MIL-OSI USA: UConn Medical Students Bike Cross-Country for Suicide Prevention

Source: US State of Connecticut

Two second-year UConn medical students successfully completed their coast-to-coast bike ride for a cause cycling in just 50 days, over 3,200 miles, and even in a heat index of 100 degrees.

But who’s counting?

James Marks and Zach Giguere arriving back to UConn School of Medicine on July 30, 2025 (UConn Photo/Lauren Woods).

James Marks, 25, of Guilford and Zach Giguere, 24, of Windsor are no longer counting miles nor minutes to being home in Connecticut. On July 30, their triumphant return home was celebrated outside UConn School of Medicine where they were greeted at the Academic Entrance by the loud and proud cheers of their fellow medical school classmates, faculty, and families.

The song “The Boys are Back in Town” played from a classmate’s car. And another classmate Jack O’Donnell shouted, “The boys are back!”

(UConn Photo/Lauren Woods.)

The two UConn cyclists’ mighty, once-in-a- lifetime coast-to-coast bike ride started on the West Coast on June 10 in Seattle. The ride was in honor of a lifesaving cause – suicide prevention, and their mission was to raise awareness and funds to advance national mental health research via the American Foundation for Suicide Prevention.

They far exceeded their mission.

“It’s amazing. We started with a $10,000 fundraising goal and so have raised well over $20,000. It feels really good,” said Marks. “That was the whole point of our trip.”

Their bike trek marks the 20^th anniversary that UConn medical and dental students have made the huge summer Coast-2-Coast bike journey annually across America for varied health causes.

“We believe that investing in suicide prevention—through research, crisis support, and accessible mental health care—can save lives. We are committed to raising awareness, advocating for change, and ensuring that no one feels alone in their struggle,” the UConn students shared.

Suicide prevention is deeply personal to Marks. “I lost my Dad,” Marks shared at the start of the bike trip. “I am glad I can do this journey to raise awareness.” Giguere adds, “Our ultimate goal was to raise awareness of suicide and get people to talk about it, so we can prevent it.”

On July 31 they ride a few more miles, thankfully with no more heavy bike gear, to ceremoniously dip their wheels in the ocean along the Madison, Conn. shore.

“I can’t wait to jump in the ocean,” said Giguere.

“And shower,” he added.

UConn medical student Zach Giguere was also welcomed home from his cross-country bike trek by his mom Lisa (UConn Photo/Lauren Woods).

Giguere celebrated his 24^th birthday on the road and his mother Lisa can’t wait to celebrate his belated birthday with a homemade blueberry pie, the first pie she ever baked. She even handpicked the blueberries for the special occasion.

“Zach was never much of a bike person,” shared Mom who was surprised he was even game for the long bike journey. “James did it for very personal reasons. Zach did it because he knows how important the cause is. I’m so proud of both of them.”

The UConn medical students did have just a little prep, 5 or 6 classes, training for their big trip thanks to their medical student classmate Alyssa Harduby who teaches a spin class at UConn Health’s Wellness Center.

Second-year UConn medical student Brooke Charria who helped organize the students’ homecoming shared, “We are very proud of them. It’s such an accomplishment. It’s not something everyone can do. They even doubled their fundraising goal.”

The two riders and future doctors loved seeing America.

“Minnesota was awesome!” Marks exclaimed, as they even saw a Twins baseball game. “Minnesota was one of the best parts of the trip. Minneapolis is a great city.”

(UConn Photo/Lauren Woods).

The two men had great appreciation of all the kind Americans they met, for all those who graciously hosted and sheltered them during their long journey, and the chance to see the country.

They also noted that the Midwest wants more doctors: “Everyone asked us to come back and be doctors there.”

“We even saw a rodeo in North Dakata,” Giguere shared.

“We had freezing rain in Montana. It was really cold! Our hottest weather is probably today in Connecticut!” Marks said sharing that nothing beats being finally home in Connecticut.

“It was such a good feeling seeing the Welcome to Connecticut sign,” Marks sighed with relief. During the epic bike trip, he and Giguere have even become bike repair experts.

“We had a bunch of flat tires. I’m pretty quick at changing them now. We’ll add it to the resume,” Marks concluded.

Welcome home to Connecticut and UConn James and Zach! Go Huskies!

(UConn Photo/Lauren Woods).

Donate to their suicide prevention cause.

Follow their Coast-2-Coast journey on Instagram @_coast2coast25_

MIL OSI USA News –

July 31, 2025

MIL-OSI: EZCORP Reports Third Quarter Fiscal 2025 Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, July 30, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 2025.

Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

THIRD QUARTER HIGHLIGHTS

Pawn loans outstanding (PLO) increased 11% to $291.6 million.
Net income increased 48% to $26.5 million. On an adjusted basis¹, net income increased 46% to $25.2 million.
Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
Adjusted EBITDA increased 42% to $45.2 million.
Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.
Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025.

CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS.

“During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores.

“Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.”

CONSOLIDATED RESULTS

Three Months Ended June 30	As Reported				Adjusted¹
in millions, except per share amounts		2025		2024		2025		2024

Total revenues	$	311.0	$	281.4	$	319.9	$	281.4
Gross profit	$	183.6	$	166.7	$	188.4	$	166.7
Income before tax	$	34.7	$	23.0	$	34.0	$	22.9
Net income	$	26.5	$	18.0	$	25.2	$	17.2
Diluted earnings per share	$	0.34	$	0.25	$	0.33	$	0.24
EBITDA (non-GAAP measure)	$	45.7	$	31.8	$	45.2	$	31.7

PLO increased 11% to $291.6 million, up $29.9 million. On a same-store² basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
PSC increased 7% as a result of higher average PLO.
Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
Store expenses increased 2% and 1% on a same-store basis.
General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.

SEGMENT RESULTS

U.S. Pawn

PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.
PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.
Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.
Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.
Store expenses increased 3% on a total and same-store basis.

Segment contribution increased 32% to $47.6 million.
Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.

Latin America Pawn

PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.
Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.
PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.
Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.
Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.
Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.
Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).
Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store.

FORM 10-Q

EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

CONFERENCE CALL

EZCORP will host a conference call on Thursday, July 31, 2025, at 8:00 am Central Time to discuss Third Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call.

ABOUT EZCORP

Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.

Follow us on social media:

Facebook EZPAWN Official https://www.facebook.com/EZPAWN/

EZCORP Instagram Official https://www.instagram.com/ezcorp_official/

EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/

EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/

FORWARD LOOKING STATEMENTS

This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Contact:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended June 30,						Nine Months Ended June 30,
(in thousands, except per share amounts)		2025			2024			2025			2024
Revenues:
Merchandise sales	$	168,624		$	158,140		$	524,434		$	502,230
Jewelry scrapping sales		26,970			15,395			64,640			43,191
Pawn service charges		115,339			107,830			348,262			321,442
Other revenues		48			56			131			188
Total revenues		310,981			281,421			937,467			867,051
Merchandise cost of goods sold		108,226			101,211			341,605			322,680
Jewelry scrapping cost of goods sold		19,116			13,483			48,367			37,479
Gross profit		183,639			166,727			547,495			506,892
Operating expenses:
Store expenses		119,123			116,335			352,101			341,472
General and administrative		21,780			20,060			60,089			54,869
Depreciation and amortization		8,003			8,158			24,358			24,942
Loss (gain) on sale or disposal of assets and other		—			20			25			(149	)
Other operating income		(1,262	)		—			(1,262	)		(765	)
Total operating expenses		147,644			144,573			435,311			420,369
Operating income		35,995			22,154			112,184			86,523
Interest expense		8,458			3,539			14,886			10,381
Interest income		(5,440	)		(2,931	)		(9,408	)		(8,452	)
Equity in net income of unconsolidated affiliates		(1,200	)		(1,263	)		(4,180	)		(4,135	)
Other (income) expense		(536	)		(191	)		377			(627	)
Income before income taxes		34,713			23,000			110,509			89,356
Income tax expense		8,210			5,050			27,600			21,457
Net income	$	26,503		$	17,950		$	82,909		$	67,899

Basic earnings per share	$	0.45		$	0.33		$	1.47		$	1.23
Diluted earnings per share	$	0.34		$	0.25		$	1.08		$	0.89

Weighted-average basic shares outstanding		59,134			54,898			56,308			55,022
Weighted-average diluted shares outstanding		82,918			83,008			83,144			84,309

EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except share and per share amounts)	June 30, 2025			June 30, 2024			September 30, 2024

Assets:
Current assets:
Cash and cash equivalents	$	472,088		$	218,038		$	170,513
Short-term restricted cash		9,609			9,204			9,294
Pawn loans		291,634			261,720			274,084
Pawn service charges receivable, net		45,410			40,638			44,013
Inventory, net		225,489			171,937			191,923
Prepaid expenses and other current assets		43,417			40,391			39,171
Total current assets		1,087,647			741,928			728,998
Investments in unconsolidated affiliates		13,753			12,297			13,329
Other investments		51,903			51,220			51,900
Property and equipment, net		67,439			59,926			65,973
Right-of-use assets, net		236,064			235,030			226,602
Long-term restricted cash		5,380			—			—
Goodwill		321,907			308,847			306,478
Intangible assets, net		57,960			60,164			58,451
Deferred tax asset, net		25,841			25,245			25,362
Other assets, net		15,174			15,506			16,144
Total assets	$	1,883,068		$	1,510,163		$	1,493,237

Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net	$	—		$	137,326		$	103,072
Accounts payable, accrued expenses and other current liabilities		78,756			69,742			85,737
Customer layaway deposits		33,336			20,067			21,570
Operating lease liabilities, current		60,183			58,905			58,998
Total current liabilities		172,275			286,040			269,377
Long-term debt, net		517,601			223,998			224,256
Deferred tax liability, net		2,017			416			2,080
Operating lease liabilities		184,295			188,996			180,616
Other long-term liabilities		16,822			9,258			12,337
Total liabilities		893,010			708,708			688,666
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024		580			518			516
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171		30			30			30
Additional paid-in capital		448,073			347,082			348,366
Retained earnings		586,549			493,830			507,206
Accumulated other comprehensive loss		(45,174	)		(40,005	)		(51,547	)
Total equity		990,058			801,455			804,571
Total liabilities and equity	$	1,883,068		$	1,510,163		$	1,493,237

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended June 30,
(in thousands)		2025			2024

Operating activities:
Net income	$	82,909		$	67,899
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		24,358			24,942
Amortization of deferred financing costs		1,238			1,212
Non-cash lease expense		43,889			43,999
Deferred income taxes		(542	)		438
Other adjustments		(1,877	)		69
Provision for inventory reserve		39			589
Stock compensation expense		9,213			7,945
Equity in net income from investment in unconsolidated affiliates		(4,180	)		(4,135	)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable		(364	)		(1,593	)
Inventory		(9,205	)		(2,775	)
Prepaid expenses, other current assets and other assets		(74	)		(3,625	)
Accounts payable, accrued expenses and other liabilities		(58,023	)		(65,396	)
Customer layaway deposits		11,276			1,055
Income taxes		(927	)		(360	)
Net cash provided by operating activities		97,730			70,264
Investing activities:
Loans made		(738,670	)		(683,121	)
Loans repaid		417,734			391,297
Recovery of pawn loan principal through sale of forfeited collateral		291,903			272,781
Capital expenditures, net		(23,051	)		(16,870	)
Acquisitions, net of cash acquired		(17,093	)		(11,963	)
Proceeds from note receivable		241			1,100
Investment in unconsolidated affiliate		(718	)		(993	)
Investment in other investments		—			(15,000	)
Dividends from unconsolidated affiliates		3,614			3,535
Net cash used in investing activities		(66,040	)		(59,234	)
Financing activities:
Taxes paid related to net share settlement of equity awards		(3,971	)		(3,253	)
Proceeds from borrowings		300,000			—
Debt issuance cost		(7,563	)		—
Payments on assumed debt		(6,410	)		—
Purchase and retirement of treasury stock		(6,000	)		(9,009	)
Payments of finance leases		(450	)		(386	)
Net cash provided by (used in) financing activities		275,606			(12,648	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(26	)		(108	)
Net increase in cash, cash equivalents and restricted cash		307,270			(1,726	)
Cash and cash equivalents and restricted cash at beginning of period		179,807			228,968
Cash and cash equivalents and restricted cash at end of period	$	487,077		$	227,242

EZCORP, Inc. OPERATING SEGMENT RESULTS

	Three Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn		Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	112,249	$	56,375		$	—		$	168,624		$	—		$	168,624
Jewelry scrapping sales		23,750		3,220			—			26,970			—			26,970
Pawn service charges		83,930		31,409			—			115,339			—			115,339
Other revenues		31		17			—			48			—			48
Total revenues		219,960		91,021			—			310,981			—			310,981
Merchandise cost of goods sold		69,084		39,142			—			108,226			—			108,226
Jewelry scrapping cost of goods sold		16,814		2,302			—			19,116			—			19,116
Gross profit		134,062		49,577			—			183,639			—			183,639
Segment and corporate expenses (income):
Store expenses		83,778		35,345			—			119,123			—			119,123
General and administrative		—		—			—			—			21,780			21,780
Depreciation and amortization		2,651		2,156			—			4,807			3,196			8,003
Other operating income		—		—			—			—			(1,262	)		(1,262	)
Interest expense		—		71			—			71			8,387			8,458
Interest income		—		(427	)		(604	)		(1,031	)		(4,409	)		(5,440	)
Equity in net (income) loss of unconsolidated affiliates		—		—			(1,409	)		(1,409	)		209			(1,200	)
Other expense (income)		—		(12	)		—			(12	)		(524	)		(536	)
Segment contribution	$	47,633	$	12,444		$	2,013		$	62,090
Income (loss) before income taxes									$	62,090		$	(27,377	)	$	34,713

	Three Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	107,849		$	50,291		$	—		$	158,140		$	—		$	158,140
Jewelry scrapping sales		13,757			1,638			—			15,395			—			15,395
Pawn service charges		77,416			30,414			—			107,830			—			107,830
Other revenues		28			28			—			56			—			56
Total revenues		199,050			82,371			—			281,421			—			281,421
Merchandise cost of goods sold		67,229			33,982			—			101,211			—			101,211
Jewelry scrapping cost of goods sold		11,887			1,596			—			13,483			—			13,483
Gross profit		119,934			46,793			—			166,727			—			166,727
Segment and corporate expenses (income):
Store expenses		81,441			34,894			—			116,335			—			116,335
General and administrative		—			—			—			—			20,060			20,060
Depreciation and amortization		2,408			2,090			—			4,498			3,660			8,158
(Gain) loss on sale or disposal of assets and other		(2	)		22			—			20			—			20
Interest expense		—			—			—			—			3,539			3,539
Interest income		—			(370	)		(605	)		(975	)		(1,956	)		(2,931	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(1,406	)		(1,406	)		143			(1,263	)
Other (income) expense		—			(184	)		12			(172	)		(19	)		(191	)
Segment contribution	$	36,087		$	10,341		$	1,999		$	48,427
Income (loss) before income taxes										$	48,427		$	(25,427	)	$	23,000

	Nine Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	357,964		$	166,470		$	—		$	524,434		$	—		$	524,434
Jewelry scrapping sales		56,146			8,494			—			64,640			—			64,640
Pawn service charges		259,354			88,908			—			348,262			—			348,262
Other revenues		82			49			—			131			—			131
Total revenues		673,546			263,921			—			937,467			—			937,467
Merchandise cost of goods sold		225,412			116,193			—			341,605			—			341,605
Jewelry scrapping cost of goods sold		42,017			6,350			—			48,367			—			48,367
Gross profit		406,117			141,378			—			547,495			—			547,495
Segment and corporate expenses (income):
Store expenses		250,399			101,702			—			352,101			—			352,101
General and administrative		—			—			—			—			60,089			60,089
Depreciation and amortization		8,050			6,191			—			14,241			10,117			24,358
Loss on sale or disposal of assets and other		17			8			—			25			—			25
Other operating income		—			—			—			—			(1,262	)		(1,262	)
Interest expense		—			71			—			71			14,815			14,886
Interest income		—			(966	)		(1,803	)		(2,769	)		(6,639	)		(9,408	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(4,898	)		(4,898	)		718			(4,180	)
Other expense (income)		(7	)		(220	)		—			(227	)		604			377
Segment contribution		147,658			34,592		$	6,701		$	188,951
Income (loss) before income taxes										$	188,951		$	(78,442	)	$	110,509

	Nine Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	348,211		$	154,019		$	—		$	502,230		$	—		$	502,230
Jewelry scrapping sales		39,258			3,933			—			43,191			—			43,191
Pawn service charges		236,499			84,943			—			321,442			—			321,442
Other revenues		94			59			35			188			—			188
Total revenues		624,062			242,954			35			867,051			—			867,051
Merchandise cost of goods sold		218,736			103,944			—			322,680			—			322,680
Jewelry scrapping cost of goods sold		33,965			3,514			—			37,479			—			37,479
Gross profit		371,361			135,496			35			506,892			—			506,892
Segment and corporate expenses (income):
Store expenses		239,536			101,936			—			341,472			—			341,472
General and administrative		—			—			—			—			54,869			54,869
Depreciation and amortization		7,548			6,821			—			14,369			10,573			24,942
(Gain) loss on sale or disposal of assets and other		(6	)		(240	)		—			(246	)		97			(149	)
Other operating income		—			—			—			—			(765	)		(765	)
Interest expense		—			—			—			—			10,381			10,381
Interest income		—			(1,398	)		(1,811	)		(3,209	)		(5,243	)		(8,452	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(4,278	)		(4,278	)		143			(4,135	)
Other (income) expense		—			(231	)		27			(204	)		(423	)		(627	)
Segment contribution	$	124,283		$	28,608		$	6,097		$	158,988
Income (loss) before income taxes										$	158,988		$	(69,632	)	$	89,356

EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited)

	Three Months Ended June 30, 2025
	U.S. Pawn	Latin America Pawn		Consolidated

As of March 31, 2025	542	742		1,284
New locations opened	—	10		10
Locations acquired	3	40		43
Locations combined or closed	—	(1	)	(1	)
As of June 30, 2025	545	791		1,336

	Three Months Ended June 30, 2024
	U.S. Pawn	Latin America Pawn	Consolidated

As of March 31, 2024	535	711	1,246
New locations opened	1	6	7
Locations acquired	5	—	5
As of June 30, 2024	541	717	1,258

	Nine Months Ended June 30, 2025
	U.S. Pawn	Latin America Pawn		Consolidated

As of September 30, 2024	542	737		1,279
New locations opened	—	23		23
Locations acquired	3	41		44
Locations combined or closed	—	(10	)	(10	)
As of June 30, 2025	545	791		1,336

	Nine Months Ended June 30, 2024
	U.S. Pawn		Latin America Pawn		Consolidated

As of September 30, 2023	529		702		1,231
New locations opened	1		20		21
Locations acquired	12		—		12
Locations combined or closed	(1	)	(5	)	(6	)
As of June 30, 2024	541		717		1,258

Non-GAAP Financial Information (Unaudited)

In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and nine months ended June 30, 2025 and 2024 were as follows:

	June 30,		Three Months Ended June 30,		Nine Months Ended June 30,
	2025	2024	2025	2024	2025	2024

Mexican peso	18.8	18.3	19.5	17.2	20.0	17.3
Guatemalan quetzal	7.6	7.6	7.6	7.6	7.6	7.6
Honduran lempira	25.8	24.3	25.7	24.3	25.2	24.3
Australian dollar	1.5	1.5	1.6	1.5	1.6	1.5

Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

Miscellaneous Non-GAAP Financial Measures

	Three Months Ended June 30,
(in millions)		2025			2024

Net income	$	26.5		$	18.0
Interest expense		8.5			3.5
Interest income		(5.4	)		(2.9	)
Income tax expense		8.2			5.0
Depreciation and amortization		8.0			8.2
EBITDA	$	45.7		$	31.8

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect			Net Income			Diluted EPS			EBITDA

2025 Q3 Reported	$	311.0	$	183.6	$	34.7		$	8.2		$	26.5		$	0.34		$	45.7
Corporate lease termination		—		—		(1.3	)		(0.3	)		(1.0	)		(0.01	)		(1.3	)
FX impact		—		—		(0.2	)		—			(0.2	)		—			(0.2	)
Non-recurring foreign tax expense		—		—		—			0.8			(0.8	)		(0.01	)		—
Constant Currency		8.9		4.8		0.8			0.1			0.7			0.01			1.0
2025 Q3 Adjusted	$	319.9	$	188.4	$	34.0		$	8.8		$	25.2		$	0.33		$	45.2

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect		Net Income			Diluted EPS			EBITDA

