        5.   Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
         
        SCHEDULE 3
        TRANSUNION AND SUBSIDIARIES
        Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
        (in millions, except per share data)
         
            Three Months Ended March 31,
              2025       2024  
        Income attributable to TransUnion   $ 148.1     $ 65.1  
                 
        Weighted-average shares outstanding:        
        Basic     195.1       194.1  
        Diluted     197.3       195.3  
                 
        Basic earnings per common share from:        
        Net income attributable to TransUnion   $ 0.76     $ 0.34  
        Diluted earnings per common share from:        
        Net income attributable to TransUnion   $ 0.75     $ 0.33  
                 
        Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:        
        Net income attributable to TransUnion   $ 148.1     $ 65.1  
        Adjustments before income tax items:        
        Amortization of certain intangible assets1     70.9       72.0  
        Stock-based compensation     30.3       24.1  
        Mergers and acquisitions, divestitures and business optimization2     17.9       9.2  
        Accelerated technology investment3     20.0       18.5  
        Operating model optimization program4     9.8       24.4  
        Net other5     (56.7 )     5.9  
        Total adjustments before income tax items   $ 92.3     $ 154.3  
        Total adjustments for income taxes6     (32.7 )     (40.4 )
        Adjusted Net Income   $ 207.6     $ 179.0  
                 
        Weighted-average shares outstanding:        
        Basic     195.1       194.1  
        Diluted     197.3       195.3  
                 
        Adjusted Earnings per Share:        
        Basic   $ 1.06     $ 0.92  
        Diluted   $ 1.05     $ 0.92  
            Three Months Ended March 31,
              2025       2024  
        Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:        
        Diluted earnings per common share from:        
        Net income attributable to TransUnion   $ 0.75     $ 0.33  
        Adjustments before income tax items:        
        Amortization of certain intangible assets1     0.36       0.37  
        Stock-based compensation     0.15       0.12  
        Mergers and acquisitions, divestitures and business optimization2     0.09       0.05  
        Accelerated technology investment3     0.10       0.09  
        Operating model optimization program4     0.05       0.13  
        Net other5     (0.29 )     0.03  
        Total adjustments before income tax items   $ 0.47     $ 0.79  
        Total adjustments for income taxes6     (0.17 )     (0.21 )
        Adjusted Diluted Earnings per Share   $ 1.05     $ 0.92  

        Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

        1.   Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
        2.   Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Three Months Ended March 31,
              2025       2024  
        Transaction and integration costs   $ 5.3     $ 2.2  
        Fair value and impairment adjustments     12.6       0.1  
        Post-acquisition adjustments     —       6.9  
        Total mergers and acquisitions, divestitures and business optimization   $ 17.9     $ 9.2  
        3.   Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Three Months Ended March 31,
              2025       2024  
        Foundational Capabilities   $ 7.4     $ 6.8  
        Migration Management     12.6       10.1  
        Program Enablement     —       1.7  
        Total accelerated technology investment   $ 20.0     $ 18.5  
        4.   Operating model optimization consisted of the following adjustments:
            Three Months Ended March 31,
              2025       2024  
        Employee separation   $ —     $ 16.8  
        Facility exit     —       1.4  
        Business process optimization     9.8       6.2  
        Total operating model optimization   $ 9.8     $ 24.4  
        5.   Net other consisted of the following adjustments:
            Three Months Ended March 31,
              2025       2024  
        Deferred loan fee expense from debt prepayments and refinancing   $ (0.1 )   $ 3.1  
        Currency remeasurement on foreign operations     (0.6 )     2.6  
        Legal and regulatory expenses, net     (56.0 )     —  
        Other non-operating (income) and expense     —       0.2  
        Total other adjustments   $ (56.7 )   $ 5.9  
        6.   Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
         
        SCHEDULE 4
        TRANSUNION AND SUBSIDIARIES
        Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)
        (dollars in millions)
         
          Three Months Ended March 31,
            2025       2024  
        Income before income taxes $ 193.8     $ 83.0  
        Total adjustments before income tax items from Schedule 3   92.3       154.3  
        Adjusted income before income taxes $ 286.1     $ 237.3  
               
        Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:      
        Provision for income taxes   (41.0 )     (13.0 )
        Adjustments for income taxes:      
        Tax effect of above adjustments   (32.3 )     (35.0 )
        Eliminate impact of excess tax expense for stock-based compensation   0.5       1.0  
        Other1   (0.9 )     (6.4 )
        Total adjustments for income taxes $ (32.7 )   $ (40.4 )
        Adjusted Provision for Income Taxes $ (73.7 )   $ (53.4 )
               
        Effective tax rate   21.2 %     15.7 %
        Adjusted Effective Tax Rate   25.8 %     22.5 %

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

        1.   Other adjustments for income taxes include:
            Three Months Ended March 31,
              2025       2024  
        Deferred tax adjustments   $ (4.6 )   $ (5.1 )
        Valuation allowance adjustments     2.3       0.2  
        Return to provision, audit adjustments and reserves related to prior periods     1.0       (0.9 )
        Other adjustments     0.4       (0.5 )
        Total other adjustments   $ (0.9 )   $ (6.4 )
         
        SCHEDULE 5
        TRANSUNION AND SUBSIDIARIES
        Leverage Ratio (Unaudited)
        (dollars in millions)
         
            Trailing Twelve
        Months Ended
        March 31, 2025
        Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:    
        Net income attributable to TransUnion   $ 367.3  
        Net interest expense     221.0  
        Provision for income taxes     126.9  
        Depreciation and amortization     542.6  
        EBITDA   $ 1,257.7  
        Adjustments to EBITDA:    
        Stock-based compensation   $ 127.5  
        Mergers and acquisitions, divestitures and business optimization1     35.2  
        Accelerated technology investment2     85.7  
        Operating model optimization program3     80.3  
        Net other4     (41.1 )
        Total adjustments to EBITDA   $ 287.6  
        Leverage Ratio Adjusted EBITDA   $ 1,545.3  
             
        Total debt   $ 5,130.8  
        Less: Cash and cash equivalents     609.9  
        Net Debt   $ 4,521.0  
             
        Ratio of Net Debt to Net income attributable to TransUnion     12.3  
        Leverage Ratio     2.9  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

        1.   Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Trailing Twelve
        Months Ended
        March 31, 2025
        Transaction and integration costs   $ 14.2  
        Fair value and impairment adjustments     20.8  
        Post-acquisition adjustments     0.1  
        Total mergers and acquisitions, divestitures and business optimization   $ 35.2  
        2.   Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Trailing Twelve
        Months Ended
        March 31, 2025
        Foundational Capabilities   $ 36.3  
        Migration Management     45.6  
        Program Enablement     3.8  
        Total accelerated technology investment   $ 85.7  
        3.   Operating model optimization consisted of the following adjustments:
            Trailing Twelve
        Months Ended
        March 31, 2025
        Employee separation   $ 7.9  
        Facility exit     40.7  
        Business process optimization     31.7  
        Total operating model optimization   $ 80.3  
        4.   Net other consisted of the following adjustments:
            Trailing Twelve
        Months Ended
        March 31, 2025
        Deferred loan fee expense from debt prepayments and refinancings   $ 14.6  
        Other debt financing expenses     2.3  
        Currency remeasurement on foreign operations     (1.1 )
        Legal and regulatory expenses, net     (56.0 )
        Other non-operating (income) and expense     (1.0 )
        Total other adjustments   $ (41.1 )
         
        SCHEDULE 6
        TRANSUNION AND SUBSIDIARIES
        Segment Depreciation and Amortization (Unaudited)
        (in millions)
         
          Three Months Ended March 31,
            2025       2024  
               
        U.S. Markets $ 101.2     $ 100.8  
        International   36.6       32.2  
        Corporate   1.1       1.0  
        Total depreciation and amortization $ 138.9     $ 134.0  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

         
        SCHEDULE 7
        TRANSUNION AND SUBSIDIARIES
        Reconciliation of Non-GAAP Guidance (Unaudited)
        (in millions, except per share data)
         
          Three Months Ended
        June 30, 2025        		   Twelve Months Ended
        December 31, 2025
          Low   High   Low   High
        Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:              
        Net income attributable to TransUnion $ 69     $ 77     $ 383     $ 411  
        Interest, taxes and depreciation and amortization   220       224       917       929  
        EBITDA $ 290     $ 302     $ 1,299     $ 1,340  
        Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1   85       85       250       250  
        Adjusted EBITDA $ 375     $ 386     $ 1,549     $ 1,590  
                       
        Net income attributable to TransUnion margin   6.5 %     7.1 %     8.8 %     9.3 %
        Consolidated Adjusted EBITDA margin2   34.8 %     35.3 %     35.6 %     36.0 %
                       
        Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:              
        Diluted earnings per share $ 0.35     $ 0.39     $ 1.92     $ 2.06  
        Adjustments to diluted earnings per share1   0.60       0.60       2.00       2.01  
        Adjusted Diluted Earnings per Share $ 0.95     $ 0.99     $ 3.93     $ 4.08  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

        1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
        2. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

        The MIL Network –

  • MIL-OSI: EngageLab Showcases AI-Powered Omnichannel Customer Engagement Solutions at Inaugural GITEX Asia 2025

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 24, 2025 (GLOBE NEWSWIRE) — EngageLab, a global leader in AI-powered omnichannel customer engagement solutions, proudly participated in the inaugural GITEX Asia 2025, held in Singapore from April 23-25. As Asia’s largest and leading technology and innovation event, and the Asian debut of the world’s largest tech show GITEX GLOBAL, the summit, themed “AI Everything Singapore,” convenes senior executives and decision-makers seeking transformative technologies. EngageLab stands out as a trusted partner, demonstrating how its AI-driven omnichannel platform empowers businesses to deliver personalized, impactful experiences across multiple touchpoints, fostering stronger relationships and driving global growth.

    The inaugural GITEX Asia brings together over 700 global enterprises and startups from 70+ countries, more than 25,000 tech buyers, and over 250 active investors. At the event, EngageLab engaged with leaders from diverse industries, addressing unique challenges in customer communication, data integration, and operational efficiency, particularly for businesses operating across borders.

    EngageLab’s Distinctive Edge Secures Strategic Interest

    During a pivotal discussion with a leading Indian application and website development company, EngageLab’s unparalleled strengths in global messaging infrastructure and dedicated local support took center stage. The firm, seeking robust push notification solutions for their diverse client base, was impressed by EngageLab’s superior deliverability, multi-channel reliability, and responsive customer service tailored to regional needs.

    The conversation quickly evolved into a strategic alignment, as the company recognized EngageLab’s potential to elevate their clients’ communication strategies through its integrated engagement platform. By seamlessly combining AppPush, WebPush, Email, OTP, SMS, and WhatsApp Business, EngageLab demonstrated its ability to deliver personalized, compliant messaging across the entire customer journey to achieve unmatched engagement and conversion rates.

    The mutual enthusiasm and alignment of goals have set the stage for what promises to be a highly impactful collaboration.

    Why EngageLab Stands Out

    GITEX Asia 2025 underscores EngageLab’s role as a trusted innovator in AI-powered customer engagement, recognized for:
    ● Omnichannel Customer Engagement: Seamlessly integrating multiple communication channels for cohesive, personalized customer journeys.
    ● AI-Powered Insights: Leveraging real-time analytics and user behavior tracking to optimize engagement strategies and maximize ROI.
    ● Reliable Global Infrastructure: Strategically distributed global data nodes (including Singapore, USA, Germany) ensure high delivery rates (40% higher than other vendors for push notification and 99.97% for email), low latency, and compliance with local regulations like GDPR & DPPA – crucial for cross-border operations.
    ● Superior Channels & Service: Offering demonstrably better message deliverability and dedicated technical support compared to competitors.

    Driving the Future of Customer Engagement

    As GITEX Asia 2025 unfolds, the future of customer engagement clearly lies in personalization, automation, and seamless omnichannel communication. EngageLab is proud to lead this transformation, empowering businesses worldwide to unlock the full potential of their customer engagement strategies.

    About EngageLab

    EngageLab is a world-leading provider of AI-powered omnichannel customer engagement solutions, empowering businesses to optimize customer communication, enhance engagement efficiency, and drive growth. With a focus on AI-driven personalization, omnichannel integration, and global scalability, EngageLab serves as a trusted partner for enterprises worldwide.

    For more information, visit www.engagelab.com.

