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  • MIL-OSI Europe: Answer to a written question – EU funding for flood relief and the provision of emergency aid – P-002687/2024(ASW)

    Source: European Parliament

    1. and 3. On 29 November 2024, Poland submitted an application for the EU Solidarity Fund[1], which is being assessed by the Commission. If the conditions for mobilising the Fund are met, the Commission will determine the amount of financial assistance, within the limits of the financial resources available, propose it to the budgetary authority and make it available as quickly as possible.

    2. Poland will be able to make use of flexibilities under the 2021-2027 cohesion policy framework based on the recently adopted Regulation ‘RESTORE’[2], entered into force on 24 December 2024, following the co-legislative negotiations. Member States could reprogramme part of their European Regional Development Fund, European Social Fund Plus and Cohesion Fund allocations for actions and projects in response to natural disasters, including reconstruction and repair measures to alleviate the negative socioeconomic consequences of natural disasters. The increased EU financing and pre-financing rates will ease the budgetary pressure on affected Member States and regions.

    Poland will have 6 months from the entry into force of this regulation to submit amendments to its cohesion policy programmes to make use of the support and flexibilities provided in this context.

    • [1] Council Regulation (EC) No 2012/2002 of 11 November 2002 establishing the European Union Solidarity Fund (OJ L 311, 14.11.2002, p. 3) as amended by Regulation (EU) No 661/2014 of the European Parliament and the Council of 15 May 2014 (OJ L 189, 27.6.2014, p. 143) and by Regulation (EU) 2020/461 of the European Parliament and the Council of 30 March 2020 (OJ L 99, 31.3.2020, p. 9). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32002R2012
    • [2] Regulation (EU) 2024/3236 of the European Parliament and of the Council of 19 December 2024 amending Regulations (EU) 2021/1057 and (EU) 2021/1058 as regards Regional Emergency Support to Reconstruction (RESTORE), available at this link : http://data.europa.eu/eli/reg/2024/3236/oj
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – European companies following the introduction of sanctions – E-002556/2024(ASW)

    Source: European Parliament

    From the outset, the sanctions have been designed and implemented to impose a heavy price on Russia and Belarus, whilst minimising adverse effects on the EU, its citizens and businesses.

    When developing sanctions packages, the Commission carefully considers their impact on EU operators and on individual Member States. Consultations with Member States and industry are aimed at preventing adverse impacts.

    Against the backdrop of Russia’s war of aggression, Ukraine has benefited from various EU support measures. The Autonomous Measures adopted by the European Parliament and the Council in June 2022 and renewed twice until June 2025 have provided duty and quota-free access for Ukrainian agricultural products to the EU market.

    The Commission has been monitoring the impact of these measures closely (monitoring reports are shared with the European Parliament’s Committee on International Trade) and has not found any adverse impact of liberalisation on the EU market.

    Concerning the possible establishment of a mechanism to mitigate the impact of sanctions, the Commission would like to recall that the adoption of sanctions takes into account impacts on the EU’s economy and operators and systematically requires the unanimous approval by the Member States.

    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Protection of the right to use cash in the European Union – E-002856/2024(ASW)

    Source: European Parliament

    Euro cash is granted legal tender status in the euro area[1]. In accordance with the Court’s jurisprudence[2], legal tender entails, in principle, the mandatory acceptance of cash, at full face value, with the power to discharge from a payment obligation.

    The Commission’s proposal[3] for a regulation on the legal tender of euro cash aims to safeguard the role of euro cash in practice, to ensure it is widely accepted as a means of payment and remains easily accessible for everyone across the euro area. The proposal does so by enshrining in legislation that cash acceptance is in principle mandatory across the euro area, and by requiring Member States to monitor cash acceptance and access and to take remedial measures where necessary.

    The proposal seeks to preserve the financial inclusion of vulnerable groups by ensuring that these groups, that are more dependent on cash, continue to have access to and are free to choose their preferred payment method, thus preventing discrimination against those who rely on cash for their payments.

    The proposal foresees that Member States would have to ensure that the legal tender principle of mandatory acceptance is not undermined by widespread refusals of cash through the unilateral and ex ante exclusion of cash by enterprises . They would have the obligation to monitor the level of ex ante unilateral exclusions of payments in cash and to take remedial measures if cash non-acceptance levels are deemed to undermine the mandatory acceptance of euro cash.

    • [1] Article 128 (1) of the Treaty on the Functioning of the European Union lays down the legal tender status of euro banknotes, and Article 11 of Regulation EC/974/98 does so with regard to euro coins.
    • [2] See judgment of 26 January 2021 in Joined Cases C-422/19 and C-423/19, Hessischer Rundfunk https://curia.europa.eu/juris/liste.jsf?num=C-422/19
    • [3] https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3501
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Highlights – Recovery and Resilience Dialogue – 10.02.2025 – Committee on Economic and Monetary Affairs

    Source: European Parliament

    On Monday, 10 February 2025, the Members from the Committee on Budgets and the Committee on Economic and Monetary Affairs will hold the first Recovery and Resilience Dialogue (RRD) since the entry into office of the new European Commission with Raffaele Fitto, Executive Vice-President of the Commission for Cohesion and Reforms and Valdis Dombrovskis, Commissioner for Economy and Productivity, Implementation and Simplification.

    During this 17th RRD meeting, the Commissioners will update the Members on the latest state of implementation of the Recovery and Resilience Facility (RRF). Members will be interested to hear about Member States’ progress towards achieving agreed milestones and targets, disbursed amounts, including partial payments, latest payment requests, and pending challenges, such as delayed requests.

    The Recovery and Resilience Dialogue is organised under Article 26 of the Regulation establishing the Recovery and Resilience Facility to ensure greater transparency and accountability in the implementation of the Facility.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Violation of the right to self-determination by the Albanian Government – E-000340/2025

    Source: European Parliament

    Question for written answer  E-000340/2025
    to the Commission
    Rule 144
    Nikolaos Anadiotis (NI)

    The three recent Albanian Government decrees (Këshillit të Ministrave, 26/12/2024) on the application of Law 96/2017 “On the protection of national minorities”[1] constitute significant obstacles to the recognition of the Greek minority.

    The Albanian Government is essentially cancelling the right to self-determination and discouraging the registration of minorities. Specifically, it sets and imposes criteria and procedures (note the term “claims”, instead of “feels”); audit committees do not ensure that the nationality request is fully accepted, due to the absence of documents of origin from 2010; there is reference to data concerning the arbitrary and illegal registration of thousands of Greeks as being Albanian nationals, either from the formation of Albania (1913) or previously denounced censuses; the pyramid of approval up to ministerial level is time consuming; and the examining committee comprises first and foremost institutional agents, raising reasonable concerns about a lack of transparency.

    Since these practices violate the European Framework Convention for the Protection of National Minorities,

    • 1.What actions does the Commission intend to take to ensure that Albania complies with its international obligations regarding respect for the right to self-determination?
    • 2.Will the Commission link Albania’s development and progress in the accession negotiations – and the whole process – with requiring immediate reform of these practices?

    Submitted: 27.1.2025

    • [1] https://www.kryeministria.al/newsroom/vendime-te-miratuara-ne-mbledhjen-e-keshillit-te-ministrave-date-26-dhjetor-2024/.
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Continued strengthening of the EU Solidarity Lanes to support Ukraine – E-000335/2025

    Source: European Parliament

    Question for written answer  E-000335/2025
    to the Commission
    Rule 144
    Tomas Tobé (PPE), Jens Gieseke (PPE), Norbert Lins (PPE), Elena Nevado del Campo (PPE), Borja Giménez Larraz (PPE)

    In response to Russia’s war of aggression against Ukraine, the Commission launched the EU-Ukraine Solidarity Lanes in May 2022, the purpose being to establish logistics routes and enable trade in Ukrainian goods to continue[1]. The Solidarity Lanes have been very effective. In two years, they have allowed Ukraine to export around 162 million tonnes of goods. The total value of trade via the Solidarity Lanes is estimated at around EUR 192 billion[2].

    Continued support for Ukraine in every sector is crucial for ensuring the country’s resilience, and the Solidarity Lanes highlight the importance of functioning infrastructure in this regard. In light of this:

    • 1.How does the Commission plan to strengthen the Solidarity Lanes between the EU and Ukraine?
    • 2.What other measures does the Commission plan to take in order to meet Ukraine’s infrastructure needs?

    Submitted: 27.1.2025

    • [1] https://transport.ec.europa.eu/news-events/news/european-commission-establish-solidarity-lanes-help-ukraine-export-agricultural-goods-2022-05-12_en.
    • [2] https://commission.europa.eu/topics/eu-solidarity-ukraine/eu-assistance-ukraine/eu-ukraine-solidarity-lanes_en.
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Drop in the productivity of shellfish gathering on the Galician coast: the case of the Arousa Estuary – E-000392/2025

    Source: European Parliament

    Question for written answer  E-000392/2025
    to the Commission
    Rule 144
    Ana Miranda Paz (Verts/ALE)

    According to data from the shellfish gathering industry, the productivity of the Arousa Estuary in Galicia fell by almost 45 % in 2024, which implies an economic loss of almost EUR 16 million. This has an effect not only on the hundreds of direct jobs that this industry creates, but on the whole industrial supply chain.

    Abnormally high sea temperatures and heavy and irregular rainfall are killing commercial species. The lack of protection from water pollution is also a factor in shellfish mortality. However, according to data, only around 20 % of funds from the European Maritime, Fisheries and Aquaculture Fund (EMFAF) are aimed at environmentally sustainable small-scale fishing.

    Considering this:

    • 1.Will the Commission take action to alleviate the difficult situation of the shellfish sector in the Arousa Estuary and on the Galician coast in general?
    • 2.Does the Commission plan on restructuring the funding criteria to increase the percentage of EMFAF resources that are allocated to small-scale and traditional fishing activities, in order to tackle problems derived from shellfish mortality and loss of productivity?

