Category: Machine Learning

MIL-OSI Asia-Pac: CENJOWS hosts MRSAM-India Eco-System Summit 2.0
Source: Government of India

Posted On: 08 MAY 2025 10:44AM by PIB Delhi

The Centre for Joint Warfare Studies (CENJOWS), in collaboration with Aerospace Services India (ASI) and Israel Aerospace Industries (IAI), successfully hosted the Medium-Range Surface-to-Air Missile (MRSAM) India Eco-System Summit 2.0 at the Manekshaw Centre, New Delhi on May 07, 2025. The day-long summit brought together key stakeholders from India’s defence eco-system, highlighting collaborative achievements and future possibilities in enhancing the country’s air & missile defence capabilities under the Aatmanirbhar Bharat and Make-in-India initiatives.

The event witnessed participation from senior representatives of the Ministry of Defence (MoD), Armed Forces, DRDO, Bharat Electronics Limited, Bharat Dynamics Limited, and leading Indian defence manufacturers. The participants voiced a shared commitment to elevate India’s position as a global hub for advanced defence systems, with ASI reaffirming its vision to become India’s premier defence service provider.

The inaugural session was presided over by senior MoD officials and addressed by key industry leaders, focusing on the growing synergy between Indian and Israeli defence sectors. Key sessions of the summit included:
- Panel discussions on operational readiness and self-reliance in missile systems.
- Technology showcases featuring AI-powered service management systems like STORMS developed by ASI.
- Industry interactions on building India’s long-term capability in indigenous defence manufacturing.
The summit emphasised the achievements of ASI-IAI’s wholly-owned Indian subsidiary, which plays a critical role in providing technical representation, life-cycle support, and local manufacturing for the MRSAM system and its associated subsystems such as the BARAK 8 missile and Air Defence Fire Control Radar. It underscored the importance of establishing a resilient and future-ready air defence infrastructure through sustained collaboration, capability development, and localised innovation.

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VK/SR/Savvy

(Release ID: 2127642) Visitor Counter : 82

MIL OSI Asia Pacific News –
May 8, 2025
MIL-OSI Asia-Pac: Great Entertainment Group partners with Mast International from Korea to expand Hong Kong operations, boosting job creation and business partnerships (with photos)

Source: Hong Kong Government special administrative region

â€‹Invest Hong Kong (InvestHK) announced today (May 8) that a long-term local entertainment business, Great Entertainment Group (GEG), has created a new joint venture – Harbour Mast Productions Limited – with Mast International, a Korean entertainment business in Hong Kong, as part of the companies’ long-term expansion plans in the region.

Associate Director-General of Investment Promotion at InvestHK Mr Arnold Lau said, “We are excited to see the expansion of GEG in Hong Kong and welcome Mast International to the city. This initiative will not only enrich Hong Kong’s vibrant entertainment industry, but also significantly contribute to job creation and stimulate our local economy by fostering new business partnerships in the city.”

Harbour Mast Productions will be the official promoter of Cirque du Soleil’s legendary show KOOZA, as it returns to Hong Kong for the first time in seven years. Cirque du Soleil chose Hong Kong as the city to kick off its relaunch in Asia. The show will then travel to Busan and Seoul in Korea following the performances in Hong Kong.

According to the Chief Executive Officer of GEG, Mr Randy Bloom, the KOOZA Tour travels with more than 115 cast and crew, along with 60 family members. This represents a investment in Hong Kong of more than 8 000 room nights, transport, food and beverage and entertainment during the two months that the show will be in the city. In addition to the travelling crew, the show requires approximately 200 local hires.

Mr Bloom added that with over 10 years of history and experience in producing entertainment events in Hong Kong, GEG decided to expand in the city where it has traditionally created its own local events, including the annual AIA Carnival, the Hong Kong Observation Wheel (HKOW) and well-known events such as The Grounds in the HKOW event space. He noted that Mast International, with its decades of experience bringing worldwide live entertainment events to Asia, was seen as the natural partner to join in this effort. The aim is to bring more and more high-quality events and entertainment to come to Hong Kong, serving as a gateway to the region.

Mr Bloom said, “We hear and support the Government’s policy for mega events. We want to support the development of the entertainment industry and demonstrate our commitment to enhancing what Hong Kong can offer as a city for events both local and internationally. We have great trust in Hong Kong as a city.”

The Chief Executive Officer and President of Mast International, Mr Yong Kim, added, “As a long-time producer and promoter of events in Asia, Mast recognises the opportunities afforded by the growth of the live events industry in Hong Kong. As our company continues to grow, we aim to expand and create more diverse experiences for people in Hong Kong. By bringing global entertainment around the world and into the city, we can offer a wider range of engaging entertainment options. Notably, the globally acclaimed Cirque du Soleil will be making its first appearance in Hong Kong since 2018 and will kick off a multi-destination Asia Tour.”

GEG is a multi-award-winning group of companies with expertise in creating and producing exceptional live entertainment events and experiences in Asia. To date, GEG has engaged over 20 million consumers across over 500 events, pioneering some of the largest, most successful and enduring events and experiences.

Mast International was founded as a subsidiary of Mast Media Limited in 2006. Since then, the company has successfully presented seven shows of Cirque du Soleil in Korea. Mast International has promoted other various international spectacles, sporting events, exhibitions, pop concerts, ballets and plays, etc, including the legendary French musical, “Notre-Dame de Paris”.

For more information about GEG, please visit www.geg.asia.

For more information about Mast International, please visit www.mastent.co.kr.

To obtain a copy of the photos, please visit www.flickr.com/photos/investhk/albums/72177720325905295.

MIL OSI Asia Pacific News –

May 8, 2025

MIL-OSI: Enerflex Ltd. Announces First Quarter 2025 Financial and Operational Results

Source: GlobeNewswire (MIL-OSI)

ADJUSTED EBITDA OF $113 MILLION AND FREE CASH FLOW OF $85 MILLION

EI CONTRACT BACKLOG AND ES BACKLOG OF $1.5 BILLION AND $1.2 BILLION, RESPECTIVELY, PROVIDING SOLID OPERATIONAL VISIBILITY

REDUCED BANK ADJUSTED NET DEBT-TO-EBITDA RATIO TO 1.3x¹ AT THE END OF Q1/25

CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today reported its financial and operational results for the three months ended March 31, 2025.

All amounts presented are in U.S. Dollars unless otherwise stated.

Q1/25 FINANCIAL AND OPERATIONAL OVERVIEW

Generated revenue of $552 million compared to $638 million in Q1/24 and $561 million in Q4/24.
- Lower revenue compared with the prior year is primarily attributed to upfront revenue recognized in the Energy Infrastructure (“EI”) product line in Q1/24 on the extension and modification of an existing EI contract previously accounted for as an operating lease in the Eastern Hemisphere (“EH”) region.
Recorded gross margin before depreciation and amortization of $161 million, or 29% of revenue, compared to $119 million, or 19% of revenue in Q1/24 and $174 million, or 31% of revenue during Q4/24.
- EI and After-Market Services (“AMS”) product lines generated 70% of consolidated gross margin before depreciation and amortization during Q1/25.
- Engineered Systems (“ES”) gross margin before depreciation and amortization increased to 18% in Q1/25 compared to 5% in Q1/24 primarily due to costs recognized in Q1/24 related to an international ES project. ES gross margin before depreciation and amortization decreased compared to Q4/24 due to product mix.
Adjusted earnings before finance costs, income taxes, depreciation, and amortization (“adjusted EBITDA”) of $113 million compared to $69 million in Q1/24 and $121 million during Q4/24. The year-over-year increase in adjusted EBITDA was primarily due to costs recognized related to an international ES project in Q1/24.
SG&A was $57 million for the three months ended March 31, 2025, a decrease of $21 million from the same period in 2024, primarily due to decreased share-based compensation resulting from mark-to-market volatility on share prices in the first quarter of 2025, and lower costs and improved efficiencies, partially offset by executive transition costs.
Cash provided by operating activities was $96 million, which included net working capital recovery of $34 million. This compares to cash provided by operating activities of $101 million in Q1/24 and $113 million in Q4/24. Free cash flow increased to $85 million in Q1/25 compared to $72 million during Q1/24 and $76 million during Q4/24 primarily due to lower maintenance capital spend.
Return on capital employed (“ROCE”)² increased to 14.2% in Q1/25 compared to 0.6% in Q1/24 and 10.3% in Q4/24. ROCE benefitted from an increase in trailing 12-month EBIT and lower average capital employed, predominantly due to a decline in net debt.
Invested $33 million in the business, consisting of $14 million in capital expenditures ($6 million for growth) and $19 million for expansion of an EI project in the EH region that will be accounted for as a finance lease.
Enerflex recorded ES bookings of $205 million during Q1/25, compared to $420 million during the same period of 2024. First quarter bookings were impacted by accelerated customer activity in the latter part of the fourth quarter of 2024, predominantly in the North America (“NAM”) segment, which resulted in select orders being pulled forward, and customers pausing some decisions on expenditures due to commodity price volatility and evolving market conditions. The Company continues to closely monitor activity levels and will adjust its business as appropriate. Enerflex’s backlog remains healthy at $1.2 billion at March 31, 2025.
Enerflex’s U.S. contract compression business continues to perform well, led by increasing natural gas production in the Permian.
- This business generated revenue of $36 million and gross margin before depreciation and amortization of 72% during Q1/25 compared to $36 million and 75% in Q1/24 and $36 million and 78% during Q4/24.
- Utilization remained stable at 94% across a fleet size of approximately 448,000 horsepower. Enerflex expects its North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025.
The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on June 3, 2025, to shareholders of record on May 21, 2025.

BALANCE SHEET AND LIQUIDITY

Enerflex exited Q1/25 with net debt of $564 million, which included $75 million of cash and cash equivalents, a reduction of $179 million compared to Q1/24 and $52 million lower than the fourth quarter of 2024.
Enerflex’s bank-adjusted net debt-to-EBITDA ratio was approximately 1.3x at the end of Q1/25, down from 2.2x at the end of Q1/24 and 1.5x at the end of Q4/24.

MANAGEMENT COMMENTARY

Preet S. Dhindsa, Enerflex’s President & Chief Executive Officer (Interim), stated: “We are pleased to report another strong quarter of financial and operational results. Our Energy Infrastructure and After-Market Services business lines continue to deliver steady performance and reinforce Enerflex’s ability to generate sustainable returns across our global platform. Visibility for the ES product line remains solid, with backlog exiting Q1/25 at $1.2 billion, although we continue to closely monitor evolving market conditions and will adjust this business as appropriate. Despite increasing near-term risk and uncertainty, the fundamental drivers behind our business remain intact, namely global energy security and the shift toward low-emissions natural gas. Each of our business lines are delivering solid results and we believe all are well positioned to benefit from these fundamental drivers.”

Joe Ladouceur, Enerflex’s Chief Financial Officer (Interim), stated, “Enerflex repaid an additional $74 million of debt during Q1/25 and reduced our leverage ratio to 1.3 times, reflective of strong operational execution and disciplined capital allocation. Our priorities are generating sustainable free cash flow, solidifying our balance sheet health, and positioning the Company for long-term growth and value creation. We’re sharpening our focus on boosting profitability, strengthening the resilience of our core operations, and ensuring Enerflex generates sustained, attractive returns for shareholders.”

SUMMARY RESULTS

	Three months ended March 31,
($ millions, except percentages)	2025			2024
Revenue	$	552		$	638
Gross margin		128			87
Gross margin as a percentage of revenue		23.2	%		13.6	%
Selling, general and administrative expenses (“SG&A”)		57			78
Foreign exchange loss		–			1
Operating income		71			8
EBITDA¹		105			47
EBIT¹		66			3
EBT¹		43			(23	)
Net earnings (loss)		24			(18	)
Long-term debt		639			853
Net debt²		564			743
Cash provided by operating activities		96			101

Key Financial Performance Indicators (“KPIs”)
ES bookings³	$	205		$	420
ES backlog³		1,206			1,266
EI contract backlog⁴		1,497			1,639
Gross margin before depreciation and amortization (“Gross margin before D&A”)⁵		161			119
Gross margin before D&A as a percentage of revenue⁵		29.2	%		18.7	%
Adjusted EBITDA⁶		113			69
Free cash flow⁷		85			72
Bank-adjusted net debt to EBITDA ratio⁷	1.3x			2.2x
Return on capital employed (“ROCE”)^7,8		14.2	%		0.6	%

_{¹EBITDA is defined as earnings before finance costs, income taxes, depreciation and amortization. EBIT is defined as earnings before finance costs and income taxes. EBT is defined as earnings before taxes.}
_{²Net debt is defined as total long-term debt less cash and cash equivalent as presented in the Financial Statements.}
_{³Refer to the “ES Bookings and Backlog” section of the MD&A for further details.}
_{⁴Refer to the “EI Contract Backlog” section of the MD&A for further details.}
_{⁵Refer to the “Gross Margin by Product line” section of the MD&A for further details.}
_{⁶Refer to the “Adjusted EBITDA” section of the MD&A for further details.}
_{⁷Refer to the “Non-IFRS Measures” section of the MD&A for further details.}
_{⁸Determined by using the trailing 12-month period.}

Enerflex’s interim consolidated financial statements and notes (the “financial statements”) and Management’s Discussion and Analysis (“MD&A”) as at March 31, 2025, can be accessed on the Company’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

OUTLOOK

Industry Update

Enerflex continues to expect operating results to be underpinned by the highly contracted EI product line and the recurring nature of AMS, which together are expected to account for approximately 65% of gross margin before depreciation and amortization during 2025. The EI product line is supported by customer contracts expected to generate approximately $1.5 billion of revenue over their remaining terms.

Visibility for the ES product line remains solid, with a backlog of approximately $1.2 billion as at March 31, 2025, the majority of which is expected to convert into revenue over the next 12 months. During 2025, ES gross margins are expected to align more closely with historical averages, reflecting both weaker domestic natural gas prices through much of 2024 and a shift in project mix.

While near-term ES revenue is expected to remain steady, Enerflex continues to closely monitor evolving market conditions and increased near-term risk and uncertainty, including the impact of tariffs and lower oil prices, and will adjust its business as appropriate. The Company expects to be partially protected from the direct and indirect impact of tariffs through its diversified operations and on-going risk management efforts. Enerflex’s operations in the USA, Canada and Mexico are largely distinct in the client partners and projects they serve. USA is Enerflex’s largest operating region, generating 45% of consolidated revenue on a trailing-twelve month basis by destination of sale, and we believe the Company is well positioned to benefit from growth in domestic energy production. Enerflex’s operations in Canada and Mexico generated 11% and 3% of consolidated revenue on a trailing twelve-month basis, respectively.

Despite increased near-term risk and uncertainty for the ES product line, recent domestic natural gas prices have been constructive, and the medium-term outlook for ES products and services remains attractive, supported by anticipated growth in natural gas and produced water volumes across Enerflex’s global footprint.

Capital Spending

Enerflex continues to target a disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. This includes a total of approximately $70 million for maintenance and property, plant and equipment (“PP&E”) capital expenditures and growth spending of $40 million to $60 million. Disciplined capital spending will focus on customer supported opportunities primarily in the USA. Notably, the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants. Enerflex will continue to make selective customer supported growth investments in this business.

Capital Allocation

Providing meaningful direct shareholder returns is a priority for Enerflex, reflected through the 50% increase of the Company’s third quarter 2024 dividend, and implementation of the Normal Course Issuer Bid (“NCIB”).

The NCIB commenced on April 1, 2025 and will terminate no later than March 31, 2026. Under the NCIB, the Company is authorized to acquire up to a maximum of 6,159,695 Common Shares or approximately 5% of its public float as at the application date, for cancellation. During the month of April 2025, Enerflex repurchased 690,500 Common Shares at an average price of CAD$10.15 per share.

Going forward, capital allocation decisions will be based on delivering value to Enerflex shareholders and measured against Enerflex’s ability to maintain balance sheet strength. In addition to increases in the Company’s dividend, share repurchases, and disciplined growth capital spending, Enerflex will also consider further debt reduction to strengthen its balance sheet and lower net finance costs. Unlocking greater financial flexibility positions the Company to respond to evolving market conditions and capitalize on opportunities to optimize its debt stack.

DIVIDEND DECLARATION

Enerflex is committed to paying a sustainable quarterly cash dividend to shareholders. The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on June 3, 2025, to shareholders of record on May 21, 2025.

CONFERENCE CALL AND WEBCAST DETAILS

Investors, analysts, members of the media, and other interested parties, are invited to participate in a conference call and audio webcast on Thursday, May 8, 2025 at 8:00 a.m. (MDT), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

To participate, register at https://register-conf.media-server.com/register/BIbf48293aea6d4b518127ab7e050c6058. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/oqas9bdk.

NON-IFRS MEASURES

Throughout this news release and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including net debt-to-EBITDA ratio and bank-adjusted net debt-to-EBITDA ratio. These non-IFRS measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, non-IFRS measures should not be considered more meaningful than generally accepted accounting principles measures as indicators of Enerflex’s performance. Refer to “Non-IFRS Measures” of Enerflex’s MD&A for the three months ended March 31, 2025, for information which is incorporated by reference into this news release and can be accessed on Enerflex’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

ADJUSTED EBITDA

	Three months ended March 31, 2025
($ millions)	NAM			LATAM			EH		Total
Net earnings¹									$	24
Income taxes¹										19
Net finance costs^1,2										23
EBIT³	$	38		$	19		$	12	$	66
Depreciation and Amortization		16			11			12		39
EBITDA	$	54		$	30		$	24	$	105
Share-based compensation		(2	)		(1	)		–		(3	)
Impact of finance leases
Principal payments received		–			–			8		8
Loss on redemption options³										3
Adjusted EBITDA	$	52		$	29		$	32	$	113

_{¹The Company included net earnings (loss), income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.}
_{²Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.}
_{³EBIT includes $3 million loss on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.}

	Three months ended March 31, 2024
($ millions)	NAM		LATAM		EH			Total
Net loss¹								$	(18	)
Income taxes¹									(5	)
Net finance costs^1,2									26
EBIT	$	33	$	5	$	(35	)	$	3
Depreciation and amortization		18		10		16			44
EBITDA	$	51	$	15	$	(19	)	$	47
Restructuring, transaction and integration costs		3		2		1			6
Share-based compensation		3		1		2			6
Impact of finance leases
Upfront gain		–		–		(3	)		(3	)
Principal payments received		–		–		13			13
Adjusted EBITDA	$	57	$	18	$	(6	)	$	69

FREE CASH FLOW

The Company defines free cash flow as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for EI assets – operating leases and PP&E, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets – operating leases are added back. Free cash flow may not be comparable to similar measures presented by other companies as it does not have a standardized meaning under IFRS. Management uses this non-IFRS measure to assess the level of free cash generated to fund other non-operating activities. These activities could include dividend payments, share repurchases, and non-mandatory debt repayments. Free cash flow is also used in calculating the dividend payout ratio.

	Three months ended March 31,
($ millions, except percentages)	2025			2024
Cash provided by operating activities before changes in working capital and other¹	$	62		$	18
Net change in working capital and other		34			83
Cash provided by operating activities²	$	96		$	101
Less:
Capital expenditures – Maintenance and PP&E		(8	)		(9	)
Capital expenditures – Growth		(6	)		(8	)
Mandatory debt repayments		–			(10	)
Lease payments		(6	)		(4	)
Add:
Proceeds on disposals of PP&E and EI assets – operating leases		9			2
Free cash flow	$	85		$	72
Dividends paid		6			2
Dividend payout ratio		7.1	%		2.8	%

_{¹Enerflex also refers to cash provided by operating activities before changes in working capital and other as “Funds from operations” or “FFO”.}
_{²Enerflex also refers to cash provided by operating activities as “Cashflow from operations” or “CFO”.}

BANK-ADJUSTED NET DEBT-TO-EBITDA RATIO

The Company defines net debt as short- and long-term debt less cash and cash equivalents at period end, which is then divided by EBITDA for the trailing 12 months. In assessing whether the Company is compliant with the financial covenants related to its debt instruments, certain adjustments are made to net debt and EBITDA to determine Enerflex’s bank-adjusted net debt-to-EBITDA ratio. These adjustments and Enerflex’s bank-adjusted net-debt-to EBITDA ratio are calculated in accordance with, and derived from, the Company’s financing agreements.

