NewzIntel.com

Category: Latin America

  • MIL-OSI USA: Luján, Merkley Demand Public Release of Epstein Files

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.) and U.S. Senator Jeff Merkley (D-Ore.) have launched an effort to direct the U.S. Department of Justice to publicly release all files related to the investigation of Jeffrey Epstein and his associates.

    Senators Luján and Merkley introduced the Epstein Files Transparency Act to ensure full transparency for the American people, accountability for those involved with Epstein, and justice for victims.  As story after story trickles out about the Trump administration’s handling of the Epstein Files, the Epstein Files Transparency Act is critical to restoring the public’s trust in government and includes strong protections to redact appropriate information to protect victims’ privacy and national security, while explicitly prohibiting redactions based on reputational harm or political sensitivity.

    “President Trump promised the American people transparency and accountability on Jeffrey Epstein and his horrible crimes. The Trump administration has failed to deliver on this promise and as a result has lost the trust of the American people. That’s why I’m partnering with Senator Merkley to launch this effort to provide the public with full transparency relating to the investigation of Jeffrey Epstein and his associates and help deliver justice for the victims,” said Senator Luján.

    “The rich and powerful cannot use their influence, money, and connections to cover up the abuse of our most vulnerable,” said Senator Merkley. “We have a government of ‘We the People,’ not ‘We the Powerful.’ To restore the public’s trust, the American people deserve the truth about Jeffrey Epstein and those connected to him.”

    Earlier this month, U.S. Representatives Thomas Massie (R-KY) and Ro Khanna (D-CA) introduced a bipartisan resolution in the House calling for consideration of the Epstein Files Transparency Act.

    The legislation is co-sponsored by U.S. Senators Dick Durbin (D-IL), Cory Booker (D-NJ), Adam Schiff (D-CA), Martin Heinrich (D-NM), John Hickenlooper (D-CO), Richard Blumenthal (D-CT), Chris Van Hollen (D-MD), Ruben Gallego (D-AZ), Andy Kim (D-NJ), Mark Kelly (D-AZ), Angela Alsobrooks (D-MD), Peter Welch (D-VT), Mark Warner (D-VA), Jack Reed (D-RI), Jeanne Shaheen (D-NH), Chris Coons (D-DE), Ron Wyden (D-OR), Mazie Hirono (D-HI), Bernie Sanders (I-VT), Tammy Duckworth (D-IL), and Michael Bennet (D-CO).

    Full text of the Epstein Files Transparency Act as introduced in the Senate can be found here. The Senators intend to force Senate consideration of the legislation as soon as possible.

    MIL OSI USA News –

  • MIL-OSI USA: Heinrich, Luján Call for Large-Scale Expansion of Humanitarian Aid in Gaza & Resumption of Diplomatic Efforts to Secure a Ceasefire & End the War

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján

    WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.) joined 42 Democratic senators in writing to the Trump Administration to express alarm about the humanitarian crisis in Gaza and call for a large-scale expansion of humanitarian aid as well as the return of diplomatic efforts for a ceasefire agreement to end the war.

    “The humanitarian crisis in Gaza is unsustainable and worsens by the day. Hunger and malnutrition are widespread, and, alarmingly, deaths due to starvation, especially among children, are increasing. The ‘Gaza Humanitarian Foundation’ has failed to address the deepening humanitarian crisis and contributed to an unacceptable and mounting civilian death toll around the organization’s sites. To prevent the situation from getting even worse, we urge you to advocate for a large-scale expansion of humanitarian assistance,” the senators wrote to Secretary of State Marco Rubio and U.S. Special Envoy to the Middle East Steve Witkoff.

    In the letter, the senators underscore the remaining viable pathway that would end the war, bring home Israeli hostages, ensure Hamas can no longer pose a serious military threat to Israel, and achieve a diplomatic resolution of the Israeli-Palestinian conflict.

    The senators also affirm their opposition to the permanent forced displacement of the Palestinian people, which would be contrary to international humanitarian law and a sustainable and lasting peace.

    “We ask that the Administration make this clear as it seeks an end to the war,” the senators continued. “We stand in strong support of diplomatic efforts to return all hostages, end the fighting in Gaza, and bring humanitarian relief for the safety and prosperity of the Israeli and the Palestinian people.”

    The letter is led by U.S. Senators Adam Schiff (D-Calif.), Brian Schatz (D-Hawaii), Chuck Schumer (D-N.Y.), and Jacky Rosen (D-Nev.). 

    Alongside Heinrich and Luján, the letter is signed by U.S. Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Lisa Blunt-Rochester (D-Del.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Catherine Cortez-Masto (D-Nev.), Chris Coons (D-Del.), Tammy Duckworth (D, Ill.), Dick Durbin (D-Ill.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawai’i), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Edward Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Patty Murray (D-Wash.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Chris Van Hollen (D-Md.), Sheldon Whitehouse (D-R.I.), Peter Welch (D-Vt.), and Ron Wyden (D-Ore.).

    The full text of the letter is hereand below:

    Dear Secretary Rubio and Special Envoy Witkoff:

    With recent efforts to secure a ceasefire between Israel and Hamas being unsuccessful, the situation in Gaza remains perilous. Efforts to secure an agreement are as critical and urgent as ever and we urge the resumption of good-faith talks as quickly as possible. While we appreciate that additional aid is beginning to enter Gaza, the humanitarian situation remains dire. Yet there still remains a viable pathway to end this war, bring home Israeli hostages, and achieve a diplomatic resolution of the Israeli-Palestinian conflict. 

    The Israeli hostages, held in Gaza by Hamas since their brutal attack on Israel on October 7th, have suffered far too long, as have their families. It is imperative that those still living be brought home as soon as possible, before more perish as the war drags on. And it is essential that the remains of those presumed killed – including Americans Omer Neutra and Itay Chen – be reunited with their loved ones. After many months of despair, it is long past time to bring all of the hostages home.

    The acute humanitarian crisis in Gaza is also unsustainable and worsens by the day. Hunger and malnutrition are widespread, and, alarmingly, deaths due to starvation, especially among children, are increasing.  The “Gaza Humanitarian Foundation” has failed to address the deepening humanitarian crisis and contributed to an unacceptable and mounting civilian death toll around the organization’s sites. To prevent the situation from getting even worse, we urge you to advocate for a large-scale expansion of humanitarian assistance and services throughout the Gaza Strip, including through the use of experienced multilateral bodies and NGOs that can get life-saving aid directly to those in need and prevent diversion.

    Beyond a negotiated ceasefire, a permanent end to this war will also require an end to Hamas rule in Gaza and ensuring that Hamas can no longer pose a serious military threat to Israel. We reaffirm our strong support for continued U.S.-led diplomacy with Israel, Palestinian leaders, and other partners in the Middle East in pursuit of the long-term goal of a negotiated two-state solution with Israelis and Palestinians living side by side in lasting peace, security, dignity, and mutual recognition.

    Finally, we write to underscore our strong opposition to the permanent forced displacement of the Palestinian people. This would be antithetical to international humanitarian law, to a sustainable end to this war that prioritizes the long-term safety and security of Israelis and Palestinians alike, to achieving a lasting peace in the Middle East, and expanding the Abraham Accords. We ask that the Administration make this clear as it seeks an end to the war.

    We stand in strong support of diplomatic efforts to return all hostages, end the fighting in Gaza, and bring humanitarian relief for the safety and prosperity of the Israeli and the Palestinian people.

    MIL OSI USA News –

  • MIL-OSI United Nations: Hailing Progress to Transform Food Systems, Deputy Secretary-General Urges Stronger Collaboration to End Global Hunger, at UN Summit+4 Stocktake’s Closing Plenary

    Source: United Nations General Assembly and Security Council

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the closing plenary of the Second United Nations Food Systems Summit Stocktake (UNFSS+4), in Addis Ababa today:

    Let me begin by extending my appreciation to the Government of Ethiopia for its warm hospitality, and to the Italian Government as well, for their support as Co-Hosts of this Second United Nations Food Systems Summit Stocktake.

    Over the last three days, we have engaged and heard from over 3,000 of you — leaders from Ethiopia and Italy, Kenya, Somalia, Comoros, Liberia, Nigeria, Uganda, Cuba; the ministers from a wide range of sectors; National Convenors and other government representatives; youth, Indigenous Peoples, food producers, business, civil society, development partners; our Rome-based agencies; and the UN system.  I am particularly grateful to the resident coordinators that joined us here in Addis and will now go back to work with renewed impetus to make food systems transformation a reality.

    The energy and vitality of this movement continues to inspire.  This gathering has reminded us of the value of coming together as a global community to benefit from the perspectives and experiences of others and to shape new, bold action for the future.

    At the UN Food Systems Summit (UNFSS) in 2021, in the midst of a global pandemic, we embarked on a journey to grow and catalyse energy behind an emerging movement for the transformation of our food systems to achieve the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs).  Too often food systems are seen as part of our challenges, when they can be one of the greatest solutions to deliver for people, planet, peace and prosperity.

    Two years ago, still grappling with the socioeconomic impacts of the pandemic, facing planetary crises and the effects of new conflicts, the Call to Action from the First Stocktake of the UN Food Systems Summit (UNFSS+2) in Rome appealed for inclusivity to strengthen our efforts to drive more targeted investment and mutual accountability.

    Since then, Governments have continued to shift how they govern and shape policy for food systems.  A total of 130 countries have articulated integrated, multisectoral National Pathways for Food Systems Transformation and here again; I want to acknowledge the incredible contribution of Sir David Nabarro.

    In 168 countries, nationally determined contributions are now reflecting the critical role of food and agriculture in reducing greenhouse gas emissions as we seek to adapt and transform.

    More than 170 countries are implementing school meal programmes that support child nutrition, often connecting with local producers and contributing to regenerative production practices.  At the subnational level, many cities are leading the way in reducing food waste and strengthening local supply chains.

    I am proud of what we have achieved.  We have heard powerful stories of progress and rising ambition since 2021 from a diverse ecosystem of partners, who are reforming policies, championing local innovation and digitalization, mobilizing investments and partnerships and empowering women and youth.

    And when it comes to our young people, there is increased understanding that ensuring youth-inclusive and youth-led food systems transformation is important both for enhancing youth welfare and building sustainable and resilient food systems.

    The food systems movement has taken root in global and regional agreements — from the Twenty-Eighth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) Declaration to initiatives emerging from the Group of Seven (G7) and Group of Twenty (G20) to regional agreements, such as the Kampala Declaration earlier this year.

    These are powerful commitments to transform food systems for people and the planet that you have helped inspire.  Thanks to your collective work and efforts we are better equipped to meet our ambition.

    You are strengthening coalitions and launching new initiatives to help drive our work, including:

    • The Food Systems Accelerator, launched by Food and Agriculture Organization (FAO), GAIN and the UN Food Systems Coordination Hub, will support countries to turn strategies into financed, scalable change.
    • Through greater uptake of the Financial Flows to Food Systems framework, co-developed by the International Fund for Agricultural Development (IFAD) and the World Bank, we can help Governments design more effective, tailored financing strategies.
    • Business engagement — co-led by the Food and Agriculture Organization (FAO), UN Global Compact and the World Business Council for Sustainable Development — broke new ground.  These efforts culminated in a Business Compendium of 15 investment-ready models, showing how business is shifting from commitment to implementation.
    • As a result of the investment pitch for Cameroon, the Global Flagship Initiative for Food Security has announced their intent to partner with the Joint SDG Fund to significantly scale up existing programmes.  The launch for this large-scale commitment will take place in New York this September 2025.
    • The Convergence Initiative helps drive integration of food systems transformation and climate action for accelerated sustainable development and represents a useful resource for countries to navigate competing policy choices with partners.
    • Investments in critical sectors, including those under the Mattei Plan for Africa, are mobilizing public-private partnerships and catalysing private sector investment.
    • The UNFSS+4 Youth Declaration, crafted by more than 3,000 youth from all over the world, called for inclusive, participatory decision-making in food systems, climate justice and intergenerational collaboration.
    • The UNFSS Coalitions of Action demonstrated that they are dynamic vehicles for food systems transformation, mobilizing diverse stakeholders across sectors and scales to deliver impact aligned with national priorities.

    With just five years until 2030, it is encouraging to see that the world remains committed to the realization of the 2030 Agenda.

    As we conclude this Stocktake, we must acknowledge that we met in the face of challenges that test our moral values and threaten the future sustainability of our planet, underscoring the urgency of our work together.

    The release of the 2025 State of Food Security and Nutrition in the World Report last night confirmed:  hunger and malnutrition persist.  Climate shocks, conflict, debt and inequality are widening the cracks in our systems.

    It is estimated that between 638 and 720 million people — a bit less than 1 in 10 people in the world — faced hunger in 2024. 2.6 billion people are still unable to afford a healthy diet.  Only about one third of children aged 6 to 23 months and two thirds of women aged 15 to 49 years achieved minimum dietary diversity globally.

    People’s access to food in conflict zones is highly constrained and — in some instances — attempts to access humanitarian relief has led to injury and death.  Whole communities experience man-made food insecurity and malnutrition, with extreme long-term consequences for their children.

    Farmers everywhere are facing unprecedented adverse climate impacts, threatening livelihoods and food security.  Developing economies are still coping with impacts of inflation, severe fiscal constraints, debt challenges and the high cost of capital.  Looking ahead, 512 million people are still projected to be facing hunger in 2030, of whom nearly 60 per cent will be in Africa.

    As we consider the pathway to 2030, peace and respect for human rights must anchor our ambition.  Every person in our world — rich or poor, young or old — has the right to food that is accessible, affordable, safe and nutritious. Present and future generations are depending on our choices.  Only through inclusive dialogue and genuine partnerships can countries and communities ensure faster and more effective progress.

    As we leave this Stocktake and take what we achieved here in Addis back home and to other milestones, clear points of emphasis have been identified:

    First, we must act urgently to summon the funding, innovations and global solidarity to build the food-secure and climate-resilient future that every person, everywhere, needs and deserves.  The dramatic reduction in life-saving humanitarian funding to respond to these needs must be immediately reversed and safe access to life-saving humanitarian support granted.

    Second, is to deepen the implementation of National Pathways for Food Systems Transformation.  The effective and meaningful participation of all relevant stakeholders is a priority, with particular attention to involving family farmers, front-line food workers, women, youth, Indigenous Peoples and local communities.

    Third, we must unlock finance and investment.  That means mobilizing domestic resources and investments at scale for all dimensions of food systems transformation.  It also means scaling up finance and investment by multilateral development banks, international financial institutions, and public development banks behind country priorities.

    And we have work to do to scale up private sector investment in agriculture and food systems.  This should include the small and medium-sized enterprises that serve as a backbone of our food systems interfacing with millions of food producers and consumers.

    Fourth, we must continue the drive for an integrated approach.  We need to simultaneously pursue policy measures that focus on equity and resilience through linking environmental, economic and social dimensions of food systems.  Policies should be rooted in local culture, communities and traditional knowledge to help guide approaches that can accelerate transformation and enhance self-reliance.

    Fifth, we must continue to leverage science, technology and knowledge.  Science and innovation are prerequisites for food systems transformation and can support alignment of health, agriculture, climate, biodiversity and economic objectives and policies.  Strong science-policy-society interfaces are essential and must appreciate traditional knowledge.

    New technologies, such as artificial intelligence, are changing our economies and our societies.  The road ahead demands we leverage the appropriate and responsible use of technology to ensure prosperity for all in a healthy and liveable planet.  The digital public infrastructure needs more investment to ensure the connectivity of our rural communities.

    And, finally, we must connect with our future.  I agree with our young people — they are not merely future beneficiaries of food systems change, they are active co-leaders in transformation.  Policies should enhance opportunities for young people to create, innovate and thrive.

    On the road to 2030, there will be important milestones that the outcomes of UNFSS+4 will inform and in which this movement will engage.  These include the World Social Summit, United Nations Framework Convention on Climate Change (UNFCCC) COP30, UN Convention on Biological Diversity COP17 and the 2027 SDG Summit.

    UNFSS+4 has reinforced the value of a dedicated space to foster collaboration, deepen systems approaches and encourage the emergence of food systems whose purposes are at the heart of the 2030 Agenda.

    The UN Food Systems Coordination Hub will continue to advance progress at country level, through our resident coordinators and country teams, accompanying National Convenors and collaborating with other partners.  Our movement has shown what is possible when we work together in deliberate ways across sectors, stakeholders and countries with a shared purpose.

    I call on Governments and people everywhere to build on what has been accomplished and continue to work together for peace and to realize the vision of the 2030 Agenda.  Let’s continue to lead the way — together.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Tsunami alert highlights worth of global early warning system

    Source: United Nations 2

    While the UN-backed International Atomic Energy Agency (IAEA) reported 
    that there had been no damage to Japan’s nuclear facilities after an 8.8 magnitude quake was recorded off Russia’s Kamchatka Peninsula, coastal communities have been taking no chances and evacuating to higher ground or moving further inland.

    Alerts were sent out within a few minutes of the Russia quake, the UN Office for Disaster Risk Reduction (UNDRR) confirmed. Although the authorities have now downgraded the threat across Japan as waves of 1.3 metres (4ft 2in) have been recorded, the advice is for people to stay in shelters until the danger diminishes from continuing sea surges.

    “It is very complex; we are observing the tsunami data in real time, so we need people to stay at the shelter until the tsunami is completed,” said tsunami engineer Professor Fumihiko Imamura from Tohoku University.

    Deadly legacy

    In the Asian island nation, memories are still raw from the 11 March 2011 Tohoku earthquake and tsunami which killed more than 18,000 people.

    Just last year, the 7.6 magnitude Noto quake left approximately 500 dead and damaged 150,000 homes.

    The disaster also caused a major accident at the Fukushima Daiichi Nuclear Power Plant, forcing tens of thousands of people from their homes. 

    Today’s developments come amid reports that the latest earthquake was among the 10 most powerful ever recorded, hence why the authorities are monitoring its impact so closely.

    So far, alerts have been triggered off the west coast of the United States, in South America from Chile to Mexico and from Papua New Guinea to Vanuatu in the Pacific. 

    “A 8.8 magnitude earthquake is a very large earthquake,” explained Kamal Kishore, Special Representative of the UN Secretary-General for Disaster Risk Reduction. 

    “As you go from magnitude eight to nine, or seven to eight, at every step the strength of the earthquake increases exponentially. So, an earthquake which is magnitude eight as opposed to seven would be 30 times bigger.” 

    Faster than a jet liner

    Speaking to UN News, Mr. Kishore highlighted the huge distances tsunamis can cover, picking up enormous energy they then dump on coastal communities. 

    Their progress can be as fast as a passenger jet and can be tracked by deep sea pressure change sensors, or tsunameters, that are connected to surface buoys which relay information in real time to satellites. This data is then modelled by national weather centres, influencing whether alerts are issued.

    “It’s a real threat because the tsunamis travel really fast from one coast to the other,” continued Mr. Kishore. “The Indian Ocean tsunami of 2004 was one of the most devastating in our memory, which travelled from all the way from the coast of Indonesia to the Sri Lankan shores within a little over an hour.”