    Submitted: 29.1.2025

    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Measures to limit the effects of the recent ecological disaster in the Black Sea – E-000084/2025

    Source: European Parliament

    Question for written answer  E-000084/2025/rev.1
    to the Commission
    Rule 144
    Victor Negrescu (S&D)

    For almost a month now, the Black Sea has been battling the devastating effects of the biggest environmental disaster in recent years, caused by two Russian oil tankers that sank in the Kerch Strait. Hundreds of birds, dozens of dolphins and thousands of marine organisms have died and the ecosystem has been contaminated with the substances released into the water, including thousands of tonnes of M100, a highly toxic petroleum product.

    • 1.Given these circumstances, I believe the Commission needs to take urgent action to limit the effects of this environmental disaster on the territorial waters of Romania and Bulgaria. What does the Commission intend to do to support the Black Sea states?
    • 2.Similarly, what EU financing solutions and mechanisms are available for Black Sea countries to restore maritime ecosystems, protect biodiversity, avert any risk to local communities and clean up the shores affected?

    Submitted: 12.1.2025

    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Several Swedish municipalities and regions are missing out on millions of kronor in electricity subsidies because they are being classified as farms – E-003014/2024(ASW)

    Source: European Parliament

    Concerning the first and second questions, the Commission cannot take position without further details. Both questions seem largely related to the interpretation of the national law, which the Commission cannot comment on.

    Nevertheless, Article 345 of the Treaty on the Functioning of the European Union expresses the principle of neutrality in relation to the rules in Member States governing the system of property ownership.

    This implies that public bodies, such as municipalities or regions, may also carry out economic activities and then constitute undertakings, as defined in the jurisprudence of the EU Courts.

    However, the classification of such an entity as an undertaking is always relative to a specific activity. An entity that carries out both economic and non-economic activities is to be regarded as an undertaking only with regard to the former.

    It follows that EU competition law, including EU State aid law, does not require to qualify a municipality or region that carries out different activities, some of them economic and some non-economic, as an undertaking with regard to all its activities, but only with regard to those that are economic in nature.

    As such, these rules do not require to qualify the entirety of a municipality or region that, amongst many activities, also carries out the economic activity of primary agricultural production as a farmer, but rather only those activities that constitute such primary agricultural production.

    Moreover, the Commission is committed to bring down electricity prices for households and businesses to support the energy transition and the Union’s competitiveness.

    Therefore, the Commission is working on the Clean Industrial Deal and an Action Plan for Affordable Energy to be published in the first hundred days of this Commission, in line with the mission letters by the President of the Commission to the Executive Vice-President for a Clean, Just and Competitive Transition[1] and to the Commissioner for Energy and Housing[2].

    • [1] https://commission.europa.eu/document/download/33d74e86-3a17-472c-ba93-59d1606bbc20_en?filename=mission-letter-ribera_0.pdf
    • [2] https://commission.europa.eu/document/download/35154547-48c1-4671-8d34-13e098859a57_en?filename=mission-letter-jorgensen.pdf

    MIL OSI Europe News –

  • MIL-OSI: Enact Reports Fourth Quarter and Full Year 2024 Results and Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    GAAP Net Income of $163 million, or $1.05 per diluted share
    Adjusted Operating Income of $169 million, or $1.09 per diluted share
    Return on Equity of 13.0% and Adjusted Operating Return on Equity of 13.5%
    Record Primary insurance in-force of $269 billion, a 2% increase from fourth quarter 2023
    PMIERs Sufficiency of 167% or $2,052 million
    Book Value Per Share of $32.80 and Book Value Per Share excluding AOCI of $34.16
    Returned over $350 million of capital to shareholders in 2024
    Announces quarterly cash dividend of $0.185 per common share

    RALEIGH, N.C., Feb. 04, 2025 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) today announced its fourth quarter and full-year 2024 results.

    “Our very strong performance in 2024 underscores the effectiveness of our strategy and the continued successful execution of our priorities,” stated Rohit Gupta, President and CEO of Enact. “In a complex economic environment, we responsibly grew our portfolio, drove operational efficiencies, maintained a strong balance sheet and generated meaningful capital returns to our shareholders. As we look to the future, our proven strategy and disciplined execution position us well to realize the opportunities ahead and to create long-term value for our stakeholders.”

    Key Financial Highlights

    (In millions, except per share data or otherwise noted) 4Q24 3Q24 4Q23 2024 2023
    Net Income (loss) $163 $181 $157 $688 $666
    Diluted Net Income (loss) per share $1.05 $1.15 $0.98 $4.37 $4.11
    Adjusted Operating Income (loss) $169 $182 $158 $718 $676
    Adj. Diluted Operating Income (loss) per share $1.09 $1.16 $0.98 $4.56 $4.18
    NIW ($B) $13 $14 $10 $51 $53
    Primary IIF ($B) $269 $268 $263    
    Primary Persistency Rate 82% 83% 86% 83% 85%
    Net Premiums Earned $246 $249 $240 $980 $957
    Losses Incurred $24 $12 $24 $39 $27
    Loss Ratio 10% 5% 10% 4% 3%
    Operating Expenses $58 $56 $59 $223 $223
    Expense Ratio 24% 22% 25% 23% 23%
    Net Investment Income $63 $61 $56 $241 $207
    Net Investment gains (losses) $(7) $(1) $(1) $(23) $(14)
    Return on Equity 13.0% 14.7% 13.8% 14.3% 15.2%
    Adjusted Operating Return on Equity 13.5% 14.8% 13.9% 14.9% 15.5%
    PMIERs Sufficiency ($) $2,052 $2,190 $1,887    
    PMIERs Sufficiency (%) 167% 173% 161%    
               

    Fourth Quarter 2024 Financial and Operating Highlights

    • Net income was $163 million, or $1.05 per diluted share, compared with $181 million, or $1.15 per diluted share, for the third quarter of 2024 and $157 million, or $0.98 per diluted share, for the fourth quarter of 2023. Adjusted operating income was $169 million, or $1.09 per diluted share, compared with $182 million, or $1.16 per diluted share, for the third quarter of 2024 and $158 million, or $0.98 per diluted share, for the fourth quarter of 2023.
    • New insurance written (NIW) was approximately $13 billion, down 2% from the third quarter of 2024 primarily from seasonality partially offset by an estimated increase in refinance originations and up 27% from the fourth quarter of 2023 primarily driven by estimated higher originations. NIW for the current quarter was comprised of 96% monthly premium policies and 86% purchase originations.
    • Primary insurance in-force (IIF) was a record $269 billion, up from $268 billion in the third quarter of 2024 and up 2% from $263 billion in the fourth quarter of 2023.
    • Persistency remained elevated at 82%, down slightly from 83% in the third quarter of 2024 and down from 86% in the fourth quarter of 2023. The decrease year-over-year was primarily driven by a decline in mortgage rates in September 2024. Approximately 70% of our IIF had mortgage rates below 6%.
    • Net premiums earned were $246 million, down 1% from $249 million in the third quarter of 2024 and up 2% from $240 million in the fourth quarter of 2023. Net premiums decreased sequentially, primarily driven by higher ceded premiums and increased year over year driven by premium growth from attractive adjacencies and growth in primary insurance in-force, partially offset by higher ceded premiums.
    • Losses incurred for the fourth quarter of 2024 were $24 million and the loss ratio was 10%, compared to $12 million and 5%, respectively, in the third quarter of 2024 and $24 million and 10%, respectively, in the fourth quarter of 2023. The current quarter reserve release of $56 million from favorable cure performance and loss mitigation activities compares to a reserve release of $65 million and $53 million in the third quarter of 2024 and fourth quarter of 2023, respectively. The sequential increase in losses and the loss ratio were primarily driven by a lower reserve release and new delinquencies are up 1% excluding hurricane-related delinquencies.
    • Operating expenses in the current quarter were $58 million and the expense ratio was 24%. This compared to $56 million and 22%, respectively, in the third quarter of 2024 and $59 million and 25%, respectively in the fourth quarter of 2023. The sequential increase was driven by incentive-based compensation while the year-over-year decrease was driven in part by the impact of our cost reduction initiatives.
    • Net investment income was $63 million, up from $61 million in the third quarter of 2024 and $56 million in the fourth quarter of 2023, driven by the continuation of elevated interest rates and higher average invested assets.
    • Net investment loss in the quarter was $(7) million, as compared to $(1) million sequentially and $(1) million in the same period last year. The current period was primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
    • Annualized return on equity for the fourth quarter of 2024 was 13.0% and annualized adjusted operating return on equity was 13.5%. This compares to third quarter 2024 results of 14.7% and 14.8%, respectively, and to fourth quarter 2023 results of 13.8% and 13.9%, respectively.

    Capital and Liquidity

    • We returned $354 million to shareholders in 2024 inclusive of quarterly dividends and share repurchases.
    • During the quarter, we announced two quota share reinsurance agreements with a panel of highly-rated reinsurers that will cede approximately 27% of a portion of expected new insurance written for the 2025 and 2026 book years.
    • As previously announced, we paid approximately $28 million, or $0.185 per share, dividend in the fourth quarter.
    • For the full year 2024, we repurchased 7.6 million shares at a weighted average share price of $31.95 for a total of $243 million.
    • EMICO completed a distribution of approximately $230 million in the fourth quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
    • Enact Holdings, Inc. held $243 million of cash and cash equivalents plus $298 million of invested assets as of December 31, 2024. Combined cash and invested assets increased $98 million from the prior quarter, primarily due to a contribution from EMICO, partially offset by share buybacks and our quarterly dividend.
    • PMIERs sufficiency was 167% and $2.1 billion above the PMIERs requirements, compared to 173% and $2.2 billion above the PMIERs requirements in the third quarter of 2024.