    Media Contact:
    Email: marketing@engagelab.com
    Website: www.engagelab.com

    The MIL Network –

  • MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Kazakhstan: Sally Axworthy

    Source: United Kingdom – Executive Government & Departments

    Press release

    Change of His Majesty’s Ambassador to Kazakhstan: Sally Axworthy

    Mrs Sally Axworthy MBE has been appointed His Majesty’s Ambassador to the Republic of Kazakhstan.

    Mrs Sally Axworthy

    Mrs Sally Axworthy MBE has been appointed His Majesty’s Ambassador to the Republic of Kazakhstan in succession to Ms Kathy Leach who will be transferring to another Diplomatic Service appointment.  Mrs Axworthy will take up her appointment during August 2025.

    Curriculum vitae

    Full name: Sally Jane Axworthy

    Year Role
    2024 to present Full-time Kazakh language training
    2021 to 2024 FCDO, Head, Negotiations and Peace Processes Department, Office for Conflict, Stabilisation and Mediation
    2016 to 2021 Holy See, HM Ambassador
    2013 to 2015 FCO, Joint Head, North Africa Department
    2011 to 2013 FCO, Head, Somalia Unit
    2011 FCO, Head, Great Lakes, East Africa and Somalia Department
    2009 to 2011 India, Director, Corporate Services
    2007 to 2008 FCO, Head of Financial Skills
    2006 FCO, Senior Flexible Working Project, Human Resources Directorate
    2004 to 2005 Government Office South West, Vulnerable Adults Project Leader
    2001 to 2003 Government Office South West, Assistant Director, Devon and Cornwall
    1998 to 2000 FCO, Head, Turkey, Cyprus & Malta Section, European Union Department
    1996 to 1998 Bonn, First Secretary (European Union)
    1994 to 1996 Secondment to the German Foreign Ministry
    1993 to 1994 FCO, Head, Political Section, United Nations Department
    1991 to 1992 Kyiv, Second Secretary Economic
    1989 to 1991 Moscow, Third Secretary Commercial
    1988 to 1989 Full time language training (Russian)
    1987 to 1988 FCO, Desk Officer, Hungary and Czechoslovakia

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

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

    Source: GlobeNewswire (MIL-OSI)

    Key Findings:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on April 24, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 1,00,000
    Total amount of bids received (in ₹ crore) 9,634
    Amount allotted (in ₹ crore) 9,634
    Cut off Rate (%) 6.01
    Weighted Average Rate (%) 6.01
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/171

    MIL OSI Economics –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

    ###

    FOR MORE INFORMATION

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

    ABOUT DASSAULT SYSTÈMES

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

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

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

    Attachment

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — April 24, 2025

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

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

    Summary Highlights1  

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

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

    Dassault Systèmes’ Chief Executive Officer Commentary

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

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

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

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

    Dassault Systèmes’ Chief Financial Officer Commentary

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

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

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

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

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

    Financial Summary

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

    First Quarter 2025 Versus 2024 Financial Comparisons

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

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

    Financial Objectives for 2025

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

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

    Services revenue growth *

    3 – 7%

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

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

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

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

    Corporate Announcements

    Today’s Webcast and Conference Call Information

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

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

    Investor Relations Events

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

    Forward-looking Information

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

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

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

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

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

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

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

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

    Non-IFRS Financial Information

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

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

    FOR MORE INFORMATION

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

    ABOUT DASSAULT SYSTÈMES

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

    Dassault Systèmes Investor Relations Team                        FTI Consulting

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

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

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

    APPENDIX TABLE OF CONTENTS

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

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

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

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

    Information on Growth excluding acquisitions (“organic growth”)

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

    Information on Industrial Sectors

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

    These three sectors comprise twelve industries:

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

    Information on Product Lines

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

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

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

    GEOs

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

    These GEOs are structured into three groups:

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

    3DEXPERIENCE Software Contribution

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

    Cloud revenue

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

    New business

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

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

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

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

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

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

    2025

    		 March 31,

    2024

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

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

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

    2025

    		 March 31,

    2024

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

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

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

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

    IFRS reported

     

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

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

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

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

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

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

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

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

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

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

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

    IFRS

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

    Non-IFRS

    		 2024

    IFRS

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

    Non-IFRS

    		 IFRS Non-

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

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

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

    2 Contract Research Organizations

    Attachment

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    Segment and Other Results

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI Economics: Money Market Operations as on April 23, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 6,17,832.68 5.87 4.51-6.75
         I. Call Money 16,433.95 5.91 5.00-6.05
         II. Triparty Repo 4,23,148.05 5.83 5.62-6.50
         III. Market Repo 1,76,708.68 5.97 4.51-6.75
         IV. Repo in Corporate Bond 1,542.00 6.20 6.19-6.25
    B. Term Segment      
         I. Notice Money** 163.20 5.70 5.50-5.90
         II. Term Money@@ 1,204.00 – 5.75-6.20
         III. Triparty Repo 3,160.00 5.90 5.80-6.15
         IV. Market Repo 75.00 5.00 5.00-5.00
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Wed, 23/04/2025 1 Thu, 24/04/2025 18,872.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 23/04/2025 1 Thu, 24/04/2025 304.00 6.25
    4. SDFΔ# Wed, 23/04/2025 1 Thu, 24/04/2025 1,33,629.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,14,453.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       10,031.22  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     35,762.22  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -78,690.78  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on April 23, 2025 9,61,528.98  
         (ii) Average daily cash reserve requirement for the fortnight ending May 02, 2025 9,51,938.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ April 23, 2025 18,872.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 04, 2025 2,36,088.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/169

    MIL OSI Economics –

  • MIL-OSI Security: Mid-level manager of northern border smuggling ring sentenced to prison

    Source: Office of United States Attorneys

    Defendant used status as truck driver to disguise border trips to facilitate smuggling

    Seattle – A Santa Rosa, California resident, who is a citizen of India, was sentenced today in U.S. District Court in Seattle to five months in prison for Conspiracy to Bring in and Transport Certain Aliens for Profit, announced Acting U.S. Attorney Teal Luthy Miller. Rajat Rajat, 27, and three others were indicted in connection with a scheme to smuggle non-citizens across the northern border for profit. The group was connected to two smuggling episodes in November and December 2023. At the sentencing hearing U.S. District Judge Tana Lin noted that Rajat played a critical role in the smuggling conspiracy arranging travel and paying coconspirators. Judge Lin said that as someone who had been smuggled into the country, Mr. Rajat perpetuated the cycle of exploitation inherent in the smuggling process.

    “Mr. Rajat was a mid-level manager of this smuggling scheme, directing noncitizens where and how to cross the border, and even fronting some travel costs for them and for coconspirators,” said Acting U.S. Attorney Miller. “We are committed to working with our law enforcement partners to stop the illegal border crossings that undermine U.S. security.”

    According to records filed in the case, the two smuggling events described in this case involved eight different citizens of India. On November 27, 2023, surveillance technology caught multiple people jumping a fence near the Boundary Village Apartments in Blaine, Washington. The fence is a quarter mile east of Peace Arch Park. Border Patrol agents near the apartments saw five people run to a white minivan. The vehicle was stopped by Border Patrol. Five citizens of India were in the van with California resident Bobby Joe Green, 68, as the driver.

    When questioned, three of the non-citizens told U.S. Border Patrol agents that they saw defendant Sushil Kumar at Peace Arch Park prior to crossing the border illegally. The investigation revealed that Kumar and Rajat Rajat, who was employed as a truck driver, directed the non-citizens on where and how to cross the border. Rajat paid Green to transport the non-citizens from the border. Rajat asked for monetary payments from the non-citizens for being smuggled into the U.S.

    Similarly, in December 2023, Rajat met three citizens of India in Peace Arch Park and allegedly directed them how to cross through the park and get into a car parked near the border. The car was stopped, and the non-citizens were interviewed. They indicated they had promised to make monetary payments to be smuggled into the U.S. Rajat was picked up near the border.

    In asking for a prison sentence, prosecutors wrote to the court, “This was an organized, coordinated, transnational scheme that operated repeatedly, over an extended period of time. Mr. Rajat’s role in the organization was not one that can be considered minor. Rather, he was essential to its function. Mr. Rajat acted as a middle-level manager in the smuggling organization, paying his co-conspirators for their involvement, and directing their roles. Mr. Rajat actively promoted the scheme by purchasing flights for his “customers” and communicating directly with them, advising noncitizens on how and when to clandestinely enter the United States.”

    Judge Lin ordered Rajat to serve three years of supervised release following prison, however she noted that he will likely be deported following his prison term.

    In March 2025, Sushil Kumar, 36, of Santa Rosa was sentenced to six months in prison and three years of supervised release. Bobby Joe Green was sentenced to four months in prison and three years of supervised release. The fourth defendant Sneha, 20, a citizen of India who is in the U.S. on a student visa and goes by just her last name, is scheduled to go to trial in January 2026.

    The charges contained in the superseding indictment of Sneha are only allegations. A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

    The case is being investigated by U.S. Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI) and the U.S. Border Patrol.

    The case is being prosecuted by Assistant United States Attorneys Jin Kim and Mike Dion and Special Assistant United States Attorney Katherine Collins.

    MIL Security OSI –

  • MIL-OSI United Kingdom: National roadshow kicks off to get businesses exporting and grow the economy

    Source: United Kingdom – Executive Government & Departments

    Press release

    National roadshow kicks off to get businesses exporting and grow the economy

    SMEs from across the UK will benefit from new government support to match them up with international buyers and markets.

    • Export Roadshows, created to get more small businesses exporting and grow the economy, kick off today in the North East 
    • Taking place across all nations and regions of the UK, events will bring together small firms, industry experts, trade bodies and government  
    • Part of the modern Industrial Strategy, the roadshow aims to channel government support to growth-driving sectors, as part of the Plan for Change 

    SMEs from across the UK will benefit from new government support to match them up with international buyers and markets, to turbocharge UK exports and grow the economy as part of the Plan for Change. 

    The ‘Made in the UK, Sold to the World’ roadshows, kicking off today [24 April] in Blyth and taking place across all nations and regions of the UK, have been designed to directly connect international buyers with SME exporters ready to seize the opportunity to grow their businesses. Through these events, the Government is working to maximise international opportunities for UK businesses by highlighting tangible opportunities that exist in new markets.   

    Each event will be aligned to one of the eight key growth driving sectors outlined in Britain’s modern Industrial Strategy, channelling government support to sectors with the highest potential to create jobs, boost productivity and grow the economy. All of which will help deliver the Plan for Change to put more money in more working people’s pockets.   

    Highlighted sectors include clean energy, advanced manufacturing, technology, life sciences, digital and technology, and financial services.  

    Gareth Thomas, Minister for Services, Small Businesses and Exports, said: 

    Maximising the UK’s export potential is crucial to achieving our Plan for Change, by creating good jobs with high wages, raising productivity, and boosting the economy. 

    Through these roadshows, the government is focussing on supporting key growth sectors, making it quicker and easier for smaller businesses to connect with markets, grasp export opportunities and expand. 

    The focus of the first roadshow, taking place today, is exporting in the clean energy sector.  

    There will be 100 attendees at the event – made up of small businesses, trade bodies, and government representatives, as well as 30 Commercial Officers from UK embassies and consulates from around the world, and 97 buyers, all of whom will join the event virtually through pre-planned meetings. 

    The 97 buyers span 19 markets worldwide, from Argentina to Austria, Thailand, Turkey, Mexico, India, and the UAE.  

    All roadshow events will provide opportunities for delegates to meet with domestic and international Commercial Officers, who will be on hand to offer expert support and advice on specific products, markets, and export opportunities.  

    There will also be a designated advice zone for SMEs to learn about wider export support services offered by the Department for Business and Trade, as well as those provided by other public sectors partners like regional Growth Hubs, and trusted private sector providers like the Chambers of Commerce, Federation of Small Business, UKEF and MAKE UK.  

    A range of workshops and seminars on topical issues such as ‘conducting market research’ and ‘routes to market’ will take place throughout the day, led by the UK Export Academy. Several of these will feature DBT Export Champions who will speak of their own experiences in target markets.   

    Alex Marshall, Group Business Development Director at Clarke Energy, said:  

    From the Americas, Africa, Asia to Australasia, clean technologies are now established as one of the most important pillars of the global economy.  

    So as an Export Champion and a UK business developing innovative clean technology solutions across the world, this Made in the UK, Sold to the World roadshow event is an excellent place to discuss the latest international trends and export opportunities for UK businesses in the clean energy sector. 

    We know that when SMEs trade around the world, the whole economy benefits, which is why this government is so committed to supporting smaller businesses grow and export.   