    Lessons learned

    In addition to the coordination role of UNDRR in the global early warning system, other UN entities also closely involved include the World Meteorological Organization (WMO) and the Intergovernmental Oceanographic Commission of the UN agency for Education, Science and Culture (UNESCO-IOC).  

    The IOC’s role is critical in making sure that countries that use tsunami-tracking instrumentation follow the same standard. 

    These efforts are in line with the UN Secretary-General’s Early Warnings for All initiative to ensure that everyone on Earth is protected from hazardous weather, water or climate events through lifesaving early warning systems.

    Today, one in three people – and mainly in least developed countries and Small Island Developing States – lacks access to adequate multi-hazard early warning systems.

    “Tsunami prevention really highlights how important it is to have multilateral action” such as sharing data to run the algorithms behind wave modelling systems, insisted the UN’s Mr. Kishore. 

    “There are countries which are separated by thousands of kilometres of ocean, but they are affected by the same hazard,” he continued. 

    “If you do not share information on observing these hazards, not just in the location where they have occurred, but on what is happening in the intermediate locations in the ocean…we will not be able to warn our citizens.”  

    MIL OSI United Nations News –

  • MIL-OSI USA: July 30th, 2025 Heinrich Joins Luján, Markey to Introduce Legislation to Modernize Gas Pipeline Safety Standards, Cut Methane Leaks

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M., Ranking Member of the U.S. Senate Energy and Natural Resources Committee, joined U.S. Senators Ben Ray Luján (D-N.M.) and Ed Markey (D-Mass.) to introduce the Gas Pipeline Leak Detection and Repair Act of 2025 to modernize decades-old gas pipeline leak detection and repair requirements. The bill would codify a Pipeline and Hazardous Materials Safety Administration (PHMSA) rule that enhances the safety of natural gas pipelines by reducing methane emissions.

    The Gas Pipeline Leak Detection and Repair Act of 2025 would update decades-old leak detection and repair requirements and enhance safety by:

    1. Increasing the frequency of leak surveys and requiring the use of readily available advanced leak detection technology;

    1. Revising the reporting minimum threshold for unintentional methane emissions;

    1. Minimizing methane emissions caused by venting or blowdowns by encouraging the use of equipment for methane capture; and

    1. Establishing clarified requirements for the repair of leaks that pose a risk to public safety or the environment.

    The PHMSA rule was drafted with robust stakeholder input and support in response to section 113 of the PIPES Act of 2020. The new requirements in the rule are based on 28 consensus recommendations from representatives of the pipeline sector. The codification of this rule would simultaneously reduce methane emissions while protecting public health, promoting U.S. innovation in new technologies, lowering energy costs for families by reducing inefficiency and waste, and supporting good-paying jobs for thousands of skilled workers across the country.

    The legislation is led by Luján and Markey. Alongside Heinrich, the bill is cosponsored by U.S. Senators John Hickenlooper (D-Colo.), Sheldon Whitehouse (D-R.I.), Michael Bennet (D-Colo.), and John Fetterman (D-Pa.).

    The legislation is supported by Pipeline Safety Trust, Environmental Defense Fund, Moms Clean Air Force, Natural Resources Defense Council, and Appalachian Voices.

    A full list of supporting quotes can be found here.

    The full bill text is here.

    MIL OSI USA News –

  • MIL-OSI USA: July 30th, 2025 Heinrich, Rounds, Tillis, Kim Reintroduce Legislation Supporting AI Innovation in Financial Services

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), and Andy Kim (D-N.J.) reintroduced bipartisan legislation to promote artificial intelligence (AI) innovation in the financial services industry. The Unleashing AI Innovation in Financial Services Act will establish regulatory guardrails at financial regulatory agencies for regulated entities to test AI projects, allowing them to experiment with cutting-edge technologies in a safe way.

    “To unlock AI’s full potential and ensure it is deployed responsibly, we need regulatory guardrails that are informed by real-life use cases,” said Heinrich. “Our Unleashing AI Innovation in Financial Services Act does exactly this by enabling the private sector and government agencies to work together and encourage innovation that protects consumers.”

    The Unleashing AI Innovation in Financial Services Act establishes regulatory innovation labs for AI test projects at the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA). Regulated entities would apply through their primary regulator and must be able to demonstrate the project will serve the public interest (including consumer projection), enhance efficiency or increase competitiveness and not present a systemic risk to the financial system.

    The legislation is led by U.S. Representatives French Hill (R-Ark.), Ritchie Torres (D-N.Y.), Bryan Steil (R-Wis.), and Josh Gottheimer (D-N.J.) in the House.

    The full text of the bill is here.

    MIL OSI USA News –

  • MIL-OSI USA: Fact Sheet: President Donald J. Trump Addresses Threats to the United States from the Government of Brazil

    US Senate News:

    Source: US Whitehouse
    ADDRESSING A NATIONAL EMERGENCY: Today, President Donald J. Trump signed an Executive Order implementing an additional 40% tariff on Brazil, bringing the total tariff amount to 50%, to deal with recent policies, practices, and actions by the Government of Brazil that constitute an unusual and extraordinary threat to the national security, foreign policy, and economy of the United States.
    The Order declares a new national emergency using the President’s authority under the International Emergency Economic Powers Act of 1977 (IEEPA) and establishes an additional 40% tariff to address the Government of Brazil’s unusual and extraordinary policies and actions harming U.S. companies, the free speech rights of U.S. persons, U.S. foreign policy, and the U.S. economy.
    The Order finds that the Government of Brazil’s politically motivated persecution, intimidation, harassment, censorship, and prosecution of former Brazilian President Jair Bolsonaro and thousands of his supporters are serious human rights abuses that have undermined the rule of law in Brazil.
    USING LEVERAGE TO SAFEGUARD OUR INTERESTS: President Trump has consistently reaffirmed his commitment to defending the United States’ national security, foreign policy, and economy against foreign threats, including by safeguarding free speech, protecting U.S. companies from unlawful censorship coercion, and holding human rights abusers accountable for their lawless behavior.
    Recently, members of the Government of Brazil have taken unprecedented actions to tyrannically and arbitrarily coerce U.S. companies to censor political speech, deplatform users, turn over sensitive U.S. user data, or change their content moderation policies on pain of extraordinary fines, criminal prosecution, asset freezes, or complete exclusion from the Brazilian market. This undermines not only the viability of U.S. companies’ business operations in Brazil but also the policy of the United States in promoting free and fair elections and safeguarding fundamental human rights at home and abroad.
    For example, since 2019, Brazilian Supreme Court Justice Alexandre de Moraes has abused his judicial authority to threaten, target, and intimidate thousands of his political opponents, shield corrupt allies, and suppress dissent, often in coordination with other Brazilian officials, including other justices on Brazil’s Supreme Federal Court, to the detriment of U.S. companies operating in Brazil.
    Justice de Moraes has unilaterally issued hundreds of orders to secretly censor his political critics. When U.S. companies have refused to comply with these orders, he imposed substantial fines, ordered the companies’ exclusion from Brazil’s social media market, threatened their executives with criminal prosecution, and, in one case, froze the assets of a U.S. company in Brazil in an effort to coerce compliance.
    In fact, in addition to jailing individuals without trial for social media posts, Justice de Moraes is currently overseeing the Government of Brazil’s criminal prosecution of Paulo Figueiredo, a U.S. resident, for speech he made on U.S. soil, and has supported criminal investigations into other U.S. persons after they exposed his gross violations of human rights and corruption.

    President Trump is defending American companies from extortion, protecting American persons from political persecution, safeguarding American free speech from censorship, and saving the American economy from being subject to the arbitrary edicts of a tyrannical foreign judge.
    PUTTING AMERICA FIRST: By imposing these tariffs to address the Government of Brazil’s reckless actions, President Trump is protecting the national security, foreign policy, and economy of the United States from a foreign threat. In line with his election mandate, President Trump has also taken other actions to achieve peace through strength and ensure foreign policy reflects U.S. values, sovereignty, and security.
    On Day One, President Trump signed an “America First Policy Directive” to the Secretary of State that declared that the United States’ foreign policy must always put the interests of America and its citizens first.
    Consistent with this directive, on May 28, 2025, Secretary Rubio announced a visa restriction policy targeting foreign nationals responsible for the censorship of protected expression in the United States.
    Pursuant to that policy, on July 18, President Trump directed Secretary Rubio to revoke visas belonging to Justice de Moraes, his allies on the Court, and their immediate family members for their role in enabling Justice de Moraes’ human rights violations against Brazilians and free speech violations against Americans.
    Preserving and protecting the free speech rights of all Americans and defending American companies from coerced censorship will remain at the forefront of President Trump’s America First foreign policy strategy.
    President Trump has successfully used tariffs in the past to advance America’s interests and address other urgent national security threats and is doing so again today.

    MIL OSI USA News –

  • MIL-OSI Security: U.S. and Chile Sign New Biometric Identification Transnational Migration Alert Program Agreement

    Source: US Department of Homeland Security

    The Trump Administration will pursue all tools at its disposal to keep America safe

    SANTIAGO, CHILE – Today, the United States and Chile signed a new Biometric Identification Transnational Migration Alert Program (BITMAP) letter of intent to continue this crucial information sharing system between the two nations.

    “Data sharing benefits everyone – except bad actors who wish to do us and our people harm,” U.S. Secretary of Homeland Security Kristi Noem said in a statement. “Today, we kick-started a Biometric Identification Transnational Migration Alert Program (BITMAP) to help both nations better track criminals, terrorists, other dangerous individuals who try to cross our borders and do us harm. America, Chile, and the entire western hemisphere will be safer because of these efforts.”

    Biometric data is critical for vetting, tracking, and keeping the worst of the worst criminal aliens from around the globe from crossing our borders. To increase both countries’ capabilities in that effort, the U.S. trained Chilean law enforcement on a successful BITMAP pilot program this past spring.

    The letter of intent signed today will serve as a “bridge” for Chile and the U.S. as the two countries work towards a full partnership. Once BITMAP is fully operational, both countries will enjoy increased cooperation in identifying and tracking transnational criminals, terrorists, and other high-risk individuals who are attempting to enter American borders.

    Now, Chilean officials can identify potentially dangerous individuals among illegal third-country aliens to prevent their travel to the U.S., and they also have the capability to use BITMAP in Chilean prisons to fully vet prisoners and detainees.

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    MIL Security OSI –

  • MIL-OSI Asia-Pac: President Lai meets delegation from US National Endowment for Democracy

    Source: Republic of China Taiwan

    Details
    2025-07-24
    President Lai meets Somaliland Foreign Minister Abdirahman Dahir Adam  
    On the morning of July 24, President Lai Ching-te met with a delegation led by Republic of Somaliland Minister of Foreign Affairs and International Cooperation Abdirahman Dahir Adam. In remarks, President Lai thanked the Somaliland government for its longstanding, staunch support for Taiwan-Somaliland relations. The president mentioned that this year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices and that our exchanges in various areas have yielded significant results. He expressed hope for continuing to deepen our partnership, advancing our bilateral friendship and fruitful cooperation. A translation of President Lai’s remarks follows: I warmly welcome all of our guests to Taiwan. This is the first visit to Taiwan for Minister Adam, Minister Khadir Hussein Abdi, and Admiral Ahmed Hurre Hariye. I thank you for your high regard and support for Taiwan. I also very much appreciate that Lead Advisor Mohamed Omar Hagi Mohamoud, who served as representative of Somaliland to Taiwan during the past five years, continues deepening Taiwan-Somaliland ties in his new role. Somaliland is renowned as a beacon of democracy in the Horn of Africa. I want to once again congratulate Somaliland on successfully holding presidential and political party elections last November, which garnered praise from the international community. At that time, I appointed Deputy Minister of Foreign Affairs François Chihchung Wu (吳志中) to serve as special envoy and lead a delegation to attend the inauguration of President Abdirahman Mohamed Abdullahi, demonstrating that Taiwan would work closely with Somaliland’s new government to write a new chapter in our friendship. Recently, authoritarian regimes have continued to apply new forms of coercion as they intensify suppression of Taiwan’s and Somaliland’s international participation. In response, our two sides must continue to deepen our partnership and demonstrate the resilience of democratic alliances, as well as our staunch commitment to defending our values.  This year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices. Through our joint efforts, we have continued to expand exchanges in various areas, yielding significant results. This afternoon, we will also sign an agreement on coast guard cooperation, launching bilateral cooperation in maritime affairs. Regarding President Abdullahi’s focus on maritime security, the blue economy, and other policy objectives, we can strengthen our bilateral partnership moving forward. In addition, we also hope to work together with like-minded countries such as the United States, and through trilateral or multilateral cooperation platforms, realize the strategic goal of a non-red Somaliland coastline. I want to thank the Somaliland government once more for its longstanding, staunch support for Taiwan-Somaliland relations. I look forward to working with all of you to continue to advance our bilateral friendship and fruitful cooperation. In closing, I once again welcome Minister Adam and the delegation. I have every confidence that, in addition to advancing bilateral cooperation, this trip will allow you to experience Taiwan’s natural beauty and diverse culture. Minister Adam then delivered remarks, thanking the government and people of Taiwan for the warm hospitality they have received since their arrival. He stated that Taiwan is a peaceful nation and that it shares with Somaliland the value of democracy. He stated that we also share the goal of obtaining recognition, so he is glad that the Taiwan-Somaliland relationship is growing by the day. Minister Adam pointed out that there is much pressure that we are both facing in our relationship, but he reassured President Lai that no amount of pressure can change Somaliland’s strong ties with Taiwan. He also thanked the Taiwan government for the help it has proffered to Somaliland, adding that our relationship will only get better. Minister Adam said that Taiwan and Somaliland can cooperate in many areas and that there is more opportunity in Somaliland than any other country, adding that Somaliland is open for investment from Taiwan. Noting that our countries can also collaborate in other areas such as education and maritime security, the minister said that he is glad they will be signing a cooperative agreement in maritime security with Taiwan. He then said he is looking forward to a better relationship in the future. The delegation was accompanied to the Presidential Office by Somaliland Representative to Taiwan Mahmoud Adam Jama Galaal.  

    Details
    2025-07-22
    President Lai meets cross-party Irish Oireachtas delegation
    On the morning of July 22, President Lai Ching-te met with a cross-party delegation from the Oireachtas (parliament) of Ireland. In remarks, President Lai stated that Taiwan and Ireland are both guardians of the values of freedom and democracy. He indicated that Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community, saying that we look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: Deputy Speaker John McGuinness is a dear friend of Taiwan who also chairs the Ireland-Taiwan Parliamentary Friendship Association. Thanks to his efforts over the years, support for Taiwan has grown stronger in the Oireachtas. I thank him and all of our guests for traveling such a long way to demonstrate support for Taiwan and open more doors for exchanges and cooperation. Europe is Taiwan’s third largest trading partner and largest source of foreign investment. Ireland is a European stronghold for technology and innovative industries. Just like Taiwan, Ireland is an export-oriented economy. Our industrial structures are highly complementary. We hope that Taiwan’s electronics manufacturing and machinery industries can explore deeper cooperation with Ireland’s ICT software and biopharmaceutical fields, creating win-win outcomes. In May, the Irish government launched its National Semiconductor Strategy, outlining a vision to become a global semiconductor hub. Taiwan is home to the world’s most critical semiconductor ecosystem, and our own industrial development closely parallels that of Ireland. Moreover, we aspire to build non-red technological supply chains with democratic partners. I believe that going forward, Taiwan and Ireland can bolster collaboration so as to upgrade the competitiveness of our respective semiconductor industries. Together, we can help build a values-based economic system for democracies. I was delighted to receive congratulations from Deputy Speaker McGuinness on my election. Taiwan and Ireland are both guardians of the values of freedom and democracy. This visit from our guests further attests to our common beliefs. As authoritarianism continues to expand, Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community. We look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. Deputy Speaker McGuinness then delivered remarks, stating that he has been to Taiwan on many occasions and that it is a great honor to join President Lai and his staff at the Presidential Office. He said that Ireland has continued to build its strong relationship with Taiwan based on our democratic values and the interests that we have in trade throughout the world, strengthening this relationship based on culture, education, and more. Noting that he served with many other diplomats from Taiwan, he said all had the same goal, which was to further the interests of the Ireland-Taiwan friendship and to ensure that it grows and prospers. The deputy speaker then extended to President Lai the delegation’s best wishes for his term in office, stating that they commit to the same values as the previous friendship groups that have been visiting Taiwan. He went on to say that some members of the group are newly elected, representing the next generation of the association, and that they are committed to working together with Taiwan to stand strong in the defense of democracy. Deputy Speaker McGuinness also noted that the father of Deputy Ken O’Flynn, one of the delegation members, played an important role as a former chairman of the association, remarking that it is good to see such continuity taking place. Deputy Speaker McGuiness said that he believes the world is facing huge challenges and uncertainty in terms of our markets and trade with one another. He said we have to watch for what the United States will do next and be conscious of what China is doing, emphasizing that the European Union stands strong in the center of this, while Ireland plays a huge role in the context of democracy, trade, and the betterment of all things for the citizens that they represent. The deputy speaker then stated that while we focus on the development of AI that is extremely important for all of us, we can work together to ensure that we control AI rather than AI controlling us. He also remarked that we cannot lose sight of our traditional trading means, saying that we have to keep all of our trade together, expand on that trade, and then take on the new technologies that come before us. Deputy Speaker McGuinness concluded his remarks by thanking President Lai for receiving the delegation, stating that they commit to their continuation of support for Taiwan and for democracy. Also in attendance were Deputies Malcolm Byrne and Barry Ward, and Senator Teresa Costello.