2024 Q3 Reported	$	281.4	$	166.7	$	23.0		$	5.0	$	18.0		$	0.25		$	31.8
Non-recurring foreign tax expense		—		—		—			0.7		(0.7	)		(0.01	)		—
FX impact		—		—		(0.1	)		—		(0.1	)		—			(0.1	)
2024 Q3 Adjusted	$	281.4	$	166.7	$	22.9		$	5.7	$	17.2		$	0.24		$	31.7

	Three Months Ended June 30, 2025				Nine Months Ended June 30, 2025
(in millions)	U.S. Dollar Amount		Percentage Change YOY		U.S. Dollar Amount		Percentage Change YOY

Consolidated revenues	$	311.0	11	%	$	937.5	8	%
Currency exchange rate fluctuations		8.9				30.9
Constant currency consolidated revenues	$	319.9	14	%	$	968.4	12	%

Consolidated gross profit	$	183.6	10	%	$	547.5	8	%
Currency exchange rate fluctuations		4.8				16.1
Constant currency consolidated gross profit	$	188.4	13	%	$	563.6	11	%

Consolidated net inventory	$	225.5	31	%	$	225.5	31	%
Currency exchange rate fluctuations		1.3				1.3
Constant currency consolidated net inventory	$	226.8	32	%	$	226.8	32	%

Latin America Pawn gross profit	$	49.6	6	%	$	141.4	4	%
Currency exchange rate fluctuations		4.8				16.1
Constant currency Latin America Pawn gross profit	$	54.4	16	%	$	157.5	16	%

Latin America Pawn PLO	$	70.6	13	%	$	70.6	13	%
Currency exchange rate fluctuations		1.5				1.5
Constant currency Latin America Pawn PLO	$	72.1	16	%	$	72.1	16	%

Latin America Pawn PSC revenues	$	31.4	3	%	$	88.9	5	%
Currency exchange rate fluctuations		2.9				9.6
Constant currency Latin America Pawn PSC revenues	$	34.3	13	%	$	98.5	16	%

Latin America Pawn merchandise sales	$	56.4	12	%	$	166.5	8	%
Currency exchange rate fluctuations		5.7				20.2
Constant currency Latin America Pawn merchandise sales	$	62.1	23	%	$	186.7	21	%

Latin America Pawn segment profit before tax	$	12.4	20	%	$	34.6	21	%
Currency exchange rate fluctuations		1.1				3.0
Constant currency Latin America Pawn segment profit before tax	$	13.5	30	%	$	37.6	32	%

The MIL Network –

July 31, 2025

MIL-OSI: CVR Energy Reports Second Quarter 2025 Results, Announces Leadership Transition Plans

Source: GlobeNewswire (MIL-OSI)

Second quarter net loss attributable to CVR Energy stockholders of $114 million; EBITDA loss of $24 million; adjusted EBITDA of $99 million
Second quarter loss per diluted share of $1.14 and adjusted loss per diluted share of 23 cents
Prepaid $70 million and $20 million in principal of the Term Loan in June and July 2025, respectively
Mark Pytosh to assume role of President, Chief Executive Officer and Director on January 1, 2026, following Dave Lamp retirement; Brett Icahn appointed to the Board of Directors effective August 1, 2025
CVR Partners announced a cash distribution of $3.89 per common unit

SUGAR LAND, Texas, July 30, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced second quarter 2025 net loss attributable to CVR Energy stockholders of $114 million, or $1.14 per diluted share, compared to second quarter 2024 net income attributable to CVR Energy stockholders of $21 million, or 21 cents per diluted share. Adjusted loss for the second quarter of 2025 was 23 cents per diluted share, compared to adjusted earnings per diluted share of 9 cents in the second quarter of 2024. Net loss for the second quarter of 2025 was $90 million, compared to net income of $38 million in the second quarter of 2024. Second quarter 2025 EBITDA loss was $24 million, compared to second quarter 2024 EBITDA of $103 million. Adjusted EBITDA for the second quarter of 2025 was $99 million, compared to adjusted EBITDA of $87 million in the second quarter of 2024.

“CVR Energy’s 2025 second quarter earnings results for its refining business were impacted by an $89 million unfavorable mark-to-market impact on its outstanding Renewable Fuel Standard obligation as well as reduced throughput volumes while we ran off intermediate inventory following the completion of the planned turnaround at the Coffeyville refinery,” said Dave Lamp, CVR Energy’s President and Chief Executive Officer.

“CVR Partners achieved solid operating results for the second quarter of 2025, with a combined ammonia production rate of 91 percent,” Mr. Lamp said. “CVR Partners also was pleased to declare a second quarter 2025 cash distribution of $3.89 per common unit.”

The Company also announced leadership transition plans following Mr. Lamp’s notice of his intent to retire as President and Chief Executive Officer effective December 31, 2025. Mark A. Pytosh, the Company’s Executive Vice President – Corporate Services who also serves as President, Chief Executive Officer and Director of the general partner of CVR Partners, LP (“CVR Partners”), is expected to assume the role of President, Chief Executive Officer and Director of CVR Energy while continuing to serve in those same roles for CVR Partners’ general partner. Mr. Lamp is expected to remain on the Company’s Board of Directors and the board of directors of CVR Partners’ general partner.

“I would like to thank our employees, communities and stockholders for their support over the past several years. It has been a privilege to have worked closely with our strong management team to drive value throughout the organization, and I look forward to continuing to serve our companies as a member of the Board,” said Mr. Lamp. “Mark has been a strong leader for CVR Partners and for our midstream operations. We have worked closely together for many years, and I am confident he is the right person to build upon the foundations we have laid while driving CVR Energy and CVR Partners into the future.”

Mr. Pytosh joined the general partner of CVR Partners as a Director in 2011 and became President and Chief Executive Officer in May 2014. In January 2018, Mr. Pytosh was appointed Executive Vice President – Corporate Services of the Company with executive responsibility over the Company’s midstream operations. Prior to joining CVR Partners, Mr. Pytosh held senior financial roles in energy, power, solid waste and investment banking. Mr. Pytosh is expected to remain President, Chief Executive Officer and Director of CVR Partners’ general partner.

Mr. Pytosh commented, “Dave’s leadership, operating discipline and strong corporate values have inspired the Company. I look forward to building upon Dave’s incredible legacy while leveraging our operating platform and strong management team to position the Company for positive growth and maximizing value for all of our stockholders.”

On July 28, 2025, the Board appointed Brett Icahn as a director effective August 1, 2025, increasing the Board size to nine members.

Petroleum Segment

The Petroleum Segment reported a second quarter 2025 net loss of $137 million and EBITDA loss of $84 million, compared to net income of $18 million and EBITDA of $56 million for the second quarter of 2024. Adjusted EBITDA for the Petroleum Segment was $38 million for the second quarter of 2025, compared to adjusted EBITDA of $37 million for the second quarter of 2024.

Combined total throughput for the second quarter of 2025 was approximately 172,000 barrels per day (“bpd”) compared to approximately 186,000 bpd of combined total throughput for the second quarter of 2024. Throughput during the current quarter was lower primarily to allow processing of intermediate inventories built during the turnaround at the Coffeyville, Kansas, refinery which began in the first quarter of 2025 and was completed in April 2025.

Refining margin for the second quarter of 2025 was $35 million, or $2.21 per total throughput barrel, compared to $185 million, or $10.94 per total throughput barrel, during the same period in 2024. Included in our second quarter 2025 refining margin were unfavorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $89 million, unfavorable inventory valuation impacts of $31 million, and unfavorable unrealized derivative impacts of $2 million primarily related to Canadian crude oil positions. Excluding these items, adjusted refining margin for the second quarter of 2025 was $9.95 per barrel, compared to an adjusted refining margin per barrel of $9.81 for the second quarter of 2024. The increase in adjusted refining margin per barrel was primarily due to an increase in the Group 3 2-1-1 crack spread.

Renewables Segment

Effective beginning with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we revised our reportable segments to reflect a new reportable segment: Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

The Renewables Segment reported second quarter 2025 net loss of $11 million and EBITDA loss of $5 million, compared to net loss of $11 million and EBITDA loss of $5 million for the second quarter of 2024. Adjusted EBITDA loss for the Renewables Segment was $4 million for the second quarter of 2025, compared to adjusted EBITDA loss of $2 million for the second quarter of 2024.

Total vegetable oil throughput for the second quarter of 2025 was approximately 155,000 gallons per day (“gpd”), compared to approximately 127,000 gpd for the second quarter of 2024.

Renewables margin was $5 million, or $0.38 per vegetable oil throughput gallon, for the second quarter of 2025 compared to $5 million, or 43 cents per vegetable oil throughput gallon, for the second quarter of 2024. Factors contributing to our second quarter 2025 renewables margin were higher net sales of $13 million resulting from increased production and sales volumes, increased renewable diesel yield due to improved catalyst performance, and increased biomass-based diesel RIN and LCFS credit prices in the current period, partially offset by the loss of the BTC in the current period and a decrease in average CARB ULSD prices of 24 cents per gallon. Higher net sales were partially offset by higher cost of sales of $12 million due to an increase in throughput and production volumes.

Nitrogen Fertilizer Segment

The Nitrogen Fertilizer Segment reported net income of $39 million and EBITDA of $67 million on net sales of $169 million for the second quarter of 2025, compared to net income of $26 million and EBITDA of $54 million on net sales of $133 million for the second quarter of 2024.

Production at CVR Partners, LP’s (“CVR Partners”) fertilizer facilities decreased compared to the second quarter of 2024, producing a combined 197,000 tons of ammonia during the second quarter of 2025, of which 54,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 321,000 tons of urea ammonia nitrate (“UAN”). During the second quarter of 2024, the fertilizer facilities produced a combined 221,000 tons of ammonia, of which 69,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 337,000 tons of UAN.

For the second quarter 2025, average realized gate prices for ammonia and UAN were up 14 percent and 18 percent, respectively, over the prior year to $593 and $317 per ton, respectively. Average realized gate prices for ammonia and UAN were $520 and $268 per ton, respectively, for the second quarter of 2024.

Corporate and Other

The Company reported an income tax benefit of $42 million, or 31.7 percent of loss before income taxes, for the three months ended June 30, 2025, compared to an income tax benefit of $26 million, or (219.7) percent of income before income taxes, for the three months ended June 30, 2024. The increase in income tax benefit was primarily due to a decrease in overall pretax earnings while the change in the effective tax rate was primarily due to changes in pretax earnings attributable to noncontrolling interest and the impact of federal and state tax credits and incentives in relation to overall pretax earnings.

Cash, Debt and Dividend

Consolidated cash and cash equivalents were $596 million at June 30, 2025, a decrease of $391 million from December 31, 2024. Consolidated total debt and finance lease obligations were $1.9 billion at June 30, 2025, including $570 million held by the Nitrogen Fertilizer Segment.

On June 30, 2025, certain of the Company’s subsidiaries (the “Term Loan Borrowers”) prepaid $70 million in principal of the senior secured term loan facility (the “Term Loan”), in addition to required principal and interest payments as set forth in the Term Loan. As a result of this transaction, the Company recognized a $1 million loss on extinguishment of debt in the second quarter of 2025, related to the write-off of unamortized discount and deferred financing costs. Further, on July 25, 2025, the Term Loan Borrowers prepaid an additional $20 million in principal of the Term Loan, plus any accrued and unpaid interest to the redemption date.

CVR Energy will not pay a cash dividend for the second quarter of 2025.

Today, CVR Partners announced that the Board of Directors of its general partner declared a second quarter 2025 cash distribution of $3.89 per common unit, which will be paid on August 18, 2025, to common unitholders of record as of August 11, 2025.

Second Quarter 2025 Earnings Conference Call

CVR Energy previously announced that it will host its second quarter 2025 Earnings Conference Call on Thursday, July 31, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

The second quarter 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/939p6amw. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13754877.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; management changes; impacts of planned and unplanned downtime; timing of turnarounds and impacts thereof on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; cash flow generation; operating income and net sales, including the factors impacting same; refining margin; crack spreads, including the drivers thereof; impact of costs to comply with the RFS and revaluation of our RFS liability; inventory levels and valuation impacts; derivative gains and losses and the drivers thereof; renewable feedstocks; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; demand trends; RIN generation levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; LCFS credit and CARB ULSD pricing; carbon capture and decarbonization initiatives; demand for refined products; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense and benefits, including the drivers thereof; pretax earnings and our effective tax rate; the availability and impact of tax credits and incentives; use of proceeds under our debt instruments; debt levels; ability to paydown debt, make debt prepayments and terms associated therewith; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization; turnaround expense; cash reserves; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. The terms of the employment agreement referenced herein are qualified in their entirety by the text of the agreement which will be duly disclosed in the Company’s upcoming filings with the Securities and Exchange Commission.

About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners.

Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

Contact Information:

Investor Relations

Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com

Media Relations

Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com

Non-GAAP Measures

Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

The following are non-GAAP measures we present for the periods ended June 30, 2025 and 2024:

EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Factors Affecting Comparability of Our Financial Results

Petroleum Segment

Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $24 million and $3 million during the three months ended June 30, 2025 and 2024, respectively, and $190 million and $42 million during the six months ended June 30, 2025 and 2024, respectively.

CVR Energy, Inc.
(all information in this release is unaudited)

Consolidated Statement of Operations Data


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except per share data)		2025			2024			2025			2024
Net sales	$	1,761		$	1,967		$	3,407		$	3,829
Operating costs and expenses:
Cost of materials and other		1,582			1,667			3,099			3,130
Direct operating expenses (exclusive of depreciation and amortization)		169			173			324			337
Depreciation and amortization		76			70			142			145
Cost of sales		1,827			1,910			3,565			3,612
Selling, general and administrative expenses (exclusive of depreciation and amortization)		36			28			73			63
Depreciation and amortization		2			2			4			4
(Gain) loss on asset disposal		(1	)		—			—			1
Operating (loss) income		(103	)		27			(235	)		149
Other (expense) income:
Interest expense, net		(30	)		(19	)		(55	)		(39	)
Other income, net		1			4			4			8
(Loss) income before income tax benefit		(132	)		12			(286	)		118
Income tax benefit		(42	)		(26	)		(91	)		(10	)
Net (loss) income		(90	)		38			(195	)		128
Less: Net income attributable to noncontrolling interest		24			17			42			25
Net (loss) income attributable to CVR Energy stockholders	$	(114	)	$	21		$	(237	)	$	103

Basic and diluted (loss) earnings per share	$	(1.14	)	$	0.21		$	(2.36	)	$	1.02
Dividends declared per share	$	—		$	0.50		$	—		$	1.00

Adjusted (loss) earnings per share *	$	(0.23	)	$	0.09		$	(0.81	)	$	0.12
EBITDA *	$	(24	)	$	103		$	(85	)	$	306
Adjusted EBITDA *	$	99		$	87		$	122		$	186

Weighted-average common shares outstanding – basic and diluted		100.5			100.5			100.5			100.5

See “Non-GAAP Reconciliations” section below.

Selected Consolidated Balance Sheet Data

(in millions)	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	596	$	987
Working capital (inclusive of cash and cash equivalents)		201		726
Total assets		3,984		4,263
Total debt and finance lease obligations, including current portion		1,861		1,919
Total liabilities		3,318		3,375
Total CVR stockholders’ equity		466		703

Selected Consolidated Cash Flow Data

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net cash used in:
Operating activities	$	176		$	81		$	(19	)	$	258
Investing activities		(185	)		(74	)		(267	)		(129	)
Financing activities		(90	)		(65	)		(105	)		(729	)
Net decrease in cash, cash equivalents, and restricted cash	$	(99	)	$	(58	)	$	(391	)	$	(600	)

Free cash flow *	$	(12	)	$	7		$	(297	)	$	128

* See “Non-GAAP Reconciliations” section below.

Selected Segment Data

	Three Months Ended June 30,
		2025											2024
(in millions)	Petroleum			Renewables			Nitrogen Fertilizer		Consolidated			Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	1,561		$	76		$	169	$	1,761		$	1,795	$	63		$	133	$	1,967
Operating (loss) income		(133	)		(11	)		46		(103	)		10		(11	)		34		27
Net (loss) income		(137	)		(11	)		39		(90	)		18		(11	)		26		38
EBITDA *		(84	)		(5	)		67		(24	)		56		(5	)		54		103

Capital expenditures ⁽¹⁾
Maintenance	$	14		$	1		$	6	$	21		$	22	$	—		$	4	$	27
Growth		9			1			4		15			11		2			1		14
Total capital expenditures	$	23		$	2		$	10	$	36		$	33	$	2		$	5	$	41

	Six Months Ended June 30,
		2025											2024
(in millions)	Petroleum			Renewables			Nitrogen Fertilizer		Consolidated			Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	3,038		$	142		$	311	$	3,407		$	3,517	$	97		$	261	$	3,829
Operating (Loss) Income		(295	)		(11	)		81		(235	)		128		(21	)		54		149
Net (loss) income		(297	)		(11	)		66		(195	)		145		(20	)		39		128
EBITDA *		(202	)		1			120		(85	)		227		(9	)		93		306

Capital expenditures ⁽¹⁾
Maintenance	$	55		$	1		$	10	$	66		$	44	$	1		$	9	$	57
Growth		17			1			6		26			25		9			1		35
Total capital expenditures	$	72		$	2		$	16	$	92		$	69	$	10		$	10	$	92

* See “Non-GAAP Reconciliations” section below.
(1) Capital expenditures are shown exclusive of capitalized turnaround expenditures.

Selected Balance Sheet Data

	June 30, 2025								December 31, 2024
(in millions)	Petroleum		Renewables		Nitrogen Fertilizer		Consolidated		Petroleum		Renewables		Nitrogen Fertilizer		Consolidated
Cash and cash equivalents ⁽¹⁾	$	325	$	22	$	114	$	596	$	735	$	13	$	91	$	987
Total assets		3,011		414		998		3,984		3,288		420		1,019		4,263
Total debt and finance lease obligations, including current portion ⁽²⁾		293		—		570		1,861		354		—		569		1,919

(1) Corporate cash and cash equivalents consisted of $135 million and $148 million at June 30, 2025 and December 31, 2024, respectively.
(2) Corporate total debt and finance lease obligations, including current portion consisted of $998 million and $996 million at June 30, 2025 and December 31, 2024, respectively.

Petroleum Segment

Key Operating Metrics per Total Throughput Barrel

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		2025		2024		2025		2024
Refining margin *	$	2.21	$	10.94	$	1.14	$	13.68
Adjusted refining margin *		9.95		9.81		9.04		10.15
Direct operating expenses *		6.45		6.94		7.32		6.34

See “Non-GAAP Reconciliations” section below.

Refining Throughput and Production Data by Refinery

Throughput Data	Three Months Ended June 30,		Six Months Ended June 30,
(in bpd)	2025	2024	2025	2024
Coffeyville
Gathered crude	61,505	87,402	44,213	74,903
Other domestic	30,718	28,625	21,584	37,275
Canadian	581	9,518	610	9,525
Condensate	—	5,079	—	6,390
Other feedstocks and blendstocks	7,883	10,773	7,111	11,671
Wynnewood
Gathered crude	55,470	34,190	56,936	38,624
Other domestic	1,595	2,421	1,087	1,210
Condensate	8,965	5,965	9,556	8,114
Other feedstocks and blendstocks	5,432	2,235	5,309	3,287
Total throughput	172,149	186,208	146,406	190,999

Production Data	Three Months Ended June 30,				Six Months Ended June 30,
(in bpd)	2025		2024		2025		2024
Coffeyville
Gasoline	50,323		71,515		34,718		72,119
Distillate	46,911		57,710		33,645		56,858
Other liquid products	(428	)	7,015		2,930		5,784
Solids	3,711		4,990		2,523		4,985
Wynnewood
Gasoline	36,657		25,672		38,190		28,828
Distillate	23,645		16,053		24,293		17,610
Other liquid products	8,267		2,349		6,671		3,956
Solids	12		6		11		6
Total production	169,098		185,310		142,981		190,146

Crude utilization ⁽¹⁾	76.9	%	83.9	%	64.9	%	85.2	%
Light product yield (as % of crude throughput) ⁽²⁾	99.2	%	98.7	%	97.7	%	99.6	%
Liquid volume yield (as % of total throughput) ⁽³⁾	96.1	%	96.8	%	95.9	%	96.9	%
Distillate yield (as % of crude throughput) ⁽⁴⁾	44.4	%	42.6	%	43.2	%	42.3	%

(1) Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2) Total Gasoline and Distillate divided by Total Crude Throughput.
(3) Total Gasoline, Distillate, and Other liquid products divided by total throughput.
(4) Total Distillate divided by Total Crude Throughput.

