Category: Internet Communications Technology

MIL-OSI Asia-Pac: NHRC, India organises an open house discussion on ‘Ensuring privacy and human rights in the digital era: A focus on corporate digital responsibility’

Source: Government of India

NHRC, India organises an open house discussion on ‘Ensuring privacy and human rights in the digital era: A focus on corporate digital responsibility’

NHRC, India Chairperson, Justice Shri V. Ramasubramanian emphasises the need for safeguarding privacy as a human right in the digital world

Cautions against the consequences of the significant decline in value systems

NHRC, India Member, Justice (Dr) Bidyut Ranjan Sarangi raises concerns over the lack of digital literacy in the financial transactions

Secretary General, Shri Bharat Lal says, protecting people’s privacy online is a collective responsibility of all stakeholders

Among various key suggestions, simplifying the user agreements and policy frameworks to enhance consumer understanding and control over personal data highlighted

Establishing clear accountability structures for data breaches, especially for research institutions and third-party data processors also emphasised

Posted On: 19 FEB 2025 12:25PM by PIB Delhi

The National Human Rights Commission (NHRC), India organised an open house discussion in hybrid mode on ‘Ensuring privacy and human rights in the digital era: A focus on corporate digital responsibility’ at its premises. It was chaired by the Chairperson, Justice Shri V Ramasubramanian in the presence of Member, Justice (Dr) Bidyut Ranjan Sarangi, Secretary General, Shri Bharat Lal, senior officers, domain experts, industry representatives among others.

Addressing the participants, NHRC, India Chairperson, Justice Shri V. Ramasubramanian emphasised that safeguarding privacy as a human right in the digital world is necessary. The technological advancements should align with fundamental human rights and privacy protections. The responsibility must begin with the individual user. He highlighted that maintaining digital hygiene is crucial. He also pointed out the significant decline in value systems, cautioning that one must bear the consequences of this shift.

He reaffirmed the Commission’s commitment to fostering inclusive discussions on digital rights and corporate accountability for developing a robust regulatory framework that balances innovation, security, and individual privacy.

NHRC, India Member, Justice (Dr) Bidyut Ranjan Sarangi raised concerns regarding the lack of digital literacy which make many people dependent on others who may dupe them. He said that simplifying the processes of digital technology to maximise its safe usage by the common people in the country.

Before this, NHRC, India Secretary General, Shri Bharat Lal while setting the agenda for discussion, gave the objective of this discussion on an important emerging issue i.e. ‘Ensuring privacy and human rights in the digital era: A focus on corporate digital responsibility’. He gave an overview of three sub-themes: ‘Establishing a proper regulatory framework and compliance mechanism’, ‘Building a culture of data privacy’, and ‘Identifying threats and best practices’. Citing data from 2023, he mentioned that over 20% of global data is generated in India whereas it has only about 3% of the storage capacity requiring a major role for Indian corporates. He said that while the Digital Personal Data Protection Act, 2023, and other regulations are in place, the challenges in the digital age are increasing. The draft rules have been notified and consultation process is going on. He also said that collection, storage and processing of personal data ‘brings’ huge responsibility of entities and they keep this data as a ‘trustee’. Any breach of trust in this trusteeship, is unacceptable. He stressed that protecting people’s privacy online is a collective responsibility requiring joint efforts from individuals, private sectors which plays a major role and the government and its agencies.

The meeting extensively discussed the intensity of the problem that arises due to misuse of data and data breaches. Further, several key provisions of the Digital Personal Data Protection Act, 2023 were also discussed.

Data Usage and Privacy Concerns

The participants raised concerns over the extensive control exerted by global technology companies on user data, which complicates regulatory enforcement. Law enforcement agencies often face challenges in accessing critical data due to data storage in offshore centres. Additionally, the increasing reliance on digital platforms makes maintaining individual privacy more challenging.

Cyber Law and Regulatory Framework

Discussions also highlighted the gaps in the draft data protection rules, including the requirement to report data breaches within 72 hours and the accountability of research institutions handling personal data. The Government representatives highlighted ongoing consultations on data protection regulations, particularly the introduction of the Right to Nomination to enhance data privacy rights.

Corporate Digital Responsibility

The Corporate representatives shared best practices in data protection, digital well-being, and compliance-by-design strategies. However, they also highlighted operational challenges, particularly in navigating complex multi-layered digital operations. Companies transitioning from a low digital penetration environment to a structured data protection framework emphasised the need for regulatory flexibility to accommodate evolving business models and global compliance requirements such as the General Data Protection Regulation (GDPR) of the European Union. Referring to the Draft Digital Personal Data Protection Rules, 2025, the corporate stakeholders said that it should include explicit penal provisions for non-compliance and guidelines for obtaining verifiable parental consent for minors.

Consumer Rights and Policy Simplification

The participants noted that consumers have limited choices in consenting to data collection, as many business models mandate data sharing. The existing Do-Not-Disturb (DND) mechanism by TRAI was deemed ineffective.

The participants included Shri Shailendra Trivedi, Chief General Manager-in-Charge, Department of Information Technology, Reserve Bank of India, Shri Deepak Goel, Group Coordinator (Cyber Law), Ministry of Electronics & Information Technology, Shri Ankur Rastogi, Principle Project Engineering, EGSTM, Centre For Railway Information Systems (CRIS), Shri Sanjoy Bhattacharjee, Chief Data Officer, HDFC Bank, Shri Ajay Gupta, Executive Director, ICICI Bank, Shri Soumendra Mattagajasingh, Group Chief Human Resources Officer, ICICI Bank, Shri Rajiv Kumar Gupta, President, PB Fintech, Policy Bazaar, Shri Sameer Bajaj, Head of Communication & Corporate Affairs, MakeMyTrip, Shri Ashish Aggarwal, Vice President and Head of Policy, NASSCOM, Dr Muktesh Chander, NHRC Special Monitor, Cyber Crime and Artificial Intelligence, Shri Tanveer Hasan A K, Executive Director, Centre for Internet & Society (CIS) in India and Shri Sameer Kochhar, President SKOCH Development Foundation, NHRC, India Registrar (Law), Joginder Singh, Director, Lt Col Virender Singh among others.

Some of the important suggestions that emanated from the discussion included;

• Simplify the user agreements and policy frameworks to enhance consumer understanding and control over personal data;
• Establish clear accountability structures for data breaches, especially for research institutions and third-party data processors;
• Strengthen user consent frameworks for greater transparency and informed decision-making;
• Define the mandate and composition of the proposed Data Protection Board;
• Develop a localised approach to data privacy regulations to support small businesses while addressing India-specific challenges;
• Encourage companies to integrate privacy-by-design principles in digital operations;
• Enhance consumer awareness through targeted digital privacy and cybersecurity literacy programmes;
• Have explicit penal provisions for non-compliance;
• Need for bilateral agreements to address cross-border security and data-sharing concerns;
• Address the challenges arising from strict data localisation mandates; and
• Clear guidelines for obtaining verifiable parental consent for minors.

***

NSK

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MIL OSI Asia Pacific News –

February 20, 2025
MIL-OSI Africa: CORRECTION – African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact
Source: Africa Press Organisation – English (2) – Report:

ADDIS ABABA, Ethiopia, February 19, 2025/APO Group/ —
- “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
- Governments across Africa pay tribute to Adesina’s exceptional leadership
- UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms
African Development Bank Group (www.AfDB.org) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38^th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, an innovative facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

“It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1^st September 2025.

The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:
- 127 million people gained access to better services in terms of health.
- 61 million people gained access to clean water.
- 33 million people benefited from improved sanitation.
- 46 million people gained access to ICT services, and
- 25 million people gained access to electricity.
He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative mandated by the African Union Heads of State and Government. Co-led by the African Union Commission and the African Development Bank, it could generate, if immediately implemented, approximately USD 20 billion in debt servicing savings for African countries by 2035. The Assembly also adopted the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

A Decade of Transformative Impact

With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

Historic Financial Mobilization for Africa

Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

“As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

“In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

MIL OSI Africa –
February 20, 2025
MIL-OSI Russia: “The Most Comfortable Introduction to the Specialty”: Marketing Course from HSE

Translartion. Region: Russians Fedetion –

Source: State University Higher School of Economics – State University Higher School of Economics –

On March 10, HSE will launch an online course in strategic marketing and advertising, thanks to which students will be able to become “their own” in the professional community. Over six months of live and comfortable training, students will master the basic competencies and advanced skills necessary for an Internet marketer, and learn what is needed to prepare, launch and run marketing campaigns. What makes the program unique and why it is worth joining was explained by a professor at HSE in Nizhny Novgorod, head of the professional retraining program “Basic Marketing Course» Mikhail Shushkin.

— Who is the HSE Basic Marketing Course intended for?

— Firstly, for those who want to master a new profession of a marketer. Graduates of the program will be able to work both in agencies and in companies of various industries: banks, manufacturing, construction industry, retail, marketplaces, media projects, medicine, IT, tourism, restaurants and hotels. Marketers are needed everywhere.

Secondly, for those who already work in the advertising industry and want to increase their value in the labor market or improve their knowledge of new marketing trends.

HSE diplomas are highly valued by employers. This is because we provide only relevant tools. We are practitioners, we are inside the marketing industry, where everything changes every month. Therefore, we have the latest expertise and work with the newest tools.

Thirdly, the course will be useful for small and medium business owners. Almost every business faces the problem of attracting new customers and retaining existing ones. Therefore, entrepreneurs inevitably interact with marketing. It is quite difficult to understand it on your own, and transferring all marketing tasks to one agency is not always effective. The marketing industry is quite complex, and the cost of advertising is constantly growing. In order to develop an effective marketing strategy and competently select contractors for various types of work, knowledge in the field of marketing is necessary.

— What are the features of the program?

— The program is implemented online in the form of live classes with teachers. This means a lot of interaction, feedback, case discussions, debates and practical blocks. 60% of the classes are practice.

The distance format has a number of advantages. For example, your group can include students from different cities and countries. I will give an example from one of the classes. Classes start at 18:00 Moscow time. The teacher and students connect in advance, 10 minutes before the start. There is time to chat a little about life and marketing news. Ivan logs into the system and suggests watching the sunrise. Ivan is now in Los Angeles, he is a jazz musician. At this moment, Ekaterina shows the sunset in Kaliningrad. The “city game” begins: Beijing, Tashkent, Novosibirsk, Irkutsk, Yekaterinburg, Kazan, Nizhny Novgorod, Moscow, St. Petersburg, Belgrade, Madrid…

— What industries do the program’s listeners come from?

— Among them are employees of Gazprom, Baltika, LUKOIL, Magnit, X5, Dodo Pizza, Channel One, as well as theaters, universities (for example, Moscow State University), restaurants and cafes, IT businesses, startups and musical groups. Their basic education does not matter. Among our students are drilling rig operators in the Far North, sailors from the Far East, restaurant waiters in New Moscow, theater actors on Arbat and contextual advertising specialists in Moscow City. They are all united by an interest in marketing.

Some people need marketing to build a career in their company, others – to develop their own business projects, and still others – to enter a new, highly paid and interesting profession.

— Can a person without knowledge enter and successfully master the program?

— Definitely yes! Often complex terms mean simple things. Working in classifieds, digital PR, retail media, analytical tools, castdev, building a customer journey map, digital advertising algorithms, SMM, brand pyramid, media plan, sales funnels, conversion, marketing metrics — all this is not as difficult as it seems. It sounds serious, but believe me, these are logical and easy-to-understand tools. Their competent use helps to develop your own business or improve the efficiency of the current one.

The “language of marketers” is a separate topic altogether – it has become the subject of many memes and jokes. It seems that marketers deliberately use professional slang to create a closed club, like in youth culture. But in fact, these are convenient and standardized terms that help specialists from different cities and countries easily understand each other.

— Who teaches the classes?

— The next stream will be taught by marketers from companies such as MTS Ads, e-Promo, Dodo Pizza, Sber, and the NORMA agency. Among them are experts implementing marketing projects for LUKOIL, Mega shopping centers, Rostelecom, Alfa-Bank, and other companies.

All teachers are active practitioners in their fields: marketing research, digital advertising, customer service, PR, branding, creation and implementation of advertising concepts and communication strategies.

— What is the atmosphere like in the classes?

— The atmosphere in the classes is comfortable, friendly, I would even say family-like. The teachers are deeply versed in their disciplines, as they are practitioners.

Students do not feel pressure from teachers and classmates. The principle of the program is the most comfortable introduction to the specialty. Classmates and teachers are always ready to help and support each other.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

February 20, 2025
MIL-OSI: Bitget Launches A New Round of Global Builders Recruitment to Co-build the Bitget Ecosystem

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 19, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, announced the expansion of its global recruitment initiative Bitget Builders Program which invites crypto enthusiasts from various backgrounds to co-build the Bitget ecosystem while unlocking exclusive benefits, event access, and growth opportunities.

Starting February 2025, the Bitget Builders Program will launch a long-term global recruitment of builders who are exploring deeply in blockchain industry and in line with Bitget’s vision of driving blockchain innovation and adoption. The recruitment program is not limited to any specific country, so applications for this program are invited from all over the world. Builders will engage in a variety of roles that align with their skills and interests while gaining rewards for their contributions. Top-performing participants will have the opportunity to earn exclusive invitations to Token 2049 in Dubai, as well as a face-to-face meetup with Bitget COO Vugar Usi Zade.

“Build Bitget with Vugar” events will serve as a dialogue between Bitget’s leadership and its global community. Bitget COO Vugar Usi Zade will lead a series of interactive sessions to share insights into Bitget’s strategic vision, core values, and future roadmap. Through AMAs, workshops, and networking sessions, participants will gain firsthand knowledge of Bitget’s ecosystem strategy and collaborate on shaping its evolution.

So far over 5,000 participants in Bitget Builders Program have played a significant role in Bitget’s global expansion by organizing community events, promoting high-profile projects, and managing local engagement. This year, community managers will be upgraded to Bitget Builders and gain enhanced benefits. In addition, Bitget Builders will spearhead the “Global Meetup Tour,” kicking off in cities around the world to expand Bitget’s global footprint and strengthen community ties.

“The Bitget Builders Program embodies our belief in community-driven growth. By empowering builders with resources and recognition, we’re accelerating the creation of a more inclusive and innovative crypto ecosystem,” said Vugar Usi Zade, COO at Bitget. “Bitget believes Gen Z and younger crypto users, who grow up with the increasing adoption of crypto, will be playing a vital role in promoting crypto adoption. We’re excited to meet passionate individuals worldwide through our events and build Bitget’s future together.”

The Bitget Builders Program is a pivotal component of the Blockchain4Youth charity project, which aims to empower young talents and foster innovation within the crypto space. This innovative initiative has successfully brought participants from more than 55 countries and is dedicated to providing opportunities with thriving Web3 talents, deeply integrating the next generation of crypto leaders into the Bitget ecosystem, and fostering a robust crypto community.

For more details on the Bitget Builders Program, users can visit here.

About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, users can contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

Contact

Simran Alphonso
media@bitget.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6b5c114c-6fa7-4f71-922b-2000aaaf9b97

The MIL Network –

February 19, 2025
MIL-OSI: Capital reserved for buybacks increased to $120 million over next 3 years
Source: GlobeNewswire (MIL-OSI)

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS.

St Peter Port, Guernsey 19 February 2025

This announcement contains information that qualifies or may qualify as inside information under the UK Market Abuse Regulation and the EU Market Abuse Regulation.

The person responsible for arranging the release of this announcement on behalf of NB Private Equity Partners Limited is James Christie, Company Secretary.

NB Private Equity Partners (“NBPE” or the “Company”) increases capital reserved for buybacks

In light of the current environment and the persistent level of discounts within the listed private equity sector and following a period of consultation with shareholders and advisors, the NBPE Board has decided to significantly increase the amount of capital reserved for buybacks and to clarify its capital allocation framework.

NBPE has a strong history of returning capital to shareholders, having distributed over $420 million since inception, primarily in the form of dividends. The Board has also historically allocated meaningful capital to share buybacks, subject to certain undisclosed criteria. Given persistently wide discounts in the listed private equity sector, including NBPE, the Board has decided to reserve $120 million to be available for share buybacks over the next three years, subject to the criteria below.

This decision underscores the Board’s confidence in NBPE’s portfolio and the NAV accretion opportunity that buybacks present. NBPE’s co-investment model provides the flexibility to increase the company’s allocation to buybacks due to the resulting low unfunded commitments and strong capital position. Maintaining the current dividend level and fully utilising the additional capital allocated to buybacks would result in NBPE returning approximately $250 million to shareholders over the next three years.

In 2025 year to date, NBPE has repurchased 148,746 shares, amounting to $2.9 million and resulting in NAV accretion of ~$0.02 per share.

Key Components of NBPE’s Capital Allocation Framework

The Company’s capital allocation framework is made up of two pillars: allocating capital to NBPE’s investment program and returning capital to shareholders in the form of dividends and buybacks. In balancing these capital allocation pillars, the Board is focused on long term shareholder returns and considers factors such as the Company’s financial position, the discount to net asset value, NBPE’s investment level relative to targets and the vintage year diversification of the portfolio.

New Investments

Over the long term the Board views new investment as the principal use of the Company’s capital. The manager has a strong track record in co-investments and over the long term it is new investments that the Board expects will continue to drive performance and NAV growth. NBPE’s co-investment approach offers a compelling value proposition, with an industry leading manager sourcing and executing co-investments alongside top tier private equity firms. We believe that the long-term return potential and high fee efficiency of this approach offer a unique value proposition. Currently, NBPE is 102% invested. The Board considers a target investment range of 100-110% to be optimal, although investment levels may fluctuate above or below target.

Return of Capital
- The Board remains committed to NBPE’s dividend policy, which targets an annualised yield on NAV of 3.0% or greater, with the goal of maintaining or prudently increasing the level of dividends over time.
- In 2025 the Board expects to maintain the current dividend level of $0.47c per share, amounting to a capital return of ~$43 million which is 3.5% of current NAV.
- The $120 million reserved for share buybacks will be available based on various parameters set out by the Board, including NBPE’s share price discount to NAV, market conditions, performance and other relevant information. The Board has allocated capital and instructed Jefferies (Company broker) to repurchase shares under the buyback program when specific criteria are met. In addition to regular market buybacks, capital is available for more opportunistic/targeted buybacks.
- The Board will re-evaluate the Company’s buyback criteria on a quarterly basis, taking into account factors highlighted.
- The updated buyback proposal falls under the existing buyback program approved at the company’s AGM in June 2024, which permits the repurchase of up to 14.99% of the company’s issued shares annually. Shareholders will have the opportunity to vote on extending the program each year at the company’s AGM in June.
William Maltby Chairman of NB Private Equity Partners Commented:

“Following a period of consultation with shareholders and advisers and after thoughtful consideration, I am pleased to announce this significant increase in capital available for buybacks. In today’s environment and at current discount levels, the Board views share buybacks as an attractive and accretive use of capital, presenting an opportunity to drive returns for all shareholders. We have confidence in NBPE’s portfolio and remain committed to maximising returns for all investors over the short, medium and long term. This commitment includes returning capital through buybacks and dividends while continuing to make new investments where appropriate. This decision reflects the Company’s ongoing efforts to return capital to shareholders, which has resulted in over $420 million returned through dividends and share buybacks since inception.”

For further information, please contact:

NBPE Investor Relations        +44 (0) 20 3214 9002
Luke Mason        NBPrivateMarketsIR@nb.com

Kaso Legg Communications        +44 (0)20 3882 6644

Charles Gorman        nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of 31 December 2024, unless otherwise noted.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

The MIL Network –
February 19, 2025
MIL-OSI Submissions: African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact

SOURCE: African Development Bank Group (AfDB)

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025

ABIDJAN, Ivory Coast, February 18, 2025 – “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
Governments across Africa pay tribute to Adesina’s exceptional leadership
UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms

African Development Bank Group (www.AfDB.org/en) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, a $20 billion facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

“It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025.

The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:

127 million people gained access to better services in terms of health.
61 million people gained access to clean water.
33 million people benefited from improved sanitation.
46 million people gained access to ICT services, and
25 million people gained access to electricity.