GROSS MARGIN BEFORE DEPRECIATION AND AMORTIZATION

Gross margin before depreciation and amortization is a non-IFRS measure defined as gross margin excluding the impact of depreciation and amortization. The historical costs of assets may differ if they were acquired through acquisition or constructed, resulting in differing depreciation. Gross margin before depreciation and amortization is useful to present operating performance of the business before the impact of depreciation and amortization that may not be comparable across assets.

ADVISORY REGARDING FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “expect”, “future”, “may”, “potential”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

In particular, this news release includes (without limitation) FLI pertaining to:

expectations that the North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025;
Enerflex’s ability to generate sustainable free cash flow, solidify its balance sheet health, and position the Company for long-term growth and value creation, and the time required in connection therewith, if at all;
disclosures under the heading “Outlook” including:
- the highly contracted EI product line and the recurring nature of AMS will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization during 2025;
- customer contracts within Enerflex’s EI product line will generate approximately $1.5 billion of revenue over their remaining terms;
- a majority of the ES product line backlog of approximately $1.2 billion as at March 31, 2025, will convert into revenue over the next 12 months;
- ES gross margins are expected to align more closely with historical averages while near term ES revenue will remain steady;
- expectations that the Company will be partially protected from the direct and indirect impact of tariffs through its diversified operations and on-going risk management efforts;
- in respect of the USA, expectations that the Company is well positioned to benefit from growth in domestic energy production;
- natural gas and produced water volumes are anticipated to grow across Enerflex’s global footprint, supporting an attractive medium-term outlook for ES products and services;
- total capital expenditures in 2025 will be $110 million to $130 million which includes approximately $70 million for maintenance and PP&E capital expenditures and growth spending of $40 million to $60 million;
- capital spending will focus on customer supported opportunities primarily in the USA;
- the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants;
- considerations to further reduce debt to strengthen our balance sheet and lower net financing costs and that doing so will position the Company to respond to evolving market conditions and capitalize on opportunities to optimize its debt stack;
the ability of Enerflex to continue to pay a sustainable quarterly cash dividend; and
using free cash generated to fund other non-operating activities including dividend payments, share repurchases, and non-mandatory debt repayments, if at all.

FLI reflect management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:

the ability of the Company to adjust the business as appropriate in response to ES activity levels, evolving market conditions, and increased near-term risk and uncertainty, including the impact of tariffs and lower oil prices;
market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s global footprint;
market conditions, customer activity, and industry fundamentals will support stable demand across Enerflex’s product lines and geographic regions throughout 2025;
the high level of contractual commitments within the EI product line and the predictable, recurring revenue from AMS will continue;
existing customer contracts within the EI product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
the execution of projects within the ES product line will proceed as scheduled and the conversion to revenue will proceed without significant delays or cancellations;
no significant unforeseen cost overruns or project delays;
market conditions continuing to support the NCIB within the anticipated timeframe; and
Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.

As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

The outlook provided in this news release is 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. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

ABOUT ENERFLEX

Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

For investor and media enquiries, contact:

Preet S. Dhindsa
President and Chief Executive Officer (Interim)
E-mail: PDhindsa@enerflex.com

Joe Ladouceur
Chief Financial Officer (Interim)
E-mail: JLadouceur@enerflex.com

Jeff Fetterly
Vice President, Corporate Development and Capital Markets
E-mail: JFetterly@enerflex.com

The MIL Network –

May 8, 2025

MIL-OSI: Best Online Casinos Ontario: 7Bit Casino Voted no 1 for Its Extensive Crypto Game Selection and Generous Bonuses

Source: GlobeNewswire (MIL-OSI)

JERSEY CITY, N.J., May 08, 2025 (GLOBE NEWSWIRE) — 7Bit Casino is quickly becoming a go-to pick for Ontario players in 2025, especially those who love using crypto. With thousands of games, smooth and flexible payment options, and a user-friendly design, it’s built for a fun, stress-free experience. Whether you’re spinning the latest slots, hitting the live dealer tables, or chasing big jackpots, 7Bit Casino has you covered. Plus, new players get a head start with an exclusive welcome bonus to kick things off right.

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This offer provides up to a 325% bonus up to CAD 10,800 plus 250 Free Spins across your first four deposits, giving you a significant boost to explore the platform. As a leading anonymous online casino, 7Bit Casino boasts over 7,000 real money games, lightning-fast payouts, and a no-KYC policy that prioritizes player privacy. From the best online pokies to immersive live dealer games and comprehensive sports betting options, 7Bit Casino is the ultimate destination among the best online casinos in Ontario.

A Comprehensive Review of the Best Online Casinos in Ontario

The online gambling landscape in Ontario is thriving, with new online casinos launching regularly to compete with industry stalwarts. However, not all platforms deliver the quality, security, and excitement players expect. To identify the best online casinos Ontario has to offer, a team of iGaming specialists conducted an exhaustive review, focusing on key criteria that matter most to players. These include:

Criteria	Description
License	Verifies operation under a reputable regulatory authority.
Fairness	Ensures games are audited for randomness and fairness by independent firms.
Quality of Games	Evaluates the variety, quality, and reputation of game providers.
Bonuses and Promotions	Assesses the generosity, fairness, and transparency of bonus terms.
Payment Methods	Checks speed, variety, and efficiency of deposit and withdrawal options.
Online Security	Confirms robust measures to protect player data and transactions.
Mobile Experience	Reviews usability, performance, and accessibility on mobile devices.
Sportsbook Quality	Evaluate the range, odds, and features of sports betting options.
KYC	Examines the ease and necessity of verification processes.
Deposit/Withdrawal Limits	Assess the flexibility and suitability of financial limits for all players.
Customer Support	Gauge responsiveness, professionalism, and availability of support channels.

After analyzing dozens of platforms, 7Bit Casino emerged as the clear winner, securing its title as the best online casino in Ontario 2025. Its innovative approach, combining cryptocurrency support, a vast game library, and player-friendly policies, sets it apart from the competition.

Why 7Bit Casino is the #1 Choice Among the Best Online Casinos in Ontario

Operated by Dama N.V., a well-respected name in the iGaming industry, 7Bit Casino excels across all evaluation criteria, offering a seamless and rewarding experience that surpasses competitors. Its focus on cryptocurrency, privacy, and entertainment makes it a standout among new online casinos.

Here’s a detailed breakdown of its strengths:

1. License

7Bit Casino operates under a Curacao iGaming License (Curacao eGaming), a globally recognized authority that enforces strict standards for fairness, security, and responsible gaming. Unlike some competitors with less reputable licenses, such as those from lesser-known jurisdictions, 7Bit’s Curacao certification provides players with confidence in its legitimacy and operational integrity. This regulatory oversight ensures that the casino adheres to industry best practices, making it a trusted choice among the best online casinos in Ontario.

2. Fairness

All games at 7Bit Casino are rigorously audited by independent third-party firms like eCOGRA and iTech Labs, ensuring randomness and fairness. This commitment to transparency surpasses competitors like Spin Casino, which has faced occasional scrutiny over game fairness.

The use of provably fair mechanisms for certain games allows players to verify outcomes independently, a feature not widely offered by platforms like Betway. For players seeking the best online casinos in Ontario, 7Bit’s dedication to fair play is a significant advantage.

3. Games Offered in 7Bit Casino

Boasting over 7,000 real money games from nearly 100 top-tier providers, including NetEnt, Evolution, Microgaming, Habanero, BGaming, and Play’n GO, 7Bit Casino offers Ontario’s most diverse and high-quality game library. Competitors like Jackpot City (approximately 500 games) and LeoVegas (2,000+ games) fall short in both variety and volume. The selection includes:

Slots: Classics like Starburst, progressive jackpots like Mega Moolah, and themed titles like Book of Dead and Gonzo’s Quest. With thousands of slots, players seeking the best online pokies are spoiled for choice.
Table Games: Multiple variants of Blackjack, Roulette, Poker, and Baccarat, including European and American Roulette, and unique options like Multi-Hand Blackjack.
Live Dealer Games: High-definition streams of Blackjack, Roulette, Baccarat, and game shows like Crazy Time, powered by Evolution Gaming.
Jackpot Games: Opportunities for life-changing wins with titles like Hall of Gods and Divine Fortune.
Video Poker: Strategic games like Jacks or Better, Deuces Wild, and Aces & Faces.
Instant Wins: Quick-play options like scratch cards and keno for fast-paced fun.

This extensive variety ensures that players, from casual gamers to high rollers, find entertainment tailored to their preferences, making 7Bit a leader among brand-new online casinos.

4. Bonuses and Promotions

7Bit Casino is celebrated for its generous and player-friendly bonuses, outpacing competitors like Betway, which offers a smaller welcome package with higher wagering requirements. Its promotions are designed to maximize value and enhance the gaming experience:

Welcome Bonus: New players can claim up to a 325% bonus up to CAD 10,800 plus 250 Free Spins across four deposits:
- 1st Deposit: 100% bonus + 100 Free Spins
- 2nd Deposit: 75% bonus + 100 Free Spins
- 3rd Deposit: 50% bonus
- 4th Deposit: 100% bonus + 50 Free Spins
- New Game Offer: 45 FS
- Telegram Offer: 50 FS
- Monday Offer: 25% + 50 FS
- Wednesday Offer: Up to 100 Free Spins
- Weekly Cashback: Up to 20%
- Telegram Friday Offer: 111 Free Spins
- Telegram Sunday Offer: 66 Free Spins
Tournaments: Regular events with prize pools up to $50,000, offering cash prizes and free spins.
- Titans` Arena: $8000
- Platipus Rush: €2000
- 10 Years of Platipus: € 100,000
- Lucky Spin: $1500 + 1500 Free Spins

Unlike competitors with restrictive terms, 7Bit’s bonuses come with low wagering requirements, making it easier to convert bonuses into real winnings. This generosity cements its position among the best online casinos Ontario.

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5. Payment Methods and Banking Experience
7Bit Casino supports a wide array of payment methods, offering flexibility and speed that surpass competitors like Spin Casino, which lacks cryptocurrency options:

Fiat Options: VISA, MasterCard, Neosurf, eZeeWallet, AstroPay, Online Banking.
Cryptocurrencies: Bitcoin, Ethereum, Litecoin, Dogecoin, Tether USDT, Bitcoin Cash, and more.

Deposits are instant across all methods, while withdrawals are processed swiftly, often within 24 hours for cryptocurrencies and 1-3 days for fiat options. This is significantly faster than LeoVegas’s 1-5 day withdrawal times. The absence of fees on crypto transactions enhances cost-effectiveness, making 7Bit a top Pay ID casino and a leader among the best online casinos in Ontario. Players can also benefit from low minimum deposit thresholds, starting at $10 for most methods, ensuring accessibility for all budgets.

6. Online Security

Security is a cornerstone of 7Bit Casino’s operations. The platform employs military-grade SSL encryption to protect player data and financial transactions, complemented by secure servers and a clean record of no data breaches.

Compared to competitors like Betway, which faced minor security concerns in 2023, 7Bit’s robust framework ensures a safe gaming environment. Regular security audits and compliance with Curacao regulations further enhance trust, making it a reliable choice among the best online casinos Ontario.

7. Mobile Experience

In today’s fast-paced world, mobile compatibility is essential for any online casino Ontario player. 7Bit Casino excels with a fully optimized mobile website that performs seamlessly on all browsers and devices, including Android and iOS.

Unlike Jackpot City, which relies on a downloadable app, 7Bit requires no downloads, offering instant access to its full game library, account management, and bonus claims. The mobile platform maintains high-quality graphics, smooth gameplay, and intuitive navigation, ensuring a consistent experience across devices.

8. Quality of Sportsbook

While competitors like LeoVegas emphasize sports betting, 7Bit Casino offers a competitive sportsbook covering over 35 sports and esports, including football, basketball, tennis, hockey, and emerging markets like eSports (e.g., Dota 2, CS: GO). Features include live betting, competitive odds, and exclusive bonuses like free bets and cashback. This versatility makes 7Bit a well-rounded option among new online casinos, catering to players who enjoy both casino games and sports wagering.

9. KYC (Know Your Customer)

As an anonymous online casino, 7Bit Casino eliminates KYC requirements, unlike Jackpot City and Betway, which mandate extensive verification processes. This privacy-focused approach allows players to sign up and play without submitting personal documents, appealing to those who value discretion. The no-KYC policy is a significant differentiator, setting 7Bit apart among the best online casinos in Ontario.

10. Customer Support Service

7Bit Casino provides 24/7 customer support through multiple channels, outshining competitors like Betway, which lacks phone support:

Live Chat: Instant assistance directly on the website.
Email: support@7bit.com for detailed inquiries.

The professional support team resolves issues quickly, from account setup to payment queries, enhancing the player experience and reinforcing 7Bit’s status as a top online casino in Ontario.

How to Get Started at 7Bit Casino

Joining 7Bit Casino is quick and straightforward, even for newcomers to online casinos Ontario:

Visit the Website: Go to 7Bit Casino on your desktop or mobile device.
Sign Up: Enter your email, choose a password, and select your preferred currency. No KYC verification is required, ensuring a hassle-free start.
Make a Deposit: Choose from fiat or crypto options to fund your account instantly. Minimum deposits start at $10.
Claim Your Welcome Bonus: Activate the 325% bonus plus 250 Free Spins across your first four deposits.
Start Playing: Explore the 7,000+ game library, from pokies to live dealer games, and enjoy your gaming journey.

The intuitive interface and mobile compatibility make it easy to navigate and enjoy, whether you’re at home or on the go.

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VIP Programs and Rewards: Loyalty Pays Off

7Bit Casino rewards loyalty through a tiered VIP program, offering escalating benefits as players climb levels:

Higher cashback percentages (up to 20%).
Dedicated account managers for personalized support.
Exclusive tournaments and quests with rare rewards.
Personalized bonuses tailored to player preferences.

Compared to LeoVegas’s less structured loyalty program, 7Bit’s system provides tangible incentives, enhancing its appeal among new online casinos. Regular players also gain access to special events and limited-time offers, ensuring long-term engagement.

Security and Trust: A Safe Gaming Environment

Security is paramount at 7Bit Casino, which uses military-grade SSL encryption, secure servers, and has no history of data breaches. Its Curacao license ensures compliance with strict regulatory standards, surpassing competitors like Betway, which faced minor security issues in 2023. Regular audits and transparent policies further enhance trust, making 7Bit a reliable choice among the best online casinos Ontario.

Responsible Gambling: Prioritizing Player Well-Being

7Bit Casino is committed to promoting responsible gambling, offering a suite of tools to help players manage their gaming habits:

Deposit Limits: Set daily, weekly, or monthly caps to control spending.
Loss Limits: Prevent excessive losses by capping spending over a set period.
Cool-off Periods: Temporarily suspend accounts for short breaks.
Self-Exclusion: Opt out for extended periods, with reactivation requiring direct contact.
Account Closure: Permanently close accounts for those needing a complete break.

Additionally, 7Bit provides resources and links to organizations like Gamblers Anonymous and Gambling Therapy, ensuring players have access to professional support. This commitment surpasses competitors with less robust measures, solidifying 7Bit’s status among the best online casinos in Ontario.

The Rise of 7Bit Casino: A Global Leader

Since its launch in 2014, 7Bit Casino, operated by Dama N.V., has grown into a global powerhouse in the iGaming industry. Its early adoption of cryptocurrency, focus on anonymous gaming, and expansive game library have earned it a stellar reputation. Positive reviews on platforms like AskGamblers and CasinoGuru praise its reliability, fast payouts, and player-friendly policies. This global success translates to Ontario, where 7Bit has become a top pick among new online casinos.

Player Testimonials: Real Experiences

Players consistently praise 7Bit Casino for its exceptional features:

“The no-KYC policy and instant crypto payouts make 7Bit my go-to casino.” – Alex M., Toronto
“The welcome bonus was a game-changer, and the variety of pokies is unreal.” – Emma L., Ottawa
“Customer support is quick and professional, unlike other casinos I’ve tried.” – Ryan T., London

These testimonials highlight why 7Bit is a favorite among online casinos Ontario, reflecting its ability to deliver a superior player experience.

Game Provider Partnerships: Powering a World-Class Gaming Experience

The quality and diversity of game provider partnerships are pivotal in distinguishing the best online casinos in Ontario from their peers, as they directly influence the gaming experience. 7Bit Casino excels in this area by collaborating with nearly 100 top-tier software providers, including industry giants like NetEnt, Microgaming, Evolution Gaming, Play’n GO, BGaming, and Habanero, as well as innovative studios like Yggdrasil, Pragmatic Play, and Red Tiger.

This extensive network enables 7Bit to offer over 7,000 high-quality games, far surpassing competitors like Jackpot City, which partners with fewer providers (primarily Microgaming) and offers a limited 500-game catalog.

These partnerships also guarantee technical excellence, with games optimized for fast loading, high-definition graphics, and seamless performance across devices. 7Bit Casino further benefits from providers’ commitment to fairness, as many integrate provably fair technology and undergo regular audits by firms like eCOGRA.

By fostering robust and diverse game provider partnerships, 7Bit ensures a dynamic, engaging, and reliable gaming experience, solidifying its position as a leader among brand new online casinos in Ontario.

The Future of Online Gambling in Ontario

Ontario’s online gambling market is poised for significant growth, driven by trends like cryptocurrency adoption, virtual reality (VR) gaming, and privacy-focused platforms. 7Bit Casino is well-positioned to lead this evolution, with its crypto support, no-KYC policy, and forward-thinking approach.

Emerging technologies like VR and augmented reality (AR) may soon enhance gaming experiences, but for now, 7Bit remains the gold standard among brand-new online casinos. Its ability to adapt to market trends ensures it will remain a top contender in 2026 and beyond.

Community Engagement and Social Presence

7Bit Casino actively engages its community through social media platforms like Twitter, Telegram, and Instagram, where it shares updates on bonuses, tournaments, and new game releases. Regular giveaways and interactive campaigns foster a sense of community, unlike competitors with limited online presence. This transparency and engagement build trust, further cementing 7Bit’s status among new online casinos.

Industry Recognition and Awards

7Bit Casino has received many awards from reputable platforms like AskGamblers, CasinoGuru, and iGaming Business, recognizing its excellence in game variety, bonuses, and player satisfaction. These achievements underscore its position as the best online casino in Ontario, setting a benchmark for competitors to follow.

Strategies for Winning at 7Bit Casino

To maximize your experience at 7Bit Casino, consider these tips:

Leverage Bonuses: Use the welcome bonus and daily offers to extend your playtime, but always read the terms to understand wagering requirements.
Choose High-RTP Games: Opt for slots like Mega Joker (99% RTP) or video poker for better long-term returns.
Participate in Tournaments: Compete in regular tournaments for a chance at cash prizes and free spins.
Set a Budget: Use responsible gambling tools to manage spending and avoid chasing losses.
Explore Crypto Payments: Crypto withdrawals are faster and fee-free, ideal for quick access to winnings.

These strategies, combined with 7Bit’s player-friendly features, enhance your chances of success at one of the best online casinos Ontario.

Customer Support: Reliable Assistance

7Bit Casino offers 24/7 customer support through multiple channels, ensuring players receive prompt assistance:

Live Chat: Instant help directly on the website, with response times under a minute.
Email: Contact support@7bit.com for detailed inquiries, with replies typically within a few hours.

The professional and multilingual support team handles everything from account setup to payment disputes, enhancing the player experience and reinforcing 7Bit’s status as a top online casino in Ontario.

Final Words About 7Bit: The Best Online Casino in Ontario

In a competitive landscape filled with brand-new online casinos, 7Bit Casino shines as the best online casino in Ontario 2025. Its vast game library of over 7,000 titles, generous bonuses, rapid payouts, privacy-focused no-KYC policy, and robust security measures make it the ideal choice for all players.

Whether you’re chasing the best online pokies, immersive live dealer experiences, or competitive sports betting, 7Bit Casino delivers on every front. Its commitment to responsible gambling, community engagement, and industry innovation further solidifies its leadership.

Don’t miss the opportunity to join Ontario’s premier online casino. Sign up today and claim your welcome bonus to experience why 7Bit Casino is the top choice among the best online casinos in Ontario!