Key Market Indicators

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars per barrel)		2025			2024			2025			2024
West Texas Intermediate (WTI) NYMEX	$	63.74		$	80.63		$	67.52		$	78.81
Crude Oil Differentials to WTI:
Brent		2.97			4.40			3.29			4.60
WCS (heavy sour)		(9.43	)		(12.53	)		(10.92	)		(14.66	)
Condensate		(0.71	)		(0.66	)		(0.68	)		(0.76	)
Midland Cushing		0.74			1.08			0.92			1.31
NYMEX Crack Spreads:
Gasoline		24.76			27.48			20.86			25.07
Heating Oil		26.99			24.67			27.71			30.62
NYMEX 2-1-1 Crack Spread		25.87			26.07			24.29			27.85
PADD II Group 3 Product Basis:
Gasoline		(3.58	)		(10.61	)		(3.20	)		(10.33	)
Ultra-Low Sulfur Diesel		(0.12	)		(3.89	)		(3.60	)		(7.04	)
PADD II Group 3 Product Crack Spread:
Gasoline		21.18			16.87			17.66			14.74
Ultra-Low Sulfur Diesel		26.87			20.78			24.11			23.59
PADD II Group 3 2-1-1		24.02			18.83			20.89			19.17

Renewables Segment

Key Operating Metrics per Vegetable Oil Throughput Gallon

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Renewables margin *	$	0.38	$	0.43	$	0.76	$	0.51
Adjusted renewables margin *		0.44		0.67		0.68		0.64
Direct operating expenses *		0.54		0.72		0.51		0.76

See “Non-GAAP Reconciliations” section below.

Renewables Throughput and Production Data

	Three Months Ended June 30,				Six Months Ended June 30,
(in gallons per day)	2025		2024		2025		2024
Throughput Data
Corn Oil	1,107		33,253		10,488		34,947
Soybean Oil	153,609		93,303		144,837		66,128

Production Data
Renewable diesel	148,373		117,277		146,292		89,936

Renewable utilization ⁽¹⁾	61.4	%	50.2	%	61.6	%	40.1	%
Renewable diesel yield (as % of corn and soybean oil throughput)	95.9	%	92.7	%	94.2	%	89.0	%

(1) Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.

Key Market Indicators

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	$	0.49	$	0.45	$	0.47	$	0.46
Midwest crude corn oil (dollars per pound)		0.50		0.51		0.48		0.53
CARB ULSD (dollars per gallon)		2.36		2.60		2.38		2.63
NYMEX ULSD (dollars per gallon)		2.16		2.51		2.27		2.61
California LCFS (dollars per metric ton)		52.36		51.51		59.13		57.37
Biodiesel RINs (dollars per RIN)		1.08		0.51		0.94		0.55

Nitrogen Fertilizer Segment

	Three Months Ended June 30,				Six Months Ended June 30,
(percent of capacity utilization)	2025		2024		2025		2024
Ammonia utilization rate ⁽¹⁾	91	%	102	%	96	%	96	%

(1) Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of CVR Partners’ facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and six months ended June 30, 2025 and 2024 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

Sales and Production Data

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Consolidated sales volumes (thousands of tons):
Ammonia		57		43		117		113
UAN		345		330		681		614

Consolidated product pricing at gate (dollars per ton): ⁽¹⁾
Ammonia	$	593	$	520	$	573	$	525
UAN		317		268		287		268

Consolidated production volume (thousands of tons):
Ammonia (gross produced) ⁽²⁾		197		221		413		414
Ammonia (net available for sale) ⁽²⁾		54		69		117		130
UAN		321		337		668		643

Feedstock:
Petroleum coke used in production (thousands of tons)		130		133		261		261
Petroleum coke used in production (dollars per ton)	$	56.68	$	62.96	$	49.54	$	69.21
Natural gas used in production (thousands of MMBtus) ⁽³⁾		1,897		2,213		4,057		4,361
Natural gas used in production (dollars per MMBtu) ⁽³⁾	$	3.29	$	1.93	$	4.00	$	2.51
Natural gas in cost of materials and other (thousands of MMBtus) ⁽³⁾		2,201		1,855		3,807		3,620
Natural gas in cost of materials and other (dollars per MMBtu) ⁽³⁾	$	3.63	$	1.85	$	4.05	$	2.65

(1) Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2) Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3) The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

Key Market Indicators

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Ammonia — Southern plains (dollars per ton)	$	576	$	523	$	569	$	545
Ammonia — Corn belt (dollars per ton)		630		565		624		581
UAN — Corn belt (dollars per ton)		403		288		364		290

Natural gas NYMEX (dollars per MMBtu)	$	3.51	$	2.32	$	3.69	$	2.21

Q3 2025 Outlook

The table below summarizes our outlook for certain operational statistics and financial information for the third quarter of 2025. See “Forward-Looking Statements” above.

	Q3 2025
	Low			High
Petroleum
Total throughput (bpd)		200,000			215,000
Crude utilization ⁽¹⁾		92	%		97	%
Direct operating expenses (in millions) ⁽²⁾	$	105		$	115

Renewables
Total throughput (in millions of gallons)		16			20
Renewable utilization ⁽⁴⁾		70	%		85	%
Direct operating expenses (in millions) ⁽²⁾	$	8		$	10

Nitrogen Fertilizer
Ammonia utilization rate		93	%		98	%
Direct operating expenses (in millions) ⁽²⁾	$	60		$	65

Capital Expenditures (in millions) ⁽³⁾
Petroleum	$	25		$	30
Renewables		1			3
Nitrogen Fertilizer		20			25
Other		1			2
Total capital expenditures	$	47		$	60

(1) Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.
(3) Turnaround and capital expenditures are disclosed on an accrual basis.
(4) Represents renewable feedstock throughput divided by total renewable throughput capacity of 252,000 gallons per day.

Non-GAAP Reconciliations

Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net (loss) income	$	(90	)	$	38		$	(195	)	$	128
Interest expense, net		30			19			55			39
Income tax benefit		(42	)		(26	)		(91	)		(10	)
Depreciation and amortization		78			72			146			149
EBITDA		(24	)		103			(85	)		306
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		89			—			200			(91	)
Unrealized loss (gain) on derivatives, net		2			(17	)		(1	)		7
Inventory valuation impacts, unfavorable (favorable)		32			1			8			(36	)
Adjusted EBITDA	$	99		$	87		$	122		$	186

Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Basic and diluted (loss) earnings per share	$	(1.14	)	$	0.21		$	(2.36	)	$	1.02
Adjustments: ⁽¹⁾
Revaluation of RFS liability, unfavorable (favorable)		0.65			—			1.50			(0.68	)
Unrealized loss (gain) on derivatives, net		0.02			(0.13	)		(0.01	)		0.05
Inventory valuation impacts, unfavorable (favorable)		0.24			0.01			0.06			(0.27	)
Adjusted (loss) earnings per share	$	(0.23	)	$	0.09		$	(0.81	)	$	0.12

(1) Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

Reconciliation of Net Cash (Used In) Provided By Operating Activities to Free Cash Flow

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net cash (used in) provided by operating activities	$	176		$	81		$	(19	)	$	258
Less:
Capital expenditures		(41	)		(43	)		(92	)		(90	)
Capitalized turnaround expenditures		(148	)		(32	)		(191	)		(44	)
Return of equity method investment		1			1			5			4
Free cash flow	$	(12	)	$	7		$	(297	)	$	128

Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Petroleum net (loss) income	$	(137	)	$	18		$	(297	)	$	145
Interest (income) expense, net		5			(5	)		5			(10	)
Depreciation and amortization		48			43			90			92
Petroleum EBITDA		(84	)		56			(202	)		227
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		89			—			200			(91	)
Unrealized loss (gain) on derivatives, net		2			(17	)		(1	)		7
Inventory valuation impacts, unfavorable (favorable) ⁽¹⁾		31			(2	)		10			(39	)
Petroleum Adjusted EBITDA	$	38		$	37		$	7		$	104

Reconciliation of Petroleum Segment Gross (Loss) Profit to Refining Margin and Adjusted Refining Margin

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net sales	$	1,561		$	1,795		$	3,038		$	3,517
Less:
Cost of materials and other		(1,526	)		(1,610	)		(3,008	)		(3,041	)
Direct operating expenses (exclusive of depreciation and amortization)		(102	)		(118	)		(193	)		(221	)
Depreciation and amortization		(48	)		(43	)		(90	)		(92	)
Gross (loss) profit		(115	)		24			(253	)		163
Add:
Direct operating expenses (exclusive of depreciation and amortization)		102			118			193			221
Depreciation and amortization		48			43			90			92
Refining margin		35			185			30			476
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		89			—			200			(91	)
Unrealized loss (gain) on derivatives, net		2			(17	)		(1	)		7
Inventory valuation impacts, unfavorable (favorable) ⁽¹⁾		31			(2	)		10			(39	)
Adjusted refining margin	$	157		$	166		$	239		$	353

Total throughput barrels per day		172,149			186,208			146,406			190,999
Days in the period		91			91			181			182
Total throughput barrels		15,665,597			16,944,862			26,499,565			34,761,961

Refining margin per total throughput barrel	$	2.21		$	10.94		$	1.14		$	13.68
Adjusted refining margin per total throughput barrel		9.95			9.81			9.04			10.15
Direct operating expenses per total throughput barrel		6.45			6.94			7.32			6.34

(1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Renewables net loss	$	(11	)	$	(11	)	$	(11	)	$	(20	)
Interest income, net		—			—			—			(1	)
Depreciation and amortization		6			6			12			12
Renewables EBITDA		(5	)		(5	)		1			(9	)
Adjustments:
Inventory valuation impacts, (favorable) unfavorable ⁽¹⁾		1			3			(2	)		2
Renewables Adjusted EBITDA	$	(4	)	$	(2	)	$	(1	)	$	(7	)

Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except throughput data)		2025			2024			2025			2024
Net sales	$	76		$	63		$	142		$	97
Less:
Cost of materials and other		(71	)		(58	)		(121	)		(88	)
Direct operating expenses (exclusive of depreciation and amortization)		(7	)		(8	)		(14	)		(13	)
Depreciation and amortization		(6	)		(6	)		(12	)		(12	)
Gross loss		(8	)		(9	)		(5	)		(16	)
Add:
Direct operating expenses (exclusive of depreciation and amortization)		7			8			14			13
Depreciation and amortization		6			6			12			12
Renewables margin		5			5			21			9
Inventory valuation impacts, (favorable) unfavorable ⁽¹⁾		1			3			(2	)		2
Adjusted renewables margin	$	6		$	8		$	19		$	11

Total vegetable oil throughput gallons per day		154,716			126,556			155,325			101,075
Days in the period		91			91			181			182
Total vegetable oil throughput gallons		14,079,118			11,516,572			28,113,944			18,395,649

Renewables margin per vegetable oil throughput gallon	$	0.38		$	0.43		$	0.76		$	0.51
Adjusted renewables margin per vegetable oil throughput gallon		0.44			0.67			0.68			0.64
Direct operating expenses per vegetable oil throughput gallon		0.54			0.72			0.51			0.76

(1) The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel and renewable feedstock prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		2025		2024		2025		2024
Nitrogen Fertilizer net income	$	39	$	26	$	66	$	39
Interest expense, net		7		8		15		15
Depreciation and amortization		21		20		39		39
Nitrogen Fertilizer EBITDA and Adjusted EBITDA	$	67	$	54	$	120	$	93

The MIL Network –

July 31, 2025

MIL-OSI: NVIDIA Sets Conference Call for Second-Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., July 30, 2025 (GLOBE NEWSWIRE) — NVIDIA will host a conference call on Wednesday, August 27, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the second quarter of fiscal year 2026, which ended July 27, 2025.

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

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

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

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

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

The MIL Network –

July 31, 2025

MIL-OSI: JD.com Announces Decision to Make a Voluntary Public Takeover Offer and Strategic Investment Partnership with CECONOMY

Source: GlobeNewswire (MIL-OSI)

BEIJING, July 30, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it decided to make a voluntary public takeover offer, through a wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH (the “Bidder”), to all shareholders of CECONOMY AG (“CECONOMY”) (XETRA: CEC), the parent company of leading European consumer electronics retailers MediaMarkt and Saturn, to acquire all issued and outstanding bearer shares in CECONOMY (the “CECONOMY Shares”) for a cash consideration of EUR 4.60 per share (the “Takeover Offer”).

The Bidder and CECONOMY have also signed an investment agreement regarding the Takeover Offer and their intended cooperation after completion of the Takeover Offer. Furthermore, regarding their future cooperation, the Bidder and CECONOMY’s largest shareholder group comprising Convergenta Invest GmbH and related shareholders (together, “Convergenta”) entered into a shareholders’ agreement, effectiveness of which is subject to the completion of the Takeover Offer. As a result, post the completion of the Takeover Offer, Convergenta will hold 25.35% of the CECONOMY Shares, reducing its current shareholding in CECONOMY from 29.16% by an irrevocable undertaking to accept the Takeover Offer with respect to 3.81% of the CECONOMY Shares. The Bidder has also entered into agreements with several shareholders of CECONOMY, under which those shareholders have irrevocably undertaken to accept the Takeover Offer with respect to 31.7% of the CECONOMY Shares in total (including 3.81% from Convergenta), securing a total shareholding of 57.1% in combination with the retained stake of JD.com’s future partner Convergenta ahead of the launch of the Takeover Offer.

CECONOMY is a European retail leader in the field of consumer electronics. Its main brands MediaMarkt and Saturn operate omni-channel retail businesses, combining strong e-commerce presence with more than 1,000 retail stores in 11 countries. Under the strategic investment agreement, the Company and CECONOMY aim to drive CECONOMY’s growth as a stand-alone business and accelerate CECONOMY’s transformation into Europe’s leading omni-channel consumer electronics platform. JD.com, renowned for its superior customer experience and industry-leading e-commerce logistics service standards, will contribute its advanced technology, leading omni-channel retail expertise, and logistics and warehouse capabilities to the partnership. This will strengthen CECONOMY’s capabilities and further develop its core business and capitalize on its market position. As part of the strategic roadmap, CECONOMY will remain a stand-alone business in Europe with a local independent technology stack, and no changes are planned to the workforce, employee agreements and sites. CECONOMY’s Supervisory Board and Management Board fully support the public Takeover Offer.

“This partnership with CECONOMY will build Europe’s leading next-generation consumer electronics platform,” said JD.com CEO Sandy Xu. “CECONOMY’s market-leading position, strong customer relationships and growth are impressive, and we are firmly committed to investing in its people and distinct culture to build on this success. We will work with the team to strengthen the capabilities, while applying our advanced technology capabilities to accelerate CECONOMY’s ongoing transformation. Our goal is to further grow CECONOMY’s platform across Europe and create long-term value for customers, employees, investors and local communities. We have full confidence in the management team of CECONOMY and look forward to working together to initiate the next phase of growth.”

CECONOMY CEO Dr. Kai-Ulrich Deissner said, “With JD.com’s outstanding retail, logistics, and technology capabilities, we can further accelerate our successful growth trajectory and go beyond our current strategic goals. Thanks to the tremendous dedication and commitment of our entire team, CECONOMY operates from a position of strength. Given the constantly evolving customer expectations and market dynamics, standing still is not an option. In the coming years, we don’t just want to keep pace with the transformation in European retail – we want to continue leading it. JD.com is the right partner for this. We share a passion for our customers and a firm belief that our employees, trusted partnerships with international brand manufacturers, and the combination of digital and brick-and-mortar business are the keys to success. We partner with JD.com to strengthen European retail, based on complementary strengths and shared values.”

“We fully support the strategic investment agreement and takeover offer and are confident that it represents the best opportunity to further drive the successful transformation of CECONOMY,” said Jürgen Kellerhals of anchor shareholder Convergenta. “The management team of CECONOMY has a clear strategic vision, and JD.com brings the resources and expertise required to accelerate the company’s (CECONOMY’s) next phase of growth. The technological expertise of JD.com is world-leading, as demonstrated by its success in other markets. As the long-term anchor investor, we believe this is the right step at the right time for the business, our employees, and our customers.”

The Takeover Offer will be subject to customary conditions, including, among others, merger control, foreign direct investment and foreign subsidies clearances. The Takeover Offer will not be subject to a minimum acceptance rate. The transaction will be financed through a combination of acquisition loan and the Company’s cash on balance sheet. The closing of the Takeover Offer is expected to take place in the first half of 2026.

The Offer Document (in German and a non-binding English translation) which will set forth the detailed terms and conditions of the Takeover Offer, as well as further information relating thereto, will be published by the Bidder following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) on the internet at the website www.green-offer.com.

This announcement and the information within it are not intended to, and do not, constitute or form part of any offer to purchase or a solicitation of an offer to sell the CECONOMY Shares. Investors and holders of CECONOMY Shares are strongly advised to read the Offer Document and all other documents relating to the Takeover Offer as soon as they have been made public, as they will contain important information.

About JD.com, Inc.

JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Investor Relations
Sean Zhang
+86 (10) 8912-6804
IR@JD.com

Media Relations
+86 (10) 8911-6155
Press@JD.com

The MIL Network –

July 31, 2025

MIL-OSI: SEACOR Marine Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its second quarter ended June 30, 2025.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2025 were $60.8 million, operating income was $6.1 million, and direct vessel profit (“DVP”)⁽¹⁾ was $11.3 million. This compares to consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024, and consolidated operating revenues of $55.5 million, operating loss of $5.3 million, and DVP of $13.6 million in the first quarter of 2025.

Notable second quarter items include:

13.0% decrease in revenues from the second quarter of 2024 and a 9.6% increase from the first quarter of 2025.
Average day rates of $19,731, a 3.1% increase from the second quarter of 2024, and a 4.8% increase from the first quarter of 2025.
68% utilization, a decrease from 69% in the second quarter of 2024 and an increase from 60% in the first quarter of 2025.
DVP margin of 18.6%, a decrease from 29.1% in the second quarter of 2024 and a decrease from 24.5% in the first quarter of 2025, due in part to $9.2 million of drydocking and major repairs during the second quarter of 2025 compared to $8.5 million in the second quarter of 2024 and $5.2 million in the first quarter of 2025, all of which are expensed as incurred.
During the second quarter of 2025, the Company completed the sale of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”) for total proceeds of $33.4 million and a gain of $19.1 million. Approximately $12.9 million of the proceeds were used to fund the repurchase of shares and warrants from Carlyle, and the remainder was held as restricted cash to partially fund future milestone payments for the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.

For the second quarter of 2025, net loss was $6.7 million ($0.26 loss per basic and diluted share). This compares to a net loss for the second quarter of 2024 of $12.5 million ($0.45 loss per basic and diluted share). Sequentially, the second quarter 2025 results compare to a net loss of $15.5 million ($0.56 loss per basic and diluted share) in the first quarter of 2025.

Chief Executive Officer John Gellert commented:

“The second quarter results reflect the changes to our fleet as we continued to implement our asset rotation and repositioning strategy.

Our PSV fleet saw substantial improvement on average rates and utilization, achieving a 30.3% DVP margin, even with two of our premium PSVs being out of the market the entire quarter for repairs; one of which also received a hybrid power management upgrade. The two PSVs that we sold during the quarter were sold at compelling values and were some of our first-generation handy size vessels targeting the shallow water market, which is seeing increased vertical integration in some geographic markets. PSVs contributed greatly to our results in Latin America and West Africa, as well as in the Middle East where we operate two of our PSVs in a walk-to-work configuration outfitted with motion compensated gangways owned by SEACOR Marine.

In the Middle East, the results were largely affected by repairs to one of our premium liftboats for almost the entire quarter. These repairs are ongoing as the scope and cost has exceeded our initial expectations, with the liftboat expected to return to service in September 2025. Despite these challenges, activity in the Middle East market continues to be healthy, and we recently mobilized an additional FSV to respond to market demand.

In the U.S., we saw a noticeable improvement driven mostly by higher day rates and utilization for our liftboats, offset by higher drydocking expense and the layup of our three FSVs in the region. We anticipate redeploying these FSVs to international markets during the third and fourth quarter of 2025.

As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants.