He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative by the African Development Bank to provide $20 billion in debt refinancing for African nations alongside the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

A Decade of Transformative Impact

With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

Historic Financial Mobilization for Africa

Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

“As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

“In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

Dr. Adesina’s speech (https://apo-opa.co/4kiP9Ph)
AU Summit pictures (https://apo-opa.co/4i03e1S)

MIL OSI – Submitted News –

February 19, 2025
MIL-OSI Security: St. Louis County Man Accused of Child Sex Trafficking

Source: Office of United States Attorneys

ST. LOUIS – A man from Northwoods, in St. Louis County, Missouri, has been accused of child sex trafficking.

Rodarius Servick, 50, was indicted in U.S. District Court in St. Louis Thursday on one count of child sex trafficking and one count of travel with intent to engage in illicit sexual conduct. He appeared in court and pleaded not guilty Tuesday.

The indictment accuses Servick of recruiting, enticing, harboring, transporting or providing a minor for a commercial sex act between August 19, 2024, and Sept. 13, 2024, and transporting that minor across state lines for the purpose of prostitution on August 19.

Charges set forth in an indictment are merely accusations and do not constitute proof of guilt. Every defendant is presumed to be innocent unless and until proven guilty.

A motion seeking to have Servick held in jail until trial says law enforcement learned on Sept. 13, 2024, of a runaway juvenile that was being trafficked. Detectives found an advertisement with her picture online, and the St. Louis County Police Department conducted an undercover operation that recovered the girl days later.

The FBI, the St. Louis County Police Department and the St. Louis Metropolitan Police Department investigated the case. Assistant U.S. Attorney Dianna Edwards is prosecuting the case.

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

MIL Security OSI –

February 19, 2025

MIL-OSI: SiriusPoint reports ninth consecutive quarter of underwriting profits with FY Core combined ratio of 91.0%

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, Feb. 18, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its fourth quarter ended December 31, 2024

Combined ratio of 90.2% in the fourth quarter for Core business, representing a 3.2 point improvement versus prior year, resulting in a full year 2024 Core combined ratio of 91.0% and Core underwriting income of $200 million
Growth in the quarter of 21% on gross premiums written for continuing lines business (excluding 2023 exited programs), contributing to 10% growth for the full year
Fourth quarter net loss of $21 million, materially impacted by three significant items linked to our efforts to reposition the Company, including the CM Bermuda repurchase transaction, closure of previously announced LPT transaction with Enstar, and the write-down of a single MGA investment. This marks the end of the significant reshaping of the Company
Underlying net income of $44 million in the fourth quarter contributing to $304 million for the full year, up 14% versus prior year
Return on equity for 2024 of 9.1%, or 14.6% on an underlying basis and at the upper end of the target range of 12-15%
Book value per diluted common share (ex. AOCI) of $14.64, up 2.7% in the quarter and up 9.8% from December 31, 2023. Balance sheet remains strong post CM Bermuda transaction with Q4’24 BSCR estimate at 214%
Permanent retirement of the 45.7 million common shares repurchased from CM Bermuda on closure of the transaction, driving greater than 20% earnings per share accretion

Scott Egan, Chief Executive Officer, said: “2024 has been a remarkable year of delivery for SiriusPoint. Despite increased catastrophe activity, our Core combined ratio has improved meaningfully from last year to 91.0%, excluding the impact from the loss portfolio transfer in 2023. Our 4.2 point improvement in attritional loss ratio demonstrates our focus on improving the quality of our underwriting. We saw 21% growth of gross premiums written for the quarter and 10% for the full year for our continuing lines business.

Our underlying return on equity of 14.6% is at the upper end of the 12-15% target range set out a year ago. In optimizing our capital position, we have returned over $1 billion to investors during 2024 while maintaining robust capital ratios, due to our strong performance, reshaping actions, and capital generation over the past two years.

We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025. While this quarter our net income was impacted by several one-off items, we see 2024 as the end of the repositioning and reshaping of the Company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.

I take great pride in the accomplishments of the SiriusPoint team, who have worked with commitment and dedication to produce improvements in our underlying results, quarter after quarter. I am immensely grateful for all that they do every day for our customers, partners and shareholders.”

Fourth Quarter 2024 Highlights

Net loss attributable to SiriusPoint common shareholders of $21.3 million, or $0.13 per diluted common share
Core income of $66.7 million, including underwriting income of $56.3 million, Core combined ratio of 90.2%
Core net services fee income of $10.4 million, with service margin of 20.2%
Net investment income of $68.9 million and total investment result of $29.0 million
Book value per diluted common share decreased $0.13 per share, or 0.9%, from September 30, 2024 to $14.60
Annualized return on average common equity of (4.0)%

Year Ended December 31, 2024

Net income available to SiriusPoint common shareholders of $183.9 million, or $1.04 per diluted common share
Core income of $244.6 million, including underwriting income of $200.0 million, Core combined ratio of 91.0%
Core net services fee income of $46.7 million, with service margin of 21.0%
Net investment income of $303.6 million and total investment result of $224.6 million
Book value per diluted common share increased $1.25 per share, or 9.4%, from December 31, 2023 to $14.60
Return on average common equity of 9.1%
Debt to capital ratio increased to 24.8% compared to 23.8% as of December 31, 2023

Key Financial Metrics

The following table shows certain key financial metrics for the three and twelve months ended December 31, 2024 and 2023:


	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	($ in millions, except for per share data and ratios)
Combined ratio		94.4	%		93.6	%		88.3	%		84.5	%
Core underwriting income (1)	$	56.3		$	37.0		$	200.0		$	250.2
Core net services income (1)	$	10.4		$	9.3		$	44.6		$	41.2
Core income (1)	$	66.7		$	46.3		$	244.6		$	291.4
Core combined ratio (1)		90.2	%		93.4	%		91.0	%		89.1	%
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	(4.0		)%		17.1	%		9.1	%		16.2	%
Book value per common share	$	14.92		$	13.76		$	14.92		$	13.76
Book value per diluted common share	$	14.60		$	13.35		$	14.60		$	13.35
Book value per diluted common share ex. AOCI (1)	$	14.64		$	13.33		$	14.64		$	13.33
Tangible book value per diluted common share (1)	$	13.42		$	12.47		$	13.42		$	12.47

(1)

Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.”

Fourth Quarter 2024 Summary

Consolidated underwriting income for the three months ended December 31, 2024 was $32.7 million compared to $36.7 million for the three months ended December 31, 2023. The decrease was primarily driven by higher catastrophe losses, partially offset by an increase in favorable prior year loss reserve development. Catastrophe losses, net of reinsurance and reinstatement premiums, were $38.6 million, or 6.5 percentage points on the combined ratio, for the three months ended December 31, 2024 mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Favorable prior year reserve development was $37.3 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as in Insurance & Services, mainly due to lower than expected reported attritional losses in A&H, compared to $11.1 million for the three months ended December 31, 2023 which included reserve strengthening for specific areas of uncertainty for the loss reserves.

Consolidated underwriting income for the year ended December 31, 2024 was $276.4 million compared to $375.9 million for the year ended December 31, 2023. The decrease was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $127.8 million driven by reserving analyses performed in connection with the loss portfolio transfer transaction with Pallas Reinsurance Company Ltd that closed on June 30, 2023 (“2023 LPT”). Excluding the favorable development linked to the 2023 LPT, underwriting income increased by $15.8 million primarily driven by favorable development in Reinsurance, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses. Catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.3 percentage points on the combined ratio, for the year ended December 31, 2024, primarily driven by Hurricanes Milton and Helene, compared to $24.8 million, or 1.0 percentage points on the combined ratio, for the year ended December 31, 2023, primarily driven by the Turkey Earthquake and Chile Wildfire.

Reportable Segments

The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments – Reinsurance and Insurance & Services.

Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Three months ended December 31, 2024 and 2023

Core Premium Volume

Gross premiums written increased by $42.7 million, or 5.9%, to $762.5 million for the three months ended December 31, 2024 compared to $719.8 million for the three months ended December 31, 2023. Net premiums earned increased by $23.2 million, or 4.2%, to $581.6 million for the three months ended December 31, 2024 compared to $558.4 million for the three months ended December 31, 2023. The increases in premium volume were primarily driven by increases in Insurance & Services from strategic organic and new program growth, as well higher A&H premiums, and in Reinsurance in Specialty and Property from new business and renewal growth. These increases were partially offset by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023.

Core Results

Core results for the three months ended December 31, 2024 included income of $66.7 million compared to $46.3 million for the three months ended December 31, 2023. Income for the three months ended December 31, 2024 consists of underwriting income of $56.3 million (90.2% combined ratio) and net services income of $10.4 million, compared to underwriting income of $37.0 million (93.4% combined ratio) and net services income of $9.3 million for the three months ended December 31, 2023. The improvement in net underwriting results was primarily driven by increased favorable prior year loss reserve development and lower attritional losses, partially offset by higher catastrophe losses.

Losses incurred included $58.1 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $37.7 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $38.6 million, or 6.6 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Despite increased catastrophe losses for the three months ended December 31, 2024, catastrophe losses for the year ended December 31, 2024 were in line with our expectations evidencing our actions to reduce our catastrophe exposed business during the last two years.

Year ended December 31, 2024 and 2023

Core Premium Volume

Gross premiums written decreased by $134.3 million, or 4.1%, to $3,176.4 million for the year ended December 31, 2024 compared to $3,310.7 million for the year ended December 31, 2023. Net premiums earned decreased by $81.5 million, or 3.6%, to $2,199.1 million for the year ended December 31, 2024 compared to $2,280.6 million for the year ended December 31, 2023. The decreases in premium volume were primarily due to the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, with the most significant offset being strategic organic and new program growth within Insurance & Services.

Core Results

Core results for the year ended December 31, 2024 included income of $244.6 million compared to $291.4 million for the year ended December 31, 2023. Income for the year ended December 31, 2024 consists of underwriting income of $200.0 million (91.0% combined ratio) and net services income of $44.6 million, compared to underwriting income of $250.2 million (89.1% combined ratio) and net services income of $41.2 million for the year ended December 31, 2023. The decrease in net underwriting results was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $104.8 million driven by reserving analyses performed in connection with the 2023 LPT.

Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $49.0 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses.

For the year ended December 31, 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.5 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $13.5 million, or 0.6 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia, for the year ended December 31, 2023.

Reinsurance Segment

Three months ended December 31, 2024 and 2023

Reinsurance gross premiums written were $312.2 million for the three months ended December 31, 2024, an increase of $60.5 million, or 24.0%, compared to the three months ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

Reinsurance generated underwriting income of $18.3 million (93.2% combined ratio) for the three months ended December 31, 2024, compared to underwriting income of $27.8 million (88.6% combined ratio) for the three months ended December 31, 2023. The decrease in net underwriting results was primarily due to higher catastrophe losses, partially offset by increased favorable development. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $35.2 million, or 13.2 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Losses incurred included $41.8 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $21.1 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

Year ended December 31, 2024 and 2023

Reinsurance gross premiums written were $1,335.6 million for the year ended December 31, 2024, an increase of $64.6 million, or 5.1%, compared to the year ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

Reinsurance generated underwriting income of $124.8 million (88.0% combined ratio) for the year ended December 31, 2024, compared to underwriting income of $206.2 million (80.0% combined ratio) for the year ended December 31, 2023. The decrease in net underwriting results was primarily due to decreased favorable prior year loss reserve development and higher catastrophe losses, partially offset by lower attritional losses. Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024 primarily driven by favorable development in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $140.8 million for the year ended December 31, 2023, which included $93.0 million driven by reserving analyses performed in connection with the 2023 LPT.

For the year ended December 31, 2024, catastrophe losses, net of reinsurance and reinstatement premiums, were $49.5 million, or 4.7 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $12.2 million, or 1.2 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia for the year ended December 31, 2023.

Insurance & Services Segment

Three months ended December 31, 2024 and 2023

Insurance & Services gross premiums written were $450.3 million for the three months ended December 31, 2024, a decrease of $17.8 million, or 3.8%, compared to the three months ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023, partially offset by strategic organic and new program growth, as well higher A&H premiums.

Insurance & Services generated segment income of $48.4 million for the three months ended December 31, 2024, compared to $16.8 million for the three months ended December 31, 2023. Segment income for the three months ended December 31, 2024 consists of underwriting income of $38.0 million (87.9% combined ratio) and net services income of $10.4 million, compared to underwriting income of $9.2 million (97.0% combined ratio) and net services income of $7.6 million for the three months ended December 31, 2023. The improvement in underwriting results was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

Year ended December 31, 2024 and 2023

Insurance & Services gross premiums written were $1,840.8 million for the year ended December 31, 2024, a decrease of $198.9 million, or 9.8%, compared to the year ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

Insurance & Services generated segment income of $119.8 million for the year ended December 31, 2024, compared to income of $86.3 million for the year ended December 31, 2023. Segment income for the year ended December 31, 2024 consists of underwriting income of $75.2 million (93.5% combined ratio) and net services income of $44.6 million, compared to underwriting income of $44.0 million (96.5% combined ratio) and net services income of $42.3 million for the year ended December 31, 2023. The improvement in underwriting income of $31.2 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

As of December 31, 2024, we have equity stakes in 20 entities (managing general agents (“MGAs”), Insurtech and Other) compared to 36 at the start of 2023. We continue to rationalize our MGA equity stakes and realize the significant off-balance sheet value of our consolidated MGAs, with 6 of these rationalized in 2024. Book value for our three consolidated MGAs was $90.1 million as of December 31, 2024, compared to $76.3 million at December 31, 2023, when adjusted to exclude Arcadian Risk Capital Ltd. which we deconsolidated on June 30, 2024.

Investments

Three months ended December 31, 2024 and 2023

Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt portfolio of $61.2 million, partially offset by unrealized losses resulting from fair value analyses on our strategic investment portfolio.

Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of $68.5 million. This result was driven by interest income primarily on securitized assets and corporate debt positions, which made up 65.6% of our total investments as of December 31, 2023.

Year ended December 31, 2024 and 2023

Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $289.7 million, partially offset by unrealized losses on other long-term investments of $70.0 million. Increased investment income is primarily due to the rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio. Losses on private other long-term investments were the result of updated fair value analyses consistent with the current insurtech market trends and disposals of positions as we execute our strategy to focus on underwriting relationships with MGAs.

Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $277.0 million.

Webcast Details

The Company will hold a webcast to discuss its fourth quarter 2024 results at 8:30 a.m. Eastern Time on February 19, 2025. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. fourth quarter 2024 earnings call.

The online replay will be available on the Company’s website immediately following the call at www.siriuspt.com under the “Investor Relations” section.

Safe Harbor Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Specific forward-looking statements in this press release include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the success of our strategic transaction with CMIG International Holding Pte. Ltd., the current insurtech market trends, our ability to generate shareholder value and whether we will continue to have momentum in our business in the future. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events, including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes, including wildfires, and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and other risks and factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures and Other Financial Metrics

In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Book value per diluted common share excluding accumulated other comprehensive income (loss) (“AOCI”) and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Management believes the effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses. Management believes it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.

About the Company

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Stable) from AM Best, S&P and Fitch, and A3 (Stable) from Moody’s. For more information please visit www.siriuspt.com.

Contacts

Investor Relations
Liam Blackledge – Investor Relations and Strategy Manager
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082

Media
Natalie King – Global Head of Marketing and External Communications
Natalie.King@siriuspt.com
+ 44 20 3772 3102


SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of December 31, 2024 and December 31, 2023 (expressed in millions of U.S. dollars, except per share and share amounts)

	December 31, 2024			December 31, 2023
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $1.1 (2023 – $0.0) (cost – $5,143.8; 2023 – $4,754.6)	$	5,131.0		$	4,755.4
Debt securities, trading, at fair value (cost – $187.3; 2023 – $568.1)		162.2			534.9
Short-term investments, at fair value (cost – $95.3; 2023 – $370.8)		95.8			371.6
Investments in related party investment funds, at fair value		116.5			105.6
Other long-term investments, at fair value (cost – $317.8; 2023 – $358.1) (includes related party investments at fair value of $100.7 (2023 – $173.7))		200.0			310.1
Total investments		5,705.5			6,077.6
Cash and cash equivalents		682.0			969.2
Restricted cash and cash equivalents		212.6			132.1
Redemption receivable from related party investment fund		—			3.0
Due from brokers		11.2			5.6
Interest and dividends receivable		44.0			42.3
Insurance and reinsurance balances receivable, net		2,054.4			1,966.3
Deferred acquisition costs, net		327.5			308.9
Unearned premiums ceded		463.9			449.2
Loss and loss adjustment expenses recoverable, net		2,315.3			2,295.1
Deferred tax asset		297.0			293.6
Intangible assets		140.8			152.7
Other assets		270.7			175.9
Total assets	$	12,524.9		$	12,871.5
Liabilities
Loss and loss adjustment expense reserves	$	5,653.9		$	5,608.1
Unearned premium reserves		1,639.2			1,627.3
Reinsurance balances payable		1,781.6			1,736.7
Deposit liabilities		17.4			134.4
Deferred gain on retroactive reinsurance		8.5			27.9
Debt		639.1			786.2
Due to brokers		18.0			6.2
Deferred tax liability		76.2			68.7
Liability-classified capital instruments		—			67.3
Share repurchase liability		483.0			—
Accounts payable, accrued expenses and other liabilities		269.2			278.1
Total liabilities		10,586.1			10,340.9
Commitments and contingent liabilities
Shareholders’ equity
Series B preference shares (par value $0.10; authorized and issued: 8,000,000)		200.0			200.0
Common shares (issued and outstanding: 116,429,057; 2023 – 168,120,022)		11.6			16.8
Additional paid-in capital		945.0			1,693.0
Retained earnings		784.9			601.0
Accumulated other comprehensive income (loss), net of tax		(4.1	)		3.1
Shareholders’ equity attributable to SiriusPoint shareholders		1,937.4			2,513.9
Noncontrolling interests		1.4			16.7
Total shareholders’ equity		1,938.8			2,530.6
Total liabilities, noncontrolling interests and shareholders’ equity	$	12,524.9		$	12,871.5

SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) For the three and twelve months ended December 31, 2024 and 2023 (expressed in millions of U.S. dollars, except per share and share amounts)

	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Revenues
Net premiums earned	$	590.3		$	578.0		$	2,343.5		$	2,426.2
Net investment income		68.9			78.4			303.6			283.7
Net realized and unrealized investment losses		(40.7	)		(12.4	)		(88.7	)		(10.0	)
Net realized and unrealized investment gains (losses) from related party investment funds		0.8			(1.0	)		9.7			(1.0	)
Net investment income and net realized and unrealized investment gains (losses)		29.0			65.0			224.6			272.7
Other revenues		19.4			17.8			184.2			97.8
Loss on settlement and change in fair value of liability-classified capital instruments		(25.9	)		(15.0	)		(148.5	)		(59.4	)
Total revenues		612.8			645.8			2,603.8			2,737.3
Expenses
Loss and loss adjustment expenses incurred, net		369.1			365.4			1,368.5			1,381.3
Acquisition costs, net		134.6			111.7			516.9			472.7
Other underwriting expenses		53.9			64.2			181.7			196.3
Net corporate and other expenses		58.1			64.5			232.1			258.2
Intangible asset amortization		3.0			2.9			11.9			11.1
Interest expense		19.6			19.8			69.6			64.1
Foreign exchange (gains) losses		(12.9	)		19.2			(10.0	)		34.9
Total expenses		625.4			647.7			2,370.7			2,418.6
Income (loss) before income tax (expense) benefit		(12.6	)		(1.9	)		233.1			318.7
Income tax (expense) benefit		(4.4	)		101.6			(30.7	)		45.0
Net income (loss)		(17.0	)		99.7			202.4			363.7
Net income attributable to noncontrolling interests		(0.3	)		(2.2	)		(2.5	)		(8.9	)
Net income (loss) available to SiriusPoint		(17.3	)		97.5			199.9			354.8
Dividends on Series B preference shares		(4.0	)		(4.0	)		(16.0	)		(16.0	)
Net income (loss) available to SiriusPoint common shareholders	$	(21.3	)	$	93.5		$	183.9		$	338.8
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders	$	(0.13	)	$	0.52		$	1.06		$	1.93
Diluted earnings (loss) per share available to SiriusPoint common shareholders	$	(0.13	)	$	0.50		$	1.04		$	1.85
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic		161,378,360			166,640,624			166,537,394			163,341,448
Diluted		161,378,360			173,609,940			169,470,681			169,607,348