    Details
    2025-07-22
    President Lai meets official delegation from European Parliament’s Special Committee on the European Democracy Shield
    On the morning of July 22, President Lai Ching-te met with an official delegation from the European Parliament’s Special Committee on the European Democracy Shield (EUDS). In remarks, President Lai thanked the committee for choosing to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe. President Lai emphasized that Taiwan, standing at the very frontline of the democratic world, is determined to protect democracy, peace, and prosperity worldwide. He expressed hope that we can share our experiences with Europe to foster even more resilient societies. A translation of President Lai’s remarks follows: Firstly, on behalf of the people of Taiwan, I extend a warm welcome to your delegation, which marks another official visit from the European Parliament. The Special Committee on the EUDS aims to strengthen societal resilience and counter disinformation and hybrid threats. Having been constituted at the beginning of this year, the committee has chosen to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe and the unlimited possibilities for deepening cooperation on issues of concern. I am also delighted to see many old friends of Taiwan gathered here today. I deeply appreciate your longstanding support for Taiwan. Taiwan and the European Union enjoy close trade and economic relations and share the values of freedom and democracy. However, in recent years, we have both been subjected to information manipulation and infiltration by foreign forces that seek to interfere in democratic elections, foment division in our societies, and shake people’s faith in democracy. Taiwan not only faces an onslaught of disinformation, but also is the target of gray-zone aggression. That is why, after taking office, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office, with myself as convener. The committee is a platform that integrates domestic affairs, national defense, foreign affairs, cybersecurity, and civil resources. It aims to strengthen the capability of Taiwan’s society to defend itself against new forms of threat, pinpoint external and internal vulnerabilities, and bolster overall resilience and security. The efforts that democracies make are not for opposing anyone else; they are for safeguarding the way of life that we cherish – just as Europe has endeavored to promote diversity and human rights. The Taiwanese people firmly believe that when our society is united and people trust one another, we will be able to withstand any form of authoritarian aggression. Taiwan stands at the very frontline of the democratic world. We are determined to protect democracy, peace, and prosperity worldwide. We also hope to share our experiences with Europe and deepen cooperation in such fields as cybersecurity, media literacy, and societal resilience. Thank you once again for visiting Taiwan. Your presence further strengthens the foundations of Taiwan-Europe relations. Let us continue to work together to uphold freedom and democracy and foster even more resilient societies. EUDS Special Committee Chair Nathalie Loiseau then delivered remarks, saying that the delegation has members from different countries, including France, Germany, the Czech Republic, Poland, and Belgium, and different political parties, but that they have in common their desire for stronger relations between the EU and Taiwan. Committee Chair Loiseau stated that the EU and Taiwan, having many things in common, should work more together. She noted that we have strong trade relations, strong investments on both sides, and strong cultural relations, while we are also facing very similar challenges and threats. She said that we are democracies living in a world where autocracies want to weaken and divide democracies. She added that we also face external information manipulation, cyberattacks, sabotage, attempts to capture elites, and every single gray-zone activity that aims to divide and weaken us. Committee Chair Loiseau pointed out another commonality, that we have never threatened our neighbors. She said that we want to live in peace and we care about our people; we want to defend ourselves, not to attack others. We are not being threatened because of what we do, she emphasized, but because of what we are; and thus there is no reason for not working more together to face these threats and attacks. Committee Chair Loiseau said that Taiwan has valuable experience and good practices in the area of societal resilience, and that they are interested in learning more about Taiwan’s whole-of-society approach. They in Europe are facing interference, she said, mainly from Russia, and they know that Russia inspires others. She added that they in the EU also have experience regulating social media in a way which combines freedom of expression and responsibility. In closing, the chair said that they are happy to have the opportunity to exchange views with President Lai and that the European Parliament will continue to strongly support relations between the EU and Taiwan. The delegation also included Members of the European Parliament Engin Eroglu, Tomáš Zdechovský, Michał Wawrykiewicz, Kathleen Van Brempt, and Markéta Gregorová.

    Details
    2025-07-17
    President Lai meets President of Guatemalan Congress Nery Abilio Ramos y Ramos  
    On the morning of July 17, President Lai Ching-te met with a delegation led by Nery Abilio Ramos y Ramos, the president of the Congress of the Republic of Guatemala. In remarks, President Lai thanked Congress President Ramos and the Guatemalan Congress for their support for Taiwan, and noted that official diplomatic relations between Taiwan and Guatemala go back more than 90 years. As important partners in the global democratic community, the president said, the two nations will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. A translation of President Lai’s remarks follows:  I recall that when Congress President Ramos visited Taiwan in July last year, he put forward many ideas about how our countries could promote bilateral cooperation and exchanges. Now, a year later, he is leading another cross-party delegation from the Guatemalan Congress on a visit, demonstrating support for Taiwan and continuing to help deepen our diplomatic ties. In addition to extending a sincere welcome to the distinguished delegation members who have traveled so far to be here, I would also like to express our concern and condolences for everyone in Guatemala affected by the earthquake that struck earlier this month. We hope that the recovery effort is going smoothly. Official diplomatic relations between Taiwan and Guatemala go back more than 90 years. In such fields as healthcare, agriculture, education, and women’s empowerment, we have continually strengthened our cooperation to benefit our peoples. Just last month, Guatemala’s President Bernardo Arévalo and the First Lady led a delegation on a state visit to Taiwan. President Arévalo and I signed a letter of intent for semiconductor cooperation, and also witnessed the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. This has laid an even sounder foundation for bilateral exchanges and cooperation, and will help enhance both countries’ international competitiveness. Taiwan is currently running a semiconductor vocational training program, helping Guatemala cultivate semiconductor talent and develop its tech industry, and demonstrating our determination to share experience with democratic partners. At the same time, we continue to assist Taiwanese businesses in their efforts to develop overseas markets with Guatemala as an important base, spurring industrial development in both countries and increasing economic and trade benefits. I want to thank Congress President Ramos and the Guatemalan Congress for their continued support for Taiwan’s international participation. Representing the Guatemalan Congress, Congress President Ramos has signed resolutions in support of Taiwan, and has also issued statements addressing China’s misinterpretation of United Nations General Assembly Resolution 2758. Taiwan and Guatemala, as important partners in the global democratic community, will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. Congress President Ramos then delivered remarks, first noting that the members of the delegation are not only from different parties, but also represent different classes, cultures, professions, and departments, which shows that the diplomatic ties between Guatemala and the Republic of China (Taiwan) are based on firm friendships at all levels and in all fields. Noting that this was his second time to visit Taiwan and meet with President Lai, Congress President Ramos thanked the government of Taiwan for its warm hospitality. With the international situation growing more complex by the day, he said, Guatemala highly values its longstanding friendship and cooperative ties with Taiwan, and hopes that both sides can continue to deepen their cooperation in such areas as the economy, technology, education, agriculture, and culture, and work together to spur sustainable development in each of our countries. Congress President Ramos said that the way the Taiwan government looks after the well-being of its people is an excellent model for how other countries should promote national development and social well-being. Accordingly, he said, the Guatemalan Congress has stood for justice and, for a second time, adopted a resolution backing Taiwan’s participation in the World Health Assembly. Regarding President Arévalo’s state visit to Taiwan the previous month, Congress President Ramos commented that this high-level interaction has undoubtedly strengthened the diplomatic ties between Taiwan and Guatemala and led to more opportunities for cooperation. Congress President Ramos emphasized that democracy, freedom, and human rights are universal values that bind Taiwan and Guatemala together, and that he is confident the two countries’ diplomatic ties will continue to grow deeper. In closing, on behalf of the Republic of Guatemala, Congress President Ramos presented President Lai with a Chinese translation of the resolution that the Guatemalan Congress proposed to the UN in support of Taiwan’s participation in international organizations, demonstrating the staunch bonds of friendship between the two countries. The delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.  

    Details
    2025-07-08
    President Lai meets delegation led by Foreign Minister Jean-Victor Harvel Jean-Baptiste of Republic of Haiti
    On the morning of July 8, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste of the Republic of Haiti and his wife. In remarks, President Lai noted that our two countries will soon mark the 70th anniversary of diplomatic relations and that our exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. The president stated that Taiwan will continue to work together with Haiti to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. The president thanked Haiti for supporting Taiwan’s international participation and expressed hope that both countries will continue to support each other, deepen cooperation, and face various challenges together. A translation of President Lai’s remarks follows: I am delighted to meet and exchange ideas with Minister Jean-Baptiste, his wife, and our distinguished guests. Minister Jean-Baptiste is the highest-ranking official from Haiti to visit Taiwan since former President Jovenel Moïse visited in 2018, demonstrating the importance that the Haitian government attaches to our bilateral diplomatic ties. On behalf of the Republic of China (Taiwan), I extend a sincere welcome. Next year marks the 70th anniversary of the establishment of diplomatic ties between our two countries. Our bilateral exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. Over the past few years, Haiti has faced challenges in such areas as food supply and healthcare. Taiwan will continue to work together with Haiti through various cooperative programs to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. I want to thank the government of Haiti and Minister Jean-Baptiste for speaking out in support of Taiwan on the international stage for many years. Minister Jean-Baptiste’s personal letter to the World Health Organization Secretariat in May this year and Minister of Public Health and Population Bertrand Sinal’s public statement during the World Health Assembly both affirmed Taiwan’s efforts and contributions to global public health and supported Taiwan’s international participation, for which we are very grateful. I hope that Taiwan and Haiti will continue to support each other and deepen cooperation. I believe that Minister Jean-Baptiste’s visit will open up more opportunities for cooperation for both countries, helping Taiwan and Haiti face various challenges together. In closing, I once again offer a sincere welcome to the delegation led by Minister Jean-Baptiste, and ask him to convey greetings from Taiwan to Prime Minister Alix Didier Fils-Aimé and the members of the Transitional Presidential Council. Minister Jean-Baptiste then delivered remarks, saying that he is extremely honored to visit Taiwan and reaffirm the solid and friendly cooperative relationship based on mutual respect between the Republic of Haiti and the Republic of China (Taiwan), which will soon mark its 70th anniversary. He also brought greetings to President Lai from Haiti’s Transitional Presidential Council and Prime Minister Fils-Aimé. Minister Jean-Baptiste emphasized that over the past few decades, despite the great geographical distance and developmental and cultural differences between our two countries, we have nevertheless established a firm friendship and demonstrated to the world the progress resulting from the mutual assistance and cooperation between our peoples. Minister Jean-Baptiste pointed out that our two countries cooperate closely in agriculture, health, education, and community development and have achieved concrete results. Taiwan’s voice, he said, is thus essential for the people of Haiti. He noted that Taiwan also plays an important role in peace and innovation and actively participates in global cooperative efforts. Pointing out that the world is currently facing significant challenges and that Haiti is experiencing its most difficult period in history, Minister Jean-Baptiste said that at this time, Taiwan and Haiti need to unite, help each other, and jointly think about how to move forward and deepen bilateral relations to benefit the peoples of both countries. Minister Jean-Baptiste said that he is pleased that throughout our solid and friendly diplomatic relationship, both countries have demonstrated mutual trust, mutual respect, and the values we jointly defend. He then stated his belief that Haiti and Taiwan will together create a cooperation model and future that are sincere, friendly, and sustainable. The delegation was accompanied to the Presidential Office by Chargé d’Affaires a.i. Francilien Victorin of the Embassy of the Republic of Haiti in Taiwan.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: U.S. and Chile Sign New Biometric Identification Transnational Migration Alert Program Agreement

    Source: US Federal Emergency Management Agency

    Headline: US and Chile Sign New Biometric Identification Transnational Migration Alert Program Agreement

    The Trump Administration will pursue all tools at its disposal to keep America safe
    SANTIAGO, CHILE – Today, the United States and Chile signed a new Biometric Identification Transnational Migration Alert Program (BITMAP) letter of intent to continue this crucial information sharing system between the two nations

    “Data sharing benefits everyone – except bad actors who wish to do us and our people harm,” US
    Secretary of Homeland Security Kristi Noem said in a statement
    “Today, we kick-started a Biometric Identification Transnational Migration Alert Program (BITMAP) to help both nations better track criminals, terrorists, other dangerous individuals who try to cross our borders and do us harm
    America, Chile, and the entire western hemisphere will be safer because of these efforts”

    Biometric data is critical for vetting, tracking, and keeping the worst of the worst criminal aliens from around the globe from crossing our borders
    To increase both countries’ capabilities in that effort, the US trained Chilean law enforcement on a successful BITMAP pilot program this past spring

    The letter of intent signed today will serve as a “bridge” for Chile and the US as the two countries work towards a full partnership
    Once BITMAP is fully operational, both countries will enjoy increased cooperation in identifying and tracking transnational criminals, terrorists, and other high-risk individuals who are attempting to enter American borders

    Now, Chilean officials can identify potentially dangerous individuals among illegal third-country aliens to prevent their travel to the US, and they also have the capability to use BITMAP in Chilean prisons to fully vet prisoners and detainees

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: ICE Philadelphia arrests Mexican national with warrant for rape in Pennsylvania

    Source: US Immigration and Customs Enforcement

    PHILADELPHIA — U.S. Immigration and Customs Enforcement’s Enforcement and Removal Operations Philadelphia and Homeland Security Investigations Philadelphia, IRS Philadelphia and ATF Philadelphia arrested Silvestre Herrera-Vasquez, a 48-year-old citizen of Mexico, in Malvern July 28.

    “The arrest of dangerous criminal illegal aliens like Herrera-Vasquez demonstrates ICE’s absolute commitment to ensuring the safety and security of our communities,” said ERO Philadelphia Field Office Director Brian McShane. “I commend our partner agencies for continuing to collaborate with ERO in finding, arresting and removing these individuals. By working together, we are able to leverage our collective resources and expertise to apprehend dangerous criminals and uphold the law. Our partnerships are essential in our mission to protect the public and maintain the integrity of our immigration system.”

    Herrera-Vasquez entered the United States at an unknown date and time.

    The Philadelphia Police Department arrested him May 15, 2011, under the alias “Alex Acosta,” for retail theft. He was convicted on Aug. 17, 2011, and fined. On Jan. 10, 2014, the Philadelphia Police Department issued a warrant for Herrera-Vasquez under the alias “Marcos Garcia-Reyes” for strongarm rape.

    Herrera-Vasquez will be processed for expedited removal and will remain in ICE custody pending removal proceedings.

    Members of the public with information can report crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE Philadelphia’s mission to increase public safety in our Pennsylvania, Delaware and West Virginia communities on X at @EROPhiladelphia.

    MIL OSI USA News –

  • MIL-OSI United Nations: Haitians in ‘despair’ following abrupt suspension of US humanitarian support

    Source: United Nations 2

    The cancellation of most US funding in January means many services to the most vulnerable people have been cut or put on hold.

    Multiple political, security and socio-economic crises have led to 5.7 million people suffering from a lack of food and have forced 1.3 million people to flee their homes.

    With a dramatic reduction in funding Haiti faces a crucial “turning point.”

    UN News spoke to OCHA’s country director, Modibo Traore, about the current situation.

    UN News: What is the current state of humanitarian funding in Haiti?

    Humanitarian funding in Haiti is going through a critical phase, marked by a growing gap between the needs and available resources. As of 1 July, only around 8 per cent of the $908 million required had been mobilized.

    This partial coverage only allows a fraction of the 3.6 million people targeted to be reached.

    © UNICEF/Maxime Le Lijour

    UN aid agencies continue to support Haitian people with humanitarian aid.

    The sectors most affected are food security, access to drinking water, primary healthcare, education and protection.

    This contraction in international support is part of a global context of multiple competing crises – Ukraine, Gaza, Sudan – but also reflects a loss of political interest in the Haitian issue.

    UN News: What conditions in Haiti have led to such significant funding needs?

    The growing humanitarian needs observed in Haiti are the result of an accumulation of structural and cyclical factors. On the socioeconomic front, multidimensional poverty affects a large part of the population.

    Haiti’s exposure to natural hazards is an aggravating factor.

    The country has experienced several major hurricanes that struck the southern region less than a week after an earthquake that severely affected the area, not to mention repeated droughts that have had a major impact on agriculture and livestock farming.

    © UNOCHA/Giles Clarke

    The downtown area of Port-au-Prince remains extremely dangerous due to gang activity.

    Since 2019, a new dimension has emerged; chronic insecurity caused by the proliferation of armed groups, particularly in the capital, Port-au-Prince, and now in the Centre and Artibonite departments.

    In 2024, the multidimensional crisis that has been shaking Haiti for years has become catastrophic.

    The level of violence and insecurity remains high, with devastating consequences for the population, including massive displacement of people who were already in vulnerable situations.

    UN News: How has the growing control of armed groups affected donor confidence?

    The rise of armed groups in Haiti and their increasing control of strategic locations, particularly major roads and ports of entry to the capital, is a major obstacle to the safe and efficient delivery of humanitarian aid.

    This dynamic has an impact on the risk perception of international donors, who now assess Haiti as a high-threat environment for intervention. Access to beneficiaries has become irregular in many areas.

    The deterioration of the security situation represents a major challenge for mobilizing and maintaining financial commitments.

    Donors have expressed concerns about operational risks, particularly regarding securing supply chains, preventing exploitation and ensuring accountability.

    The operational cost of aid has also increased.

    UN News: What is the impact of the new approach taken by the US administration?

    On 20 January, 2025, President Donald Trump signed Executive Order 14169, which imposed an immediate suspension of all new foreign funding by US federal agencies, including humanitarian programs run by USAID and multilateral partners.

    In the case of Haiti, the effects were felt through the sudden halt of approximately 80 per cent of US-funded programmes. NGO partner staff were laid off, payments were suspended, and supply chains were disrupted.

    © WFP/Theresa Piorr

    US food aid is prepared for delivery following floods in Haiti in 2022.

    Beyond the structural effects, this suspension created profound uncertainty in the Haitian humanitarian system. This situation not only weakened the continuity of essential services but also affected trust between beneficiary communities and humanitarian actors.

    UN News: To what extent is the current situation unprecedented?

    The year 2025 marks a turning point in humanitarian aid in Haiti. This crisis is not the result of a single or isolated event, but rather a series of deteriorating situations in the context of gradually waning international attention.

    The interruption of US programmes has acted as a catalyst for the crisis. USAID’s technical partners, many of whom managed community health programmes in vulnerable neighbourhoods, have ceased operations, depriving hundreds of thousands of people of vital services.

    US-co-funded health centres have closed, leaving pregnant women and children without assistance.

    The current crisis demonstrates the country’s growing isolation.

    While previous crises had prompted rapid international solidarity, the humanitarian response to the situation in 2025 has been slow and partial.

    UN News: What difficult decisions have had to be made regarding cutting aid?

    The interruption of funding has forced humanitarian organizations to make ethically complex and often painful trade-offs.

    In the area of protection, for example, safe spaces for women and girls have been drastically reduced.

    © MINUSTAH/Logan Abassi

    The long-term development of Haiti is at risk as funding decreases.

    Cash transfer programmes, widely used in urban areas since 2021, have also been suspended. These programmes enabled vulnerable households to maintain a minimum level of food security. Their suspension has led to a resurgence of coping mechanisms such as child labour, less food and children being taken out of school.

    Resilience-building activities have also been affected. Programmes combining food security, urban agriculture, and access to water—often co-financed by USAID and UN funds—have been frozen.

    This compromises not only the immediate response but also the development of medium-term solutions.

    UN News: How are Haitians being affected?

    Children are among the hardest hit. UNICEF and its partners have treated more than 4,600 children suffering from severe acute malnutrition, representing only 3.6 per cent of the 129,000 children expected to need treatment this year.

    The proportion of institutional maternal deaths has also increased from 250 to 350 per 100,000 live births between February 2022 and April 2025.

    © PAHO/WHO/David Lorens Mentor

    A survivor of rape rests at a site for internally displaced people in Port-au-Prince.

    In terms of security, the effects are equally worrying. Gender-based sexual violence (GBV) has increased in neighbourhoods controlled by armed groups.

    In short, the withdrawal of US funding has led to a multidimensional regression in the rights of women and girls in Haiti, with consequences that are likely to last for several years.

    UN News: How have people in Haiti reacted?

    Beneficiaries expressed a sense of despair at the sudden suspension of the services.

    In working-class neighbourhoods of Port-au-Prince as well as in remote rural areas, the cessation of food distributions, community healthcare, and cash transfers was experienced as a breach of the moral contract between communities and humanitarian institutions.

    Humanitarian partners communicate transparently about the reduction of support, so communities are, to some extent, aware of the financial constraints.