We will continue to adapt and reposition SEACOR Marine into markets and assets with lower volatility and better returns over the coming quarters and ahead of our new PSV deliveries in 2026 and 2027. We have one of the youngest fleets in the sector and will continue to demonstrate the embedded value of our assets.”
___________________

(1

)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)
	Three Months Ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Operating Revenues	$	60,810		$	69,867		$	116,309		$	132,637
Costs and Expenses:
Operating		49,493			49,520			91,421			97,619
Administrative and general		11,998			10,889			23,484			22,806
Lease expense		325			486			662			967
Depreciation and amortization		12,090			12,939			24,900			25,821
		73,906			73,834			140,467			147,213
Gains on Asset Dispositions and Impairments, Net		19,163			37			24,972			36
Operating Income (Loss)		6,067			(3,930	)		814			(14,540	)
Other Income (Expense):
Interest income		372			445			808			1,038
Interest expense		(8,844	)		(10,190	)		(18,430	)		(20,499	)
Derivative gains (losses), net		87			104			212			(439	)
Foreign currency losses, net		(2,119	)		(560	)		(3,315	)		(640	)
Other, net		—			—			—			(95	)
		(10,504	)		(10,201	)		(20,725	)		(20,635	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies		(4,437	)		(14,131	)		(19,911	)		(35,175	)
Income Tax Expense (Benefit)		2,508			(682	)		3,412			243
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(6,945	)		(13,449	)		(23,323	)		(35,418	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		218			966			1,107			(134	)
Net Loss	$	(6,727	)	$	(12,483	)	$	(22,216	)	$	(35,552	)

Net Loss Per Share:
Basic	$	(0.26	)	$	(0.45	)	$	(0.83	)	$	(1.29	)
Diluted	$	(0.26	)	$	(0.45	)	$	(0.83	)	$	(1.29	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,686,560			27,729,033			26,791,291			27,536,319
Diluted		25,686,560			27,729,033			26,791,291			27,536,319

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Time Charter Statistics:
Average Rates Per Day	$	19,731		$	18,825		$	18,901		$	18,879		$	19,141
Fleet Utilization		68	%		60	%		72	%		67	%		69	%
Fleet Available Days ⁽²⁾		4,310			4,583			4,870			5,026			4,994
Operating Revenues:
Time charter	$	57,673		$	51,933		$	66,095		$	63,313		$	65,649
Bareboat charter		838			708			364			372			364
Other marine services		2,299			2,858			3,349			5,231			3,854
		60,810			55,499			69,808			68,916			69,867
Costs and Expenses:
Operating:
Personnel		18,969			18,537			20,365			21,940			21,566
Repairs and maintenance		13,648			8,520			10,433			9,945			10,244
Drydocking		5,143			3,869			2,467			6,068			6,210
Insurance and loss reserves		2,982			2,153			2,473			2,584			3,099
Fuel, lubes and supplies		4,296			4,546			4,884			6,574			3,966
Other		4,455			4,303			6,104			5,796			4,435
		49,493			41,928			46,726			52,907			49,520
Direct Vessel Profit ⁽¹⁾		11,317			13,571			23,082			16,009			20,347
Other Costs and Expenses:
Lease expense		325			337			347			364			486
Administrative and general		11,998			11,486			10,888			11,019			10,889
Depreciation and amortization		12,090			12,810			12,879			12,928			12,939
		24,413			24,633			24,114			24,311			24,314
Gains (Losses) on Asset Dispositions and Impairments, Net		19,163			5,809			11,624			1,821			37
Operating (Loss) Income		6,067			(5,253	)		10,592			(6,481	)		(3,930	)
Other Income (Expense):
Interest income		372			436			372			358			445
Interest expense		(8,844	)		(9,586	)		(10,001	)		(10,127	)		(10,190	)
Derivative gains (losses), net		87			125			(536	)		67			104
Loss on debt extinguishment		—			—			(31,923	)		—			—
Foreign currency (losses) gains, net		(2,119	)		(1,196	)		1,308			(1,717	)		(560	)
Other, net		—			—			187			29			—
		(10,504	)		(10,221	)		(40,593	)		(11,390	)		(10,201	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies		(4,437	)		(15,474	)		(30,001	)		(17,871	)		(14,131	)
Income Tax Expense (Benefit)		2,508			904			(2,345	)		(513	)		(682	)
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(6,945	)		(16,378	)		(27,656	)		(17,358	)		(13,449	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		218			889			1,430			1,012			966
Net Loss	$	(6,727	)	$	(15,489	)	$	(26,226	)	$	(16,346	)	$	(12,483	)

Net Loss Per Share:
Basic	$	(0.26	)	$	(0.56	)	$	(0.94	)	$	(0.59	)	$	(0.45	)
Diluted	$	(0.26	)	$	(0.56	)	$	(0.94	)	$	(0.59	)	$	(0.45	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,687			27,908			27,773			27,773			27,729
Diluted		25,687			27,908			27,773			27,773			27,729
Common Shares and Warrants Outstanding at Period End		26,976			29,488			28,950			28,950			28,941

__________________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*United States, primarily Gulf of America*
Time Charter Statistics:
Average rates per day worked	$	25,262		$	23,874		$	26,116		$	17,188		$	22,356
Fleet utilization		48	%		25	%		45	%		42	%		37	%
Fleet available days		1,007			1,121			920			920			921
Out-of-service days for repairs, maintenance and drydockings		144			153			75			116			179
Out-of-service days for cold-stacked status ⁽²⁾		270			173			184			175			127
Operating Revenues:
Time charter	$	12,205		$	6,765		$	10,744		$	6,593		$	7,697
Other marine services		1,175			235			1,114			1,188			480
		13,380			7,000			11,858			7,781			8,177
Direct Costs and Expenses:
Operating:
Personnel		6,854			6,486			6,097			6,297			6,284
Repairs and maintenance		1,950			1,479			1,680			1,655			1,879
Drydocking		3,684			1,066			1,451			2,615			2,570
Insurance and loss reserves		1,067			702			854			799			943
Fuel, lubes and supplies		1,010			819			854			964			866
Other		631			349			229			225			226
		15,196			10,901			11,165			12,555			12,768
Direct Vessel (Loss) Profit ⁽¹⁾	$	(1,816	)	$	(3,901	)	$	693		$	(4,774	)	$	(4,591	)
Other Costs and Expenses:
Lease expense	$	139		$	136		$	136		$	140		$	141
Depreciation and amortization		3,203			3,705			3,196			3,194			3,194

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	19,140		$	17,294		$	16,895		$	18,875		$	18,580
Fleet utilization		77	%		70	%		73	%		77	%		74	%
Fleet available days		1,668			1,710			1,856			1,990			1,969
Out-of-service days for repairs, maintenance and drydockings		248			382			180			203			203
Out-of-service days for cold-stacked status		—			—			—			58			91
Operating Revenues:
Time charter	$	24,535		$	20,835		$	22,999		$	28,809		$	27,047
Other marine services		806			852			1,027			3,048			1,028
		25,341			21,687			24,026			31,857			28,075
Direct Costs and Expenses:
Operating:
Personnel		5,515			5,183			5,654			6,083			4,969
Repairs and maintenance		4,646			3,462			3,712			3,455			3,161
Drydocking		901			1,241			835			681			1,226
Insurance and loss reserves		899			594			577			599			819
Fuel, lubes and supplies		1,714			2,180			2,226			2,514			1,170
Other		2,357			2,727			3,748			3,975			2,801
		16,032			15,387			16,752			17,307			14,146
Direct Vessel Profit ⁽¹⁾	$	9,309		$	6,300		$	7,274		$	14,550		$	13,929
Other Costs and Expenses:
Lease expense	$	51		$	63		$	82		$	75		$	172
Depreciation and amortization		4,263			4,402			4,477			4,540			4,565

__________________
(1) See full description of footnote above.
(2) Includes three FSVs cold-stacked in this region as of June 30, 2025.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	15,506		$	17,848		$	17,337		$	17,825		$	17,083
Fleet utilization		73	%		75	%		88	%		71	%		82	%
Fleet available days		1,089			1,170			1,266			1,288			1,296
Out-of-service days for repairs, maintenance and drydockings		204			82			30			229			168
Operating Revenues:
Time charter	$	12,365		$	15,710		$	19,385		$	16,411		$	18,073
Other marine services		432			292			635			375			619
		12,797			16,002			20,020			16,786			18,692
Direct Costs and Expenses:
Operating:
Personnel		4,511			4,927			5,470			5,769			6,930
Repairs and maintenance		6,338			2,505			3,574			3,318			3,443
Drydocking		13			1,031			(226	)		832			707
Insurance and loss reserves		842			702			804			927			798
Fuel, lubes and supplies		1,279			883			840			1,043			1,103
Other		1,104			881			1,305			1,131			989
		14,087			10,929			11,767			13,020			13,970
Direct Vessel Profit ⁽¹⁾	$	(1,290	)	$	5,073		$	8,253		$	3,766		$	4,722
Other Costs and Expenses:
Lease expense	$	72		$	83		$	72		$	73		$	71
Depreciation and amortization		3,227			3,230			3,272			3,261			3,247

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	23,764		$	22,084		$	21,390		$	21,984		$	22,437
Fleet utilization		66	%		67	%		73	%		63	%		71	%
Fleet available days ⁽²⁾		546			582			828			828			808
Out-of-service days for repairs, maintenance and drydockings		26			—			20			94			41
Operating Revenues:
Time charter	$	8,568		$	8,623		$	12,967		$	11,500		$	12,832
Bareboat charter		838			708			364			372			364
Other marine services		(114	)		1,479			573			620			1,727
		9,292			10,810			13,904			12,492			14,923
Direct Costs and Expenses:
Operating:
Personnel		2,089			1,941			3,144			3,791			3,383
Repairs and maintenance		714			1,074			1,467			1,517			1,761
Drydocking		545			531			407			1,940			1,707
Insurance and loss reserves		174			155			238			259			539
Fuel, lubes and supplies		293			664			964			2,053			827
Other		363			346			822			465			419
		4,178			4,711			7,042			10,025			8,636
Direct Vessel Profit ⁽¹⁾	$	5,114		$	6,099		$	6,862		$	2,467		$	6,287
Other Costs and Expenses:
Lease expense	$	63		$	55		$	57		$	76		$	102
Depreciation and amortization		1,397			1,473			1,934			1,933			1,933

__________________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	—		$	—		$	10,410		$	10,316		$	8,125
Fleet utilization		—	%		—	%		79	%		46	%		49	%
Fleet available days		—			—			178			334			364
Out-of-service days for repairs, maintenance and drydockings		—			—			28			87			29
Out-of-service days for cold-stacked status		—			—			—			58			91
Operating Revenues:
Time charter	$	(22	)	$	15		$	1,465		$	1,576		$	1,459
Other marine services		(9	)		9			—			13			219
		(31	)		24			1,465			1,589			1,678
Direct Costs and Expenses:
Operating:
Personnel	$	9		$	1		$	595		$	981		$	1,045
Repairs and maintenance		255			38			128			239			465
Drydocking		—			—			5			436			280
Insurance and loss reserves		(4	)		—			49			66			97
Fuel, lubes and supplies		(125	)		66			25			90			69
Other		(4	)		12			210			263			230
		131			117			1,012			2,075			2,186
Other Costs and Expenses:
Lease expense	$	—		$	—		$	7		$	4		$	164
Depreciation and amortization		3			4			122			175			175

*FSV*
Time Charter Statistics:
Average rates per day worked	$	13,468		$	13,786		$	13,643		$	13,102		$	12,978
Fleet utilization		67	%		71	%		72	%		81	%		80	%
Fleet available days		1,935			1,980			2,024			2,024			2,002
Out-of-service days for repairs, maintenance and drydockings		181			135			118			96			128
Out-of-service days for cold-stacked status		270			90			92			83			36
Operating Revenues:
Time charter	$	17,573		$	19,357		$	19,992		$	21,606		$	20,698
Other marine services		516			762			416			1,012			516
		18,089			20,119			20,408			22,618			21,214
Direct Costs and Expenses:
Operating:
Personnel	$	4,526		$	4,933		$	5,078		$	5,637		$	5,829
Repairs and maintenance		3,542			2,983			4,480			4,378			4,572
Drydocking		666			353			426			448			457
Insurance and loss reserves		683			517			422			532			546
Fuel, lubes and supplies		1,449			1,173			1,586			1,962			993
Other		1,428			1,782			2,456			2,238			1,850
		12,294			11,741			14,448			15,195			14,247
Other Costs and Expenses:
Depreciation and amortization	$	4,703		$	4,932		$	4,746		$	4,744		$	4,746

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*PSV*
Time Charter Statistics:
Average rates per day worked	$	22,231		$	19,424		$	17,912		$	21,819		$	20,952
Fleet utilization		68	%		55	%		72	%		58	%		66	%
Fleet available days ⁽¹⁾		1,738			1,890			1,932			1,932			1,900
Out-of-service days for repairs, maintenance and drydockings		247			396			117			349			291
Operating Revenues:
Time charter	$	26,440		$	20,286		$	24,865		$	24,488		$	26,390
Bareboat charter		838			708			364			372			364
Other marine services		433			508			1,561			2,855			2,266
		27,711			21,502			26,790			27,715			29,020
Direct Costs and Expenses:
Operating:
Personnel	$	8,567		$	8,351		$	8,999		$	9,360		$	8,979
Repairs and maintenance		3,799			3,949			4,101			3,798			3,151
Drydocking		1,993			2,513			1,046			2,629			2,616
Insurance and loss reserves		906			631			618			636			1,037
Fuel, lubes and supplies		1,858			2,594			2,379			3,594			1,575
Other		2,199			2,018			2,566			2,821			1,850
		19,322			20,056			19,709			22,838			19,208
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	(3	)	$	3
Depreciation and amortization		3,943			4,133			4,122			4,117			4,128

__________________
(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	31,904		$	39,559		$	39,326		$	36,423		$	43,204
Fleet utilization		67	%		44	%		68	%		58	%		54	%
Fleet available days		637			713			736			736			728
Out-of-service days for repairs, maintenance and drydockings		194			87			41			109			143
Out-of-service days for cold-stacked status		—			83			92			92			91
Operating Revenues:
Time charter	$	13,682		$	12,275		$	19,773		$	15,643		$	17,102
Other marine services		1,168			1,289			1,177			1,142			666
		14,850			13,564			20,950			16,785			17,768
Direct Costs and Expenses:
Operating:
Personnel	$	5,673		$	5,247		$	5,678		$	5,926		$	6,842
Repairs and maintenance		6,022			1,571			1,722			1,531			2,054
Drydocking		2,484			1,003			990			2,555			2,857
Insurance and loss reserves		1,376			1,241			1,384			1,334			1,482
Fuel, lubes and supplies		1,114			712			894			928			1,329
Other		803			482			860			473			519
		17,472			10,256			11,528			12,747			15,083
Other Costs and Expenses:
Depreciation and amortization		3,424			3,719			3,866			3,866			3,865

*Other Activity*
Operating Revenues:
Other marine services	$	191		$	290		$	195		$	209		$	187
		191			290			195			209			187
Direct Costs and Expenses:
Operating:
Personnel	$	194		$	5		$	15		$	36		$	(1,129	)
Repairs and maintenance		30			(21	)		2			(1	)		2
Insurance and loss reserves		21			(236	)		—			16			(63	)
Fuel, lubes and supplies		—			1			—			—			—
Other		29			9			12			1			(14	)
		274			(242	)		29			52			(1,204	)
Other Costs and Expenses:
Lease expense	$	325		$	337		$	340		$	363		$	319
Depreciation and amortization		17			22			23			26			25

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	34,381		$	42,988		$	59,491		$	35,601		$	40,605
Restricted cash		17,174			2,440			16,649			2,263			2,255
Receivables:
Trade, net of allowance for credit loss		63,287			63,946			69,888			76,497			70,770
Other		10,439			8,811			7,913			7,841			6,210
Tax receivable		507			1,602			1,601			983			983
Inventories		2,539			2,827			2,760			3,139			3,117
Prepaid expenses and other		4,716			6,075			4,406			4,840			5,659
Assets held for sale		—			12,195			10,943			—			500
Total current assets		133,043			140,884			173,651			131,164			130,099
Property and Equipment:
Historical cost		887,408			881,961			900,414			921,445			921,443
Accumulated depreciation		(377,265	)		(365,422	)		(367,448	)		(362,604	)		(349,799	)
		510,143			516,539			532,966			558,841			571,644
Construction in progress		31,772			27,248			11,904			11,935			11,518
Net property and equipment		541,915			543,787			544,870			570,776			583,162
Right-of-use asset – operating leases		1,179			3,293			3,436			3,575			3,683
Right-of-use asset – finance leases		25			28			36			19			28
Investments, at equity, and advances to 50% or less owned companies		2,310			4,507			3,541			2,046			2,641
Other assets		1,558			1,665			1,577			1,864			1,953
Total assets	$	680,030		$	694,164		$	727,111		$	709,444		$	721,566
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	543		$	540		$	606		$	494		$	861
Current portion of finance lease liabilities		11			11			17			17			26
Current portion of long-term debt		30,000			30,000			27,500			28,605			28,605
Accounts payable		26,737			28,445			29,236			22,744			17,790
Other current liabilities		24,182			16,414			27,683			28,808			23,795
Total current liabilities		81,473			75,410			85,042			80,668			71,077
Long-term operating lease liabilities		812			2,926			2,982			3,221			3,276
Long-term finance lease liabilities		14			17			20			4			5
Long-term debt		310,980			310,108			317,339			272,325			277,740
Deferred income taxes		18,330			20,312			22,037			26,802			30,083
Deferred gains and other liabilities		625			1,356			1,369			1,416			1,447
Total liabilities		412,234			410,129			428,789			384,436			383,628
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		281			293			287			287			286
Additional paid-in capital		468,669			480,904			479,283			477,661			476,020
Accumulated deficit		(202,816	)		(196,089	)		(180,600	)		(154,374	)		(138,028	)
Shares held in treasury		(9,639	)		(9,628	)		(8,110	)		(8,110	)		(8,110	)
Accumulated other comprehensive income, net of tax		10,980			8,234			7,141			9,223			7,449
		267,475			283,714			298,001			324,687			337,617
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		267,796			284,035			298,322			325,008			337,938
Total liabilities and equity	$	680,030		$	694,164		$	727,111		$	709,444		$	721,566

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
							Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Cash Flows from Operating Activities:
Net Loss	$	(6,727	)	$	(15,489	)	$	(26,226	)	$	(16,346	)	$	(12,483	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		12,090			12,810			12,879			12,928			12,939
Deferred financing costs amortization		43			43			254			298			297
Stock-based compensation expense		1,510			1,627			1,622			1,604			1,587
Debt discount amortization		232			226			1,799			2,061			1,993
Allowance for credit losses		(213	)		(407	)		59			101			39
(Gains) losses from equipment sales, retirements or impairments		(19,163	)		(5,809	)		(11,624	)		(1,821	)		(37	)
Losses on debt extinguishment		—			—			28,252			—			—
Derivative (gains) losses		(87	)		(125	)		536			(67	)		(104	)
Interest on finance lease		1			1			2			—			1
Settlements on derivative transactions, net		—			(373	)		—			—			—
Currency losses (gains)		2,119			1,196			(1,308	)		1,717			560
Deferred income taxes		(1,982	)		(1,725	)		(4,766	)		(3,281	)		(3,790	)
Equity (earnings) losses		(218	)		(889	)		(1,430	)		(1,012	)		(966	)
Dividends received from equity investees		3,199			—			—			1,498			1,418
Changes in Operating Assets and Liabilities:
Accounts receivables		284			5,333			5,448			(7,411	)		(6,928	)
Other assets		1,901			(1,681	)		1,338			1,032			(2,395	)
Accounts payable and accrued liabilities		4,934			(6,204	)		1,693			9,325			(4,378	)
Net cash (used in) provided by operating activities		(2,077	)		(11,466	)		8,528			626			(12,247	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(10,213	)		(20,795	)		(3,010	)		(210	)		(658	)
Proceeds from disposition of property and equipment		31,592			8,472			22,441			2,331			86
Net cash (used in) provided by investing activities		21,379			(12,323	)		19,431			2,121			(572	)
Cash Flows from Financing Activities:
Payments on long-term debt		(7,500	)		(5,000	)		(2,479	)		(7,770	)		(6,533	)
Payments on debt extinguishment		—			—			(328,712	)		—			—
Payments on debt extinguishment cost		—			—			(3,671	)		—			—
Proceeds from issuance of long-term debt, net of debt discount and issuance costs		8,097			(396	)		345,192			—			—
Payments on finance leases		(4	)		(9	)		(13	)		(10	)		(9	)
Payments for repurchase of common stock		(7,089	)		—			—			—			—
Payments for repurchase of warrants		(6,668	)		—			—			—			—
Proceeds from exercise of stock options and warrants		—			—			—			38			102
Tax withholdings on restricted stock vesting		(11	)		(1,518	)		—			—			(39	)
Net cash (used in) provided by financing activities		(13,175	)		(6,923	)		10,317			(7,742	)		(6,479	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		—			—			—			(1	)		(1	)
Net Change in Cash, Restricted Cash and Cash Equivalents		6,127			(30,712	)		38,276			(4,996	)		(19,299	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		45,428			76,140			37,864			42,860			62,159
Cash, Restricted Cash and Cash Equivalents, End of Period	$	51,555		$	45,428		$	76,140		$	37,864		$	42,860

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
	Owned		Managed		Total
June 30, 2025
AHTS		—		1		1
FSV		21		1		22
PSV		19		—		19
Liftboats		7		—		7
		47		2		49
December 31, 2024
AHTS		—		2		2
FSV		22		1		23
PSV		21		—		21
Liftboats		8		—		8
		51		3		54

The MIL Network –

July 31, 2025

MIL-Evening Report: The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic

Source: The Conversation (Au and NZ) – By Gregory Ferris, Senior Lecturer, Media Arts & Production, University of Technology Sydney

LMPC via Getty Images

A cinematic firecracker of a film exploded onto international screens 50 years ago this week, blending martial arts mayhem, Bond-esque set pieces, casual racism – and a distinctly Australian swagger.