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Email: Support@7bitCasino.com

Disclaimer and Affiliate Disclosure

This article is for informational and promotional purposes only and does not constitute legal, financial, or professional advice. Readers should verify information independently before acting on it. Affiliate links may generate commissions at no additional cost to users. Gambling is intended for individuals of legal age (19 in Ontario) and should be conducted responsibly. Seek help from certified organizations like Gamblers Anonymous for gambling addiction. All trademarks and brand names are the property of their respective owners. By reading this article, you acknowledge that you do so at your own risk and agree to hold the publisher, affiliates, and contributors harmless from any liability arising from its use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a46ab4c-dc1e-452b-b7c9-48abff55ce3b

The MIL Network –

May 8, 2025

MIL-OSI: Best Online Casinos 2025: 7Bit Ranked Top Real Money Online Casino With Exclusive Bonuses & Secure Payment Methods
Source: GlobeNewswire (MIL-OSI)

JERSEY CITY, N.J., May 08, 2025 (GLOBE NEWSWIRE) — After A Thorough Review By Our Expert Team, 7Bit Casino Is Recognized As The Best Online Casino For 2025, Offering An Extensive Collection Of Over 7,000 Games, Exciting Bonuses, And Seamless Payouts, All While Ensuring A Secure And Player-Friendly Environment.

In the bustling world of online gambling, finding the best online casino can feel overwhelming with so many options. After diving deep into reviews and player feedback, 7Bit Casino stands out as our top choice for 2025. It’s packed with over 7,000 games, from slots to live dealer tables, and offers juicy bonuses like a 325% match up to 5.25 BTC plus 250 free spins. Whether you’re spinning reels or betting on blackjack, 7Bit delivers a real money experience that’s hard to beat.

Ready to jump in? Click here to join 7Bit Casino and grab your welcome bonus today!

Why 7Bit Casino?

7Bit Casino, around for over a decade, nails what players want: privacy, speed, and fun. It’s a no KYC casino for crypto users, meaning you can play without sharing tons of personal info, which is a big plus for privacy lovers. Plus, payouts are lightning-fast, especially with crypto, often hitting your wallet in minutes. It’s not just about the games; it’s about the whole experience, from easy sign-ups to 24/7 help if you need it.

A Closer Look at the Best Online Casino: 7Bit Casino

7Bit Casino has earned its spot as the best online casino for 2025, and here’s why it’s our favorite. With more than 10 years under its belt, it knows how to keep players happy, especially those chasing the best online casino real money vibes.

Standout Features

First off, the welcome bonus is a game-changer. New players get a 325% match up to 5.25 BTC plus 250 free spins spread over four deposits. Imagine boosting your bankroll right off the bat—that’s what 7Bit does, making it the best online casino sign-up bonus around. For example, a $100 deposit could net you extra funds and spins to try out slots like Book of Dead.

But wait, there’s more! 7Bit keeps the excitement going with ongoing deals like reload bonuses, free spins, and cashback offers. They’ve got tournaments too, like Pragmatic Play’s Drops and Wins with big prize pools, so there’s always something to chase.

Game Galore

Games? Oh, they’ve got over 7,000, from classic slots to live dealer blackjack. Whether you’re into fast-paced action or strategic play, 7Bit’s got you covered. Top providers like NetEnt, Microgaming, and Evolution Gaming power these games, ensuring they’re fair and fun. It’s like having a casino in your pocket, perfect for online gambling for real money.

Payments and Privacy

Paying in and out is a breeze. You can use crypto like Bitcoin or stick with regular options like Visa or Pay ID. Crypto payouts are super quick, sometimes in minutes, which is why 7Bit’s a top pick for those wanting the best online casino payouts. And if you value privacy, it’s a no KYC casino for crypto, meaning less hassle and more play.

Support That’s Always On

Need help? 7Bit’s customer support is there 24/7 via live chat or email. They’re quick to fix issues, making your time at one of the best online casinos stress-free. It’s all about making sure you enjoy the ride, whether you’re new or a seasoned player.

In short, 7Bit Casino’s mix of big bonuses, tons of games, fast payouts, and player-friendly features makes it our go-to real money casino for 2025.

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Pros and Cons

Here’s a quick rundown of what’s great and what could use a tweak at 7Bit Casino:

Pros:
- Big Welcome Bonus: 325% up to 5.25 BTC + 250 free spins over four deposits.
- Huge Game Library: Over 7,000 games, from slots to live dealer tables.
- Lightning-Fast Payouts: Crypto withdrawals in minutes, perfect for real cash online casino fans.
- Always There Help: 24/7 support via chat or email.
- Privacy First: No KYC for crypto, making it a safe online casino.
- Play Anywhere: Mobile site works great on phones and tablets.
Cons:
- Tricky Bonus Rules: Some bonuses need 40-45x wagering, which can be tough.
- Bonus Limits: Some deals only work on slots, not table games like poker.
How To Join 7Bit Casino

Getting started at 7Bit, one of the best online casinos, is super easy. Even if you’re new, you’ll be playing in minutes. Here’s how:
1. Visit 7Bit Casino: Click here to go straight to the sign-up page.
2. Make an Account: Hit “Sign Up,” enter your email, password, and currency. It’s quick, especially for crypto users with no KYC.
3. Add Some Money: Go to the cashier, pick crypto (like Bitcoin) or regular options (Pay ID, Visa), and deposit enough for the bonus.
4. Use the Bonus Code: If needed, type in the promo code (check the site for current ones, like “2DEP” for your second deposit).
5. Get Your Bonus: After depositing and entering the code, 7Bit adds bonus cash and spins to your account.
6. Start Playing for Real Money: Use your funds and bonuses to dive into games and chase those wins.
Pro Tip: Double-check your email and promo code to avoid missing out. Wrong entries won’t get you the bonus, so visit 7Bit’s promotions page for details.

How We Picked The Best Online Casino

We didn’t just pick 7Bit out of a hat. We looked at what really matters to make sure it’s the best online casino for real money play. Here’s how it stacked up:
- License and Safety: 7Bit’s got a Curacao eGaming license, a trusted name in online gambling. It uses top-notch SSL encryption to keep your data safe and games are provably fair, so you know it’s legit.
- Bonuses and Deals: The 325% welcome bonus up to 5.25 BTC + 250 free spins is huge, and they’ve got ongoing offers like cashback and free spins. It’s all about giving you more value.
- Available Games: Over 7,000 games mean you’ll never run out of options, from slots to live dealer tables. It’s a playground for all tastes.
- Game Makers: Top providers like NetEnt, Microgaming, and Evolution Gaming ensure games are fair, look great, and play smoothly.
- Payment Options: You can use crypto for instant payouts or stick with Visa, Pay ID, and more. It’s flexible and fast, perfect for top online casinos real money players.
- Help When You Need It: 24/7 live chat and email support mean help’s always a click away, making it a reliable real money online casino.
7Bit’s strong across the board, making it our pick for the best online casino in 2025.

GET YOUR 325% BONUS UP TO 5.25 BTC + 250 FREE SPINS HERE!

Top Casino Games At The Best Online Casino

7Bit Casino’s game lineup is a big reason it’s the best online casino. Here’s what you can dive into:

Online Slots

Slots are the star here, with thousands to choose from. From simple 3-reel classics to flashy video slots with bonuses and big jackpots, there’s something for everyone. Try hits like Starburst or Mega Moolah for a shot at huge wins, making it ideal for casino games that pay real money.

Blackjack

Love a challenge? Blackjack lets you beat the dealer to 21, mixing luck and strategy. 7Bit’s got classic, multi-hand, and live dealer versions, so you can play your way at this top online casino.

Roulette

Roulette’s all about chance, betting on where the ball lands. 7Bit offers American, European, and French styles, plus live tables for that real casino feel. It’s simple and thrilling, perfect for online gambling for real money.

Poker

Poker fans can enjoy video poker or live tables like Texas Hold’em and Caribbean Stud. It’s all about strategy and big payouts, fitting right into the best real money online casino vibe.

Live Dealer Games

Want the real deal? 7Bit’s live dealer section, powered by Evolution Gaming, brings blackjack, roulette, and baccarat to your screen with real dealers. It’s like being at a fancy casino, and it’s a highlight of top online casinos.

With so many options, 7Bit ensures every player finds their favorite way to win real money online instantly.

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Secure Payment Methods At Real Money Casinos

7Bit Casino makes paying easy and safe, which is key for the best online casinos for real money. Here’s what you can use:

Bitcoin (BTC)
- Type: Cryptocurrency
- Processing Time: Instant
- Notes: Fast, private, fee-free
Ethereum (ETH)
- Type: Cryptocurrency
- Processing Time: Instant
- Notes: Secure, quick transactions
Litecoin (LTC)
- Type: Cryptocurrency
- Processing Time: Instant
- Notes: Low fees, speedy
Visa/Mastercard
- Type: Traditional
- Processing Time: Instant (deposits), 1-3 days (withdrawals)
- Notes: Familiar, widely accepted
Pay ID
- Type: E-Wallet
- Processing Time: Instant
- Notes: Fast, secure, no bank details
Skrill
- Type: E-Wallet
- Processing Time: Instant
- Notes: Privacy-focused, quick
Bank Transfer
- Type: Traditional
- Processing Time: 3-5 days
- Notes: Secure for large sums, slower
- Cryptocurrencies: Use Bitcoin, Ethereum, or Litecoin for instant deposits and withdrawals, keeping things private and fast. It’s a big reason 7Bit’s a top pick for online casinos that pay real cash.
- Debit/Credit Cards: Visa and Mastercard are great for quick deposits, though withdrawals take a few days, standard for real money casinos.
- E-Wallets: Pay ID, Skrill, and Neteller let you pay without sharing bank details, perfect for privacy at a safe online casino.
- Bank Transfers: Good for big transactions, but expect a wait of 3-5 days.
7Bit’s payment options ensure you can manage funds easily, making it one of the best paying online casinos.

Playing Smart At Online Casinos

Gambling at 7Bit Casino should be fun, not stressful. They’ve got tools to help you stay in control:
- Deposit Limits: Set how much you can add daily, weekly, or monthly to keep spending in check.
- Loss Limits: Cap how much you can lose over a set time to avoid chasing losses.
- Wagering Limits: Limit your bets to stay disciplined, perfect for online gambling for real money.
- Session Time Limits: Track and cap how long you play to balance gaming with life.
- Cooling-off Periods: Take a break by pausing your account for a while.
- Reality Checks: Get pop-up reminders of how long you’ve been playing to stay mindful.
7Bit also links to support organizations for problem gambling, ensuring a safe experience at this best online casino. Remember, only wager what you can afford to lose.

Conclusion: The Best Online Casino For 2025

After checking out tons of platforms, we’re calling it: 7Bit Casino is the best online casino for 2025. With over 7,000 games—from slots like Mega Moolah to live blackjack—it’s a playground for all. The 325% welcome bonus up to 5.25 BTC is a huge kickstart, and crypto payouts are lightning-fast. As a no KYC casino, it’s perfect for privacy, and options like Pay ID make regular payments smooth. Sure, some bonus rules are tricky, and bank transfers are slow, but those are small compared to what 7Bit brings.

With a solid Curacao license and tight security, 7Bit’s the real deal. Ready to play? Sign up, grab your bonus, and see why it’s the best online casino out there at 7Bit Casino.

Common Inquiries About The Best Online Casinos

What makes 7Bit Casino the best online casino for 2025?

7Bit stands out with over 7,000 games, a 325% bonus up to 5.25 BTC + 250 spins, fast payouts, and no KYC for crypto, making it top for real money play.

Is 7Bit Casino safe and legit?

Yes, it’s licensed by Curacao, uses SSL encryption, and offers provably fair games, ensuring a secure and fair experience at a legit online casino.

What payment methods does 7Bit Casino accept?

7Bit accepts cryptocurrencies like Bitcoin, Ethereum, and traditional options like Visa, Pay ID, Skrill, ensuring flexibility for real money casinos.

Can I play on 7Bit Casino from my mobile device?

Absolutely, 7Bit’s mobile-optimized site works great on phones and tablets, offering seamless access to games and bonuses at the best online casino.

What are the wagering requirements for bonuses at 7Bit Casino?

Bonuses typically require 40-45x wagering, so check the terms. It’s standard for top online casinos, but can be challenging for some players.

Email: support@7bitcasino.com

Disclaimer and Affiliate Disclosure

Legal Disclaimer

This content is for info and fun only, not legal, financial, or gambling advice. Check local laws before playing. Gamble responsibly, only bet what you can afford. Seek help from NCPG if needed. Some links may earn us a commission at no cost to you, based on objective reviews.

Disclaimer: 7Bit Casino promotes responsible gambling. Verify local laws before playing, as it may not be licensed for New Jersey. Gamble only with funds you can afford to lose.

Gambling online comes with financial risks. Make sure you meet the legal age requirement (19+) in your region and follow local laws. Always engage in responsible gambling and check 7Bit’s official site for the latest terms, as promotions and payment methods may be updated.

General Disclaimer

This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of writing. No warranties are made, and users must verify information before acting.

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A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/1df27c57-fc29-4385-b7fb-0f16b6d505d9

The MIL Network –
May 8, 2025
MIL-OSI Economics: Samsung TV Plus To Exclusively Live Stream SMTOWN LIVE 2025 in L.A. Globally on New SMTOWN Channel

Source: Samsung

Samsung Electronics today announced that Samsung TV Plus, its free ad-supported streaming (FAST) service, will serve as the exclusive global livestream platform for SMTOWN LIVE 2025 in L.A., the landmark K-pop concert commemorating the 30th anniversary of SM Entertainment. The live broadcast will air on May 11, from Dignity Health Sports Park in Los Angeles, to audiences across 18 countries via Samsung TV Plus.

This milestone collaboration with SM Entertainment — the powerhouse behind K-pop’s global rise — marks a significant moment for Samsung TV Plus as it continues to redefine how fans worldwide experience Korean content.

“Through our partnership with SM Entertainment, we’re leveraging Samsung TV Plus’s technology to bring the richness of K-Content to more viewers than ever before,” said Yong Su Kim, Executive Vice President of the Visual Display Business at Samsung Electronics. “This global event marks a significant moment for K-Pop fans everywhere and we’re proud to broaden access to premium Korean content for audiences around the world.”

Unprecedented Global Access to K-pop’s Biggest Stage
SMTOWN LIVE 2025 in L.A. will feature a star-studded lineup of SM Entertainment’s leading artists, including TVXQ!, SUPER JUNIOR, SHINee (KEY, MINHO), EXO (SUHO, CHANYEOL, KAI), Red Velvet (IRENE, SEULGI, JOY), NCT 127, NCT DREAM, WayV, aespa, RIIZE, NCT WISH, Hearts2Hearts, SMTR25, and much more.

In addition to beloved fan-favorite tracks, Samsung TV Plus will exclusively showcase live performances, including:

The first US stage of “poppop” by NCT WISH, following their recent music show win
The live performance of “Wait On Me” by EXO’s KAI, a chart-topping track that reached No.1 on iTunes in 30 regions and topped China’s QQ Music digital album chart

These moments will be available only on Samsung TV Plus, providing fans in select countries with exclusive front-row access.

Dedicated SMTOWN Channel Enhances the K-pop Viewing Experience
To further elevate fan engagement, Samsung TV Plus has launched a dedicated SMTOWN Channel that offers:

Full concert replays of SMTOWN LIVE 2025 in L.A.
Music videos and curated content highlighting SM artists and the legacy of SM Entertainment

The SMTOWN LIVE 2025 in L.A. replay will be available exclusively on Samsung TV Plus in select countries for a six-month period, further reinforcing the platform’s role as a premier global destination for K-pop content.

A Growing Hub for Global K-Content
Samsung TV Plus continues to grow as a global destination for Korean entertainment, offering over 4,000 hours of free-to-stream dramas, thrillers, romance, crime series, and music programming. Available on more than 630 million Samsung devices across 30 countries, the platform provides a seamless, ad-supported viewing experience to millions of users — no subscriptions or logins required.

With the SMTOWN LIVE 2025 in L.A. partnership, Samsung TV Plus solidifies its leadership in global K-content distribution — expanding access, deepening fan connections, and bringing iconic Korean entertainment into more homes around the world.

For more information on how to watch SMTOWN LIVE 2025 in L.A. and explore the full Samsung TV Plus offering, visit www.samsung.com.

MIL OSI Economics –

May 8, 2025
MIL-OSI United Kingdom: Our Union Street gets £400,000 grant

Source: Scotland – City of Aberdeen

A group set up to regenerate, repopulate, and reinvigorate Union Street has been awarded a grant of £400,000.

Aberdeen City Council’s Finance and Resources Committee yesterday (8 May 2025) approved the money to Our Union Street which is on top of £100,000 over a three year period agreed at the Council Budget on 1 March 2023.

Aberdeen City Council Co-Leader Councillor Ian Yuill said: “We look forward to seeing what work Our Union Street will do with the £400,000 grant money.

“The Council is investing in Union Street and the surrounding area through grants to Our Union Street along with schemes such as the Union Street Empty Shops Grant Scheme and the City Centre and Beach Masterplan projects to ensure that it remains an attractive place to live, work, and visit.”

Our Union Street was established in 2022 is funded through private and public sector partnerships. The Scottish Government has confirmed a funding contribution of £400,000 to Aberdeen City Council to support city centre regeneration activity currently being undertaken by Our Union Street.

Our Union Street’s Bob Keillor said: “We have a range of projects that will help to inject new energy into the city centre and, in some cases, could be transferrable to other communities too.

“The use of technology and artificial intelligence will be part of this – for example, how do we get the ten Scottish monarchs portrayed on the Mercat Cross monument to come to life and tell their stories?

“We are grateful to Aberdeen City Council for helping us to secure this funding. The Scottish Government recognised the importance of Our Union Street and the work we do – that’s why they are providing this support.”

The £400,000 grant is subject to submission and approval of a delivery plan which supports the Union Street Action Plan, which was set up in 2022 to support reconfiguring empty shops on Union Street, helping to reinvigorate and reimagine the area.

MIL OSI United Kingdom –

May 8, 2025

MIL-OSI: ACM Research Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., May 08, 2025 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced packaging applications, today reported financial results for its first quarter ended March 31, 2025.

“Our first quarter results mark a good start to 2025. We delivered 13% year-over-year revenue growth, solid profitability, and positive cash flow from operations,” said Dr. David Wang, President and Chief Executive Officer of ACM. “We achieved several strategic milestones: including the qualification of our high-temperature SPM tool by a leading logic customer in China, customer acceptance for our backside/bevel etch tool from a U.S. customer, and we received the 2025 3D InCites Technology Enablement Award for our proprietary Ultra ECP ap-p tool, which we believe is the world’s first to utilize horizontal plating for panel applications. These achievements highlight ACM’s technology leadership in both front-end processing and advanced packaging applications, which we believe will allow us to play a key role as the global industry demands innovation to advance the ever-evolving semiconductor requirements for AI.”

“For 2025, we expect incremental revenue contribution from Tahoe, SPM, and furnace tools; and progress in customer evaluations of Track, PECVD, and panel-level packaging platforms. We believe ACM’s focused effort on developing world-class tools across our customer base will also support our efforts for additional major customer wins in global markets. We are also investing in our Oregon facility to serve as a base for customer evaluations, technology development and initial production for our global customers.”

	Three Months Ended March 31,
	GAAP				Non-GAAP(1)
	2025		2024		2025		2024
	(dollars in thousands, except EPS)
Revenue	$	172,347	$	152,191	$	172,347	$	152,191
Gross margin		47.9%		52.0%		48.2%		52.5%
Income from operations	$	25,777	$	25,232	$	35,594	$	39,801
Net income attributable to ACM Research, Inc.	$	20,380	$	17,433	$	31,279	$	34,597
Basic EPS	$	0.32	$	0.28	$	0.49	$	0.56
Diluted EPS	$	0.30	$	0.26	$	0.46	$	0.52

^{(1) Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain (loss) on short-term investments.}

Outlook

ACM is maintaining its revenue guidance range of $850 million to $950 million for fiscal year 2025. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.