    MIL OSI United Nations News –

  • MIL-OSI USA News: Suspending Duty-Free De Minimis Treatment for All Countries

    Source: US Whitehouse

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, it is hereby ordered:

    Section 1.  Background.  In Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Canada to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) and section 2(b) of that order.  In Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary of Commerce (Secretary) that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    In Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Mexico to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order.  In Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    In Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), I declared a national emergency regarding the unusual and extraordinary threat from the failure of the Government of the People’s Republic of China (PRC) to arrest, seize, detain, or otherwise intercept chemical precursor suppliers, money launderers, other transnational criminal organizations, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order.  In Executive Order 14200 of February 5, 2025 (Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China), I paused the suspension of duty-free de minimis treatment for articles described in section 2(a) of Executive Order 14195 until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    I subsequently received notification from the Secretary that adequate systems have been established to process and collect duties for articles of the PRC and Hong Kong that would otherwise be eligible for duty-free de minimis treatment, and in Executive Order 14256 of April 2, 2025 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports), I suspended duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for products of the PRC and Hong Kong described in section 2(a) of Executive Order 14195, as amended by Executive Order 14228 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China).  In addition, I instructed the Secretary to submit a report regarding the impact of Executive Order 14256 on American industries, consumers, and supply chains and to make recommendations for further action as he deems necessary.

    In Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), I declared a national emergency with respect to underlying conditions indicated by the large and persistent annual U.S. goods trade deficits.  I also provided that duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) would remain available for products described in section 3(a) of that order until I received a notification by the Secretary that adequate systems are in place to fully and expeditiously process and collect duties applicable for articles otherwise eligible for duty-free de minimis treatment.

    The Secretary has notified me that adequate systems are now in place to fully and expeditiously process and collect duties for articles otherwise eligible for duty-free de minimis treatment on a global basis, including for products described in section 2(a) and section 2(b) of Executive Order 14193, section 2(a) of Executive Order 14194, and section 3(a) of Executive Order 14257.

    In my judgment, I determine that it is still necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) in the manner and for the articles described below to deal with the unusual and extraordinary threats, which have their source in whole or substantial part outside the United States, to the national security, foreign policy, and economy of the United States. 

    I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Canadian goods to deal with the emergency declared in Executive Order 14193, as amended.  In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14193, as amended, are effective in addressing the emergency declared in Executive Order 14193 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14193 is not undermined.  For example, many shippers go to great lengths to evade law enforcement and hide illicit substances in imports that go through international commerce.  These shippers conceal the true contents of shipments sent to the United States through deceptive shipping practices.  Some of the techniques employed by these shippers to conceal the true contents of the shipments, the identity of the distributors, and the country of origin of the imports include the use of re-shippers in the United States, false invoices, fraudulent postage, and deceptive packaging.  The risks of evasion, deception, and illicit-drug importation are particularly high for low-value articles that have been eligible for duty-free de minimis treatment.

    Independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Mexican goods to deal with the emergency declared in Executive Order 14194, as amended.  In my judgment, and for substantially similar reasons as above, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14194, as amended, are effective in addressing the emergency declared in Executive Order 14194 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14194 is not undermined.

    Independently, and after considering information newly provided by the Secretary, among other things, I determine that it is still necessary and appropriate to continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain goods of the PRC and Hong Kong to deal with the emergency declared in Executive Order 14195, as amended.  In my judgment, and for substantially similar reasons as above, this suspension is still necessary and appropriate to ensure that the tariffs imposed by Executive Order 14195, as amended, are effective in addressing the emergency declared in Executive Order 14195 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14195 is not undermined.

    Also independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) on a global basis to deal with the emergency declared in Executive Order 14257, as amended.  In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14257, as amended, are not evaded and are effective in addressing the emergency declared in Executive Order 14257 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14257 is not undermined.

    Each of my determinations to suspend or continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) are independent from the other.  And each determination is made only for the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.

    Sec. 2.  Suspension of Duty-Free de minimis Treatment.  (a)  The duty-free de minimis exemption provided under 19 U.S.C. 1321(a)(2)(C) shall no longer apply to any shipment of articles not covered by 50 U.S.C. 1702(b), regardless of value, country of origin, mode of transportation, or method of entry.  Accordingly, all such shipments, except those sent through the international postal network, shall be subject to all applicable duties, taxes, fees, exactions, and charges.  International postal shipments not covered by 50 U.S.C. 1702(b) shall be subject to the duty rates described in section 3 of this order.  Entry for all shipments that — prior to the effective date of this order — qualified for the de minimis exemption, except for shipments sent through the international postal network, shall be filed using an appropriate entry type in the Automated Commercial Environment (ACE) by a party qualified to make such entry.

    (b)  Shipments sent through the international postal network that would otherwise qualify for the de minimis exemption under 19 U.S.C. 1321(a)(2)(C) shall pass free of any duties except those specified in section 3 of this order, and without the preparation of an entry by U.S. Customs and Border Protection (CBP), until such time as CBP establishes a new entry process and publishes that process in the Federal Register.  

    Sec. 3.  Duty Rates for International Postal Shipments.  (a)  Transportation carriers delivering shipments to the United States through the international postal network, or other parties if qualified in lieu of such transportation carriers, must collect and remit duties to CBP using the methodology described in either subsection (b) or (c) of this section.  Each transportation carrier shall apply the same methodology across all covered shipments during any given period but may change its methodology no more than once per calendar month, or on another schedule determined to be appropriate by CBP, upon providing at least 24 hours’ notice to CBP.

    (b)  A duty equal to the effective IEEPA tariff rate applicable to the country of origin of the product shall be assessed on the value of each dutiable postal item (package) containing goods entered for consumption.

    (c)  A specific duty shall be assessed on each package containing goods entered for consumption, based on the effective IEEPA tariff rate applicable to the country of origin of the product as follows:

    (i)    Countries with an effective IEEPA tariff rate of less than 16 percent:  $80 per item;

    (ii)   Countries with an effective IEEPA tariff rate between 16 and 25 percent (inclusive):  $160 per item; and

    (iii)  Countries with an effective IEEPA rate above 25 percent:  $200 per item.

    (d)  For all international postal shipments subject to the methodologies described in subsections (b) and (c) of this section, the country of origin of the article must be declared to CBP.

    (e)  The specific duty methodology provided for in subsection (c) of this section shall be available for transportation carriers to select for a period of 6 months from the effective date of this order.  After such time all shipments to the United States through the international postal network must comply with the ad valorem duty methodology in subsection (b) of this section.

    (f)  Shipments sent through the international postal network that are subject to antidumping and countervailing duties or a quota must continue to be entered under an appropriate entry type in ACE to the extent required by all applicable regulations.

    Sec. 4.  Implementation.  (a)  The requirements and procedures established by sections 2 and 3 of this order shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

    (b)  The provisions of this order supersede section 2 of Executive Order 14256, as amended, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

    (c)  Consistent with applicable law, the Secretary of Homeland Security is directed and authorized to take all necessary actions to implement and effectuate this order — including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order.  The Secretary of Homeland Security, in consultation with the United States International Trade Commission (ITC), shall determine whether modifications to the Harmonized Tariff Schedule of the United States are necessary to effectuate this order and may make such modifications through notice in the Federal Register.  The Secretary of Homeland Security shall consult with the Secretary of State, the Secretary of the Treasury, the Attorney General, the Secretary of Commerce, the United States Trade Representative, the ITC, and the Postmaster General, where appropriate.  The Secretary of Homeland Security may, consistent with applicable law, redelegate any of these functions within the Department of Homeland Security.  All executive departments and agencies shall take all appropriate measures within their authority to implement this order.

    (d)  To ensure remittance of duties in accordance with this order, and to assure compliance with other legal requirements, CBP is authorized to require a basic importation and entry bond as described in 19 C.F.R. 113.62 for informal entries valued at or less than $2,500.  Any carrier that transports international postal shipments to the United States, by any mode of transportation, must have an international carrier bond as described in 19 C.F.R. 113.64 to ensure payment of the duties described in section 3 of this order.  CBP is authorized to ensure that the international carrier bonds required by this subsection are sufficient to account for the duties described in section 3 of this order.

    Sec. 5.  Definition.  As used in this order, the term “effective IEEPA tariff rate” means the total duty rate imposed on articles to address a national emergency declared under IEEPA, including Executive Order 14257, as amended; Executive Order 14193; as amended, Executive Order 14194, as amended; and Executive Order 14195, as amended, in accordance with the stacking rules set out in Executive Order 14289 of April 29, 2025 (Addressing Certain Tariffs on Imported Articles), and any subsequent order or proclamation addressing stacking or the applicability of tariffs imposed under IEEPA.

    Sec. 6.  Severability.  (a)  If any provision of this order or the application of any provision of this order to any individual or circumstance is held to be invalid, the remainder of this order and the application of its provisions to any other individuals or circumstances shall not be affected.

    (b)(i)  If the additional duties imposed under Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended, are held to be invalid, the suspension of, or continued suspension of, duty-free de minimis treatment, as detailed in this order, shall not be affected.  Duty-free de minimis treatment would still be suspended, whether pursuant to my authority under 50 U.S.C. 1702(a)(1)(B) to “regulate . . . importation” or my authority under that provision to “nullify” or “void” “exercising any right . . . or privilege with respect to . . . any property,” in the way and to the extent explained in this order, to deal with the emergencies declared in Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended.  Such suspensions are still necessary and appropriate to address the unusual and extraordinary threats to the national security, foreign policy, and economy of the United States.  Each determination to suspend or continue to suspend duty-free de minimis treatment is still independent from the other determination and made only with the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.  CBP is directed and authorized to take all necessary actions consistent with applicable law to implement and effectuate this order in line with this section ‑- including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order in line with this section.

    (ii)  Duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall remain available for postal shipments until notification by the Secretary to the President that adequate systems are in place to fully and expeditiously process and collect duties applicable for postal shipments otherwise eligible for duty-free de minimis treatment.  After such notification, duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall not be available for postal shipments.

    Sec. 7.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive

    department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    (d)  The costs for publication of this order shall be borne by the Department of Homeland Security.

                                 DONALD J. TRUMP

    THE WHITE HOUSE,

        July 30, 2025.

    MIL OSI USA News –

  • MIL-OSI: EZCORP Reports Third Quarter Fiscal 2025 Results Continued Top-line Momentum Drives Exceptional Earnings Growth

    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 –

  • MIL-OSI: Tenaris Announces 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, July 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2025 in comparison with its results for the quarter ended June 30, 2024.

    Summary of 2025 Second Quarter Results

    (Comparison with first quarter of 2025 and second quarter of 2024)

      2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 3,086 2,922 6% 3,322 (7%)
    Operating income ($ million) 583 550 6% 512 14%
    Net income ($ million) 542 518 5% 348 56%
    Shareholders’ net income ($ million) 531 507 5% 335 59%
    Earnings per ADS ($) 0.99 0.94 5% 0.59 68%
    Earnings per share ($) 0.50 0.47 5% 0.29 68%
    EBITDA* ($ million) 733 696 5% 650 13%
    EBITDA margin (% of net sales) 23.7% 23.8%   19.6%  

    * EBITDA in 2Q 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $821 million, or 24.7% of sales.

    In the second quarter, our sales rose 6% sequentially reflecting an increase in North American OCTG prices and stable volumes. EBITDA and net income also rose. Margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Our free cash flow for the quarter amounted to $538 million and, after spending $600 million on dividends and $237 million on share buybacks, our net cash position amounted to $3.7 billion at June 30, 2025.

    Market Background and Outlook

    Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2 Mb/d voluntary production cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity, however, has remained relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi Arabia. Mexico, with the recent financing of Pemex, may start to recover some activity after its extended decline. 

    Following the recent increase in tariffs on imports of steel products from 25% to 50%, we expect U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time. 

    For the second half, as anticipated in our last conference call, our sales will show a moderate decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects. Our margins will also be affected by the recent increase in tariff costs. 

    Analysis of 2025 Second Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 2Q 2025 1Q 2025 2Q 2024
    Seamless 803 775 4% 805 0%
    Welded 179 212 (16%) 228 (21%)
    Total 982 987 (1%) 1,033 (5%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 2Q 2025 1Q 2025 2Q 2024
    (Net sales – $ million)          
    North America 1,403 1,244 13% 1,439 (2%)
    South America 531 552 (4%) 599 (11%)
    Europe 215 208 3% 269 (20%)
    Asia Pacific, Middle East and Africa 771 761 1% 823 (6%)
    Total net sales ($ million) 2,920 2,765 6% 3,130 (7%)
    Services performed on third party tubes ($ million) 110 101 8% 102 7%
    Operating income ($ million) 554 514 8% 459 21%
    Operating margin (% of sales) 19.0% 18.6%   14.7%  
               

    Net sales of tubular products and services increased 6% sequentially and decreased 7% year on year. Sequentially, a 1% decline in volumes sold was offset by a 6% increase in average selling prices. In North America sales increased due to higher OCTG prices in the region and higher shipments to the US offshore. In South America sales decreased following a reduction in shipments to the Raia offshore project in Brazil compensated by the start of shipments for the Vaca Muerta Sur pipeline in Argentina and higher coating services in the Caribbean. In Europe sales were stable sequentially however year on year we had lower sales of offshore line pipe. In Asia Pacific, Middle East and Africa sales were stable as we had lower sales in Saudi Arabia, compensated by higher sales of offshore line pipe and coating services in sub-Saharan Africa and for a gas processing plant in Algeria.

    Operating results from tubular products and services amounted to a gain of $554 million in the second quarter of 2025 compared to a gain of $514 million in the previous quarter and a gain of $459 million in the second quarter of 2024. Despite the increase in average selling prices margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 166 157 6% 192 (14%)
    Operating income ($ million) 29 36 (21%) 52 (45%)
    Operating margin (% of sales) 17.3% 23.1%   27.3%  
               

    Net sales of other products and services increased 6% sequentially and decreased 14% year on year. Sequentially, sales increased mainly due to higher sales of oilfield services in Argentina, excess raw materials and energy sold to third parties which had a lower margin.

    Selling, general and administrative expenses, or SG&A, amounted to $484 million, or 15.7% of net sales, in the second quarter of 2025, compared to $457 million, 15.6% in the previous quarter and $497 million, 15.0% in the second quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher services and fees, taxes, and other expenses.

    Other operating results amounted to a loss of $6 million in the second quarter of 2025, compared to a gain of $6 million in the previous quarter and a $170 million loss in the second quarter of 2024. In the second quarter of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $32 million in the second quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $57 million in the second quarter of 2024. Financial result of the quarter is mainly attributable to a $54 million net finance income from the net return of our portfolio investments partially offset by foreign exchange and derivatives results.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $33 million in the second quarter of 2025, compared to a gain of $14 million in the previous quarter and a loss of $83 million in the second quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX) and in the second quarter of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax charge amounted to $105 million in the second quarter of 2025, compared to $81 million in the previous quarter and $138 million in the second quarter of 2024. Sequentially, the higher income tax charge reflects better results at several subsidiaries.

    Cash Flow and Liquidity of 2025 Second Quarter

    Net cash generated by operating activities during the second quarter of 2025 was $673 million, compared to $821 million in the previous quarter and $0.9 billion in the second quarter of 2024. During the second quarter of 2025 cash generated by operating activities includes a net working capital reduction of $26 million.

    With capital expenditures of $135 million, our free cash flow amounted to $538 million during the quarter. Following a dividend payment of $600 million and share buybacks of $237 million in the quarter, our net cash position amounted to $3.7 billion at June 30, 2025.

    Analysis of 2025 First Half Results

      6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 6,008 6,763 (11%)
    Operating income ($ million) 1,133 1,323 (14%)
    Net income ($ million) 1,060 1,098 (4%)
    Shareholders’ net income ($ million) 1,038 1,072 (3%)
    Earnings per ADS ($) 1.94 1.87 4%
    Earnings per share ($) 0.97 0.93 4%
    EBITDA* ($ million) 1,429 1,637 (13%)
    EBITDA margin (% of net sales) 23.8% 24.2%  

    * EBITDA in 6M 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $1,808 million, or 26.7% of sales.

    Our sales in the first half of 2025 decreased 11% compared to the first half of 2024 as volumes of tubular products shipped decreased 5% and tubes average selling prices decreased 7% due to price declines in North America. Following the decrease in sales, EBITDA margin declined from 26.7%, excluding a $171 million provision, to 23.8% and EBITDA declined 21%. While net income declined 4% year on year, earnings per share increased 4% following the reduction of outstanding shares due to the share buyback.

    Cash flow provided by operating activities amounted to $1.5 billion during the first half of 2025, including a reduction in working capital of $250 million. After capital expenditures of $309 million, our free cash flow amounted to $1.2 billion. Following a dividend payment of $600 million and share buybacks for $474 million in the semester, our net cash position amounted to $3.7 billion at the end of June 2025.

    The following table shows our net sales by business segment for the periods indicated below:

    Net sales ($ million) 6M 2025 6M 2024 Increase/(Decrease)
    Tubes 5,686 95% 6,421 95% (11%)
    Others 322 5% 342 5% (6%)
    Total 6,008   6,763   (11%)
               

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 6M 2025 6M 2024 Increase/(Decrease)
    Seamless 1,578 1,582 0%
    Welded 390 496 (21%)
    Total 1,969 2,078 (5%)
           

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 6M 2025 6M 2024 Increase/(Decrease)
    (Net sales – $ million)      
    North America 2,647 3,028 (13%)
    South America 1,083 1,216 (11%)
    Europe 423 522 (19%)
    Asia Pacific, Middle East and Africa 1,532 1,656 (7%)
    Total net sales ($ million) 5,686 6,421 (11%)
    Services performed on third parties tubes ($ million) 211 294 (28%)
    Operating income ($ million) 1,068 1,245 (14%)
    Operating margin (% of sales) 18.8% 19.4%  
           

    Net sales of tubular products and services decreased 11% to $5,686 million in the first half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease in average selling prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in the United States and Canada and 7% internationally compared to the first half of 2024.

    Operating results from tubular products and services amounted to a gain of $1,068 million in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months of 2024 our Tubes operating income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas and a $39 million gain from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on margins.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 322 342 (6%)
    Operating income ($ million) 65 78 (17%)
    Operating margin (% of sales) 20.2% 23.0%  
           

    Net sales of other products and services decreased 6% to $322 million in the first half of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker rods, coiled tubing and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina.

    Operating results from other products and services amounted to a gain of $65 million in the first half of 2025, compared to a gain of $78 million in the first half of 2024. Results were mainly derived from our oilfield services business in Argentina and from the sale of sucker rods.

    Selling, general and administrative expenses, or SG&A, declined from $1,005 million in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of sales. The decline in SG&A expenses is mainly due to lower taxes, labor costs and depreciation and amortization.

    Other operating results amounted to a loss of $50 thousand in the first half of 2025, compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $67 million in the first half of 2025, compared to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months of 2025 due to a stronger net financial position, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine bond previously recognized in other comprehensive income.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $47 million in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax amounted to a charge of $187 million in the first half of 2025, compared to $223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several subsidiaries.

    Cash Flow and Liquidity of 2025 First Half

    Net cash provided by operating activities during the first half of 2025 amounted to $1.5 billion (including a reduction in working capital of $250 million), compared to cash provided by operations of $1.8 billion (net of a reduction in working capital of $276 million) in the first half of 2024.

    Capital expenditures amounted to $309 million in the first half of 2025, compared to $333 million in the first half of 2024. Free cash flow amounted to $1.2 billion in the first half of 2025, compared to $1.5 billion in the first half of 2024.