From its audacious visual style; to its complex, life-threatening stunts; to its pioneering status as an international co-production, Brian Trenchard-Smith’s The Man from Hong Kong has solidified its place as a cult classic.

The plot is deceptively simple. A Sydney-based crime lord’s activities come under the scrutiny of a determined Hong Kong detective, Inspector Fang Sing Leng. A fiery East-meets-West martial arts showdown explodes across the Australian landscape, pushing both sides to their limits.

Jimmy Wang Yu (known at the time as Asia’s Steve McQueen) plays Inspector Fang Sing Leng. Fang delivers justice with his fists and uses his wits navigating greater Sydney, with help from the local constabulary and its adoring female population.

The movie is a playful pastiche that confidently combines martial arts action, police procedurals, spy thrillers, and Westerns, all filtered through a distinctly Australian “crash-zoom” lens.

An Australia–Hong Kong co-production

The Man from Hong Kong was the first official Australia–Hong Kong co-production, uniting Hong Kong’s Golden Harvest studio with Australian producer John Fraser.

This model would pave the way for numerous future collaborations – the film demonstrating that Australia was open for international (film) business, albeit with some constraints, such as shooting locales.

In The Man from Hong Kong’s case, the financial arrangement was 50/50. As a result, half of the film had to be shot in Hong Kong, despite 85% of the storyline being set in Australia. Many of the interiors were filmed in Hong Kong studios to meet this production requirement.

An example of this is the interrogation scene, which alternates between its Sydney exteriors and a fight scene taking place in the interior film set shot thousands of miles away at the Golden Harvest studios.

In a genius bit of montage, the scene jumps from a shot of a kick in the crotch to a close-up of pool balls breaking on a table.

A film of cunning stunts

The Man from Hong Kong served as a reunion of sorts for many of the cast and crew, either starring in Stone (1974) or featuring in Trenchard-Smith’s documentary about martial arts films, Kung Fu Killers (1974).

The film was an influence to Quentin Tarantino and paved the way for films such as Mad Max (1979), particularly in what Trenchard-Smith and his partner in film, stunt legend Grant Page, might call its “cunning stunts”.

The elaborate car chases and explosive stunt setups in The Man from Hong Kong served as prototypes for iconic sequences that would inspire the Mad Max films, among others, a testament to a bygone era of practical effects and thrill seeking audacity.

Car crashes and other explosive stunts were executed without permits or road closures. This sense of chaos is heightened by the stunts being performed by the actors themselves, adding a sense of immediacy and peril.

An example of this is set on the cliffs at Stanwell Park. Wang Yu drives at speed towards the waiting Caroline, executing a precision gravel slide that misses Caroline’s car by under a metre, the shot continuing as he exits the car to greet her.

Part character, and part tourism advert

Trenchard-Smith’s script wasn’t shy in its depiction of culture clash, especially when it came to the racist attitudes of the Australian characters.

But as Trenchard-Smith recalls:

Our lead character, a Chinese Dirty Harry/James Bond upends these racial stereotypes by being smarter, sexier, and tougher than his opponents.

Cinematographer Russell Boyd brings a sharp, dynamic (did I mention the crash-zooms?) visual style to the film that deftly matches the on-screen action.

The film’s Australian setting is part character and part tourism advert – from the “Ayers Rock” (Uluru) cold opener, to the cafe scene on the Opera House forecourt.

Pure cinema

Stunt legend Grant Page appears in multiple villainous roles throughout the film, with the martial arts choreography handled by the legendary director Sammo Hung, who also played the role of Win Chan.

The cast was a fascinating mix of talent and personality. Wang Yu, a martial arts icon, was also an established film director, leading to creative clashes on set with Trenchard-Smith.

Playing the film’s villain is George Lazenby, whose casting added another layer of meta-textual intrigue, positioning him as an antagonist to a character who was explicitly a Bond villain archetype.

The Man from Hong Kong remains an exhilarating piece of pure cinema, despite its relatively small budget. It’s an exemplar (and occasional cautionary tale) for filmmakers in terms of international co-production, its cunning stunts, and genre blending.

The film is a testament to a moment when Australian cinema was confidently looking outwards, ready to take on the world, one explosive car crash at a time.

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

– ref. The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic – https://theconversation.com/the-man-from-hong-kong-at-50-how-the-first-ever-australian-hong-kong-co-production-became-a-cult-classic-260306

MIL OSI Analysis – EveningReport.nz –

July 31, 2025

MIL-Evening Report: How migrant business owners turn their identity into an asset, despite some bumps along the way

Source: The Conversation (Au and NZ) – By Shea X. Fan, Associate Professor, Human Resource Management, Deakin University

Odua Images/Shutterstock

Too often, it’s anti-immigration sentiment dominating headlines in Australia. But a quieter story is going untold. Migrants are not just fitting into Australian society, they’re actively reshaping it through entrepreneurship.

Starting a business is difficult for anyone. But migrant entrepreneurs often do so without the networks, credit history, or local knowledge many Australian-born business owners take for granted.

Our new research drew on interviews with 38 migrant business owners from 25 different countries, who had all lived in Australia for at least five years.

We found many are able to turn everyday exclusion into entrepreneurial fuel.
Many have been able to survive – even thrive – by turning their identity into an asset.

Yet there is still more we can do to take migrant entrepreneurship seriously and make it a core part of our economic and social planning.

Key challenges

Our research reveals migrant business owners face many forms of marginalisation. Some of these are well-understood among the public, others less so.

One of the biggest is social. Arriving in a new country without established relationships in the community or financial sector, many struggle to gain customer trust or secure loans. It can also mean having less of a safety net.

As one interviewee put it:

I don’t have networks built up over the generations to sustain me and give me time to jump back out [of financial difficulties] […] For migrant entrepreneurs, we often do not have such a structure to absorb risks.

Cultural stereotypes also hinder migrant entrepreneurs, and negative media portrayals can reinforce these biases. Even with local qualifications, they are often perceived as less professional or competent due to race, religion, accent or appearance.

Many interviewees spoke of constantly having to prove their legitimacy – being overlooked, second-guessed or treated as representatives of their ethnic group rather than as individual business people.

Establishing social networks in a new country can be difficult.
Peterfz30/Shutterstock

Structural barriers

While the lack of networks and cultural acceptance undermines confidence and connection, structural barriers directly constrain access to the resources needed to survive and expand.

Without a local credit history or collateral, many are ineligible for loans, yet need those very funds to build their credit standing. Even long-settled migrants found Australia’s legal, bureaucratic and financial systems difficult to navigate.

Language barriers and unfamiliar regulations can add layers of complexity to this problem. While government support programs exist, they are often inaccessible, or the availability of those programs are poorly communicated to culturally diverse communities.

These social and systemic disadvantages can push migrant business owners into informal markets or ethnic enclaves, where opportunities are fewer and risks higher.

Turning identity into an asset

Despite these barriers, migrant entrepreneurs often find ways to survive. One key strategy is to turn marginalised identities into business strengths.

Our research found some migrants begin by serving customers from their own ethnic communities, leveraging shared language, culture and trust. Once established, they expand to other migrant groups or the broader public.

In sectors such as food, fashion and wellness, cultural authenticity can be a competitive advantage.

One hairdresser from Korea, for example, drew clients by offering Korean styling techniques popularised by the global rise of the Korean popular music style K-pop. She said this gave her work appeal among other migrant groups:

Korean hairdressers are actually attractive to other Asian countries because Korean hairstyles are considered fashionable and detailed. It’s getting popular here too. This is like free marketing for me.

One interviewee said her connection to Korea had turned into a business asset.
kikujungboy CC/Shutterstock

And rather than simply competing on price, many migrant businesses offer something different: handmade, ethical, sustainable or culturally-rooted products. An Indian small business owner started her business by selling curry pastes made from her own family recipes, telling us:

I use my family’s traditional Indian recipes to create small spice packs, making it easy for Australians, mostly non-Indian customers, to cook authentic dishes at home.

Such ventures create not only economic value, but also spaces of cultural exchange and community belonging.

There’s more we can do

The most recent figures show migrant entrepreneurs make up one in three small business owners in Australia. Research conducted in 2017 found the vast majority of migrant entrepreneurs had not owned a business before migration.

With fewer systemic barriers and better support, their potential to contribute would be even greater. There are a range of actions policymakers, local councils, support organisations and local businesses could take.

First, access could be expanded to small business grants by removing overly complex eligibility and documentation barriers.

We should also support migrants to navigate collectively “gatekeeping” practices that lock them out of lending, investment and business certification.

That could include developing alternative credit assessment tools for migrants without a local credit history. There are already some microloan schemes tailored to new migrants or visa holders, including Thrive Refugee Enterprise.

At the same time, we need to ensure such schemes are being effectively communicated to the communities they’re intended to serve.

And we need media narratives and public campaigns that highlight successful migrant businesses. Crucially, both policy and practice must be informed by the voices and experiences of migrant entrepreneurs themselves, not just as case studies, but as co-designers of better systems.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. How migrant business owners turn their identity into an asset, despite some bumps along the way – https://theconversation.com/how-migrant-business-owners-turn-their-identity-into-an-asset-despite-some-bumps-along-the-way-261948

MIL OSI Analysis – EveningReport.nz –

July 31, 2025

MIL-OSI Banking: Oil and Natural Gas Trades Support Bipartisan SPEED Act for Permitting Reform

Source: Independent Petroleum Association of America

Headline: Oil and Natural Gas Trades Support Bipartisan SPEED Act for Permitting Reform

Jul 30, 2025 Oil and Natural Gas Trades Support Bipartisan SPEED Act for Permitting Reform

WASHINGTON — A group of eight oil and natural gas trade associations today highlighted their strong support for the bipartisan “Standardized Permitting and Expediting Development Act” (SPEED Act). In a letter, the group wrote that the bill introduced by House Natural Resources Committee Chairman Bruce Westerman (R-Ark.) and Rep. Jared Golden (D-Maine) “makes many significant changes that would positively impact our members’ ability to produce energy in America.”

The coalition is comprised of the Independent Petroleum Association of America, Energy Workforce & Technology Council, Gulf Energy Alliance, International Association of Drilling Contractors, National Ocean Industries Association, Texas Alliance of Energy Producers, U.S. Oil & Gas Association, and Western Energy Alliance. Combined, these groups represent over 80 percent of domestic oil and natural gas production in the United States.

The group’s letter details how the scope of the National Environmental Policy Act (NEPA) requirements and applications have grown since its enactment 50 years ago and the courts, Presidential directives, and agencies’ implementation of NEPA regulations have made NEPA unworkable and far more complicated than its original intent. The federal government’s “paper chase” hinders efforts to find innovative solutions to protect the environment, unlock investment and create jobs. The SPEED Act addresses many of the most pressing issues surrounding NEPA delays and will provide durable solutions to help expedite much needed infrastructure projects across the country.

Earlier in July the coalition called on lawmakers in the U.S. House of Representatives to “take swift action on permitting reform.” In a letter to Chairman Westerman ahead of an oversight hearing held by the Natural Resources Committee.

The following are statements from members of the coalition on support for the SPEED Act:

Dan Naatz, COO and EVP of the Independent Petroleum Association of America: “American energy producers appreciate Chairman Westerman and Congressman Golden’s efforts to address delays the NEPA process has brought to building out much-needed energy infrastructure. The Independent Petroleum Association of America supports the SPEED Act – the legislation’s reforms to our nation’s permitting system provide a balanced effort of environmental stewardship and the timely decision making needed for economic investment.”
Tim Tarpley, president of Energy Workforce & Technology Council: “The SPEED Act is a win for American energy and infrastructure. By cutting red tape, reducing frivolous lawsuits, and restoring common sense to NEPA, this bill ensures projects get built on time and on budget. Steps taken by the SPEED Act are especially critical for the energy services sector, where permitting delays stall job creation, investment, and innovation. Energy Workforce & Technology Council supports this legislation because it delivers the certainty needed to power our economy and keep America competitive.”
Erik Milito, president of the National Ocean Industries Association: “We commend Representatives Westerman and Golden for their bipartisan leadership on the SPEED Act, a timely and serious step toward modernizing America’s permitting system. Offshore energy companies are ready to invest and innovate across oil and gas, wind, carbon capture, deep sea mining, and emerging technologies. But outdated, unpredictable permitting continues to delay progress and deter investment, especially in one of the most complex regulatory environments in the world. The SPEED Act lays a strong foundation for reform, recognizing that energy development and environmental stewardship go hand in hand. We look forward to working with Congress to strengthen the bill and deliver the reliable, durable permitting system our energy future requires.”
Karr Ingham, Economist, president, Texas Alliance of Energy Producers: “The Alliance applauds Chairman Westerman’s leadership in this bipartisan effort to reduce barriers to energy production. The need is especially acute in Texas, where access to markets for Texas and U.S.-produced crude oil and natural gas is critical and has long been hampered by abuses in the permitting process. Additional pipeline and export capacity, including new LNG export facilities, is required to support the extraordinary growth in production accomplished by the U.S. domestic oil and gas industry. Furthermore, moving products to domestic and global markets more quickly meets growing energy needs at home and abroad, meets those needs in much cleaner fashion compared to non-U.S. production, and reduces the need to flare natural gas. Enactment of the SPEED Act will go a very long way toward enhancing development of cost effective projects that will expand delivery of high quality energy in Texas, the US, and around the world.”
Tim Stewart, president of the U.S. Oil & Gas Association: “It’s not a lack of interest or capital, knowhow or need holding American industry back, it is an artificial legal and regulatory morass which has been built up over decades. Federal agencies now prioritize process over outcome. The SPEED Act cuts through all that. If America wants to start building things again, we need to do this.”
Melissa Simpson, president of Western Energy Alliance: “The Alliance has been in court for a decade now defending oil and natural gas producers targeted by activist groups who use perceived NEPA deficiencies to halt federal leasing. It shouldn’t take that long to work through what the U.S. Supreme Court unanimously agreed is a procedural requirement, not a roadblock, to inform federal agencies and the public. We appreciate Chairman Westerman for prioritizing reasonable limits to judicial reviews on NEPA and courtroom obstructionism in the SPEED Act.”

The full letter to Chairman Westerman supporting the SPEED Act is available here.

# # #

MIL OSI Global Banks –

July 31, 2025

MIL-OSI United Nations: Sudan gripped by deadly crisis as hunger, disease and heat intensify

Source: United Nations 2

In El Fasher, the capital of North Darfur that has been under siege for 15 months, the catastrophic humanitarian situation is worsening. Food shortages and soaring prices have forced community-run kitchens to shut down. Widespread hunger and malnutrition have reportedly caused several deaths and driven some residents to eat animal feed.

In the Tawila locality of North Darfur, humanitarian organizations have had to strengthen their responses to rising cholera cases. They have expanded the capacities of treatment centres, but needs remain dire. With medical supplies running low, clean water supplies and the construction of latrines are urgent necessities.

In East Darfur state, the Lagawa displacement site, hosting over 7,000 people, is facing severe food shortages and repeated armed attacks. Doctors are warning that the ongoing conflict continues to block the delivery of aid, so vulnerable families are left without access to food or healthcare.

Extreme heat and torrential rains

Meanwhile, floods and storms are displacing families and destroying homes across the country.

In the Rahad locality of North Kordofan state, heavy rains on Monday displaced around 550 people and damaged or destroyed more than 170 homes.

Torrential rains in the eastern state of Kasssala have devastated the Gharb Almatar displacement site, affecting more than 6,000 people. Many tents were flooded, exposing children to cold, hunger and unsanitary conditions. Displaced families urgently need cash assistance, shelter and protection.

In the coastal city of Port Sudan, extreme heat continues to endanger lives, with three reported deaths and 50 cases of sunstroke this week amid soaring temperatures and widespread power outages.

As temperatures reach 47 degrees Celsius (116.6 degrees Fahrenheit), overwhelmed hospitals are prompting health workers to call for urgent support, including cooling equipment, medical supplies and personnel.

Call for increased funding

With these crises compounding, international support is desperately needed. The 2025 response plan, which seeks $4.2 billion to assist 21 million of the most vulnerable people across Sudan, is only 23 per cent funded to date.

OCHA once again calls on international donors to scale up funding for the response.

MIL OSI United Nations News –

July 31, 2025

MIL-OSI USA: Beta-HPV can directly cause skin cancer in immunocompromised people

Source: US Department of Health and Human Services – 2

Wednesday, July 30, 2025

NIH case study finds virus drives creation of cancer cells in context of defective T cells.
Researchers at the National Institutes of Health (NIH) have shown for the first time that a type of human papillomavirus (HPV) commonly found on the skin can directly cause a form of skin cancer called cutaneous squamous cell carcinoma (cSCC) when certain immune cells malfunction. cSCC is one of the most common cancers in the United States and worldwide. Previously, scientists believed HPV merely facilitated the accumulation of DNA mutations caused by ultraviolet (UV) radiation, usually the primary driver of cSCC. The findings were published today in The New England Journal of Medicine.
“This discovery could completely change how we think about the development, and consequently the treatment, of cSCC in people who have a health condition that compromises immune function,” said Andrea Lisco, M.D., Ph.D., of NIH’s National Institute of Allergy and Infectious Diseases (NIAID). “It suggests that there may be more people out there with aggressive forms of cSCC who have an underlying immune defect and could benefit from treatments targeting the immune system.”
There are many different types of HPV, each tending to infect cells in a particular tissue and part of the body. The types of HPV found mostly on the skin—beta-HPV—are considered benign members of the skin microbiome that typically do not integrate into the DNA of skin cells. This contrasts with the alpha types of HPV, known to integrate into the DNA of mucous membrane cells and directly cause cancer of the genitals, anus, head and neck.
The NIH researchers made their discovery in a 34-year-old woman who came to the NIH Clinical Center for evaluation and treatment of recurrent cSCC on her forehead. She had undergone multiple surgeries and a round of immunotherapy to try to remove or kill the tumor, but it repeatedly grew back. Her local doctors thought this was due to an inherited inability to repair DNA damaged by UV radiation plus an impairment in immune cells called T cells. The tumor was one of many progressively worsening HPV-related diseases the woman was experiencing.
Through a sophisticated genetic analysis, the NIH researchers discovered that a beta-HPV had integrated into the cellular DNA of the woman’s well-established tumor and was extensively producing viral proteins there. This contradicted the prevailing theory that beta-HPV only facilitates the establishment of cSCC without integrating into cellular DNA and plays no role in maintaining the cancer. Further genetic analysis of the woman’s cells showed they were fully capable of repairing DNA damage from UV radiation, suggesting the virus alone had caused cSCC.
To understand how beta-HPV could take the unusual steps of integrating into the woman’s skin-cell DNA and multiplying there unchecked, the investigators studied the woman’s inherited immune disorder. They found that her genetic mutations greatly hampered T cells from activating in response to skin-cell infection by beta-HPV. This suggested that the immune disorder itself was responsible for the woman’s worsening HPV-related diseases, including the beta-HPV cSCC on her forehead, and that treating this disorder might cure all of them.
Accordingly, NIH investigators developed a personalized plan to give the woman a stem cell transplant to replace her defective T cells with healthy ones. The process required extreme care because she was immunocompromised even before treatment began. The transplant proceeded without complications. Afterward, all her HPV-related diseases including the recurrent, aggressive cSCC resolved and have not recurred during the more than three years since the transplant. This confirms that the woman’s inherited disorder had prevented her T cells from keeping beta-HPV in check, allowing the virus to directly cause and sustain cSCC.
“This discovery and successful outcome would not have been possible without the combined expertise of virologists, immunologists, oncologists and transplant specialists, all working under the same roof of the NIH Clinical Center,” said Dr. Lisco.
According to the study authors, their finding suggests that other people with defective T-cell responses may also be susceptible to cancer caused directly by beta-HPV.
NIAID conducts and supports research—at NIH, throughout the United States, and worldwide—to study the causes of infectious and immune-mediated diseases, and to develop better means of preventing, diagnosing and treating these illnesses. News releases, fact sheets and other NIAID-related materials are available on the NIAID website.
About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.
NIH…Turning Discovery Into Health®

Institute/Center

National Institute of Allergy and Infectious Diseases (NIAID)

Contact

NIH Office of Communications and Public Liaison
301-496-5787

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Acting Chairman Pham Lauds Presidential Working Group Recommendations to Usher in Golden Age of Crypto in the U.S.