Operating Highlights and Recent Announcements

Shipments. Total shipments in the first quarter of 2025 were $157 million, compared to $245 million for the first quarter of 2024. This decrease is due in part to customer pull-ins in the fourth quarter of 2024, which contributed to stronger total shipments for that period. For reference, combined total shipments for the fourth quarter of 2024 and the first quarter of 2025 grew by 8.9% versus the prior year periods. We anticipate a return to year-on-year growth in total shipments for the second quarter of 2025. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.
Qualification of High-Temp SPM Tool in China. ACM’s single-wafer high-temperature SPM tool was qualified by a key logic device manufacturer in mainland China. Featuring a proprietary nozzle that reduces acid mist and maintenance needs, the tool enhances particle control and system uptime. It supports wet etching and wafer cleaning for technology nodes at 28nm and below. ACM has now delivered SPM tools to 13 customers.
Recognized for Innovation in High-Volume Fan-Out Panel-Level Packaging Solutions. ACM won the 2025 3D InCites Technology Enablement Award for its Ultra ECP ap-p tool, the first commercially available high-volume copper deposition system for the large panel market. This innovative system supports advanced panel sizes and delivers high uniformity through ACM’s proprietary horizontal plating approach, which we expect to help address integration challenges in advanced semiconductor packaging.
Appointment of New Board Member. ACM appointed Charlie Pappis to its Board of Directors, effective March 15, 2025.

First Quarter 2025 Financial Summary

Unless otherwise noted, the following figures refer to the first quarter of 2025 and comparisons are with the first quarter of 2024.

Revenue was $172.3 million, up 13.2%, reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment and ECP (front-end and packaging), furnace and other technologies.
Gross margin was 47.9% versus 52.0%. Non-GAAP gross margin, which excludes stock-based compensation, was 48.2% versus 52.5%. Gross margin exceeded ACM’s previously disclosed long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.
Operating expenses were $56.8 million, up 5.4%. Operating expenses as a percentage of revenue decreased to 32.9% from 35.4%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $47.5 million, up 18.4%. Non-GAAP operating expenses as a percentage of revenue increased to 27.6% from 26.3%.
Operating income was $25.8 million, up 2.2%. Operating margin was 15.0% compared to 16.6%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $35.6 million, a decrease of 10.6%. Non-GAAP operating margin, which excludes stock-based compensation, was 20.7% compared to 26.2%.
Unrealized loss on short-term investments was $1.1 million, compared to $2.6 million. Unrealized loss reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
Income tax expense was $2.2 million, compared to $4.4 million.
Net income attributable to ACM Research, Inc. was $20.4 million, compared to $17.4 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $31.3 million, compared to $34.6 million.
Net income per diluted share attributable to ACM Research, Inc. was $0.30, compared to $0.26. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $0.46, compared to $0.52.
Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits were $498.4 million at March 31, 2025, compared to $441.9 million at December 31, 2024.

Conference Call Details

A conference call to discuss results will be held on Thursday, May 8, 2025, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

Online Registration: https://register-conf.media-server.com/register/BI300a7bc629bd43d98fcb1268d481b156

Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events/events.

A live and archived webcast will be available on the Investors section of the ACM website at www.acmr.com.

Use of Non-GAAP Financial Measures

ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”

ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.

While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

© ACM Research, Inc. ULTRA ECP ap and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

For investor and media inquiries, please contact:

In the United States:	The Blueshirt Group
	Steven C. Pelayo, CFA
	(360)808-5154
	steven@blueshirtgroup.co

In China:	The Blueshirt Group Asia
	Gary Dvorchak, CFA
	+86 (138) 1079-1480
	gary@blueshirtgroup.co

ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets

	March 31, 2025			December 31, 2024
	(Unaudited)
	(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	457,240		$	407,445
Restricted cash		10,586			3,865
Short-term time deposits		17,202			17,277
Short-term investment		18,319			19,373
Accounts receivable, net		387,849			387,045
Other receivables		35,050			41,859
Inventories, net		609,567			597,984
Advances to related party		1,384			1,024
Prepaid expenses and other current assets		10,677			7,507
Total current assets		1,547,874			1,483,379
Property, plant and equipment, net		277,065			269,272
Operating lease right-of-use assets, net		17,747			14,038
Intangible assets, net		2,997			3,461
Long-term time deposits		13,393			13,275
Deferred tax assets		16,457			14,781
Long-term investments		54,814			37,063
Other long-term assets		3,421			20,452
Total assets	$	1,933,768		$	1,855,721
Liabilities and Equity
Current liabilities:
Short-term borrowings	$	24,951		$	32,814
Current portion of long-term borrowings		67,935			44,472
Related party accounts payable		19,285			16,133
Accounts payable		116,441			139,294
Advances from customers		241,456			243,949
Deferred revenue		10,781			8,537
Income taxes payable		6,168			12,779
FIN-48 payable		19,483			19,466
Other payables and accrued expenses		118,814			121,657
Current portion of operating lease liability		3,564			2,132
Total current liabilities		628,878			641,233
Long-term borrowings		134,540			105,525
Long-term operating lease liability		6,149			3,840
Other long-term liabilities		8,848			9,217
Total liabilities		778,415			759,815
Commitments and contingencies
Equity:
Stockholders’ equity:
Class A Common stock		6			6
Class B Common stock		1			1
Additional paid-in capital		700,191			677,476
Retained earnings		280,380			260,000
Statutory surplus reserve		30,514			30,514
Accumulated other comprehensive loss		(61,946	)		(63,372	)
Total ACM Research, Inc. stockholders’ equity		949,146			904,625
Non-controlling interests		206,207			191,281
Total equity		1,155,353			1,095,906
Total liabilities and equity	$	1,933,768		$	1,855,721

ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income

	Three Months Ended March 31,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share data)
Revenue	$	172,347		$	152,191
Cost of revenue		89,797			73,070
Gross profit		82,550			79,121
Operating expenses:
Sales and marketing		16,343			14,173
Research and development		27,503			23,918
General and administrative		12,927			15,798
Total operating expenses		56,773			53,889
Income from operations		25,777			25,232
Interest income		3,339			1,774
Interest expense		(1,558	)		(783	)
Realized gain from sale of short-term investments		–			273
Unrealized loss on short-term investments		(1,082	)		(2,595	)
Other (expense) income, net		(262	)		3,080
Income (loss) from equity method investments		952			(520	)
Income before income taxes		27,166			26,461
Income tax expense		(2,153	)		(4,369	)
Net income		25,013			22,092
Less: Net income attributable to non-controlling interests		4,633			4,659
Net income attributable to ACM Research, Inc.	$	20,380		$	17,433
Comprehensive income (loss):
Net income		25,013			22,092
Foreign currency translation adjustment, net of tax of nil		1,750			(6,829	)
Comprehensive Income		26,763			15,263
Less: Comprehensive income attributable to non-controlling interests		4,957			3,406
Comprehensive income attributable to ACM Research, Inc.	$	21,806		$	11,857

Net income attributable to ACM Research, Inc. per common share:
Basic	$	0.32		$	0.28
Diluted	$	0.30		$	0.26

Weighted average common shares outstanding used in computing per share amounts:
Basic		63,267,834			61,367,184
Diluted		66,952,774			66,242,321

ACM RESEARCH, INC.
Total Revenue by Product Category and by Region

	Three Months Ended March 31,
	2025		2024
	(Unaudited)
	($ in thousands)
Single wafer cleaning, Tahoe and semi-critical cleaning equipment	$	129,569	$	109,470
ECP (front-end and packaging), furnace and other technologies		27,630		25,800
Advanced packaging (excluding ECP), services & spares		15,148		16,921
Total Revenue by Product Category	$	172,347	$	152,191

	Three Months Ended March 31,
	2025		2024
Mainland China	$	169,053	$	152,135
Other Regions		3,294		56
Total Revenue by Region	$	172,347	$	152,191

ACM RESEARCH, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

	Three Months Ended March 31,
	2025												2024
	Actual			SBC			Other non-operating adjustments			Adjusted			Actual			SBC			Other non-operating adjustments			Adjusted
	(GAAP)									(Non-GAAP)			(GAAP)									(Non-GAAP)

	(In thousands)

Revenue	$	172,347								$	–		$	–								$	172,347		$	152,191	$	–	$	–	$	152,191
Cost of revenue		(89,797	)		(529	)		–			(89,268	)		(73,070	)		(781	)		–			(72,289	)
Gross profit		82,550			(529	)		–			83,079			79,121			(781	)		–			79,902
Gross margin		47.9%			0.3%			–			48.2%			52.0%			0.5%			–			52.5%
Operating expenses:
Sales and marketing		(16,343	)		(2,157	)		–			(14,186	)		(14,173	)		(3,027	)		–			(11,146	)
Research and development		(27,503	)		(2,775	)		–			(24,728	)		(23,918	)		(4,503	)		–			(19,415	)
General and administrative		(12,927	)		(4,356	)		–			(8,571	)		(15,798	)		(6,258	)		–			(9,540	)
Total operating expenses		(56,773	)		(9,288	)		–			(47,485	)		(53,889	)		(13,788	)		–			(40,101	)
Income (loss) from operations	$	25,777		$	(9,817	)	$	–		$	35,594		$	25,232		$	(14,569	)	$	–		$	39,801
Unrealized loss on short-term investments		(1,082	)		–			(1,082	)		–			(2,595	)		–			(2,595	)		–
Net income (loss) attributable to ACM Research, Inc.	$	20,380		$	(9,817	)	$	(1,082	)	$	31,279		$	17,433		$	(14,569	)	$	(2,595	)	$	34,597
Basic EPS	$	0.32								$	0.49		$	0.28								$	0.56
Diluted EPS	$	0.30								$	0.46		$	0.26								$	0.52

The MIL Network –

May 8, 2025

MIL-OSI: Himax Technologies, Inc. Declares Cash Dividend for FY2024

Source: GlobeNewswire (MIL-OSI)

TAINAN, Taiwan, May 08, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today declared a cash dividend of 37.0 cents per ADS, equivalent to 18.5 cents per ordinary share, for the year of 2024.

The cash dividend will be payable on July 11, 2025 to all the shareholders of record as of June 30, 2025. The ADS book will be closed for issuance and cancellation from June 23, 2025 to June 30, 2025. Typically, Himax pays out its yearly dividend at approximately the middle of its current calendar year based on the Company’s previous year financial performance.

“Since our IPO in 2006, we have consistently rewarded shareholders for their ongoing commitment with our dividend policy,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax. “This year we are pleased to declare an annual cash dividend of 37.0 cents per ADS, representing a payout ratio of 81.1% of last year’s profit. Himax will continue to focus on maintaining a healthy balance sheet while driving sustainable long-term growth to deliver value for our shareholders through high dividends and share repurchases,” concluded Mr. Wu.

About Himax Technologies, Inc.

Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye^TM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

http://www.himax.com.tw

Forward Looking Statements

Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

Company Contacts:

Karen Tiao, Head of IR/PR
Himax Technologies, Inc.
Tel: +886-2-2370-3999
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw

Mark Schwalenberg, Director
Investor Relations – US Representative
MZ North America
Tel: +1-312-261-6430
Email: HIMX@mzgroup.us
www.mzgroup.us

The MIL Network –

May 8, 2025
MIL-OSI China: 27th China Beijing International High-Tech Expo kicks off

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

The 27th China Beijing International High-Tech Expo opened Thursday at the National Convention Center and will run through May 11.

This year’s event features over 600 new products across six themed exhibition zones of information technology, smart manufacturing, healthcare, green development, the digital economy, and regional innovation.

More than 800 enterprises and organizations from home and abroad are participating, with the total exhibition area reaching about 50,000 square meters – more than doubled that of last year.

International exhibitors from countries including Russia, France, Japan, the U.S., and ASEAN nations occupy over 3,000 square meters, according to a Beijing municipal official responsible for promoting international trade.

Headline exhibits include China’s first 1,000-qubit coherent optical quantum computer, capable of accelerating tasks like drug discovery; AI-powered orthopedic surgical robots already in clinical use at over 100 hospitals; wall-climbing robots for infrastructure inspections; and a new generation of humanoid robots.

The expo also showcases key breakthroughs driving emerging industries. Highlights include a domestically developed fuel cell air compressor that lowers hydrogen fuel costs, a turboshaft engine built for unmanned helicopters and eVTOL aircraft, and the first bioengineered heart valve product developed specifically for infants.

In parallel with the exhibition, a series of trade and investment promotion events are being held, covering themes such as international investment, Beijing-Tianjin-Hebei trade cooperation, and international business law.

MIL OSI China News –

May 8, 2025
MIL-OSI China: ZGC Innovation Center a global hub for tech cooperation

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

Beijing’s Zhongguancun International Innovation Center was officially launched last year and has since become a key global hub for tech innovation and exchange, hosting international conferences, technology forums, and industry events.

In late March, the Zhongguancun Forum took place at the center, drawing over 23,000 participants. The event was characterized by efficient organization, providing participants with well-coordinated experiences.

The center has also served as the venue for other notable events, including the 2024 Cross-Strait Youth Summit, the Third Belt and Road High-Level Conference on Intellectual Property, and the 27th Beijing-Hong Kong Economic Cooperation Symposium. These gatherings highlight the center’s role in facilitating exchange and progress in economic and tech sectors.

During a recent high-level meeting held in the center, Beijing announced plans to boost technological innovation and industry development. The goals include establishing 10 industry parks, commercializing at least 600 technological achievements, and increasing the value of core AI industry to over 500 billion yuan (US$69 billion) within the year.

Throughout the past year, technology companies have unveiled breakthroughs at the center, with events like Huawei’s Kunpeng Ascend Developer Conference, HarmonyOS Connect Partner Summit, and the Baidu Cloud Intelligence Conference showcasing developments in their respective domains.

As a global platform, Zhongguancun International Innovation Center will continue to provide a space for introducing new technologies, encouraging international cooperation, and promoting discussions on innovation and technological development.

MIL OSI China News –

May 8, 2025

MIL-OSI: Best Online Casinos Ireland – JACKBIT Ranked #1 Irish Casino Site of 2025

Source: GlobeNewswire (MIL-OSI)

DUBLIN, May 08, 2025 (GLOBE NEWSWIRE) — JACKBIT, a globally acclaimed platform with a strong presence across Europe, Australia, New Zealand, and beyond, has been named the “Best Online Casino in Ireland 2025” following a rigorous review of the Irish online gambling industry. Conducted by experienced iGaming specialists, this evaluation highlights why JACKBIT stands out as the premier choice among the best online casinos in Ireland, delivering an exceptional gaming experience tailored to Irish players.

New players can dive into the excitement with JACKBIT’s generous welcome bonus by signing up today:

✅ PLAY AT JACKBIT – UNLOCK MASSIVE CRYPTO BONUSES & START WINNING TODAY!

JACKBIT sets the benchmark for a new online casino with its compelling welcome offer: 30% Rakeback + 100 First Deposit Free Spins with no KYC requirements. This player-centric approach, combined with a vast game library and innovative features, solidifies JACKBIT’s position as the top pick in the best online casinos Ireland for 2025.

Featuring over 7,000 real money games from 85 top-tier providers, JACKBIT caters to every gaming preference, offering the best online pokies, table games, live dealer experiences, and a comprehensive sportsbook with 140+ sports types. From spinning slots to betting on Gaelic football, JACKBIT ensures a thrilling and rewarding experience that resonates with Irish players.

“Our mission is to guide Irish players to the Best Online Casinos in Ireland that deliver excitement, security, and value,” said the review team. “JACKBIT excels in every critical area, making it the ultimate destination for online gaming in Ireland.”

A Player-Centric Review of the Best Online Casinos in Ireland

The review team conducted a thorough analysis, prioritizing the needs of Irish players. The evaluation criteria included:

License: Ensuring compliance with global gambling regulations.
Fairness: Independent audits for game integrity.
Quality of Games: Diverse and high-quality gaming options.
Bonuses and Promotions: Generous and transparent rewards.
Payment Methods: Secure, flexible, and fast transactions.
Online Security: Robust protection for player data.
Mobile Experience: Seamless gaming across devices.
Sportsbook Quality: Comprehensive and competitive betting options.
KYC: Minimal or no identity verification requirements.
Deposit and Withdrawal Limits: Flexible and player-friendly.
Customer Support: Responsive, multilingual assistance.

These criteria formed the foundation for assessing the best online casinos in Ireland, with JACKBIT emerging as the top performer. Its status as an anonymous online casino and its commitment to player satisfaction make it the leading platform for Irish players.

Why JACKBIT Is the Best Online Casino in Ireland 2025

JACKBIT’s outstanding performance across all review categories makes it the unrivaled leader in the best online casinos in Ireland. Below is a detailed exploration of its standout features:

JACKBIT operates under a Curacao Gaming License, a globally recognized credential that ensures legal and regulated operations. This license provides Irish players with confidence in the platform’s legitimacy, positioning JACKBIT as a trusted name in the best online casinos Ireland.

All games on JACKBIT are audited by independent third-party firms to ensure fairness and transparency. This commitment to integrity reassures players that they’re engaging with a platform that prioritizes trust, a key factor in ranking among the best online casinos Ireland.

Quality of Games

JACKBIT’s game library is a treasure trove, offering over 7,000 games from 85 renowned providers. Irish players can enjoy the best online pokies, including classic slots, progressive jackpots, and digital scratch cards. The platform also features a wide range of table games like blackjack, roulette, and baccarat, alongside immersive live dealer options that bring the thrill of a real casino to your screen. The sportsbook, with 140+ sports types, includes local favorites like GAA, horse racing, and soccer, making JACKBIT a versatile choice in the best online casinos Ireland.

Game Category	Examples	Providers
Slots	Starburst, Mega Moolah	NetEnt, Microgaming
Table Games	Blackjack, Roulette	Evolution, Pragmatic Play
Live Dealer	Live Poker, Baccarat	Evolution, Ezugi
Sportsbook	GAA, Soccer, Rugby	Proprietary

Quality of Bonuses and Promotions

JACKBIT’s bonuses are designed to maximize player value, starting with a Welcome Bonus of 30% Rakeback + 100 First Deposit Free Spins with no KYC requirements. Additional promotions include:

Weekly Giveaways: $10,000 cash and 10,000 free spins.
VIP System: Up to 30% Rakeback based on player activity.
Social Media Bonuses: Free rewards for engaging with JACKBIT online.
Pragmatic Drops & Wins: €2,000,000 in prize pools.
Weekly Sports Tournament: 20,000$

These promotions, paired with low wagering requirements, make JACKBIT a leader in the best online casinos Ireland for bonus offerings.

✅ GRAB YOUR WELCOME BONUS OF 30% RAKEBACK + 100 FREE SPINS

Payment Methods and Banking Experience

As a premier pay ID casino, JACKBIT offers seamless transactions tailored to Irish players. The platform supports over 17 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Ripple (XRP), and Solana (SOL), ensuring instant, fee-free deposits and withdrawals.

For those preferring traditional methods, JACKBIT accepts fiat options like Visa, MasterCard, Google Pay, Apple Pay, and bank transfers. This flexibility enhances JACKBIT’s appeal in the best online casinos Ireland.

Payment Method	Type	Processing Time	Fees
Bitcoin (BTC)	Crypto	Instant	None
Ethereum (ETH)	Crypto	Instant	None
Tether (USDT)	Crypto	Instant	None
Visa/MasterCard	Fiat	Instant	None
Google Pay/Apple Pay	Fiat	Instant	None
Bank Transfer	Fiat	1-3 Days	None

Online Security

JACKBIT prioritizes player safety with military-grade encryption, secure servers, and a dedicated security team. As an anonymous online casino, it eliminates KYC requirements, allowing Irish players to enjoy gaming without sharing personal details. This focus on privacy and security makes JACKBIT a top choice in the best online casinos in Ireland.

Mobile Experience

JACKBIT’s HTML5-powered mobile platform delivers a flawless gaming experience on iOS and Android devices. Whether you’re spinning the best online pokies, placing sports bets, or enjoying live dealer games, the mobile site offers intuitive navigation, fast load times, and full functionality. This mobile excellence reinforces JACKBIT’s position of the best online casino in Ireland.

Quality of Sportsbook

JACKBIT’s sportsbook is a standout feature, offering 82,000+ live monthly events, 75,000+ pre-match events, and 4,500+ betting types. Irish players can wager on local sports like Gaelic football, hurling, and horse racing, alongside global options like soccer, rugby, and esports.

Exclusive bonuses, such as free bets, deposit bonuses, and cashback, enhance the betting experience, making JACKBIT a leader in the best online casinos Ireland.

As a new online casino, JACKBIT eliminates KYC requirements, enabling players to sign up and play anonymously. This privacy-first approach is a major draw for Irish players, positioning JACKBIT as a premier anonymous online casino in the best online casinos Ireland.

Customer Support

JACKBIT provides 24/7 customer support via live chat, email, and phone, with multilingual assistance in English, German, French, and more. The professional support team ensures rapid resolutions, making JACKBIT a reliable choice in the online casinos Ireland.