    Recent Events

    • In January 2025, Fitch Ratings (“Fitch”) upgraded the Insurer Financial Strength rating for EMICO to A from A- and also upgraded Enact’s senior debt rating to BBB. The outlook for both ratings is stable.
    • Subsequent to quarter end, we announced two excess of loss reinsurance agreements with a panel of highly rated reinsurers that will provide ~$225M and ~$260M of coverage on a portion of expected new insurance written for the 2025 and 2026 book years, respectively.
    • We repurchased approximately 2.1 million shares at an average price of $34.75 for a total of approximately $74 million in the quarter. Additionally, through January 31, 2024, we repurchased 0.6 million shares at an average price of $32.60 for a total of $19 million. There remains approximately $74 million of our $250 million repurchase authorization.
    • We announced today that the Board of Directors declared a quarterly dividend of $0.185 per common share, payable on March 14, 2025, to shareholders of record on February 21, 2025.

    Conference Call and Financial Supplement Information
    This press release, the fourth quarter 2024 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.

    Enact will discuss third quarter financial results in a conference call tomorrow, Wednesday, February 5, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN. It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call. If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.

    The webcast will also be archived on the Company’s website for one year.

    About Enact
    Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders’ businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

    Safe Harbor Statement
    This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

    GAAP/Non-GAAP Disclosure Discussion
    This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss)”, “adjusted operating income (loss) per share,” and “adjusted operating return on equity.” Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates performance and allocates resources on the basis of adjusted operating income (loss). Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.

    While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

    Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.

    The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months and twelve months ending December 31, 2024 and 2023, as well as for the three months ended September 30, 2024

    Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)

      4Q24 3Q24 4Q23   2024     2023  
    REVENUES:          
    Premiums $245,735   $249,055   $240,101   $980,104   $957,075  
    Net investment income   62,624     61,056     56,161     240,564     207,369  
    Net investment gains (losses)   (7,167)     (1,243)     (876)     (22,807)     (14,022)  
    Other income   584     720     804     3,913     3,264  
    Total revenues   301,776     309,588     296,190     1,201,774     1,153,686  
               
    LOSSES AND EXPENSES:          
    Losses incurred   23,813     12,164     24,372     38,657     27,165  
    Acquisition and operating expenses, net of deferrals   55,325     53,091     56,560     213,310     212,491  
    Amortization of deferred acquisition costs and intangibles   2,522     2,586     2,566     9,659     10,654  
    Interest expense   12,262     12,290     12,948     51,157     51,867  
    Loss on debt extinguishment   0     0     0     10,930     0  
    Total losses and expenses   93,922     80,131     96,446     323,713     302,177  
               
    INCOME BEFORE INCOME TAXES   207,854     229,457     199,744     878,061     851,509  
    Provision for income taxes   45,116     48,788     42,436     189,993     185,998  
    NET INCOME $162,738   $180,669   $157,308   $688,068   $665,511  
               
    Net investment (gains) losses   7,167     1,243     876     22,807     14,022  
    Costs associated with reorganization   411     848     408     4,652     (131)  
    Loss on debt extinguishment   0     0     0     10,930     0  
    Taxes on adjustments   (1,591)     (439)     (270)     (8,061)     (2,917)  
    Adjusted Operating Income $168,725   $182,321   $158,322   $718,396   $676,485  
               
    Loss ratio (1)   10%     5%     10%     4%     3%  
    Expense ratio (2)   24%     22%     25%     23%     23%  
    Earnings Per Share Data:          
    Net Income per share          
    Basic $1.06   $1.16   $0.99   $4.40   $4.14  
    Diluted $1.05   $1.15   $0.98   $4.37   $4.11  
    Adj operating income per share          
    Basic $1.10   $1.17   $0.99   $4.60   $4.21  
    Diluted $1.09   $1.16   $0.98   $4.56   $4.18  
    Weighted-average common shares outstanding          
    Basic   153,537     155,561     159,655     156,277     160,870  
    Diluted   154,542     157,016     160,895     157,554     161,847  
               
    (1) The ratio of losses incurred to net earned premiums.      
    (2) The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by one percentage point for the three-month period ended December 31, 2024, and zero percentage points for the three-month periods ended September 30, 2024, and December 31, 2023. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by one percentage point for the year ended December 31, 2024 and zero percentage points for the year ended December 31, 2023.
     

    Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)

    Assets 4Q24 3Q24 4Q23
    Investments:      
    Fixed maturity securities available-for-sale, at fair value $5,624,773   $5,652,399   $5,266,141  
    Short term investments   3,367     1,550     20,219  
    Total investments   5,628,140     5,653,949     5,286,360  
    Cash and cash equivalents   599,432     673,363     615,683  
    Accrued investment income   49,595     45,954     41,559  
    Deferred acquisition costs   23,771     24,160     25,006  
    Premiums receivable   53,031     48,834     45,070  
    Other assets   102,549     100,723     88,306  
    Deferred tax asset   65,013     50,063     88,489  
    Total assets $6,521,531   $6,597,046   $6,190,473  
           
    Liabilities and Shareholders’ Equity      
    Liabilities:      
    Loss reserves $524,715   $510,401   $518,191  
    Unearned premiums   114,680     121,382     149,330  
    Other liabilities   142,990     186,312     145,189  
    Long-term borrowings   743,050     742,706     745,416  
    Total liabilities   1,525,435     1,560,801     1,558,126  
    Equity:      
    Common stock   1,523     1,544     1,593  
    Additional paid-in capital   2,076,788     2,145,518     2,310,891  
    Accumulated other comprehensive income   (207,455)     (101,984)     (230,400)  
    Retained earnings   3,125,240     2,991,167     2,550,263  
    Total equity   4,996,096     5,036,245     4,632,347  
    Total liabilities and equity $6,521,531   $6,597,046   $6,190,473  
           
    Book value per share $32.80   $32.61   $29.07  
    Book value per share excluding AOCI $34.16   $33.27   $30.52  
           
    U.S. GAAP ROE (1)   13.0%     14.7%     13.8%  
    Net investment (gains) losses   0.6%     0.1%     0.1%  
    Costs associated with reorganization   0.0%     0.1%     0.0%  
    (Gains) losses on early extinguishment of debt   0.0%     0.0%     0.0%  
    Taxes on adjustments (0.1)%     0.0%     0.0%  
    Adjusted Operating ROE(2)   13.5%     14.8%     13.9%  
           
    Debt to Capital Ratio   13%     13%     14%  
           
    (1) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
    (2) Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
     

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – Budgetary impact of new economic governance rules and the need for methodological transparency – E-002213/2024(ASW)

    Source: European Parliament

    The new Economic Governance Framework supports Member States in achieving fiscal sustainability as well as sustainable economic growth.

    Both are critical for the EU’s economic strength in today’s challenging global environment. In particular, the new framework encourages reforms and investments that will lay the foundations for long-term economic stability and sustainable growth.

    As part of the implementation of the new framework, the Commission recommended on 26 November 2024 to the Council to endorse the fiscal path contained in Portugal’s medium-term fiscal-structural plan, which corresponds to an annual fiscal adjustment of 0.1% of gross domestic product for the period 2025-2028[1].

    The new framework differentiates between Member States according to their fiscal position. As stipulated in Regulation 2024/1263[2], the Commission applies a replicable, predictable and transparent methodology to assess the plausibility of whether the projected public debt ratio is on a downward path or remains at prudent level. For the first round of medium-term plans, this methodology is described in the Debt Sustainability Monitor 2023[3].

    The prior Commission’s guidance to Member States, derived from the Commission debt projection framework, is published when the medium-term plan is submitted, in accordance with Article 9 of the regulation, together with spreadsheets allowing to reproduce the calculations.

    A working group for debt sustainability analysis has been established to explore possible methodological improvements.

    • [1] See : https://economy-finance.ec.europa.eu/economic-and-fiscal-governance/stability-and-growth-pact/preventive-arm/national-medium-term-fiscal-structural-plans_en#portugal
    • [2] https://eur-lex.europa.eu/eli/reg/2024/1263
    • [3] See: https://economy-finance.ec.europa.eu/publications/debt-sustainability-monitor-2023_en
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Articles 10, 11 and 12 of the EU Critical Raw Materials Act and their application to EU candidate countries – E-002393/2024(ASW)

    Source: European Parliament

    The EU Critical Raw Materials Act[1] (CRMA) is directly applicable to Member States only, therefore it does not prescribe obligations to non-EU countries, including as regards the specific requirements and timeframes covered by Articles 10, 11 and 12 referred to in the Honourable Member’s written question.

    As such, EU candidate countries are not directly bound by EU legislation until their full accession, unless it is specifically referenced or incorporated into international agreements.

    However, candidate countries are expected to gradually align their legislative framework with the EU acquis as part of their accession process.

    This alignment occurs in accordance with their transposition of relevant EU legislation into national law, which takes place progressively, with support and monitoring from the Commission.

    Therefore, while the CRMA does not directly apply to EU candidate countries, it serves as a complementary framework that may influence their strategic choices, and it will apply when these countries formally join the EU.

    When it comes to strategic projects, authorities of candidate countries are invited to consider the benefits to be granted to such projects in national policies, such as the permitting provisions.

    • [1] Regulation (EU) 2024/1252 of the European Parliament and of the Council of 11 April 2024 establishing a framework for ensuring a secure and sustainable supply of critical raw materials, OJ L, 2024/1252, 3.5.2024, http://data.europa.eu/eli/reg/2024/1252/oj
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI: Onity Group Schedules Conference Call – Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Feb. 04, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that it will hold a conference call on Thursday, February 13, 2025 at 8:30 a.m. (ET) to review the Company’s fourth quarter and full-year 2024 operating results.