    Just last month, the Department of Business and Trade relaunched the Board of Trade, to help businesses, and in particular the UK’s 5.5 million SMEs, boost their exports.  

    And later this year, we will be launching a small business strategy to raise growth and productivity across the UK’s SME population and boost the number of scale-ups.   

    UK businesses can access DBT’s wealth of export support via Great.gov.uk. This comprises an online support offer and a wider network of support including the Export Academy, UK Export Finance, the International Markets network, and one-to-one support from International Trade Advisers. 

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Birds hold remarkable clues to fighting human and animal infections

    Source:

    24 April 2025

    Australian and Dutch researchers have uncovered a remarkable evolutionary adaptation in birds that could hold vital clues for combating avian flu and respiratory infections in humans, including pneumonia and COVID-19.

    The research, published in Philosophical Transactions of the Royal Society B, investigates the molecular evolution of specific types of proteins (CL-10 and CL-11) in bird lungs, revealing the role they play in recognising and neutralising harmful microbes.

    These ancient proteins appear to compensate for the evolutionary loss of the surfactant protein D (SP-D), a key immune component in humans and other mammals that helps protect the lungs from airborne pathogens.

    According to University of South Australia pulmonary biology researcher, Professor Sandra Orgeig, the study sheds new light on how birds maintain lung protection despite their unique respiratory anatomy that does not allow their lungs to contract and expand.

    “Unlike mammals, birds have a rigid lung structure with unidirectional air flow, which has evolved to support flight,” Prof Orgeig says.

    “Our research shows that CL-10 and CL-11 have been highly conserved in birds, suggesting they play a crucial role in lung immunity, possibly compensating for the loss of SP-D.”

    Birds are known reservoirs for several zoonotic infections (diseases that are transmitted between animals and humans), including avian flu and other airborne pathogens. Understanding their lung immunity could provide important insights into how these diseases spread, and how to prevent them.

    The team conducted an extensive analysis using molecular and genetic techniques, confirming the presence of CL-10 and CL-11 in the zebra finch and turkey – two evolutionary distant birds.

    Co-author Dr Albert van Dijk from Utrecht University says that because birds lack the SP-D immune protein found in mammals, their lungs must rely on alternative defence strategies against respiratory pathogens.

    “If we can identify how these proteins function in birds, we may be able to develop new strategies to improve immune responses in humans, particularly for respiratory diseases such as pneumonia and COVID-19,” Dr van Dijk says.

    The researchers say the findings may provide a foundation for future medical and veterinary advances.

    A video explaining the research is available at: A word about birds

    Notes for editors

    Kunchala, S. R., van Dijk, A., Veldhuizen, E. J. A., Haagsman, H. P., & Orgeig, S. (2025). Adaptation and conservation of CL-10/11 in avian lungs: Implications for their role in pulmonary innate immune protection. DOI: 10.1098/rstb.2023.0425

    Dr Srinivasa Kunchala led the research while undertaking his PhD at the University of South Australia. He is now based in Hyderabad, India, where he has founded his own company Advanced Respiratory Drug Delivery Solutions.

    …………………………………………………………………………………………………………………………

    Contact for interview: Professor Sandra Orgeig M: 0410 422 712 E: sandra.orgeig@unisa.edu.au
    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI USA: Lankford Celebrates Start of I-44 and US Highway 75 Interchange Improvement Project in Tulsa

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford
    TULSA, OK — Senator James Lankford (R-OK) today joined officials from the Oklahoma Department of Transportation (ODOT), the City of Tulsa, and Tulsa County to break ground on the next phase of the I-44 and US Highway 75 interchange improvement project, one of the largest and most complex infrastructure undertakings in Oklahoma.
    “Today’s groundbreaking is a major milestone for Tulsa and our entire state,” said Lankford. “This interchange has been a priority for decades, and today’s groundbreaking marks the result of tireless collaboration between federal, state, and local partners. I’m proud we secured the federal support needed to get this done. Improving this corridor isn’t just about concrete and steel—it’s about safer roads, better commutes, and a stronger foundation for Tulsa and Oklahoma’s growth.”
    “The I-44/US-75 interchange in Tulsa is Oklahoma’s largest single investment in transportation infrastructure ever, totaling $252 million, and will update a very busy interchange along two equally busy corridors,” said ODOT Executive Director, Tim Gatz. “Both I-44 and US-75 carry a significant amount of both local and regional traffic through the Tulsa area. This project will make this interchange function much more efficiently while also improving safety for the traveling public. We appreciate the efforts of our congressional representatives, especially Sen. James Lankford, for helping ODOT to earn two federal grants totaling $95 million to help complete the work. I also want to thank the City of Tulsa, Tulsa County and INCOG for their collaboration.”
    “The improvements to the I-44 and US-75 interchange represent a critical investment in Tulsa’s infrastructure and long-term growth,” said Tulsa Mayor Monroe Nichols. “This project will make one of our busiest corridors safer, less congested, and better connected for the people who rely on it every day. We’re proud to work alongside our federal and state partners to strengthen Tulsa’s transportation network and support continued growth across our city.”
    “Because of the good work of federal and state officials, this highway intersection will be transformed from Oklahoma’s most dangerous to the safest, maybe in the nation,” said Tulsa City Council Chair Phil Lakin. “We Tulsans are mighty grateful. Thanks to all the Tulsa area drivers for their patience during construction. The finished product will be well worth the wait.” 
    “This interchange is a critical connector for the movement of people, goods, and services throughout Tulsa County,” said Tulsa County Commissioner Lonnie Sims. “By moving forward with construction, we’re keeping our promise to build a safer, more efficient transportation system that reduces commute times and supports long-term growth for our region and beyond.”
    “The ceremonial groundbreaking for the I-44 and US-75 highway interchange project will complete the construction of long-needed highway improvements at one of the most heavily traveled major highway interchanges in the Tulsa metro area,” said Executive Director of Indian Nations Council of Governance (INCOG), Rich Brierre. “The improvements will relieve traffic congestion experienced daily by motorists, while reducing travel time and saving countless lives.  A project of this magnitude could not be undertaken without the leadership of the Oklahoma Department of Transportation working with our federal partners to secure the necessary funding. Senator Lankford’s leadership, support, and advocacy for addressing real infrastructure needs such as this project and his continued encouragement for working collaboratively to achieve meaningful results is recognized and greatly appreciated.”
    Background: 
    In 2023, Lankford applauded Oklahoma’s selection for a highly competitive $85 million federal grant from the US Department of Transportation to support the I-44 and US-75 interchange project. The funding, awarded to the Oklahoma Department of Transportation, also supports pedestrian and bicycle infrastructure improvements in the corridor.
    Once complete, the project will improve safety, streamline traffic, and enhance pedestrian and bicycle access through one of Oklahoma’s busiest highway interchanges.

    MIL OSI USA News –

  • MIL-OSI USA: State’s Outdoor Recreation and Conservation Leaders Announce Launch of Colorado’s Outdoors Strategy

    Source: US State of Colorado

    Collaborative vision for conservation, outdoor recreation, and climate resilience ensures an enduring future for generations to come

    COLORADO SPRINGS – Colorado Governor Jared Polis and coordinating partners from several state conservation, outdoor recreation, and climate resilience departments and programs, announced today the launch of Colorado’s Outdoors Strategy, a statewide vision and framework for action that ensures a future where Colorado’s outdoors, people, community character, and ways of life endure for generations to come. The Strategy was unveiled at the Partners in the Outdoors Conference in Colorado Springs. Coordinating partners involved in the Strategy development and rollout included Colorado Parks and Wildlife, Great Outdoors Colorado (GOCO), Colorado Department of Natural Resources, the Colorado Outdoor Recreation Industry Office, and the Governor’s Office of Climate Preparedness & Disaster Recovery.

    Colorado’s Outdoors Strategy, one of the first of its kind in the United States, is the state’s conservation, outdoor recreation, and climate resilience strategy. It advances coordination, tools, and funding to align, prioritize, and implement strategic actions on the landscape for conservation, outdoor recreation, and climate resilience.  

    “Coloradans and our visitors love our great outdoors, and the outdoors are essential to what makes our state special,” said Governor Polis. “The health of our wildlife, biodiversity, people, communities, agriculture, and economies depends on thriving natural environments and amazing outdoor recreation experiences that our state provides. But our wild areas face significant and urgent pressures from growing populations, human disturbance, climate change, wildfires, and drought – and we are at an important crossroads. Our Strategy provides structure and important tools to help communities effectively and successfully plan and implement for the future.”

    Outdoor spaces are vital to residents, with 96% engaging in outdoor activities at least annually and 90 million visitors exploring the state in 2022. With more than 960 wildlife species and a population expected to grow from 5.5 million to 8.5 million by 2050, the Strategy supports Colorado’s efforts to celebrate and balance both conservation and recreation.  Colorado’s Outdoors Strategy has three goals:

    1. Climate-Resilient Conservation and Restoration: Conservation and restoration of lands and waters help wildlife and biodiversity thrive; habitats are resilient and connected; communities benefit from healthy ecosystems and agricultural lands.
    2. Exceptional and Sustainable Outdoor Recreation: A diversity of high-quality outdoor experiences are accessible, equitable, and inclusive; management and stewardship enhance benefits for and minimize impacts to people, landscapes, and communities.
    3. Coordinated Planning and Funding: Planning and implementation are interdisciplinary; supported by robust funding and capacity; inclusive of diverse perspectives and communities; and drive meaningful action for the outdoors.

    “The Strategy supports all who love the outdoors in working together to achieve climate-resilient conservation and restoration coupled with exceptional and sustainable outdoor recreation,” said Jeff Davis, Director, Colorado Parks and Wildlife. “Everyone can use the Strategy’s vision and goals as ‘North Stars’ to champion Colorado’s outdoors and coordinate efforts to achieve key outcomes for the state. The success of Colorado’s Outdoors Strategy hinges on partnerships to work together toward common goals and solutions.”  

    The Strategy comes to life through 9 objectives and 33 coordinating partner actions, along with a Resource Hub, offering free online data, mapping tools, and other resources to support conservation, outdoor recreation, and climate resilience planning. Available to public and private partners, the hub streamlines collaboration and enhances planning efforts for the outdoors. It currently provides:  

    • An interactive data dashboard with state and county scale information, data, and links for conservation, outdoor recreation, and climate resilience.  
    • An interactive plan library that is searchable for federal, regional, state, and county scale conservation, outdoor recreation, and climate resilience plans in Colorado.
    • Planning resources and guidance for conservation, outdoor recreation, and climate resilience.  
    • A statewide Guidance Framework for Tribal Collaboration in Conservation, Outdoor Recreation, and Climate Resilience.  
    • An interactive Equity, Diversity, and Inclusion Resource and Action Guide that is searchable by topic area.  
    • Colorado’s Conservation Data Explorer (CODEX) and StoryMap with conservation, outdoor recreation, and climate resilience mapping tools.  

    Coordinating partners worked to develop the Strategy and Resource Hub over the past year. Other key partners contributed to the effort including state, federal, and local governments; Tribal Nations; private and agricultural land/water rights owners and managers; local communities; Colorado Regional Partnerships Initiative; Colorado Outdoor Partnership; and diverse private and public sector partners in conservation, restoration, outdoor recreation, stewardship, climate resilience, and equity, diversity, and inclusion.  

    “Colorado’s Outdoors Strategy is a bold, collaborative vision for the future of our state’s great outdoors. With leadership from the Department of Natural Resources, Great Outdoors Colorado, Colorado Parks and Wildlife, the Outdoor Recreation Office, and the Governor’s office, we’ve developed an innovative framework that will guide how we protect and steward Colorado’s landscapes — making them more climate-resilient, while also ensuring exceptional recreational opportunities are accessible to all. Our outdoors are more than just playgrounds — they are the heart of our Colorado way of life. But they’re under pressure — from population growth, increasing visitation, climate change, wildfires, and drought. To help tackle these challenges, we’ve spent the last few years listening — to communities, to experts, to everyday Coloradans — and crafting a strategy that reflects our shared commitment to protecting what makes this state so special. We’re proud of the work that’s been done, and even more excited about what comes next,” said Dan Gibbs, Executive Director, Colorado Department of Natural Resources.

    “As Colorado’s significant outdoor industry continues to grow, the Colorado Outdoor Strategy offers a vital roadmap for balancing economic opportunity with environmental stewardship and conservation. It empowers communities, businesses, and land managers to work together in building a future where our landscapes are resilient, recreation is sustainable, and access is equitable. This strategy reflects our shared belief that the outdoors are central to Colorado’s identity, economy, and way of life—and that we all have a role in protecting them,” said Conor Hall, Director, Colorado Outdoor Recreation Industry Office.