Join JACKBIT today to explore 7,000+ games and claim your exclusive welcome bonus:

✅ GET STARTED WITH JACKBIT – FAST CRYPTO DEPOSITS, BIG WINS AHEAD!

JACKBIT’s Commitment to Responsible Gambling

Responsible gambling is a cornerstone of JACKBIT’s operations, setting it apart from the best online casinos Ireland. The platform employs advanced technology to detect problematic gambling patterns, offering affected players immediate support and resources. Tools like deposit limits, session timers, and self-exclusion options empower players to manage their gaming responsibly.

JACKBIT’s 24/7 support team is trained to handle responsible gambling concerns, ensuring players can access assistance at any time. This dedication to player welfare underscores why JACKBIT is a trusted new online casino in the best online casinos Ireland.

“Safety and enjoyment are inseparable,” said the review team. “JACKBIT’s proactive approach to responsible gambling makes it a standout in the best online casinos in Ireland.”

Steps to Join JACKBIT Crypto Casino:

Visit the JACKBIT Website:
Go to the official JACKBIT Crypto Casino website.
Click on the “Register” Button:
You’ll find the “Register” option at the top-right corner of the homepage. Click on it to start your registration process.
Fill in Your Details:
- Enter your email address.
- Create a secure password for your account.
- Select your preferred currency (you can choose between crypto or fiat).
Make Your First Deposit:
Once registered, make your initial deposit. JACKBIT accepts both crypto and fiat payment methods, so choose the one that works best for you.
Claim Your Welcome Bonus:
After your first deposit, you’ll receive:
- 30% Rakeback
- 100 Free Spins
  This bonus is a great way to start your journey at JACKBIT.
Start Gaming or Betting:
With over 7,000 games and a sportsbook, you can immediately begin exploring your options. Choose your favorite game or place your bets and enjoy!
Ensure Legal Age:
Make sure you meet the legal gambling age in your jurisdiction (typically 18 or 19) before signing up.

✅ SIGN UP AT JACKBIT – GRAB YOUR WELCOME BONUS & HIT THE SLOTS IN SECONDS!

Why JACKBIT Excels in 2025

JACKBIT’s blend of a vast game library, generous bonuses, and player-centric features makes it the undisputed leader in the best online casinos Ireland. Its anonymous online casino model, with no KYC requirements, appeals to privacy-conscious players, while its pay ID casino capabilities ensure seamless transactions.

The platform’s sportsbook, with extensive coverage of Irish sports, adds a local touch that resonates with players. Combined with a user-friendly mobile experience, robust security, and a commitment to fairness, JACKBIT delivers everything Irish players need for a thrilling and secure gaming experience.

Exploring JACKBIT’s Unique Features

Multilingual Platform

JACKBIT supports multiple languages, including English, German, and French, ensuring accessibility for Ireland’s diverse population. This inclusivity enhances its appeal in the best online casinos in Ireland, catering to both native and international players.

Rakeback VIP Club

The Rakeback VIP Club rewards loyal players with up to 30% Rakeback, based on their activity level. This program adds significant value, particularly for high rollers, making JACKBIT a top choice in the best online casinos in Ireland.

Crypto-Based Mini-Games

JACKBIT offers a selection of crypto-based mini-games, adding a modern twist to its offerings. These games appeal to tech-savvy players, further solidifying JACKBIT’s reputation as a new online casino in the best online casinos Ireland.

Social Media Engagement

JACKBIT’s Free Social Media Bonuses encourage players to interact with the platform online, offering rewards like free spins and cashback. This innovative approach boosts player engagement, making JACKBIT a standout in the best online casinos Ireland.

Tournaments and Leaderboards

JACKBIT hosts regular tournaments and leaderboards, allowing players to compete for cash prizes, free spins, and exclusive rewards. These events add an extra layer of excitement, reinforcing JACKBIT’s position as the best online casinos in Ireland.

Fast Payouts

JACKBIT’s commitment to fast payouts ensures players receive their winnings promptly, whether using cryptocurrencies or fiat methods. This efficiency is a key reason JACKBIT ranks among the best online casinos Ireland.

Community Focus

JACKBIT fosters a sense of community through its social media presence and player-focused initiatives. By engaging with players online and offering tailored promotions, JACKBIT builds loyalty, making it a top contender in the best online casinos Ireland.

The Irish Gaming Experience with JACKBIT

JACKBIT’s appeal to Irish players extends beyond its technical features. The platform’s inclusion of sports like Gaelic football and hurling in its sportsbook reflects an understanding of Ireland’s cultural passions. Its best online pokies feature themes inspired by Irish folklore, such as leprechauns, Celtic knots, and shamrocks, adding a local flavor to the gaming experience.

The absence of KYC requirements aligns with the preferences of many Irish players who value privacy, making JACKBIT a leading anonymous online casino in the best online casinos Ireland. Additionally, the platform’s support for Google Pay and Apple Pay caters to the growing popularity of mobile payments in Ireland, enhancing its status as a pay ID casino.

JACKBIT’s multilingual support ensures that players from Ireland’s diverse communities, including those in Dublin, Cork, Galway, and beyond, can navigate the platform with ease. This tailored experience feels both global and distinctly Irish, making JACKBIT a standout in the best online casinos in Ireland.

JACKBIT’s Role in Ireland’s Online Gambling Evolution

Ireland’s online gambling scene has grown rapidly, with players demanding platforms that offer convenience, variety, and security. JACKBIT has emerged as a trailblazer in this space, redefining what it means to be a new online casino in the best online casinos Ireland. Its innovative features, such as crypto-based gaming and no-KYC policies, align with the preferences of modern Irish players who seek flexibility and privacy.

The platform’s Pragmatic Drops & Wins promotion, with a €2,000,000 prize pool, has captured the attention of Irish players, offering opportunities to win big while playing the best online pokies. JACKBIT’s regular tournaments and leaderboards further enhance its appeal, creating a competitive yet fun environment that keeps players engaged.

JACKBIT also contributes to the local economy by partnering with Irish payment providers and supporting local sports betting markets. Its commitment to offering odds on GAA and horse racing events strengthens its connection to Ireland’s cultural heritage, making it a beloved choice in the best online casinos in Ireland.

How JACKBIT Supports Irish Players

JACKBIT goes beyond gaming to provide a holistic experience for Irish players. Its 24/7 customer support team is trained to address the unique needs of Irish users, offering assistance in English and other languages. Whether you’re troubleshooting a payment issue or seeking advice on responsible gambling, JACKBIT’s support team is always ready to help, reinforcing its position of the best online casinos in Ireland.

The platform’s VIP Rakeback Club is particularly appealing to Irish high rollers, offering tailored rewards that enhance the gaming experience. By providing up to 30% Rakeback, JACKBIT ensures that loyal players are recognized and rewarded, making it a top pay ID casino in the best online casinos Ireland.

JACKBIT’s social media engagement strategy also resonates with Ireland’s tech-savvy population. By offering Free Social Media Bonuses, the platform encourages players to stay connected, fostering a sense of community that is rare among online casinos. This approach makes JACKBIT a leader in the best online casinos Ireland.

Comparing JACKBIT to Other Platforms

While many platforms compete for a spot in the best online casinos Ireland, JACKBIT’s comprehensive offerings set it apart. Unlike competitors that may impose lengthy KYC processes, JACKBIT’s anonymous online casino model prioritizes player privacy. It’s 7,000+ games surpass the libraries of most rivals, and its sportsbook offers more betting options, particularly for Irish sports.

JACKBIT’s bonuses, with low wagering requirements and high value, outshine those of other platforms. The 30% Rakeback + 100 Free Spins welcome offer is more generous than standard deposit matches, and the Pragmatic Drops & Wins promotion adds a competitive edge. These factors make JACKBIT the top new online casino in the best online casinos Ireland.

Tips for Maximizing Your JACKBIT Experience

To get the most out of JACKBIT, consider these tips:

Claim the Welcome Bonus: Start with the 30% Rakeback + 100 Free Spins to boost your bankroll.
Join the VIP Club: Increase your activity to unlock higher Rakeback percentages.
Bet on Irish Sports: Wager on GAA, hurling, and horse racing for a local experience.
Use Cryptocurrencies: Enjoy instant, fee-free transactions with BTC, ETH, or USDT.
Participate in Tournaments: Compete in leaderboards for cash and spins.
Set Responsible Limits: Use deposit limits and session timers to manage your playtime.
Follow Social Media: Stay updated on Free Social Media Bonuses for extra rewards.

These strategies will enhance your experience, ensuring you make the most of JACKBIT’s offerings in the best online casinos Ireland.

JACKBIT’s Future in Ireland

As Ireland’s online gambling market continues to evolve, JACKBIT is well-positioned to maintain its leadership in the best online casinos in Ireland. Its commitment to innovation, from crypto-based mini-games to a no-KYC model, ensures it remains ahead of the curve. The platform’s focus on Irish sports and cultural themes further strengthens its appeal, making it a beloved choice for players across the country.

JACKBIT’s ongoing investment in technology, such as enhanced mobile features and AI-driven responsible gambling tools, signals its dedication to improving the player experience. By continuing to offer competitive bonuses and a diverse game library, JACKBIT is poised to remain a top pay ID casino in the best online casinos Ireland.

To celebrate its 2025 ranking, JACKBIT is offering new players an exclusive welcome bonus:

✅ CLAIM YOUR WELCOME BONUS AND PLAY 7,000+ GAMES AT JACKBIT CASINO

Final Words About The Best Online Casinos Ireland

JACKBIT Casino is the definitive choice for Irish players seeking the best online casinos Ireland in 2025. With its expansive game library, generous bonuses, secure payment options, and unwavering commitment to responsible gambling, JACKBIT delivers a gaming experience that is both thrilling and trustworthy. As a new online casino and anonymous online casino, it blends innovation with player-focused features, making it the premier pay ID casino for Irish players.

Whether you’re spinning the best online pokies, betting on your favorite sports, or enjoying live dealer games, JACKBIT offers endless entertainment. Sign up today to claim your welcome bonus and discover why JACKBIT is the #1 choice in online casinos in Ireland.

Email: support@jackbit.com

Disclaimer & Affiliate Disclosure

This article is for general information and promotional purposes only and shouldn’t be taken as legal, financial, or professional advice. While we aim for accuracy, we can’t guarantee everything is up-to-date or complete. Please double-check details before acting. Some links may be affiliate links, meaning we could earn a commission at no extra cost to you, but this doesn’t affect our content or opinions. Online gambling is for adults of legal age (typically 19+ in Ireland) and carries financial risk. Play responsibly and seek help if needed. Brand names mentioned belong to their respective owners. By reading this, you accept full responsibility for how you use the information.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9a494bed-945b-4b42-8b9d-25f7f239b9f2

The MIL Network –

May 8, 2025

MIL-OSI: Nykredit Realkredit A/S publishes Euro Medium Term Note Programme – Nykredit Realkredit A/S
Source: GlobeNewswire (MIL-OSI)

To Nasdaq Copenhagen

Nykredit Realkredit A/S publishes Euro Medium Term Note Programme

Nykredit Realkredit A/S published an updated €15,000,000,000 Euro Medium Term Note Programme (“EMTN Programme”) dated 8 May 2025.

Under the EMTN Programme Nykredit Realkredit may issue Subordinated Notes, Senior Non-Preferred Notes and Unsubordinated Notes.

The EMTN Programme dated 8 May 2025 is available for download on Nykredit’s website at nykredit.com.

Questions may be addressed to Morten Bækmand Nielsen, Head of Investor Relations, tel +45 44 55 15 21 or Birna Arnbjarnardóttir, Attorney-at-law, tel + 45 44 55 16 90.

Attachments
- Realkredit – Nykredit Realkredit publishes EMTN programme
- EMTN Base Prospectus Nykredit Realkredit
The MIL Network –
May 8, 2025
MIL-OSI: JuicyChat.AI Introduces NSFW AI Image Generator to Boost Immersive Chats

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — JuicyChat.AI has introduced its NSFW AI Image Generator, a groundbreaking tool that elevates chatting with vibrant, AI-generated visuals. Seamlessly integrated into the platform, this feature combines text and imagery to create a rich, interactive experience for users seeking dynamic conversations.

Text-to-Image: Vivid Visuals from Text

The NSFW AI Image Generator’s text-to-image feature empowers users to craft striking visuals straight from their chat inputs. Offering a variety of 2D styles—such as semi-realistic and anime models—this tool caters to a wide range of creative preferences. Users can generate images effortlessly by choosing quick prompts or remixing text, infusing their conversations with personalized flair. The image gallery also provides free downloads and prompt extraction, simplifying the process of refining and reusing creations.

Image-to-Image: Consistency in Creativity

With the image-to-image function, JuicyChat.AI ensures visual consistency across multiple images by allowing users to lock appearances. This feature shines in role-playing and AI storytelling, maintaining uniform characters and settings throughout imaginative narratives. It transforms the platform into a powerhouse for crafting cohesive, visually engaging stories, appealing to creators who value continuity in their work.

Leading the Way in AI Content

JuicyChat.AI stands out as a leader in NSFW AI content, fueled by a thriving creator community and multi-modal capabilities like conversations, images, and voices. The NSFW AI Image Generator highlights this forward-thinking approach, delivering a robust platform for artistic expression. By attracting top talent in the NSFW AI space, JuicyChat.AI accelerates the development of high-quality, innovative content that pushes creative boundaries.

Explore the Future of Chatting

The NSFW AI Image Generator redefines interactive communication, blending text, visuals, and multi-modal features into a seamless experience. JuicyChat.AI invites users to explore this cutting-edge tool and unlock new possibilities in their chatting adventures. Discover it today and take your conversations to the next level with this game-changing technology.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c69f0fd-7248-483f-a47b-d94b9310fdeb

The MIL Network –

May 8, 2025

MIL-OSI: Real Money Online Casinos: 7Bit Ranked The Top Choice For Real Money Online Casino Players

Source: GlobeNewswire (MIL-OSI)

NEW ORLEANS, May 08, 2025 (GLOBE NEWSWIRE) — The online gambling industry is booming, with numerous platforms competing to be recognized as the best real money online casinos. For players seeking a real online casino that delivers excitement, security, and fast payouts, the choices can feel overwhelming.

EXPERIENCE 7BIT – DESIGNED FOR PLAYERS LIKE YOU!

This comprehensive review explores why 7Bit is the top choice for real money online gambling, detailing its features, bonuses, game selection, payment methods, and more. Whether you’re chasing jackpots on online slots real money or strategizing at blackjack tables, 7Bit delivers a premium experience that caters to all preferences.

Why 7Bit Casino Excels as the Best Real Money Online Casino

7Bit Casino, operational for over a decade, has honed its offerings to meet the demands of modern players. Its no-KYC policy for cryptocurrency users ensures privacy, a key draw for those seeking a discreet casino online real money experience. The platform’s fast payout system, particularly for crypto transactions, processes withdrawals in minutes, making it a leader among online casinos that pay real money.

With a game library exceeding 7,000 titles, 7Bit caters to every taste, from classic slots to live dealer games. Its mobile-optimized design ensures seamless access across devices, while 24/7 customer support guarantees assistance whenever needed. These qualities position 7Bit as the best online real money casino for 2025.

Feature	Details
Welcome Bonus	325% match up to 5.25 BTC + 250 free spins
Game Count	Over 7,000 titles from 50+ providers
Payment Methods	Bitcoin, Ethereum, Litecoin, Visa, MasterCard, Skrill, Neteller
Withdrawal Speed	Crypto: Instant; Fiat: 1–3 days
Customer Support	24/7 via live chat and email
License	Curacao eGaming Authority

Standout Features of 7Bit Casino

7Bit’s appeal as the best real money online casino lies in its robust features, tailored to enhance the player experience:

Welcome Bonus: New players receive a 325% match bonus up to 5.25 BTC and 250 free spins across four deposits, boosting their bankroll for casino games win real money.
Game Library: Over 7,000 games, including slots, table games, and live dealer options, sourced from top providers like NetEnt and Evolution Gaming.
Payment Flexibility: Supports cryptocurrencies for instant transactions and traditional methods like Visa and Skrill for broader accessibility.
Privacy: No KYC for crypto users, ensuring anonymous play at this real money online casino.
Fast Payouts: Crypto withdrawals are processed in minutes, ideal for players seeking online casinos real money with quick cashouts.
Mobile Compatibility: A responsive website ensures seamless gaming on smartphones and tablets.
Customer Support: 24/7 multilingual support via live chat and email (support@7bitcasino.com).

BOOST YOUR DEPOSIT WITH 325% BONUS + 250 FREE SPINS!

These features make 7Bit a benchmark for best online casinos for real money in 2025.

Pros and Cons of 7Bit Casino

To provide a balanced perspective, here’s a detailed look at 7Bit’s strengths and weaknesses:

Pros	Cons
Generous 325% welcome bonus up to 5.25 BTC + 250 free spins	Some bonuses have high 40-45x wagering requirements
Over 7,000 games from top providers	Certain bonuses are limited to slots, not table games
Instant crypto withdrawals	Curacao license may not appeal to players seeking stricter regulation
No KYC for crypto users, enhancing privacy
24/7 multilingual customer support
Mobile-optimized platform

These factors make 7Bit a compelling choice among online real money casinos, though players should consider the cons based on their preferences.

How to Join 7Bit Casino

Joining 7Bit is a quick and user-friendly process, ideal for players seeking a casino online real money experience:

Visit 7Bit Casino: Click here to navigate to the official website and click “Sign Up.”
Register: Enter your email, create a password, and select your currency. Crypto users skip KYC verification.
Verify Email: Confirm your account via the verification email sent by 7Bit.
Deposit Funds: Choose from cryptocurrencies (Bitcoin, Ethereum) or fiat methods (Visa, Skrill). Meet the minimum deposit to activate the bonus.
Claim Welcome Bonus: Enter the promo code (e.g., “2DEP” for second deposit, check promotions page) to receive the 325% match and 250 free spins.
Start Playing: Explore the game library and enjoy casino games that pay real money.

Ensure accurate details and promo codes to avoid missing the bonus, making 7Bit a top pick for online casinos real money players.

How We Selected the Best Real Money Online Casino

Our selection process for the best real money online casinos was rigorous, ensuring only the most reliable platforms were recommended. We evaluated 7Bit based on:

License and Security: 7Bit operates under a Curacao eGaming License, with SSL encryption and provably fair games ensuring safety and transparency.
Bonuses and Promotions: The 325% welcome bonus and ongoing offers like cashback and tournaments provide excellent value.
Game Variety: Over 7,000 games, including slots, table games, and live dealers, cater to all preferences.
Game Providers: Partnerships with NetEnt, Microgaming, and Evolution Gaming guarantee quality and fairness.
Payment Methods: Crypto and fiat options, with instant crypto withdrawals, ensure flexibility and speed.
Customer Support: 24/7 availability via live chat and email ensures player satisfaction.

7Bit outperformed competitors, earning its title as the best online casino real money for 2025.

License and Security

7Bit operates under a Curacao eGaming License, ensuring compliance with industry standards for fair play and player protection. While Curacao’s regulations are less stringent than UKGC or MGA, they provide a solid framework for a real online casino. The platform employs advanced SSL encryption to safeguard data and transactions, and provably fair crypto games allow players to verify outcomes independently.

The no-KYC policy for crypto users enhances privacy, enabling anonymous play without compromising security, positioning 7Bit as a leader among online casinos for real money.

Bonuses and Promotions

7Bit’s bonuses enhance the gaming experience for both new and returning players:

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/030bbbc7-ff1d-4d56-b85e-90fe1f2a8b5b

The MIL Network –

May 8, 2025

MIL-OSI Economics: OEUK news Industry job losses raise concern for wider sector as OEUK says there is another path for the UK 8 May 2025
Source: Offshore Energy UK

Headline: OEUK news

Industry job losses raise concern for wider sector as OEUK says there is another path for the UK

8 May 2025
Accessibility Statement

oeuk.org.uk

8 May 2025
Compliance status

We firmly believe that the internet should be available and accessible to anyone, and are committed to providing a website that is accessible to the widest possible audience, regardless of circumstance and ability.

To fulfill this, we aim to adhere as strictly as possible to the World Wide Web Consortium’s (W3C) Web Content Accessibility Guidelines 2.1 (WCAG 2.1) at the AA level. These guidelines explain how to make web content accessible to people with a wide array of disabilities. Complying with those guidelines helps us ensure that the website is accessible to all people: blind people, people with motor impairments, visual impairment, cognitive disabilities, and more.