    Following a dividend payment of $600 million in May 2025 and share buybacks of $474 million during the first half of 2025, our net cash position amounted to $3.7 billion at the end of June 2025.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on July 31, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/dy4pxaxk

    If you wish to participate in the Q&A session please register at the following link:
    https://register-conf.media-server.com/register/BI13b7d2b9dcce43d79257fc8cfbdde30c

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

    Consolidated Condensed Interim Income Statement

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
      (Unaudited) (Unaudited)
    Net sales 3,085,672 3,321,677 6,007,884 6,763,221
    Cost of sales (2,013,639) (2,143,614) (3,934,494) (4,277,666)
    Gross profit 1,072,033 1,178,063 2,073,390 2,485,555
    Selling, general and administrative expenses (483,633) (496,688) (940,698) (1,004,820)
    Other operating income 4,317 9,461 16,105 25,485
    Other operating expenses (9,983) (179,127) (16,150) (182,847)
    Operating income 582,734 511,709 1,132,647 1,323,373
    Finance Income 63,669 68,884 142,113 125,173
    Finance Cost (9,712) (15,722) (21,457) (36,305)
    Other financial results, net (22,294) 4,021 (53,735) (56,447)
    Income before equity in earnings of non-consolidated companies and income tax 614,397 568,892 1,199,568 1,355,794
    Equity in earnings (losses) of non-consolidated companies 32,651 (82,519) 46,686 (34,340)
    Income before income tax 647,048 486,373 1,246,254 1,321,454
    Income tax (105,342) (138,147) (186,684) (223,003)
    Income for the period 541,706 348,226 1,059,570 1,098,451
             
    Attributable to:        
    Shareholders’ equity 531,323 335,186 1,038,254 1,072,166
    Non-controlling interests 10,383 13,040 21,316 26,285
      541,706 348,226 1,059,570 1,098,451
     

    Consolidated Condensed Interim Statement of Financial Position

    (all amounts in thousands of U.S. dollars) At June 30, 2025 At December 31, 2024
      (Unaudited)  
    ASSETS        

    Non-current assets

    		        
    Property, plant and equipment, net 6,168,254   6,121,471  
    Intangible assets, net 1,362,262   1,357,749  
    Right-of-use assets, net 147,197   148,868  
    Investments in non-consolidated companies 1,575,101   1,543,657  
    Other investments 1,009,677   1,005,300  
    Deferred tax assets 835,954   831,298  
    Receivables, net 152,215 11,250,660 205,602 11,213,945

    Current assets

    		        
    Inventories, net 3,486,537   3,709,942  
    Receivables and prepayments, net 244,958   179,614  
    Current tax assets 415,626   332,621  
    Contract assets 60,182   50,757  
    Trade receivables, net 1,892,116   1,907,507  
    Derivative financial instruments 2,676   7,484  
    Other investments 2,482,514   2,372,999  
    Cash and cash equivalents 572,289 9,156,898 675,256 9,236,180
    Total assets   20,407,558   20,450,125

    EQUITY

    		        
    Shareholders’ equity   16,583,542   16,593,257
    Non-controlling interests   211,117   220,578
    Total equity   16,794,659   16,813,835

    LIABILITIES

    		        

    Non-current liabilities

    		        
    Borrowings 4,361   11,399  
    Lease liabilities 94,170   100,436  
    Derivative financial instruments 1,552   –  
    Deferred tax liabilities 472,640   503,941  
    Other liabilities 296,990   301,751  
    Provisions 61,746 931,459 82,106 999,633

    Current liabilities

    		        
    Borrowings 319,919   425,999  
    Lease liabilities 53,917   44,490  
    Derivative financial instruments 9,254   8,300  
    Current tax liabilities 298,803   366,292  
    Other liabilities 792,982   585,775  
    Provisions 156,387   119,344  
    Customer advances 139,751   206,196  
    Trade payables 910,427 2,681,440 880,261 2,636,657

    Total liabilities

    		   3,612,899   3,636,290
    Total equity and liabilities   20,407,558   20,450,125
     

    Consolidated Condensed Interim Statement of Cash Flows

    (all amounts in thousands of U.S. dollars)   Three-month period ended June 30, Six-month period ended June 30,
        2025 2024 2025 2024
        (Unaudited) (Unaudited)
    Cash flows from operating activities          
    Income for the period   541,706 348,226 1,059,570 1,098,451
    Adjustments for:          
    Depreciation and amortization   150,002 138,509 296,408 313,951
    Bargain purchase gain   – (2,211) – (2,211)
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas   8,650 170,610 18,527 170,610
    Income tax accruals less payments   (36,660) (84,340) (90,793) (113,562)
    Equity in earnings (losses) of non-consolidated companies   (32,651) 82,519 (46,686) 34,340
    Interest accruals less payments, net   (4,616) (14,573) (13,039) (2,635)
    Changes in provisions   628 (6,277) (1,765) (4,732)
    Changes in working capital   26,499 285,066 250,316 275,518
    Others, including net foreign exchange   19,589 17,672 21,609 52,448
    Net cash provided by operating activities   673,147 935,201 1,494,147 1,822,178
               
    Cash flows from investing activities          
    Capital expenditures   (135,454) (161,318) (309,292) (333,415)
    Changes in advances to suppliers of property, plant and equipment   (18,769) (13,467) (5,853) (10,515)
    Cash decrease due to deconsolidation of subsidiaries   (1,848) – (1,848) –
    Acquisition of subsidiaries, net of cash acquired   – 25,946 – 25,946
    Loan to joint ventures   – (1,391) (1,359) (2,745)
    Proceeds from disposal of property, plant and equipment and intangible assets   56,829 723 57,729 6,135
    Dividends received from non-consolidated companies   41,348 53,136 41,348 53,136
    Changes in investments in securities   94,299 (277,085) (131,337) (1,036,752)
    Net cash used in investing activities   36,405 (373,456) (350,612) (1,298,210)
               
    Cash flows from financing activities          
    Dividends paid   (600,317) (458,556) (600,317) (458,556)
    Dividends paid to non-controlling interest in subsidiaries   (27,264) – (27,264) –
    Changes in non-controlling interests   – (5) – 1,115
    Acquisition of treasury shares   (236,744) (492,322) (473,932) (803,386)
    Payments of lease liabilities   (15,392) (16,614) (30,047) (33,382)
    Proceeds from borrowings   128,874 365,149 476,443 1,195,096
    Repayments of borrowings   (145,831) (418,521) (574,956) (1,172,599)
    Net cash used in financing activities   (896,674) (1,020,869) (1,230,073) (1,271,712)
               
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
               
    Movement in cash and cash equivalents          
    At the beginning of the period   758,952 1,323,056 660,798 1,616,597
    Effect of exchange rate changes   (338) (15,237) (2,768) (20,158)
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
    At June 30,   571,492 848,695 571,492 848,695
     

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Income for the period 541,706 348,226 1,059,570 1,098,451
    Income tax charge 105,342 138,147 186,684 223,003
    Equity in earnings (losses) of non-consolidated companies (32,651) 82,519 (46,686) 34,340
    Financial Results (31,663) (57,183) (66,921) (32,421)
    Depreciation and amortization 150,002 138,509 296,408 313,951
    EBITDA 732,736 650,218 1,429,055 1,637,324
             

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Net cash provided by operating activities 673,147 935,201 1,494,147 1,822,178
    Capital expenditures (135,454) (161,318) (309,292) (333,415)
    Free cash flow 537,693 773,883 1,184,855 1,488,763
             

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Cash and cash equivalents 572,289 850,236
    Other current investments 2,482,514 2,452,375
    Non-current investments 1,002,523 1,120,834
    Derivatives hedging borrowings and investments (3,698) –
    Current borrowings (319,919) (559,517)
    Non-current borrowings (4,361) (21,386)
    Net cash / (debt) 3,729,348 3,842,542
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Inventories 3,486,537 3,834,623
    Trade receivables 1,892,116 2,185,425
    Customer advances (139,751) (298,158)
    Trade payables (910,427) (1,020,453)
    Operating working capital 4,328,475 4,701,437
    Annualized quarterly sales 12,342,688 13,286,708
    Operating working capital days 128 129
     

    Giovanni Sardagna      
    Tenaris
     1-888-300-5432
    www.tenaris.com

    The MIL Network –

  • 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 –

  • 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 –

  • MIL-OSI: Gran Tierra Energy Inc. Reports Second Quarter 2025 Results & Another Quarter of Record Production

    Source: GlobeNewswire (MIL-OSI)

    • Achieved Record Total Company Average Quarterly Production of 47,196 boepd
    • Funds Flow From Operations(1)of $54 million, Adjusted EBITDA(1)of $77 million and Return to Free Cash Flow
    • Signed Mandate Letter for Funding of Up to $200 Million
    • Entered into Binding Agreement to Exit the UK North Sea
    • Achieved Company Record Total of 32 Million Hours Without a Lost Time Injury
    • Recorded Operating Costs per boe of $13.42 for the Quarter – the Lowest Since The First Quarter of 2022

    CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE: GTE) announced the Company’s financial and operating results for the quarter ended June 30, 2025 (the “Quarter”) and provided an operational update. All dollar amounts are in United States (“U.S.”) dollars and all production volumes are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Production is expressed in barrels (“bbl”) of oil equivalent (“boe”) per day (“boepd” or “boe/d”) and are based on WI sales before royalties. For per boe amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed July 30, 2025.

    Message to Shareholders

    Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “Gran Tierra delivered record-setting production this quarter, reflecting the strength of our diversified portfolio and consistent operational execution across Colombia, Ecuador, and Canada.

    In Ecuador, we are building on the momentum of our Iguana Block discoveries with the planned drilling of two high-impact exploration wells in the Charapa Block later this year. In Colombia, the successful development drilling at Costayaco and Cohembi, along with the strong early waterflood response in Cohembi’s north area, underscores the ongoing potential of our core assets and validates our disciplined approach to reservoir management. In Acordionero, our proactive waterflood management, surface facility upgrades, pump upsizes and ongoing improvement in electrical submersible pump run lives continue to mitigate base decline.

    In Canada, our Montney and Clearwater assets are delivering encouraging results, with three gross-wells (1.2 net) brought on stream in the Quarter, outperforming expectations. These outcomes further reinforce our strategy of disciplined capital allocation and balanced growth as we focus on generating long-term value for our stakeholders.

    We continue to optimize our portfolio with the signed disposition of the UK North Sea assets, which is expected to close in the third quarter of 2025.”

    Operational Update:

    • Safety: Since 2022, Gran Tierra has achieved a record of 32 million person-hours equating to more than 3 years without a lost time injury.
    • Ecuador
      • Building on the successful discoveries in the Iguana Block during the first quarter of 2025, civil works are currently underway to support the drilling of the final two wells under Gran Tierra’s exploration commitments in the country. These wells are planned for the Charapa Block in the Conejo prospect, with drilling expected to commence toward the end of the third quarter of 2025.
    • Colombia
      • Gran Tierra successfully drilled the first of three development wells planned for 2025 in the northern area of the Costayaco field. The Costayaco-63 well was perforated in four productive sands, stimulated, and placed on immediate production. The well is currently producing ~800 bbls of oil per day (“bopd”) with a 48% watercut compared to an average field watercut of 92%. In July, the second well—Costayaco-64—was drilled, stimulated and completed. The well is currently producing ~1,300 bopd with a 13% watercut. The final well, Costayaco-65, was spud on July 20, 2025 and is scheduled to be brought on production in August 2025.
      • During the Quarter the remaining two wells of the 2025 five well Cohembi program were brought onto production. The average drilling cost of the five wells was ~$3.0 million per well, representing a 47% reduction from the prior operator’s average last five wells drilled in 2017/18. As part of the program and to support pressure, water injection began on May 30, 2025. A strong waterflood response and increase of greater than 2,600 bopd gross across the northern part of the field has been observed and continues to improve.
      • The Cristobal well in LLA-85 was drilled below budget to total depth (“TD”) and abandoned, fulfilling all the commitments on the block.
      • In Acordionero, production in the Quarter averaged ~14,200 bopd compared to ~13,800 bopd in the first quarter of 2025 (the “Prior Quarter”). Increases in base production were achieved by increasing total fluid production through planned electrical submersible pump upsizes, additional surface injection capacity allowing for continued growth of total fluid production and water injection. Record highs were achieved in both total fluid production (~89,400 bbls/day) and water injection (~85,000 bbls/day) during the Quarter.
    • Canada
      • In the Simonette, the first two (1.0 net) Lower Montney wells were completed successfully and brought on stream on April 5, 2025. Results from both wells are currently out-performing management’s current type curves. The third Montney well was spud on June 29, 2025 and reached TD on July 18, 2025. The fourth Montney well was spud on July 22, 2025 and is expected to reach total depth in the first half of August.

    Enhanced Liquidity:

    • Gran Tierra is pleased to announce it has signed a mandate letter with a syndicate of banks for a $200 million prepayment facility backed by crude oil deliveries. The Company is progressing toward full documentation, with closing expected in the third quarter of 2025 and funding anticipated shortly thereafter. The facility is structured to enhance financial flexibility, support long-term capital planning, and optimize the Company’s debt maturity profile. Further details of the prepayment will be announced in due course once final terms are agreed upon.
    • Separately, Gran Tierra recently completed the semi-annual redetermination of its Canadian credit facility, with lenders confirming an unchanged borrowing base of C$100 million. This outcome reflects the continued strength and stability of the Company’s Canadian asset base. The facility provides C$50 million in available commitments, comprised of a C$35 million syndicated facility and a C$15 million operating facility with a maturity date of October 31, 2026. The next redetermination is scheduled on or before November 30, 2025.
    • Gran Tierra also employs a disciplined, risk-managed hedging strategy designed to protect cash flow, support capital planning, and enhance financial stability across commodity cycles. The Company utilizes a diversified mix of oil and gas hedges that provide downside protection while preserving upside exposure. This proactive approach contributed to a $14 million derivative hedging gain booked during the Quarter. The Company also maintains a rolling 12-month hedging program to further mitigate volatility:
      • South American Oil Hedges (Brent): For the second half of 2025, Gran Tierra has hedged approximately 50% of its South American oil production with a weighted average floor of $63.16 per barrel and a ceiling of $76.50 per barrel. For the first half of 2026 the Company has hedged approximately 33% of its South American oil production with a weighted average floor of $61.67 per barrel and a ceiling of $75.58.
      • Canadian Oil Hedges (West Texas Intermediate): For the second half of 2025, Gran Tierra has hedged approximately 60% of its Canadian oil production with a weighted average floor of $61.67 per barrel and a ceiling of $72.37 per barrel. For the first half of 2026 the Company has hedged approximately 50% of its Canadian oil production with a weighted average floor of $56.82 per barrel and a ceiling of $72.01.
      • Canadian Gas Hedges (AECO): For the second half of 2025, Gran Tierra has hedged approximately 40% of its Canadian gas production with a weighted average floor of $2.82 per GJ and a ceiling of $2.96 per GJ.
      • FX Hedges (COP to USD): Starting in April 2025, Gran Tierra entered into a 12-month, $10 million per month hedging program for the COP to USD exchange rate. The hedges have a floor of 4,430 and a ceiling of 4,705.

    Key Highlights of the Quarter:

    • Production: Gran Tierra’s total average WI production was 47,196 boepd, which was 44% higher than the second quarter of 2024 due to the production from the Canadian operations acquired on October 31, 2024 and positive exploration well drilling results in Ecuador. Total average WI production was 1% higher than the Prior Quarter as a result of successful drilling in Simonette, Cohembi infill drilling and waterflood management, strong Acordionero performance and continued exploration success in Ecuador from the Iguana wells. Working interest sales in the Quarter decreased to 45,727 boepd primarily due to the deferral of 143,730 barrels of Ecuador oil production, which were held in inventory at the end of June and subsequently sold in July.
    • Net Income (Loss): Gran Tierra incurred a net loss of $13 million, compared to a net loss of $19 million in the Prior Quarter and net income of $36 million in the second quarter of 2024.
    • Adjusted EBITDA(1): Adjusted EBITDA(1) was $77 million compared to $85 million in the Prior Quarter and $103 million in the second quarter of 2024. Twelve-month trailing net debt(1) to adjusted EBITDA(1) was 2.3 times (only accounts for eight months of Canadian operations adjusted EBITDA) and the Company continues to have a long-term target ratio of 1.0 times.
    • Funds Flow from Operations(1): Funds flow from operations(1) was $54 million ($1.53 per share), up 17% from the second quarter of 2024 and down 3% from the Prior Quarter. Brent price decreased by 11% per bbl compared to the Prior Quarter and our cash netback(1) decreased by 1% illustrating the resiliency of the portfolio.
    • Net Cash Provided by Operating Activities: Net cash provided by operating activities was $35 million ($0.98 per share), down 53% from the Prior Quarter and down 53% from the second quarter of 2024.
    • Cash and Debt: As of June 30, 2025, the Company had a cash balance of $61 million, total debt of $807 million and net debt(1) of $746 million. During the Quarter, the Company drew a total of $45 million on its credit facilities to fund capital expenditures. There were significant capital expenditures in the first quarter, amounting to approximately 40% of budgeted capital expenditures for the year, which were paid in the Quarter resulting in the Company drawing on its credit facilities. We currently forecast the facilities to have a zero balance by the end of the year. In addition to the $61 million cash on hand as of June 30, 2025, the Company currently has approximately $112 million in credit and lending facilities with $47 million drawn as of June 30, 2025.
    • Share Buybacks: Gran Tierra repurchased 239,754 shares of common stock during the Quarter. From January 1, 2023, to July 28, 2025, the Company repurchased approximately 5.2 million shares, or 15% of shares issued and outstanding on January 1, 2023.