Source: US Commodity Futures Trading Commission

WASHINGTON, D.C. — The President’s Working Group on Digital Asset Markets today released a multi-agency report on recommendations to strengthen American leadership in digital financial technology. The report included input from multiple federal agencies, including the Commodity Futures Trading Commission.
“Under President Trump’s leadership, the federal government is outlining a long-overdue roadmap to embrace cutting-edge technology that will revolutionize financial services, empower entrepreneurs, and once again cement American dominance as the cradle of innovation.
“I want to thank President Trump for taking decisive action to prioritize digital assets and write a new chapter in American ingenuity and global competitiveness. I also want to thank Special Advisor on AI and Crypto David Sacks, Treasury Secretary Scott Bessent, Attorney General Pam Bondi, Securities and Exchange Commission Chairman Paul Atkins, Working Group Executive Director Bo Hines, all the members of the President’s working group, their staffs and all who worked so diligently to make this possible. I particularly want to thank Meghan Tente, Brigitte Weyls and Harry Jung from the CFTC.
“This report represents a unified approach under the Trump Administration to usher in a golden age of crypto, and the CFTC stands ready to fulfill our mission to promote responsible innovation, safeguard our markets and ensure they remain the envy of the world.”

MIL OSI USA News –

July 31, 2025

MIL-OSI: StoneX Group Inc. to Announce 2025 Fiscal Third Quarter Earnings on August 5, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) today announced that it will release its fiscal 2025 third quarter results after the market close on Tuesday, August 5, 2025. Management will host a conference call on Wednesday, August 6, 2025 at 9:00 a.m. Eastern Time to review the Company’s 2025 fiscal third quarter results.

A live web cast of the conference call as well as additional information to review during the call will be made available in PDF form at https://www.stonex.com. Participants can also access the call via https://register-conf.media-server.com/register/BI844176c186b3462a83744b4b3946a567 approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

About StoneX Group Inc.

StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,700 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

CONTACT: StoneX Group Inc.

Investor Inquiries:

Kevin Murphy
(212) 403 – 7296
kevin.murphy@stonex.com

SNEX-G

The MIL Network –

July 31, 2025

MIL-Evening Report: More than 2 in 5 young Australians are lonely, our new report shows. This is what could help

Source: The Conversation (Au and NZ) – By Michelle H. Lim, Associate Professor, Sydney School of Public Health, University of Sydney

Oliver Rossi/Getty Images

Loneliness is not a word often associated with young people. We tend to think of our youth as a time spent with family, friends and being engaged with school and work activities. Loneliness is an experience we may be more likely to associate with older people.

In a new report looking at loneliness in young Australians, we found 43% of people aged 15 to 25 feel lonely. That’s more than two in five young people.

While one in four felt lonely when asked, one in seven had felt lonely for at least two years (what we call persistent loneliness).

There’s more we should be doing in Australia to address loneliness among young people and more broadly.

What else did we find?

In this report, we analysed data from the Household, Income and Labour Dynamics in Australia survey from 2022–23. This helped us understand what sort of factors increase the risk of loneliness among young people.

We found having poor physical health and mental health can double (or more) the likelihood of persistent loneliness among young people.

Life circumstances, as well as socioeconomic and behavioural factors, also play a role, as shown below.

Worryingly, young people who report persistent loneliness are over seven times more likely to experience high or very high psychological distress compared to those who aren’t lonely.

But loneliness in young people should not be seen just as a mental health issue. Research shows it can have consequences for physical health too. For example, a study published in 2024 found loneliness is linked to early signs of vascular dysfunction (functional changes to the arteries) in adults as young as 22.

Why does loneliness persist?

As well as analysing data, we also interviewed young people aged 16 to 25 from diverse backgrounds about what helps them make healthy social connections, and what hinders them.

One of the things they flagged was a need for safe community spaces. A male participant from metro New South Wales, aged between 22 and 25, said:

After lectures, someone’s hungry, you go to eat together. We used to go to [Name of restaurant] after almost every lecture. Talk or discuss somethings so it gave us that extra opportunity to mingle amongst each other and take that next step towards building a good friendship.

We found technology could both help and hinder social connections. A female from regional Victoria, aged 22 to 25, who identified as LGBTIQ+, told us:

If you’re in school or something like that and you don’t really have […] many people within your community to look to, it’s really nice being able to connect with people and make those friends online.

On the flip side, a female participant from metropolitan Victoria, aged between 16 and 18, said:

a lot of maybe like mean stuff or like bullying and stuff happens over the Internet […] there’s a big group chat and like everyone’s texting on it or something. And then a lot of the time, people will break off into a smaller chat […] or they’ll break off into one on one and be like, ohh, do you see what she said?

The high cost of living was also regarded as a hindrance to maintaining social connections. As a male aged 22 to 25 from metro NSW told us:

you’ll go on [a] drive [with friends] or whatever […] but that is so like incredibly expensive. Having to pay for your own car and like petrol and insurance and maintenance. Sometimes it’s hard to […] even like […] sit down in peace and have a chat. All the cafes will close at 2 and by the time everyone gets out of their jobs, you’re having to go to a restaurant and [you’re] spending 50 dollars.

So what can we do?

Loneliness has long been treated as a personal issue but it’s increasingly clear we have to shift our approach to include community-wide and systemic solutions.

The World Health Organization’s Commission on Social Connection recently released a report pointing to loneliness as a public health, social, community and economic issue.

In Australia, the economic burden of loneliness stands at A$2.7 billion each year for associated health-care costs including GP and hospital visits.

And there are additional costs including lower workforce productivity and educational outcomes that have yet to be accounted for.

Some countries have already developed and implemented strategies to address loneliness. In 2023, Denmark, for example, commissioned the development of a national loneliness action plan led by a consortium of organisations. This was underpinned by an investment of around 21 million Danish kroner (roughly A$5 million) over 2023–25.

Australia now stands at a crossroads.

Australia needs a national loneliness strategy

A national strategy underpinned by evidence and by lived experience is crucial to effectively address loneliness. This approach would:

coordinate efforts across sectors: health, education, social services and business
identify effective strategies that should be included in a comprehensive response, and the principles to guide their delivery in communities and other settings
highlight sub-groups at risk of persistent loneliness who should be prioritised within population-wide strategies
commit to the delivery of a national awareness campaign that can educate the public and reduce stigma around loneliness.

With the right national strategy, we will be able to increase our capacity to help all Australians, not just young people, connect in meaningful ways.

If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14. You can learn more about youth loneliness and how to help at Ending Loneliness Together.

Michelle H. Lim is the CEO and Scientific Chair of Ending Loneliness Together. She is also the Vice-Chair of the International Scientific Board of the Global Initiative on Loneliness and Connection, and is part of the Technical Advisory Group – Social Connection at the World Health Organization.

Ben Smith is a member of the Management Committee and Scientific Advisory Board of Ending Loneliness Together. He is also the Conjoint Chair of Public Health with the Western Sydney Local Health District.

– ref. More than 2 in 5 young Australians are lonely, our new report shows. This is what could help – https://theconversation.com/more-than-2-in-5-young-australians-are-lonely-our-new-report-shows-this-is-what-could-help-261260

MIL OSI Analysis – EveningReport.nz –

July 31, 2025

MIL-Evening Report: Progress on Closing the Gap is stagnant or going backwards. Here are 3 things to help fix it

Source: The Conversation (Au and NZ) – By Madeleine Pugin, Research Fellow, School of Government and International Relations, Griffith University

The Productivity Commission’s latest data on Closing the Gap progress represents an unsurprisingly grim overview of the socioeconomic inequalities experienced by Aboriginal and Torres Strait Islander peoples.

Closing the Gap is the plan federal and state governments have to address Indigenous socioeconomic disadvantage. It sets specific targets across a range of areas.

This edition annual data report paints a concerning picture of Indigenous peoples’ quality of life across the states and territories. Despite 17 years of Closing the Gap policy, First Nations communities continue to face significant disadvantage. Of the 19 targets, 16 have been assessed, with four targets worsening. They are:

adult imprisonment
children in out-of-home care
suicide
children developmentally on track.

There have been some successes. Four targets are on track to be met: preschool enrolment, employment, and land and water rights. Although the latter targets are likely to be achieved, the Queensland and Northern Territory governments are walking away from plans for Treaty. This could undercut efforts for increased Indigenous rights recognition.

There is also improvement in six other target areas, but they are still not on track to be met by 2031:

life expectancy
healthy birthweights
year 12 or equivalent qualifications
youth engagement
appropriately sized housing.

Time for change

Year after year, Closing the Gap reporting offers little hope for meaningful change. It also falls short of providing crucial insights into what is working, what isn’t, and where resources and expertise should be directed to address unmet targets.

We must ask ourselves: when is it time to pursue a different approach?

These are complex issues with no simple solutions, but that must not deter us from pursuing every possible avenue for change. As the worsening suicide target shows, lives depend on it.

Nonetheless, there is little evidence to suggest governments are being impelled to act on the transformational changes required to implement the four priority reforms.

Since the failed Voice referendum, there has been little will from all levels of government to radically transform their way of working with First Nations communities. The gaps in outcomes are unlikely to close with this business-as-usual approach.

So what could be changed to help improve the lives of Indigenous people? Here are three ideas.

1. A national action plan, driven by human rights

Australia has no comprehensive Indigenous rights framework. Currently, recognition of Indigenous rights in existing Australian laws is “piecemeal” and inconsistent across jurisdictions.

Adopting a rights-based approach to the Closing the Gap framework could provide one way forward. The realisation of rights is central to genuine self-determination for Indigenous peoples.

The United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), which Australia endorsed in 2009, outlines the minimum standards of human rights relating to Indigenous peoples.

A 2023 report looking at how UNDRIP works in Australia contains a list of recommendations, with the first being:

that the Commonwealth Government ensure its approach to developing legislation and policy on matters relating to Aboriginal and Torres Strait Islander people (including, but not limited to, Closing the Gap initiatives) be consistent with the Articles outlined in the United Nations Declaration on the Rights of Indigenous Peoples.

UNDRIP’s core principals of self-determination and participation in decision-making directly align with what communities and experts have been calling for on Closing the Gap reform. At a minimum, the federal government should meaningfully negotiate a national action plan to implement the declaration.

Such a plan would help drive community-led solutions, empowering Indigenous peoples at local and regional levels. Bottom-up grassroots approaches are vital to Closing the Gap.

2. An independent oversight body

Despite the failure of the Voice referendum, an independent representative body is still needed at the national level. It would provide strategic oversight and accountability for implementation of the Closing the Gap policy at the local and regional levels.

This body could also provide much-needed political and policy advocacy to hold governments to their commitments.

There is the National Agreement on Closing the Gap, which Commonwealth, state, territory governments are a party to, as well as the Coalition of Peak Indigenous bodies and the Australian Local Government Association.

Yet some governments are enacting policies and laws which are inconsistent with the agreement. Queensland and the Northern Territory, for instance, have ceased involvement in Treaty processes and turned toward stricter penalties in response to youth offending – moves criticised by human rights commissions.

An independent representative body would help shed light on these inconsistencies and better hold governments accountable.

3. A bigger role for local government

What is often missing from the conversation is the crucial role local governments play in implementing policies that shape outcomes on the ground.

As frontline service providers, local governments are positioned to engage with communities on a direct, day-to-day basis, which can be responsive to the everyday needs of Aboriginal and Torres Strait Islander peoples.

In a first for local implementation of Closing the Gap, Tamworth Aboriginal Community Controlled Organisations and Tamworth Regional Council entered an agreement to work together towards addressing key aspects of initiative.

There are strong reasons for local governments to take a more central leadership role in trying to meet the Closing the Gap targets. To do so effectively, however, they require adequate resourcing and sustained funding to support community-driven programs.

Additionally, embedding Indigenous rights and interests in local government planning and policy would significantly enhance their capacity to contribute meaningfully.

Bartholomew Stanford receives funding from the Australian Research Council (ARC).

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

– ref. Progress on Closing the Gap is stagnant or going backwards. Here are 3 things to help fix it – https://theconversation.com/progress-on-closing-the-gap-is-stagnant-or-going-backwards-here-are-3-things-to-help-fix-it-262042

MIL OSI Analysis – EveningReport.nz –

July 31, 2025

MIL-Evening Report: Big tech says AI could boost Australia’s economy by $115 billion a year. Does the evidence stack up?

Source: The Conversation (Au and NZ) – By Uri Gal, Professor in Business Information Systems, University of Sydney

Imaginima / Getty Images

AI is on the agenda in Canberra. In August, the Productivity Commission will release an interim report on harnessing data and digital technology such as AI “to boost productivity growth, accelerate innovation and improve government services”. Shortly afterward, the government will host an Economic Reform Roundtable where AI policy will be up for discussion.

AI developers are aggressively pursuing influence over the new rules. The Chinese government wants to include AI in trade deals. Meanwhile, as the US government seeks to “win the AI race”, US-based tech companies are making their own overtures.

The most ambitious intervention has come from ChatGPT developer OpenAI, which recently hired former Tech Council chief executive Kate Pounder as its local policy liaison. Pounder is also a former business partner of Assistant Minister for the Digital Economy Andrew Charlton.

OpenAI’s AI Economic Blueprint for Australia makes bold projections about the new technology’s impact on the country’s economy, accompanied by a host of policy proposals. However, these claims warrant careful scrutiny, particularly given the company’s clear commercial interests in shaping Australian regulation.

The gap between promise and evidence

OpenAI claims AI could boost Australia’s economy by A$115 billion annually by 2030. It attributes most of this to productivity gains in business, education and government. However, the supporting evidence is thin.

For instance, the report notes Australian workers have lower productivity than their US counterparts and then claims (without evidence) this is because Australia has invested less in digital technologies such as AI. However, it ignores numerous other factors affecting productivity, from industrial structure to regulatory environments.

The report also describes supposed AI-driven productivity gains in companies such as Moderna and Canva. However, these narratives lack any data about improved organisational or individual performance.

Perhaps more concerning is the report’s uniformly optimistic tone, which overlooks significant risks. These include organisations struggling with costly AI projects, massive job displacements, worsening labour conditions, and concentrating wealth.

Most problematically, OpenAI’s blueprint assumes AI adoption and its economic benefits will materialise rapidly across the economy. However, evidence suggests a different reality.

Economic impact from AI will unfold gradually

Recent evidence suggests AI’s economic impact may take decades to fully materialise. Studies report some 40% of US adults use generative AI yet this translates to less than 5% of work hours and an increase of less than 1% in labour productivity.

AI may not spread much faster than past technologies. The limiting factor will be how quickly individuals, organisations and institutions can adapt.

Even when AI tools are available, meaningful adoption requires time. People must develop new skills, change the way they work, and integrate the new technologies into complex organisations. The economic impacts of earlier general-purpose technologies such as computers and the internet took decades to fully materialise, and there’s little reason to believe AI will be fundamentally different.

The educational risk

Like Google, OpenAI is also aggressively pushing for AI adoption in education. It has teamed up with edtech companies and launched a new “study mode” in ChatGPT.

The push for AI tutoring and automated educational tools raises profound concerns about human development and learning.

Early evidence suggests over-reliance on AI tools may condition people to depend on them. When students routinely turn to AI, they risk avoiding the mental effort required to build critical thinking skills, creativity and independent inquiry. These capacities form the foundation of a thriving democracy and innovative economy.

Students who become accustomed to AI-assisted thinking may struggle to develop intellectual independence. This is needed for innovation, ethical reasoning and creative problem-solving.

AI applications that help teachers personalise instruction or identify learning gaps may be useful. But systems that substitute for students’ own cognitive effort and development should be avoided.

A multi-partner infrastructure strategy

Australia’s digital strategy will undoubtedly include significant investment in AI infrastructure such as data centres. One challenge for Australia is to avoid concentrating our investment around a single technology provider. Doing so would be a mistake that could compromise both economic competitiveness and national sovereignty.

Amazon plans to spend $20 billion on local data centres. Microsoft Azure already has significant local capacity, as does Australian company NextDC. This diversity provides a foundation, but maintaining and expanding it requires deliberate policy choices.

Maintaining multiple data centre suppliers helps keep computing power that is independent of foreign governments or single companies. This approach will give Australia more bargaining power to ensure lower prices, greener power and local skills quotas.

Diversification provides regulatory leverage as well. Australia can enforce common security standards knowing no single supplier can threaten an investment strike.

Australia’s AI future

AI technology is developing rapidly, driven by large corporations wielding vast amounts of capital and political influence. It presents real opportunities for economic growth and social benefit that Australia can’t afford to squander.

However, if the government uncritically accepts corporate advocacy, these opportunities may be captured by foreign interests.

Australia’s approach to AI policy should maintain human-centred values alongside technological advancement. This balance requires resisting the siren call of corporate promises.

The decisions made today will shape Australia’s future for decades. These choices should be guided by independent analysis, empirical evidence, and a commitment to outcomes for all Australians.

The Australian government must resist the temptation to let Silicon Valley write our digital future, no matter how persuasive their lobbyists or how impressive their promises. The stakes are simply too high to get this wrong.

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

– ref. Big tech says AI could boost Australia’s economy by $115 billion a year. Does the evidence stack up? – https://theconversation.com/big-tech-says-ai-could-boost-australias-economy-by-115-billion-a-year-does-the-evidence-stack-up-260705

MIL OSI Analysis – EveningReport.nz –

July 31, 2025

MIL-OSI USA: On the 60th Anniversary of the Creation of Medicaid and Medicare, Luján, Leader Schumer, and Senate Democrats Introduce Legislation to Reverse Devastating Health Care Cuts in Republicans’ Budget Betrayal

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján

WATCH HERE: Senator Luján Delivers Floor Speech on Effort to Reverse Devastating Health Care Cuts in Republicans’ Budget Betrayal

Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), along with Senate Democratic Leader Chuck Schumer (D-NY), Ranking Member of the Finance Committee, U.S. Senator Ron Wyden (D-OR), U.S. Senator Jeanne Shaheen (D-NH), and Ranking Member of the Budget Committee, U.S. Senator Jeff Merkley (D-OR), led their Senate Democratic colleagues in introducing the Protecting Health Care And Lowering Costs Act.

This legislation would reverse all of the health care cuts in the “Big, Ugly Betrayal,” including those to Medicaid, and would permanently extend the ACA premium tax credits. After Republicans passed legislation earlier this month that would kick nearly 15 million people off their health insurance and totals more than one trillion dollars in health care cuts, Senate Democrats are fighting back and pushing to reverse these devastating cuts and extend tax credits to make health care affordable.

Today marks 60 years since Medicaid and Medicare was created on a bipartisan basis as a promise to the American people that we would stick by the poorest and most disadvantaged among us and take care of the elderly who paid into a system their whole lives. Democrats will be crisscrossing the country to make sure that the American people know it is Congressional Republicans who are reneging on that promise, ripping away health care from millions so they can give tax cuts to billionaires.

“Sixty years after Medicare and Medicaid opened the door to health care for millions, Congressional Republicans slammed it shut with their Budget Betrayal – ripping coverage from 15 million Americans, including over 100,000 New Mexicans,” said Senator Luján. “Their cuts target children, families, and seniors who depend on Medicaid to survive, and could force rural clinics and hospitals to close their doors. While Republicans gut health care, Senate Democrats are fighting to restore it and protect the people we represent.”

“For many, the “Big, Ugly Betrayal” is quite literally a matter of life and death. Too many will now have to make the heartbreaking decision between financial ruin and going without care. Already the effects of this bill are being felt. Already hospitals and health care systems are in jeopardy because of this legislation that passed just mere weeks ago,” said Leader Schumer. “Let’s be crystal clear: to pay for tax cuts for billionaires, millions of people are going to lose their health care. That’s the Republicans agenda right there. Well not on our watch. Democrats are fighting this tooth and nail. And today we are proud to introduction legislation which would reverse these devastating cuts and permanently extend the ACA premium tax credits. It is not too late for the Republicans to reverse course and save healthcare for millions.”