    “Colorado’s Outdoors Strategy boosts Colorado’s technical chops, partner collaboration and funding menu to answer the question; how do we ensure our wild places, wildlife and wild opportunities thrive even while accounting for a changing climate and growing state. The Office of Climate Preparedness is proud to see this multi-year effort launch, advancing Colorado’s preparedness for a climate impacted future, building a state of the art technical foundation, on which state, local and federal partnerships can work together to realize a flourishing future for Colorado’s outdoors,” said Jonathan Asher, Director, Governor’s Office of Climate Preparedness & Disaster Recovery.

    “Colorado’s outdoor champions are showing their strength. The strategy is a testament to the power of partnership. United by a shared vision and leveraging the best available research, data, and resources, we are equipped to make decisions that will protect Colorado’s landscapes, foster vibrant communities, and improve Coloradans’ quality of life for years to come,” said GOCO’s Executive Director Jackie Miller. “We’ve accomplished so much already, and we’re just getting started.”  

    “The Nature Conservancy in Colorado is proud to have offered our science, insights, and expertise to help develop Colorado’s Outdoors Strategy. We are excited to be part of this historic milestone for conservation, outdoor recreation, and climate resilience, and we believe it will have far-reaching and meaningful impacts to benefit our lands, waters, recreation, and economy. Efforts like Colorado’s Outdoors Strategy show that we can work together to find solutions that benefit people and nature,” said Carlos Fernández, Colorado State Director, The Nature Conservancy.

    “The Strategy’s Guidance Framework for Tribal Collaboration offers a much-needed approach to ensuring that Tribes are actively involved in decision-making processes, and we appreciate the opportunity to contribute our expertise and traditional knowledge to help shape the direction of this work. By supporting this framework, our focus is to enhance Tribal participation in land and water management decisions, protect sacred lands, and preserve ecosystems that are vital to the health and well-being of our communities,” said Chairman Melvin J. Baker of the Southern Ute Indian Tribe.

    “To plan for recreation and conservation as separate pursuits would be like planting two halves of a tree on opposite sides of the forest — they will grow at the same time, but they will never form the same canopy. The health of the land requires harmony, not division. The Colorado Outdoor Strategy offers a way to manage the needs of wildlife and the wanderings of people in concert,” said Patt Dorsey, West Region Director of Conservation Operations, National Wild Turkey Federation.

    “Colorado’s Outdoors Strategy is a voluntary collaborative partnership for agriculture, conservation and recreation possibilities, whilst safeguarding Agriculture integrity and productivity,” said Tony Hass, Las Animas County Commissioner and Manager, Walking Y Ranch.

    “I am immensely grateful to have been chosen as a member of the Colorado Outdoors Strategy Steering Committee. The Strategy has the potential of memorializing a comprehensive approach to the symbiotic relationship between recreation and conservation that exists in Colorado and fairly makes this state a mecca for high quality experiences,” said Janelle Kukuk, Former State Trails Member, snowmobile at-large.

    “Colorado’s Outdoors Strategy represents years of hard work by countless communities, organizations and individuals, but more importantly it represents a collective commitment to look forward in a proactive and inclusive manner to avoid the mistakes of our past. Our ability to address the challenges of climate change, wildlife habitat loss and fragmentation, and fostering equitable and inclusive outdoor recreation opportunities requires collaboration from all stakeholders and Colorado’s Outdoors Strategy provides the framework for our local Regional Partnership Initiatives to envision what they want their communities to invest in for the future, a future that all Coloradans now have a stake in because of the Strategy,” said Luke Shafer, West Slope Director, Conservation Colorado.

    “Envision is excited to see Colorado’s Outdoors Strategy launch. Since 2016, Envision has been listening to residents and visitors and taking action with community and agency partners to sustain the healthy forests, waters, wildlife, working agricultural landscapes and exceptional outdoor recreation that make Chaffee County and Colorado such a special place to live and to visit. The Strategy offers a statewide framework to connect and empower grassroots efforts and organizations like ours to do more to protect the Colorado we love together,” said Cindy Williams, Chair, Envision Chaffee County.

    “Strategic approaches have been the cornerstone for much of the success around land conservation and outdoor recreation state-wide. Colorado’s Outdoors Strategy represents a cohesive and forward thinking approach to how we continue to balance the conservation of key landscapes that characterize the beauty and sustainability of our state while at the same time providing for meaningful outdoor experiences,” said Daylan Figgs, Director, Larimer County Natural Resources.

    “Colorado’s Outdoors Strategy cohesively aligns with Larimer County’s vision for the future by outlining a pathway to conserve its vibrant natural resources and valuable outdoor experiences. It is clear the challenges we face as a state are not unique to any one of us alone. The Strategy guides our future as partners in solving issues collectively, strengthening our resiliency as we face the future,” said Jody Shadduck-McNally, Larimer County Commissioner.

    “COS is a transformative path to a future where Colorado’s nature, people, and ways of life endure and thrive. The Colorado Natural Heritage Program is proud to have been a partner on the project team, helping to build a legacy of planning tools to inform decision-making in climate-resilient conservation, exceptional and sustainable outdoor recreation, and coordinated planning and funding. We are thrilled to host the map layers from COS on Colorado’s Conservation Data Explorer (CODEX), a collaborative space where all Coloradans can explore these tools and use them to drive sustainable investment in Colorado’s future. CNHP will use COS tools across our program, including our five-year Statewide Natural Heritage Survey, in which we are leveling up Colorado’s conservation data in the service of the COS, the Regional Partnership Initiative, and all of Colorado’s communities,” said David Anderson, Director and Chief Scientist, Colorado Natural Heritage Program, Colorado State University.

    “The love of the outdoors brings Coloradoans together. The COS is a voluntary partnership and tool that will help communities and regions celebrate and enhance access to Colorado’s innate natural beauty,” said Kelly Flenniken, Executive Director, Colorado Counties, Inc.

    “I am thrilled to see the release of Colorado’s Outdoors Strategy after years working with stakeholders from around the state to address community needs and find a balance between conservation and outdoor recreation. BLM depends on partnerships with the state and local communities to meet the needs of the over 10 million visitors each year to BLM public lands, which generate over $1.5 billion in economic impact each year. This new strategy continues Colorado’s leadership in fostering collaboration between hunters, anglers, boaters, climbers, equestrians, mountain bikers, OHVers, and so many more partners, to steward our incredible public lands,” said Doug Vilsack, Colorado State Director, Bureau of Land Management.

    “Colorado has thousands of miles of incredible rivers that hundreds of thousands of residents and visitors flock to every year. American Whitewater is very excited about the direction and guidance Colorado’s Outdoors Strategy will provide. This effort is sure to protect our incredible recreational resources and vital ecosystems for many future generations,” said Hattie Johnson, Southern Rockies Restoration Director, American Whitewater.

    “COS provides navigational guidance and robust tools to integrate wildlife conservation needs and outdoor recreation desires,” said Suzanne O’Neill, Colorado Wildlife Federation.

    “Colorado’s Outdoors Strategy was born to help Coloradans enjoy robust wildlife populations, awe-inspiring landscapes, fulfilling recreational opportunities, and strong economies. But this future is only possible through informed planning followed by strategic action that avoids, minimizes, and mitigates adverse impacts to important habitats. Colorado’s Outdoors Strategy helps pave the way for community-developed, interdisciplinary plans that simultaneously conserve our wildlife and wild places and support sustainable recreation for all people,” Liz Rose, Colorado Program Manager, Theodore Roosevelt Conservation Partnership.

    “We at the Pikes Peak Outdoor Recreation Alliance are excited to see the launch of Colorado’s Outdoors Strategy for so many reasons. Among them, in our own partnerships, we’ve been able to utilize the data collection and resources that will now be available to us across the state. We leveraged the Strategy’s statewide conservation summary data and worked with local expertise to build a Pikes Peak Region conservation summary, which will inform planning and decision making moving forward. The Strategy’s north star goals support exceptional recreation and exceptional conservation of our natural resources. Our regional partnership’s advancement of a new land management partnership on Pikes Peak – America’s Mountain will support the Strategy, and we look forward to seeing it develop,” said Becky Leinweber, Executive Director, PPORA leading Outdoor Pikes Peak Initiative.

    Moving forward, Colorado Parks and Wildlife will steward Colorado’s Outdoors Strategy by coordinating collaborative leadership and implementation with GOCO, the Department of Natural Resources, Outdoor Recreation Industry Office, and the Governor’s Office, along with other agencies and partners.

    For more information, or to access Colorado’s Outdoors Strategy Resource Hub, visit the website.

    ###
     

    MIL OSI USA News –

  • MIL-OSI USA: TRUMP EFFECT: A Running List of New U.S. Investment in President Trump’s Second Term

    US Senate News:

    Source: The White House
    Since President Donald J. Trump took office, his unwavering commitment to revitalizing American industry has spurred trillions of dollars of investments in U.S. manufacturing, production, and innovation — and the list only continues to grow.
    Here is a non-comprehensive running list of new U.S.-based investments in President Trump’s second term:
    Project Stargate, led by Japan-based Softbank and U.S.-based OpenAI and Oracle, announced a $500 billion private investment in U.S.-based artificial intelligence infrastructure.
    Apple announced a $500 billion investment in U.S. manufacturing and training.
    NVIDIA, a global chipmaking giant, announced it will invest $500 billion in U.S.-based AI infrastructure over the next four years amid its pledge to manufacture AI supercomputers entirely in the U.S. for the first time.
    Taiwan Semiconductor Manufacturing Company (TSMC) announced a $100 billion investment in U.S.-based chips manufacturing.
    Johnson & Johnson announced a $55 billion investment over the next four years in manufacturing, research and development, and technology.
    Roche, a Swiss drug and diagnostics company, announced a $50 billion investment in U.S.-based manufacturing and research and development, which is expected to create more than 1,000 full-time jobs and more than 12,000 jobs including construction.
    Eli Lilly and Company announced a $27 billion investment to more than double its domestic manufacturing capacity.
    United Arab Emirates-based ADQ and U.S.-based Energy Capital Partners announced a $25 billion investment in U.S. data centers and energy infrastructure.
    Novartis, a Swiss drugmaker, announced a $23 billion investment to build or expand ten manufacturing facilities across the U.S., which will create 4,000 new jobs.
    Hyundai announced a $21 billion U.S.-based investment — including $5.8 billion for a new steel plant in Louisiana, which will create nearly 1,500 jobs.
    Hyundai also secured an equity investment and agreement from Posco Holdings, South Korea’s top steel maker.