SIRIUSPOINT LTD. SEGMENT REPORTING

	Three months ended December 31, 2024
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	312.2		$	450.3		$	762.5		$	—		$	(3.0	)	$	—		$	759.5
Net premiums written		237.5			322.7			560.2			—			4.8			—			565.0
Net premiums earned		265.9			315.7			581.6			—			8.7			—			590.3
Loss and loss adjustment expenses incurred, net		148.3			175.3			323.6			(1.4	)		46.9			—			369.1
Acquisition costs, net		73.1			77.8			150.9			(27.6	)		11.3			—			134.6
Other underwriting expenses		26.2			24.6			50.8			—			3.1			—			53.9
Underwriting income (loss)		18.3			38.0			56.3			29.0			(52.6	)		—			32.7
Services revenues		—			51.6			51.6			(31.4	)		—			(20.2	)		—
Services expenses		—			41.2			41.2			—			—			(41.2	)		—
Net services income		—			10.4			10.4			(31.4	)		—			21.0			—
Segment income (loss)		18.3			48.4			66.7			(2.4	)		(52.6	)		21.0			32.7
Net investment income														68.9			—			68.9
Net realized and unrealized investment losses														(40.7	)		—			(40.7	)
Net realized and unrealized investment gains from related party investment funds														0.8			—			0.8
Other revenues														(0.8	)		20.2			19.4
Loss on settlement and change in fair value of liability-classified capital instruments														(25.9	)		—			(25.9	)
Net corporate and other expenses														(16.9	)		(41.2	)		(58.1	)
Intangible asset amortization														(3.0	)		—			(3.0	)
Interest expense														(19.6	)		—			(19.6	)
Foreign exchange gains														12.9			—			12.9
Income (loss) before income tax expense	$	18.3		$	48.4			66.7			(2.4	)		(76.9	)		—			(12.6	)
Income tax expense								—			—			(4.4	)		—			(4.4	)
Net income (loss)								66.7			(2.4	)		(81.3	)		—			(17.0	)
Net income attributable to noncontrolling interest								—			—			(0.3	)		—			(0.3	)
Net income (loss) available to SiriusPoint							$	66.7		$	(2.4	)	$	(81.6	)	$	—		$	(17.3	)

Attritional losses	$	154.9		$	188.2		$	343.1		$	(1.4	)	$	26.1		$	—		$	367.8
Catastrophe losses		35.2			3.4			38.6			—			—			—			38.6
Prior year loss reserve development		(41.8	)		(16.3	)		(58.1	)		—			20.8			—			(37.3	)
Loss and loss adjustment expenses incurred, net	$	148.3		$	175.3		$	323.6		$	(1.4	)	$	46.9		$	—		$	369.1

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		58.3	%		59.6	%		59.0	%											62.3	%
Catastrophe loss ratio		13.2	%		1.1	%		6.6	%											6.5	%
Prior year loss development ratio	(15.7		)%	(5.2		)%	(10.0		)%										(6.3		)%
Loss ratio		55.8	%		55.5	%		55.6	%											62.5	%
Acquisition cost ratio		27.5	%		24.6	%		25.9	%											22.8	%
Other underwriting expenses ratio		9.9	%		7.8	%		8.7	%											9.1	%
Combined ratio		93.2	%		87.9	%		90.2	%											94.4	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

	Three months ended December 31, 2023
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	251.7		$	468.1		$	719.8		$	—		$	(4.2	)	$	—		$	715.6
Net premiums written		194.9			263.3			458.2			—			(3.6	)		—			454.6
Net premiums earned		243.2			315.2			558.4			—			19.6			—			578.0
Loss and loss adjustment expenses incurred, net		121.8			206.6			328.4			(1.4	)		38.4			—			365.4
Acquisition costs, net		65.5			66.8			132.3			(31.6	)		11.0			—			111.7
Other underwriting expenses		28.1			32.6			60.7			—			3.5			—			64.2
Underwriting income (loss)		27.8			9.2			37.0			33.0			(33.3	)		—			36.7
Services revenues		1.7			54.0			55.7			(40.0	)		—			(15.7	)		—
Services expenses		—			43.6			43.6			—			—			(43.6	)		—
Net services fee income		1.7			10.4			12.1			(40.0	)		—			27.9			—
Services noncontrolling income		—			(2.8	)		(2.8	)		—			—			2.8			—
Net services income		1.7			7.6			9.3			(40.0	)		—			30.7			—
Segment income (loss)		29.5			16.8			46.3			(7.0	)		(33.3	)		30.7			36.7
Net investment income														78.4			—			78.4
Net realized and unrealized investment losses														(12.4	)		—			(12.4	)
Net realized and unrealized investment losses from related party investment funds														(1.0	)		—			(1.0	)
Other revenues														2.1			15.7			17.8
Loss on settlement and change in fair value of liability-classified capital instruments														(15.0	)		—			(15.0	)
Net corporate and other expenses														(20.9	)		(43.6	)		(64.5	)
Intangible asset amortization														(2.9	)		—			(2.9	)
Interest expense														(19.8	)		—			(19.8	)
Foreign exchange losses														(19.2	)		—			(19.2	)
Income (loss) before income tax benefit	$	29.5		$	16.8			46.3			(7.0	)		(44.0	)		2.8			(1.9	)
Income tax benefit								—			—			101.6			—			101.6
Net income								46.3			(7.0	)		57.6			2.8			99.7
Net (income) loss attributable to noncontrolling interest								—			—			0.6			(2.8	)		(2.2	)
Net income available to SiriusPoint							$	46.3		$	(7.0	)	$	58.2		$	—		$	97.5

Attritional losses	$	143.5		$	222.8		$	366.3		$	(1.4	)	$	11.7		$	—		$	376.6
Catastrophe losses		(0.6	)		0.4			(0.2	)		—			0.1			—			(0.1	)
Prior year loss reserve development		(21.1	)		(16.6	)		(37.7	)		—			26.6			—			(11.1	)
Loss and loss adjustment expenses incurred, net	$	121.8		$	206.6		$	328.4		$	(1.4	)	$	38.4		$	—		$	365.4

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		59.0	%		70.7	%		65.6	%											65.2	%
Catastrophe loss ratio	(0.2		)%		0.1	%		—	%											—	%
Prior year loss development ratio	(8.7		)%	(5.3		)%	(6.8		)%										(1.9		)%
Loss ratio		50.1	%		65.5	%		58.8	%											63.2	%
Acquisition cost ratio		26.9	%		21.2	%		23.7	%											19.3	%
Other underwriting expenses ratio		11.6	%		10.3	%		10.9	%											11.1	%
Combined ratio		88.6	%		97.0	%		93.4	%											93.6	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

	Twelve months ended December 31, 2024
	Reinsurance			Insurance & Services			Core			Eliminations (2)			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	1,335.6		$	1,840.8		$	3,176.4		$	—		$	68.2		$	—		$	3,244.6
Net premiums written		1,104.7			1,236.2			2,340.9			—			11.2			—			2,352.1
Net premiums earned		1,045.1			1,154.0			2,199.1			—			144.4			—			2,343.5
Loss and loss adjustment expenses incurred, net		554.3			714.1			1,268.4			(5.5	)		105.6			—			1,368.5
Acquisition costs, net		279.9			284.7			564.6			(121.4	)		73.7			—			516.9
Other underwriting expenses		86.1			80.0			166.1			—			15.6			—			181.7
Underwriting income (loss)		124.8			75.2			200.0			126.9			(50.5	)		—			276.4
Services revenues		—			222.9			222.9			(132.8	)		—			(90.1	)		—
Services expenses		—			176.2			176.2			—			—			(176.2	)		—
Net services fee income		—			46.7			46.7			(132.8	)		—			86.1			—
Services noncontrolling income		—			(2.1	)		(2.1	)		—			—			2.1			—
Net services income		—			44.6			44.6			(132.8	)		—			88.2			—
Segment income (loss)		124.8			119.8			244.6			(5.9	)		(50.5	)		88.2			276.4
Net investment income														303.6			—			303.6
Net realized and unrealized investment losses														(88.7	)		—			(88.7	)
Net realized and unrealized investment gains from related party investment funds														9.7			—			9.7
Other revenues														94.1			90.1			184.2
Loss on settlement and change in fair value of liability-classified capital instruments														(148.5	)		—			(148.5	)
Net corporate and other expenses														(55.9	)		(176.2	)		(232.1	)
Intangible asset amortization														(11.9	)		—			(11.9	)
Interest expense														(69.6	)		—			(69.6	)
Foreign exchange gains														10.0			—			10.0
Income (loss) before income tax expense	$	124.8		$	119.8			244.6			(5.9	)		(7.7	)		2.1			233.1
Income tax expense								—			—			(30.7	)		—			(30.7	)
Net income (loss)								244.6			(5.9	)		(38.4	)		2.1			202.4
Net income attributable to noncontrolling interest								—			—			(0.4	)		(2.1	)		(2.5	)
Net income (loss) available to SiriusPoint							$	244.6		$	(5.9	)	$	(38.8	)	$	—		$	199.9

Attritional losses	$	579.8		$	734.5		$	1,314.3		$	(5.5	)	$	112.8		$	—		$	1,421.6
Catastrophe losses		49.5			5.3			54.8			—			—			—			54.8
Prior year loss reserve development		(75.0	)		(25.7	)		(100.7	)		—			(7.2	)		—			(107.9	)
Loss and loss adjustment expenses incurred, net	$	554.3		$	714.1		$	1,268.4		$	(5.5	)	$	105.6		$	—		$	1,368.5

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		55.5	%		63.6	%		59.8	%											60.7	%
Catastrophe loss ratio		4.7	%		0.5	%		2.5	%											2.3	%
Prior year loss development ratio	(7.2		)%	(2.2		)%	(4.6		)%										(4.6		)%
Loss ratio		53.0	%		61.9	%		57.7	%											58.4	%
Acquisition cost ratio		26.8	%		24.7	%		25.7	%											22.1	%
Other underwriting expenses ratio		8.2	%		6.9	%		7.6	%											7.8	%
Combined ratio		88.0	%		93.5	%		91.0	%											88.3	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

	Twelve months ended December 31, 2023
	Reinsurance			Insurance & Services			Core			Eliminations (2)			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	1,271.0		$	2,039.7		$	3,310.7		$	—		$	116.7		$	—		$	3,427.4
Net premiums written		1,061.0			1,282.7			2,343.7			—			94.2			—			2,437.9
Net premiums earned		1,031.4			1,249.2			2,280.6			—			145.6			—			2,426.2
Loss and loss adjustment expenses incurred, net		490.3			815.4			1,305.7			(5.4	)		81.0			—			1,381.3
Acquisition costs, net		252.2			295.5			547.7			(137.2	)		62.2			—			472.7
Other underwriting expenses		82.7			94.3			177.0			—			19.3			—			196.3
Underwriting income (loss)		206.2			44.0			250.2			142.6			(16.9	)		—			375.9
Services revenues		(1.1	)		238.6			237.5			(149.6	)		—			(87.9	)		—
Services expenses		—			187.8			187.8			—			—			(187.8	)		—
Net services fee income (loss)		(1.1	)		50.8			49.7			(149.6	)		—			99.9			—
Services noncontrolling income		—			(8.5	)		(8.5	)		—			—			8.5			—
Net services income (loss)		(1.1	)		42.3			41.2			(149.6	)		—			108.4			—
Segment income (loss)		205.1			86.3			291.4			(7.0	)		(16.9	)		108.4			375.9
Net investment income														283.7			—			283.7
Net realized and unrealized investment losses														(10.0	)		—			(10.0	)
Net realized and unrealized investment losses from related party investment funds														(1.0	)		—			(1.0	)
Other revenues														9.9			87.9			97.8
Loss on settlement and change in fair value of liability-classified capital instruments														(59.4	)		—			(59.4	)
Net corporate and other expenses														(70.4	)		(187.8	)		(258.2	)
Intangible asset amortization														(11.1	)		—			(11.1	)
Interest expense														(64.1	)		—			(64.1	)
Foreign exchange losses														(34.9	)		—			(34.9	)
Income before income tax benefit	$	205.1		$	86.3			291.4			(7.0	)		25.8			8.5			318.7
Income tax benefit								—			—			45.0			—			45.0
Net income								291.4			(7.0	)		70.8			8.5			363.7
Net income attributable to noncontrolling interest								—			—			(0.4	)		(8.5	)		(8.9	)
Net income available to SiriusPoint							$	291.4		$	(7.0	)	$	70.4		$	—		$	354.8

Attritional losses	$	618.9		$	840.7		$	1,459.6		$	(5.4	)	$	76.5		$	—		$	1,530.7
Catastrophe losses		12.2			1.3			13.5			—			11.3			—			24.8
Prior year loss reserve development		(140.8	)		(26.6	)		(167.4	)		—			(6.8	)		—			(174.2	)
Loss and loss adjustment expenses incurred, net	$	490.3		$	815.4		$	1,305.7		$	(5.4	)	$	81.0		$	—		$	1,381.3

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		60.0	%		67.3	%		64.0	%											63.1	%
Catastrophe loss ratio		1.2	%		0.1	%		0.6	%											1.0	%
Prior year loss development ratio	(13.7		)%	(2.1		)%	(7.3		)%										(7.2		)%
Loss ratio		47.5	%		65.3	%		57.3	%											56.9	%
Acquisition cost ratio		24.5	%		23.7	%		24.0	%											19.5	%
Other underwriting expenses ratio		8.0	%		7.5	%		7.8	%											8.1	%
Combined ratio		80.0	%		96.5	%		89.1	%											84.5	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

SIRIUSPOINT LTD.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES

Non-GAAP Financial Measures

Core Results

Collectively, the sum of the Company’s two segments, Reinsurance and Insurance & Services, constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Core underwriting income – calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

Core net services income – consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company’s services provided.

Core income – consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

Core combined ratio – calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

Book Value Per Diluted Common Share Metrics

Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2024 and December 31, 2023:


	December 31, 2024			December 31, 2023
	($ in millions, except share and per share amounts)
Common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,737.4		$	2,313.9

Accumulated other comprehensive income (loss), net of tax		(4.1	)		3.1
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI		1,741.5			2,310.8

Intangible assets		140.8			152.7
Tangible common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,596.6		$	2,161.2

Common shares outstanding		116,429,057			168,120,022
Effect of dilutive stock options, restricted share units and warrants		2,559,359			5,193,920
Book value per diluted common share denominator		118,988,416			173,313,942

Book value per common share	$	14.92		$	13.76
Book value per diluted common share	$	14.60		$	13.35
Book value per diluted common share ex. AOCI	$	14.64		$	13.33
Tangible book value per diluted common share	$	13.42		$	12.47

Underlying Net Income

Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses, including realized and unrealized gains (losses) on strategic and other investments and liability-classified capital instruments, income (expense) related to loss portfolio transfers, deferred tax assets attributable to the enactment of the Bermuda corporate income tax, development on COVID-19 reserves resulting from the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024, and foreign exchange gains (losses). We believe it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates.

The following table sets forth the computation of underlying net income for the three and twelve months ended December 31, 2024 and 2023:


	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net income (loss) available to SiriusPoint common shareholders	$	(21.3	)	$	93.5		$	183.9		$	338.8
Non-recurring adjustments:
Gains on sale or deconsolidation of consolidated MGAs		—			—			(96.0	)		—
Losses on strategic and other investments		34.3			15.4			90.5			40.2
MGA & Strategic Investment Rationalization		34.3			15.4			(5.5	)		40.2

Losses on settlement and change in fair value of liability-classified capital instruments (“CMIG Merger Instruments”)		25.9			15.0			148.5			59.4
COVID-19 favorable reserve development ⁽¹⁾		—			—			(19.9	)		—
CMIG Instruments & Transactions		25.9			15.0			128.6			59.4

(Income) expense related to loss portfolio transfers		28.9			2.1			44.6			(101.6	)
Bermuda corporate income tax enactment		—			(100.8	)		—			(100.8	)
Foreign exchange (gains) losses		(12.9	)		19.2			(10.0	)		34.9
Income tax expense on adjustments ⁽²⁾		(11.4	)		(7.8	)		(38.1	)		(4.9	)

Underlying net income available to SiriusPoint common shareholders	$	43.5		$	36.6		$	303.5		$	266.0

Return on average common shareholders’ equity attributable to SiriusPoint common shareholders		(4.0	)%		17.1	%		9.1	%		16.2	%

Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period	$	2,494.9		$	2,050.0		$	2,313.9		$	1,874.7
Accumulated other comprehensive income (loss), net of tax		81.5			(135.4	)		3.1			(45.0	)
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – beginning of period		2,413.4			2,185.4			2,310.8			1,919.7

Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period		1,737.4			2,313.9			1,737.4			2,313.9
Impact of adjustments from above		64.8			(56.9	)		119.6			(72.8	)
Accumulated other comprehensive income (loss), net of tax		(4.1	)		3.1			(4.1	)		3.1
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – end of period		1,806.3			2,253.9			1,861.1			2,238.0

Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI	$	2,109.9		$	2,219.7		$	2,086.0		$	2,078.9

Underlying return on average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI		8.2	%		6.6	%		14.5	%		12.8	%

(1)	This development, which is primarily related to business written by legacy Third Point Reinsurance Ltd., is the result of the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024.
(2)	An effective tax rate of 15% is applied to the adjustments to calculate the income tax expense, where applicable.

Other Financial Measures

Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and twelve months ended December 31, 2024 and 2023 was calculated as follows:


	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	($ in millions)
Net income (loss) available to SiriusPoint common shareholders	$	(21.3	)	$	93.5		$	183.9		$	338.8
Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period		2,494.9			2,050.0			2,313.9			1,874.7
Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period		1,737.4			2,313.9			1,737.4			2,313.9
Average common shareholders’ equity attributable to SiriusPoint common shareholders	$	2,116.2		$	2,182.0		$	2,025.7		$	2,094.3
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	(4.0		)%		17.1	%		9.1	%		16.2	%

The MIL Network –

February 19, 2025

MIL-OSI: Bel Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

WEST ORANGE, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2024.

Fourth Quarter 2024 Highlights

Net sales of $149.9 million compared to $140.0 million in Q4-23. Excluding $20.8 million of contribution from Enercon, organic sales down 7.8% from Q4-23.
Gross profit margin of 37.5%, up from 36.6% in Q4-23
GAAP net loss attributable to Bel shareholders of $1.8 million versus GAAP net earnings attributable to Bel shareholders of $12.0 million in Q4-23
Non-GAAP net earnings attributable to Bel shareholders of $19.0 million versus $19.5 million in Q4-23
Adjusted EBITDA of $30.3 million (20.2% of sales) as compared to $27.3 million (19.5% of sales) in Q4-23
Completed acquisition of Enercon, making aerospace and defense Bel’s largest end market served

Full Year 2024 Highlights

Net sales of $534.8 million compared to $639.8 million in 2023. Excluding contribution from Enercon, organic sales down 19.7%.
Gross profit margin of 37.8%, up from 33.7% in 2023
GAAP net earnings attributable to Bel shareholders of $41.0 million versus $73.8 million in 2023
Non-GAAP net earnings attributable to Bel shareholders of $72.1 million versus $89.6 million in 2023
Adjusted EBITDA of $101.9 million (19.0% of sales), down from $116.8 million (18.3% of sales) in 2023

“Bel’s profitability levels remained strong throughout 2024 despite a challenging top line environment,” said Daniel Bernstein, President and CEO. “Our recent initiatives in operational efficiencies and global mindset of financial discipline has strengthened Bel’s foundation, enabling us to thrive despite the macro conditions we faced. We could not be more pleased with our acquisition of Enercon, both operationally and from a team perspective. We are excited to embark on 2025 as a new team, working together to progress on revenue synergy opportunities that we have identified across our two businesses. On a personal note, as recently announced, I look forward to working with Farouq in the coming months as I transition the roles of President and CEO to the next generation,” concluded Mr. Bernstein.

Farouq Tuweiq, CFO, added, “Our priority for 2024 was to take actions to drive future top line growth and further refine our organizational structure to enhance operational efficiencies. In this regard, we were successful in achieving a series of initiatives. During the fourth quarter, we closed on our acquisition of Enercon, the largest transaction in Bel’s history. Enercon adds scale, diversity and a strong financial profile to Bel’s legacy business. Further, in October 2024, Uma Pingali joined Bel as our first Global Head of Sales. Under Uma’s leadership, we are laying the foundation of a new cohesive global sales structure and strategy aimed at driving top line growth across all product groups, geographies and end markets. On the internal initiative side, we announced two additional facility consolidation projects in 2024 and have initiated a strategic focus on global procurement with the hiring of Anubhav Gothi. Each of these actions completed in 2024 will serve to support Bel’s growth and profitability objectives for 2025.