“Trump and Republicans in Congress have been actively misleading the American public. Americans were never told that this flawed bill will punch a hole in a lot more than Medicaid,” said Senator Wyden, Ranking Member of the Finance Committee. “There is simply no way to cut more than $1 trillion from the health care system without taking a deep toll on Americans of all stripes from coast to coast. The more Americans hear about this bill, the less they like it. It’s time to scrap Trumpcare and put America back on a path to affordable health care.”

“If Affordable Care Act enhanced premium tax credits expire at the end of the year, 20 million Americans will see their health care costs skyrocket at a time when they’re already struggling with increased prices. That pain will be felt almost immediately,” said Senator Shaheen. “That’s on top of the unprecedented health care cuts to Medicaid that were passed in the ‘Big Beautiful Betrayal’. We need to take action now to permanently extend those tax credits so that people know they can count on them.”

“Congressional Republicans betrayed hardworking families earlier this month when they chose to stand with billionaires by gutting Medicaid and kicking more than 15 million people off their health insurance,” said Senator Merkley, Ranking Member of the Senate Budget Committee. “Republicans have the opportunity to right this wrong by supporting our bill that will reverse these devastating cuts and prevent health care costs from skyrocketing across the country. On this 60th Anniversary of the enactment of Medicaid and Medicare, Democrats are fighting for an economy where families thrive and billionaires finally pay their fair share.”

The entire Democratic caucus has signed on to co-sponsor the legislation.

The legislation has been endorsed by American Civil Liberties Union, AFL-CIO. American Federation of State, County and Municipal Employees (AFSCME), AFT: Education, Healthcare, Public Services, All* Above All , Alliance for Retired Americans, American Association on Health and Disability, American Heart Association, American Nurses Association, Autistic Self Advocacy Network, ACLU, Can’t Wait Coalition, Care in Action, Caring Across Generations, Center for American Progress, Center for Medicare Advocacy, CEO Commission for Disability Employment, Children’s Hospital Association, Communication Workers of America, Community Catalyst, Disability Policy Consortium, Disability Rights and Defense Fund, Diverse Elders Coalition (DEC), FamiliesUSA, First Focus for Children, Guttmacher Institute, Health Care for America Now, Ibis Reproductive Health, Justice in Aging, Kids Can’t Wait, Lakeshore Foundation, Little Lobbysists, MoveOn.org, National Abortion Federation, National Alliance for Caregiving, National Alliance for Direct Service Professionals, National Alliance on Mental Illness, National Asian Pacific American Women’s Forum, National Council of Jewish Women, National Committee to Preserve Social Security and Medicare (NCPSSM), National Disability Rights Network, National Domestic Workers Alliance, National Hispanic Council on Aging, National Health Law Program (NHeLP), National Immigration Law Center, National Partnership for Women & Families, National Women’s Law Center, Physicians for Reproductive Health, Planned Parenthood Federation of America, Protect Our Care, Public Citizens, SEIU, Social Security Works, The Arc of the United States, UNIDOS US, United Mine Workers of America, Vizient, Inc., Well Spouse Association, Healthcare Association of New York and Texas Kids Can’t Wait.

The full text of the legislation can be seen here.

MIL OSI USA News –

July 31, 2025

MIL-OSI Security: Defense News in Brief: U.S. Marines Mobilize Without Delay: Shift from Exercise to Crisis Response

Source: United States Marines

U.S. Marines postured around the globe serve as America’s rapid crisis response force, ready to meet the Nation’s needs at a moment’s notice. On July 26 Marine Corps readiness was on display, when U.S. Marine Medium Tiltrotor Squadron 363, operating under Marine Rotational Force–Darwin, deployed four MV-22B Ospreys more than 1,950 nautical miles from Darwin, Australia, to Clark Air Base, Philippines.

MIL Security OSI –

July 31, 2025

MIL-OSI Banking: W&T Offshore to Ring the Closing Bell at the New York Stock Exchange to Commemorate its 20th Anniversary as a Public Company

Source: W & T Offshore Inc

Headline: W&T Offshore to Ring the Closing Bell at the New York Stock Exchange to Commemorate its 20th Anniversary as a Public Company

HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (the “Company”) today announced that Tracy Krohn, W&T’s Founder, Chairman, CEO and President will ring the closing bell at the New York Stock Exchange (“NYSE”) on Monday, August 4, 2025, to commemorate the Company’s 20^th anniversary as a NYSE-listed company. W&T’s Board of Directors and senior management team will also participate in the ceremony. Live coverage of the event will begin on Monday, August 4, 2025, at 3:55 p.m. ET and will be available for streaming at www.NYSE.com/bell. An archived version of the ceremony will be posted to W&T’s Web site, www.wtoffshore.com, in the “Investors” section on the “Overview” page under “News and Events”.

Tracy Krohn commented, “It is truly an honor to ring the NYSE closing bell in celebration of our 20^th anniversary as a publicly traded company. I want to express my gratitude to each member of our Board of Directors, our management team and all of our dedicated employees across the Company for their invaluable contributions to W&T’s success since its inception. It has been an incredible journey these past 42 years, from our founding in 1983, our IPO in 2005, to now celebrating this milestone occasion. Throughout our history, we have remained committed to responsible energy production and being a staunch and vocal advocate for the offshore Gulf of America sector of the energy industry where we have been primarily focused since we began operations. Looking ahead, I remain excited about W&T’s future as we continue to execute and improve upon our unique and resilient business model.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of March 31, 2025, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 634,700 gross acres (496,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 487,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

CONTACTS:	Al Petrie	Sameer Parasnis
	Investor Relations Coordinator	Executive VP and CFO
	investorrelations@wtoffshore.com	sparasnis@wtoffshore.com
	713-297-8024	713-513-8654

Source: W&T Offshore, Inc.

Released July 30, 2025

MIL OSI Global Banks –

July 31, 2025

MIL-OSI United Kingdom: Time to pay up: Toughest crackdown on late payments in a generation unveiled in plan to back small businesses

Source: United Kingdom – Government Statements

Press release

Time to pay up: Toughest crackdown on late payments in a generation unveiled in plan to back small businesses

UK Government unveils its Small Business Plan to support SMEs across the country

Government to tackle late payments with the most significant legislative reforms in 25 years – an issue that costs the UK economy £11bn a year and shuts down 38 businesses every day
UK set to have the toughest late payments laws in the G7 as part of reforms to back small businesses and unlock growth as part of the Plan for Change
New £4bn finance boost including 69,000 Start-Up Loans to inspire the next generation of entrepreneurs and small business owners

Small businesses across the UK will benefit from the most comprehensive support package in a generation, as the government launches a bold new plan to give small businesses the tools to thrive and drive economic growth as part of its Plan for Change.

Small and medium sized firms employ 60% of the country’s workforce and generate £2.8 trillion in turnover. However, for too long, the odds have been stacked against small businesses.

From tradespeople and shopkeepers to start-up founders and family-run firms, too many work hard but don’t get the backing they deserve – held back by late payments and not getting the financial backing they need within a wider system that hasn’t worked in their favour.

That’s why the Government is taking serious action to back small businesses and give them the tools they need to grow. This builds on the solid foundation of certainty and stability this government has already delivered—through the trade deals we’ve secured, four interest rate cuts, and a long-term industrial and trade strategy that’s helping businesses plan ahead with confidence.

At the heart of the plan is a the most significant package of reforms in a generation to tackle late payments, with plans to introduce the toughest laws on late payments in the G7.

Late payments are one of the biggest barriers to small business growth —causing cashflow problems that stop firms from scaling up and investing in their future. Every day, hardworking businesses close their doors because they aren’t paid on time.

The new laws are set to give stronger powers to the Small Business Commissioner to empower them to wield fines, worth potentially millions of pounds, against the biggest firms who persistently choose to pay their suppliers late.

The Small Business Commissioner will be given new powers to carry out spot checks and enforce a 30-day invoice verification period to speed up resolutions to disputes. The upcoming legislation will also introduce maximum payment terms of 60 days, reducing to 45 days, giving firms certainty they’ll be paid on time.

Audit committees, under the proposals, will also be legally required to scrutinise payment practices at board level, placing greater pressure on large firms to show they’re treating small suppliers fairly backed by mandatory interest charges for those who pay late.

These changes will also save small businesses valuable time, freeing up hours currently spent chasing overdue invoices so they can focus on growing their business instead. Taken together, this will help ensure businesses are paid on time and end the scourge of late payments which costs the UK economy £11bn per year and closes down 38 UK businesses every day.

Prime Minister Keir Starmer said:

“From builders and electricians to freelance designers and manufacturers—too many hardworking people are being forced to spend precious hours chasing payments instead of doing what they do best – growing their businesses.

“It’s unfair, it’s exhausting, and it’s holding Britain back. So, our message is clear: it’s time to pay up.

“Through our Small Business Plan, we’re not only tackling the scourge of late payments once and for all, but we’re giving small business owners the backing and stability they need for their business to thrive, driving growth across the country through our Plan for Change.”

Business and Trade Secretary Jonathan Reynolds said:  

“This country is home to some of the brightest entrepreneurs and innovative businesses in the world, and we want to unleash their full potential by giving them back time and money to do what they do best – growing our local economies.

“Our Small Business plan – the first in over a decade – is slashing unnecessary admin costs, making it easier for businesses to set up shop and giving SMEs the financial backing they need.

“This is our Plan for Change in action, putting more money in people’s pockets, boosting local communities and ensuring Britain is a great place to do business and thrive.”

Small Business Minister Gareth Thomas said:

“I want the UK to be the best place in the world to start a business, grow and succeed – and that’s why we’ve taken bold steps today. 

“Too many small firms go under each year because they aren’t paid on time – that is completely unacceptable.

“I hear all too often about businesses who just don’t have the cash needed to start up or grow. Today, we’ve announced measures as part of our Plan for Change to tackle all of those issues and beyond. This is the government listening to businesses, working with them, and delivering real change.”

Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said:

“Making sure businesses are paid on time, that our high streets thrive, and creating conditions in which everyone can start and succeed in business are crucial priorities for small businesses, communities and the economy. It’s very welcome that the Prime Minister has today made them his Government’s priorities.

“I’m pleased that FSB and the Government have been able to work in lockstep on the bold and ambitious measures needed to tackle the scourge of late payment through legislation, and other pro-growth, pro-small business measures.

“Today’s plan is an encouraging commitment from the Government to take the side of small businesses in the great growth challenge ahead.”

Charlie Shaw, owner of Flock and Herd butchers in Peckham said:

“We’re proud to pay every supplier on time and once we receive an invoice, so it’s fantastic to see the government put the Small Business Plan into place tackling the big issue of late payments.

“We believe this is a fair and honest way to conduct business. It gives us a clear and current understanding of how our business is performing. Our relationships with our suppliers have been amazing and truly beneficial to all parties.”

As part of the plan, the government is also tackling another major barrier for small businesses – access to finance. Despite the UK’s world-leading financial services sector, many small firms struggle to secure the funding they need to invest, expand, or even survive.

To address this, the Government is launching a new £4 billion wave of financial support aimed at boosting growth and supporting more small businesses to start up and grow. This includes a £1bn boost for new businesses, with 69,000 Start-Up Loans and mentoring support to inspire the next generation of entrepreneurs and small business owners.

The Government is also going further by delivering a new £3 billion boost to the British Business Bank – raising the total guarantee to £5 billion – to help lenders offer more small business loans through the ‘ENABLE programme’. Under the scheme, the BBB provides a government-backed guarantee to help lenders feel safer when lending to smaller or newer businesses, enabling them to offer better loan terms including with lower interest.

These measures aim to break down long-standing barriers that have made it harder for small businesses to access the funding they need to get off the ground by making finance and loans more accessible, affordable, and fair.

Accelerating SME growth by just 1 percentage point per year, could deliver £320bn to the UK economy by 2030. All of these measures announced today back small businesses to the hilt and build on action already taken by this government to create the conditions for businesses to thrive:

Slashing of red tape to boost the hospitality and arts sector through hospitality zones and licensing reforms following the Licensing Taskforce co-chaired with Nick Mackenzie, Greene King CEO
High Street Rental Auctions to fill vacant high street premises
A revamped Board of Trade to get more small firms exporting around the world
The new Business Growth Service to ensure SMEs have access to key support
We’ve set out that we intend to introduce permanently lower business rates multipliers for the hard-hit retail, hospitality and leisure sector.

Notes to editors

Michelle Ovens CBE, Founder, Small Business Britain, said:

“I am thrilled to see the Small Business Plan launched today, putting the nation’s smallest businesses at the heart of Government strategy where it should be. These job creators and economy builders will benefit from a huge boost to funding through the British Business Bank, a boost to skills, support for high streets and a long hoped for legislative backing for getting paid on time. We will not see economic growth without small business growth, so I am eager to get on and help the Government deliver on this agenda – and help small businesses regardless of their background start, grow and thrive.”

Simon Groom, CEO of MagnifyB, said:

“MagnifyB welcomes the UK Government’s action to tackle late payments, which will give small businesses the cash flow stability they need to thrive. Alongside this, there is a clear need to provide micro and small businesses with far more than just a repository of information, including a practical digital toolset to strengthen their operations and improve their chances of long-term success. We hope that the new Small Business Commissioner can be instrumental in bringing together ideas and championing the initiatives needed to make this support a reality.”

Julianne Ponan MBE, Founder of Creative Nature, a small business that exports top 14 Allergen Free Baking Mixes and Snacks to 16 countries, said:

“I’m delighted to see the government’s new SME Strategy recognising the critical role small businesses play both at home and globally. From tackling late payments to simplifying access to growth advice and support, these measures are a lifeline for SMEs like mine who often face disproportionate challenges with limited resources. I’m especially encouraged by the commitment to reduce administrative burdens by 25% and improve access to finance both are major barriers to growth for underrepresented founders, including women and ethnic minority entrepreneurs. The focus on revitalising the high street, digital skills, and exporting support shows that the government is listening to the needs of small businesses.”

The full plan will be published later this morning on Gov.uk We have launched a public consultation to seek views on our proposed legislative measures to ensure companies pay their suppliers quickly and on time. Please go to GOV.UK for details of the proposed measures.
Today’s announcement builds on the foundation of the government putting the public finances on a sustainable path – providing long-term direction, stability, and confidence for small businesses to thrive. This has paid off – interest rates have been cut four times in the last 12 months and in the first three months of 2025, Britain was the fastest growing economy in the G7.
The Government has also extended 40% business rates relief for 250,000 firms until April 2026 protected bills from inflation, and ensured over 700,000 properties pay no rates at all. This is creating a fairer business rates system to protect the high street, support investment, and level the playing field as we intend to introduce permanently lower tax rates for retail, hospitality, and leisure properties from next year.
This has included 865,000 small businesses being protected from the NICs rise because of the Employment Allowance increase to £10500, whilst 700,000 small business properties do not pay business rates at all because of Small Business Rates Relief. Corporation tax has been capped at 25% – the lowest headline rate of Corporate Tax in the G7 – for the duration of parliament.

Published 30 July 2025

MIL OSI United Kingdom –

July 31, 2025

MIL-OSI United Nations: Update 306 – IAEA Director General Statement on Situation in Ukraine

Source: International Atomic Energy Agency (IAEA)

The IAEA team based at Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) carried out independent measurements today to confirm that there had been no increase in radiation levels at the site, contrary to some social media posts overnight, Director General Rafael Mariano Grossi said.

Using IAEA monitoring equipment, the team members measured only normal levels during a site walkdown. Their measurements confirmed other data collected separately at the site, as well as information provided by the plant itself.

“The team took immediate action after becoming aware of these social media reports, enabling us to provide assurances that radiation levels remained unchanged. Once again, this shows the importance of the IAEA’s presence at the Zaporizhzhya Nuclear Power Plant and Ukraine’s other nuclear power sites. Thanks to this presence, we can provide timely, factual and impartial technical information to the public about nuclear safety and security in Ukraine,” Director General Grossi said.

The general nuclear safety situation at the ZNPP remains precarious, however, with the plant continuing to rely on one single power line for the electricity it needs to cool its reactors and for other essential nuclear safety and security functions. Before the conflict, it had access to 10 external power lines.

In addition, the IAEA team reported hearing military activities almost every day over the past week, at different distances from the site, which is located on the frontline.

Earlier this week, the team members performed a walkdown of a turbine hall of one reactor unit where they were once again denied access to the western part of the hall.

The IAEA teams present at Ukraine’s operating nuclear power plants (NPPs) — Khmelnytskyy, Rivne and South Ukraine NPPs – and the Chornobyl NPP site reported hearing air raid alarms nearly every day over the past week. At Khmelnytskyy, the team had to shelter twice on 28 July.

Three of Ukraine’s nine operating reactor units continued to be in shutdown for refuelling and maintenance, including work on some of the off-site power lines.

As part of the IAEA’s comprehensive assistance programme to support nuclear safety and security in Ukraine, the Slavutych City Hospital this week received mobile radiography equipment and the Ukrainian Hydrometeorological Center and Hydrometeorological organizations of the State Emergency Service of Ukraine received laboratory equipment. These deliveries were funded by Australia, the European Union and Norway.

MIL OSI United Nations News –

July 31, 2025

MIL-OSI Canada: Statement by Prime Minister Carney on Canada’s recognition of a Palestinian state

Source: Government of Canada – Prime Minister

“Canada has long been committed to a two-state solution – an independent, viable, and sovereign Palestinian state living side by side with the State of Israel in peace and security.

For decades, it was hoped that this outcome would be achieved as part of a peace process built around a negotiated settlement between the Israeli government and the Palestinian Authority.

Regrettably, this approach is no longer tenable. Prospects for a two-state solution have been steadily and gravely eroded, including by:

The pervasive threat of Hamas terrorism to Israel and its people, culminating in the heinous terrorist attack of October 7, 2023, and Hamas’ longstanding violent rejection of Israel’s right to exist and a two-state solution.
The accelerated settlement building across the West Bank and East Jerusalem, while settler violence against Palestinians has soared.
Actions such as the E1 Settlement Plan and this month’s vote by the Knesset calling for the annexation of the West Bank.
The ongoing failure by the Israeli government to prevent the rapidly deteriorating humanitarian disaster in Gaza, with impeded access to food and other essential humanitarian supplies.

The deepening suffering of civilians leaves no room for delay in co-ordinated international action to support peace, security, and the dignity of all human life. Preserving a two-state solution means standing with all people who choose peace over violence or terrorism, and honouring their innate desire for the peaceful co-existence of Israeli and Palestinian states as the only roadmap for a secure and prosperous future.

For these reasons, Canada intends to recognize the State of Palestine at the 80th Session of the United Nations General Assembly in September 2025.

This intention is predicated on the Palestinian Authority’s commitment to much-needed reforms, including the commitments by Palestinian Authority President Abbas to fundamentally reform its governance, to hold general elections in 2026 in which Hamas can play no part, and to demilitarize the Palestinian state. Canada will increase its efforts in supporting strong, democratic governance in Palestine and the contributions of its people to a more peaceful and hopeful future.

We reiterate that Hamas must immediately release all hostages taken in the horrific terrorist attack of October 7; that Hamas must disarm; and that Hamas must play no role in the future governance of Palestine. Canada will always steadfastly support Israel’s existence as an independent state in the Middle East living in peace and security. Any path to lasting peace for Israel also requires a viable and stable Palestinian state, and one that recognizes Israel’s inalienable right to security and peace.

Canada has already committed over $340 million in humanitarian aid to address the dire humanitarian situation in Gaza. We are further committing $30 million in new funding to help address the needs of Palestinian civilians, and providing an additional $10 million to support the Palestinian Authority’s role in stabilizing and governing the West Bank. We are working with our allies to deliver immediate assistance to those in dire need.

We will intensify our efforts with our international partners to develop a credible peace plan that establishes governance and security arrangements for Palestine and ensures the delivery of humanitarian aid at the necessary scale to Gaza. Canada will be a constructive partner in building a just, meaningful, and lasting peace in the region, and a future that respects the dignity, security, and aspirations of all Palestinians and Israelis.”

MIL OSI Canada News –

July 31, 2025

MIL-OSI USA: Tonko Demands DHS Restore Funding for UAlbany Mesonet Weather Detection Program

Source: United States House of Representatives – Representative Paul Tonko (Capital Region New York)

ALBANY, NY — Congressman Paul D. Tonko (NY-20), along with Representatives John Mannion (NY-22) and Joe Morelle (NY-25) today sent a letter to Department of Homeland Security (DHS) Secretary Kristi Noem urging the Trump Administration reverse its decision to terminate funding for the Exploiting Mesonet for Emergency Preparedness and Response to Weather Extremes (EMPOWER) project.