This website utilizes various technologies that are meant to make it as accessible as possible at all times. We utilize an accessibility interface that allows persons with specific disabilities to adjust the website’s UI (user interface) and design it to their personal needs.

Additionally, the website utilizes an AI-based application that runs in the background and optimizes its accessibility level constantly. This application remediates the website’s HTML, adapts Its functionality and behavior for screen-readers used by the blind users, and for keyboard functions used by individuals with motor impairments.

If you’ve found a malfunction or have ideas for improvement, we’ll be happy to hear from you. You can reach out to the website’s operators by using the following email [email protected]

Screen-reader and keyboard navigation

Our website implements the ARIA attributes (Accessible Rich Internet Applications) technique, alongside various different behavioral changes, to ensure blind users visiting with screen-readers are able to read, comprehend, and enjoy the website’s functions. As soon as a user with a screen-reader enters your site, they immediately receive a prompt to enter the Screen-Reader Profile so they can browse and operate your site effectively. Here’s how our website covers some of the most important screen-reader requirements, alongside console screenshots of code examples:
1. Screen-reader optimization: we run a background process that learns the website’s components from top to bottom, to ensure ongoing compliance even when updating the website. In this process, we provide screen-readers with meaningful data using the ARIA set of attributes. For example, we provide accurate form labels; descriptions for actionable icons (social media icons, search icons, cart icons, etc.); validation guidance for form inputs; element roles such as buttons, menus, modal dialogues (popups), and others. Additionally, the background process scans all the website’s images and provides an accurate and meaningful image-object-recognition-based description as an ALT (alternate text) tag for images that are not described. It will also extract texts that are embedded within the image, using an OCR (optical character recognition) technology. To turn on screen-reader adjustments at any time, users need only to press the Alt+1 keyboard combination. Screen-reader users also get automatic announcements to turn the Screen-reader mode on as soon as they enter the website.
  
  These adjustments are compatible with all popular screen readers, including JAWS and NVDA.
2. Keyboard navigation optimization: The background process also adjusts the website’s HTML, and adds various behaviors using JavaScript code to make the website operable by the keyboard. This includes the ability to navigate the website using the Tab and Shift+Tab keys, operate dropdowns with the arrow keys, close them with Esc, trigger buttons and links using the Enter key, navigate between radio and checkbox elements using the arrow keys, and fill them in with the Spacebar or Enter key.Additionally, keyboard users will find quick-navigation and content-skip menus, available at any time by clicking Alt+1, or as the first elements of the site while navigating with the keyboard. The background process also handles triggered popups by moving the keyboard focus towards them as soon as they appear, and not allow the focus drift outside it.
  
  Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.
Disability profiles supported in our website
- Epilepsy Safe Mode: this profile enables people with epilepsy to use the website safely by eliminating the risk of seizures that result from flashing or blinking animations and risky color combinations.
- Visually Impaired Mode: this mode adjusts the website for the convenience of users with visual impairments such as Degrading Eyesight, Tunnel Vision, Cataract, Glaucoma, and others.
- Cognitive Disability Mode: this mode provides different assistive options to help users with cognitive impairments such as Dyslexia, Autism, CVA, and others, to focus on the essential elements of the website more easily.
- ADHD Friendly Mode: this mode helps users with ADHD and Neurodevelopmental disorders to read, browse, and focus on the main website elements more easily while significantly reducing distractions.
- Blindness Mode: this mode configures the website to be compatible with screen-readers such as JAWS, NVDA, VoiceOver, and TalkBack. A screen-reader is software for blind users that is installed on a computer and smartphone, and websites must be compatible with it.
- Keyboard Navigation Profile (Motor-Impaired): this profile enables motor-impaired persons to operate the website using the keyboard Tab, Shift+Tab, and the Enter keys. Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.
Additional UI, design, and readability adjustments
1. Font adjustments – users, can increase and decrease its size, change its family (type), adjust the spacing, alignment, line height, and more.
2. Color adjustments – users can select various color contrast profiles such as light, dark, inverted, and monochrome. Additionally, users can swap color schemes of titles, texts, and backgrounds, with over seven different coloring options.
3. Animations – person with epilepsy can stop all running animations with the click of a button. Animations controlled by the interface include videos, GIFs, and CSS flashing transitions.
4. Content highlighting – users can choose to emphasize important elements such as links and titles. They can also choose to highlight focused or hovered elements only.
5. Audio muting – users with hearing devices may experience headaches or other issues due to automatic audio playing. This option lets users mute the entire website instantly.
6. Cognitive disorders – we utilize a search engine that is linked to Wikipedia and Wiktionary, allowing people with cognitive disorders to decipher meanings of phrases, initials, slang, and others.
7. Additional functions – we provide users the option to change cursor color and size, use a printing mode, enable a virtual keyboard, and many other functions.
Browser and assistive technology compatibility

We aim to support the widest array of browsers and assistive technologies as possible, so our users can choose the best fitting tools for them, with as few limitations as possible. Therefore, we have worked very hard to be able to support all major systems that comprise over 95% of the user market share including Google Chrome, Mozilla Firefox, Apple Safari, Opera and Microsoft Edge, JAWS and NVDA (screen readers).

Notes, comments, and feedback

Despite our very best efforts to allow anybody to adjust the website to their needs. There may still be pages or sections that are not fully accessible, are in the process of becoming accessible, or are lacking an adequate technological solution to make them accessible. Still, we are continually improving our accessibility, adding, updating and improving its options and features, and developing and adopting new technologies. All this is meant to reach the optimal level of accessibility, following technological advancements. For any assistance, please reach out to [email protected]
MIL OSI Economics –
May 8, 2025
MIL-OSI: NXP Unveils Third-Generation Imaging Radar Processors for Level 2+ to 4 Autonomous Driving
Source: GlobeNewswire (MIL-OSI)
- S32R47 family are NXP’s highest performing radar processors, addressing the demanding requirements of Level 2+ to 4 autonomous driving
- Higher resolution sensing enables advanced use cases like detection of vulnerable road users (VRUs) and lost cargo
- More compute capability allows OEMs to develop advanced applications like navigation on autopilot while meeting the demands of tomorrow’s software-defined vehicles (SDVs) at scale
EINDHOVEN, The Netherlands, May 08, 2025 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today unveiled its new S32R47 imaging radar processors in 16 nm FinFET technology, building on NXP’s proven expertise in the imaging radar space. The third generation of imaging radar processors delivers up to twice the processing power versus the previous generation, alongside improved system cost and power efficiency. In combination with NXP’s mmWave radar transceivers, power management and in-vehicle networking solutions, the S32R47 family meets functional safety ASIL ISO 26262 ASIL B(D) requirements and prepares the automotive industry for new levels of autonomous driving.

According to Yole Intelligence’s Status of the Radar Industry 2024 report, by 2029, approximately 40% of vehicles entering the road will be passenger cars with driving automation Level 2+(L2+)/ Level 3 (L3) as well as an increasing number of vehicles with Level 4 (L4). To serve the fast-growing autonomous driving market for SDVs, automotive OEMs and tier 1 suppliers need to improve radar performance as it is essential for safe, advanced autonomy features such as piloted driving or fully automated parking.

“The S32R47 can efficiently process three times, or more, antenna channels in real time than today’s production solutions. It enables improved imaging radar resolution, sensitivity and dynamic range – required by demanding autonomous driving use cases – while still meeting the stringent power and system cost targets set by OEMs for volume production,” said Meindert van den Beld, Senior Vice President & General Manager, Radar & ADAS.

Imaging radar leverages richer point cloud data for more detailed modeling of the environment. This is a key enabler for AI based perception systems which allow for assisted and autonomous driving in the most challenging environmental conditions, such as complex urban scenarios.

The S32R47 integrates a high-performance multi-core radar processing system, allowing denser point cloud output and enhanced algorithms that enable next-generation ADAS systems. This results in better separability of objects, improved detection reliability and more accurate classification of objects such as vulnerable road users or lost cargo.

NXP’s 3^rdgeneration imaging radar solutions
- Built on know-how and the proven technology of two previous generations, the new solution delivers up to 2x processing performance in the radar MPU in a 38% smaller IC footprint. It also includes AI/ML support for features like enhanced Direction of Arrival (DoA) processing and object classification
- NXP’s next generation imaging radar solutions enable new imaging radars with optimized bill of material and increased scalability in terms of antenna channels and processing capability
- NXP’s solution achieves comparable or better performance with up to 89% less antenna channels than alternative solutions, solving integration challenges with reduced system cost, size and power consumption
To learn more, visit S32R47 Imaging Radar Processors.

NXP’s radar portfolio

Already sampling to lead customers and targeting next-generation OEM platforms, NXP’s new S32R47 radar processing solution builds upon a comprehensive, scalable portfolio of radar sensing solutions, tailored to cover car OEMs’ ever-diversifying use cases and architectures, from corner radar to high-resolution 4D imaging radar. The S32R platform offers a common architecture for software reuse and speedy development along with a high-performance hardware security engine, OTA update support and compliance with the newest cybersecurity standards.

About NXP Semiconductors
NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $12.61 billion in 2024. Find out more at www.nxp.com.

NXP and the NXP logo are trademarks of NXP B.V. All other product or service names are the property of their respective owners. All rights reserved. © 2025 NXP B.V

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d29518f1-82f5-437b-9bd0-dbb01d76b303

For more information, please contact:

NXP-Corp
NXP-Auto

The MIL Network –
May 8, 2025

MIL-OSI: Columbus Interim Report Q1 2025

Source: GlobeNewswire (MIL-OSI)

Company announcement no. 5/2025

Solid operational performance in Q1 2025

Columbus delivered a solid start to 2025, driven by improved earnings, confirming the robustness of the strategy and business model. Despite a slight decline in revenue of 2%, a 32% improvement in EBITDA was achieved, significantly strengthening profitability and increasing the EBITDA margin to 10.7% compared to 7.9% in Q1 2024, adjusted for the extraordinary gain of DKK 20m from the M3CS legal case. Overall, a satisfactory start to the year.

“Despite global uncertainty, Q1 2025 reflects steady execution – confirming that our strategy supports both resilience and improved profitability.” CEO & President Søren Krogh Knudsen.

Q1 2025 highlights

Revenue declined by 2%, amounting to DKK 434m.
EBITDA amounted to DKK 46m, up 32% compared with the adjusted EBITDA in Q1 2024.
EBITDA margin was 10.7%, compared to 7.9% in Q1 2024 when adjusted for the M3CS legal case.
Efficiency of 62% in Q1 2025, compared to 62% in Q1 2024.
Consistent solid cash flow achieved with DKK 17m from operating activities.

Service revenue split on Business Lines


DKK ´000	Q1 2025	Q1 2024	∆%

Dynamics 365	253,059	257,433	-2%
M3	84,814	93,074	-9%
Digital Commerce	47,242	53,379	-11%
Data & AI	23,950	18,707	28%
Other Local Business	4,958	6,249	-21%
Total sale of services	414,023	428,842	-3%

Total sale of products	19,932	15,398	29%

Total net revenue	433,955	444,240	-2%

Service revenue split on Market Units


DKK ´000	Q1 2025	Q1 2024	∆%

Sweden	130,943	147,946	-11%
Denmark	102,318	108,318	-6%
Norway	54,217	66,115	-18%
UK	88,369	75,534	17%
US	29,336	19,555	50%
Other	8,575	10,104	-15%
GDC	265	1,270	-79%
Total sale of services	414,023	428,842	-3%

Total sale of products	19,932	15,398	29%

Total net revenue	433,955	444,240	-2%

Outlook for 2025
Based on the financial performance in Q1 2025 and the current order book and pipeline forecast, we maintain our full year guidance for 2025, as announced in Company release no. 1/2025 of 17 January 2025:

Organic revenue growth of 7-9%
EBITDA margin of 10-12%

Live webcast and conference call
Columbus is hosting a live webcast and conference call on 8 May 2025 at 13:00 CET. The webcast is hosted by CEO & President Søren Krogh Knudsen and CFO Brian Iversen.

Webcast: Please log in to the webcast via Columbus’ investor site where you can follow the presentation and submit your written questions during the call: https://ir.columbusglobal.com/calendar-and-events

Conference call:

1. Participants are required to register in advance of the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN.

2. In the 10 minutes prior to call start time, Participants will need to use the conference access information provided in the e-mail received at the point of registering. Participants may also use the call me feature instead of dialling the nearest dial in number.

Online Registration to the call: https://register.vevent.com/register/BI4a2761164a604663a705eed93a1f9f7c

Live presentation on 12 May 2025
HC Andersen Capital will host a live presentation of Q1 2025 results on 12 May 2025 at 11:00 CET. Presenters from Columbus A/S will be CEO & President Søren Krogh Knudsen and CFO Brian Iversen.

You can already now submit questions and sign up for the event via this link: https://www.inderes.dk/videos/columbus-q1-2025-report-presentation

A recording of the presentation will be available via the same link.

For further information, please contact:

Søren Krogh Knudsen, CEO & President, Tel.: +45 7020 5000

About Columbus
Columbus is a consultancy company helping organisations drive business value by defining, executing, and evolving their entire business. We deliver digital value through human intelligence, enabling our customers to innovate and grow. Our more than 1,500 digital explorers guide our customers through their digital transformation, delivering lasting value in Manufacturing, Retail & Distribution, Food & Beverage, and Life Science.

We advise, implement and manage business critical solutions within Cloud Services, Data & AI, Sales, Marketing, Customer & Field Service, Digital Commerce, Managed Services, Business Process Automation & Apps, Finance & Supply Chain, Enterprise Information Management, Cybersecurity and Transformation Strategy. Headquartered in Denmark, we have offices and partners worldwide – delivering locally on a global scale.

Attachment

Columbus Interim report Q1 2025

The MIL Network –

May 8, 2025

MIL-OSI Russia: The 28th Eurasian Economic Summit is dedicated to finding solutions to global problems

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

ISTANBUL, May 8 (Xinhua) — The 28th Eurasian Economic Summit kicked off in Istanbul on Wednesday to discuss ways to address pressing global issues such as conflicts, climate change, economic inequality and migration.

The two-day summit, themed “A More Humane World – Dialogue for a Livable World,” is organized by Istanbul-based Marmara Group Foundation for Strategic and Social Research.

Foundation President Akkan Suver described the summit as a unique platform for promoting inclusive dialogue between representatives of different countries around the world.

“In a world increasingly characterized by conflict and polarization, our theme, ‘Dialogue for a World Fit to Live in’, highlights the urgent need for civil society, reason and conscience to guide us towards peace and cooperation,” he said in his opening remarks.

The summit includes a number of sessions, including “Ecology, Economy, Energy and Artificial Intelligence” and “International Health Cooperation”, which highlight the multifaceted approach needed to address global challenges.

One of the main events of the summit will be a session on “Disaster-Resilient Cities”, where world leaders will consider ways to strengthen urban infrastructure and ensure resilience to the growing threat of natural disasters caused by climate change.

In addition, the Peace and Dialogue session will explore new approaches to peacebuilding and create opportunities for constructive dialogue in an increasingly polarized world.

The summit is attended by more than 300 politicians, diplomats, scientists and entrepreneurs from almost 50 countries. –0–

MIL OSI Russia News –

May 8, 2025
MIL-OSI Russia: Shanghai Stock Exchange ETF Market Value Exceeds 3 Trillion Yuan

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

SHANGHAI, May 8 (Xinhua) — The total market value of exchange-traded funds (ETFs) listed on the Shanghai Stock Exchange has exceeded 3 trillion yuan (about 417 billion U.S. dollars), data released by the bourse showed Wednesday.

With investors actively participating in index investing and product diversification, the size of the Chinese ETF market has grown rapidly in recent years.

As of April this year, the total market value of ETFs in mainland China exceeded 4 trillion yuan. Recall that this figure reached 3 trillion yuan in September last year.

An ETF is an open-end fund that is listed and traded on stock exchanges and that invests in securities included in certain indices or other underlying assets in accordance with the fund’s contract.

The ETF market on the Shanghai Stock Exchange is a diversified product system covering, among other things, stocks, bonds, commodities and cross-border assets.

On the Shanghai Stock Exchange, the market capitalization of equity ETFs is nearly 2.2 trillion yuan, while the market capitalization of bond ETFs is over 200 billion yuan.

Since the start of 2025, the ETF market on the Shanghai Stock Exchange has seen a net capital inflow of nearly 180 billion yuan, with medium- and long-term funds such as insurance and pension funds increasing their investment in ETFs, the report said. -0-

MIL OSI Russia News –

May 8, 2025
MIL-OSI: NRD Cyber Security recorded strong growth and international expansion in 2024
Source: GlobeNewswire (MIL-OSI)

NRD Cyber Security has enjoyed a year of significant growth, innovation and international expansion in 2024. The company generated consolidated revenue of EUR 10,194 million last year, an increase of 37.6% compared to 2023. Net profit increased by 23.3% to EUR 1,012 million last year.

“These results reflect not only the growing global demand for cybersecurity services, but also the ability of our team to implement complex projects both in Lithuania and in international markets. We notice and respond to the growing need of organisations to increase their cyber resilience not only at the operational level by organizing their business processes and procedures, but also to strengthen the resilience of their IT infrastructure and improve the detection mechanisms for cyber threats,” says Vilius Benetis, Director of NRD Cyber Security.

In addition to providing cybersecurity services, the company has developed internationally recognised security solutions such as the centralised cyber threat monitoring platform Natrix. In 2024, there was a continued cooperation with the Central Bank of Egypt, extending the capabilities of Natrix, which has already been deployed in the Egyptian financial sector.

In 2024, NRD Cyber Security made significant additions to its portfolio of international projects with other large-scale projects. A major cross-cutting project with the European Union Agency for Cybersecurity (ENISA) was completed to strengthen the cyber resilience of EU countries. NRD Cyber Security carried out a risk assessment and tested the cyber security preparedness of the public sector. Other projects of note include the development of a postal ISAC for the Universal Postal Union (UPU), a specialised agency of the United Nations (UN), and the design of a cybersecurity incident response team for the Eastern Caribbean Region.

NRD Cyber Security, which is growing rapidly, not only strengthens cyber resilience in different countries, but also actively invests in the development of innovative solutions that meet both national and EU strategic priorities. The company’s built-in mechanisms already allow Security Operations Centres (SOCs) to exchange critical information in real time and to identify and report cyber threats more quickly either to their own organisations, or to the customers they serve.

About NRD Cyber Security

NRD Cyber Security offers cybersecurity solutions, consulting, and other services. The company aims to create secure digital environments for countries, governments, and businesses, and undertakes a wide range of projects around the world. The company is managed by INVL Technology, a Nasdaq Vilnius-listed IT investment company.

The person authorized to provide additional information:
INVL Technology Managing Partner
Kazimieras Tonkūnas
E-mail k.tonkunas@invltechnology.lt

Attachment
- NRD CS_Annual results for 2024.pdf
The MIL Network –
May 8, 2025
MIL-OSI: Temenos community comes together in Madrid to lead the way in banking innovation

Source: GlobeNewswire (MIL-OSI)

GRAND-LANCY, Switzerland, May 08, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN), a global leader in banking technology, today announced that over a thousand global banking industry representatives will come together at the Temenos Community Forum (TCF) in Madrid, May 20-22, to explore transformative technologies shaping the future of banking. Registration for the event is open and an invitation can be requested here.

“Leading the Way” is the theme of this year’s TCF, which will feature over 60 engaging sessions highlighting bold ideas, product innovations and cutting-edge technology to help banks address operational challenges and stay ahead of the curve.

With a focus on the transformative potential of Generative AI, the agenda will feature Dr Jonnie Penn, Associate Teaching Professor of AI Ethics and Society at the University of Cambridge, who will share his insights on the technology, as well as best practice and use cases in banking.

This will be complemented by the real-world experience of banks such as ABN Amro, Banque Internationale à Luxembourg and EQ Bank showcasing how they are unlocking innovation, enhancing efficiency and elevating customer experiences. They will be among over 40 Temenos customers sharing their insights at the event, with leading financial institutions including Commerce Bank, Komerční banka and Credem.

The event will also feature Temenos’ extensive partner ecosystem, including Platinum sponsors HCLTech and Microsoft, as well as Gold sponsors Capgemini, Cognizant, IBM, NTT Data and Tech Mahindra, and other innovative fintech solution partners.