“Looking ahead, we are encouraged to see the tide turning in terms of demand from our networking and distribution partners. We anticipate the rebound in these areas will be slow and steady throughout 2025. Based on information available today, GAAP net sales in the first quarter of 2025 are expected to be in the range of $144 to $154 million, with gross margin in the range of 36% to 38%. We are excited entering 2025 as a more nimble organization and look forward to executing on the growth opportunities in the year ahead,” concluded Mr. Tuweiq.

Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Non-GAAP adjusted net sales exclude expedite fee revenue. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

Conference Call
Bel has scheduled a conference call for 8:30 a.m. ET on Wednesday, February 19, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13750153 after 12:30 pm ET, also for 30 days.

About Bel
Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, defense, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

Company Contact:
Farouq Tuweiq
Chief Financial Officer
ir@belf.com

Investor Contact:
Three Part Advisors
Jean Marie Young, Managing Director or Steven Hooser, Partner
631-418-4339
jyoung@threepa.com; shooser@threepa.com

Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the first quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, gross margin, products, product groups, customers, geographies and end markets; statements about the anticipated benefits of the recently-closed Enercon acquisition, including our beliefs about the potential future advantages of the acquisition for Bel’s operations, team, and with respect to revenue synergy opportunities; statements expressing management’s optimism for 2025 and for the future generally; statements about the process of transitioning the roles of President and CEO to the next generation; statements regarding Bel’s plans and intentions in respect of corporate projects and objectives, including plans for initiatives and efficiencies, and including statements about the intention to drive future top line growth and refine the organizational structure to enhance operational efficiencies; statements about the anticipated future contributions of new employees recently joining Bel and the role of such newly-created positions in the corporate team; statements about Bel’s sales structure and strategy aimed at driving top line growth across product groups, geographies and end markets; statements about facility consolidation projects and strategic focus on global procurement, and the anticipated benefits thereof including with respect to supporting Bel’s growth and profitability objectives for 2025; Anticipated demand from networking and distribution partners; size and capabilities of the organization; statements about executing on growth opportunities; statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to the Enercon acquisition which closed in November 2024, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions that may result to Bel’s business and our currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect our products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or our industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with our international operations, including our substantial manufacturing operations in China, and following Bel’s acquisition of Enercon which closed in November 2024, risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of trade restrictions that may impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S. government on foreign imports or by a foreign government on US. exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s most recent Annual Report on Form 10-K and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting our business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures
The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program for 2023, please see the Executive Compensation discussion appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 1, 2024.

Website Information
We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

[Financial tables follow]


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023

Net sales	$	149,859		$	140,010		$	534,792		$	639,813
Cost of sales		93,652			88,827			332,434			423,964
Gross profit		56,207			51,183			202,358			215,849
As a % of net sales		37.5	%		36.6	%		37.8	%		33.7	%

Research and development costs		6,934			5,966			23,586			22,487
Selling, general and administrative expenses		34,831			24,942			110,616			99,091
As a % of net sales		23.2	%		17.8	%		20.7	%		15.5	%
Impairment of CUI tradename		400			–			400			–
Restructuring charges		1,669			3,808			3,459			10,114
Gain on sale of property		–			–			–			(3,819	)
Income from operations		12,373			16,467			64,297			87,976
As a % of net sales		8.3	%		11.8	%		12.0	%		13.8	%

Gain on sale of Czech Republic business		–			–			–			980
Interest expense		(2,815	)		(448	)		(4,078	)		(2,850	)
Interest income		1,013			–			4,754			–
Other expense, net		(3,186	)		(2,520	)		(3,165	)		(2,806	)
Earnings before income taxes		7,385			13,499			61,808			83,300

Provision for income taxes		953			1,463			12,616			9,469
Effective tax rate		12.9	%		10.8	%		20.4	%		11.4	%
Net earnings	$	6,432		$	12,036		$	49,192		$	73,831
As a % of net sales		4.3	%		8.6	%		9.2	%		11.5	%

Less: Net earnings attributable to noncontrolling interest		484			–			484			–
Redemption value adjustment attributable to noncontrolling interest		7,748			–			7,748			–
Net (loss) earnings attributable to Bel Fuse Shareholders	$	(1,800	)	$	12,036		$	40,960		$	73,831

Weighted average number of shares outstanding:
Class A common shares – basic and diluted		2,115			2,142			2,124			2,142
Class B common shares – basic and diluted		10,429			10,628			10,491			10,634

Net (loss) earnings per common share:
Class A common shares – basic and diluted	$	(0.14	)	$	0.90		$	3.09		$	5.52
Class B common shares – basic and diluted	$	(0.14	)	$	0.95		$	3.28		$	5.83

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Balance Sheets (in thousands, unaudited)

	December 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	68,253	$	89,371
Held to maturity U.S. Treasury securities		950		37,548
Accounts receivable, net		111,376		84,129
Inventories		161,370		136,540
Other current assets		31,581		33,890
Total current assets		373,530		381,478
Property, plant and equipment, net		47,879		36,533
Right-of-use assets		25,125		20,481
Related-party note receivable		2,937		2,152
Equity method investment		9,265		10,282
Goodwill and other intangible assets, net		439,984		76,033
Other assets		51,069		44,672
Total assets	$	949,789	$	571,631

Total liabilities, redeemable noncontrolling interests and stockholders’ equity
Current liabilities:
Accounts payable	$	49,182	$	40,441
Operating lease liability, current		7,954		6,350
Other current liabilities		70,933		63,818
Total current liabilities		128,069		110,609
Long-term debt		287,500		60,000
Operating lease liability, long-term		17,763		14,212
Other liabilities		75,295		46,252
Total liabilities		508,627		231,073
Redeemable noncontrolling interests		80,586		–
Stockholders’ equity		360,576		340,558
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	949,789	$	571,631

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)

	Year Ended
	December 31,
	2024			2023

Cash flows from operating activities:
Net earnings	$	49,192		$	73,831
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		16,457			13,312
Stock-based compensation		3,738			3,486
Amortization of deferred financing costs		151			33
Deferred income taxes		(6,267	)		(3,872	)
Net unrealized losses on foreign currency revaluation		1,456			1,356
Gain on sale of property		–			(2,117	)
Gain on sale of Czech Republic business		–			(980	)
Other, net		2,347			(1,037	)
Changes in operating assets and liabilities:
Accounts receivable, net		(6,817	)		22,500
Unbilled receivables		7,800			5,451
Inventories		15,121			33,613
Accounts payable		139			(22,745	)
Accrued expenses		(7,068	)		5,356
Accrued restructuring costs		215			(1,228	)
Income taxes payable		(1,009	)		(4,976	)
Other operating assets/liabilities, net		2,199			(13,634	)
Net cash provided by operating activities		77,654			108,349

Cash flows from investing activities:
Purchases of property, plant and equipment		(14,108	)		(12,126	)
Purchases of held to maturity U.S. Treasury securities		(131,309	)		(59,992	)
Proceeds from held to maturity securities		167,907			19,918
Payment for equity method investment		–			(10,282	)
Investment in related party notes receivable		(785	)		(2,152	)
Proceeds from sale of property, plant and equipment		883			6,036
Payment of acquisition, net of cash acquired		(324,071	)
Proceeds from sale of business		–			5,063
Net cash used in investing activities		(301,483	)		(53,535	)

Cash flows from financing activities:
Dividends paid to common stockholders		(3,453	)		(3,492	)
Deferred financing costs		(1,736	)		–
Repayments under revolving credit line		(15,000	)		(40,000	)
Borrowings under revolving credit line		242,500			5,000
Purchases of common stock		(16,053	)		(105	)
Net cash provided by (used in) financing activities		206,258			(38,597	)

Effect of exchange rate changes on cash and cash equivalents		(3,547	)		2,888

Net (decrease) increase in cash and cash equivalents		(21,118	)		19,105
Cash and cash equivalents – beginning of period		89,371			70,266
Cash and cash equivalents – end of period	$	68,253		$	89,371


Supplementary information:
Cash paid during the period for:
Income taxes, net of refunds received	$	22,952		$	25,056
Interest payments	$	5,795		$	4,729
ROU assets obtained in exchange for lease obligations	$	6,870		$	5,999

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Product Group Highlights (dollars in thousands, unaudited)

	Sales							Gross Margin
	Q4-24		Q4-23		% Change			Q4-24			Q4-23			Basis Point Change
Power Solutions and Protection	$	78,073	$	68,971		13.2	%		40.6	%		40.2	%		40
Connectivity Solutions		52,548		50,562		3.9	%		36.6	%		29.3	%		730
Magnetic Solutions		19,238		20,477		-6.1	%		29.1	%		17.1	%		1,200
Total	$	149,859	$	140,010		7.0	%		37.5	%		36.6	%		90

	Sales							Gross Margin
	FY 2024		FY 2023		% Change			FY 2024			FY 2023			Basis Point Change
Power Solutions and Protection	$	245,551		314,105		-21.8	%		42.4	%		38.1	%		430
Connectivity Solutions		220,370		210,572		4.7	%		37.1	%		34.2	%		290
Magnetic Solutions		68,871		115,136		-40.2	%		25.3	%		22.0	%		330
Total	$	534,792	$	639,813		-16.4	%		37.8	%		33.7	%		410

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.

Bel Fuse Inc.
Supplementary Information⁽¹⁾
Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales⁽²⁾
Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA⁽²⁾⁽³⁾
(in thousands, unaudited)

Three Months Ended

Year Ended

December 31,

2024

2023

2024

2023

GAAP net sales

149,859

140,010

534,792

639,813

Expedite fee revenue

–

425

14,850

Non-GAAP adjusted net sales

149,859

139,585

534,735

624,963

	Three Months Ended						Year Ended
	December 31,						December 31,

	2024			2023			2024			2023

GAAP Net earnings	$	6,432		$	12,036		$	49,192		$	73,831
Provision for income taxes		953			1,463			12,616			9,469
Other income/expense, net		3,186			2,520			3,165			2,806
Interest income		(1,013	)		–			(4,754	)		–
Interest expense		2,815			448			4,078			2,850
GAAP Operating Income	$	12,373		$	16,467		$	64,297		$	88,956
Restructuring charges		1,669			3,808			3,459			10,114
Acquisition related costs		8,592			–			12,884			–
Amortization of inventory step-up		639			–			639			–
Impairment of CUI tradename		400			–			400			–
Loss on liquidation of foreign subsidiary		–			2,724			–			2,724
MPS litigation costs		–			128			–			3,031
Gain on sale of Czech Republic business		–			–			–			(980	)
Gain on sale of properties		–			–			–			(3,819	)
Stock compensation		956			774			3,738			3,486
Non-GAAP Operating Income	$	24,629		$	23,901		$	85,417		$	103,512
Depreciation and amortization		5,698			3,350			16,457			13,312
Adjusted EBITDA	$	30,327		$	27,251		$	101,874		$	116,824
% of net sales		20.2	%		19.5	%		19.0	%		18.3	%

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
(3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Reconciliation of GAAP Measures to Non-GAAP Measures⁽²⁾⁽⁴⁾ (in thousands, except per share data) (unaudited)

The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.

	Three Months Ended December 31, 2024													Three Months Ended December 31, 2023
Reconciling Items	Earnings before taxes		Provision for income taxes		Net Earnings Attributable to Bel Fuse Shareholders			Class A EPS⁽³⁾			Class B EPS⁽³⁾			Earnings before taxes		Provision for income taxes		Net Earnings Attributable to Bel Fuse Shareholders		Class A EPS⁽³⁾		Class B EPS⁽³⁾

GAAP measures	$	7,385	$	953	$	(1,800	)	$	(0.14	)	$	(0.14	)	$	13,499	$	1,463	$	12,036	$	0.90	$	0.95
Restructuring charges		1,669		270		1,399			0.11			0.11			3,808		675		3,133		0.24		0.25
Acquisition related costs		8,592		1,516		7,076			0.54			0.57			–		–		–		–		–
Redemption value adjustment on redeemable NCI		–		–		7,748			0.59			0.62			–		–		–		–		–
Amortization of inventory step-up		639		147		492			0.04			0.04			–		–		–		–		–
Impairment of CUI tradename		400		92		308			0.02			0.02			–		–		–		–		–
Loss on liquidation of foreign subsidiary		–		–		–			–			–			2,724		681		2,043		0.15		0.16
MPS litigation costs		–		–		–			–			–			128		29		99		0.01		0.01
Share-based compensation		956		197		759			0.06			0.06			774		160		614		0.05		0.05
Amortization of intangibles		2,843		493		2,349			0.18			0.19			1,160		254		906		0.07		0.07
Unrealized foreign currency exchange (gains) losses		908		201		707			0.05			0.06			829		203		626		0.05		0.05
Non-GAAP measures	$	23,392	$	3,869	$	19,039		$	1.45		$	1.53		$	22,922	$	3,465	$	19,457	$	1.46	$	1.54

	Year Ended December 31, 2024										Year Ended December 31, 2023
Reconciling Items	Earnings before taxes		Provision for income taxes		Net Earnings Attributable to Bel Fuse Shareholders		Class A EPS⁽³⁾		Class B EPS⁽³⁾		Earnings before taxes			Provision for income taxes			Net Earnings Attributable to Bel Fuse Shareholders			Class A EPS⁽³⁾			Class B EPS⁽³⁾

GAAP measures	$	61,808	$	12,616	$	40,960	$	3.09	$	3.28	$	83,300		$	9,469		$	73,831		$	5.52		$	5.83
Restructuring charges		3,459		587		2,872		0.22		0.23		10,114			1,682			8,432			0.63			0.67
Acquisition related costs		12,884		2,503		10,381		0.79		0.83		–			–			–			–			–
Redemption value adjustment on redeemable NCI		–		–		7,748		0.59		0.62		–			–			–			–			–
Amortization of inventory step-up		639		147		492		0.04		0.04		–			–			–			–			–
Impairment of CUI tradename		400		92		308		0.02		0.02		–			–			–			–			–
MPS litigation costs		–		–		–		–		–		3,031			696			2,335			0.18			0.18
Gain on sale of Czech Republic business		–		–		–		–		–		(980	)		(49	)		(931	)		(0.07	)		(0.07	)
Gain on sale of properties		–		–		–		–		–		(3,819	)		(763	)		(3,056	)		(0.23	)		(0.24	)
Loss on liquidation of foreign subsidiary		–		–		–		–		–		2,724			681			2,043			0.15			0.16
Share-based compensation		3,738		770		2,968		0.23		0.24		3,486			718			2,768			0.21			0.22
Amortization of intangibles		6,537		1,236		5,301		0.40		0.42		4,663			1,019			3,644			0.28			0.29
Unrealized foreign currency exchange (gains) losses		1,455		340		1,115		0.08		0.09		831			270			561			0.04			0.04
Non-GAAP measures	$	90,919	$	18,291	$	72,144	$	5.47	$	5.77	$	103,350		$	13,723		$	89,627		$	6.72		$	7.08

⁽¹⁾The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
⁽²⁾In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
⁽³⁾Individual amounts of earnings per share may not agree to the total due to rounding.
⁽⁴⁾In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

The MIL Network –

February 19, 2025

MIL-OSI: Gibson Energy Reports 2024 Fourth Quarter and Record Full Year Results Driven by All-Time High Volumes at the Gateway and Edmonton Terminals, Alongside a 5% Dividend Increase

Source: GlobeNewswire (MIL-OSI)

^{All financial figures are in Canadian dollars unless otherwise noted}

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three and twelve months ended December 31, 2024.

“We are pleased to announce record Infrastructure results for 2024, driven by a full year of contribution from Gateway,” said Curtis Philippon, President & Chief Executive Officer. “Exiting the year, the quality and stability of our Infrastructure cash flows improved due to successful re-contracting efforts and record throughput at both Gateway and Edmonton. We also announced exciting growth capital projects at Gateway. I am pleased with the progress we are making on setting up the Gibson team, increasing our focus on the business, strengthening our growth pipeline and building a high-performance culture.”

Financial Highlights:

Revenue of $11,780 million for the full year, including $2,358 million in the fourth quarter, relatively consistent year over year primarily due to higher sales volumes within the Marketing segment and the revenue contribution from the Gateway Terminal
Infrastructure Adjusted EBITDA⁽¹⁾ of $601 million for the full year, including $147 million in the fourth quarter, a $107 million or 22% increase over full year 2023 primarily due to the full year contribution from the Gateway Terminal and an Edmonton tank, which were only partially offset by a reduction from the Hardisty Unit Train Facility and the impact of certain one-time items
Marketing Adjusted EBITDA⁽¹⁾ of $63 million for the full year, including a $5 million loss in the fourth quarter, an $82 million or 57% decrease over full year 2023 principally due to significantly tighter crude oil differentials and crack spreads, and increased demand for Canadian heavy oil triggering steep backwardation and limited volatility, impacting storage, quality and time-based opportunities
Adjusted EBITDA⁽¹⁾ on a consolidated basis of $610 million for the full year, including $130 million in the fourth quarter, a $20 million or 3% increase over full year 2023, due to the impact of unrealized gains and losses on financial instruments recorded in both periods and the factors noted above, partially offset by the add back of certain one-time items, and an increase in general and administrative expenses, net of executive transition and restructuring costs
Net income of $152 million for the full year 2024, including a $6 million loss in the fourth quarter, a $62 million or 29% decrease over full year 2023 due to the impact of items noted above, higher general and administrative costs primarily due to executive transition and restructuring costs, the impact of the Gateway acquisition that resulted in higher finance costs, depreciation and amortization expenses, and an environmental remediation provision, partially offset by acquisition and integration costs in the prior year and a lower income tax expense
Distributable Cash Flow⁽¹⁾ of $375 million for the full year, including $71 million in the fourth quarter, an $11 million or 3% decrease over full year 2023, primarily due to higher finance costs, partially offset by higher Adjusted EBITDA and lower lease payments
Dividend Payout ratio⁽²⁾ on a trailing twelve-month basis of 71%, which is at the low end of the 70% – 80% target range
Net debt to Adjusted EBITDA ratio⁽²⁾ of 3.5x for the twelve months ended December 31, 2024, which is at the high end of the 3.0x – 3.5x target range, compared to 3.7x for the twelve months ended December 31, 2023

Strategic Developments and Highlights:

Appointed Curtis Philippon as the President and Chief Executive Officer, effective August 29, 2024
Announced the extension of a long-term contract with an investment grade global E&P company at the Gateway Terminal and the sanction of a connection to the Cactus II Pipeline in July
Refinanced $350 million 5.80% senior unsecured notes due 2026 with $350 million of 4.45% senior unsecured notes due in November 2031, resulting in annual cost savings of approximately $5 million
Announced the extension of a long-term contract and the sanctioning of the dredging project at the Gateway Terminal in December which, along with the earlier announcements, will allow the Company to achieve its Gateway targets
Placed in-service two new 435,000 barrel tanks under a long-term take-or-pay agreement with an investment grade customer at the Edmonton Terminal in December
Achieved a new milestone, recording 8.8 million hours without a lost time injury for our employee and contract workforce
Subsequent to the quarter, appointed Riley Hicks as the Senior Vice President and Chief Financial Officer, effective February 4, 2025
Subsequent to the quarter, Gibson’s Board of Directors also approved a quarterly dividend of $0.43 per common share, an increase of $0.02 per common share or 5%, beginning with the dividend payable in April

⁽¹⁾	^{Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.}
⁽²⁾	^{Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.}

Management’s Discussion and Analysis and Financial Statements
The 2024 fourth quarter Management’s Discussion and Analysis and audited Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months and year ended December 31, 2024, as compared to the three months and year ended December 31, 2023. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.

Earnings Conference Call & Webcast Details
A conference call and webcast will be held to discuss the 2024 fourth quarter and year-end financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Wednesday, February 19, 2025.

To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:

Registration at least five minutes prior to the conference call is recommended.

This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

The webcast will remain accessible for a 12-month period at the above URL.

Supplementary Information
Gibson has also made available certain supplementary information regarding the 2024 fourth quarter and full year financial and operating results, available at www.gibsonenergy.com.