    United Arab Emirates-based DAMAC Properties announced a $20 billion investment in new U.S.-based data centers.
    France-based CMA CGM, a global shipping giant, announced a $20 billion investment in U.S. shipping and logistics, creating 10,000 new jobs.
    Merck announced it will invest $8 billion in the U.S. over the next several years after opening a new $1 billion North Carolina manufacturing facility.
    Clarios announced a $6 billion plan to expand its domestic manufacturing operations.
    Stellantis announced a $5 billion investment in its U.S. manufacturing network, including re-opening its Belvidere, Illinois, manufacturing plant.
    Regeneron Pharmaceuticals, Inc., a leader in biotechnology, announced a $3 billion agreement with Fujifilm Diosynth Biotechnologies to produce drugs at its North Carolina manufacturing facility.
    NorthMark Strategies, a multi-strategy investment firm, announced a $2.8 billion investment to build a supercomputing facility in South Carolina.
    ArcelorMittal, a steel manufacturer, announced a $1.2 billion investment to build an advanced manufacturing facility in Alabama.
    Chobani, a Greek yogurt giant, announced a $1.2 billion investment to build its third U.S. dairy processing plant in New York, which is expected to create more than 1,000 new full-time jobs.
    GE Aerospace announced a $1 billion investment in manufacturing across 16 states — creating 5,000 new jobs.
    Corning, Inc., a solar component producer, announced a $900 million investment to build a manufacturing plant in Michigan.
    Schneider Electric announced it will invest $700 million over the next four years in U.S. energy infrastructure.
    GE Vernova announced it will invest nearly $600 million in U.S. manufacturing over the next two years, which will create more than 1,500 new jobs.
    Abbott Laboratories announced a $500 million investment in its Illinois and Texas facilities.
    AIP Management, a European infrastructure investor, announced a $500 million investment to solar developer Silicon Ranch.
    London-based Diageo announced a $415 million investment in a new Alabama manufacturing facility.
    Dublin-based Eaton Corporation announced a $340 million investment in a new South Carolina-based manufacturing facility for its three-phase transformers.
    Germany-based Siemens announced a $285 million investment in U.S. manufacturing and AI data centers, which will create more than 900 new skilled manufacturing jobs.
    Clasen Quality Chocolate announced a $230 million investment to build a new production facility in Virginia, which will create 250 new jobs.
    Fiserv, Inc., a financial technology provider, announced a $175 million investment to open a new strategic fintech hub in Kansas, which is expected to create 2,000 new high-paying jobs.
    Paris Baguette announced a $160 million investment to construct a manufacturing plant in Texas.
    TS Conductor announced a $134 million investment to build an advanced conductor manufacturing facility in South Carolina, which will create nearly 500 new jobs.
    Switzerland-based ABB announced a $120 million investment to expand production of its low-voltage electrification products in Tennessee and Mississippi.
    Saica Group, a Spain-based corrugated packaging maker, announced plans to build a $110 million new manufacturing facility in Anderson, Indiana.
    Charms, LLC, a subsidiary of candymaker Tootsie Roll Industries, announced a $97.7 million investment to expand its production plant and distribution center in Tennessee.
    Toyota Motor Corporation announced an $88 million investment to boost hybrid vehicle production at its West Virginia factory, securing employment for the 2,000 workers at the factory.
    AeroVironment, a defense contractor, announced a $42.3 million investment to build a new manufacturing facility in Utah.
    Paris-based Saint-Gobain announced a new $40 million NorPro manufacturing facility in Wheatfield, New York.
    India-based Sygene International announced a $36.5 million acquisition of a Baltimore biologics manufacturing facility.
    Asahi Group Holdings, one of the largest Japanese beverage makers, announced a $35 million investment to boost production at its Wisconsin plant.
    Cyclic Materials, a Canadian advanced recycling company for rare earth elements, announced a $20 million investment in its first U.S.-based commercial facility, located in Mesa, Arizona.
    Guardian Bikes announced a $19 million investment to build the first U.S.-based large-scale bicycle frame manufacturing operation in Indiana.
    Amsterdam-based AMG Critical Minerals announced a $15 million investment to build a chrome manufacturing facility in Pennsylvania.
    NOVONIX Limited, an Australia-based battery technology company, announced a $4.6 million investment to build a synthetic graphite manufacturing facility in Tennessee.
    LGM Pharma announced a $6 million investment to expand its manufacturing facility in Rosenberg, Texas.
    ViDARR Inc., a defense optical equipment manufacturer, announced a $2.69 million investment to open a new facility in Virginia.
    That doesn’t even include the U.S. investments pledged by foreign countries:
    United Arab Emirates announced a $1.4 trillion investment in the U.S. over the next decade.
    Saudi Arabia announced it intends to invest $600 billion in the U.S. over the next four years.
    Japan announced a $1 trillion investment in the U.S.
    Taiwan announced a pledge to boost its U.S.-based investment.
    Last updated on April 23, 2025

    MIL OSI USA News –

  • MIL-OSI Canada: Tribunal Initiates Inquiry— Certain carbon or alloy steel wire from China, Chinese Taipei, India, Italy, Malaysia, Portugal, Spain, Thailand, Türkiye and Vietnam

    Source: Government of Canada News (2)

    Ottawa, Ontario, April 23, 2025—The Canadian International Trade Tribunal today initiated a preliminary injury inquiry into a complaint by Sivaco Wire Group 2004 L.P, of Marieville, Quebec and ArcelorMittal Long Products Canada G.P., of Contrecoeur, Quebec, that they have suffered injury as a result of the dumping of certain carbon or alloy steel wire originating in or exported from the People’s Republic of China, the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, the Republic of India, the Italian Republic, the Federation of Malaysia, the Portuguese Republic, the Kingdom of Spain, the Kingdom of Thailand, the Republic of Türkiye, and the Socialist Republic of Vietnam. The Tribunal’s inquiry is conducted pursuant to the Special Import Measures Act (SIMA) as a result of the initiation of a dumping investigation by the Canada Border Services Agency (CBSA).

    On June 19, 2025, the Tribunal will determine whether there is a reasonable indication that the alleged dumping has caused injury or retardation, or is threatening to cause injury, as these words are defined in SIMA. If so, the CBSA will continue its investigation and, by July 21, 2025, will make a preliminary determination. If this preliminary determination indicates that there has been dumping, the CBSA will then continue its investigation and, concurrently, the Tribunal will initiate a final injury inquiry.

    The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

    Any interested person, association or government that wishes to participate in the Tribunal’s inquiry may do so by filing a Form I – Notice of Participation.

    MIL OSI Canada News –

  • MIL-OSI USA: N.C. State Parks Campsite and Reservoir Entrance Fees to Increase Effective May 1

    Source: US State of North Carolina

    Headline: N.C. State Parks Campsite and Reservoir Entrance Fees to Increase Effective May 1

    N.C. State Parks Campsite and Reservoir Entrance Fees to Increase Effective May 1
    jejohnson6

    Effective May 1, 2025, reservation fees at campgrounds and vehicle entrance fees at reservoirs will increase across the state parks system, the N.C. Department of Natural and Cultural Resources’ Division of Parks and Recreation announced. This marks the first major fee change for state park facilities since 2019. While some fees are increasing, most state parks are and will continue to be free to access for day-use year-round.

    Fee changes will only impact entrance fees at the reservoir state recreation areas during peak season, most camping rates, and some boat slip rentals at Carolina Beach State Park. There are no changes to picnic shelter reservation fees, equipment rentals, and swim passes.

    Beginning May 1, tent campsites will range from $20 to $30, and RV campsites with full hookups (electric, water and sewer) will cost $45. Campsite reservations made by 11:59 p.m. on April 30 will not be affected by the price increases.

    The per-vehicle entrance fee, charged on weekends in April, May and September, and daily from Memorial Day to Labor Day at Falls Lake, Jordan Lake and Kerr Lake state recreation areas will cost $10. Senior citizens (62 years old or older), veterans, and active-duty military will continue to receive a discounted rate of $5 per vehicle. The 2026 State Parks Annual Pass — which covers entrance fees, equipment rentals and more — will also increase in price. The Annual Pass for Reservoirs will cost $70, the Annual Pass $100, and the Annual Pass with Four-Wheel-Drive Beach Access will be $200.

    In addition to the May 1 changes, transient and monthly boat slip rentals at the Carolina Beach State Park marina will increase beginning July 1.

    The increases reflect market adjustments and the higher costs to maintain these facilities.

    For a full list of fee changes, please visit ncparks.gov/fees.

    About North Carolina Division of Parks and Recreation
    The Division of Parks and Recreation manages more than 264,000 acres of iconic landscape within North Carolina’s state parks, state recreation areas and state natural areas. It administers the N.C. Parks and Recreation Trust Fund, including its local grants program, as well as a state trails program, North Carolina Natural and Scenic Rivers and more, all with a mission dedicated to conservation, recreation and education. The state parks system welcomes more than 19 million visitors annually.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Apr 23, 2025

    MIL OSI USA News –

  • MIL-OSI Security: April Federal Grand Jury 2024-B Indictments Announced

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    United States Attorney Clint Johnson today announced the results of the April Federal Grand Jury 2024-B Indictments.

    The following individuals have been charged with violations of United States law in indictments returned by the Grand Jury. The return of an indictment is a method of informing a defendant of alleged violations of federal law, which must be proven in a court of law beyond a reasonable doubt to overcome a defendant’s presumption of innocence.

    Jose Alvizo-Ramirez. Unlawful Reentry of a Removed Alien; Failure to Register as a Sex Offender. Alvizo-Ramirez, 38, a Mexican national, is charged with unlawfully reentering the United States after having been previously removed in May 2022. He is further charged with knowingly failing to register as a sex offender from January 6, 2025, to on or about March 26, 2025. ICE Enforcement and Removal Operations Dallas Field Office is the investigative agency. Assistant U.S. Attorney William Dill is prosecuting the case. 25-CR-143

    Richard Glenn Bexfield. Drug Conspiracy; Felon in Possession of a Firearm and Ammunition; Destruction and Removal of Property to Prevent Seizure; Possession of a Firearm in Furtherance of a Drug Trafficking Crime. Bexfield, 32, of Tulsa, is charged with conspiring to distribute methamphetamine from Jan. 2025 through Apr. 2025. He knowingly destroyed and disposed of property in an effort to prevent law enforcement from seizing the property. Further, Bexfield is charged with possessing a firearm and ammunition, knowing he was previously convicted of felonies and possessing a firearm in furtherance of drug trafficking. The Drug Enforcement Administration Tulsa Resident Office, the Bureau of Indian Affairs, the Tulsa County Sheriff’s Office, the Oklahoma Highway Patrol, and the Tulsa Police Department are the investigative agencies. Assistant U.S. Attorney Attila Bogdan is prosecuting the case. 25-CR-136

    Cesar Castorena-Dondiego. Unlawful Reentry of a Removed Alien. Castorena-Dondiego, 44, a Mexican national, is charged with unlawfully reentering the United States after having been previously removed in Sep. 2018. ICE Enforcement and Removal Operations Dallas Field Office is the investigative agency. Assistant U.S. Attorney Tara Heign is prosecuting the case. 25-CR-145

    Clint Allen Hubble. Attempted Coercion and Enticement of a Minor. Hubble, 46, of Afton, is charged with attempting to persuade and entice a minor child to engage in sexually explicit activity. The Homeland Security Investigations and the Owasso Police Department are the investigative agencies. Assistant U.S. Attorney Kate Brandon is prosecuting the case. 25-CR-146

    Wilber Martinez-Bonilla. Unlawful Reentry of a Removed Alien. Martinez-Bonilla, 39, a Mexican national, is charged with unlawfully reentering the United States after having been previously removed in May 2014. ICE Enforcement and Removal Operations Dallas Field Office is the investigative agency. Assistant U.S. Attorney Augustus Forster is prosecuting the case. 
    25-CR-147

    Paul Eugene McClain. Felon in Possession of a Firearm and Ammunition. McClain, 56, of Tulsa, is charged with possessing a firearm and ammunition, knowing he was previously convicted of several felonies. The Bureau of Alcohol, Tobacco, Firearms and Explosives and the Tulsa Police Department are the investigative agencies. Assistant U.S. Attorney Stephanie Ihler is prosecuting the case. 25-CR-148

    Aaron Wilkie Murphy; Hong Thoa Thi Nguyen; Joshua Clay Murphy; Toymeka Louise Shackleford. Continuing Criminal Enterprise (Count 1); Drug Conspiracy (Count 2); Possession of Fentanyl with Intent to Distribute (Count 3); Possession of Methamphetamine with Intent to Distribute (Count 4); Maintaining a Drug-Involved Premises (Counts 5 & 6); International Travel to Promote, Manage, Establish, Carry On, and Facilitate Drug Conspiracy (Count 7) (superseding). Aaron Murphy, 51, of Broken Arrow, is charged with organizing, leading, and profiting from the distribution of methamphetamine and fentanyl. He knowingly conspired with several others to possess and distribute methamphetamine and fentanyl, while maintaining a residence for the purpose of drug distribution, and traveled to Mexico to manage and further promote his enterprise drug conspiracy. Nguyen, 45, of Tulsa, Joshua Murphy, 47, of Milfay, Shackleford, 49, of Tulsa, are charged with conspiring to possess and distribute methamphetamine and fentanyl from Mar. 2022 through Feb. 2025. Nguyen is additionally charged with maintaining a residence for the purpose of narcotics distribution. The Drug Enforcement Administration Tulsa Resident Office, the U.S. Marshal Service Tulsa Field Office, and the Tulsa Police Department are investigating the case. The DEA Mexico City Country Office, along with the Hermosillo Mexico Resident Office, the U.S. Marshal Service Mexico City Field Office, Mexican Marines, and the Mexico Federal Police, assisted in the arrest and return of Aaron Murphy and Nguyen. Assistant U.S. Attorney Adam Bailey is prosecuting the case. 23-CR-199

    Roberto Perez-Cruz. Unlawful Reentry of a Removed Alien. Perez-Cruz, 21, a Mexican national, is charged with unlawfully reentering the United States after having been previously removed in Oct. 2021. ICE Enforcement and Removal Operations Dallas Field Office is the investigative agency. Assistant U.S. Attorney Tyson McCoy is prosecuting the case. 25-CR-149

    Carlos Alberto Vazquez Parra. Possession of Fentanyl with Intent to Distribute. Vazquez Parra, 33, of Tulsa, is charged with knowingly possessing more than 40 grams of fentanyl with intent to distribute. The Drug Enforcement Administration Tulsa Resident Office and the Tulsa Police Department are the investigative agencies. Assistant U.S. Attorney Tyson McCoy is prosecuting the case. 25-CR-150

    MIL Security OSI –

  • MIL-OSI: Horizon Bancorp, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MICHIGAN CITY, Ind., April 23, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”), the parent company of Horizon Bank (the “Bank”), announced its unaudited financial results for the three months ended March 31, 2025.