    All interested parties are welcome to participate. You can access the conference call by dialing (800) 274-8461 or (203) 518-9814 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations.

    An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call.

    A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through February 27, 2025, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11157783.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    For Further Information Contact:

    Investors:
    Valerie Haertel, VP, Investor Relations
    (561) 570-2969
    shareholderrelations@onitygroup.com

    Media:
    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – The disappearance of Iranian student Ahoo Daryaei and the need to take measures against symbols of female repression in the EU – E-002406/2024(ASW)

    Source: European Parliament

    The EU strongly supports the fundamental aspiration of the people of Iran for a future where their universal human rights and fundamental freedoms are respected, protected and fulfilled.

    The EU has been following the case of student Ahou Daryaei from the beginning and will continue to monitor her situation very closely, also now when she returned to her family without any formal charges having been brought against her.

    The EU is using every opportunity, both publicly and in direct diplomatic contacts, to call on Iran to ensure respect for women and girls’ rights and to combat all forms of discrimination and violence in public and private life.

    The Commission promotes inclusion, diversity and unity in the EU. Issues regarding the wearing of religious clothing, such as the hijab, in the public sphere are a matter for Member States, subject to the judicial control by national courts and the European Court of Human Rights.

    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Latest news – DAND Constitutive meeting of 3 October 2024 – Delegation for relations with the countries of the Andean Community

    Source: European Parliament

    At its constitutive meeting on 3 October 2024, the Delegation for relations with the countries of the Andean Community (DAND) elected the following bureau member:

    Chair: Robert BIEDRON (S&D, Poland)

    1st Vice-Chair: tbc in the next meeting

    2nd Vice-Chair:     tbc in the next meeting

    MIL OSI Europe News –

  • MIL-OSI: AMD Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — AMD (NASDAQ:AMD) today announced financial results for the fourth quarter and full year of 2024. Fourth quarter revenue was a record $7.7 billion, gross margin was 51%, operating income was $871 million, net income was $482 million and diluted earnings per share was $0.29. On a non-GAAP(*) basis, gross margin was 54%, operating income was a record $2.0 billion, net income was a record $1.8 billion and diluted earnings per share was $1.09.

    For the full year 2024, AMD reported record revenue of $25.8 billion, gross margin of 49%, operating income of $1.9 billion, net income of $1.6 billion, and diluted earnings per share of $1.00. On a non-GAAP(*) basis, gross margin was a record 53%, operating income was $6.1 billion, net income was $5.4 billion and diluted earnings per share was $3.31.

    “2024 was a transformative year for AMD as we delivered record annual revenue and strong earnings growth,” said AMD Chair and CEO Dr. Lisa Su. “Data Center segment annual revenue nearly doubled as EPYC processor adoption accelerated and we delivered more than $5 billion of AMD Instinct accelerator revenue. Looking into 2025, we see clear opportunities for continued growth based on the strength of our product portfolio and growing demand for high-performance and adaptive computing.”

    “We closed 2024 with a strong fourth quarter, delivering record revenue up 24% year-over-year, and accelerated earnings expansion while investing aggressively in AI and innovation to position us for long-term growth and value creation,” said AMD EVP, CFO and Treasurer Jean Hu.

    GAAP Quarterly Financial Results

      Q4 2024 Q4 2023 Y/Y Q3 2024 Q/Q
    Revenue ($M) $7,658 $6,168 Up 24% $6,819 Up 12%
    Gross profit ($M) $3,882 $2,911 Up 33% $3,419 Up 14%
    Gross margin 51% 47% Up 4 ppts 50% Up 1%
    Operating expenses ($M) $3,022 $2,575 Up 17% $2,709 Up 12%
    Operating income ($M) $871 $342 Up 155% $724 Up 20%
    Operating margin 11% 6% Up 5 ppts 11% Flat
    Net income ($M) $482 $667 Down 28% $771 Down 37%
    Diluted earnings per share $0.29 $0.41 Down 29% $0.47 Down 38%

    Non-GAAP(*) Quarterly Financial Results

      Q4 2024 Q4 2023 Y/Y Q3 2024 Q/Q
    Revenue ($M) $7,658 $6,168 Up 24% $6,819 Up 12%
    Gross profit ($M) $4,140 $3,133 Up 32% $3,657 Up 13%
    Gross margin 54% 51% Up 3 ppts 54% Flat
    Operating expenses ($M) $2,125 $1,727 Up 23% $1,956 Up 9%
    Operating income ($M) $2,026 $1,412 Up 43% $1,715 Up 18%
    Operating margin 26% 23% Up 3 ppts 25% Up 1 ppt
    Net income ($M) $1,777 $1,249 Up 42% $1,504 Up 18%
    Diluted earnings per share $1.09 $0.77 Up 42% $0.92 Up 18%

    Annual Financial Results

      GAAP Non-GAAP(*)
       2024   2023  Y/Y  2024   2023  Y/Y
    Revenue ($M) $25,785 $22,680 Up 14% $25,785 $22,680 Up 14%
    Gross profit ($M) $12,725 $10,460 Up 22% $13,759 $11,436 Up 20%
    Gross margin % 49% 46% Up 3 ppts 53% 50% Up 3 ppts
    Operating expenses ($M) $10,873 $10,093 Up 8% $7,669 $6,616 Up 16%
    Operating income ($M) $1,900 $401 Up 374% $6,138 $4,854 Up 26%
    Operating margin % 7% 2% Up 5 ppts 24% 21% Up 3 ppts
    Net income ($M) $1,641 $854 Up 92% $5,420 $4,302 Up 26%
    Diluted earnings per share $1.00 $0.53 Up 89% $3.31 $2.65 Up 25%

    Segment Summary

    • Data Center segment revenue in the quarter was a record $3.9 billion, up 69% year-over-year primarily driven by the strong ramp of AMD Instinct™ GPU shipments and growth in AMD EPYC™ CPU sales.  
      • For 2024, Data Center segment revenue was a record $12.6 billion, an increase of 94% compared to the prior year, driven by growth in both AMD Instinct and EPYC processors.
    • Client segment revenue in the quarter was a record $2.3 billion, up 58% year-over-year primarily driven by strong demand for AMD Ryzen™ processors.
      • For 2024, Client segment revenue was a record $7.1 billion, up 52% compared to the prior year, due to strong demand for AMD Ryzen processors in desktop and mobile.
    • Gaming segment revenue in the quarter was $563 million, down 59% year-over-year, primarily due to a decrease in semi-custom revenue.
      • For 2024, Gaming segment revenue was $2.6 billion, down 58% compared to the prior year, primarily due to a decrease in semi-custom revenue.
    • Embedded segment revenue in the quarter was $923 million, down 13% year-over-year, as end market demand continues to be mixed.
      • For 2024, Embedded segment revenue was $3.6 billion, down 33% from the prior year, primarily due to customers normalizing their inventory levels.

    Recent PR Highlights

    • AMD continues expanding its partnerships to deliver highly performant AI infrastructure at scale:
      • IBM announced plans to deploy AMD Instinct MI300X accelerators to power generative AI and HPC applications on IBM Cloud.
      • Vultr and AMD announced a strategic collaboration to leverage AMD Instinct MI300X accelerators and AMD ROCm™ open software to power Vultr’s cloud infrastructure for enterprise AI development and deployment.
      • Aleph Alpha announced that it will leverage AMD Instinct MI300 Series accelerators and ROCm software to enable its tokenizer-free LLM architecture, a new approach to generative AI that aims to simplify the development of sovereign AI solutions for governments and enterprises.
      • Fujitsu and AMD announced a strategic partnership to develop more sustainable computing infrastructure to accelerate open source AI.
      • AMD expanded strategic investments to advance the AI ecosystem and solutions, including investments in LiquidAI, Vultr and Absci.
    • AMD is accelerating its AI software roadmap to deliver a robust open AI stack for the ecosystem:
      • AMD released ROCm 6.3 with numerous performance enhancements enabling faster inferencing on AMD Instinct accelerators as well as additional compiler tools and libraries.
      • AMD shared an update on its 2025 plans for the ROCm software stack to enable easier adoption of and improved out of box support for both inferencing and training applications.
    • Dell and AMD announced that AMD Ryzen AI PRO processors will power new Dell Pro notebook and desktop PCs, bringing exceptional battery life, on-device AI, Copilot+ experiences and dependable productivity to enterprise users. For the first time, Dell will offer a full portfolio of commercial PCs based on Ryzen processors, marking a significant milestone in the companies’ collaboration.
    • AMD expanded its broad consumer and commercial AI PC portfolio:
      • New AMD Ryzen AI Max and Ryzen AI Max PRO Series processors deliver workstation-level performance and next-gen AI performance for gaming, content creation and complex AI-accelerated workloads.
      • Expanded Ryzen AI 300 and Ryzen AI 300 PRO Series processors bring premium AI capabilities to mainstream and entry-level notebooks, as well as enhanced security, manageability and support for Microsoft Copilot+ experiences tailored for business users.
      • Additional Ryzen 200 and Ryzen 200 PRO Series processors offer incredible AI experiences, performance and battery life for everyday users and professionals.
      • More than 150 Ryzen AI platforms are expected to be available from leading OEMs this year.
    • AMD extended its leadership in high performance computing (HPC), enabling the most powerful and many of the most energy efficient supercomputers in the world:
      • The El Capitan supercomputer at Lawrence Livermore National Laboratory became the second AMD supercomputer to surpass the exascale barrier, placing #1 on the latest Top500 list.
      • The Hunter supercomputer at the High-Performance Computing Center of the University of Stuttgart (HLRS), powered by AMD Instinct MI300A APUs, began service, delivering HPC and AI resources for scientists, researchers, industry and the public sector.
      • AMD EPYC processors and AMD Instinct accelerators power many new supercomputing projects and AI deployments, including the Eni HPC 6 system, the University of Paderborn’s latest supercomputer and the Sigma2 AS system which is slated to be the fastest system in Norway.
    • AMD powers incredible experiences for gamers across a broad range of devices:
      • At CES 2025, AMD announced new AMD Ryzen 9000X3D, Ryzen Z2 and Ryzen 9000HX processors, extending its leadership in desktop, mobile and handheld gaming.
      • AMD shared the latest version of AMD Software: Adrenalin Edition™, 24.9.1, continuing to enhance gaming experiences with AMD Fluid Motion Frames 2 and AMD HYPR-RX.
    • AMD continues to deliver leadership compute performance and capabilities at the edge with an expanded portfolio of solutions:
      • New AMD Versal™ Gen 2 portfolio with next-generation interface and memory technologies for data-intensive applications in the data center, communications, test and measurement and aerospace and defense markets.
      • AMD Versal RF Series adaptive SoCs, combining high-resolution radio frequency data converters, dedicated DSP hard IP, AI engines and programmable logic in a single chip.
      • Vodafone and AMD announced they are collaborating on mobile base station silicon chip designs to enable higher-capacity AI and digital services.