About Gibson
Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements) including, but not limited to, the Company’s plans and targets, including its focus on delivering shareholder returns and progressing its cost focus campaign, and dividend payment dates and amounts thereof. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “will,” “anticipate”, “continue”, “expect”, “intend”, “may”, “should”, “could”, “believe”, “further” and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form and Management’s Discussion and Analysis, each dated February 18, 2025, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.

For further information, please contact:

Investor Relations:
(403) 776-3077
investor.relations@gibsonenergy.com

Media Relations:
(403) 476-6334
communications@gibsonenergy.com

Specified Financial Measures

This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

For further details on these specified financial measures, including relevant reconciliations, see the “Specified Financial Measures” section of the Company’s MD&A for the years ended December 31, 2024 and 2023, which is incorporated by reference herein and is available on Gibson’s SEDAR+ profile at www.sedarplus.ca and Gibson’s website at www.gibsonenergy.com.

a) Adjusted EBITDA

Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated adjusted EBITDA for the three months and years ended December 31, 2024, and 2023:

Three months ended December 31,	Infrastructure			Marketing			Corporate and Adjustments				Total
($ thousands)	2024	2023		2024		2023	2024		2023		2024		2023

Segment profit	127,444	157,968		(16,435	)	24,474	—		—		111,009		182,442
Unrealized loss (gain) on derivative financial instruments	6,359	(5,377	)	11,662		3,388	—		—		18,021		(1,989	)
General and administrative	—	—		—		—	(18,065	)	(10,893	)	(18,065	)	(10,893	)
Adjustments to share of profit from equity accounted investees	1,169	155		—		—	—		—		1,169		155
Executive transition and restructuring costs	—	—		—		—	6,304		—		6,304		—
Environmental remediation provision ⁽¹⁾	9,287	—		—		—	—		—		9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670	—		—		—	—		—		2,670		—
Renewable power purchase agreement	—	—		—		—	(713	)	—		(713	)	—
Other	—	—		—		—	—		(34	)	—		(34	)
Adjusted EBITDA	146,929	152,746		(4,773	)	27,862	(12,474	)	(10,927	)	129,682		169,681

Years ended December 31,	Infrastructure			Marketing			Corporate and Adjustments				Total
($ thousands)	2024	2023		2024	2023		2024		2023		2024		2023

Segment profit	574,010	494,451		52,956	148,436		—		—		626,966		642,887
Unrealized loss (gain) on derivative financial instruments	10,105	(4,637	)	9,778	(3,484	)	—		—		19,883		(8,121	)
General and administrative	—	—		—	—		(69,985	)	(49,570	)	(69,985	)	(49,570	)
Adjustments to share of profit from equity accounted investees	5,240	4,448		—	—		—		—		5,240		4,448
Executive transition and restructuring costs	—	—		—	—		16,969		—		16,969		—
Environmental remediation provision ⁽¹⁾	9,287	—		—	—		—		—		9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670	—		—	—		—		—		2,670		—
Renewable power purchase agreement	—	—		—	—		(888	)	—		(888	)	—
Other	—	—		—	—		—		184		—		184
Adjusted EBITDA	601,312	494,262		62,734	144,952		(53,904	)	(49,386	)	610,142		589,828

^{(1) added back in the calculation of adjusted EBITDA as these charges are not reflective of the ongoing earning capacity of the business, as described in the discussion of Infrastructure segment results in the MD&A.}

	Three months ended December 31,
($ thousands)	2024		2023

Net (Loss) Income	(5,563	)	53,301

Income tax expense	7,575		20,259
Depreciation, amortization, and impairment charges	55,217		47,690
Finance costs, net	34,033		35,919
Unrealized loss (gain) on derivative financial instruments	18,021		(1,989	)
Unrealized (gain) loss on renewable power purchase agreement	(4,375	)	866
Share-based compensation	6,882		5,600
Acquisition and integration costs	—		2,083
Adjustments to share of profit from equity accounted investees	1,169		155
Corporate foreign exchange (gain) loss and other	(1,538	)	5,797
Environmental remediation provision ⁽¹⁾	9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670		—
Executive transition and restructuring costs	6,304		—
Adjusted EBITDA	129,682		169,681

	Years ended December 31,
($ thousands)	2024		2023

Net Income	152,174		214,211

Income tax expense	53,780		71,123
Depreciation, amortization, and impairment charges	186,669		142,478
Finance costs, net	138,318		116,276
Unrealized loss (gain) on derivative financial instruments	19,883		(8,121	)
Corporate unrealized loss on derivative financial instruments	2,332		1,296
Share-based compensation	22,040		20,944
Acquisition and integration costs	1,371		22,042
Adjustments to share of profit from equity accounted investees	5,240		4,448
Corporate foreign exchange (gain) loss and other	(591	)	5,131
Environmental remediation provision ⁽¹⁾	9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670		—
Executive transition and restructuring costs	16,969		—
Adjusted EBITDA	610,142		589,828

b) Distributable Cash Flow

The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:

Three months ended December 31,					Years ended December 31,
($ thousands)	2024		2023		2024		2023

Cash flow from operating activities	67,276		155,602		598,454		574,856
Adjustments:
Changes in non-cash working capital and taxes paid	53,978		7,487		(10,642	)	(7,434	)
Replacement capital	(11,727	)	(10,226	)	(35,987	)	(35,928	)
Cash interest expense, including capitalized interest	(31,931	)	(34,456	)	(134,336	)	(100,133	)
Acquisition and integration costs ⁽¹⁾	—		2,083		1,371		22,042
Executive transition and restructuring costs ⁽¹⁾	6,304		—		16,969		—
Lease payments	(6,063	)	(9,628	)	(30,241	)	(35,896	)
Current income tax	(6,685	)	(7,917	)	(30,318	)	(31,717	)
Distributable cash flow	71,152		102,945		375,270		385,790

^{(1) Costs adjusted on an incurred basis.}

c) Dividend Payout Ratio

	Years ended December 31,
	2024		2023
Distributable cash flow	375,270		385,790
Dividends declared	266,858		236,907
Dividend payout ratio	71	%	61	%

d) Net Debt To Adjusted EBITDA Ratio

	Years ended December 31,
	2024		2023

Current and long-term debt	2,598,635		2,711,543
Lease liabilities	48,180		62,005
Less: unsecured hybrid debt	(450,000	)	(450,000	)
Less: cash and cash equivalents	(57,069	)	(143,758	)

Net debt	2,139,746		2,179,790
Adjusted EBITDA	610,142		589,828
Net debt to adjusted EBITDA ratio	3.5		3.7

The MIL Network –

February 19, 2025

MIL-OSI Security: Lexington Woman Sentenced for Production of Child Pornography

Source: Office of United States Attorneys

FRANKFORT, Ky. – A Lexington, woman, Amy Lynn Cook, 38, was sentenced on Tuesday, by U.S. District Judge Gregory VanTatenhove, to 276 months, for production of child pornography.

According to her plea agreement, on December 1, 2023, law enforcement received a tip that a Google user, later identified as Cook, had uploaded child sexual abuse material to the platform. Law enforcement also identified additional tips that indicated that Cook had uploaded child pornography images to various other social media platforms, including Facebook. In an interview with law enforcement, Cook admitted that she would sell images, including sexually explicit images of minors, to others on the internet. Search warrants obtained for Cook’s social media accounts and electronic devices led to the discovery of child pornography images, including images of infant that had been produced by Cook. Cook stated that someone requested the image via the internet and that she had been paid to produce and send it.

Under federal law, Cook must serve 85 percent of her prison sentence. Upon Cook’s release from prison, she will be under the supervision of the U.S. Probation Office for life.

Paul McCaffrey, Acting United States Attorney for the Eastern District of Kentucky; Rana Saoud, Special Agent in Charge, Department of Homeland Security, Homeland Security Investigations (HSI); and Chief Lawrence Weathers, Lexington Police Department, jointly announced the sentence.

The investigation was conducted by HSI and Lexington Police Department. Assistant U.S. Attorney Erin Roth prosecuted the case on behalf of the United States.

The U.S. Attorney’s Office prosecuted this case as part of Project Safe Childhood, a nationwide initiative launched in 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the Internet as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

— END —

MIL Security OSI –

February 19, 2025
MIL-OSI USA: Travelers Rest man arrested on Child Sexual Abuse Material* chargesRead More

Source: US State of South Carolina

(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced the arrest of Reginald Fitzgerald Williams, Jr., 38, of Travelers Rest, S.C., on three charges connected to the sexual exploitation of a minor. Internet Crimes Against Children (ICAC) Task Force investigators with the Greenville County Sheriff’s Office made the arrest. Investigators with the Attorney General’s Office, also a member of the state’s ICAC Task Force, assisted with this investigation.

Investigators received a CyberTipline report from the National Center for Missing and Exploited Children (NCMEC) which led them to Williams. Investigators state Williams produced child sexual abuse material.

Williams was arrested on February 13, 2025. He is charged with three counts of sexual exploitation of a minor, first degree (§16-15-395), a felony offense punishable by up to 20 years imprisonment on each count.

This case will be prosecuted by the Attorney General’s Office.

Attorney General Wilson stressed all defendants are presumed innocent unless and until they are proven guilty in a court of law.

* Child sexual abuse material, or CSAM, is a more accurate reflection of the material involved in these heinous and abusive crimes. “Pornography” can imply the child was a consenting participant. Globally, the term child pornography is being replaced by CSAM for this reason.

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: Lexington County man arrested on Criminal Sexual Conduct with a Minor and related chargesRead More

Source: US State of South Carolina

(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced the arrest of Daniel Phillip Bush, 60, of Cayce, S.C., on three charges connected to the sexual exploitation of minors. Internet Crimes Against Children (ICAC) Task Force investigators with the Lexington Police Department made the arrest. Investigators from the Attorney General’s Office, also a member of the state’s ICAC Task Force, assisted with the investigation.

Investigators state Bush solicited and traveled to meet a person he believed to be a minor for sex.

Bush was arrested on February 12, 2025. He is charged with two counts of criminal solicitation of a minor (§16-15-342), a felony offense punishable by up to 10 years imprisonment on each count; and one count of attempted criminal sexual conduct with a minor (§16-3-655(B)(1)).

This case will be prosecuted by the Attorney General’s Office.

Attorney General Wilson stressed all defendants are presumed innocent unless and until they are proven guilty in a court of law.

* Child sexual abuse material, or CSAM, is a more accurate reflection of the material involved in these heinous and abusive crimes. “Pornography” can imply the child was a consenting participant. Globally, the term child pornography is being replaced by CSAM for this reason.

MIL OSI USA News –

February 19, 2025
MIL-OSI Africa: African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact
Source: Africa Press Organisation – English (2) – Report:

ABIDJAN, Ivory Coast, February 18, 2025/APO Group/ —
- “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
- Governments across Africa pay tribute to Adesina’s exceptional leadership
- UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms
African Development Bank Group (www.AfDB.org/en) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38^th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, a $20 billion facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

“It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1^st September 2025.

The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:
- 127 million people gained access to better services in terms of health.
- 61 million people gained access to clean water.
- 33 million people benefited from improved sanitation.
- 46 million people gained access to ICT services, and
- 25 million people gained access to electricity.
He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative by the African Development Bank to provide $20 billion in debt refinancing for African nations alongside the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

A Decade of Transformative Impact

With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

Historic Financial Mobilization for Africa

Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

“As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

“In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

MIL OSI Africa –
February 19, 2025
MIL-OSI Asia-Pac: Bharat Tex 2025

Source: Government of India (2)

Bharat Tex 2025

Revolutionizing Fashion, Sustainability, and Innovation

Posted On: 18 FEB 2025 6:18PM by PIB Delhi

World is adopting the vision of Fashion for Environment and Empowerment, and India can lead the way in this regard.
– Prime Minister Shri Narendra Modi

Bharat Tex 2025, India’s largest global textile event, was successfully organized from February 14 to 17, 2025, at Bharat Mandapam, New Delhi. The event spanned 2.2 million square feet and featured over 5,000 exhibitors, providing a comprehensive showcase of India’s textile ecosystem. More than 1,20,000 trade visitors, from 120+ countries including global CEOs, policymakers, and industry leaders, attended the event.

Bharat Tex 2025 served as a platform to accelerate the government’s “Farm to Fibre, Fabric, Fashion, and Foreign Markets” vision. India’s textile exports have already reached ₹3 lakh crore, and the goal is to triple this to ₹9 lakh crore by 2030 by strengthening domestic manufacturing and expanding global reach. The event demonstrated India’s leadership in the textile sector and its commitment to innovation, sustainability, and global collaboration.

Defining Achievements of Bharat Tex 2025

India’s Textile Industry: A Key Driver of Economic Growth

India is the sixth-largest exporter of textiles globally, contributing 8.21% to the country’s total exports in 2023-24. The sector holds a 4.5% share in global trade, with the United States and European Union accounting for 47% of India’s textile and apparel exports.

From an employment perspective, the textile industry provides direct employment to over 45 million people and supports the livelihoods of over 100 million individuals indirectly, including a large proportion of women and rural workers. It aligns with key government initiatives such as Make in India, Skill India, Women Empowerment, and Rural Youth Employment, reinforcing its role in inclusive economic development.

The government’s focus on increasing textile manufacturing, modernizing infrastructure, fostering innovation, and upgrading technology has strengthened India’s position as a global textile hub. Bharat Tex 2025 provided a platform to showcase these advancements while promoting sustainable and high-value textile production.

Supportive Policy Framework

Vested by forward-thinking government initiatives, the Indian textile sector is set to spin a remarkable tale of innovation, fortitude, and economic flourishing in the years to come. With the support of proactive policies, the industry is primed to unleash creative potential, demonstrate resilience, drive economic growth etc.

1. Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) Parks Scheme
Creating an Integrated Textiles Value Chain
7 mega textile parks with an expected investment of USD 10 Bn are being set up with world class infrastructure, plug and play facilities and an integrated ecosystem.

2. Production Linked Incentive (PLI) Scheme
Boosting manufacturing of MMF fabrics, Apparel & Technical Textiles
Production Linked Incentive (PLI) Scheme with approved incentives of INR 10,683 crore (~USD 1 Bn) to promote production of MMF Apparel, MMF Fabrics and Products of Technical Textiles

3. Samarth
Building Capacity, addressing skill gaps in the textile value chain
The scheme is a demand-driven and placement-oriented program across the textile value chain. In addition, various States have their own skilling/training support schemes.

4. National Technical Education, Training
Promoting Technical Textiles – towards USD 300 Bn by 2047
National Mission to support and promote Research, Innovation and Development, Education Training, Skill development and Market Development in Technical Textiles

5. Liberal State Policies
Generous support & incentives by State Governments / Union Territories – Capital support, wage and skilling incentives, power and water support

To boost the textile industry, the Ministry of Textiles, in the 10th Empowered Programme Committee (EPC) meeting, approved four Start-Ups under the ‘Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)’ scheme, granting each INR 50 Lakhs for innovations in Medical, Industrial, and Protective Textiles. Additionally, three educational institutes, including IIT Indore and NIT Patna, received INR 6.5 Crores to introduce specialized courses in Geotextiles, Geosynthetics, and Sports Textiles, aiming to strengthen technical expertise in the sector. Further, 12 Skill Development Courses in Medical, Protective, Mobile, and Agriculture Textiles, developed by SITRA, NITRA, and SASMIRA, were approved to provide industry-focused training across the textile value chain.

Global Textiles redefined from India to the World

Bharat Tex 2025 is where India’s rich textile heritage meets modern innovation, setting the stage for global textile leadership. As the world’s youngest and largest global textile show, it’s a platform for forging partnerships and driving economic growth.

It serves as a premier platform for industry leaders, manufacturers, exporters, and innovators, bringing together key stakeholders from across the textile sector. The event facilitates collaboration among manufacturers, exporters, and importers, providing them with an opportunity to showcase their expertise, cutting-edge innovations, and latest collections to a global audience.

Focused Zones for Focused Business

Intelligent Manufacturing

Intelligent manufacturing is revolutionizing the textile industry by integrating advanced technologies and data-driven approaches to improve efficiency, quality, and innovation. This transformation leverages automation, artificial intelligence (AI), the Internet of Things (IoT), and advanced analytics to modernize traditional textile production processes.

Technical Textile

Technical textiles are revolutionizing the textile industry in India by offering innovative solutions across various sectors. These specialized fabrics are designed for specific performance attributes and applications, ranging from automotive and aerospace to healthcare and construction. With a growing emphasis on technology and research, India is positioning itself as a global leader in this field, leveraging its strong textile heritage and advanced manufacturing capabilities.

Home Textile

India’s home textile sector is known for its rich traditions and craftsmanship, with various regions specializing in unique textile techniques and patterns. Gujarat is renowned for its vibrant and intricate embroidery, while Kashmir is famous for its luxurious woollen shawls and rugs. This diversity reflects India’s extensive heritage and expertise in textile production.

Fabrics

India is one of the world’s largest producers and exporters of fabrics, catering to both domestic and international markets. The sector is characterized by a mix of large-scale industrial manufacturing and small-scale artisanal production, reflecting a vibrant tapestry of innovation and tradition. Major fabric hubs in the country include Gujarat, Tamil Nadu, Punjab, and West Bengal, each known for its unique textile specialties.

Apparel & Fashion

In India, the apparel and fashion industry is a major economic driver, contributing significantly to GDP and employment. The country is renowned for its rich heritage in textiles and traditional craftsmanship, including intricate handloom fabrics, embroidery, and dyeing techniques. India’s apparel sector is characterized by a vibrant blend of traditional and contemporary styles, catering to diverse consumer preferences both domestically and internationally.

Handloom

India’s handloom sector is renowned for its variety of textiles, including intricate saris, shawls, scarves, and other woven items. Each region of India boasts distinct handloom traditions and techniques. For example, the Banarasi silk from Varanasi, the Kanjeevaram silk from Tamil Nadu, and the Jamdani from West Bengal are highly esteemed for their quality and craftsmanship. These textiles often feature elaborate patterns, vibrant colors, and traditional motifs, making them highly sought after both domestically and internationally.

Handicrafts & Carpets

The handicraft and carpets sector in India is a vibrant and culturally significant component of the country’s artisan economy, renowned for its rich heritage and exceptional craftsmanship. This sector encompasses a wide range of products, from intricate handcrafted textiles and decorative artifacts to exquisite hand-knotted carpets. Each region in India contributes its unique traditions and techniques, resulting in a diverse array of products that reflect the country’s artistic diversity.

A key attraction of the event was “Indie Haat,” held from February 12 to 18, 2025, at the National Crafts Museum and Hastkala Academy, New Delhi. It showcased over 80 different types of handcrafted and handwoven products, created by 85 artisans and weavers from various states. Indie Haat underscored India’s vast handloom and handicraft traditions, aligning with the government’s vision of promoting rural artisans.

Breathing Threads: Fashion Show at Bharat Tex 2025

The office of the Development Commissioner for Handlooms, Ministry of Textiles, Government of India organized a fashion event titled “Breathing Threads” to feel the pulse of craftsmanship, honour a living legacy, and witness the timeless elegance of Indian handlooms in modern silhouettes.

The beauty of handloom and the brand’s mission align with sustainability and a zero-waste strategy, reflecting the living habits of Indian villages. The event attracted international buyers and key stakeholders, reinforcing India’s potential in sustainable fashion and craftsmanship.

Bharat Tex 2024: A Landmark Event

Bharat Tex 2024 set the stage for India’s emergence as a global textile powerhouse, bringing together 3,500+ exhibitors, 3,000+ overseas buyers, and over 1,00,000 visitors from across the world. Covering an expansive 2 lakh sq. meters, Bharat Tex 2024 featured 50+ knowledge sessions, fostering discussions on global trade, innovation, and industry transformation.

The event played a pivotal role in reinforcing India’s position as a key player in the global textile supply chain. Its success laid a strong foundation for Bharat Tex 2025, which scaled new heights in exhibitor participation, international collaboration, and industry impact.

Weaving Tomorrow: India’s Textile Revolution

Embodied in a vibrant tapestry of timeless craftsmanship and pioneering innovation, the Indian textile industry stands at the threshold of a resplendent future. With each passing year, it continues to evolve—leveraging cutting-edge technology, embracing sustainability, and setting global trends.