    Additional Key Financial Metrics:

    • Capital Expenditures: Capital expenditures were $51 million during the Quarter which were lower than the $95 million in the Prior Quarter and lower than $61 million in the second quarter of 2024. During the Quarter the majority of capital expenditures were incurred in Colombia on Cohembi drilling and infrastructure.
    • Oil, Natural Gas and Natural Gas Liquids (“NGL”) Sales: Gran Tierra generated sales of $152 million, down 8% from the second quarter of 2024 primarily as a result of a 22% decrease in Brent pricing, partially offset by 43% higher sales volumes due to higher production and lower Castilla, Oriente, and Vasconia oil differentials. Oil sales decreased 11% from the Prior Quarter primarily due to an 11% decrease in Brent price, partially offset by lower Castilla, Oriente, and Vasconia oil differentials.
    • South American Quality and Transportation Discounts: The Company’s quality and transportation discounts in South America per bbl were lower during the Quarter at $10.30, compared to $11.58 in the Prior Quarter and $12.79 in the second quarter of 2024. The Castilla oil differential per bbl tightened to $4.73, down from $5.34 in the Prior Quarter and $8.21 in the second quarter of 2024 (Castilla is the benchmark for the Company’s Middle Magdalena Valley Basin oil production). The Vasconia differential per bbl tightened to $1.71, down from $2.27 in the Prior Quarter, and $4.00 in the second quarter of 2024. The Ecuadorian benchmark, Oriente, per bbl was $7.26, down from $7.65 in the Prior Quarter and $8.38 in the second quarter of 2024. The current(2) differentials are approximately $4.38 per bbl for Castilla, $1.38 per bbl for Vasconia, and $7.64 per bbl for Oriente.
    • Operating Expenses: On a per boe basis, operating expenses decreased by 17% when compared to the second quarter of 2024 and 16% when compared to the Prior Quarter, primarily due to lower workover activities and lower lifting costs associated with inventory build-up in Ecuador, power generation, and equipment rentals. This was the lowest operating expense per boe achieved since the first quarter of 2022. Total operating expenses decreased by 17% to $56 million, compared to the Prior Quarter, largely driven by lower workover activities and reduced lifting costs related to power generation, equipment rental, and inventory fluctuation in Ecuador. Compared to the second quarter of 2024, total operating expenses increased by 19% from $47 million, primarily due to the addition of Canadian operations and the ramp-up of activity in Ecuador. The increase in total operating costs is commensurate with the 44% increase in production.
    • Transportation Expenses: The Company’s transportation expenses increased by 10% to $8 million, compared to the Prior Quarter’s transportation expenses of $7 million as a result of incremental sales volumes transported by Canadian operations resulting in higher tolls. When compared to the second quarter of 2024 transportation expenses increased from $6 million due to new Canadian operations, higher sales volumes transported in Ecuador, partially offset by lower sales volumes transported in Colombia.
    • Operating Netback(1)(3): The Company’s operating netback(1)(3) was $21.39 per boe, down 6% from the Prior Quarter and down 45% from the second quarter of 2024, primarily as a result of a decrease in oil pricing. The decrease from the second quarter of 2024 is a result in the change in the Company’s production mix with the addition of the Canadian assets.
    • General and Administrative (“G&A”) Expenses: G&A expenses before stock-based compensation were $3.48 per boe, up from $2.86 per boe in the Prior Quarter, due to the timing of certain annual corporate expenses. G&A expenses before stock-based compensation were down from $3.77 per boe, compared to the second quarter of 2024 as a result of higher sales volumes from the inclusion of Canadian operations in the Quarter.
    • Cash Netback(1): Cash netback(1) per boe decreased to $12.95, compared to $13.04 in the Prior Quarter, primarily as a result of lower operating netback(1) and were offset by lower current income tax expense and positive cash settlement on derivative instruments. Compared to one year ago, cash netback(1) per boe decreased by $2.90 from $15.85 per boe as a result of lower operating netback(1) while being offset by lower current tax expense.

    Financial and Operational Highlights (all amounts in $000s, except per share and boe amounts)

    Consolidated Financial Data Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,
      2025 2024   2025   2025 2024
                   
    Net (Loss) Income $(12,741) $36,371   $(19,280)   $(32,021) $36,293
    Per Share – Basic and Diluted $(0.36) $1.16   $(0.54)   $(0.90) $1.15
                   
    Oil, Natural Gas and NGL Sales $152,481 $165,609   $170,533   $323,014 $323,186
    Operating Expenses (55,855) (47,035)   (67,354)   (123,209) (95,501)
    Transportation Expenses (7,618) (5,690)   (6,911)   (14,529) (10,274)
    Operating Netback (1)(3) $89,008 $112,884   $96,268   $185,276 $217,411
                   
    G&A Expenses Before Stock-Based Compensation $14,460 $10,967   $12,143   $26,603 $21,749
    G&A Stock-Based Compensation Expense (Recovery) 546 6,160   (517)   29 9,521
    G&A Expenses, Including Stock Based Compensation $15,006 $17,127   $11,626   $26,632 $31,270
                   
    Adjusted EBITDA (1) $76,987 $103,004   $85,162   $162,149 $197,796
                   
    EBITDA (1) $84,908 $101,187   $79,710   $164,618 $193,078
                   
    Net Cash Provided by Operating Activities $34,677 $73,233   $73,230   $107,907 $134,060
                   
    Funds Flow from Operations (1) $53,906 $46,167   $55,344   $109,250 $120,474
                   
    Capital Expenditures (Before Changes in Working Capital) $51,170 $61,273   $94,727   $145,897 $116,604
                   
    Free Cash Flow (1) $2,736 $(15,106)   $(39,383)   $(36,647) $3,870
                   
    Average Daily Production (boe/d)              
    WI Production Before Royalties 47,196 32,776   46,647   46,923 32,509
    Royalties (7,396) (6,774)   (8,084)   (7,738) (6,586)
    Production NAR 39,800 26,002   38,563   39,185 25,923
    Decrease (Increase) in Inventory (1,469) (811)   461   (509) (288)
    Sales 38,331 25,191   39,024   38,676 25,635
    Royalties, % of WI Production Before Royalties 16% 21%   17%   16% 20%
                   
    Cash Netback ($/boe )(1)              
    Average Realized Price before Royalties 43.71 72.24   48.55   46.14 69.27
    Royalties (7.07) (15.31)   (8.33)   (7.69) (14.16)
    Average Realized Price 36.64 56.93   40.22   38.45 55.11
    Transportation Expenses (1.83) (1.96)   (1.63)   (1.73) (1.75)
    Average Realized Price Net of Transportation Expenses 34.81 54.97   38.59   36.72 53.36
    Operating Expenses (13.42) (16.17)   (15.89)   (14.67) (16.29)
    Operating Netback (1)(3) 21.39 38.80   22.70   22.05 37.07
    G&A Expenses Before Stock-Based Compensation (3.48) (3.77)   (2.86)   (3.17) (3.71)
    Realized Foreign Exchange (Loss) Gain (0.14) 0.37   (0.51)   (0.33) (0.06)
    Cash Settlement on Derivative Instruments 0.39 —   0.10   0.25 —
    Interest Expense, Excluding Amortization of Debt Issuance Costs (4.87) (5.38)   (4.58)   (4.72) (5.24)
    Interest Income 0.06 0.35   0.10   0.08 0.29
    Other Gain 0.09 —   —   0.04 —
    Net Lease Payments 0.04 0.02   0.04   0.04 0.07
    Current Income Tax Expense (0.53) (14.54)   (1.95)   (1.25) (7.88)
    Cash Netback (1) $12.95 $15.85   $13.04   $12.99 $20.54
                   
    Share Information (000s)              
    Common Stock Outstanding, End of Period 35,289 31,022   35,524   35,289 31,022
    Weighted Average Number of Shares of Common Stock Outstanding – Basic and Diluted 35,335 31,282   35,777   35,555 31,547
    South American Operational Information Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,
      2025 2024   2025   2025 2024
    Operating Netback (1)(3)              
    Oil Sales $118,187 $165,609   $138,671   $256,858 $323,186
    Operating Expenses (42,554) (47,035)   (50,827)   (93,381) (95,501)
    Transportation Expenses (4,176) (5,690)   (4,304)   (8,480) (10,274)
    Operating Netback (1)(3) $71,457 $112,884   $83,540   $154,997 $217,411
                   
    Capital Expenditures (Before Changes in Working Capital) $49,327 $60,806   $64,984   $114,311 $116,137
                   
    Average Daily Production (boe/d)              
    WI Production Before Royalties 29,700 32,776   29,686   29,693 32,509
    Royalties (5,209) (6,774)   (5,844)   (5,525) (6,586)
    Production NAR 24,491 26,002   23,842   24,168 25,923
    Decrease (Increase) in Inventory (1,469) (811)   461   (509) (288)
    Sales 23,022 25,191   24,303   23,659 25,635
    Royalties, % of WI Production Before Royalties 18% 21%   20%   19% 20%
                   
    Operating Netback ($/boe) (1)(3)              
    Brent $66.71 $85.03   $74.98   $70.81 $83.42
    Quality and Transportation Discount (10.30) (12.79)   (11.58)   (10.82) (14.15)
    Royalties (10.41) (15.31)   (12.29)   (11.36) (14.16)
    Average Realized Price 46.00 56.93   51.11   48.63 55.11
    Transportation Expenses (1.63) (1.96)   (1.59)   (1.61) (1.75)
    Average Realized Price Net of Transportation Expenses 44.37 54.97   49.52   47.02 53.36
    Operating Expenses (16.56) (16.17)   (18.73)   (17.68) (16.29)
    Operating Netback (1)(3) $27.81 $38.80   $30.79   $29.34 $37.07
    Canadian Operational Information (4) Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,
      2025 2024   2025   2025 2024
    Operating Netback (1)(3)              
    Oil Sales $23,196 $—   $21,269   $44,465 $—
    Natural Gas Sales 6,894 —   7,561   14,455 —
    NGL Sales 6,364 —   7,997   14,361 —
    Royalties (2,158) —   (4,966)   (7,124) —
    Oil, Natural Gas and NGL Sales After Royalties $34,296 $—   $31,861   $66,157 $—
    Operating Expenses (13,301) —   (16,527)   (29,828) —
    Transportation Expenses (3,442) —   (2,607)   (6,049) —
    Operating Netback (1)(3) $17,553 $—   $12,727   $30,280 $—
                   
    Capital Expenditures (Before Changes in Working Capital) $1,796 $—   $29,360   $31,156 $—
                   
    Average Daily Production              
    Crude Oil (bbl/d) 4,335 —   3,623   3,981 —
    Natural Gas (mcf/d) 50,124 —   49,860   49,992 —
    NGLs (bbl/d) 4,807 —   5,029   4,917 —
    WI Production Before Royalties (boe/d) 17,496 —   16,961   17,230 —
    Royalties (boe/d) (2,187) —   (2,240)   (2,213) —
    Production NAR (boe/d) 15,309 —   14,721   15,017 —
    Sales (boe/d) 15,309 —   14,721   15,017 —
    Royalties, % of WI Production Before Royalties 13% —%   13%   13% —%
                   
    Benchmark Prices              
    West Texas Intermediate ($/bbl) 63.81 80.82   71.47   67.60 78.95
    AECO Natural Gas Price (C$/GJ) 1.60 1.12   2.05   1.82 1.74
                   
    Average Realized Price              
    Crude Oil ($/bbl) 58.80 —   65.23   61.71 —
    Natural Gas ($/mcf) 1.51 —   1.69   1.60 —
    NGLs ($/bbl) 14.55 —   17.67   16.14 —
                   
    Operating Netback ($/boe) (1)(3)              
    Average Realized Price $22.90 $—   $24.12   $23.50 $—
    Royalties (1.36) —   (3.25)   (2.28) —
    Transportation Expenses (2.16) —   (1.71)   (1.94) —
    Operating Expenses (8.35) —   (10.83)   (9.56) —
    Operating Netback (1)(3) $11.03 $—   $8.33   $9.72 $—


    (1) Funds flow from operations, operating netback, net debt, cash netback, earnings before interest, taxes and depletion, depreciation and accretion (“DD&A”) (“EBITDA”) and EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gains or losses, stock-based compensation expense, other gains or losses, transaction costs and financial instruments gains or losses (“Adjusted EBITDA”), cash flow and free cash flow are non-GAAP measures and do not have standardized meanings under generally accepted accounting principles in the United States of America (“GAAP”). Cash flow refers to funds flow from operations. Free cash flow refers to funds flow from operations less capital expenditures. Refer to “Non-GAAP Measures” in this press release for descriptions of these non-GAAP measures and, where applicable, reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP.
    (2) Gran Tierra’s third quarter-to-date 2025 total average differentials and average production are for the period from July 1 to July 30, 2025.
    (3) Operating netback as presented is defined as oil sales less operating and transportation expenses. See the table titled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.
    (4) Gran Tierra entered Canada with the acquisition of i3 Energy which closed October 31, 2024, therefore no comparative data is provided for the corresponding periods of 2024.


    Conference Call Information:

    Gran Tierra will host its second quarter 2025 results conference call on Thursday, July 31, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time. Interested parties may access the conference call by registering at the following link: https://register-conf.media-server.com/register/BId33e377f2b494c3c95a7fbd1df59627e. The call will also be available via webcast at www.grantierra.com.

    Corporate Presentation:

    Gran Tierra’s Corporate Presentation has been updated and is available on the Company website at www.grantierra.com.

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221

    info@grantierra.com

    About Gran Tierra Energy Inc.

    Gran Tierra Energy Inc., together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Forward Looking Statements and Legal Advisories:

    This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). All statements other than statements of historical facts included in this press release regarding our business strategy, plans and objectives of our management for future operations, capital spending plans and benefits of the changes in our capital program or expenditures, our liquidity and financial condition, and those statements preceded by, followed by or that otherwise include the words “expect,” “plan,” “can,” “will,” “should,” “guidance,” “forecast,” “budget,” “estimate,” “signal,” “progress”, “anticipates” and “believes,” derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding: : the Company’s expectations regarding committed funding (including but not limited to the signing of a mandate for prepayment structure backed by crude oil deliveries), liquidity and its leverage ratio target, the Company’s plans regarding strategic investments, acquisitions, dispositions, synergies, and growth, the Company’s drilling program and capital expenditures and the Company’s expectations of commodity prices, exploration and production trends and its positioning for 2025. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, pricing and cost estimates (including with respect to commodity pricing and exchange rates), the general continuance of assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned.

    Among the important factors that could cause our actual results to differ materially from the forward-looking statements in this press release include, but are not limited to: our ability to successfully integrate the assets and operations of i3 Energy Plc (“i3Energy”) and realize the anticipated benefits and operating synergies expected from the 2024 acquisition of i3 Energy; certain of our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from actual or anticipated tariffs and trade policies, global health crises, geopolitical events, including the conflicts in Ukraine and the Middle East, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil prices and oil consumption more than we currently predict, which could cause further modification of our strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; our ability to execute our business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that we do not receive the anticipated benefits of government programs, including government tax refunds; our ability to access debt or equity capital markets from time to time to raise additional capital, increase liquidity, fund acquisitions or refinance debt; the risk that we are unable to successfully negotiate final terms and close an anticipated prepayment structure backed by crude oil deliveries, our ability to comply with financial covenants in our indentures and make borrowings under our credit agreements; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2024 filed February 24, 2025 and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca.

    The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management’s experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond Gran Tierra’s control, which may cause actual results to differ materially from those implied or expressed by the forward looking statements. The risk that the assumptions on which the 2025 outlook are based prove incorrect may increase the later the period to which the outlook relates. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

    The forecasts of expected liquidity to address bond amortization in the fourth quarter of 2026 and that Gran Tierra’s credit facilities would have a zero balance by the end of the year may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for the end of 2025 and the fourth quarter of 2026. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra’s operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

    Non-GAAP Measures

    This press release includes non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net income or loss, cash flow from operating activities or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as to not imply that more emphasis should be placed on the non-GAAP measure.

    Operating netback, as presented, is defined as oil sales less operating and transportation expenses. See the table entitled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.

    Cash netback as presented is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain or loss, other gain or loss and unrealized derivative instruments gain or loss. Management believes that operating netback and cash netback are useful supplemental measures for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra’s principal business activities prior to the consideration of other income and expenses. A reconciliation from net income or loss to cash netback is as follows:

      Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,
    Cash Netback – (Non-GAAP) Measure ($000s)   2025     2024       2025       2025     2024  
    Net (Loss) Income $ (12,741 ) $ 36,371     $ (19,280 )   $ (32,021 ) $ 36,293  
    Adjustments to reconcile net loss or income to cash netback              
    DD&A expenses   68,635     55,490       72,202       140,837     111,640  
    Deferred tax expense (recovery)   2,453     (51,361 )     (4,712 )     (2,259 )   (37,882 )
    Stock-based compensation expense (recovery)   546     6,160       (517 )     29     9,521  
    Amortization of debt issuance costs   4,082     2,760       3,833       7,915     6,066  
    Non-cash lease expense   1,725     1,381       1,736       3,461     2,794  
    Lease payments   (1,545 )   (1,311 )     (1,567 )     (3,112 )   (2,369 )
    Unrealized foreign exchange loss (gain)   3,114     (3,323 )     1,687       4,801     (5,589 )
    Other loss   38     —       52       90     —  
    Unrealized derivative instrument (gain) loss   (12,401 )   —       1,910       (10,491 )   —  
    Cash netback $ 53,906   $ 46,167     $ 55,344     $ 109,250   $ 120,474  

    EBITDA, as presented, is defined as net income or loss adjusted for DD&A expenses, interest expense and income tax expense or recovery. Adjusted EBITDA, as presented, is defined as EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gain or loss, stock-based compensation expense or recovery, other gain or loss and unrealized derivative instruments gain or loss. Management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income, and believes that this financial measure is useful supplemental information for investors to analyze our performance and our financial results. A reconciliation from net income or loss to EBITDA and adjusted EBITDA is as follows:

      Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,   Twelve Month Trailing June 30,
    EBITDA – (Non-GAAP) Measure ($000s)   2025     2024       2025       2025     2024       2025  
    Net (Loss) Income $ (12,741 ) $ 36,371     $ (19,280 )   $ (32,021 ) $ 36,293     $ (65,098 )
    Adjustments to reconcile net loss or income to EBITDA and Adjusted EBITDA                  
    DD&A expenses   68,635     55,490       72,202       140,837     111,640       259,816  
    Interest expense   24,366     18,398       23,235       47,601     36,822       91,245  
    Income tax expense (recovery)   4,648     (9,072 )     3,553       8,201     8,323       41,267  
    EBITDA $ 84,908   $ 101,187     $ 79,710     $ 164,618   $ 193,078     $ 327,230  
    Non-cash lease expense   1,725     1,381       1,736       3,461     2,794       6,590  
    Lease payments   (1,545 )   (1,311 )     (1,567 )     (3,112 )   (2,369 )     (5,778 )
    Foreign exchange loss (gain)   3,716     (4,413 )     3,838       7,554     (5,228 )     3,974  
    Stock-based compensation expense (recovery)   546     6,160       (517 )     29     9,521       215  
    Other loss   38     —       52       90     —       90  
    Unrealized derivative instrument (gain) loss   (12,401 )   —       1,910       (10,491 )   —       (7,117 )
    Adjusted EBITDA $ 76,987   $ 103,004     $ 85,162     $ 162,149   $ 197,796     $ 325,204  

    Funds flow from operations, as presented, is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain or loss, other gain or loss and unrealized gain or loss on derivative instruments. Management uses this financial measure to analyze performance and income or loss generated by our principal business activities prior to the consideration of how non-cash items affect that income or loss, and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. Free cash flow, as presented, is defined as funds flow from operations adjusted for capital expenditures. Management uses this financial measure to analyze cash flow generated by our principal business activities after capital requirements and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. A reconciliation from net income or loss to both funds flow from operations and free cash flow is as follows:

      Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,   Twelve Month Trailing June 30,
    Funds Flow From Operations – (Non-GAAP) Measure ($000s)   2025     2024       2025       2025     2024       2025  
    Net (Loss) Income $ (12,741 ) $ 36,371     $ (19,280 )   $ (32,021 ) $ 36,293     $ (65,098 )
    Adjustments to reconcile net loss or income to funds flow from operations                  
    DD&A expenses   68,635     55,490       72,202       140,837     111,640       259,816  
    Deferred tax expense (recovery)   2,453     (51,361 )     (4,712 )     (2,259 )   (37,882 )     7,735  
    Stock-based compensation expense (recovery)   546     6,160       (517 )     29     9,521       215  
    Amortization of debt issuance costs   4,082     2,760       3,833       7,915     6,066       14,767  
    Non-cash lease expense   1,725     1,381       1,736       3,461     2,794       6,590  
    Lease payments   (1,545 )   (1,311 )     (1,567 )     (3,112 )   (2,369 )     (5,778 )
    Unrealized foreign exchange loss (gain)   3,114     (3,323 )     1,687       4,801     (5,589 )     2,497  
    Other loss   38     —       52       90     —       90  
    Unrealized derivative instrument (gain) loss   (12,401 )   —       1,910       (10,491 )   —       (7,117 )
    Funds flow from operations $ 53,906   $ 46,167     $ 55,344     $ 109,250   $ 120,474     $ 213,717  
    Capital expenditures $ 51,170   $ 61,273     $ 94,727     $ 145,897   $ 116,604     $ 285,471  
    Free cash flow $ 2,736   $ (15,106 )   $ (39,383 )   $ (36,647 ) $ 3,870     $ (71,754 )

    Net debt as of June 30, 2025, was $746 million, calculated using the sum of the aggregate principal amount of 7.75% Senior Notes, 9.50% Senior Notes outstanding and amount drawn on credit facilities, excluding deferred financing fees, totaling $807 million, less cash and cash equivalents of $61 million. Management believes that net debt is a useful supplemental measure for management and investors in order to evaluate the financial sustainability of the Company’s business and leverage. The most directly comparable GAAP measure is total debt.