    Current Outlook

    AMD’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below.

    For the first quarter of 2025, AMD expects revenue to be approximately $7.1 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 30% and a sequential decline of approximately 7%. Non-GAAP gross margin is expected to be approximately 54%.

    AMD Teleconference
    AMD will hold a conference call at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its fourth quarter and full year 2024 financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (in millions, except per share data) (Unaudited)

      Three Months Ended   Year Ended
      December 28,
    2024    		   September 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    GAAP gross profit $ 3,882     $ 3,419     $ 2,911     $ 12,725     $ 10,460  
    GAAP gross margin   51 %     50 %     47 %     49 %     46 %
    Stock-based compensation   6       5       6       22       30  
    Amortization of acquisition-related intangibles   252       233       215       946       942  
    Acquisition-related and other costs (1)   —       —       1       1       4  
    Inventory loss at contract manufacturer (2)   —       —       —       65       —  
    Non-GAAP gross profit $ 4,140     $ 3,657     $ 3,133     $ 13,759     $ 11,436  
    Non-GAAP gross margin   54 %     54 %     51 %     53 %     50 %
                       
    GAAP operating expenses $ 3,022     $ 2,709     $ 2,575     $ 10,873     $ 10,093  
    GAAP operating expenses/revenue %   39 %     40 %     42 %     42 %     45 %
    Stock-based compensation   333       346       368       1,385       1,350  
    Amortization of acquisition-related intangibles   332       352       420       1,448       1,869  
    Acquisition-related and other costs (1)   46       55       60       185       258  
    Restructuring charges (3)   186       —       —       186       —  
    Non-GAAP operating expenses $ 2,125     $ 1,956     $ 1,727     $ 7,669     $ 6,616  
    Non-GAAP operating expenses/revenue %   28 %     29 %     28 %     30 %     29 %
                       
    GAAP operating income $ 871     $ 724     $ 342     $ 1,900     $ 401  
    GAAP operating margin   11 %     11 %     6 %     7 %     2 %
    Stock-based compensation   339       351       374       1,407       1,380  
    Amortization of acquisition-related intangibles   584       585       635       2,394       2,811  
    Acquisition-related and other costs (1)   46       55       61       186       262  
    Inventory loss at contract manufacturer (2)   —       —       —       65       —  
    Restructuring charges (3)   186       —       —       186       —  
    Non-GAAP operating income $ 2,026     $ 1,715     $ 1,412     $ 6,138     $ 4,854  
    Non-GAAP operating margin   26 %     25 %     23 %     24 %     21 %
      Three Months Ended
    		   Year Ended
      December 28,
    2024    		   September 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    GAAP net income / earnings per share $ 482     $ 0.29     $ 771     $ 0.47     $ 667     $ 0.41     $ 1,641     $ 1.00     $ 854     $ 0.53  
    (Gains) losses on equity investments, net   —       —       (1 )     —       1       —       2       —       (1 )     —  
    Stock-based compensation   339       0.21       351       0.21       374       0.23       1,407       0.86       1,380       0.85  
    Equity income in investee   (12 )     (0.01 )     (7 )     —       (6 )     —       (33 )     (0.02 )     (16 )     (0.01 )
    Amortization of acquisition-related intangibles   584       0.36       585       0.36       635       0.39       2,394       1.46       2,811       1.73  
    Acquisition-related and other costs (1)   46       0.03       56       0.03       61       0.04       187       0.11       262       0.16  
    Inventory loss at contract manufacturer (2)   —       —       —       —       —       —       65       0.04       —       —  
    Restructuring charges (3)   186       0.11       —       —       —       —       186       0.11       —       —  
    Income tax provision   152       0.10       (251 )     (0.15 )     (483 )     (0.30 )     (429 )     (0.25 )     (988 )     (0.61 )
    Non-GAAP net income / earnings per share $ 1,777     $ 1.09     $ 1,504     $ 0.92     $ 1,249     $ 0.77     $ 5,420     $ 3.31     $ 4,302     $ 2.65  
    (1 )   Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments for inventory, certain compensation charges, contract termination costs and workforce rebalancing charges.
    (2 )   Inventory loss at contract manufacturer is related to an incident at a third-party contract manufacturing facility.
    (3 )   Restructuring charges are related to the 2024 Restructuring Plan which comprised of employee severance charges and non-cash asset impairments.
           

    About AMD
    For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

    Cautionary Statement

    This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as, the opportunities for continued growth based on AMD’s product portfolio and growing demand for high-performance and adaptive computing; AMD’s ability to position itself for long-term growth and value creation; the features, functionality, performance, availability, timing and expected benefits of future AMD products; and AMD’s expected first quarter 2025 financial outlook, including revenue and non-GAAP gross margin, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD’s ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD’s ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD’s products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD’s ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD’s reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD’s reliance on Microsoft and other software vendors’ support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD’s supply chain; AMD’s ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, tariffs and trade protection measures; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; impact of acquisitions, joint ventures and/or strategic investments on AMD’s business and AMD’s ability to integrate acquired businesses; our ability to complete the acquisition of ZT Systems;  impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.

    (*) In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses/revenue%, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024, AMD used a non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments. AMD also provided adjusted EBITDA, free cash flow and free cash flow margin as supplemental non-GAAP measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. The non-GAAP financial measures disclosed in this earnings press release should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the data tables in this earnings press release. This earnings press release also contains forward-looking non-GAAP gross margin concerning AMD’s financial outlook, which is based on current expectations as of February 4, 2025, and assumptions and beliefs that involve numerous risks and uncertainties. Adjustments to arrive at the GAAP gross margin outlook typically include stock-based compensation, amortization of acquired intangible assets and acquisition-related and other costs. The timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD’s control, therefore, a reconciliation to equivalent GAAP measures is not practicable at this time. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law.

    © 2025 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, 3D V-Cache, Alveo, AMD Instinct, EPYC, FidelityFX, Kria, Radeon, Ryzen, Threadripper, Ultrascale+, Versal, Zynq, and combinations thereof, are trademarks of Advanced Micro Devices, Inc.

    ADVANCED MICRO DEVICES, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Millions except per share amounts and percentages) (Unaudited)

      Three Months Ended   Year Ended
      December 28,
    2024    		   September 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    Net revenue $ 7,658     $ 6,819     $ 6,168     $ 25,785     $ 22,680  
    Cost of sales   3,524       3,167       3,042       12,114       11,278  
    Amortization of acquisition-related intangibles   252       233       215       946       942  
    Total cost of sales   3,776       3,400       3,257       13,060       12,220  
    Gross profit   3,882       3,419       2,911       12,725       10,460  
    Gross margin   51 %     50 %     47 %     49 %     46 %
    Research and development   1,712       1,636       1,511       6,456       5,872  
    Marketing, general and administrative   792       721       644       2,783       2,352  
    Amortization of acquisition-related intangibles   332       352       420       1,448       1,869  
    Licensing gain   (11 )     (14 )     (6 )     (48 )     (34 )
    Restructuring charges   186       —       —       186       —  
    Operating income   871       724       342       1,900       401  
    Interest expense   (19 )     (23 )     (27 )     (92 )     (106 )
    Other income (expense), net   37       36       49       181       197  
    Income before income taxes and equity income   889       737       364       1,989       492  
    Income tax provision (benefit)   419       (27 )     (297 )     381       (346 )
    Equity income in investee   12       7       6       33       16  
    Net income $ 482     $ 771     $ 667     $ 1,641     $ 854  
    Earnings per share                  
    Basic $ 0.30     $ 0.48     $ 0.41     $ 1.01     $ 0.53  
    Diluted $ 0.29     $ 0.47     $ 0.41     $ 1.00     $ 0.53  
    Shares used in per share calculation                  
    Basic   1,623       1,620       1,616       1,620       1,614  
    Diluted   1,634       1,636       1,628       1,637       1,625  

    ADVANCED MICRO DEVICES, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Millions)