As it forges ahead, the industry is not only preserving its rich heritage but also redefining excellence through research-driven advancements and digital integration. With a strong commitment to sustainability and a vision for global leadership, India’s textile sector is poised to shape the future of fashion, technical textiles, and intelligent manufacturing, reinforcing its position as a key driver of economic growth and innovation on the world stage.

References

Click here to see PDF:

Santosh Kumar/Sarla Meena/ Anchal Patiyal

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MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI: Arogo Capital Acquisition Corp. Executes Business Combination Agreement with Bangkok Tellink Co., Ltd.

Source: GlobeNewswire (MIL-OSI)

~ The proposed transaction represents an equity value on a pro-forma basis of a total equity value of the combined company of USD350 million ~

~ Bangkok Tellink Co., Ltd. is an emerging leader in advanced telecommunications, mobile network technology, and Internet of Things (IoT) solutions ~

~ Leveraging its successful track record, Bangkok Tellink Co., Ltd. seeks enhanced access to U.S. capital markets to accelerate the rollout of its next-gen telecommunication technologies, foster broader geographic expansion, and provide increased financial flexibility to advance research and development efforts ~

Miami, FL and Bangkok, Thailand, Feb. 18, 2025 (GLOBE NEWSWIRE) — Arogo Capital Acquisition Corp. (OTC: AOGO), a Delaware special purpose acquisition company (“Arogo”), and Bangkok Tellink Company Limited, a Thai registered company (“Bangkok Tellink”), today announced their execution of a definitive business combination agreement (the “Business Combination Agreement”) for a proposed business combination in a transaction valued at $350 million on February 14, 2025.

The transaction contemplated in the Business Combination Agreement is expected to result in a newly combined company to be listed on The Nasdaq Global Market. Upon the closing of the transaction, Bangkok Tellink will continue to be led by its CEO, Mr. Nusttanakit Sasianon. The boards of directors of Bangkok Tellink and Arogo Capital Acquisition Corp. have unanimously approved the transaction

Bangkok Tellink is a licensed Mobile Virtual Network Service Operator (“MVNO”) as well as a licensed Mobile Virtual Network Aggregator (“MVNA”) and offers mobile phone packages across multiple frequencies (e.g., 700MHz, 850MHz, 2100MHz, 2300MHz, and 26GHz) and, under its “INFINITE” brand, provides a range of services including Smart Solutions, IoT Sim Cards, eSIMs, SMPP (i.e., virtual SMS), SIP trunk (voice virtual number), and software development.

The eSIM market in Thailand is growing as it offers convenience for consumers and flexibility for businesses. eSIM technology allows users to switch mobile operators without changing physical SIM cards and is spearheading a transformative shift in connectivity, promoting Thailand’s progression towards a sophisticated digital economy. The exploding demand for eSims reflects Thailand’s commitment to expanding its telecommunications infrastructure and has positioned it as a leader in Southeast Asia.¹

Bangkok Tellink is uniquely positioned to facilitate the growth of Thailand’s digital economy that is driven by the need for enhanced economic competitiveness, improved public services, and sustainable growth. eSIM technology supports this transformation by simplifying connectivity for businesses and consumers alike, facilitating more efficient operations, and enhancing the accessibility of digital services across the country

Nusttanakit Sasianon, CEO of Bangkok Tellink commented, “This is an exciting moment for Bangkok Tellink to expand our business, enhance our product and service offerings, and accelerate our growth. We are excited to continue to foster this business combination with the Arogo team to generate attractive value for our shareholders.”

Suradech Taweesaengsakulthai, CEO of Arogo added, “We’re thrilled to partner with the Bangkok Tellink team to capitalize on their proven track record and support the expansion of their operations to meet the demand for its services including Smart Solutions, IoT Sim Cards, eSIMs, SMPP (i.e., virtual SMS), SIP trunk (voice virtual number), and software development. We have strong confidence in Bangkok Tellink’s management team and business model. We look forward to a successful closing of the business combination.”

The completion of the business combination is subject to regulatory approvals, the approval of the transaction by the shareholders of Arogo and Bangkok Tellink, and the satisfaction or waiver of other customary closing conditions. Bangkok Tellink believes that its planned listing, in addition to creating a capital platform for its development and gaining the attention of investors in the international capital markets, will further promote Bangkok Tellink’s growth strategy.

Additional information about the business combination, including a copy of the Business Combination Agreement, will be available in a Current Report on Form 8-K to be filed by Arogo with the Securities and Exchange Commission (the “SEC”), followed by a Registration Statement on Form F-4 to be filed by Pubco with the SEC.

Advisors
Rimon P.C. (Washington D.C.) serves as United States legal counsel to Arogo.

Araya & Partners Co., Ltd. (Bangkok) serves as legal counsel to Bangkok Tellink Co., Ltd.

ARC Group Limited is acting as sole financial advisor to Arogo.

About Bangkok Tellink Co., Ltd.
Bangkok Tellink Co., Ltd, established in 2019, is at the forefront of Thailand’s telecommunications industry. By offering mobile network infrastructure, IoT devices, E-sim services, and software development, Bangkok Tellink provides integrated solutions that foster connectivity and productivity. Bangkok Tellink invests in innovation, operational efficiency, and sustainability to position itself as a prominent telecommunications and technology leader.

About Arogo Capital Acquisition Corp.
Arogo Capital Acquisition Corp. is a blank check company formed in 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On December 29, 2021, Arogo consummated an initial public offering of its units that consisted of one share of Class A common stock and one redeemable warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. For more information, visit www.arogocapital.com.

Important Information and Where to Find It.

For additional information on the proposed transaction, see Arogo’s Current Report on Form 8-K, which will be filed concurrently with this press release. In connection with the proposed transaction, Arogo intends to file relevant materials with the SEC, including a registration statement on Form F-4 by Pubco, which will include a proxy statement/prospectus, and other documents regarding the proposed transaction. Arogo’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/ prospectus and the amendments thereto and the definitive proxy statement and documents incorporated by reference therein filed in connection with the proposed business combination, as these materials will contain important information about Bangkok Tellink and Arogo and the proposed business combination.

Promptly after the Form F-4 is declared effective by the SEC, Arogo will mail the definitive proxy statement/prospectus and a proxy card to each shareholder entitled to vote at the meeting relating to the approval of the business combination and other proposals set forth in the proxy statement/prospectus. Before making any voting or investment decision, investors and shareholders of Arogo are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by Arogo with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by directing a request to Arogo Capital Acquisition Corp., 848 Brickell Avenue, Penthouse 5, Miami, FL 33131.

Participants in the Solicitation

Arogo and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from Arogo’s shareholders in connection with the proposed transaction. A list of the names of those directors and executive officers and a description of their interests in Arogo will be included in the proxy statement/prospectus for the proposed business combination when available at www.sec.gov.

Information about Arogo’s directors and executive officers and their ownership of Arogo shares of common stock is set forth in Arogo’s final prospectus for its for its initial public offering filed with the SEC on December 28, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement/prospectus pertaining to the proposed business combination when it becomes available. These documents can be obtained free of charge from the source indicated above.

Bangkok Tellink and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Arogo in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination.

Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus to be filed with the SEC on Form F-4. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may include, but are not limited to, statements with respect to (i) trends in the financial advisory industry, including changes in demand and supply related to Bangkok Tellink’s products; (ii) Bangkok Tellink’s growth prospects and Bangkok Tellink’s market size; (iii) Bangkok Tellink’s projected financial and operational performance including relative to its competitors; (iv) new product and service offerings Bangkok Tellink may introduce in the future; (v) the potential transaction, including the implied enterprise value, the expected post-closing ownership structure and the likelihood and ability of the parties to consummate the potential transaction successfully; (vi) the risk the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Arogo securities; (vii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by the shareholders of Arogo; (viii) the effect of the announcement or pendency of the proposed business combination on Arogo’s or Bangkok Tellink’s business relationships, performance and business generally; (ix) the outcome of any legal proceedings that may be instituted against Arogo or Bangkok Tellink related to the proposed business combination or any agreement related thereto; (x) the ability to maintain the listing of Arogo on OTC; (xi) the price of Arogo’s securities, including volatility resulting from changes in the competitive and regulated industry in which Bangkok Tellink operates, variations in performance across competitors, changes in laws and regulations affecting Bangkok Tellink’s business and changes in the combined capital structure; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination and identify and realize additional opportunities; and (xiii) other statements regarding Arogo’s or Bangkok Tellink’s expectations, hopes, beliefs, intentions and strategies regarding the future.

In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties.

You should carefully consider the risks and uncertainties described in the “Risk Factors” section of Arogo’s final prospectus for its for its initial public offering filed with the SEC on December 28, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing and the proxy statement/prospectus relating to this transaction, which is expected to be filed by Arogo with the SEC, other documents filed by Arogo from time to time with SEC, and any risk factors made available to you in connection with Arogo, Bangkok Tellink, and the transaction. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of Bangkok Tellink and Arogo) and other assumptions, that may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Arogo and Bangkok Tellink caution that the foregoing list of factors is not exclusive.

No Offer or Solicitation

This press release relates to a proposed business combination between Arogo and Bangkok Tellink, and does not constitute a proxy statement or solicitation of a proxy and does not constitute an offer to sell or a solicitation of an offer to buy the securities of Arogo or Bangkok Tellink, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Contacts

Arogo Capital Acquisition Corp.
Attn: Ms. Nisachon Rattanamee
Email: nisachon@arogocapital.com

Bangkok Tellink Company Limited
Attn: Daniel Fong
Email: daniel@s1winconsultant.com

Sources
Arogo Capital Acquisition Corp and Bangkok Tellink Company Limited

¹eSIM Technology: Fueling Thailand’s Transition to a Digital Economy | Global YO

The MIL Network –

February 19, 2025
MIL-OSI Security: Convicted Robber Sentenced to Additional Prison Term After Firing Machine Gun at Law Enforcement Officer

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

ATLANTA – Montrez Ballard has been sentenced to ten years in prison after firing a machine gun at a Georgia State Patrol officer.

“Ballard’s brazen actions endangered the life of a law enforcement officer,” said Acting U.S. Attorney Richard Moultrie, Jr. “This lengthy prison sentence reflects Ballard’s dangerous, and potentially lethal, attack on a Georgia State Patrol trooper whose very mission is to help keep our community safe.”

“The swift and coordinated response of law enforcement ensured that a dangerous individual was taken off the streets before he could inflict further harm. ATF will not stand by while criminals use illegally modified weapons to terrorize our communities. We will continue to be relentless in our pursuit of those who believe they can act without consequence,” said Bureau of Alcohol, Tobacco, Firearms and Explosives Assistant Special Agent in Charge Alicia D. Jones.

According to Acting U.S. Attorney Moultrie, the charges, and other information presented in court: On July 21, 2023, Ballard, driving a Nissan Maxima, abruptly cut off a Georgia State Patrol (GSP) trooper in Atlanta. Ballard fled from the trooper after the officer activated his emergency equipment to stop Ballard. In his attempt to evade the trooper, Ballard drove more than 20 miles per hour above the speed limit in a residential neighborhood, ran stop signs, and nearly struck another motorist.

Minutes into the chase, Ballard’s vehicle crashed into a stop sign. Ballard then exited his vehicle and fled on foot. When the trooper chased him, Ballard confronted the officer and fired at least three shots at the trooper. The trooper returned fire but Ballard escaped.

Other law enforcement agencies, including the Atlanta Police Department and Fulton County Sheriff’s Office, responded to help locate Ballard. Officers eventually arrested Ballard – who was on probation for a state robbery offense at the time – and recovered his firearm. Ballard’s gun, a Glock 19 9mm handgun, was examined and determined to be equipped with a device that converted the weapon into a machine gun, allowing the gun to fire continuously without multiple trigger pulls.

Montrez Ballard, 21, of Hampton, Ga., was sentenced by U.S. District Judge J.P. Boulee to ten years in prison, followed by three years of supervised release.

This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Georgia Bureau of Investigation, with valuable assistance from the Atlanta Police Department and Fulton County Sheriff’s Office.

Assistant United States Attorney Dwayne A. Brown, Jr. prosecuted the case.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

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

MIL Security OSI –

February 19, 2025
MIL-OSI: CodeMonkey Launches Comprehensive Digital Literacy Curriculum for K-8 Students
Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Feb. 18, 2025 (GLOBE NEWSWIRE) — CodeMonkey is thrilled to announce the launch of its brand-new Digital Literacy Curriculum designed for K-8 students. This innovative program delivers a comprehensive approach to digital education, featuring over 130 engaging lessons on digital literacy, online safety, and responsible internet usage. Additionally, the curriculum includes more than 100 interactive typing lessons, ensuring that young learners develop essential keyboarding skills alongside their digital knowledge.

Empowering Students with Digital Literacy and Online Safety

In today’s technology-driven world, digital literacy has become a fundamental skill for students. CodeMonkey’s new curriculum is specifically designed to equip young learners with the knowledge and skills they need to navigate the digital landscape safely and effectively. Through a structured, age-appropriate learning pathway, students will explore critical topics such as:
- Understanding Computers & the Internet – How computers and the internet work, including hardware, software, and connectivity basics.
- Online Safety & Privacy – The importance of secure passwords, recognizing scams, and protecting personal information online.
- Responsible Digital Citizenship – Ethical behavior, digital etiquette, and strategies to combat cyberbullying.
- Media Literacy & Critical Thinking – Identifying reliable online sources, avoiding misinformation, and developing critical thinking skills.
By engaging students in interactive, gamified lessons, CodeMonkey makes learning about digital literacy both fun and accessible and ensures that students receive high-quality education in preparation for the digital future.

Mastering Keyboarding with 100+ Typing Lessons

In addition to digital literacy and safety, the new curriculum places a strong emphasis on typing proficiency. With over 100 typing lessons, students will develop proper keyboarding techniques, improving their typing speed and accuracy—a critical skill for success in the modern classroom and beyond. Through engaging and adaptive typing exercises, students will gain confidence in their ability to efficiently use digital tools.

About CodeMonkey
CodeMonkey is a leading platform in computer science education for kids, providing award-winning courses that introduce students to digital literacy, ai and real programming languages like CoffeeScript and Python. From schools to after-school programs and at-home learning, CodeMonkey offers a robust curriculum that makes computer science accessible and fun for students worldwide.

Why Digital Literacy Matters More Than Ever

With the increasing presence of technology in education, work, and social interactions, digital literacy is no longer optional—it’s essential. Research shows that students who are digitally literate perform better academically and are better prepared for future careers. However, many schools struggle to find comprehensive, structured programs that effectively teach these essential skills.

CodeMonkey’s new Digital Literacy Curriculum bridges this gap by offering a holistic, engaging, and structured learning experience that empowers students to become competent, responsible, and confident digital users.

Designed for Educators, Built for the Classroom

CodeMonkey understands that educators play a pivotal role in preparing students for a digital world. That’s why the new Digital Literacy Curriculum is designed with teachers in mind, featuring:
- Easy-to-Follow Lesson Plans – Structured, step-by-step guides for teachers with little to no prior digital literacy experience.
- Interactive and Self-Paced Learning – Engaging activities, real-world scenarios, and game-based lessons that adapt to students’ learning pace.
- Comprehensive Assessments – Built-in quizzes, projects, and progress tracking tools to measure student understanding and growth.
Bridging the Digital Divide with Future-Ready Learning

As technology continues to shape education and the workforce, CodeMonkey’s mission is to ensure that every student, regardless of background, has access to high-quality digital literacy instruction. This new curriculum provides a comprehensive and engaging solution to help students develop the critical skills necessary for success in a digitally connected world. By fostering responsible digital behavior, enhancing technical skills, and promoting ethical internet usage, CodeMonkey is paving the way for a generation of informed and empowered digital citizens.

CodeMonkey’s Digital Literacy Curriculum is now available for schools, districts, and individual educators. Schools and educators interested in integrating this program into their classrooms can reach out through the CodeMonkey website: www.codemonkey.com.

About CodeMonkey

CodeMonkey is a K12 Computer Science Curriculum and K8 Digital Literacy Curriculum, introducing kids to fundamental knowledge in today’s digital world in a gamified, engaging and fun approach. CodeMonkey is a globally recognized leader in coding and digital education and provides award-winning educational programs used by millions of students and thousands of schools worldwide. Through interactive, game-based learning, CodeMonkey empowers young learners with the skills they need to thrive in the digital age.

The MIL Network –
February 19, 2025
MIL-OSI Global: Trans people affirmed their gender without medical help in medieval Europe − history shows how identity transcends medicine and law

Source: The Conversation – USA – By Sarah Barringer, Ph.D. Candidate in English, University of Iowa

The Lady and the Unicorn: Sight. Unknown/Musée de Cluny, Paris via Didier Descouens/Wikimedia Commons

Restrictions on medical care for transgender youth assume that without the ability to medically transition, trans people will vanish.

As of 2024, 26 U.S. states have banned gender-affirming care for young people. Less than a month into office, President Donald Trump issued numerous executive orders targeting transgender people, including a mandate to use “sex” instead of “gender” on passports, visas and global entry cards, as well as a ban on gender-affirming care for young people. These actions foreground the upcoming Supreme Court case of U.S. vs. Skrmetti which promises to shape the future of gender-affirming health care in the U.S., including restrictions or bans.

History, however, shows that withholding health care does not make transgender people go away. Scholarship of medieval literature and historical records reveals how transgender people transitioned even without a robust medical system – instead, they changed their clothes, name and social position.

Surgery in medieval times

Surgery was not a widespread practice in the medieval period. While it gained some traction in the 1300s, surgery was limited to southern France and northern Italy. Even there, surgery was dangerous and the risk of infection high.

Cutting off fleshy bits is an old practice and, potential dangers aside, removing a penis or breasts wasn’t impossible. But amputating functioning limbs was nearly always a form of punishment. Medieval people, including surgeons and patients, likely would not have had positive views of surgery that involved removing working body parts.

Illustration from a Latin translation of Albucasis’ Chirurgia, depicting surgical instruments.
Wellcome Collection

Surgeons in the 14th century were increasingly thinking about how to perform surgery on those with both male and female genitalia – people now called intersex. But they thought about this in terms of “correcting” genitalia to make it more apparently male or female – an attitude still present today. Historically, the procedure was probably performed on adults, but today it is usually performed on children. Both then and now, the surgery often disregards the patient’s wishes and is not medically necessary, at times leading to complications later. For patients deemed female, excess flesh could be cut away, and for patients deemed male, the vulva could be cauterized to close it.

There is, however, at least one historical example of a transgender individual receiving surgery. In 1300, near Bern, Switzerland, an unnamed woman was legally separated from her husband because she was unable to have sex with him. Soon after, the woman headed to Bologna, which was the surgery capital of Europe at the time. There, a surgeon cut open the woman’s vulva, revealing a penis and testicles. The account ends, “Back home, he took a wife, did rural work, and had legitimate and sufficient intercourse with his wife.”

The story presents the possibility of medical transition, possibly even a desire for it. But given the limits of surgical techniques and ideologies at the time, these forms of medical transition were unlikely to be common.

Transitioning without medicine

To transition without medicine, medieval transgender people relied on changes they could make themselves. They cut their hair, put on different clothes, changed their names, and found new places in society.

In 1388, a young woman named Catherine in Rottweil, Germany, “put on men’s clothes, declared herself to be a man, and called herself John.” John went on to marry a woman and later developed breasts. This caused some initial consternation – the city council of Rottweil sent John and his wife to court. However, the court did not see breasts as inhibiting John’s masculinity and the couple went home without facing any charges.

In 1395, a transgender woman named Eleanor Rykener appeared before a court in London, England, after she was caught working as a prostitute. The court clerk wrote “that a certain Anna … first taught [her] to practice this detestable vice in the manner of a woman. [She] further said that a certain Elizabeth Bronderer first dressed [her] in women’s clothing” and later she took on work as an embroideress and tapster, a sort of bartender. The account is Rykener’s own, but the court clerk editorialized it, notably adding the phrase “detestable vice” in reference to prostitution.

Detail of lovers in bed, Aldobrandino of Siena, Le Régime du corps, northern France. 13th century.
British Library Catalogue of Illuminated Manuscripts/Sloane MS 2435, f. 9v.

Rykener’s account reveals that there were a number of people interested in helping her transition – people who helped her dress, taught her how to behave, provided her employment and supported her choice of a new name. Community was a more important part of her transition than transforming her body. Based on the record, she apparently did not make an effort to create breasts.