    “Horizon’s first quarter earnings displayed continued positive momentum in our core financial metrics and management’s commitment to deliver long term value to its shareholders. Our results were highlighted by a sixth consecutive quarter of margin expansion, now above 3%, strong loan growth with exceptional credit metrics and a core funding base that continues to deliver value, even in an uncertain economic environment. The team also delivered a more efficient expense base entering 2025 and added optionality to our capital position through the successful sale of our mortgage warehouse business”, President and CEO, Thomas Prame stated. “We are pleased with our first quarter results and the positive momentum across our community banking model. The core franchise remains strong and our investments in expanding our local relationship banking model is paying dividends”.

    Net income for the three months ended March 31, 2025 was $23.9 million, or $0.54 per diluted share, compared to net loss of $10.9 million, or $0.25, for the fourth quarter of 2024 and compared to $14.0 million, or $0.32 per diluted share, for the first quarter of 2024.

    First Quarter 2025 Highlights

    • Net interest margin, on a fully taxable equivalent (“FTE”) basis1, expanded for the sixth consecutive quarter, to 3.04% compared with 2.97% for the three months ended December 31, 2024 and 2.50% for the three months ended March 31, 2024.
    • Total loans held for investment (“HFI”) increased 5% linked quarter annualized, with strong organic commercial loan growth of $103.3 million, or 14% annualized. This growth was partially funded by the continued strategic runoff of lowering yielding indirect auto loans of approximately $36 million.
    • Core deposits continued to be stable, with non-interest-bearing balances growing $62.5 million during the period, or 24% annualized.
    • Credit quality remained strong, with annualized net charge offs of 0.07% of average loans during the first quarter. Non-performing assets remain well within expected ranges, with no material change from the prior quarter.
    • On January 17, 2025, the Company completed the sale of its mortgage warehouse business to an unrelated third party, resulting in a pre-tax gain of $7.0 million.
    • Expenses were down $5.6 million from the fourth quarter of 2024, reflecting management’s commitment to creating a more efficient expense base in 2025.

    _________________________________
    1 Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

     
    Financial Highlights
    (Dollars in Thousands Except Share and Per Share Data and Ratios)
      Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Income statement:                  
    Net interest income $ 52,267     $ 53,127     $ 46,910     $ 45,279     $ 43,288  
    Credit loss expense   1,376       1,171       1,044       2,369       805  
    Non-interest income (loss)   16,499       (28,954 )     11,511       10,485       9,929  
    Non-interest expense   39,306       44,935       39,272       37,522       37,107  
    Income tax expense (benefit)   4,141       (11,051 )     (75 )     1,733       1,314  
    Net income (loss) $ 23,943     $ (10,882 )   $ 18,180     $ 14,140     $ 13,991  
                       
    Per share data:                  
    Basic earnings (loss) per share $ 0.55     $ (0.25 )   $ 0.42     $ 0.32     $ 0.32  
    Diluted earnings (loss) per share   0.54       (0.25 )     0.41       0.32       0.32  
    Cash dividends declared per common share   0.16       0.16       0.16       0.16       0.16  
    Book value per common share   17.72       17.46       17.27       16.62       16.49  
    Market value – High   17.76       18.76       16.57       12.74       14.44  
    Market value – Low   15.00       14.57       11.89       11.29       11.75  
    Weighted average shares outstanding – Basic   43,777,109       43,721,211       43,712,059       43,712,059       43,663,610  
    Weighted average shares outstanding – Diluted   43,954,164       43,721,211       44,112,321       43,987,187       43,874,036  
    Common shares outstanding (end of period)   43,785,932       43,722,086       43,712,059       43,712,059       43,726,380  
                       
    Key ratios:                  
    Return on average assets   1.25 %   (0.55 )%     0.92 %     0.73 %     0.72 %
    Return on average stockholders’ equity   12.44       (5.73 )     9.80       7.83       7.76  
    Total equity to total assets   10.18       9.79       9.52       9.18       9.18  
    Total loans to deposit ratio   85.21       87.75       83.92       85.70       82.78  
    Allowance for credit losses to HFI loans   1.07       1.07       1.10       1.08       1.09  
    Annualized net charge-offs of average total loans(1)   0.07       0.05       0.03       0.05       0.04  
    Efficiency ratio   57.16       185.89       67.22       67.29       69.73  
                       
    Key metrics (Non-GAAP)(2):                  
    Net FTE interest margin   3.04 %     2.97 %     2.66 %     2.64 %     2.50 %
    Return on average tangible common equity   15.79       (7.35 )     12.65       10.18       10.11  
    Tangible common equity to tangible assets   8.20       7.83       7.58       7.22       7.20  
    Tangible book value per common share $ 13.96     $ 13.68     $ 13.46     $ 12.80     $ 12.65  
                       
                       
    (1) Average total loans includes loans held for investment and held for sale.
    (2) Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.
     

    Income Statement Highlights

    Net Interest Income

    Net interest income was $52.3 million in the first quarter of 2025, compared to $53.1 million in the fourth quarter of 2024. Continued expansion of the Company’s net FTE interest margin was offset by a decline in average interest earning asset balances and two fewer days when compared with the prior quarter. Horizon’s net FTE interest margin2 was 3.04% for the first quarter of 2025, compared to 2.97% for the fourth quarter of 2024, attributable to the favorable mix shift in average interest earning assets toward higher-yielding loans and in the average funding mix toward deposit balances, in addition to continued disciplined pricing strategies on both sides of the balance sheet. Additionally, as previously noted, the fourth quarter net FTE interest margin included approximately five basis points related to interest recoveries on specific commercial loans that did not recur.

    Provision for Credit Losses

    During the first quarter of 2025, the Company recorded a provision for credit losses of $1.4 million. This compares to a provision for credit losses of $1.2 million during the fourth quarter of 2024, and $0.8 million during the first quarter of 2024. The increase in the provision for credit losses during the first quarter of 2025 when compared with the fourth quarter of 2024 was primarily attributable to increased net growth in commercial loans HFI and changes in economic factors, partially offset by the reduction of specific reserves and the reserves for unfunded commitments in the current quarter.

    For the first quarter of 2025, the allowance for credit losses included net charge-offs of $0.9 million, or an annualized 0.07% of average loans outstanding, compared to net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding for the fourth quarter of 2024, and net charge-offs of $0.3 million, or an annualized 0.04% of average loans outstanding, in the first quarter of 2024.

    The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.07% at March 31, 2025, compared to 1.07% at December 31, 2024 and 1.09% at March 31, 2024.

    Non-Interest Income

    For the Quarter Ended March 31,   December 31,   September 30,   June 30,   March 31,
    (Dollars in Thousands) 2025   2024   2024
    		   2024
    		   2024
    Non-interest Income                  
    Service charges on deposit accounts $ 3,208     $ 3,276     $ 3,320     $ 3,130     $ 3,214  
    Wire transfer fees   71       124       123       113       101  
    Interchange fees   3,241       3,353       3,511       3,826       3,109  
    Fiduciary activities   1,326       1,313       1,394       1,372       1,315  
    Loss on sale of investment securities   (407 )     (39,140 )     —       —       —  
    Gain on sale of mortgage loans   1,076       1,071       1,622       896       626  
    Mortgage servicing income net of impairment   385       376       412       450       439  
    Increase in cash value of bank owned life insurance   335       335       349       318       298  
    Other income   7,264       338       780       380       827  
    Total non-interest income (loss) $ 16,499     $ (28,954 )   $ 11,511     $ 10,485     $ 9,929  
                                           

    Total non-interest income was $16.5 million in the first quarter of 2025, compared to non-interest loss of $29.0 million in the fourth quarter of 2024. The increase in non-interest income of $45.5 million is primarily due to a pre-tax loss on sale of investment securities of $39.1 million from the completion of the repositioning of $332.2 million of available-for-sale securities during the fourth quarter of 2024, compared to a loss on the sale of investment securities of $0.4 million in the first quarter of 2025. In addition, the Company completed the sale of its mortgage warehouse business to an unrelated third party in the current period, resulting in a pre-tax gain of $7.0 million.

    _________________________________
    1 Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

    Non-Interest Expense

    For the Quarter Ended March 31,   December 31,   September 30,   June 30,   March 31,
    (Dollars in Thousands) 2025
    		   2024
    		   2024
    		   2024
    		   2024
    Non-interest Expense                  
    Salaries and employee benefits $ 22,414     $ 25,564     $ 21,829     $ 20,583     $ 20,268  
    Net occupancy expenses   3,702       3,431       3,207       3,192       3,546  
    Data processing   2,872       2,841       2,977       2,579       2,464  
    Professional fees   826       736       676       714       607  
    Outside services and consultants   3,265       4,470       3,677       3,058       3,359  
    Loan expense   689       1,285       1,034       1,038       719  
    FDIC insurance expense   1,288       1,193       1,204       1,315       1,320  
    Core deposit intangible amortization   816       843       844       844       872  
    Merger related expenses   305       —       —       —       —  
    Other losses   228       371       297       515       16  
    Other expense   2,901       4,201       3,527       3,684       3,936  
    Total non-interest expense $ 39,306     $ 44,935     $ 39,272     $ 37,522     $ 37,107  
                                           

    Total non-interest expense was $39.3 million in the first quarter of 2025, compared with $44.9 million in the fourth quarter of 2024. The current period included $0.3 million of direct expenses related to the sale of the mortgage warehouse business. The decrease in non-interest expense during the first quarter of 2025 when compared with the prior period was primarily driven by a $3.2 million decrease in salaries and employee benefits expense, which is attributable to expenses incurred in the fourth quarter of 2024 related to the termination of legacy compensation and benefits programs that did not recur in the current period, and lower incentive compensation expense. Additionally, outside services and consultants expense decreased by $1.2 million, partially attributable to expense related to specific corporate initiatives in the fourth quarter of 2024 that did not recur in the current period. Other expenses decreased $1.3 million, partially attributable to a decrease in marketing expense.

    Income Taxes

    Horizon recorded a net tax expense of $4.1 million for the first quarter of 2025, representing an effective tax rate of 14.8%. Net tax expense in the fourth quarter of 2024 was impacted by the realized securities loss and the reversal of the $5.2 million tax valuation allowance.

    Balance Sheet Highlights

    Total assets decreased by $175.5 million, or 2.2%, to $7.6 billion as of March 31, 2025, from $7.8 billion as of December 31, 2024. The decrease in total assets is primarily due to the sale of the mortgage warehouse portfolio and a decrease in interest-bearing cash related to the payoff of FHLB advances and deposit outflows.

    Total investment securities decreased by $26.1 million, or 1.2%, to $2.1 billion as of March 31, 2025.

    Total loans were $4.9 billion at March 31, 2025, a decrease of $1.6 million from December 31, 2024 balances. The decrease is primarily due to the sale of the mortgage warehouse business during the quarter, which was offset by continued organic commercial loan growth.

    Total deposits increased by $165.1 million, or 2.9%, to $5.8 billion as of March 31, 2025 when compared to balances as of December 31, 2024. Time deposits increased by $155.9 million, or 14.3% during the quarter, while non-interest bearing deposits grew by $62.5 million, or 5.9%. Total borrowings decreased by $330.1 million during the quarter, to $812.2 million as of March 31, 2025, due to the pay down of FHLB advances. Balances subject to repurchase agreements declined by $2.1 million, to $87.9 million.

    Capital

    The following table presents the consolidated regulatory capital ratios of the Company for the previous three quarters, and the Company’s preliminary estimate of its consolidated regulatory capital ratios for the quarter ended March 31, 2025:

    For the Quarter Ended March 31,   December 31,   September 30,   June 30,
      2025*   2024   2024   2024
    Consolidated Capital Ratios              
    Total capital (to risk-weighted assets)   14.28 %     13.91 %     13.45 %     13.41 %
    Tier 1 capital (to risk-weighted assets)   12.35       12.00       11.63       11.59  
    Common equity tier 1 capital (to risk-weighted assets)   11.34       11.00       10.68       10.63  
    Tier 1 capital (to average assets)   9.25       8.88       9.02       9.02  
    *Preliminary estimate – may be subject to change    
         

    As of March 31, 2025, the ratio of total stockholders’ equity to total assets is 10.18%. Book value per common share was $17.72, increasing $0.26 during the first quarter of 2025.