      December 28,
    2024    		   December 30,
    2023
      (Unaudited)    
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 3,787     $ 3,933  
    Short-term investments   1,345       1,840  
    Accounts receivable, net   6,192       4,323  
    Inventories   5,734       4,351  
    Receivables from related parties   113       9  
    Prepaid expenses and other current assets   1,878       2,312  
    Total current assets   19,049       16,768  
    Property and equipment, net   1,802       1,589  
    Operating lease right-of-use assets   623       633  
    Goodwill   24,839       24,262  
    Acquisition-related intangibles, net   18,930       21,363  
    Investment: equity method   149       99  
    Deferred tax assets   688       366  
    Other non-current assets   3,146       2,805  
    Total Assets $ 69,226     $ 67,885  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 1,990     $ 2,055  
    Payables to related parties   476       363  
    Accrued liabilities   4,260       3,082  
    Current portion of long-term debt, net   —       751  
    Other current liabilities   555       438  
    Total current liabilities   7,281       6,689  
    Long-term debt, net of current portion   1,721       1,717  
    Long-term operating lease liabilities   491       535  
    Deferred tax liabilities   349       1,202  
    Other long-term liabilities   1,816       1,850  
           
    Stockholders’ equity:      
    Capital stock:      
    Common stock, par value   17       17  
    Additional paid-in capital   61,362       59,676  
    Treasury stock, at cost   (6,106 )     (4,514 )
    Retained earnings   2,364       723  
    Accumulated other comprehensive loss   (69 )     (10 )
    Total stockholders’ equity   57,568       55,892  
    Total Liabilities and Stockholders’ Equity $ 69,226     $ 67,885  

    ADVANCED MICRO DEVICES, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Millions) (Unaudited)

      Three Months Ended   Year Ended
      December 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    Cash flows from operating activities:              
    Net income $ 482     $ 667     $ 1,641     $ 854  
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   172       164       671       642  
    Amortization of acquisition-related intangibles   583       635       2,393       2,811  
    Stock-based compensation   339       374       1,407       1,384  
    Amortization of operating lease right-of-use assets   31       25       113       98  
    Deferred income taxes   (300 )     (219 )     (1,163 )     (1,019 )
    Inventory loss at contract manufacturer   —       —       65       —  
    Other   62       (23 )     12       (54 )
    Changes in operating assets and liabilities              
    Accounts receivable, net   96       (379 )     (1,865 )     (1,339 )
    Inventories   (362 )     94       (1,458 )     (580 )
    Prepaid expenses and other assets   494       (34 )     343       (383 )
    Receivables from and payables to related parties, net   30       29       108       (107 )
    Accounts payable   (585 )     (181 )     (109 )     (419 )
    Accrued and other liabilities   257       (771 )     883       (221 )
    Net cash provided by operating activities   1,299       381       3,041       1,667  
    Cash flows from investing activities:              
    Purchases of property and equipment   (208 )     (139 )     (636 )     (546 )
    Purchases of short-term investments   (786 )     (410 )     (1,493 )     (3,722 )
    Proceeds from maturity of short-term investments   65       770       1,416       2,687  
    Proceeds from sale of short-term investments   25       52       616       300  
    Acquisitions, net of cash acquired   —       (117 )     (548 )     (131 )
    Related party equity method investment   —       —       (17 )     —  
    Issuance of loan to related party   (100 )     —       (100 )     —  
    Purchase of strategic investments   (210 )     (6 )     (341 )     (11 )
    Other   —       —       2       —  
    Net cash provided by (used in) investing activities   (1,214 )     150       (1,101 )     (1,423 )
    Cash flows from financing activities:              
    Repayment of debt   —       —       (750 )     —  
    Proceeds from sales of common stock through employee equity plans   127       120       279       268  
    Repurchases of common stock   (256 )     (233 )     (862 )     (985 )
    Common stock repurchases for tax withholding on employee equity plans   (42 )     (45 )     (728 )     (427 )
    Other   —       (1 )     (1 )     (2 )
    Net cash used in financing activities   (171 )     (159 )     (2,062 )     (1,146 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (86 )     372       (122 )     (902 )
    Cash, cash equivalents and restricted cash at beginning of period   3,897       3,561       3,933       4,835  
    Cash, cash equivalents and restricted cash at end of period $ 3,811     $ 3,933     $ 3,811     $ 3,933  

    ADVANCED MICRO DEVICES, INC.
    SELECTED CORPORATE DATA
    (Millions) (Unaudited)

      Three Months Ended   Year Ended
      December 28,
    2024    		   September 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    Segment and Category Information(1)                  
    Data Center                  
    Net revenue $ 3,859     $ 3,549     $ 2,282     $ 12,579     $ 6,496  
    Operating income $ 1,157     $ 1,041     $ 666     $ 3,482     $ 1,267  
    Client                  
    Net revenue $ 2,313     $ 1,881     $ 1,461     $ 7,054     $ 4,651  
    Operating income (loss) $ 446     $ 276     $ 55     $ 897     $ (46 )
    Gaming                  
    Net revenue $ 563     $ 462     $ 1,368     $ 2,595     $ 6,212  
    Operating income $ 50     $ 12     $ 224     $ 290     $ 971  
    Embedded                  
    Net revenue $ 923     $ 927     $ 1,057     $ 3,557     $ 5,321  
    Operating income $ 362     $ 372     $ 461     $ 1,421     $ 2,628  
    All Other                  
    Net revenue $ —     $ —     $ —     $ —     $ —  
    Operating loss $ (1,144 )   $ (977 )   $ (1,064 )   $ (4,190 )   $ (4,419 )
    Total                  
    Net revenue $ 7,658     $ 6,819     $ 6,168     $ 25,785     $ 22,680  
    Operating income $ 871     $ 724     $ 342     $ 1,900     $ 401  
                       
    Other Data                  
    Capital expenditures $ 208     $ 132     $ 139     $ 636     $ 546  
    Adjusted EBITDA (2) $ 2,212     $ 1,887     $ 1,576     $ 6,824     $ 5,496  
    Cash, cash equivalents and short-term investments $ 5,132     $ 4,544     $ 5,773     $ 5,132     $ 5,773  
    Free cash flow (3) $ 1,091     $ 496     $ 242     $ 2,405     $ 1,121  
    Total assets $ 69,226     $ 69,636     $ 67,885     $ 69,226     $ 67,885  
    Total debt $ 1,721     $ 1,720     $ 2,468     $ 1,721     $ 2,468  
    (1 )   The Data Center segment primarily includes Artificial Intelligence (AI) accelerators, server microprocessors (CPUs), graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), Smart Network Interface Cards (SmartNICs) and Adaptive System-on-Chip (SoC) products for data centers.
        The Client segment primarily includes CPUs, APUs, and chipsets for desktops and notebooks.
        The Gaming segment primarily includes discrete GPUs, and semi-custom SoC products and development services.
        The Embedded segment primarily includes embedded CPUs, GPUs, APUs, FPGAs, System on Modules (SOMs), and Adaptive SoC products.
        From time to time, the Company may also sell or license portions of its IP portfolio.
        All Other category primarily includes certain expenses and credits that are not allocated to any of the operating segments, such as amortization of acquisition-related intangible asset, employee stock-based compensation expense, acquisition-related and other costs, inventory loss at contract manufacturer, restructuring charges and licensing gain.
         
    (2 )   Reconciliation of GAAP Net Income to Adjusted EBITDA
      Three Months Ended   Year Ended
    (Millions) (Unaudited) December 28,
    2024    		   September 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    GAAP net income $ 482     $ 771     $ 667     $ 1,641     $ 854  
    Interest expense   19       23       27       92       106  
    Other (income) expense, net   (37 )     (36 )     (49 )     (181 )     (197 )
    Income tax provision (benefit)   419       (27 )     (297 )     381       (346 )
    Equity income in investee   (12 )     (7 )     (6 )     (33 )     (16 )
    Stock-based compensation   339       351       374       1,407       1,380  
    Depreciation and amortization   186       171       164       685       642  
    Amortization of acquisition-related intangibles   584       585       635       2,394       2,811  
    Inventory loss at contract manufacturer   —       —       —       65       —  
    Acquisition-related and other costs   46       56       61       187       262  
    Restructuring charges   186       —       —       186       —  
    Adjusted EBITDA $ 2,212     $ 1,887     $ 1,576     $ 6,824     $ 5,496  
    The Company presents “Adjusted EBITDA” as a supplemental measure of its performance. Adjusted EBITDA for the Company is determined by adjusting GAAP net income for interest expense, other (income) expense, net, income tax provision (benefit), equity income in investee, stock-based compensation, depreciation and amortization expense, amortization of acquisition-related intangibles, inventory loss at contract manufacturer, acquisition-related and other costs, and restructuring charges. The Company calculates and presents Adjusted EBITDA because management believes it is of importance to investors and lenders in relation to its overall capital structure and its ability to borrow additional funds. In addition, the Company presents Adjusted EBITDA because it believes this measure assists investors in comparing its performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of income or GAAP liquidity measures of cash flows from operating, investing and financing activities. In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities that can affect cash flows.
    (3 )   Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
      Three Months Ended   Year Ended
    (Millions except percentages) (Unaudited) December 28,
    2024    		   September 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    GAAP net cash provided by operating activities $ 1,299     $ 628     $ 381     $ 3,041     $ 1,667  
    Operating cash flow margin %   17 %     9 %     6 %     12 %     7 %
    Purchases of property and equipment   (208 )     (132 )     (139 )     (636 )     (546 )
    Free cash flow $ 1,091     $ 496     $ 242     $ 2,405     $ 1,121  
    Free cash flow margin %   14 %     7 %     4 %     9 %     5 %
    The Company also presents free cash flow as a supplemental Non-GAAP measure of its performance. Free cash flow is determined by adjusting GAAP net cash provided by operating activities for capital expenditures, and free cash flow margin % is free cash flow expressed as a percentage of the Company’s net revenue. The Company calculates and communicates free cash flow in the financial earnings press release because management believes it is of importance to investors to understand the nature of these cash flows. The Company’s calculation of free cash flow may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view free cash flow as an alternative to GAAP liquidity measures of cash flows from operating activities.
     