    Presentation of Oil and Gas Information

    Boes have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 boe of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 boe would be misleading as an indication of value.

    References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium heavy crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids for which there is no precise breakdown since the Company’s sales volumes typically represent blends of more than one product type. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.

    This press release contains certain oil and gas metrics, including operating netback and cash netback, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. These metrics are calculated as described in this press release and management believes that they are useful supplemental measures for the reasons described in this press release.

    Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

    The MIL Network –

  • MIL-OSI United Nations: World News in Brief: Violence in Somalia, cholera in Haiti, tax support for sustainable development

    Source: United Nations MIL OSI

    Clashes intensified in the town of Mahas in the Hiraan region, Hirshabelle state, on 26 July forcing the entire population – over 28,000 people – to flee their homes. 

    Another 38,000 people were displaced in the Gedo region, Jubaland state, between 23 and 26 July, some of whom crossed into Kenya. 

    Security concerns have forced seven health facilities in the Hiraan region to suspend operations, leaving thousands of people without essential healthcare and emergency services. Humanitarian access also has been restricted, particularly in areas that were already hard to reach.  

    OCHA noted that only a limited number of aid partners are able to operate in these locations given the insecurity as well as financial constraints. Meanwhile, affected communities urgently need shelter, food, clean water, healthcare and protection. 

    The situation is unfolding as aid agencies grapple with severe funding cuts. A $1.4 billion humanitarian plan for Somalia this year is around 16 per cent funded, with $229 million received to date.

    Cholera haunts displaced families in Haiti

    Cholera continues to impact the fragile public health system in Haiti, particularly in sites hosting displaced people where there is limited access to safe water and sanitation.

    The Caribbean country is confronting multiple political, security and socio-economic crises, including rampant gang activity mainly in the capital, Port-au-Prince.  

    The UN World Health Organization (WHO) said that between 13 and 19 July, 34 new suspected cholera cases were reported across six of the nation’s 10 departments. Most were linked to displacement sites. 

    Five active transmission hotspots have been identified, including in Port-au-Prince and in the northern regions. 

    Since December 2024, over 2,800 suspected cholera cases have been recorded across Haiti, with 91 laboratory-confirmed cases and 36 fatalities. 

    Despite funding shortfalls, UN humanitarian partners continue to carry out key cholera prevention and response activities. 

    Families in Artibonite department received water purification tablets and oral rehydration salt, for example, while partners in central Haiti have installed handwashing stations and scaled up community outreach. 

    Experts to help countries create tax policies that advance sustainable development

    Secretary-General António Guterres has appointed 25 experts to a UN committee to help countries design tax policies that advance their social, environmental and economic development objectives. 

    The UN Committee of Experts on International Cooperation in Tax Matters supports governments in navigating complex policy trade-offs.  Its work provides countries with practical options and tools based on real-world experiences from tax systems across the globe. 

    The 25 experts, who will serve for the 2025-2029 term, have diverse expertise in tax policy design and administration, as well as international tax cooperation. 

    They represent various geographical regions and tax systems, and the majority are women, reflecting the UN’s commitment to strengthening inclusivity in tax leadership. 

    MIL OSI United Nations News –

  • MIL-OSI China: Bayern Munich sign Luis Díaz from Liverpool

    Source: People’s Republic of China – State Council News

    Colombia international winger Luis Diaz has completed a transfer to Bayern Munich, bringing an end to his three-and-a-half-year spell with Liverpool.

    “The Colombian departs the Reds having played a significant role in the lifting of four major trophies since arriving from FC Porto in early 2022, highlighted by Premier League title glory last term,” Liverpool said in an official statement on Wednesday.

    Liverpool’s Luis Diaz celebrates after scoring the opening goal during the English Premier League match between Chelsea and Liverpool in London, Britain, on Aug. 13, 2023. (Xinhua)

    The 28-year-old has signed a four-year contract with the Bundesliga champions, following Liverpool’s acceptance of a reported £65.5 million bid.

    “I arrived with all the dreams in the world, and I am leaving proud of everything we achieved together,” Diaz wrote on Instagram.

    “I have met incredible people, fabulous colleagues, coaches who helped me a lot, and extraordinary fans. Liverpool is, indeed, a special team, and I will keep everyone in my heart.

    Diaz also made reference to former Liverpool midfielder Diogo Jota, who died in a car accident earlier this month.

    “It’s good to be leaving with the feeling of a duty fulfilled, and, most of all, to be leaving a champion. It would have been the perfect goodbye if we hadn’t lost one of ours in such a tragic way.

    “I carry everyone with me in my heart, but one of them in particular: Diogo. I will never forget him. We will never forget him. Thank you for everything,” he wrote.

    Diaz joined Liverpool from FC Porto in January 2022 and went on to make 148 appearances, scoring 41 goals during his time at Anfield.

    MIL OSI China News –

  • MIL-OSI China: Thomas Muller set to join MLS side Vancouver Whitecaps

    Source: People’s Republic of China – State Council News

    Bayern Munich veteran Thomas Muller is close to sealing a move to Major League Soccer (MLS).

    According to German and Canadian media reports, only minor details remain before the 35-year-old signs a two-year contract with the Vancouver Whitecaps as a free agent on August 1.

    The 131-time capped German international is expected to further boost the MLS’ profile alongside Argentine superstar Lionel Messi, who plays for Inter Miami. Reports say Muller’s debut for the Whitecaps could come on August 9 against the San Jose Earthquakes.

    Layvin Kurzawa (L) from Paris Saint-Germain competes with Thomas Muller from Bayern Munich during their match of Group B of the 2017-18 season Champions League at Parc des Princes in Paris, France on Sept. 27, 2017. Paris Saint-Germain won by 3-0 at home. (Xinhua/Chen Yichen)

    The Bavarian forward recently expressed a desire to gain international experience to round out a decorated career that includes two UEFA Champions League titles, 13 Bundesliga championships and six German Cup trophies.

    Muller has called the MLS an intriguing competition, noting that “we see a World Cup played in the United States, Canada and Mexico, in 2026.”

    German ties to the Canadian west coast club may have influenced his decision. Canadian international full-back Alphonso Davies joined Bayern from Vancouver in 2018, while Whitecaps managing director Alexander Schuster previously worked for German sides Mainz 05 and Schalke 04. In 2022, Nick Salihamidzic, son of former Bayern sporting director Hasan Salihamidzic, played for Vancouver.

    “I am looking forward to playing in the MLS and meeting figureheads such as Messi,” said Muller, who leaves Bayern after contributing 250 goals and 276 assists in 756 competitive appearances.

    He follows in the footsteps of fellow Bayern and German greats Franz Beckenbauer, Gerd Muller, Lothar Matthaeus and Bastian Schweinsteiger, who all played in the MLS after their European careers.

    The Whitecaps have won the Canadian Championship four times, including three in the past three years.

    Muller acknowledged the challenge of adapting to new surroundings, saying, “When you leave a club like Bayern, you meet different circumstances.” He added that he still feels “the desire for football burning in my chest.”

    Turning 36 in September, Muller saw his wish for a one-year contract extension turned down by Bayern as his playing time declined in recent seasons, when he primarily served as a substitute and mentor for younger players. 

    MIL OSI China News –

  • MIL-OSI USA: Statement of Intelligence Vice Chairman Warner on Confirmation of Joe Kent to Lead NCTC

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Senate Select Committee on Intelligence Vice Chairman Mark R. Warner (D-VA) released the following statement after Senate Republicans voted 52-44 to confirm Joe Kent to head the National Counterterrorism Center (NCTC):

    “In May, Congress received clear written evidence that Mr. Kent, while serving as chief of staff to Director of National Intelligence Tulsi Gabbard, sought to manipulate intelligence to match a political narrative promoted by President Trump. His efforts to alter intelligence assessments in support of demonstrably false political claims is not only a gross violation of the solemn responsibility with which the intelligence community is charged, which is to speak truth to power regardless of politics, but it is also a threat to our ability to keep the nation safe. When intelligence is shaped to fit political agendas instead of hard facts, it blinds decision-makers to real threats, sows confusion among our allies, and emboldens our adversaries.

    “With today’s party-line vote to confirm Mr. Kent to one of the nation’s most sensitive counterterrorism roles, the Senate missed an opportunity to hold the Trump administration accountable for openly politicizing intelligence – a precedent that, if left unchecked, threatens to erode trust in our intelligence agencies, compromise the integrity of national security assessments, and ultimately make Americans less safe.”

    On May 21, the Senate Intelligence Committee received copies of emails indicating that Mr. Kent pressured career intelligence officials to revise and suppress analytical conclusions that contradicted public claims made by President Trump. Specifically, Kent pressed the National Intelligence Council (NIC) to rewrite findings about the relationship between Venezuela’s government and the criminal gang Tren de Aragua (TDA) “so this document is not used against the DNI or POTUS,” and to emphasize supposed ties between the Venezuelan government and TDA. Despite the pressure, the April 7 assessment issued by the NIC reaffirmed the original conclusion that Venezuela’s government “probably does not have a policy of cooperating with TDA and is not directing TDA movement to and operations in the United States.” Shortly thereafter, the senior career analysts leading the NIC were dismissed from their positions by DNI Gabbard.

    Sen. Warner spoke in opposition to Mr. Kent’s nomination on the Senate floor prior to the vote. Video of those remarks is available here.  

    MIL OSI USA News –

  • MIL-OSI USA: Statement of Intelligence Vice Chairman Warner on Confirmation of Joe Kent to Lead NCTC

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Senate Select Committee on Intelligence Vice Chairman Mark R. Warner (D-VA) released the following statement after Senate Republicans voted 52-44 to confirm Joe Kent to head the National Counterterrorism Center (NCTC):

    “In May, Congress received clear written evidence that Mr. Kent, while serving as chief of staff to Director of National Intelligence Tulsi Gabbard, sought to manipulate intelligence to match a political narrative promoted by President Trump. His efforts to alter intelligence assessments in support of demonstrably false political claims is not only a gross violation of the solemn responsibility with which the intelligence community is charged, which is to speak truth to power regardless of politics, but it is also a threat to our ability to keep the nation safe. When intelligence is shaped to fit political agendas instead of hard facts, it blinds decision-makers to real threats, sows confusion among our allies, and emboldens our adversaries.

    “With today’s party-line vote to confirm Mr. Kent to one of the nation’s most sensitive counterterrorism roles, the Senate missed an opportunity to hold the Trump administration accountable for openly politicizing intelligence – a precedent that, if left unchecked, threatens to erode trust in our intelligence agencies, compromise the integrity of national security assessments, and ultimately make Americans less safe.”

    On May 21, the Senate Intelligence Committee received copies of emails indicating that Mr. Kent pressured career intelligence officials to revise and suppress analytical conclusions that contradicted public claims made by President Trump. Specifically, Kent pressed the National Intelligence Council (NIC) to rewrite findings about the relationship between Venezuela’s government and the criminal gang Tren de Aragua (TDA) “so this document is not used against the DNI or POTUS,” and to emphasize supposed ties between the Venezuelan government and TDA. Despite the pressure, the April 7 assessment issued by the NIC reaffirmed the original conclusion that Venezuela’s government “probably does not have a policy of cooperating with TDA and is not directing TDA movement to and operations in the United States.” Shortly thereafter, the senior career analysts leading the NIC were dismissed from their positions by DNI Gabbard.

    Sen. Warner spoke in opposition to Mr. Kent’s nomination on the Senate floor prior to the vote. Video of those remarks is available here.  

    MIL OSI USA News –

  • MIL-OSI USA: July 30th, 2025 Heinrich Votes Against Advancing Trump’s Nominees for DOI and DOE

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the U.S. Senate Energy and Natural Resources Committee, voted no on the nominations of Lanny Erdos to be the U.S. Department of the Interior (DOI) Director of the Office of Surface Mining Reclamation and Enforcement, Audrey Robertson to be the U.S. Department of Energy (DOE) Assistant Secretary of Energy for Energy Efficiency and Renewable Energy, and Timothy Walsh to be DOE Assistant Secretary of Energy for Environmental Management, citing Trump’s nominees’ history of ignoring the will of Congress.

    VIDEO: Ranking Member Martin Heinrich (D-N.M.) votes no on Trump Administration DOI and DOE nominees during a hearing on the U.S. Senate Energy and Natural Resources Committee, July 30, 2025.

    Explaining his no votes to Trump’s nominees, Ranking Member Heinrich blasted previous nominees’ promises to respect the will of Congress during hearings, “then, after they are confirmed, they have withheld funds that we have appropriated, they have canceled programs that we have established, they have closed offices that we have created, and they pursued policies that we have never approved.”

    A video of Heinrich’s opening remarks is here.

    A transcript of Heinrich’s remarks as delivered is below:

    Turning now to today’s agenda item, let me simply say that, under the first Trump Administration, I would have been able to support all three of these nominees.

    But we have had nominee after nominee come before this Committee and assure us that they would follow the law and respect the will of Congress.

    Then, after they are confirmed, they have withheld funds that we have appropriated, they have canceled programs that we have established, they have closed offices that we have created, and they pursued policies that we have never approved.

    Until this Administration respects the will of Congress, I am unable to support its nominees, and I will vote no on all three as a result.

    Thank you, Mr. Chairman.

    MIL OSI USA News –

  • MIL-OSI USA: July 30th, 2025 Heinrich Votes Against Advancing Trump’s Nominees for DOI and DOE

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the U.S. Senate Energy and Natural Resources Committee, voted no on the nominations of Lanny Erdos to be the U.S. Department of the Interior (DOI) Director of the Office of Surface Mining Reclamation and Enforcement, Audrey Robertson to be the U.S. Department of Energy (DOE) Assistant Secretary of Energy for Energy Efficiency and Renewable Energy, and Timothy Walsh to be DOE Assistant Secretary of Energy for Environmental Management, citing Trump’s nominees’ history of ignoring the will of Congress.

    VIDEO: Ranking Member Martin Heinrich (D-N.M.) votes no on Trump Administration DOI and DOE nominees during a hearing on the U.S. Senate Energy and Natural Resources Committee, July 30, 2025.

    Explaining his no votes to Trump’s nominees, Ranking Member Heinrich blasted previous nominees’ promises to respect the will of Congress during hearings, “then, after they are confirmed, they have withheld funds that we have appropriated, they have canceled programs that we have established, they have closed offices that we have created, and they pursued policies that we have never approved.”

    A video of Heinrich’s opening remarks is here.

    A transcript of Heinrich’s remarks as delivered is below:

    Turning now to today’s agenda item, let me simply say that, under the first Trump Administration, I would have been able to support all three of these nominees.

    But we have had nominee after nominee come before this Committee and assure us that they would follow the law and respect the will of Congress.

    Then, after they are confirmed, they have withheld funds that we have appropriated, they have canceled programs that we have established, they have closed offices that we have created, and they pursued policies that we have never approved.

    Until this Administration respects the will of Congress, I am unable to support its nominees, and I will vote no on all three as a result.

    Thank you, Mr. Chairman.

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn Secures Provisions to Reestablish NADBank Water Infrastructure Fund in Appropriations Bill

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senator John Cornyn (R-TX) today celebrated the inclusion of his provisions on the 1944 Water Treaty in the Senate Interior, Environment, and Related Agencies Appropriations Bill for Fiscal Year 2026 to reestablish the North American Development Bank (NADBank)’s Water Infrastructure Fund and require a report on improving water storage and systems:

    “The South Texas agriculture community has suffered due to Mexico’s refusal to comply with the Water Treaty, and they deserve relief and solutions,” said Sen. Cornyn. “My provisions to reestablish NADBank’s Water Infrastructure Fund and require a water systems report are an important step in the right direction to make Texas whole, and I’m grateful to the committee for including this critical language in the appropriations bill.”

    Background:

    Sen. Cornyn has led the charge in Congress to boost Texas’ water supply and ensure Mexico fulfills its treaty obligations to provide annual deliveries of water to South Texas farmers and ranchers. In addition to successfully securing more than $280 million in emergency assistance for Rio Grande Valley farmers and producers affected by the water shortage, he led a request earlier this year to U.S. Secretary of State Marco Rubio asking for renewed efforts to push Mexico to comply with the 1944 Water Treaty while also securing Secretary Rubio’s commitment to hold Mexico accountable for delays.

    Last year, Sen. Cornyn sent a letter to NADBank urging for the restoration of their Water Infrastructure Fund, raised alarms after a Rio Grande sugarcane mill closed due to acute water shortages, cosponsored a resolution supporting diplomacy, and sent a letter to then-U.S. Secretary of State Blinken urging the Department to engage on Mexico’s violation of the intent of the treaty. Senator Cornyn also led a letter to the Chairmen and Ranking Members of the House and Senate Appropriations Subcommittees on State and Foreign Operations urging them to withhold designated funds from Mexico until they enter into an agreement with the U.S. to balance the deficit of the water deliveries, which the House Appropriations Committee included in their funding bill.

    Under the Treaty Relating to the Utilization of Waters of the Colorado and Tijuana Rivers and of the Rio Grande, Mexico is obligated to deliver an average of 350,000 acre-feet of water annually over a five-year cycle as its contribution to the Rio Grande’s water supply. However, Mexico has consistently delayed fulfilling its water obligation until the end of the five-year cycle, which hinders South Texas farmers’ ability to plan for and grow crops as well as ranchers’ ability to provide water to livestock. The current cycle ends in October and so far, Mexico has paid less than 700,000 acre-feet of water — less than half of what it owes, according to IBWC data.

    MIL OSI USA News –

  • MIL-OSI Europe: Ireland joins the Equal Pay International Coalition (EPIC)

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    30th July 2025

    Minister of State for Small Business, Retail and Employment Alan Dillon has today announced Ireland’s accession to the Equal Pay International Coalition; a multilateral partnership working to reduce the gender pay gap at global, regional and national levels.