    Tangible common equity3 totaled $611.4 million at March 31, 2025, and the ratio of tangible common equity to tangible assets1 was 8.20% at March 31, 2025, up from 7.83% at December 31, 2024. Tangible book value, which excludes intangible assets from total equity, per common share1 was $13.96, increasing $0.28 during the first quarter of 2025 behind the growth in retained earnings.

    Credit Quality

    As of March 31, 2025, total non-accrual loans increased by $3.0 million, or 12%, from December 31, 2024, to 0.59% of total loans HFI. Total non-performing assets increased $4.0 million, or 15%, to $31.4 million, compared to $27.4 million as of December 31, 2024. The ratio of non-performing assets to total assets increased to 0.41% compared to 0.35% as of December 31, 2024.

    As of March 31, 2025, net charge-offs increased by $0.2 million to $0.9 million, compared to $0.6 million as of December 31, 2024 and remain just 0.07% annualized of average loans.

    _________________________________
    1 Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

    Earnings Conference Call

    As previously announced, Horizon will host a conference call to review its first quarter financial results and operating performance.

    Participants may access the live conference call on April 24, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the “Horizon Bancorp, Inc. Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

    A telephone replay of the call will be available approximately one hour after the end of the conference through May 2, 2025. The replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada or 1–412–317-0088 from other international locations, and entering the access code 6313653.

    About Horizon Bancorp, Inc.

    Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $8 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

    Use of Non-GAAP Financial Measures

    Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre-provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. We believe that this shows the impact of such events as acquisition-related purchase accounting adjustments and swap termination fees, among others we have identified in our reconciliations. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to the purchase accounting impacts and one-time costs of acquisitions and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.

    Forward Looking Statements

    This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: effects on Horizon’s business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers; current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the aggregate effects of elevated inflation levels in recent years; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict and the Israel and Hamas conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

       
      Condensed Consolidated Statements of Income
      (Dollars in Thousands Except Per Share Data, Unaudited)
      Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024
    		   2024
    Interest Income                  
    Interest and fees on loans $ 74,457     $ 76,747     $ 75,488     $ 71,880     $ 66,954  
    Investment securities – taxable   6,039       6,814       8,133       7,986       7,362  
    Investment securities – tax-exempt   6,192       6,301       6,310       6,377       6,451  
    Other   2,487       3,488       957       738       4,497  
    Total interest income   89,175       93,350       90,888       86,981       85,264  
    Interest Expense                  
    Deposits   25,601       27,818       30,787       28,447       27,990  
    Short and long-term borrowings   9,188       10,656       11,131       11,213       11,930  
    Subordinated notes   829       829       830       829       831  
    Junior subordinated debentures issued to capital trusts   1,290       920       1,230       1,213       1,225  
    Total interest expense   36,908       40,223       43,978       41,702       41,976  
    Net Interest Income   52,267       53,127       46,910       45,279       43,288  
    Provision for loan losses   1,376       1,171       1,044       2,369       805  
    Net Interest Income after Credit Loss Expense   50,891       51,956       45,866       42,910       42,483  
    Non-interest Income                  
    Service charges on deposit accounts   3,208       3,276       3,320       3,130       3,214  
    Wire transfer fees   71       124       123       113       101  
    Interchange fees   3,241       3,353       3,511       3,826       3,109  
    Fiduciary activities   1,326       1,313       1,394       1,372       1,315  
    Loss on sale of investment securities   (407 )     (39,140 )     —       —       —  
    Gain on sale of mortgage loans   1,076       1,071       1,622       896       626  
    Mortgage servicing income net of impairment   385       376       412       450       439  
    Increase in cash value of bank owned life insurance   335       335       349       318       298  
    Other income   7,264       338       780       380       827  
    Total non-interest (loss) income   16,499       (28,954 )     11,511       10,485       9,929  
    Non-interest Expense                  
    Salaries and employee benefits   22,414       25,564       21,829       20,583       20,268  
    Net occupancy expenses   3,702       3,431       3,207       3,192       3,546  
    Data processing   2,872       2,841       2,977       2,579       2,464  
    Professional fees   826       736       676       714       607  
    Outside services and consultants   3,265       4,470       3,677       3,058       3,359  
    Loan expense   689       1,285       1,034       1,038       719  
    FDIC insurance expense   1,288       1,193       1,204       1,315       1,320  
    Core deposit intangible amortization   816       843       844       844       872  
    Merger related expenses   305       —       —       —       —  
    Other losses   228       371       297       515       16  
    Other expense   2,901       4,201       3,527       3,684       3,936  
    Total non-interest expense   39,306       44,935       39,272       37,522       37,107  
    Income (Loss) Before Income Taxes   28,084       (21,933 )     18,105       15,873       15,305  
    Income tax expense (benefit)   4,141       (11,051 )     (75 )     1,733       1,314  
    Net Income (Loss) $ 23,943     $ (10,882 )   $ 18,180     $ 14,140     $ 13,991  
    Basic Earnings (Loss) Per Share $ 0.55     $ (0.25 )   $ 0.42     $ 0.32     $ 0.32  
    Diluted Earnings (Loss) Per Share   0.54       (0.25 )     0.41       0.32       0.32  
                                           
      Condensed Consolidated Balance Sheet
      (Dollar in Thousands)
       
      Three Months Ended for the Period
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Assets                  
    Interest earning assets                  
    Federal funds sold $ —     $ —     $ 113,912     $ 34,453     $ 161,704  
    Interest-bearing deposits in banks   80,023       201,131       12,107       4,957       9,178  
    Interest earning time deposits   —       735       735       1,715       1,715  
    Federal Home Loan Bank stock   45,412       53,826       53,826       53,826       53,826  
    Investment securities, available for sale   231,431       233,677       541,170       527,054       535,319  
    Investment securities, held to maturity   1,843,851       1,867,690       1,888,379       1,904,281       1,925,725  
    Loans held for sale   3,253       67,597       2,069       2,440       922  
    Gross loans held for investment (HFI)   4,909,815       4,847,040       4,803,996       4,822,840       4,618,175  
    Total Interest earning assets   7,113,785       7,271,696       7,416,194       7,351,566       7,306,564  
    Non-interest earning assets                  
    Allowance for credit losses   (52,654 )     (51,980 )     (52,881 )     (52,215 )     (50,387 )
    Cash and due from banks   89,643       92,300       108,815       106,691       100,206  
    Cash value of life insurance   37,409       37,450       37,115       36,773       36,455  
    Other assets   140,672       152,635       119,026       165,656       160,593  
    Goodwill   155,211       155,211       155,211       155,211       155,211  
    Other intangible assets   9,407       10,223       11,067       11,910       12,754  
    Premises and equipment, net   93,499       93,864       93,544       93,695       94,303  
    Interest receivable   38,663       39,747       39,366       43,240       40,008  
    Total non-interest earning assets   511,850       529,450       511,263       560,961       549,143  
    Total assets $ 7,625,635     $ 7,801,146     $ 7,927,457     $ 7,912,527     $ 7,855,707  
    Liabilities                  
    Savings and money market deposits $ 3,393,371     $ 3,446,681     $ 3,420,827     $ 3,364,726     $ 3,350,673  
    Time deposits   1,245,088       1,089,153       1,220,653       1,178,389       1,136,121  
    Short and long-term borrowings   812,218       1,142,340       1,142,744       1,229,165       1,219,812  
    Repurchase agreements   87,851       89,912       122,399       128,169       139,309  
    Subordinated notes   55,772       55,738       55,703       55,668       55,634  
    Junior subordinated debentures issued to capital trusts   57,531       57,477       57,423       57,369       57,315  
    Total interest earning liabilities   5,651,831       5,881,301       6,019,749       6,013,486       5,958,864  
    Non-interest bearing deposits   1,127,324       1,064,818       1,085,535       1,087,040       1,093,076  
    Interest payable   11,441       11,137       11,400       11,240       7,853  
    Other liabilities   58,978       80,308       55,951       74,096       74,664  
    Total liabilities   6,849,574       7,037,564       7,172,635       7,185,862       7,134,457  
    Stockholders’ Equity                  
    Preferred stock   —       —       —       —       —  
    Common stock   —       —       —       —       —  
    Additional paid-in capital   360,522       363,761       358,453       357,673       356,599  
    Retained earnings   452,945       436,122       454,050       442,977       435,927  
    Accumulated other comprehensive loss   (37,406 )     (36,301 )     (57,681 )     (73,985 )     (71,276 )
    Total stockholders’ equity   776,061       763,582       754,822       726,665       721,250  
    Total liabilities and stockholders’ equity $ 7,625,635     $ 7,801,146     $ 7,927,457     $ 7,912,527     $ 7,855,707  
                                           
      Loans and Deposits        
      (Dollars in Thousands)        
      March 31,   December 31,   September 30,   June 30,   March 31,   % Change
      2025
    		   2024
    		   2024
    		   2024
    		   2024
    		   Q1’25 vs
    Q4’24    		   Q1’25 vs
    Q1’24
    Loans:                          
    Commercial real estate $ 2,262,910     $ 2,202,858     $ 2,105,459     $ 2,117,772     $ 1,984,723       3 %     14 %
    Commercial & Industrial   918,541       875,297       808,600       786,788       765,043       5 %     20 %
    Total commercial   3,181,451       3,078,155       2,914,059       2,904,560       2,749,766       3 %     16 %
    Residential Real estate   801,726       802,909       801,356       797,956       782,071       — %     3 %
    Mortgage warehouse   —       —       80,437       68,917       56,548       — %     (100 )%
    Consumer   926,638       965,976       1,008,144       1,051,407       1,029,790       (4 )%     (10 )%
    Total loans held for investment   4,909,815       4,847,040       4,803,996       4,822,840       4,618,175       1 %     6 %
    Loans held for sale   3,253       67,597       2,069       2,440       922       (95 )%     253 %
    Total loans $ 4,913,068     $ 4,914,637     $ 4,806,065     $ 4,825,280     $ 4,619,097       — %     6 %
                               
    Deposits:                          
    Interest-bearing demand deposits $ 1,713,991     $ 1,767,983     $ 1,688,998     $ 1,653,508     $ 1,613,806       (3 )%     6 %
    Savings and money market deposits   1,679,380       1,678,697       1,731,830       1,711,218       1,736,866       — %     (3 )%
    Time deposits   1,245,088       1,089,153       1,220,653       1,178,389       1,136,121       14 %     10 %
    Total Interest bearing deposits   4,638,459       4,535,833       4,641,481       4,543,115       4,486,793       2 %     3 %
    Non-interest bearing deposits                          
    Non-interest bearing deposits   1,127,324       1,064,819       1,085,534       1,087,040       1,093,077       6 %     3 %
    Total deposits $ 5,765,783     $ 5,600,652     $ 5,727,015     $ 5,630,155     $ 5,579,870       3 %     3 %
                                                           
      Average Balance Sheet
      (Dollars in Thousands, Unaudited)
      Three Months Ended
      March 31, 2025 December 31, 2024 March 31, 2024
      Average
    Balance    		 Interest(4)(6) Average
    Rate(4)    		 Average
    Balance    		 Interest(4)(6) Average
    Rate(4)    		 Average
    Balance    		 Interest(4)(6) Average
    Rate(4)
    Assets
    Interest earning assets                  
    Interest-bearing deposits in banks $ 223,148   $ 2,487     4.52 % $ 290,693   $ 3,488     4.77 % $ 331,083     4,497     5.46 %
    Federal Home Loan Bank stock   51,769     1,012     7.93 %   53,826     1,516     11.20 %   37,949     784     8.31 %
    Investment securities – taxable (1)   974,109     5,027     2.09 %   1,079,377     5,298     1.95 %   1,326,246     6,578     1.99 %
    Investment securities – non-taxable (1)   1,120,249     7,838     2.84 %   1,129,622     7,976     2.81 %   1,149,957     8,166     2.86 %
    Total investment securities   2,094,358     12,865     2.49 %   2,208,999     13,274     2.39 %   2,476,203     14,744     2.39 %
    Loans receivable (2) (3)   4,865,449     74,840     6.24 %   4,842,660     77,142     6.34 %   4,448,324     67,307     6.09 %
    Total interest earning assets   7,234,724     91,204     5.11 %   7,396,178     95,420     5.13 %   7,293,559     87,332     4.82 %
    Non-interest earning assets                  
    Cash and due from banks   88,624         85,776         105,795      
    Allowance for credit losses   (51,863 )       (52,697 )       (49,960 )    
    Other assets   483,765         409,332         486,652      
    Total average assets $ 7,755,250       $ 7,838,589       $ 7,836,046      
                       