Another account appeared in 1355 in Venice, Italy, concerning Rolandina Ronchaia. While John declared himself male, and Rykener was very active in her transition, Ronchaia’s transition was spurred on by the perceptions of others. She argued that she had always had a “feminine face, voice and gestures,” and was often mistaken for a woman. She also had breasts, “in women’s fashion.” One night, a man came to have sex with her, and Ronchaia, “wishing to connect like a woman, hid [her] own penis and took the man’s penis.” After that, she moved to Venice, where, although she continued to wear men’s clothes, she was still perceived as a woman.

Ronchaia’s account is unique because it emphasizes her body and her desire to change it by hiding her penis. But this was still a matter of what she herself could do to express her gender, rather than a medical transition.

A long transgender history

The accounts of medieval transgender individuals are limited – not only in number but in length. A lot of things did not get written down, and people were not talking about transgender people the way we are now.

Historical accounts of transgender individuals are almost always in court records, which reflect the concerns of the court more clearly than the concerns of its subjects. The court was especially worried about sexual activity between men, which both overemphasizes the importance of sex in medieval transgender people’s lives and often obscures that these accounts are even about transgender people. Eleanor Ryekener’s account frequently misgenders her and refers to her as “John.”

But it’s clear that transgender people existed in the medieval period, even when medical care was unavailable to them.

A court document from the interrogation of John Rykener.
Internet Medieval Source Book/Wikimedia Commons

It is also the case that many of these individuals – Rykener is a likely exception – were probably intersex, and their experience would be different from those who were not. Intersex people were legally recognized and allowed some leeway if they chose to transition as an adult. This is starkly apparent in an account from Lille, France, in 1458, where a transgender woman was accused of sodomy and burned at the stake. She claimed “to have both sexes,” but the account says this was not the case. While being demonstrably intersex may not have saved her, that she claimed she was is telling.

Gender transition has a long history, going even further back than the medieval period. Then as now, the local community played a vital role in aiding an individual’s transition. Unlike the medieval period, most modern societies have far greater access to medical care. Despite current restrictions, transgender people have far more options for transition than they once did.

Medieval modes of transitioning are not a solution to current denials of medical care. But medieval transgender lives do illuminate that transgender people will not vanish even when the legal and medical systems strive to erase them.

Sarah Barringer does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Trans people affirmed their gender without medical help in medieval Europe − history shows how identity transcends medicine and law – https://theconversation.com/trans-people-affirmed-their-gender-without-medical-help-in-medieval-europe-history-shows-how-identity-transcends-medicine-and-law-248559

MIL OSI – Global Reports –

February 19, 2025
MIL-OSI: Bitget Releases January 2025 Transparency Report, Showcasing Market Growth and Innovation

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 18, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has released its January 2025 Transparency Report, highlighting a dynamic start to the year marked by significant growth in trading volumes, platform engagement, and ecosystem innovation.

Bitget expanded the BGB ecosystem through strategic initiatives, including launching a BGB liquidity pool on Uniswap and a $1.1 million liquidity pool on Bulbaswap following its integration with Morph Chain. These efforts enhance cross-chain compatibility and deepen liquidity, positioning BGB as a strong pillar of the Bitget ecosystem. Additionally, Bitget Research shared a report on 20% of Gen Z and Gen Alpha respondents who are open to incorporating crypto into pension plans, signaling a shift in long-term financial planning preferences toward digital assets.

January saw the introduction of multiple platform enhancements. Bitget TraderPro Season 4 launched with a 10,000 USDT Grand Prize, enabling traders to test strategies and optimize returns. The HodlerYield service debuted, allowing users to earn passive income by holding USDE and weETH. Bitget Seed, an AI-powered algorithm, was unveiled to identify early-stage Web3 projects, while a strategic integration with Zen streamlined crypto payments across 11 fiat currencies. Bitget also became the first centralized exchange to offer TAO staking, expanding opportunities for users to earn rewards.

Bitget Wallet strengthened its offerings with a $1 million airdrop for BGB holders, exclusive collaborations with Bitrefill for crypto-powered gift cards, and AI Agent Trading Zone features. The wallet’s limit order support on Base and Solana chains further enhances automated trading capabilities.

Global engagement efforts included participation in the Crypto XR event in Auxerre, France, attended by over 3,000 enthusiasts, and New Year’s meetups in the Philippines, Vietnam, Russia, Spain, Portugal, Italy, Kenya, and other regions. These events fostered deeper connections with users and showcased Bitget’s expanding global footprint.

Bitget’s January 2025 achievements build on its 2024 momentum, establishing the platform as a top-tier exchange focusing on security, innovation, and accessibility. As the crypto landscape evolves, Bitget remains poised to drive adoption through cutting-edge solutions and strategic partnerships, supporting users in navigating the opportunities and complexities of the digital asset era.

For the full January 2025 transparency report, visit here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9f7f064f-8f44-40ae-9096-c738e009aaa8

The MIL Network –

February 19, 2025
MIL-OSI Banking: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year Feb 18, 2025

Source: Huawei

Headline: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year
Feb 18, 2025

[Düsseldorf, Germany, February 18, 2025] Huawei Europe earned recognition as a Top Employer in Europe for the sixth consecutive year in 2025. This prestigious certification covers the following 17 countries: Austria, Belgium, France, Germany, the Czech Republic, Greece, Hungary, Italy, Ireland, the Netherlands, Portugal, Poland, Romania, Spain, Switzerland, Sweden and Turkey.
Huawei received the Top Employer Europe Award during the Top Employers Institute celebration dinner event

The recognition is a testament to Huawei Europe’s exemplary human resources practices and underscores its commitment to fostering a culture of innovation, inclusivity, and continuous improvement.
Lesley White, Vice President of Human Resources, Huawei European Region said: “Europe is home to a diverse and highly skilled talent pool, driving innovation and excellence. Being certified as a Top Employer in Europe is a testament to Huawei’s commitment to fostering a supportive, inclusive, and growth-oriented workplace. This recognition underscores the importance of investing in employee development, well-being and engagement, ensuring that the company not only attracts top talent but also retains and empowers them to thrive in a competitive global landscape.”
The Top Employers Institute is a globally recognized authority in certifying excellence in employment practices. The certification process involves a comprehensive survey across six core dimensions, with over 250 detailed questions assessing various HR practices. Each topic is evidence-based, ensuring answers are factual and aligned with industry benchmarks, followed by a rigorous audit to guarantee certification accuracy.
Patrik Rendel, Regional Manager DACH & CEE of Top Employers Institute said: ” On behalf of the Top Employers Institute, we extend our heartfelt congratulations to Huawei for achieving the prestigious Top Employer certification with an impressive score of 91.26%. This remarkable accomplishment reflects commitment to implementing best HR practices. Huawei’s dedication to empowering talent and driving innovation sets a benchmark for excellence in the industry. We are proud to recognize Huawei as a leader in people practices and look forward to your continued success in shaping the future of work. ”
Lesley White, Vice President of Human Resources, Huawei European Region with Top Employers Institute CEO David Plink

Huawei is dedicated to driving digital transformation and innovation, connecting the world through cutting-edge ICT technology. With a focus on excellence, we empower individuals to lead, excel, and shape the future of connectivity. Join us in a dynamic, supportive environment where your contributions will be recognized, and your potential can break boundaries, advancing both your career and global progress.
To learn more visit: https://career.huawei.com/reccampportal/euportal/portal/index.html

MIL OSI Global Banks –

February 19, 2025
MIL-OSI Banking: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year

Source: Huawei

Headline: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year

[Düsseldorf, Germany, February 18, 2025] Huawei Europe earned recognition as a Top Employer in Europe for the sixth consecutive year in 2025. This prestigious certification covers the following 17 countries: Austria, Belgium, France, Germany, the Czech Republic, Greece, Hungary, Italy, Ireland, the Netherlands, Portugal, Poland, Romania, Spain, Switzerland, Sweden and Turkey.
Huawei received the Top Employer Europe Award during the Top Employers Institute celebration dinner event

The recognition is a testament to Huawei Europe’s exemplary human resources practices and underscores its commitment to fostering a culture of innovation, inclusivity, and continuous improvement.
Lesley White, Vice President of Human Resources, Huawei European Region said: “Europe is home to a diverse and highly skilled talent pool, driving innovation and excellence. Being certified as a Top Employer in Europe is a testament to Huawei’s commitment to fostering a supportive, inclusive, and growth-oriented workplace. This recognition underscores the importance of investing in employee development, well-being and engagement, ensuring that the company not only attracts top talent but also retains and empowers them to thrive in a competitive global landscape.”
The Top Employers Institute is a globally recognized authority in certifying excellence in employment practices. The certification process involves a comprehensive survey across six core dimensions, with over 250 detailed questions assessing various HR practices. Each topic is evidence-based, ensuring answers are factual and aligned with industry benchmarks, followed by a rigorous audit to guarantee certification accuracy.
Patrik Rendel, Regional Manager DACH & CEE of Top Employers Institute said: ” On behalf of the Top Employers Institute, we extend our heartfelt congratulations to Huawei for achieving the prestigious Top Employer certification with an impressive score of 91.26%. This remarkable accomplishment reflects commitment to implementing best HR practices. Huawei’s dedication to empowering talent and driving innovation sets a benchmark for excellence in the industry. We are proud to recognize Huawei as a leader in people practices and look forward to your continued success in shaping the future of work. ”
Lesley White, Vice President of Human Resources, Huawei European Region with Top Employers Institute CEO David Plink

Huawei is dedicated to driving digital transformation and innovation, connecting the world through cutting-edge ICT technology. With a focus on excellence, we empower individuals to lead, excel, and shape the future of connectivity. Join us in a dynamic, supportive environment where your contributions will be recognized, and your potential can break boundaries, advancing both your career and global progress.
To learn more visit: https://career.huawei.com/reccampportal/euportal/portal/index.html

MIL OSI Global Banks –

February 19, 2025
MIL-OSI Asia-Pac: Enhance Strengths and Thrive through Innovation and Connectivity (with photos)

Source: Hong Kong Government special administrative region

The Commissioner of Customs and Excise, Mr Chan Tsz-tat, chaired Customs’ 2024 year-end press conference held at the Customs Headquarters Building today (February 18) to review the department’s law enforcement results and sustainability in the provision of trade and clearance facilitation during the year. Mr Chan also outlined that, while carrying on its fine tradition of providing simple and efficient customs clearance that makes Hong Kong a trading and logistic hub for different sectors, the department will actively adopt new technology, adjust enforcement strategies and reinforce collaboration with other customs administrations to enhance enforcement efficiency. Hong Kong Customs will continue its efforts to strengthen and uphold its leading role in customs affairs and combat cross-boundary crimes in the Asia-Pacific region.

Overall enforcement situation
———————————

     In 2024, a total of 31 242 cases were detected, an increase of 63 per cent from the 2023 figure. About 68 per cent of the cases are related to illicit cigarettes, followed by cases related to dangerous drugs and intellectual property rights infringement.

Illicit cigarettes
——————

     On the anti-illicit cigarette operation front, the number of detected cases in 2024 increased by 80 per cent to 21 284 cases from 2023, with 614 million cigarettes seized, representing a 6 per cent drop as compared to the figure for 2023.

     The significant increase in the number of illicit cigarette cases stemmed from a huge surge in cases involving inbound persons bringing in cigarettes exceeding the duty-free concessions by imposing a penalty on offences compoundable. Such cases rocketed by 94 per cent to 19 072 cases from 2023. Moreover, 40 large-scale illicit cigarette smuggling cases were detected last year, which was the same as 2023.

     In addition, 2 451 cases involving alternative smoking products, with seizures of over 12 million pieces of relevant products, including electronic cigarettes and heat-not burn products, and 2 255 arrestees in total, were detected last year.

Dangerous drugs
——————-

     In 2024, 1 363 drug cases were detected, which was about the same as the 2023 figure. A total seizure of about 6.3 tonnes of drugs was made, representing a drop of 33 per cent from 2023.

     The five major drug seizures in order of quantity were cannabis (2 874.8 kilograms, a 22 per cent increase), ketamine (1 202.8kg, a 34 per cent decrease), methamphetamine (“Ice”) (1 111.7kg, a 50 per cent decrease), cocaine (711.4kg, a 64 per cent decrease) and MDMA (Ecstasy) (149.6kg, a 3 per cent decrease) compared to the figure for 2023.

     Customs noticed that drug syndicates resume to traffic drugs by exploiting inbound air passengers, and the number of such cases and seizure quantity showed a noticeable upward trend, with 113 relevant cases detected and 988kg drugs seized last year, representing an increase of 38 per cent and a 1.9-fold increase as compared to figures for 2023. Moreover, etomidate (the main ingredient of “space oil drug”) was put under control of the Dangerous Drugs Ordinance on February 14, and Customs has stepped up enforcement efforts to combat the dangerous drug on various fronts.

Smuggling
————

     A total of 233 smuggling cases with a seizure value of $4.340 billion in total were detected last year, representing an increase of 5 per cent and 37 per cent from 2023 respectively.

     Smuggling syndicates still mainly conduct smuggling activities by sea. Apart from making use of barges, speedboats and fishing vessels, Hong Kong Customs also found criminals using river trade vessels to smuggle large amounts of goods to nearby Mainland cities and Macao, or even adopting more circuitous routes by shipping goods overseas and then re-exporting them to the Mainland to evade the department’s detection.

Money laundering
——————–

     Customs last year detected eight money laundering cases with $19 billion involved.

Intellectual property rights
——————————

     Customs detected 783 intellectual property rights infringement cases last year, representing an annual increase of 11 per cent. The seizure value of infringing items increased 7 per cent to around $309 million (4 million items) as compared to the figure for 2023.

     As for Internet infringement, 130 cases were detected, representing an increase of 29 per cent from 2023.

     Customs last year applied the “communication right” under the Copyright Ordinance for the first time to detect a case of unauthorised communication of live football matches to the public by a restaurant in the course of business.

Consumer protection
————————

     Customs last year received 12 436 complaints regarding suspected cases of violating the Trade Descriptions Ordinance (TDO), a drop of 34 per cent from 2023. Among them, 11 601 complaints were handled:

(i) Detailed investigations have been made on 7 492 complaints;

(ii) The remaining 4 109 complaints have been closed since they were not in contravention of the TDO, or have been referred to other relevant departments or institutions for follow-up actions.

     There were 3 003 complaints involving fitness services last year, accounting for 47 per cent of the total number of complaints regarding services and an increase of 14-fold from 2023. This was mainly due to the announcement of business temporary closure of a chain fitness and beauty centre.

     Complaints on medicine shops involving quantities of unclear pricing units in selling ginseng and dried seafood, or Chinese medicine (also known as cases concerning catty, tael and mace) or sale of proprietary medicines slightly decreased to 497 cases in total, among which 86 percent were made by Mainland tourists. The department’s Quick Action Team has been deployed to handle and follow up with complaints by short-term visitors to Hong Kong, and 208 such complaints were handled last year, with 11 shop owners and staff arrested. Customs is also committed to conducting promotion and education through multiple channels, informing Mainland visitors about common unfair trade practices by medicine shops, deploying mobile promotion vehicles at popular tourist hotspots during festivals, conducting patrols with the Travel Industry Authority, and promoting compliance among traders.

Clearance and trade facilitation
———————————–

     Customs has continued to facilitate clearance and trade and implement various related measures.

(i) Since the full resumption of normal travel with the Mainland, the number of inbound and outbound passengers and vehicle trips at each control point was about 300 million and about 14.9 million. The number of inbound and outbound passengers has recovered to the number before the 2019 epidemic, while the number of vehicle trips has recovered to about 95 per cent. To further enhance clearance mode, Customs is actively participating in the redevelopment project of the boundary control point in Huanggang taken forward by the HKSAR Government and the Shenzhen Municipal Government, and will provide suggestions on the design and clearance mode of the boundary control point. Details are still under discussion.

(ii) Based on the Smart Customs Blueprint, Customs has given full play to the advantages of innovative technologies, such as artificial intelligence, cloud computing and blockchain, and has introduced nine CT scanners that provide high-resolution three-dimensional scanning images and the function of automatically detecting contrabands, improving customs clearance efficiency and law enforcement capabilities. Also, the department is researching on the Customs Big Data Application System that could strengthen the capabilities to detect and crack down on smuggling and other crimes related to Customs through an integrated database.

(iii) Customs actively expands the global network of the Hong Kong Authorized Economic Operator (AEO) Mutual Recognition Arrangement (MRA). Last year, Customs signed the AEO MRAs with the Bahrain and the South African Customs. The MRAs with Saudi Arabia and the Philippines Customs are expected to be signed in early 2025. As of now, there are a total of 16 MRAs ratified between Hong Kong Customs and other economies. AEO MRA Action Plans with the United Arab Emirates, Lao, Chilean and Peruvian Customs were also concluded last year, while the discussion about MRA with other countries along the Belt and Road Initiative is ongoing.

(iv) Hong Kong Customs and the General Administration of Customs of the People’s Republic of China (GACC) actively enhanced the “Single Submission for Dual Declaration” Scheme. The Scheme was expanded to southbound cargo at all Shenzhen highway ports in November last year, and is planned to cover northbound cargo by the second quarter of 2025 or earlier. Under the Scheme, companies can synchronise cargo information declared with the system on the Mainland through the Hong Kong system, significantly reducing customs clearance time and possible declaration input errors. The Scheme is conducive to the design of system functions of the third phase of Hong Kong Trade Single Window.

(v) Last year, Hong Kong and Mainland Customs actively extended the Single E-lock Scheme. As of December last year, the number of clearance points under the scheme has reached 93, including 66 in Guangdong, four in Hunan, six in Fujian, four in Macao and 13 in Hong Kong, providing the industries with more than 1 000 cross-boundary route options. Hong Kong Customs and the Nanning Customs are looking into extending the scheme to Guangxi.

(vi) To cope with the rapid development of the global electronic commerce industry, Customs launched the Cross-boundary Express Cargo Clearance Facilitation Arrangement (CEFA), providing an innovative customs clearance model of “free flow through the first line and efficient control at the second line” to qualified logistics providers. A Memorandum of Understanding with an express courier company was signed at the end of last year, marking the official commencement of the CEFA. As of December last year, over 2 000 cargo vehicle trips and 470 000 declared goods were facilitated under the CEFA.

Strengthen Mainland and international co-operation
———————————————————-

     Hong Kong Customs last year continued to reinforce connection with both the Mainland and the world, promoting two-way or multi-way communication and collaboration with different regions. These included meeting with the GACC on customs affairs and signing a co-operative arrangement about drug detector dogs; cohosting a conference on combating illicit cigarettes with the Australian authority; organising forums and workshops on combating money laundering and transnational organised crimes, and risk management and intelligence analysis with overseas law enforcement agencies.

     The co-operation between Hong Kong Customs and customs and enforcement agencies around the world has a long history, and the Customs Co-operative Arrangement (CCA) serves as the cornerstone for establishing and maintaining these co-operative relationships. As of last year, Hong Kong Customs signed the CCA with 31 customs authorities worldwide. Hong Kong Customs also signed a CCA with the Zakat, Tax and Customs Authority of Saudi Arabia and is actively seeking co-operation with other Middle East countries.

     Since assuming the office of the Vice-Chairperson for the Asia/Pacific (A/P) region of the World Customs Organization (WCO) in July last year, Hong Kong Customs has hosted a series of global or regional meetings and workshops, covering areas such as combatting illicit cigarettes, canine enforcement and anti-money laundering, and gathered representatives from around the world to communicate and exchange views on relevant issues, hence strengthening co-operation among law enforcement agencies in the region.

Human resources
——————–

On manpower recruitment, the department continued to adopt an active recruitment strategy last year, including participating in large-scale career fairs and organising seminars, promoting recruitment through social media platforms, visiting different tertiary institutions to facilitate on-the-spot applications. Mainland Hong Kong students are one of the target groups for Customs recruitment. The department held recruitment seminars on the Mainland in March last year and received more than 290 applications on the spot. Last year, more than 8 400 applications were received for the recruitment of Customs Inspectors, an increase of 12 per cent compared with 2023. About 9 600 applications were received for the recruitment of Customs Officers, representing an about 13 per cent increase compared with 2023. Last year, 82 Customs Inspectors and 355 Customs Officers were recruited. The department will continue its recruitment exercise to fill vacancies this year.

     To strengthen officers’ training in various professional aspects, co-operative Memoranda of Understanding were also signed with the National Academy of Governance, the Vocational Training Council and the University of Hong Kong last year.