    Media Contact:
    Drew Prairie
    AMD Communications
    512-602-4425
    drew.prairie@amd.com

    Investor Contact:
    Matt Ramsay
    AMD Investor Relations
    512-602-0113
    matthew.ramsay@amd.com

    The MIL Network –

  • MIL-OSI Europe: Study – EP Academic Freedom Monitor 2024: Key findings and policy options – 04-02-2025

    Source: European Parliament

    The 2024 edition of the European Parliament’s Academic Freedom Monitor consists of two studies, to be published shortly, with joint key findings and policy options that are summarised in this briefing. The first study, ‘Analysis of the state of de facto academic freedom in the EU’, examines various measurements of academic freedom across the EU Member States. It also analyses the main threats to academic freedom and their impacts in 10 Member States through a qualitative data analysis, with input from stakeholder organisations and academic experts. The second study, ‘Overview of de jure academic freedom protection’, gives an overview of constitutional provisions on academic freedom protection in all Member States. It also offers an in-depth analysis of constitutional protection of academic freedom in four Member States and examines the EU’s scope of action on academic freedom.

    MIL OSI Europe News –

  • MIL-OSI Europe: Latest news – Next SEDE meeting – Committee on Security and Defence

    Source: European Parliament

    18 February 2025:

    The next meeting of the Committee on Security and Defence (SEDE) is scheduled to take place on Tuesday, 18 February 2025 from 9:00 – 13:00 and 14.15-18.15 in Brussels (SPINELLI 3G2).

    Further information about the meeting can be found here.

    _______________________

    SEDE missions 2024:

    • Ukraine – 25-26 October 2024
    • United Kingdom – 28-30 October 2024

    MIL OSI Europe News –

  • MIL-OSI: Artisan Partners Asset Management Inc. Reports 4Q24 and Year Ended December 31, 2024 Results and Quarterly and Special Annual Dividend

    Source: GlobeNewswire (MIL-OSI)

    MILWAUKEE, Feb. 04, 2025 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) today reported its results for the quarter and year ended December 31, 2024, and declared a quarterly and special annual dividend. The full earnings release and investor presentation can be viewed at www.apam.com.

    Conference Call

    The Company will host a conference call on February 5, 2025 at 1:00 p.m. (Eastern Time) to discuss these results. Hosting the call will be Eric Colson, Chief Executive Officer, Jason Gottlieb, President, and C.J. Daley, Chief Financial Officer. Supplemental materials that will be reviewed during the call are available on the Company’s website at www.apam.com. The call will be webcast and can be accessed via the Company’s website. Listeners may also access the call by dialing 877.328.5507 or 412.317.5423 for international callers; the conference ID is 10194959. A replay of the call will be available until February 12, 2025 at 9:00 a.m. (Eastern Time), by dialing 877.344.7529 or 412.317.0088 for international callers; the replay conference ID is 2159030. An audio recording will also be available on the Company’s website.

    About Artisan Partners

    Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

    Source: Artisan Partners Asset Management Inc.

    Investor Relations Inquiries
    866.632.1770
    ir@artisanpartners.com

    The MIL Network –

  • MIL-OSI Europe: Highlights – Exchange of views with Commissioner Kadis on upcoming ocean initiatives – Committee on the Environment, Climate and Food Safety

    Source: European Parliament

    Commissioner Costas Kadis © European Commission

    On 6 February, ENVI Members will hold an exchange of views with Commissioner Costas Kadis, responsible for Fisheries and Oceans. The discussion will focus on the Commission’s upcoming initiatives on oceans at both EU and international levels.

    Commissioner Kadis will present the Commission’s priorities on ocean-related matters, including on the upcoming European Oceans Pact, developments on the Agreement on Marine Biodiversity on Areas Beyond National Jurisdiction (BBNJ), initiatives to tackle marine litter, and preparations for the UN Ocean’s Summit. The exchange will provide an opportunity to address the EU’s role in global ocean governance. The debate will be structured in two rounds of questions, allowing Members to engage with the Commissioner on key policy developments.

    MIL OSI Europe News –

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Sale of Vantage at Tomball

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Feb. 04, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that on January 31, 2025, Vantage at Tomball, a 288-unit market rate multifamily property located in Tomball, TX, was sold at the direction of its managing member. The Partnership’s investment in Vantage at Tomball was originated in August 2020 and the Partnership contributed equity totaling $11.4 million. As a result of the sale, the Partnership’s equity investment in the property was redeemed. At closing of the sale, the Partnership received net cash of approximately $14.2 million, consisting of the return of its contributed equity and accrued preferred return. The Partnership estimates it will not recognize any gain, loss, or Cash Available for Distribution upon sale.

    “The proceeds from the sale of Vantage at Tomball will allow the Partnership to deploy capital into new accretive investments across our investment classes,” said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership. “The Partnership’s overall return on the Vantage at Tomball investment was less than what has historically been achieved on prior equity investments due to rising insurance costs in the Houston metropolitan area as well as the higher interest rate environment since the last joint venture equity sale of the Vantage at Conroe investment in June 2023. However, we continue to believe in the long-term value of our multifamily property joint venture equity investment strategy.”

    Disclosure Regarding Non-GAAP Measures

    This report refers to Cash Available for Distribution (“CAD”), which is identified as a non-GAAP financial measure. We believe CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and our computation of CAD may not be comparable to CAD reported by other companies. Although we consider CAD to be a useful measure of our operating performance, CAD is a non-GAAP measure and should not be considered as an alternative to net income that is calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP. For the amounts disclosed herein related to this transaction, there are no reconciling items between net income per BUC, basic and diluted, and CAD per BUC, basic and diluted.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at  www.ghiinvestors.com.

    Safe Harbor Statement

    Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com 

    The MIL Network –

  • MIL-OSI Europe: Commissioner Roswall’s speech at the press conference on the state of water in the European Union

    Source: EuroStat – European Statistics

    European Commission Speech Brussels, 04 Feb 2025 Ladies and gentlemen,
    I am happy to be here today to present to you the state of our waters in the European Union.
    As you know, water is very high on the Commis…

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – European trucks used by the Syrian regime – E-002384/2024(ASW)

    Source: European Parliament

    Ordinary road trucks are not subject to an export ban within the EU restrictive measures vis-à-vis Syria, as established in Council Regulation (EU) No 36/2012[1]. However, when exporting such trucks to Syria, EU operators should ensure that no funds or economic resources are made available to listed persons.

    The responsibility for the implementation and enforcement of EU sanctions lies with the Member States. In case of doubt, EU operators are encouraged to seek assistance from the relevant Member State national competent authority. The Commission stands ready to support Member States in the uniform application of EU sanctions, including by providing clarifications where necessary.

    The Commission works in close coordination with the Member State national competent authorities to monitor the implementation of EU sanctions. This close coordination ensures that the EU’s Syria sanctions are responsive to any issues observed during the implementation of EU sanctions. In the event of any possible breach, the Commission brings this to the attention of the national competent authorities. It is then for national authorities to investigate the matter.

    For EU operators to minimise the risk of engagement with designated persons or entities, the Commission recommends a risk-based approach consisting of risk assessment, multi-level due diligence and ongoing monitoring.

    • [1] OJ L 16, 19.1.2012, p. 1-32.
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI: Midland States Bancorp, Inc. Announces Common Stock and Preferred Stock Dividends

    Source: GlobeNewswire (MIL-OSI)

    EFFINGHAM, Ill., Feb. 04, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (NASDAQ: MSBI) announced today that its Board of Directors declared a quarterly cash dividend of $0.31 per share of its common stock. The dividend is payable on February 21, 2025 to all shareholders of record as of the close of business on February 14, 2025.

    The Board of Directors also declared a cash dividend of $0.4844 per depository share on its 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be payable on March 31, 2025 to stockholders of record as of March 17, 2025.

    About Midland States Bancorp, Inc.

    Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of December 31, 2024, the Company had total assets of approximately $7.53 billion, and its Wealth Management Group had assets under administration of approximately $4.15 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

    CONTACTS:
    Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – Unfair competition from third-country fleets for EU mackerel catches – E-003013/2024(ASW)

    Source: European Parliament

    While the coastal States agree that the total catches of mackerel should be set in line with the best available scientific advice, the lack of a comprehensive quota sharing agreement means that coastal States decide individually the level of their annual quotas, thereby collectively exceeding such advice.

    Unilateral mackerel quota increases by some coastal States threaten the sustainability of shared stocks and undermine the efforts to manage fisheries responsibly.

    This unsustainable exploitation not only threatens the long-term viability of the stock, but also negatively impacts the economic sustainability of the EU fleet, reducing profitability due to diminishing catch rates and potential regulatory constraints.

    Coastal States consultations for a sharing arrangement are ongoing since 2022 with an active involvement from the EU, represented by the Commission, in close coordination with the Council.

    The Commission’s focus in these consultations is to advocate for comprehensive arrangements that ensure a sustainable, equitable, and fair management of the mackerel stock.

    Moreover, as regards trade, mackerel is currently no longer covered by the EU’s additional bilateral market access concessions to the European Economic Area (EEA) countries.

    The Commission is determined to strengthen the EU’s sustainability tools. It has therefore adopted in September 2024 a proposal to clarify the application of Regulation 1026/2012[1] to address third country practices regarding non-sustainably fished stocks.

    This proposal is currently under discussion in the European Parliament and the Council as part of the ordinary legislative procedure.

    • [1]  https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2024:407:FIN#:~:text=Regulation%20%28EU%29%201026%2F2012%20of%20the%20European%20Parliament%20and,to%20adopt%20certain%20measures%20regarding%20the%20fisheries-related%20act
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI: UK’s Aldermore Bank selects Temenos to launch new small business savings notice accounts

    Source: GlobeNewswire (MIL-OSI)

    GRAND-LANCY, Switzerland, Feb. 04, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN) today announced that UK-based Aldermore Bank (Aldermore) has selected Temenos SaaS to modernize its existing savings operations starting with quickly launching new savings notice accounts for small businesses.