In 2023, the DHS awarded the University at Albany $3 million for this grant project to improve emergency management and deliver accurate, real-time forecasting for severe weather. But, earlier this month, that funding was abruptly terminated.

“Developed in partnership between DHS’s Science and Technology Directorate and the University at Albany, EMPOWER is exactly the kind of forward-looking, science-based emergency management program our nation needs as extreme weather, and natural disasters grow more frequent, intense, and deadly,” the lawmakers write.

The letter continues, “At the core of EMPOWER’s success is the New York State Mesonet, a state-of-the-art network of 127 weather stations that supplements National Weather Service observations. This is a moment that demands leadership and bold investment in resilience. In just the past few weeks, catastrophic flooding in Texas and record-setting heat across the country have underscored the urgency of strengthening our preparedness. Cutting off funding for a proven emergency response program amid an escalating climate crisis is not just short-sighted, it is dangerous.

“The stakes are simply too high to abandon tools and technologies that can help save lives.”

For years, Tonko has worked to strengthen and support the nation’s weather preparedness. Last Congress, he introduced the bipartisan National Mesonet Authorization Act alongside Representative Stephanie Bice (R-OK), legislation that would increase the overall coverage and accuracy of our current National Mesonet program.

Earlier this month, UAlbany sent a letter inviting DHS Secretary Noem to visit the campus and tour their facilities to lean more about how the university’s essential research supports DHS’s work and mission. UAlbany also sent a letter to the New York congressional delegation requesting support from members in helping to reinstate a $3 million DHS research grant.

The full letter to DHS Secretary Noem can be found HERE or below:

Dear Secretary Noem,

We write to express our strong objection to the Department of Homeland Security’s decision to terminate funding for the Exploiting Mesonets for Emergency Preparedness and Response to Weather Extremes (EMPOWER) project. This action not only undermines years of progress in public safety and emergency preparedness, but it also puts lives at risk. We ask you to reverse this decision and reinstate the $3 million grant supporting this initiative without delay.

Developed in partnership between DHS’s Science and Technology Directorate and the University at Albany, EMPOWER is exactly the kind of forward-looking, science-based emergency management program our nation needs as extreme weather, and natural disasters grow more frequent, intense, and deadly. It provides emergency managers and first responders with real[1]time, localized data to improve decision-making and response times, giving communities a better chance to prepare for and withstand extreme weather events.

At the core of EMPOWER’s success is the New York State Mesonet, a state-of-the-art network of 127 weather stations that supplements National Weather Service observations. The Mesonet fills gaps in our national monitoring infrastructure and provides the high-resolution, real-time data that emergency response systems increasingly depend on.

This is a moment that demands leadership and bold investment in resilience. In just the past few weeks, catastrophic flooding in Texas and record-setting heat across the country have underscored the urgency of strengthening our preparedness. Cutting off funding for a proven emergency response program amid an escalating climate crisis is not just short-sighted, it is dangerous.

For a modest federal investment, EMPOWER is delivering high-impact results. This administration has emphasized the importance of supporting state and local partners in disaster preparedness EMPOWER embodies that collaboration, demonstrating how strategic partnerships between federal science agencies, academia, and state governments can produce innovative, life-saving solutions.

We urge you to reinstate full funding for the EMPOWER initiative and ensure that the University at Albany and its partners can continue advancing this critical work. The stakes are simply too high to abandon tools and technologies that can help save lives.

MIL OSI USA News –

July 31, 2025

MIL-OSI New Zealand: Killing weeds and wildings for economic growth

Source: New Zealand Government

Tourism and rural businesses will benefit from Government action to eradicate invasive weeds from popular landscapes including progressing the development of world-leading early detection technology, Conservation Minister Tama Potaka says.

The Department of Conservation – Te Papa Atawhai is New Zealand’s biggest tourism provider – conservation tourism is worth $3.4 billion a year – but the ongoing protection of our iconic landscapes is facing significant financial and environmental challenges,” Mr Potaka says.

“Tourism is a key part of our plan to grow the economy to create jobs, lift wages and help Kiwis get ahead. Through the International Visitor Levy (IVL), we’re providing $10 million over the next three years to ensure our popular mountains, parks, and islands, remain beautiful for years to come.

“Locations include Abel Tasman, Aoraki / Mt Cook, Tongariro, Stewart Island, Mackenzie Basin, Molesworth, and Te Paki and North Cape / Otou near Cape Reinga.

“In Aotearoa New Zealand, nearly two million hectares are affected by wilding pines. Without intervention, these trees can spread at a rate of five per cent per year. The cost of this to New Zealand’s nature, productivity and economy can grow exponentially over time.

“I’ve announced an extra $3 million to the National Wilding Conifer Control Programme, led by Biosecurity New Zealand, for important control work in the Molesworth and Mackenzie Basin areas. This builds on significant previous IVL investments to urgently tackle wilding conifers across Canterbury, Marlborough, Otago and on Rangitoto in the Hauraki Gulf.

“A further $7.45 million will go towards managing other significant weeds. For example in Rakiura, Abel Tasman, Te Paki, and North Cape/Otou, such as marram, spartina, and pampas grasses that affect natural dune and estuary ecosystems, and our coastal scenery.

“When it comes to tackling invasive weeds, taking early action is essential. IVL funding will also go towards the development and rollout of an innovative, smart software tool to detect weeds when they first invade.

Biosecurity Minister Andrew Hoggard highlighted the annual boost in funding to combat wilding pines, which threaten farmland, water catchments, and native biodiversity, while increasing the risk of wildfires.

“The Government is focused on protecting the productive heart of our economy – our rural communities. That’s why there has been significant investment into the National Wilding Conifer Control Programme, including an extra $2 million announced in Budget and annual $10 million baseline funding.

“Since 2016, the Government has committed more than $150 million to the fight to contain and control the spread of wilding pines, alongside more than $33 million contributed by partners and communities.”

“This year’s investment continues to support the people doing the work alongside Government – regional councils, Iwi, farmers, researchers, and volunteers, whose combined effort has pushed back some of the worst infestations and protected key landscapes,” says Mr Hoggard.

Notes to editor: The funding covers work across the next three years (2025 –2028) and comes from money raised under the new $100 International Visitor Conservation and Tourism Levy rate.

MIL OSI New Zealand News –

July 31, 2025

MIL-OSI New Zealand: Heritage tourism boost to support local economies

Source: New Zealand Government

A $4.5 million investment to develop tourism at places with unique cultural heritage will help create jobs and boost incomes in rural economies, Conservation Minister Tama Potaka says.

“This investment over the next three years from the International Visitor Levy will expand Tohu Whenua experiences to more regions with Manawatū-Whanganui and Murihiku Southland next,” Mr Potaka says.

“Tohu Whenua is a tourism and regional economic development programme that helps create jobs, boost incomes, and connect visitors to places with unique cultural heritage.

“Sites which received Tohu Whenua status previously have seen increases of up to 150 per cent in visitation in their first year in the programme.

“Expansion of the programme across more regions will support high-quality authentic visitor experiences with enhanced storytelling, information and facilities.

“Recently added sites include Kate Sheppard House, and Kaikōura Peninsula in Canterbury. They joined others including the Waitangi Treaty Grounds, Te Ana Ngāi Tahu Māori Rock Art Centre in Timaru, and Historic Hayes in Otago.

“DOC is responsible for over 15,000 heritage places across New Zealand, from pā to whaling stations, light houses, WWII defences and mining relics. Tourism to these places is estimated to be worth around $1.3 billion per year.

“I encourage everyone to look out for Tohu Whenua sites around Aotearoa New Zealand. These offer rich stories, variety and cultural exchange, encouraging visitors to stay longer in a region and delve deeper. In turn, they support local economies by spending more on attractions, accommodation, hospitality and retail.”

Notes to editor:

Tohu Whenua is a partnership between Heritage New Zealand Pouhere Taonga and DOC, with support from Te Puni Kōkiri, Manatū Taonga — Ministry for Culture & Heritage and the Ministry of Business, Innovation and Employment.

Tohu Whenua currently includes 39 sites. Many of these are in public conservation areas. Launched in 2016, the programme is successfully operating in four regions:

Northland Te Tai Tokerau (9 sites)
Otago (12 sites)
West Coast Te Tai Poutini (7 sites)
Canterbury Waitaha (11 sites launched in June 2025).

The programme is working towards nation-wide coverage and will be rolling out to Manawatū-Whanganui and Murihiku Southland next.

Figures for Heritage New Zealand Pouhere Taonga properties show the increase in visitors in the first year of becoming a Tohu Whenua site:

Clendon House                                          61% increase
Pompallier Mission and Printery        35% increase
Māngungu Mission                                    156% increase
Waitangi Treaty Grounds                        7% increase
Historic Hayes                                            10% increase

MIL OSI New Zealand News –

July 31, 2025

MIL-OSI New Zealand: Strengthening sustainable tourism at iconic sites

Source: New Zealand Government

A $17.5 million investment into strengthening sustainable tourism at some of the country’s most popular natural attractions will support jobs and incomes for regional economies, Conservation Minister Tama Potaka says.

“Our beautiful Conservation lands are one of Aotearoa New Zealand’s biggest drawcards, attracting $3.4 billion into our economy from tourism a year. However, the ongoing protection of our landscapes is facing financial and environmental challenges.

“$13.6 million over three years will improve visitor planning and management at the beautiful Aoraki Mount Cook National Park, Piopiotahi Milford Sound and Matiu / Somes Island on Wellington’s doorstep.

“This investment ensures the conservation areas and facilities that attract tourists to our regions continues to deliver on its promise of stunning nature.

“This includes more dedicated staff at visitor centres during peak times. It means more summer rangers to look after facilities, share information about the outdoors, wildlife and history and ensure people are visiting responsibly.

“$3.9 million over two years will go to improving service and management of some of New Zealand’s popular Great Walks and Department of Conservation campsites.

“As well as offering so much to New Zealanders, public conservation lands and water support around 2,000 tourism concessions. For example, there are currently more than 560 active guiding permits.

“Conservation areas, tracks and facilities are also vital for local economies right across the country, like Mautohe Cathedral Cove on the Coromandel Peninsula, and Tuatapere in Southland.

“Tourism is a crucial part of the Government’s focus on economic growth, with domestic and international tourism expenditure at $44.4 billion and supporting more than 300,000 jobs.”

MIL OSI New Zealand News –

July 31, 2025

MIL-OSI New Zealand: Stronger accountability for your rates

Source: New Zealand Government

Key metrics published today show how much councils are spending and what they are spending it on, which has a direct impact on your rates, Local Government Minister Simon Watts says.

“We know it is really tough out there and the cost of living is the biggest worry for households. Councils need to show they are wisely spending ratepayers’ hard-earned money.

“Ratepayers place immense trust in their local councils who make key decisions on local infrastructure, fiscal management, and how their community operates on a day-to-day basis on their behalf.

“Some ratepayers are getting more and more fed up with rising rates hitting pockets harder than ever. This isn’t fair during a cost-of-living crisis where many Kiwis are doing it tough. It is important that ratepayers can see how their council is performing and what it is delivering for their community.

“That’s why the Government is putting clear facts and figures directly into the hands of ratepayers. When ratepayers know more about how their council is performing and where their money is going, they can engage more effectively and ask the tough questions.

“For instance, communities can now compare how much their council spends on core essentials like infrastructure and see whether their rates are going up more than average.

“We have been clear that we want to see councils get back to basics, focusing on delivering essential services and infrastructure, improving local decision-making, and supporting their communities through the cost of living – not adding to it.

“Releasing these performance metrics aligns with our commitment to lifting the performance of local government. It is an opportunity for councils that are focused on their core functions to highlight their efficiency and value to their communities.”

The Government is also actively exploring a rates capping system.

“Given the current pressures on households, the degree of rates increases is a massive worry. We’re actively exploring a rates capping system to ensure councils are spending ratepayers’ money responsibly,” Mr Watts says.

The metrics include information on council demographics, rates revenue, debt, staffing and expenditure, with benchmarking based on groupings of similar councils.

As an annual publication, the information will be developed over time to paint a fuller picture of council performance across New Zealand.

This year’s council profiles and group comparison tables are available on https://www.dia.govt.nz/local-government-performance-metrics.

MIL OSI New Zealand News –

July 31, 2025

MIL-OSI Security: U.S. Marines Mobilize Without Delay: Shift from Exercise to Crisis Response

Source: United States Marines

U.S. Marines postured around the globe serve as America’s rapid crisis response force, ready to meet the Nation’s needs at a moment’s notice. On July 26 Marine Corps readiness was on display, when U.S. Marine Medium Tiltrotor Squadron 363, operating under Marine Rotational Force–Darwin, deployed four MV-22B Ospreys more than 1,950 nautical miles from Darwin, Australia, to Clark Air Base, Philippines.

MIL Security OSI –

July 31, 2025

MIL-OSI: Euronet and CoreCard Announce Merger Agreement to Unlock Global Opportunities in Credit Card Issuing and Processing

Source: GlobeNewswire (MIL-OSI)

LEAWOOD, Kan. and NORCROSS, Ga., July 30, 2025 (GLOBE NEWSWIRE) — Euronet (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, and CoreCard Corporation (NYSE: CCRD), a leading provider of innovative credit technology solutions and processing services to the financial technology and services market, today announced they have entered into a definitive agreement for Euronet to acquire CoreCard in a stock-for-stock merger transaction that values CoreCard at approximately $248 million, or $30 per share of CoreCard common stock. The exchange ratio and other terms of the transaction are described below.

The proposed transaction marks a pivotal step in accelerating Euronet’s strategic goal of a more diversified, future-ready revenue mix, that is anchored in scalable, modern platforms designed for the next generation of digital financial services across the globe.

Acquisition to Add a Proven Credit Card Platform and Marquee Clients to Fuel Euronet’s Growth Strategy

CoreCard’s platform is proven and trusted by some of the most respected names in finance and technology, and has been instrumental in launching one of the most successful co-branded credit card offerings in U.S. history in partnership with Goldman Sachs. This credibility, combined with CoreCard’s deep expertise in credit products, positions Euronet to compete in a sizeable market traditionally dominated by a few legacy providers.

The CoreCard modern architecture enables faster deployment, easier integrations, and the flexibility to support rapid innovation, which are key advantages in today’s world of payments, where banks and fintechs are looking to embed financial experiences in their customer journeys. This has enabled CoreCard to support diverse, bespoke use cases for fintech innovators such as Cardless, who has recently been chosen as the partner for the Coinbase credit card.

“More than a product expansion, this acquisition will be a catalyst for long-term growth, and we expect it to be accretive in the first full year post close,” said Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. “By integrating CoreCard’s platform with our own Ren architecture and global distribution network, we will be positioned to become a leading modern card issuer and innovation partner for the next generation of digital finance. This acquisition is a natural extension of our strategy to invest in scalable, high-margin businesses that align with long-term market trends. We also value and respect the work of CoreCard’s employees, who we are eager to welcome to Euronet, and we look forward to their contributions to our company in the future.”

“Joining Euronet marks an exciting new chapter for CoreCard,” said Leland Strange, CEO of CoreCard. “Our team has built a modern, resilient credit card processing platform that serves some of the largest companies and financial institutions in the world. We’re excited to bring our capabilities to a global stage. We have spent a lot of time and diligence over the last year exploring the right ‘fit’ for what our team has built over many years, and we believe this is a great outcome for the team and our shareholders. We are joining with a company that has also been built on a strong foundation over many years that has kept a strong team and customer-focused culture with a focus on innovation.”

Time and Approvals

The transaction has been approved by the boards of directors of both Euronet and CoreCard, and is expected to close in late 2025, subject to approval by CoreCard shareholders and the satisfaction of certain other customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Transaction Details

Under the terms of the merger agreement, each share of CoreCard common stock will be exchanged for a number of shares of Euronet common stock equal to an exchange ratio between 0.2783 and 0.3142, calculated as $30 divided by the volume weighted average share price of Euronet common stock over the 15-trading day period ending on and including the second to last trading day prior to the closing date (the “Final Euronet Stock Price”), subject to a floor of $95.48 per share and a ceiling of $107.80 per share. CoreCard shareholders will receive 0.3142 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or below $95.48, and 0.2783 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or above $107.80.

Advisors

Stinson LLP is acting as outside counsel to Euronet. Kilpatrick Townsend & Stockton LLP is acting as outside counsel to CoreCard. Keefe, Bruyette & Woods, a Stifel Company, provided certain financial advice to the board of directors of CoreCard.

About CoreCard

CoreCard Corporation (NYSE: CCRD) provides a modern card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

About Euronet

A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. Visit the company’s website at www.euronetworldwide.com.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the United States Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “should,” “can,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work,” “continue,” “target,” “poised,” “advance,” “drive,” “aim,” “forecast,” “approach,” “seek,” “schedule,” “position,” “pursue,” “progress,” “budget,” “outlook,” “trend,” “guidance,” “commit,” “on track,” “objective,” “goal,” “strategy,” “opportunity,” “ambitions,” “aspire” and similar expressions, and variations or negative of such terms or other variations thereof. Words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such statements regarding the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement’), dated as of July 30, 2025, by and among CoreCard, Euronet and Genesis Merger Sub Inc. (the “Transaction”), including the expected timing of the closing of the Transaction; future financial and operating results; benefits and synergies of the Transaction; future opportunities for the combined company; the conversion of equity interests contemplated by the Merger Agreement; the issuance of common stock of Euronet contemplated by the Merger Agreement; the expected filing by Euronet with the SEC of the Registration Statement and the proxy statement/prospectus; the ability of the parties to complete the proposed Transaction considering the various closing conditions and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Euronet and CoreCard, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the possibility that CoreCard’s shareholders may not approve the Transaction; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of Euronet’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or Euronet to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of potential litigation relating to the Transaction that could be instituted against CoreCard or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and Euronet’s ability to access short- and long-term debt markets on a timely and affordable basis; the risk of various events that could disrupt operations, including: conditions in world financial markets and general economic conditions; inflation; the war in Ukraine and the related economic sanctions; and military conflicts in the Middle East.

These risks, as well as other risks related to the proposed Transaction, will be described in the Registration Statement that will be filed with the SEC in connection with the proposed Transaction. While the list of factors presented here and the list of factors to be presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Additional factors that may affect future results are contained in each company’s filings with the SEC, including each company’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available at the SEC’s website http://www.sec.gov. Euronet regularly posts important information to the investor relations section of its website. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, neither Euronet nor CoreCard intends to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.

Important Information for Investors and Stockholders

In connection with the proposed transaction, Euronet plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a proxy statement of CoreCard that also constitutes a prospectus of Euronet, and any other documents in connection with the transaction. After the Registration Statement has been declared effective by the SEC, the definitive proxy statement/prospectus will be sent to the holders of common stock of CoreCard. INVESTORS AND SHAREHOLDERS OF CORECARD AND EURONET ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EURONET, CORECARD, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by Euronet or CoreCard with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. Alternatively, investors and stockholders may obtain free copies of documents that are filed or will be filed with the SEC by Euronet, including the registration statement and the proxy statement/prospectus, on Euronet’s website at https://ir.euronetworldwide.com/for-investors, and may obtain free copies of documents that are filed or will be filed with the SEC by CoreCard, including the proxy statement/prospectus, on CoreCard’s website at https://investors.CoreCard.com/. The information included on, or accessible through, Euronet’s or CoreCard’s website is not incorporated by reference into this press release.

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

Euronet and CoreCard and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from CoreCard’s shareholders in connection with the proposed Transaction. A description of participants’ direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus relating to the proposed Transaction when it is filed with the SEC. Information regarding Euronet’s directors and executive officers is contained in the definitive proxy statement, dated April 4, 2025, for its 2025 annual meeting of stockholders, and in Euronet’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Information regarding CoreCard’s directors and executive officers is contained in CoreCard’s definitive proxy statement, dated April 14, 2025, for its 2025 annual meeting of shareholders, and CoreCard’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Additional information regarding ownership of Euronet’s securities by its directors and executive officers, and of ownership of CoreCard’s securities by its directors and executive officers, is included in each such person’s SEC filings on Forms 3 and 4. These documents and the other SEC filings described in this paragraph may be obtained free of charge as described above under the heading “Important Information for Investors and Stockholders.”

The MIL Network –

July 31, 2025

MIL-OSI NGOs: Update 306 – IAEA Director General Statement on Situation in Ukraine

Source: International Atomic Energy Agency (IAEA) –