Through an engaging and interactive program, attendees will gain insights on Temenos’ product roadmap and the latest advances in core banking, digital and payments through product demos, in-depth breakout sessions and meetings with Temenos experts. They will be able to join roundtables to share knowledge and best practices with their peers on high-impact topics such as migrating core banking systems, moving to SaaS, deploying a Gen AI governance model to better enhance customer experience, and fighting fraud without increasing risk.

Isabelle Guis, Chief Marketing Officer, Temenos, commented: “The financial industry is at a turning point as banks grapple with the opportunities and challenges of emerging technologies, evolving regulations and shifting customer expectations. Banks collectively spend around $650bn annually on IT, more as a percentage of revenue than any other industry. Top performers invest more of their IT spend on growth and innovation, successfully harnessing technology as a differentiator. At TCF 2025, banks have a unique opportunity to learn from those leading the way, discuss bold ideas and together explore how to unlock the huge potential of GenAI and other game-changing technologies. I look forward to welcoming our customers and partners to Madrid as we work together to shape the future of banking.”

The MIL Network –

May 8, 2025
MIL-OSI Asia-Pac: Trip will explore tech opportunities

Source: Hong Kong Information Services

Legislative Councillor for the Technology & Innovation Functional Constituency Duncan Chiu believes the Middle East can be a fertile market for Hong Kong tech companies looking to expand overseas.

Mr Chiu will be part of Chief Executive John Lee’s delegation on a visit to Qatar and Kuwait from Saturday and hopes the trip can provide insights into the two countries’ technology needs. Noting that both countries are reliant on imported technology, he stressed that Hong Kong companies’ strengths in areas such as artificial intelligence, life sciences and chip design mean they have much to offer the Middle Eastern market.

“I know that some Hong Kong people, especially people I know in the tech sector, they have moved to Qatar and were involved in the operation of the Tech Park (Qatar Science & Technology Park) and other university involvements,” he said. “Qatar is quite keen to have collaboration with Hong Kong and Mainland China in tech collaborations, not just in the purchasing of technology, but also collaboration in research and development.”

With the Hong Kong Special Administrative Region Government setting up a $10 billion Innovation & Technology Industry-Oriented Fund, Mr Chiu anticipates such funds can open the door to new investment in Hong Kong’s innovation and technology sector from the sizeable sovereign wealth funds in Qatar and Kuwait.

Mr Chiu also plans to invite stakeholders from Qatar and Kuwait to visit Hong Kong.

“We have put in a lot of resources and efforts in Hong Kong in building up the tech ecosystem. So, I want to first let them know what has been happening in Hong Kong. And second, I would like to invite them to join our conferences and exhibitions in Hong Kong in August.”

In the past two years, Mr Chiu has organised return visits to Hong Kong after accompanying the Chief Executive on trips to ASEAN (Association of Southeast Asian Nations) member states.

He said Hong Kong companies have successfully recruited talent and expanded their operations in Singapore and Indonesia as a result of these exchanges, adding that he hopes to replicate this approach in relation to the Middle East.

MIL OSI Asia Pacific News –

May 8, 2025
MIL-OSI: PwC and FloQast and PwC Belgium Announce Strategic Partnership to Transform Financial Close

Source: GlobeNewswire (MIL-OSI)

LONDON, May 08, 2025 (GLOBE NEWSWIRE) — FloQast, an Accounting Transformation Platform created by accountants for accountants, today unveiled a strategic partnership with PwC Belgium focused on revolutionizing accounting close automation solutions. This collaboration seeks to combine FloQast’s AI-powered workflows with PwC Belgium’s expertise in closing processes to boost efficiency, increase accuracy, and provide deeper insights for businesses in various industries.

“Our partnership with PwC Belgium reinforces our commitment to helping accounting teams across EMEA adapt to the evolving demands of the profession,” said John Phillips, General Manager, FloQast EMEA. “With increasing regulatory complexity and a shrinking talent pool, finance teams need smarter, more efficient ways to work. By combining FloQast’s AI-powered technology with PwC Belgium’s deep industry expertise, we’re enabling organizations to improve accuracy, enhance compliance, and drive greater operational agility.”

“PwC Belgium is excited to announce a partnership with FloQast,” said Matthias Reyntjens, PwC Partner. “This collaboration combines PwC’s industry expertise with FloQast’s innovative technology to modernize financial close operations and tackle the challenges posed by inefficient processes.”

FloQast offers solutions designed to streamline financial processes, including, but not limited to: Close Management, Account Reconciliations, and Compliance Management. These solutions empower accounting teams by improving communication and transparency, automating labour-intensive tasks, and ensuring financial accuracy. As a result, teams are empowered to collaborate more effectively, reduce errors, accelerate record-to-report and compliance management processes, and better leverage data and insights to help drive organizational strategy.

Additionally, integration with existing systems facilitates a smooth transition to technology tailored to organizational needs, minimizing disruption and fostering scalability. FloQast’s cloud-native platform allows for rapid deployment, enabling teams to adopt solutions that fit their workflows with minimal IT involvement. This platform includes FloQast AI Agents, a groundbreaking, auditable AI capability that, for the first time ever, enables accountants to automate complex, recurring workflows across close management, compliance, and reporting functions using natural language, not extensive code.

The relationship with PwC Belgium builds upon FloQast’s ongoing global collaborations with PwC member firms. Earlier this month, FloQast announced a collaboration with PwC in North America. In 2024, it announced strategic consulting relationships with PwC UK, PwC Germany, and PwC Australia, expanding the company’s ability to support finance transformation initiatives worldwide.

About FloQast
FloQast, an Accounting Transformation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Trusted by more than 3,000 accounting teams—including Twilio, Los Angeles Lakers, and Zoom—FloQast enhances the way accounting teams work. With FloQast, teams utilize the latest advancements in AI technology to manage aspects of the close, reduce compliance burdens, stay audit-ready, and improve accuracy, visibility, and collaboration. FloQast is consistently rated #1 across all user review sites. Learn more at FloQast.com.

About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with over 327,000 people who are committed to delivering quality in assurance, advisory and tax services.

The term PwC refers to the PwC network and/or one or more of the legally independent network companies. Further details at www.pwc.com/structure.

Contacts:
John Siegel
Senior Content Marketing Manager
john.siegel@FloQast.com

Matthias Reyntjens
Partner, Clients and Industries, PwC Belgium,
+32 476 44 53 92

The MIL Network –

May 8, 2025

MIL-OSI: Preliminary Results for the twelve months ended 31 January 2025

Source: GlobeNewswire (MIL-OSI)

	ICG Enterprise Trust plc Preliminary Results for the twelve months ended 31 January 2025 8 May 2025


	Highlights Actively-managed Portfolio focused on global mid-market private companies generating resilient growth NAV per Share reaches 2,073p; NAV per Share Total Return* of 10.5% during the year and five-year annualised return of 14.5% Portfolio Return* on a Sterling basis of 10.6%; portfolio companies reporting ~15% LTM earnings growth¹ 40 Full Exits executed at a weighted-average Uplift to Carrying Value of 19.0% Shareholder-focused capital allocation policy: £59m (5% of opening NAV) returned to shareholders in FY25² (FY24: £35m), of which £36m through buybacks (FY24: £13m) and £23m through dividends of 36p per share (FY24: £22m, 33p per share) Wide range of potential outcomes to market transaction activity; secondaries market could present compelling opportunities Sector positioning, strong origination network and robust balance sheet position us well in current environment Post period-end, announced an additional £107m proceeds from a secondary sale and the realisation of Minimax (largest portfolio company, 3.1% of Portfolio at 31 January 2025) 1 EBITDA, based on Enlarged Perimeter covering 67% of the Portfolio 2 Based on dividends declared or proposed for Q1 FY25 – Q4 FY25 inclusive, and buybacks up to and including 31 January 2025 *This is an Alternative Performance Measure. Please refer to the Glossary for the definition.

Jane Tufnell

Oliver Gardey

Chair of ICG Enterprise Trust

Portfolio Manager for ICG Enterprise Trust

Today’s results demonstrate that our investment strategy can deliver long-term value. Our portfolio companies grew earnings by 15% in the year¹, and ICGT generated NAV per Share Total Return of 10.5%, ending the year with NAV per Share of 2,073p.

During the year, the Board and Manager have been careful in allocating our shareholders’ capital. New investments continued, deploying £181m and making commitments of £83m. Alongside this, we returned £59m of cash to shareholders (5% of our opening NAV) through buybacks and dividends.

As we enter another period of uncertainty, I am confident our long-term approach can generate value for our shareholders, and I thank you for your continued support.

Our portfolio companies are delivering solid operational performance (15% earnings growth LTM¹). Our resilient Portfolio and robust balance sheet position us well for the current market environment.

Our active approach to portfolio management is a differentiator for ICGT. As well as making a number of new commitments and investments during the year, we executed a secondary sale post period-end at a 5.5% discount that generated net cash proceeds of £62m for ICGT.

The investment trust structure enables shareholders to invest efficiently in privately-owned companies. With our track record and network, ICGT is an attractive proposition for those seeking exposure to mature, profitable, cash-generative businesses.

PERFORMANCE OVERVIEW

				Annualised
Performance to 31 January 2025	3 months	6 months	1 year	3 years	5 years	10 years
Portfolio Return on a Local Currency Basis	2.9%	6.2%	10.2%	8.9%	15.8%	15.3%
NAV per Share Total Return	4.3%	7.4%	10.5%	8.9%	14.5%	13.8%
Share Price Total Return	9.7%	1.5%	12.5%	6.6%	9.6%	11.8%
FTSE All-Share Index Total Return	6.9%	4.3%	17.1%	7.9%	6.6%	6.5%

Financial year ended:		Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Fund performance	Portfolio return (local currency)	24.9%	24.4%	10.5%	5.9%	10.2%
	Portfolio return (sterling)	26.4%	27.6%	17.0%	3.2%	10.6%
	NAV	£952m	£1,158m	£1,301m	£1,283m	£1,332m
	NAV per Share Total Return (%)	22.5%	24.4%	14.5%	2.1%	10.5%

Investment activity	New Investments	£139m	£304m	£287m	£137m	£181m
	As % opening Portfolio	17%	32%	24%	10%	13%
	Realisation Proceeds	£137m	£334m	£252m	£171m	£151m
	As % opening Portfolio	17%	35%	21%	12%	11%

Shareholder experience	Closing share price	966p	1,200p	1,150p	1,226p	1,342p
	Total dividends per share	24p	27p	30p	33p	36p
	Share Price Total Return	2.8%	27.1%	(2.3)%	9.6%	12.5%
	Total shareholder distributions	£17m	£21m	£22m	£35m	£59m
	As % Realisation Proceeds	12%	6%	9%	20%	39%

	– o/w distributions dividends (%)	94%	86%	91%	63%	38%
	– o/w distributions buybacks (%)	6%	14%	9%	37%	62%

Portfolio activity overview for FY25	Primary	Direct	Secondary	Total	*ICG-managed*
Local Currency return	8.2%	16.3%	6.4%	10.2%	8.4%
Sterling return	8.2%	17.0%	7.3%	10.6%	8.8%
New Investments	£115m	£58m	£8m	£181m	£21m
Total Proceeds	£101m	£13m	£37m	£151m	£60m
New Fund Commitments	£64m	–	£20m	£83m	£20m
Closing Portfolio value	£789m	£507m	£228m	£1,523m	£433m
% Total Portfolio	52%	33%	15%	*100%*	28%

COMPANY TIMETABLE
A presentation for investors and analysts will be held at 11:00 BST today. A link to the presentation can be found on the Results & Reports page of the Company website. A recording of the presentation will be made available on the Company website after the event.

		FY25 Final Dividend
Ex-dividend date		3 July 2025
Record date		4 July 2025
Dividend payment date		18 July 2025

Annual General Meeting
The Annual General Meeting will be held on Tuesday 24 June 2025. The Board will be communicating the format of the meeting separately in the Notice of Meeting. This will include details of how shareholders may register their interest in attending the Annual General Meeting.

Shareholder Seminar
We will be holding a Shareholder Seminar for institutional shareholders and research analysts at 3:30pm BST on Wednesday 18 June 2025, with registration starting at 3:15pm BST.

Shareholders should contact icg-enterprise@icgam.com should they wish to attend.

Please note that for regulatory reasons this event is only open to institutional investors and research analysts.

ENQUIRIES

Institutional investors and analysts:
Martin Li, Shareholder Relations, ICG	+44 (0) 20 3545 1816
Nathan Brown, Deutsche Numis	+44 (0) 20 7260 1426
David Harris, Cadarn Capital	+44 (0) 20 7019 9042

Media:
Clare Glynn, Corporate Communications, ICG	+44 (0) 20 3545 1395

ABOUT ICG ENTERPRISE TRUST

ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term growth by delivering consistently strong returns through selectively investing in profitable, cash-generative private companies, primarily in Europe and the US, while offering the added benefit to shareholders of daily liquidity.

We invest in companies directly as well as through funds managed by ICG plc and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

NOTES

Included in this document are Alternative Performance Measures (“APMs”). APMs have been used if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company, and for comparing the performance of the Company to its peers and its previously reported results. The Glossary includes further details of APMs and reconciliations to International Financial Reporting Standards (“IFRS”) measures, where appropriate.

In the Manager’s Review and Supplementary Information, all performance figures are stated on a Total Return basis (i.e. including the effect of re-invested dividends). ICG Alternative Investment Limited, a regulated subsidiary of Intermediate Capital Group plc, acts as the Manager of the Company.

DISCLAIMER

The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the “Company”) or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person (“U.S. Person”) as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or to any national, resident or citizen of an Excluded Jurisdiction.

The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

CHAIR’S STATEMENT

Dear fellow shareholders,

For the 12 months to 31 January 2025 ICG Enterprise Trust delivered a NAV per Share Total Return of 10.5% and a Share Price Total Return of 12.5%. Over the last five years, the annualised returns have been 14.5% and 9.6% respectively.

The Board has declared dividends for the year of 36p (+9% compared to FY24) and reduced ICGT’s share count by 4.3% during the year by returning £36m to shareholders through share buybacks at a weighted average discount of 36.6%.

INVESTMENT STRATEGY

The Company’s Portfolio grew 10.2% on a Local Currency Basis during the year (last five years annualised: 15.8%).

We invest in resilient private companies and are geographically balanced between North America and Europe. During the year we evolved our target portfolio mix towards having more Direct and Secondary Investments, which will help to optimise Portfolio concentration and liquidity.

COST BASE

ICGT’s ongoing charges for FY25 were 1.38% (FY24: 1.37%). As a Board, we are committed to providing value for our shareholders and transparent disclosure around our cost. The change in fees and cost savings instigated by the Board in FY24 continued to enhance the net return of our investment strategy delivering £2.0m savings in FY25. We publish a Statement of Expenses that sets out the impact of ICGT’s expenses on the financial returns to shareholders (available at www.icg-enterprise.co.uk/soe) and which has been updated for our FY25 expenses.

CAPITAL ALLOCATION

The Board has continued its proactive approach to capital allocation. We balance the potential long-term compounding returns of investments into new portfolio companies with cash returns to shareholders at par via dividends and the value accretion of buying back shares at a discount to NAV. ICGT was the first in our sector to introduce a long-term share buyback programme in FY23, and in FY25 we supplemented this with an opportunistic buyback that has been renewed for FY26.

Over the last five years, ICGT’s dividend per share has grown at an annualised rate of 9.4% (including the proposed 10.5p final dividend being declared for FY25). The ICGT ordinary dividend per share has now increased for the twelfth consecutive year.

Since October 2022 our share buybacks have returned £51m to shareholders and acquired shares at a weighted-average discount of 37.5%, increasing NAV per Share by 54p (2.7%). We believe the share buybacks have also increased the liquidity and reduced the volatility of our shares.

BALANCE SHEET

We continue to implement our objective of being fully invested through cycles alongside maintaining a robust balance sheet. This allows us to manage our resources in line with our capital allocation policy.

Having increased our credit facility during the year from €240m to €300m, at 31 January 2025 ICG Enterprise Trust had total available liquidity of £125m and net gearing of 10%. We have announced two transactions post period-end that in aggregate generated Total Proceeds to ICGT of over £100m.

SALES AND MARKETING

In aggregate across the Board and Manager we own in excess of 270,000 shares, and are aligned to the success of an investment in ICG Enterprise Trust shares.

ICGT’s discount remains at levels that the Board feels do not reflect the fundamental value of the shares. The discount is currently 41%. We continue to be challenged by the share price trading at such a discount to NAV and the Board is active in its pursuit of ways to improve the Company’s rating.

I had a year of strong shareholder engagement, welcomed several new holders to our register and received valuable feedback that has been shared with the Board and Manager. In conjunction with our Manager, our Corporate Broker and our distribution partner we will continue the programme to help the market understand ICGT’s shareholder proposition and its role within investment portfolios.

OUTLOOK

Our focus on investing in private equity-owned companies that have resilient growth characteristics gives shareholders access to investments that they cannot reach through public market strategies. ICGT plays a valuable role in our shareholders’ portfolios.

I believe there is substantial value in our Portfolio and in the new investments the Manager is making on our shareholders’ behalf. Our Portfolio is performing well, and I thank all shareholders for your continued support.

Jane Tufnell
Chair
7 May 2025

MANAGER’S REVIEW

Alternative Performance Measures

The Board and the Manager monitor the financial performance of the Company on the basis of Alternative Performance Measures (‘APM’), which are non-UK-adopted IAS (‘IAS’) measures. The APM predominantly form the basis of the financial measures discussed in this review, which the Board believes assists shareholders in assessing their investment and the delivery of the investment strategy.

The Company holds certain investments in subsidiary entities. The substantive difference between APM and IAS is the treatment of the assets and liabilities of these subsidiaries. The APM basis ‘looks through’ these subsidiaries to the underlying assets and liabilities they hold, and it reports the investments as the Portfolio APM, gross of the liability in respect of the Co-investment Incentive Scheme. Under IAS, the Company and its subsidiaries are reported separately. The assets and liabilities of the subsidiaries, which include the liability in respect of the Co-investment Incentive Scheme, are presented on the face of the IAS balance sheet as a single carrying value. The same is true for the IAS and APM basis of the cash flow statement.

The following table sets out IAS metrics and the APM equivalents:

IFRS (£m)	31 January 2025	31 January 2024	APM (£m)	31 January 2025	31 January 2024
Investments	1,470	1,296	Portfolio	1,523	1,349
NAV	1,332	1,283	Realisation Proceeds	151	171
Cash flows from the sale of portfolio investments	20	41	Total Proceeds	151	239
Cash flows related to the purchase of portfolio investments	34	25	Total New Investment	181	137

The Glossary includes definitions for all APM and, where appropriate, a reconciliation between APM and IAS.

Why private equity

Every day the lives of those living and working in the US and Western Europe are touched by companies owned by private equity: retailers, payments processors, home security, pet food, health services – the list is long. What typically unites these businesses is that they are profitable and cash generative. These businesses are actively managed by their shareholders, with management teams heavily incentivised to generate returns. Increasingly companies with these characteristics are choosing to grow under private equity ownership and to stay private for longer. Within that, ICGT focuses on a subset of those companies that we expect will generate resilient growth. As more businesses are owned by private equity, we believe it is a structurally attractive allocation within an investment portfolio, with a track record of attractive returns, and significant opportunity to continue that trajectory.

A share in ICGT gives you access to a unique portfolio of private companies.

Our investment strategy

Within developed markets, we focus on investing in buyouts of profitable, cash-generative businesses that exhibit resilient growth characteristics, which we believe will generate strong long-term compounding returns across economic cycles.

We take an active approach to Portfolio construction, with a flexible mandate that enables us to deploy capital in Primary, Secondary and Direct Investments. Geographically, we focus on the developed markets of North America and Europe which have deep and mature private equity markets.

	Medium-term target	Five-year average	31 January 2025
1. Target Portfolio composition ¹
Investment category
Primary	~40-50%	57%	52%
Direct	~30-35%	28%	33%
Secondary	~25-30%	15%	15%
Geography²
North America	~50%	40%	46%
Europe (inc. UK)	~50%	52%	48%
Other	—	8%	6%

2. Balance sheet
Net cash/(Net Debt)³	~0%	(1)%	(10)%
Five-year average is the linear average of FY exposures for FY21-FY25. As a percentage of Portfolio. (Net cash)/debt as a percentage of NAV. Post period-end, we announced Total Proceeds of over £100m from a secondary sale and the realisation of Minimax, see page 14

ICG Enterprise Trust benefits from access to ICG-managed funds and Direct Investments, which represented 28% of the Portfolio value at period end and generated a 8.4% return on a Local Currency Basis.