    Liabilities and Stockholders’ Equity
    Interest bearing liabilities                  
    Interest-bearing demand deposits $ 1,750,446   $ 6,491     1.50 % $ 1,716,598   $ 6,861     1.59 % $ 1,658,709   $ 6,516     1.58 %
    Savings and money market deposits   1,674,590     8,263     2.00 %   1,701,012     9,336     2.18 %   1,664,518     9,373     2.26 %
    Time deposits   1,212,386     10,847     3.63 %   1,160,527     11,621     3.98 %   1,176,921     12,101     4.14 %
    Total interest bearing deposits   4,637,422     25,601     2.24 %   4,578,137     27,818     2.42 %   4,500,148     27,990     2.50 %
    Borrowings   971,496     8,772     3.66 %   1,130,301     10,138     3.57 %   1,200,728     10,904     3.65 %
    Repurchase agreements   88,469     416     1.91 %   91,960     518     2.24 %   138,052     1,026     2.99 %
    Subordinated notes   55,750     829     6.03 %   55,717     829     5.92 %   55,558     831     6.02 %
    Junior subordinated debentures issued to capital trusts   57,497     1,290     9.10 %   57,443     920     6.37 %   57,279     1,225     8.60 %
    Total interest bearing liabilities   5,810,634     36,908     2.58 %   5,913,558     40,223     2.71 %   5,951,765     41,976     2.84 %
    Non-interest bearing liabilities
    Demand deposits   1,085,826         1,099,574         1,077,183      
    Accrued interest payable and other liabilities   78,521         70,117         82,015      
    Stockholders’ equity   780,269         755,340         725,083      
    Total average liabilities and stockholders’ equity $ 7,755,250       $ 7,838,589       $ 7,836,046      
    Net FTE interest income (non-GAAP) (5)   $ 54,296       $ 55,197       $ 45,356    
    Less FTE adjustments (4)     2,029         2,070         2,068    
    Net Interest Income   $ 52,267       $ 53,127       $ 43,288    
    Net FTE interest margin (Non-GAAP) (4)(5)       3.04 %       2.97 %       2.50 %
     
    (1) Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities.
    (2) Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate.
    (3) Non-accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees.
    (4) Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate.
    (5) Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
    (6) Includes dividend income on Federal Home Loan Bank stock
     
      Credit Quality        
      (Dollars in Thousands Except Ratios)        
      Quarter Ended        
      March 31,   December 31,   September 30,   June 30,   March 31,   % Change
      2025   2024   2024   2024   2024   1Q25 vs
    4Q24    		   1Q25 vs
    1Q24
    Non-accrual loans                          
    Commercial $ 8,172     $ 5,658     $ 6,830     $ 4,321     $ 5,493       44 %     49 %
    Residential Real estate   12,763       11,215       9,529       8,489       8,725       14 %     46 %
    Mortgage warehouse   —       —       —       —       —       — %     — %
    Consumer   7,875       8,919       7,208       5,453       4,835     (12 )%     63 %
    Total non-accrual loans   28,810       25,792       23,567       18,263       19,053       12 %     22 %
    90 days and greater delinquent – accruing interest   1,582       1,166       819       1,039       108       36 %     1365 %
    Total non-performing loans $ 30,392     $ 26,958     $ 24,386     $ 19,302     $ 19,161       13 %     59 %
                               
    Other real estate owned                          
    Commercial   360       407       1,158       1,111       1,124     (12 )%   (68 )%
    Residential Real estate   641       —       —       —       —       — %     — %
    Mortgage warehouse   —       —       —       —       —       — %     — %
    Consumer   34       17       36       57       50       98 %   (32 )%
    Total other real estate owned   1,035       424       1,194       1,168       1,174       144 %   (12 )%
                               
    Total non-performing assets $ 31,427     $ 27,382     $ 25,580     $ 20,470     $ 20,335       14.8 %     55 %
                               
    Loan data:                          
    Accruing 30 to 89 days past due loans $ 19,034     $ 23,075     $ 18,087     $ 19,785     $ 15,154     (18 )%     26 %
    Substandard loans   66,714       64,535       59,775       51,221       47,469       3 %     41 %
    Net charge-offs (recoveries)                          
    Commercial $ (47 )   $ (32 )   $ (52 )   $ 57     $ (171 )   (47 )%     73 %
    Residential Real estate   (47 )     (10 )     (9 )     (4 )     (5 )   (370 )%   (840 )%
    Mortgage warehouse   —       —       —       —       —       — %     — %
    Consumer   963       668       439       534       488       44 %     97 %
    Total net charge-offs $ 869     $ 626     $ 378     $ 587     $ 312       39 %     179 %
                               
    Allowance for credit losses                          
    Commercial $ 32,640     $ 30,953     $ 32,854     $ 31,941     $ 30,514       5 %     7 %
    Residential Real estate   3,167       2,715       2,675       2,588       2,655       17 %     19 %
    Mortgage warehouse   —       —       862       736       659       — %   (100 )%
    Consumer   16,847       18,312       16,490       16,950       16,559     (8 )%     2 %
    Total allowance for credit losses $ 52,654     $ 51,980     $ 52,881     $ 52,215     $ 50,387       1 %     4 %
                               
    Credit quality ratios                          
    Non-accrual loans to HFI loans   0.59 %     0.53 %     0.49 %     0.38 %     0.41 %        
    Non-performing assets to total assets   0.41 %     0.35 %     0.32 %     0.26 %     0.26 %        
    Annualized net charge-offs of average total loans   0.07 %     0.05 %     0.03 %     0.05 %     0.04 %        
    Allowance for credit losses to HFI loans   1.07 %     1.07 %     1.10 %     1.08 %     1.09 %        
                                                   
    Non–GAAP Reconciliation of Net Fully-Taxable Equivalent (“FTE”) Interest Margin
    (Dollars in Thousands, Unaudited)
        Three Months Ended
        March 31,   December 31,   September 30,   June 30,   March 31,
        2025   2024   2024   2024   2024
    Interest income (GAAP) (A) $ 89,175     $ 93,350     $ 90,888     $ 86,981     $ 85,264  
    Taxable-equivalent adjustment:                    
    Investment securities – tax exempt (1)     1,646       1,675       1,677       1,695       1,715  
    Loan receivable (2)     383       395       340       328       353  
    Interest income (non-GAAP) (B)   91,204       95,420       92,905       89,004       87,332  
    Interest expense (GAAP) (C)   36,908       40,223       43,978       41,702       41,976  
    Net interest income (GAAP) (D) =(A) – (C) $ 52,267     $ 53,127     $ 46,910     $ 45,279     $ 43,288  
    Net FTE interest income (non-GAAP) (E) = (B) – (C) $ 54,296     $ 55,197     $ 48,927     $ 47,302     $ 45,356  
    Average interest earning assets (F)   7,234,724       7,396,178       7,330,263       7,212,788       7,293,559  
    Net FTE interest margin (non-GAAP) (G) = (E*) / (F)   3.04 %     2.97 %     2.66 %     2.64 %     2.50 %
                         
    (1) The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity
    (2) The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment
    *Annualized
     
    Non–GAAP Reconciliation of Return on Average Tangible Common Equity
    (Dollars in Thousands, Unaudited)
        Three Months Ended
        March 31,   December 31,   September 30,   June 30,   March 31,
        2025   2024   2024   2024   2024
                         
    Net income (loss) (GAAP) (A) $ 23,943     $ (10,882 )   $ 18,180     $ 14,140     $ 13,991  
                         
    Average stockholders’ equity (B) $ 780,269     $ 755,340     $ 738,372     $ 726,332     $ 725,083  
    Average intangible assets (C)   165,138       165,973       166,819       167,659       168,519  
    Average tangible equity (Non-GAAP) (D) = (B) – (C) $ 615,131     $ 589,367     $ 571,553     $ 558,673     $ 556,564  
    Return on average tangible common equity (“ROACE”) (non-GAAP) (E) = (A*) / (D)   15.79 %   (7.35 )%     12.65 %     10.18 %     10.11 %
    *Annualized                    
                         
    Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
    (Dollars in Thousands, Unaudited)
        Three Months Ended
        March 31,   December 31,   September 30,   June 30,   March 31,
        2025   2024   2024   2024   2024
    Total stockholders’ equity (GAAP) (A) $ 776,061     $ 763,582     $ 754,822     $ 726,665     $ 721,250  
    Intangible assets (end of period) (B)   164,618       165,434       166,278       167,121       167,965  
    Total tangible common equity (non-GAAP) (C) = (A) – (B) $ 611,443     $ 598,148     $ 588,544     $ 559,544     $ 553,285  
                         
    Total assets (GAAP) (D) $ 7,625,635     $ 7,801,146     $ 7,927,457     $ 7,912,527     $ 7,855,707  
    Intangible assets (end of period) (B)   164,618       165,434       166,278       167,121       167,965  
    Total tangible assets (non-GAAP) (E) = (D) – (B) $ 7,461,017     $ 7,635,712     $ 7,761,179     $ 7,745,406     $ 7,687,742  
                         
    Tangible common equity to tangible assets (Non-GAAP) (G) = (C) / (E)   8.20 %     7.83 %     7.58 %     7.22 %     7.20 %
                                             
    Non–GAAP Reconciliation of Tangible Book Value Per Share
    (Dollars in Thousands, Unaudited)
        Three Months Ended
        March 31,   December 31,   September 30,   June 30,   March 31,
        2025
    		   2024
    		   2024
    		   2024
    		   2024
    Total stockholders’ equity (GAAP) (A) $ 776,061     $ 763,582     $ 754,822     $ 726,665     $ 721,250  
    Intangible assets (end of period) (B)   164,618       165,434       166,278       167,121       167,965  
    Total tangible common equity (non-GAAP) (C) = (A) – (B) $ 611,443     $ 598,148     $ 588,544     $ 559,544     $ 553,285  
    Common shares outstanding (D)   43,785,932       43,722,086       43,712,059       43,712,059       43,726,380  
                         
    Tangible book value per common share (non-GAAP) (E) = (C) / (D) $ 13.96     $ 13.68     $ 13.46     $ 12.80     $ 12.65  
                                             
    Contact: John R. Stewart, CFA
      EVP, Chief Financial Officer
    Phone: (219) 814–5833
    Fax: (219) 874–9280
    Date: April 23, 2025

    The MIL Network –

  • MIL-OSI USA: Peters Joins Colleagues in Demanding Answers About Closure of Michigan’s Regional Head Start Office

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    WASHINGTON, D.C. – U.S. Senator Gary Peters (MI) joined a group of his Senate colleagues in demanding answers about the closure of five regional Head Start Offices across the country, including Chicago’s Region 5 office which serves Michigan’s Head Start centers. In a letter to U.S. Secretary of Health and Human Services Robert F. Kennedy Jr., Peters made clear that this decision will negatively impact the early educational programs that children and families depend on, while also cutting jobs for dedicated educators.  
    “This announcement – which contained no guidance for grantees in impacted regions – has created confusion and chaos for Head Start centers, employees, and families across various states, including those in Region 5 (Illinois, Indiana, Michigan, Minnesota, Ohio, and Wisconsin),” Peters and his colleagues wrote.  
    The Head Start program serves in-need children and their families across both rural and urban communities in Michigan. There are currently 620 Head Start centers operating in Michigan, with capacity to serve more than 20,500 children ages 3 to 5 in Head Start programs and close to 7,000 enrollees in Early Head Start programs.  
    “Head Start centers run on tight budgets, and without a regional office, grantees will not be able to receive approval to draw down funds, forcing many to consider laying off staff—or even shuttering their doors,” the senators wrote. 
    They continued: “This will have devastating effects for children, families, child care workers, and the economy if children fail to receive care, child care staff lose their jobs, and parents cannot go to work.” 
    Peters concluded the letter by demanding answers about how the closure of the Region 5 office in Chicago will impact Head Start grantees across Michigan and families that rely on this program. 
    A copy of the letter is available here.  

    MIL OSI USA News –