    Minister Dillon made the announcement on the margins of the G20 Labour and Employment Ministerial Meeting, taking place on 30-31 July in George, South Africa.

    Minister Dillon said: 

    “I am proud to announce that Ireland has officially become a member of the Equal Pay International Coalition. This marks a significant step forward in our commitment, as a nation, in ensuring that all individuals, regardless of gender, receive equal pay for work of equal value. Aligned with the vision of the United Nations Agenda for Sustainable Development, the Coalition works to accelerate progress toward this goal, recognising that sustained and collective efforts are needed to close the gender pay gap.” 

    EPIC is a global initiative that brings together governments, employer and worker organisations, academia, civil society and private sector entities to tackle the gender pay gap through coordinated action. It operates at global, regional and national levels, making it the only coalition of its kind to focus on equal pay.  

    Gilbert Houngbo, International Labour Organization (ILO) Director General, said:

    “On behalf of the ILO, I warmly welcome Ireland to the Equal Pay International Coalition. As a co-lead of EPIC, together with UN Women and the OECD, we are pleased to witness the growing momentum behind this global effort to redress pay inequalities. Ireland’s strong legal framework and commitment to social dialogue further strengthen the Coalition. We look forward to Ireland’s active engagement as we work together to advance equal pay for work of equal value everywhere.” 

    Maíra Lacerda, Head of the Special Advisory Office for International Affairs at the Ministry of Labor and Employment of Brazil and Chair of EPIC said: 

    “As the Chair of EPIC, I warmly welcome Ireland to the Coalition. Every new member brings valuable expertise and fresh momentum to our shared mission. Ireland’s longstanding commitment to pay equity and social dialogue strengthens our collective efforts to tackle persistent pay inequalities and promote fairer, more inclusive labour markets. Together, we grow stronger and closer to the goal of equal pay for work of equal value.”

    Minister Dillon went on to say: 

    “As an EPIC member, Ireland will benefit from membership including through access to a wealth of global resources. We will also have the opportunity to exchange best practices with international counterparts and tap into a dynamic network of policy and equality experts. Joining EPIC is a joint initiative between the Department of Enterprise, Tourism and Employment and the Department of Children, Disability and Equality, which leads on gender equality and gender pay gap policy.  This combined approach is designed to maximise the impact of Ireland’s membership of EPIC.” 

    ENDS

    Notes for Editors

    • The Equal Pay International Coalition (EPIC) is led by the International Labour Organization (ILO), UN Women, and the Organisation for Economic Co-operation and Development (OECD). 
    • It is currently the only multi-stakeholder partnership working to reduce the gender pay gap at global, regional and national levels.
    • The Coalition’s goal is to achieve equal pay for women and men everywhere. EPIC supports governments, employers, workers, and their organisations to make concrete and coordinated progress towards this goal. 
    • The Coalition comprises 67 members, including government entities from 28 countries, international and national employer and worker organisations, international organisations, academia, civil society organisations, as well as the private sector. 
    • The Irish Congress of Trade Unions is a member of the Coalition. 

    Back to Department News

    Back to Top

    MIL OSI Europe News –

  • MIL-OSI United Nations: Governments, Partners Mobilizing School Meals Coalition to Equip Youth with Nutrition, Health, Education They Deserve, Deputy Secretary-General Says at Stocktake Event

    Source: United Nations MIL OSI

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the UN Food Systems Summit+4 Stocktake (UNFSS+4) School Meals Coalition Featured Event:  “Unlocking Sustainable Investments for Home-Grown School Meals”, in Addis Ababa today:

    It is truly inspiring to witness how far the School Meals Coalition has come.  With over 100 Governments working together to expand and improve these strategic programmes, it is now one of the most successful global mobilizations in recent years.

    First, I want to recognize the leadership that has brought us here, especially of the three co-chairs — Brazil, France and Finland — whose early and continued support has been instrumental to the Coalition’s success.

    I also want to commend all Governments in the Coalition that are working resolutely to expand and strengthen their school meal programmes and that have achieved clear and measurable progress since the last Stocktake.

    Today’s speakers are excellent examples.  The progress we witness is being driven by Governments, but they are not walking alone.  Partners across the School Meals Coalition are working hand in hand with Governments to deliver on their national commitments.

    But, why is there so much momentum behind school meals?  Why are so many Governments and partners making this a priority?  Because school meals are more than just a plate of food.  They are a lever to building more inclusive, sustainable food systems, and to equipping the next generation with the health, nutrition and education they deserve to reach their potential.

    To truly pull that lever — to unlock its full power — we must focus on four key priorities.

    First:  Expand coverage and raise collective ambitions.  As we’ve just heard from our distinguished speakers, momentum is building.  Next to our Governments on stage, countries like Rwanda, which has achieved near-universal primary school coverage, and Indonesia, which is scaling up at an unprecedented pace, are showing what’s possible.

    Now, the Global Alliance Against Hunger and Poverty has joined forces with the School Meals Coalition to rally Governments and development partners behind a bold global target:  to reach an additional 150 million children in low- and middle-income countries by 2030, as agreed at the Group of 20 (G20) last year.  This means moving from commitment to delivery with the School Meals Coalition and the Global Alliance working with countries ready to lead the way.

    Second:  Pull the lever — use procurement to transform food systems.  Countries continue to harness the potential of school meal programmes to catalyse food systems transformation, including ambitious targets regarding procurement from smallholder farmers, but we must go further by aligning school-meal menus and procurement with nutrition, sustainability and social goals; by using clean cooking solutions in schools; by reducing food loss and waste; and through food, nutrition and climate education in schools.

    Third:  Integrate school meals into climate finance.  When rooted in sustainability, school meals have enormous potential to advance climate mitigation and adaptationm and to promote biodiversity.  The thirtieth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30) in Brazil offers us a chance to move school meals from a climate blind spot to a climate solution. Let’s work to ensure these programmes are included in future Nationally Determined Contributions and embedded in climate financing pipelines where they belong.

    Fourth:  Plug the financing gap.  The Sevilla Commitment, adopted a few weeks ago, calls on all of us to close the gap between ambition and means.  But, with 35 low- and middle-income countries in high risk of or in debt distress, we must explore innovative financing solutions to ensure an economically stable future for those countries– from health taxes and natural resource revenues to debt swaps and Multilateral Development Bank investments.

    We have much to learn from the innovation that has taken place in countries for the last two years since we last met in Rome as reported in the UNFSS+4 Report of the Secretary-General.  Let’s make sure we use the momentum of the Sevilla Commitment to attract the finance that is needed.

    Let me close with a powerful motto from a dear friend and leading advocate, Ndidi Nwuneli of the ONE Campaign.  “Our job is not to scale our work.  It’s to scale what works.”  This is what we see across the School Meals Coalition:  Governments and partners coming together to expand a solution that works.

    So, let’s build on the progress we’ve made — and finish what we started in 2021:  by 2030, every child receiving a healthy, nutritious meal in school.  Let’s feed the future together.

    MIL OSI United Nations News –

  • MIL-OSI: Questerre announces definitive agreement to acquire 100% of PX Energy

    Source: GlobeNewswire (MIL-OSI)

    THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS

    CALGARY, Alberta, July 29, 2025 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) is pleased to announce that it has entered into a definitive agreement (the “Definitive Agreement”) to acquire 100% of Parana Xisto SA (“PX Energy”), a privately held shale oil production and refining company based in southern Brazil by way of acquisition of the shares of its indirect parent companies, Forbes & Manhattan Resources Inc. (“F&M Resources”) and Forbes Participaҫões Ltda (the “Acquisition”).

    “This acquisition is a rare opportunity for us to gain the expertise and capacity to advance our multi-billion barrel oil shale resource in Jordan(1). I’m very pleased we were able to structure it to ensure the Quebec Assets are not affected by this deal.” said Michael Binnion, President and Chief Executive Officer of Questerre. “PX Energy has operated for over thirty years using technology developed by Petrobras. We believe the PX Energy platform will also provide us with the operational base, deep expertise, and capital foundation needed to advance the Red Leaf oil shale and biofuel technology to the next stage. We are in active discussions with potential co-investors for up to 50% of this acquisition.”

    Transaction Highlights

    Assets acquired: PX Energy currently produces approximately 4,500 boe per day, with a targeted increase to 6,000 boe per day by August 31, 2026, supported by growth capital projects currently underway.

    Purchase consideration: 65 million common shares of Questerre, structured as follows:

    • 15 million common shares issued upon closing, which will be subject to a voting and lock-up agreement;
       
    • 50 million common shares, released in two tranches based on the achievement of key performance milestones:
      • With respect to the first tranche of 25 million common shares, US$30 million Free Cash Flow achieved no later than September 30, 2027, with respect to the second tranche of 25 million common shares, US$40 million Free Cash Flow achieved no later than September 30, 2028; or
      • Equity financings completed at or above C$0.50 per share with respect to the first tranche for aggregate proceeds of at least C$25 million completed no later than September 30, 2027 and with respect to the second tranche, an equity financing at or above C$1.00 per share for aggregate proceeds of at least C$25 million no later than September 30, 2028.

    Quebec asset spin-out: It is anticipated that Questerre’s Quebec-based assets (the “Quebec Assets”) will be transferred into a separate sidecar subsidiary company (the “Quebec Spin-out”). Questerre anticipates either distributing preferred shares of Questerre or of the new entity to its existing shareholders ahead of the closing of the acquisition of PX Energy in order not to dilute its existing shareholders’ position in the Quebec Assets.

    Closing conditions: Completion of the Acquisition is subject to a number of conditions, including satisfactory due diligence review, board approval, standard regulatory approvals (including acceptance from the Toronto Stock Exchange and Oslo Stock Exchange (collectively, the “Exchanges”)) and third-party approvals including satisfactory waivers by the bond holders and convertible noteholders in favor of Questerre. Where applicable, the proposed Acquisition cannot close until the required shareholder approval is obtained. There can be no assurance that the Acquisition will be completed as proposed or at all.

    The Company has retained Clarksons Securities AS, a Norwegian based investment banking firm as financial advisor to advise on the existing outstanding debt of PX Energy including US$80 million in senior secured bonds in Forbes Resources Brazil Holding SA (the parent company of PX Energy). The Company is anticipating that a stronger sponsor will be well received by the debt holders and the holders of US$8 million in convertible promissory notes in F&M Resources. Financial information on Forbes Resources Brazil Holding SA is available online at: https://investidores.pxenergy.com.br/.

    Strategic Rationale

    PX Energy is a vertically integrated refining and shale oil operation with established ESG performance, favorable cost structures, and a strong growth trajectory. Its operations generate US Dollar-linked revenues with Brazil reais-denominated costs, providing robust margin potential in a dynamic macroeconomic environment.

    The acquisition strengthens Questerre’s oil shale footprint and complements its commitment to advancing environmentally responsible hydrocarbon technologies through its investee Red Leaf Resources Inc.

    About Questerre Energy Corporation

    Questerre Energy Corporation is a Calgary-based energy technology company focused on the responsible development of oil and gas resources across the Americas. Questerre integrates leading-edge technologies with a disciplined capital strategy to unlock long-term value while maintaining strong environmental and social governance standards.

    About PX Energy Inc.

    PX Energy is a Brazilian shale oil and refining company operating since the 1990s. It employs advanced pyrolysis technology, integrates mining and refinery operations, and maintains some of the region’s lowest carbon intensity per barrel. With secured offtake agreements and robust infrastructure, PX Energy is a platform for scalable, sustainable energy production. More information about PX Energy is available online at https://pxenergy.com.br/

    All information contained in this news release with respect to PX Energy was supplied by the F&M Resources, for inclusion herein, without independent review by Questerre, and Questerre and its directors and officers have relied on F&M Resources for any information concerning the PX Energy.

    For further information, please contact:

    Questerre Energy Corporation
    Jason D’Silva, Chief Financial Officer
    (403) 777-1185 | (403) 777-1578 (FAX) 

    Advisory Regarding Forward-Looking Statements

    This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) within the meaning of applicable securities laws in Canada. Any statements about Questerre’s expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. Forward-looking information is often, but not always, made through the use of words or phrases such as “anticipates”, “aims”, “strives”, “seeks”, “believes”, “can”, “could”, “may”, “predicts”, “potential”, “should”, “will”, “estimates”, “plans”, “mileposts”, “projects”, “continuing”, “ongoing”, “expects”, “intends” and similar words or phrases suggesting future outcomes. Forward-looking information in this news release includes, but is not limited to, statements in respect of:

    • anticipated benefits of the Acquisition to the Company and its shareholders, including any operational and economic synergies;
    • the timing and receipt of any required securityholder, third-party (including, satisfactory waivers by the bondholders and convertible noteholders), Exchanges, or regulatory approvals;
    • the ability of the Company and PX Energy to satisfy the conditions to, and to negotiate and execute a Definitive Agreement and to complete, the Acquisition;
    • the anticipated timing for executing a Definitive Agreement;
    • the form of the Quebec Spin-out, and any changes to the anticipated structure thereof;
    • the closing of the Acquisition and the Quebec Spin-out, including the timing thereof, if it is to close at all;
    • the application of the HCCO technology to, and the overall integration of, the PX Energy Platform being acquired, and any operational synergies or economic benefits that may result;
    • PX Energy’s predicted production rates, and its production at similar rates upon completion of the Acquisition; and
    • the achievement of the performance milestones attached to the consideration payable, and the timing thereof, if at all.

    The forward-looking information that may be in this news release is based on current expectations, estimates, projections and assumptions, having regard to the Company’s experience and its perception of historical trend which have been used to develop such statements and information, but which may prove to be incorrect, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to:

    • the timely receipt of approval of the Acquisition by the Exchanges, third parties, and other regulatory bodies;
    • all closing conditions to the Acquisition being satisfied and the closing of the Acquisition occurring as anticipated;
    • all closing conditions to the Quebec Spin-out being satisfied and the closing of the Quebec Spin-out occurring as anticipated;
    • foreign currency exchange rates and interest rates;
    • future crude oil, natural gas liquids, and natural gas prices;
    • management’s expectations relating to the timing and results of its other exploration and development activities;
    • ability of management to execute on key priorities;
    • the effectiveness of various actions resulting from the Company’s strategic priorities;
    • the Company’s ability to integrate the PX Energy platform to advance its oil shale and biofuel technology to the next stage;
    • the Company’s ability to maintain PX Energy predicted rate of production; and
    • the Company’s ability to apply its HCCO technology to the assets being acquired.

    Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information.

    Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation, the following risk factors:

    • the Acquisition not being completed on the terms anticipated or at all, including due to a closing condition not being satisfied, including, the inability to obtain receipt of all necessary securityholder, third parties (including satisfactory waivers by the bond holders and convertible noteholders), Exchanges, and regulatory approvals or consents, lack of material changes with respect to the parties and their respective businesses;
    • the Quebec Spin-out not being completed on the terms anticipated or at all;
    • the synergies expected from the Acquisition not being realized;
    • loss of key personnel of PX Energy upon completion of the Acquisition;
    • the implementation of Bill 21 by the Government of Quebec;
    • additional funding requirements;
    • exploration, development and production risks;
    • volatility in the oil and gas industry;
    • prices, markets and marketing of crude oil and natural gas;
    • liquidity and the company’s substantial capital requirements;
    • prices, markets and marketing of crude oil and natural gas;
    • political uncertainty;
    • non-government organizations;
    • changing investor sentiment;
    • global financial market volatility;
    • adverse economic conditions;
    • alternatives to and changing demand for petroleum products;
    • environmental risks;
    • regulatory risks;
    • inability of management to execute its business plan;
    • competition from other issuers;
    • expiration of licenses and leases;
    • Indigenous claims;
    • possible failure to realize anticipated benefits of acquisitions; and
    • reputational risks.

    Additional information regarding some of these risks, expectations or assumptions and other risk factors may be found in the Company’s Annual Information Form for the year ended December 31, 2024, and other documents available on the Company’s profile at www.sedarplus.ca. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

    Barrel of oil equivalent (“boe”) amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“)), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

    (1) There is no certainty that it will be commercially viable to produce any portion of the resources. In October 2016, Questerre commissioned an independent assessment of its oil shale resources in Jordan (the “Millcreek Report”). The Millcreek Report was conducted by Millcreek Mining Group, an independent qualified reserves evaluator, as defined by NI 51-101 with an effective date of September 30, 2016. The assessment was prepared in accordance with NI 51-101 and the COGE Handbook. The assessment indicated a best estimate of discovered petroleum initially in place of between 7.8 billion barrels to 12.2 billion barrels. Given the preliminary nature of the Millcreek Report, it does not contain any estimates regarding the timing or cost to obtain commercial development nor has Questerre finalized the specific technology to be used. Please reference the Annual Information Form for the year ended December 31, 2016, and dated March 24, 2017, as filed under the Corporation’s profile on www.sedarplus.ca.

    The MIL Network –

  • MIL-OSI New Zealand: Greenpeace: Governments must rise to the moment and vote in favour of a moratorium on deep sea mining

    Source: Greenpeace

    The 30th session of the International Seabed Authority (ISA) has ended with Greenpeace saying governments are continuing to fall short in protecting the deep sea.
    While high-level representatives from Palau, France and Panama attended to rally the international community, Greenpeace is calling for greater efforts from more governments to put a legal barrier between mining machines and the deep ocean.
    Upcoming ISA meetings must secure a moratorium and leave no room for rushed attempts to adopt a Mining Code. Recent developments have made it clear that outstanding political and scientific concerns cannot be hastily resolved under industry-driven pressure.
    Louisa Casson, Campaigner, Greenpeace International who attended the meeting, says: “Governments have yet to rise to the moment. They remain disconnected from global concerns and the pressing need for courageous leadership to protect the deep ocean. We call on the international community to rise up and defend multilateralism against rogue actors like The Metals Company. Leaders must respond by establishing a moratorium and reaffirming that authority over the international seabed lies collectively with all States-for the benefit of humanity as a whole.”
    Juressa Lee, Greenpeace Aotearoa seabed mining campaigner, says: “Deep sea mining is the latest form of colonisation and extraction. Pacific civil society is overwhelmingly opposed to deep sea mining and must not be ignored in the rush by companies and states based in the Global North to start plundering the ocean.”
    While calls for a moratorium on deep sea mining have not yet gained global consensus, they continue to gain momentum, supported by compelling arguments from a diverse group of countries. Croatia has just become the 38th government calling for a precautionary pause, moratorium or ban on deep sea mining.
    On Tuesday His Excellency Surangel S. Whipps Jr., President of the Republic of Palau, addressed the Assembly, drawing attention to persistent efforts and intense pressure from the industry to rush the negotiations and finalise a Mining Code. He stated: “Exploiting the seabed is not a necessity – it is a choice. And it is reckless. It is gambling with the future of Pacific Island children, who will inherit the dire consequences of decisions made far from their shores.”
    In the first meeting of the ISA since The Metals Company (TMC) submitted the world’s first-ever application to commercially mine the international seabed, governments at the ISA Council responded by launching an investigation into whether mining contractors, including TMC’s subsidiaries Nauru Ocean Resources Inc. (NORI) and Tonga Offshore Mining Limited (TOML), are complying with contractual obligations to act in accordance with the international legal framework.

    MIL OSI New Zealand News –