    The bank will adopt Temenos Business & Corporate Enterprise Service to achieve a fast time to market and scale efficiently as it seeks to grow customer deposits and unlock new sources of revenue. Using Temenos’ end-to-end service for business and corporate banking, Aldermore will leverage pre-configured, proven capabilities across core and digital banking, to enable rapid deployment of its new products.

    Following the launch of these, Aldermore will also migrate its existing business savings accounts to Temenos, consolidating multiple legacy systems on a single, cloud-based solution with the highest security standards. This will enable the bank to increase efficiency and deliver exceptional experiences in line with its customer-centric business model.

    Part of First Rand Group, the largest financial services group in Africa, Aldermore is a multi-specialist lending and savings provider with total assets of £20.5bn. The bank is focused on helping groups underserved by mainstream providers, particularly SMEs, homeowners, landlords and intermediaries.

    With Temenos Business & Corporate Enterprise Service, Aldermore will benefit from high levels of automation to easily configure banking services that meet the specific needs of its client base. Leveraging, pre-packaged capabilities tailored to the UK market, as well as pre-defined user journeys and proven processes, Aldermore will be able to quickly move these into production and scale according to customer demand on a proven, modern solution.

    Alex Myers, Commercial Director for savings at Aldermore Bank, said: “This strategic technology investment will help us to rapidly expand our offering, providing more customer-centric solutions and exceptional experiences for the underserved small business market. With Temenos SaaS, we can launch new products in record time, with the agility to adapt to the changing needs of our customers.”

    Mark Yamin-Ali, Managing Director, Europe, Temenos, commented: “We’re delighted Aldermore has chosen Temenos SaaS to help drive its expansion of business savings. Aldermore prioritized both advanced technology and robust functionality, and Temenos was the only provider that met both needs. With pre-configured, proven capabilities tailored to the UK market and the small business sector, Temenos will help the bank to deliver a much faster time to market and increased efficiency as it looks to drive future growth.”

    Temenos is the global market leader in banking software, ranked #1 by IBS Intelligence in eight categories, including core, digital and Islamic banking, in the latest IBS Intelligence Sales League Table. Temenos was also named a Leader in the The Forrester Wave™: Digital Banking Processing Platforms, Q4 2024.

    About Aldermore Bank
    Aldermore backs more people to go for it, in life and business. We get finance to people who want to get on in life; building businesses, buying property and purchasing vehicles. And we champion equality by supporting those that the big traditional banks can’t or won’t help.

    The Group consists of two operating companies, Aldermore Bank plc and MotoNovo Finance Limited. Aldermore Bank provides finance to business owners, homeowners and landlords, and supports savers. It operates online, by phone and through networks. MotoNovo Finance helps people buy their next car, van or motorcycle.

    Aldermore Group is part of FirstRand Group, the largest financial services group in Africa by market capitalisation.

    About Temenos
    Temenos (SIX: TEMN) is the world’s leading platform for banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average.

    For more information, please visit www.temenos.com.

    Media Contacts 
     
    Scott Rowe & Michael Anderson
    Temenos Global Public Relations
    Tel: +44 20 7423 3857
    Email: press@temenos.com    		 Gabriel Goonetillake
    Temenos Team at Edelman Smithfield
    Tel: +44 7813 407710
    Email: Temenos@EdelmanSmithfield.com

    The MIL Network –

  • MIL-OSI Europe: Latest news – 4 February – World Cancer Day – Committee on Public Health

    Source: European Parliament

    World cancer day © Image used under the licence of Adobe stock

    World Cancer Day is an international day observed every 4 February to raise awareness about cancer, encourage its prevention, and mobilise action to address the global cancer epidemic. Cancer is a major health concern worldwide, being the second-leading cause of death globally. The World Cancer Day theme 2025-2027, “United by Unique” places people at the centre of care and explores new ways of making a difference.

    MIL OSI Europe News –

  • MIL-OSI Europe: Latest news – Next DAND Delegation Meeting: 20 February 2025 – Delegation for relations with the countries of the Andean Community

    Source: European Parliament

    The next meeting of the European Parliament’s Delegation for relations with the countries of the Andean Community (DAND) is scheduled for:

    Thursday, 20 February 2025, 13.30-14.00

    Room: SPINELLI 1G2

    This meeting will be dedicated to the election of the two Vice-chairs of DAND delegation.

    MIL OSI Europe News –

  • MIL-OSI Economics: NOIA Applauds Secretary Burgum’s Actions on Offshore Energy

    Source: National Ocean Industries Association – NOIA

    Headline: NOIA Applauds Secretary Burgum’s Actions on Offshore Energy

    For Immediate Release: Tuesday, February 4, 2025NOIA .org
    NOIA Applauds Secretary Burgum’s Actions on Offshore Energy
    Washington, D.C. – National Ocean Industries Association President Erik Milito expressed its strong support for the series of Secretarial Orders signed by Secretary Doug Burgum to unleash America’s energy potential:
    “NOIA strongly supports Secretary Doug Burgum’s decisive actions to strengthen American energy security, reinforce national security, and unleash the full potential of the U.S. offshore energy industry. These Secretarial Orders send a powerful message: American energy leadership is back.
    “By addressing burdensome regulatory barriers—including a much-needed reassessment of the inadequate 2024-2029 offshore oil and gas leasing program—these actions will align U.S. energy policy with the nation’s current and future needs. They will enhance energy security, bolster national defense, grow our economy, and keep energy affordable for every household and business, reducing reliance on foreign adversaries.
    “By restoring regulatory certainty, attracting investment, and creating high-quality jobs while maintaining high levels of environmental stewardship, these reforms will strengthen America’s position as the global energy leader. NOIA looks forward to working with Secretary Burgum and DOI leadership to implement these critical policies and secure a stronger offshore energy future.”
    ##
    About NOIA The National Ocean Industries Association (NOIA) represents and advances a dynamic and growing offshore energy industry, providing solutions that support communities and protect our workers, the public and our environment.

    MIL OSI Economics –

  • MIL-OSI Economics: Thales Alenia Space signs a contract with Mohammed Bin Rashid Space Centre to develop the Emirates Airlock Module, a critical element of Lunar Gateway

    Source: Thales Group

    Headline: Thales Alenia Space signs a contract with Mohammed Bin Rashid Space Centre to develop the Emirates Airlock Module, a critical element of Lunar Gateway

    Thales Alenia Space strengthens its cooperation with the UAE as a key partner in future space missions

    Cannes, February  4th, 2025 – Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), has signed a contract with Mohammed Bin Rashid Space Centre (MBRSC), the scientific and technological hub driving the UAE’s leadership in space services and exploration, for the design and development of the Emirates Crew and Science Airlock Module to be docked to Lunar Gateway cislunar space station.

    The Airlock will allow astronauts to perform spacewalks, transfer research to and from the lunar station, and serve as an additional docking port for spacecraft vehicles. This contribution to Gateway will establish the UAE as a major player in space exploration, develop the Science Community in the UAE and prepare the next generations of scientists and engineers to support space programs.

    Emirates Airlock: allowing extravehicular activities for astronauts

    © Thales Alenia Space/Briot

    The Emirates Airlock will be designed to allow extravehicular activities (EVA) for astronauts, enhance Gateway operations and utilization, and offer a scientific airlock capability.

    This pressurized module will provide space for the storage and maintenance of EVA suits, EVA-related tools and equipment, as well as a science airlock for transferring scientific experiments and Gateway hardware between the pressurized volume and the exterior of the cislunar space station.

    The key milestones planned for 2025 are the Mission Concept Review followed by the System Requirements Review and the Preliminary Design Reviews at primary structure and, respectively, system level.

    “I would like to sincerely thank the Mohammed Bin Rashid Space Centre (MBRSC) for putting its trust in our company”, Thales Alenia Space CEO, Hervé Derrey, said. “This new pressurized element is crucial for Lunar Gateway as it will be designed to enable extravehicular activities for astronauts in particular. We are delighted to accompany the MBRSC and the UAE bold vision in space exploration and support their commitment to international partners. This new contract emphasizes even more Thales Alenia Space’s leading positions in the fields of space transportation systems, orbital infrastructures and deep space exploration”.

    “I want to express my gratitude to the MBRSC for entrusting Thales Alenia Space in the manufacturing of the Emirates crew and science airlock module dedicated to Lunar Gateway” said Giampiero Di Paolo, Deputy CEO and Senior Vice President, Observation, Exploration and Navigation at Thales Alenia Space. “This partnership is a significant milestone, reflecting the trust the UAE has placed in our expertise and commitment to advancing space exploration. The Airlock module paves the way to the UAE’s remarkable commitment to innovation and excellence in space endeavours. Our goal is to work with the space community to contribute to lunar exploration and to continuous presence on the lunar surface. In that sense, we continuously invest in new technological developments and foster innovation. Challenges like this stimulate us and our supply chain for the benefit of the whole space ecosystem”.

    Our company has leveraged its longstanding experience in pressurized modules to offer a fifth module for the cislunar space station, including Lunar-View, Lunar-Link, Lunar I-Hab for ESA, HALO’s pressurized module for Northrop Grumman and now the Emirates airlock module.

    About MBRSC

    The Mohammed Bin Rashid Space Centre (MBRSC), established in 2006, is a leading scientific and technological hub driving the UAE’s leadership in space services and exploration. MBRSC has grown to become the incubator of the UAE National Space Programme, fostering scientific research, innovation and building a sustainable space sector in the UAE. MBRSC is committed to innovation, collaboration, and excellence in all aspects of space exploration and development.

    About Thales Alenia Space

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries, with 16 sites in Europe.

    MIL OSI Economics –