Youth development
———————-

     Customs continues with its commitment to youth development work. By end-2024, Customs YES recruited 7 935 individual members and 58 organisation members, and held over 490 activities. In addition, a 40-person Foot Drill and Flag Party of the Customs Youth Leader Corps, the first youth group under the Security Bureau to perform Chinese-style rifle foot drill, was set up last year.

Future development
———————–

     Hong Kong Customs, as the Vice-Chairperson for the A/P region of the WCO, will continue to foster connection, and promote trade facilitation measures and development in the A/P region by continuing to organise large-scale meetings and workshops on multiple topics this year, including data strategies, e-commerce and Smart Customs.

Furthermore, Hong Kong Customs has suggested introducing a duty stamp system to differentiate and crack down on duty-not-paid illicit cigarettes during a public consultation on tobacco control by the Health Bureau (HHB). A consultancy study on the duty stamp system was launched by Hong Kong Customs, the Financial Services and the Treasury Bureau and the HHB, and the report has been completed by end-2024. Affixing duty-paid labels on the packages of cigarettes is proposed. Based on the report, Hong Kong Customs will invite cigarette manufacturers to participate in a pilot scheme on the duty stamp system to assess the feasibility and technical issues concerning the stamp duty system, which will help with Customs’ improvement work and the implementation of the system in future. The pilot scheme is expected to be rolled out in mid-2025, while the system is expected to be officially launched within 2026. Hong Kong Customs will announce the details to the industry and the public in due course.

Conclusion
————

     Concluding his briefing, Mr Chan pledged that the department will continue to leverage Hong Kong’s distinctive advantages of enjoying strong support of the motherland and being closely connected to the world under “one country, two systems” to consolidate Hong Kong’s status as an international financial, shipping and trade centre.

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: India Qatar future partnership to rest on the pillars of sustainability, technology and entrepreneurship and energy: Union Commerce and Industry Minister, Shri Piyush Goyal

Source: Government of India

India Qatar future partnership to rest on the pillars of sustainability, technology and entrepreneurship and energy: Union Commerce and Industry Minister, Shri Piyush Goyal

India today provides an oasis of stability, predictability and continuity:Minister Goyal

MoU signed between Qatari Businessmen Association (QBA) and Confederation of Indian Industry (CII)

MoU signed between Invest Qatar and Invest India

Posted On: 18 FEB 2025 10:40AM by PIB Delhi

Union Minister of Commerce and Industry, Shri Piyush Goyal highlighted that India-Qatar future partnership will rest on the pillars of sustainability, technology and entrepreneurship and energy. This was stated by the Minister at the inaugural session of the India-Qatar Business Forum in New Delhi today. H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar was the Guest of Honour at the session.

Shri Goyal noted that the partnership between the two countries rests on the foundation of trust, trade and tradition. The Minister added that the terms of trade are undergoing a change, evolving from energy trade to emerging technologies like artificial intelligence, Internet of things (IOT), quantum conducting, semiconductors etc. The entire world is going through a major shift in the context of geopolitical tensions, climate change, cybersecurity threats and focus on localisation around the world, he noted.

The Minister stated that India and Qatar complement each other and can work together for prosperity and a better future. Shri Goyal added that together we are set for a transition in terms of trade, investments and highlighted the 2 MoUs signed between Qatari Businessmen Association (QBA) and Confederation of Indian Industry (CII) and another between Invest Qatar and Invest India. The Minister also announced the elevation of the Joint Working Group on trade and commerce to the Ministerial level.

Shri Goyal quoted Prime Minister Shri Narendra Modi, “Today be it major nations or global platforms, the confidence in India is stronger than ever before”, and urged the business leaders to work together with the same spirit and confidence. The Minister noted that India offers a vibrant economy, a rich demography with young population, reforms in every sphere of business, focus on ease of doing business and quality at the centrepiece of our industrial evolution. India today provides an oasis of stability, predictability and continuity, he added. Shri Goyal also invited companies from Qatar to be a part of India’s journey of growth in investments, manufacturing,renewable energy, expansion of smart cities and infrastructure development. Qatar Vision 2030 and India’s Viksit Bharat 2047 will together define a much bigger and brighter future for the people of the two countries, concluded the Minister.

***

Abhishek Dayal/Abhijith Narayanan

(Release ID: 2104278) Visitor Counter : 84

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI: Atsign Unveils First Invisible Cloud on Oracle Cloud Infrastructure

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif., Feb. 18, 2025 (GLOBE NEWSWIRE) — Atsign today announced the successful creation of the first invisible cloud on Oracle Cloud Infrastructure (OCI) using its proven NoPorts technology. NoPorts is Zero Trust by design, built on the atPlatform, ensuring unparalleled security and privacy.

What Makes it Invisible?

The Atsign cloud instance operates on a non-routable IP address (10.1918), making it inaccessible from the public internet. Furthermore, all inbound ports on the virtual machine are completely closed, preventing access even from Oracle employees. This creates an “invisible” cloud, shielded from external and internal scans and attacks.

NoPorts Enables Secure Communication

Despite its invisibility, the cloud remains fully functional through NoPorts. This innovative technology enables secure and private communication with authorized individuals and services, with security embedded at the protocol level. This eliminates exposed attack surfaces while allowing authorized individuals and services to communicate securely—without changing how the cloud works for your teams.

“This is an important milestone,” said Barbara Tallent, CEO of Atsign. “To be able to protect your data and make it invisible from even the cloud provider, is the future of security. The invisibility of our cloud on OCI underscores the power of NoPorts to deliver the most secure and private communication platform available.”

Built on Zero Trust

NoPorts is built upon Atsign’s zero-trust infrastructure, the atPlatform. This secure foundation ensures that only entities cryptographically authenticated can access the invisible cloud. This eliminates the need for traditional perimeter defenses and establishes a robust trust model for all interactions.

This announcement further solidifies Atsign’s position as a leader in secure communication and data privacy. The company’s innovative technology is transforming how individuals and organizations interact online, empowering them to take control of their data and communicate with confidence.

For more information about:

About Atsign

Atsign specializes in embedded security technology infrastructure, software solutions, and SDKs. The company is providing the technology for the next generation of the Internet with simplicity, security, and privacy built in. Atsign’s products are based on the promise of a new approach to networking using public key cryptography and personal data services. Learn more at Atsign.com.

Media Contact:
Scott Hetherington
Atsign
Scott@Atsign.com
844-827-0985

The MIL Network –

February 19, 2025
MIL-OSI Europe: The ESAs provide a roadmap towards the designation of CTPPs under DORA
Source: European Banking Authority

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) are advancing in the implementation of the pan-European oversight framework of critical ICT third-party service providers (CTPPs) with the objective to designate the CTPPs and to start the oversight engagement this year.

CTPP designation and engagement

To designate the CTPPs in 2025, the ESAs will perform the following steps:
- Collection of the Registers of Information: Competent Authorities are required to submit to the ESAs, by 30 April 2025, the Registers of Information on ICT third-party arrangements they received from financial entities.
- Criticality assessments: The ESAs will perform the criticality assessments mandated by DORA and notify ICT third-party service providers of their classification as critical by July 2025. This notification will start a six-week period during which ICT third-party service providers may object to the assessment with a reasoned statement and relevant supporting information.
- Final Designation: After the six-week period, the ESAs will designate CTPPs and start oversight engagement with them.
ICT third-party service providers not designated as critical may voluntarily request to be designated as critical once the list of CTPPs is published. Details on how to request this will be provided soon.

Implementation of the oversight framework and setup of the joint ESAs oversight function

The ESAs have been preparing the governance, procedures and methodologies necessary to conduct oversight activities.

To maximise synergies, ensure consistency in the oversight tasks and use resources efficiently, the ESAs have set up a joint DORA oversight function, led since October 2024 by a joint Director. The establishment of this function will allow the ESAs to perform their day-to-day oversight duties with an integrated approach across their sectors.

Next steps

To provide clarity to the market on preparatory activities, the designation process and on the ESAs’ oversight approach, the ESAs plan to organise an online workshop with ICT third-party providers in the second quarter of 2025. Further details on the exact date will be published in due course.

Background

The EU’s Digital Operational Resilience Act (DORA), along with the oversight framework of CTPPs, entered into application on 17 January 2025, marking a significant milestone for enhancing the digital operational resilience of the financial sector in the EU.

In addition to Section II of chapter V of DORA, the relevant regulatory references of the oversight framework are the following:
- two Delegated Regulations adopted by the European Commission in Q4 2024 on the basis of two draft Regulatory Technical Standards (RTS) developed by the ESAs covering the items set out in Article 41 of DORA (here and here)
- two Delegated Regulations published in the Official Journal covering the designation criteria to be applied by the ESAs while designating CTPPs (here) and the fees that CTPPs are going to pay according to Article 43 (here)
- Guidelines on cooperation between the ESAs and the relevant Competent Authorities (here)
Financial entities can access the reporting rules for the Registers of Information here. These registers will be used as a basis for the designation of CTPP.
MIL OSI Europe News –
February 18, 2025
MIL-OSI: Nykredit announces extension of the offer period

Source: GlobeNewswire (MIL-OSI)

Nykredit announces extension of the offer period to 20 March 2025

NOT FOR DIRECT OR INDIRECT RELEASE, PUBLICATION OR DISTRIBUTION IN OR TO ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBU-TION WOULD BE CONTRARY TO APPLICABLE LEGISLATION OR RULES OF SUCH JURISDICTION

With reference to Spar Nord Bank A/S’ (Spar Nord) company announcement no. 1/2025 regarding the publication of the offer document (the Offer document) concerning the all-cash voluntary takeover offer from Nykredit Realkredit A/S (Nykredit) for all shares (other than treasury shares held by Spar Nord) in Spar Nord (the Offer), Nykredit has today published a to the Offer document (the Supplement) to extend the offer period. Nykredit has stated that an extension is required to obtain the regulatory approval from the Danish Competition and Consumer Authority which constitutes the regulatory condition pertaining to the Offer and which is required in order for the Offer to be completed. Nykredit’s announcement is attached.

In accordance with the terms and conditions of the Offer, the offer period began on 8 January 2025 with expiration on 19 February 2025 at 23:59 (CET). With reference to the Supplement to the Offer document, the offer period has now been extended and expires on 20 March 2025 at 23:59 (CET). Any reference to “the offer period” in the Offer document or in any other document and/or announcement relating to the Offer shall mean this period.

Acceptances already received remain binding, and the extension does not entail a need for further action from Spar Nord shareholders who have already accepted the Offer. The extension does not affect any other terms or conditions of the Offer or the unanimous recommendation by the board of directors of Spar Nord to the shareholders of Spar Nord to accept the Offer for the reasons described in the board statement (cf. company announcement no. 1/2025).

Questions may be directed to Neel Rosenberg (media) on +45 25 27 04 33 or to CFO Rune Brandt Børglum (investors)on +45 96 34 42 36.

Yours faithfully

Spar Nord Bank A/S
The board of directors

Attachments

The MIL Network –

February 18, 2025
MIL-OSI: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S
Source: GlobeNewswire (MIL-OSI)

THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 9(4) AND (5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

18 February 2025

Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

In accordance with section 4(1) of the Danish Takeover Order¹, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order.

Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which extends the Offer Period for the Offer. The Supplement has been approved by the Danish FSA on 18 February 2025 in accordance with section 9(4) and section 9(5) of the Danish Takeover Order.

Under the Offer document, the offer period is set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”).

With the Supplement, Nykredit extends the Initial Offer Period, such that the Offer will expire on 20 March 2025 at 23:59 (CET). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 20 March 2025 at 23:59 (the “Extended Offer Period”).

The purpose of the extension is to provide Nykredit with more time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. The process to obtain such approval from the Danish Competition and Consumer Authority is proceeding as planned.

If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the Extended Offer Period further.

The extension of the Initial Offer Period entails that the expected completion of the Offer and settlement of the Offer Price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 28 March 2025.

At the time of this announcement, Nykredit holds 32.44 per cent of the shares in Spar Nord Bank, and on 4 February 2025 Nykredit released an announcement to the effect that a preliminary compilation of the acceptances that Nykredit is aware of indicates that the 67 per cent acceptance limit of the Offer has been achieved. The final result of the Offer will be determined on expiry of the Offer Period and published in accordance with section 21(3) of the Danish Takeover Order.

The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

About Spar Nord Bank

Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

About Nykredit

Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

Questions and further information

Any questions concerning the Offer may be directed to:

Nykredit Bank A/S

Company reg. (CVR) no.: 10 51 96 08

Sundkrogsgade 25

2150 Nordhavn
Denmark

Telephone: +45 7010 9000

and

Carnegie Investment Bank

Filial af Carnegie Investment Bank AB (publ), Sverige

Company reg. (CVR) no. 35 52 12 67

Overgaden Neden Vandet 9 B

1414 Copenhagen K
Denmark

E-mail: annette.hansen@carnegie.dk

For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

This announcement and the Offer Document (with Supplement) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with Supplement) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

Restricted jurisdictions

The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining announcement, the Supplement, the Offer Document, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to Shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

Important Information for Shareholders in the United States

The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

1 Executive Order no. 636 of 15 May 2020

Attachment
- Announcement of extension of Offer Period
The MIL Network –
February 18, 2025
MIL-OSI: Correction: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S
Source: GlobeNewswire (MIL-OSI)

THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 9(4) AND (5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

18 February 2025

Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

In accordance with section 4(1) of the Danish Takeover Order¹, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order.

Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which extends the Offer Period for the Offer. The Supplement has been approved by the Danish FSA on 18 February 2025 in accordance with section 9(4) and section 9(5) of the Danish Takeover Order.

Under the Offer document, the offer period is set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”).

With the Supplement, Nykredit extends the Initial Offer Period, such that the Offer will expire on 20 March 2025 at 23:59 (CET). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 20 March 2025 at 23:59 (the “Extended Offer Period”).

The purpose of the extension is to provide Nykredit with more time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. The process to obtain such approval from the Danish Competition and Consumer Authority is proceeding as planned.

If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the Extended Offer Period further.

The extension of the Initial Offer Period entails that the expected completion of the Offer and settlement of the Offer Price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 28 March 2025.

At the time of this announcement, Nykredit holds 32.44 per cent of the shares in Spar Nord Bank, and on 4 February 2025 Nykredit released an announcement to the effect that a preliminary compilation of the acceptances that Nykredit is aware of indicates that the 67 per cent acceptance limit of the Offer has been achieved. The final result of the Offer will be determined on expiry of the Offer Period and published in accordance with section 21(3) of the Danish Takeover Order.

The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

About Spar Nord Bank

Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

About Nykredit

Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

Questions and further information

Any questions concerning the Offer may be directed to:

Nykredit Bank A/S

Company reg. (CVR) no.: 10 51 96 08

Sundkrogsgade 25

2150 Nordhavn
Denmark

Telephone: +45 7010 9000

and

Carnegie Investment Bank

Filial af Carnegie Investment Bank AB (publ), Sverige

Company reg. (CVR) no. 35 52 12 67

Overgaden Neden Vandet 9 B

1414 Copenhagen K
Denmark

E-mail: annette.hansen@carnegie.dk

For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

This announcement and the Offer Document (with Supplement) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with Supplement) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

Restricted jurisdictions

The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining announcement, the Supplement, the Offer Document, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to Shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

Important Information for Shareholders in the United States

The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

1 Executive Order no. 636 of 15 May 2020

Attachments
- Announcement of extension of Offer Period
- Supplement to the Offer Document
The MIL Network –
February 18, 2025

MIL-OSI: WISeKey Announces Holistic Technology Consolidation for Digital Trust Leadership

Source: GlobeNewswire (MIL-OSI)

WISeKey Announces Holistic Technology Consolidation for Digital Trust Leadership

Geneva, Switzerland, February 18, 2025 –WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today announces the consolidation of its advanced technologies into a unified ecosystem, aiming to enhance security, interoperability, and innovation. This initiative integrates AI, quantum-resistant cryptography, blockchain, and IoT security to ensure holistic digital trust across industries.

Specifically, WISeKey is integrating:

WISeID is advancing digital identity solutions by incorporating AI-driven behavioral and post-quantum cryptographic algorithms for enhanced authentication. The platform ensures secure and seamless identity verification for individuals, enterprises, and governments, leveraging blockchain and AI to offer a decentralized identity framework resistant to cyber threats.
SEALSQ (Nasdaq: LAES) is embedding quantum-resistant chips into WISeKey’s digital identity and IoT security solutions, fortifying data protection. The deployment of post-quantum cryptographic microcontrollers ensures long-term security against emerging quantum threats, positioning SEALSQ at the forefront of semiconductor innovation. Additionally, SEALSQ’s AI-driven predictive security mechanisms enhance threat intelligence, providing real-time responses to cyber vulnerabilities. SEALSQ Quantum Roadmap is designed to invest in quantum related companies expanding its quantum positioning
OISTE RootKey is expanding trust models through blockchain-based root-of-trust systems, reinforcing the Company’s role as a global trust anchor. This ensures that digital identities, transactions, and communications remain protected against unauthorized access and cyber fraud, enhancing the overall trustworthiness of WISeKey’s security architecture.
WISeSat is securing satellite-based communications with post-quantum cryptographic security, addressing the growing need for secure IoT communications. With an increasing number of IoT devices relying on satellite infrastructure, WISeSat integrates quantum-resistant key exchange mechanisms to prevent unauthorized access and data breaches in remote and critical infrastructure applications.
WISeCoin is transforming blockchain-based financial transactions, ensuring fraud-proof, tokenized markets. The use of AI-driven fraud detection systems, coupled with secure digital identity and data verification, enhances the integrity of financial transactions, reducing risks associated with identity theft and cybercrime in digital finance.
SEALCOIN platform is designed to create a secure, decentralized platform for IoT, enabling real-time peer-to-peer transactions and data exchanges through the TIOT token. SEALCOIN platform empowers devices to operate independently and securely in a trusted ecosystem, driving innovation and efficiency.
WISeArt is pioneering AI and blockchain technology to authenticate and protect digital and physical art assets, mitigating risks of forgery and fraud. The platform ensures traceability and verification of ownership, allowing for secure art tokenization and digital rights management.
WISeAi.IO is the latest addition to WISeKey’s technology stack, revolutionizing AI-driven cybersecurity and identity protection. WISeAi.IO harnesses machine learning models to detect anomalies in real time, predict cyber threats, and automate security protocols. Integrated with WISeID, SEALSQ, and WISeSat, WISeAi.IO enhances cybersecurity resilience by identifying potential threats before they manifest, ensuring proactive security management across WISeKey’s ecosystem.

WISeKey’s long-term strategy includes substantial investments in AI and Quantum Computing. AI-powered cybersecurity solutions are being developed to predict and prevent cyber threats, while quantum-resistant cryptography is safeguarding digital assets from future quantum computing risks. Self-sovereign digital identity solutions will integrate AI to enhance authentication mechanisms, and blockchain will ensure secure AI model verification to prevent manipulation and breaches.

To accelerate technology adoption and market leadership, WISeKey has actively pursued strategic acquisitions and partnerships. Specifically, WISeKey has:

Acquired AI-driven cybersecurity technology to enhance its predictive threat detection capabilities.
Collaborated with quantum computing startups to strengthen its expertise in post-quantum security.
Established joint ventures with space technology providers to expand secure satellite-based communications.
Partnered with digital asset firms to enhance blockchain-based identity verification and create a robust, decentralized digital economy.

Carlos Moreira, Founder and CEO of WISeKey, emphasizing the strategic importance of this consolidation, noted, “By unifying our technologies into a comprehensive digital trust ecosystem, WISeKey is reinforcing its position as a global leader in cybersecurity. The integration of AI, quantum computing, and blockchain ensures we are prepared for the challenges of the digital future. We are delivering future-ready solutions that protect individuals, enterprises, and governments worldwide.”

SEALSQ, together with WISeKey, boasts a rich portfolio of over 46 patent families encompassing more than 100 fundamental individual patents https://www.sealsq.com/investors/news-releases/sealsq-expands-protection-of-luxury-and-valuable-assets-with-patented-advanced-digital-certification-and-nft-technology.

For further information, please visit www.wisekey.com.

About WISeKey

WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

Press and Investor Contacts

WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com

WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
lcati@equityny.com

The MIL Network –

February 18, 2025

Category: Internet Communications Technology

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