Performance overview

At 31 January 2025, our Portfolio was valued at £1,523m, and the Portfolio Return on a Local Currency Basis for the financial year was 10.2% (FY24: 5.9%).

Due to the geographic diversification of our Portfolio, the reported value is impacted by changes in foreign exchange rates. During the period, FX movements affected the Portfolio positively by £5.4m, driven by US dollar appreciation. In sterling terms, Portfolio growth during the period was 10.6%.

The net result for shareholders was that ICG Enterprise Trust generated a NAV per Share Total Return of 10.5% during FY25, ending the period with a NAV per Share of 2,073p.

Movement in the Portfolio £m	Twelve months to 31 January 2025	Twelve months to 31 January 2024
Opening Portfolio¹	1,349	1,406
Total New Investments	181	137
Total Proceeds	(151)	(239)
Portfolio net cashflow	30	(102)
Valuation movement²	138	83
Currency movement	6	(39)
Closing Portfolio	1,523	1,349
1. Refer to the Glossary. 2. 97% of the Portfolio is valued using 31 December 2024 (or later) valuations (FY24: 94%).
NAV per Share Total Return	Twelve months to 31 January 2025	Twelve months to 31 January 2024
% Portfolio growth (local currency)	10.2%	5.9%
% currency movement	0.4%	(2.7%)
% Portfolio growth (Sterling)	10.6%	3.2%
Impact of gearing	0.7%	(0.3)%
Finance costs and other expenses	(0.6)%	(0.2)%
Management fee	(1.3)%	(1.2)%
Co-investment Incentive Scheme Accrual	(0.7)%	(0.1)%
Impact of share buybacks	1.8%	0.7%
NAV per Share Total Return	10.5%	2.1%

For Q4 the Portfolio Return on a Local Currency Basis was 2.9% and the NAV per Share Total Return was 4.3%

Executing our investment strategy

Commitments in the financial year	Total New Investments in the financial year	Growth in the financial year	Total Proceeds in the financial year
Making commitments to funds, which expect to be drawn over 3 to 5 years	Cash deployments into portfolio companies, either through funds or directly	Driving growth and value creation of our portfolio companies	Cash realisations of investments in Portfolio companies, plus Fund Disposals
£83m (FY24: £153m)	£181m (FY24: £137m)	£138m (FY24: £83m)	£151m (FY24: £239m)

Commitments

Our evergreen structure and flexible investment mandate enable us to commit through the cycle, maintaining vintage diversification for our Portfolio and sowing the seeds for future growth.

During the year we made 7 new Fund Commitments totalling £83.4m, including £19.8m to funds managed by ICG plc, as detailed below:

Fund	Manager	Commitment during the period
		Local currency	£m
ICG Strategic Equity V	ICG	$25.0 m	£19.8 m
Leeds VIII	Leeds Equity	$20.0 m	£15.7 m
Investindustrial VIII	Investindustrial	€15.0 m	£12.9 m
Oak Hill VI	Oak Hill	$15.0 m	£11.9 m
Thoma Bravo XVI	Thoma Bravo	$15.0 m	£11.7 m
Valeas I	Valeas	$10.0 m	£7.5 m
American Securities IX	American Securities	$5.0 m	£4.0 m

At 31 January 2025, ICG Enterprise Trust had outstanding Undrawn Commitments of £553.2m

Movement in outstanding Commitments	Year to 31 January 2025 £m
Undrawn Commitments as at 1 February 2024	552.0
New Fund Commitments	83.4
New Commitments relating to Direct Investments	65.3
Total New Investments	(181.4)
Currency and other movements	33.9
Undrawn commitments as at 31 January 2025	553.2

Total Undrawn Commitments at 31 January 2025 comprised £419.1m of Undrawn Commitments to funds within their Investment Period, and a further £134.1m was to funds outside their Investment Period.

	31 January 2025 £m	31 January 2024 £m
Undrawn Commitments – funds in Investment Period	419.1	434.2
Undrawn Commitments – funds outside Investment Period	134.1	117.7
Total Undrawn Commitments	553.2	552.0
Total available liquidity (including debt facility)	(124.6)	(195.9)
Overcommitment net of total available liquidity	428.6	356.1
Overcommitment % of net asset value	31.1%	27.7%

Commitments are made in the funds’ underlying currencies. The currency split of the Undrawn Commitments at 31 January 2025 was as follows:

	31 January 2025		31 January 2024
Undrawn Commitments	£m	%	£m	%
US Dollar	310.3	56.1%	290	52.5%
Euro	213.1	38.5%	236	42.7%
Sterling	29.8	5.4%	26	4.8%
Total	553.2	100.0%	552.0	100.0%

Investments

Total new investments of £181.4m during the period, of which 12% (£21.1m) were alongside ICG. New investment by category detailed in the table below:

Investment Category	Cost (£m)	% of New Investments
Primary	115.5	63.6%
Direct	58.4	32.2%
Secondary	7.6	4.2%
Total	181.4	100.0%

The five largest new investments in the period were as follows:

Investment	Description	Manager	Country	Cost £m¹
Datasite	Provider of software focused on virtual data rooms	ICG	United States	18.4
Visma	Provider of business management software and outsourcing services	Hg	Norway	14.5
Audiotonix	Manufacturer of audio mixing consoles	PAI	United Kingdom	14.0
Multiversity	Provider of online higher education courses.	ICG/CVC	Italy	9.4
Avid Bioservices	Provider of biologics development and manufacturing services	GHO	United States	7.3
Top 5 largest underlying new investments				63.6

1 Represents ICG Enterprise Trust’s indirect investment (share of fund cost) plus any Direct Investments in the period.

Occasionally ICGT simultaneously has both a realisation from and an investment into the same company in the same period. This typically occurs when an underlying fund sells a company that is purchased by another fund within ICGT’s portfolio. During FY25 shareholders will note that Datasite and Visma appear both in the top 5 realisations and top 5 new investments, which is a result of this situation.

GROWTH

The Portfolio grew by £138.0m (+10.2%) on a Local Currency Basis in the 12 months to 31 January 2025.

Growth across the Portfolio was split as follows:

By investment type: growth was spread across Primary (8.2%), Secondary (6.4%) and Direct (16.3%)
By geography: North America and Europe experienced growth of 12.1% and 8.4% respectively

The growth in the Portfolio is underpinned by the performance of our portfolio companies, which delivered robust financial performance during the period:

	Top 30	Enlarged Perimeter
Portfolio coverage	41%	67%
Last Twelve Months (‘LTM’) revenue growth	9.0%	11.2%
LTM EBITDA growth	15.5%	15.3%
Net Debt / EBITDA	4.0x	4.4x
Enterprise Value / EBITDA	15.4x	15.2x
Note: values are weighted averages for the respective portfolio segment; see Glossary for definition and calculation methodology

QUOTED COMPANY EXPOSURE

We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the manager with whom we have invested.

At 31 January 2025, ICG Enterprise Trust’s exposure to quoted companies was valued at £73.1m, equivalent to 4.8% of the Portfolio value (31 January 2024: 4.8%). Across the Portfolio, quoted positions resulted in a £4.3m increase in Portfolio NAV during the period. The share price of our largest listed exposure, Chewy, increased by 119% in local currency (USD) during the period. This positively impacted the Portfolio Return on a Local Currency Basis by approximately 0.8%.

At 31 January 2025 Chewy was the only quoted investment that individually accounted for 0.5% or more of the Portfolio value:

Company	Ticker	31 January 2025 % of Portfolio value
Chewy	CHWY-US	2.0%
Other companies		2.8%
Total		4.8%

REALISATIONS

During FY25, the ICG Enterprise Trust Portfolio generated Total Proceeds of £150.8m.

Realisation activity during the period included 40 Full Exits generating proceeds of £73.7m. These were completed at a weighted average Uplift to Carrying Value of 19% and represent a weighted average Multiple to Cost of 2.9x for those investments.

Realisation	Manager	Description	Country	Proceeds £m
VettaFi	ICG	Provider of master limited partnerships (“MLP”) indices	United States	10.2
Visma	ICG	Provider of business management software and outsourcing services	Norway	8.2
Datasite	ICG	Provider of software focused on virtual data rooms	United States	7.8
Compass Community	Graphite	Provider of fostering services and children residential care	United Kingdom	7.4
IRIS	ICG	Provider of software and services for the accountancy and payroll sectors	United Kingdom	7.0
Total of 5 largest underlying realisations				40.7

Balance sheet and liquidity

Net assets at 31 January 2025 were £1,332m, equal to 2,073p
per share.

The Company had net debt of £128m and at 31 January 2025, the Portfolio represented 114% of net assets (31 January 2024: 105%).

	£m	% of net assets
Portfolio	1,523.1	114.3%
Cash	3.9	0.3%
Drawn debt	(131.9)	(9.9)%
Co-investment Incentive Scheme Accrual	(53.9)	(4.0)%
Other net current liabilities	(8.8)	(0.7)%
Net assets	1,332.4	100.0%

Our objective is to be fully invested through the cycle, while ensuring that we have sufficient financial resources to be able to take advantage of attractive investment opportunities as they arise.

During the year, our balance sheet flexibility was enhanced through an increase in the credit facility size from €240m to €300m. This change was effective from 20 December 2024.

At 31 January 2025, ICG Enterprise Trust had a cash balance
of £3.9m (31 January 2024: £11.2m) and total available liquidity of £124.6m (31 January 2024: £195.9m).

	£m
Cash at 31 January 2024	11.2
Total Proceeds	150.8
New investments	(181.4)
Debt drawn down	111.9
Shareholder returns	(58.2)
Management fees	(16.0)
FX and other expenses	(13.5)
Cash at 31 January 2025	3.9
Available undrawn debt facilities	120.7
Total available liquidity	124.6

Dividend and share buyback

ICG Enterprise Trust has a progressive dividend policy alongside two share buyback programmes to return capital to shareholders.

DIVIDENDS

The Board has declared a dividend of 10.5p per share in respect of the fourth quarter, taking total dividends for the year to 36p (FY24: 33p). It is the twelfth consecutive year of ordinary dividend per share increases.

SHARE BUYBACKS

The following purchases have been made under the Company’s share buyback programmes:

	Long-term		Opportunistic		Total
	FY25³	Since inception¹	FY25³	Since inception²	FY25³	Since inception
Number of shares purchased	1,420,500	2,752,688	1,492,175	1,492,175	2,912,675	4,244,863
% of opening shares since buyback started					4.3%	6.2%
Capital returned to shareholders	£17.3m	£32.6m	£18.3m	£18.3m	£35.6m	£50.8m
Number of days shares have been acquired	87	183	11	11	98	194
Weighted average discount to last reported NAV	37.0%	38.3%	36.2%	36.2%	36.6%	37.5%
NAV per Share accretion (p)					36.5	54.1
NAV per Share accretion (% of NAV)					1.8%	2.7%

1.Since October 2022 (which was when the long-term share buyback programme was launched) up to and including 31 January 2025.

2. Since May 2024 (which was when the opportunistic buyback programme was launched) up to and including 31 January 2025.

3. Based on company-issued announcements / date of purchase, rather than date of settlement.

Note: aggregate consideration excludes commission, PTM and SDRT.

The Board believes the long-term buyback programme demonstrates the Manager’s discipline around capital allocation; underlines the Board’s confidence in the long-term prospects of the Company, its cash flows and NAV; will enhance the NAV per Share; and, over time, may positively influence the volatility of the Company’s discount and its trading liquidity.

During the period, the Board announced an opportunistic share buyback programme for FY25 of up to £25m. This is intended to enable us to take advantage of current trading levels, when the ability to purchase shares in meaningful size at a significant discount presents itself. It was renewed for FY26 for an additional year up to £25m.

Foreign exchange rates

The details of relevant foreign exchange rates applied in this report are provided in the table below:

	Average rate for FY25	Average rate for FY24	31 January 2025 year end	31 January 2024 year end
GBP:EUR	1.18	1.15	1.20	1.17
GBP:USD	1.28	1.25	1.24	1.27
EUR:USD	1.08	1.08	1.04	1.08

Activity since the period end

Notable activity between 1 February 2025 and 31 March 2025 has included:

Four new Fund Commitments for a combined value of £64m
New investments of £39m
Realisation Proceeds of £26m

From 1 February 2025 up to and including 30 April 2025, 718,000 shares (£8.9m) were bought back at a weighted-average discount to NAV of 37.9%.

In addition, during the month of April 2025, we announced that proceeds of £107m were received as a result of two transactions:

Secondary sale (£62m net proceeds), executed at a discount of 5.5% to 30 September 2024 valuation and realising a 1.6x return on invested cost (15% IRR)
Realisation of Minimax (€53m (£45m) proceeds), ICGT’s largest portfolio company at 31 January 2025 (3.1% of Portfolio value). ICG Enterprise Trust is reinvesting €10m in the next stage of Minimax’s growth alongside Management and other investors including certain ICG funds.

ICG Private Equity Funds Investment Team

7 May 2025

SUPPLEMENTARY INFORMATION

This section presents supplementary information regarding the Portfolio (see Manager’s Review and the Glossary for further details and definitions).

Portfolio composition

Portfolio by calendar year of investment	% of value of underlying investments 31 January 2025	% of value of underlying investments 31 January 2024
2025	0.5%	—%
2024	10.1%	—%
2023	7.6%	6.9%
2022	18.5%	18.7%
2021	25.7%	27.9%
2020	8.6%	11.4%
2019	10.3%	12.4%
2018	7.3%	10.5%
2017	2.2%	4.2%
2016 and older	9.2%	8.0%
Total	100.0%	100.0%

Portfolio by sector	% of value of underlying investments 31 January 2025	% of value of underlying investments 31 January 2024
TMT	29.9%	25.3%
Consumer goods and services	18.1%	17.5%
Healthcare	11.5%	11.3%
Business services	12.4%	13.1%
Industrials	7.8%	7.9%
Education	5.0%	7.4%
Financials	7.6%	5.7%
Leisure	4.0%	7.3%
Other	3.7%	4.5%
Total	100.0%	100.0%

Portfolio by fund currency¹	31 January 2025 £m	31 January 2025 %	31 January 2024 £m	31 January 2024 %
US Dollar	796	52.3%	674	49.9%
Euro	584	38.4%	555	41.2%
Sterling	140	9.2%	120	8.9%
Total	1,523		1,349	100.0%
¹ Currency exposure by reference to the reporting currency of each fund .

Portfolio Dashboard

The tables below provide disclosure on the composition and dispersion of financial and operational performance for the Top 30 and the Enlarged Perimeter. At 31 January 2025, the Top 30 Companies represented 40.2% of the Portfolio by value and the Enlarged Perimeter represented 66.9% of total Portfolio value. This information is prepared on a value-weighted basis, based on contribution to Portfolio value at 31 January 2025. Datasets for Top 30 companies and ‘Enlarged perimeter’ are not distinct and will have some overlap.

	% of value at 31 January 2025
Sector exposure	Top 30	Enlarged Perimeter
TMT	17.3%	30.2%
Business services	16.9%	13.9%
Consumer goods and services	14.0%	17.3%
Industrials	27.3%	8.7%
Healthcare	8.4%	10.0%
Education	6.9%	6.5%
Leisure	6.8%	5.1%
Financials	2.4%	5.1%
Other	—%	3.2%
Total	100.0%	100.0%

	% of value at 31 January 2025
Geographic exposure¹	Top 30	Enlarged Perimeter
North America	43.6%	45.0%
Europe	50.3%	50.5%
Other	6.1%	4.5%
Total	100.0%	100.0%
1 Geographic exposure is calculated by reference to the location of the headquarters of the underlying Portfolio companies

	% of value at 31 January 2025
LTM revenue growth	Top 30	Enlarged Perimeter
<-10%	3.2%	4.0%
`-10-0%	9.0%	10.2%
0-10%	59.4%	47.0%
10-20%	15.2%	20.6%
20-30%	3.6%	5.6%
>30%	9.6%	10.0%
n.a.¹	—%	2.7%
Weighted average	9.0%	11.2%
Note: for consistency, any excluded investments are excluded for all dispersion analysis.

	% of value at 31 January 2025
LTM EBITDA growth	Top 30	Enlarged Perimeter
<-10%	5.8%	7.2%
`-10-0%	9.7%	10.3%
0-10%	31.4%	27.5%
10-20%	21.9%	23.0%
20-30%	7.2%	8.9%
>30%	24.0%	19.9%
n.a¹	—%	3.2%
Weighted average	15.5%	15.3%
Note: for consistency, any excluded investments are excluded for all dispersion analysis.

	% of value at 31 January 2025
EV/EBITDA multiple	Top 30	Enlarged Perimeter
0-10x	8.5%	10.4%
10-12x	17.2%	16.4%
12-13x	8.1%	7.8%
13-15x	18.6%	18.0%
15-17x	25.9%	21.7%
17-20x	6.5%	7.7%
>20x	15.2%	15.4%
n.a.¹	—%	2.6%
Weighted average	15.4x	15.2x
Note: for consistency, any excluded investments are excluded for all dispersion analysis.

	% of value at 31 January 2025
Net Debt / EBITDA	Top 30	Enlarged Perimeter
<2x	27.2%	17.3%
2-4x	17.3%	19.9%
4-5x	14.1%	15.7%
5-6x	6.7%	13.2%
6-7x	26.0%	17.8%
>7x	8.7%	11.2%
n.a.¹	—%	5.1%
Weighted average	4.0x	4.4x
Note: for consistency, any excluded investments are excluded for all dispersion analysis.

Top 30 companies
The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 31 January 2025. The valuations are gross of underlying managers fees and carried interest.

	Company	Manager	Year of investment	Country	Value as a % of Portfolio
1	Minimax
	Supplier of fire protection systems and services	ICG	2018	Germany	3.1%
2	Froneri
	Manufacturer and distributor of ice cream products	PAI	2013 / 2019	United Kingdom	2.5%
3	Chewy
	Online retailer of premium pet food and products	BC Partners	2022	United States	2.0%
4	Datasite
	Provider of software focused on virtual data rooms	ICG	2024	United States	1.9%
5	Leaf Home Solutions
	Provider of home maintenance services	Gridiron	2016	United States	1.6%
6	Visma
	Provider of business management software and outsourcing services	Hg/ICG	2024	Norway	1.6%
7	Circana
	Provider of mission-critical data and predictive analytics to consumer goods manufacturers	New Mountain	2022	United States	1.6%
8	European Camping Group
	Operator of premium campsites and holiday parks	PAI	2021 / 2023	France	1.5%
9	Davies Group
	Provider of speciality business process outsourcing services	BC Partners	2021	United Kingdom	1.5%
10	Ambassador Theatre Group
	Operator of theatres and ticketing platforms	ICG	2021	United Kingdom	1.4%
11	Precisely
	Provider of enterprise software	Clearlake/ICG	2021 / 2022	United States	1.3%
12	Newton
	Provider of management consulting services	ICG	2021 / 2022	United Kingdom	1.3%
13	David Lloyd Leisure
	Operator of premium health clubs	TDR	2013 / 2020	United Kingdom	1.3%
14	Curium Pharma
	Supplier of nuclear medicine diagnostic pharmaceuticals	ICG	2020	United Kingdom	1.3%
15	PSB Academy
	Provider of private tertiary education	ICG	2018	Singapore	1.3%
16	Crucial Learning
	Provider of corporate training courses focused on communication skills and leadership development	Leeds Equity	2019	United States	1.3%
17	Class Valuation
	Provider of residential mortgage appraisal management services	Gridiron	2021	United States	1.3%
18	Domus
	Operator of retirement homes	ICG	2017 / 2021	France	1.2%
19	Yudo
	Designer and manufacturer of hot runner systems	ICG	2017 / 2018	South Korea	1.2%
20	ECA Group
	Provider of autonomous systems for the aerospace and maritime sectors	ICG	2022	France	1.1%
21	Brooks Automation
	Provider of semiconductor manufacturing solutions	THL	2021 / 2022	United States	1.0%
22	Planet Payment
	Provider of integrated payments services focused on hospitality and luxury retail	Advent/Eurazeo/ICG	2021	Ireland	1.0%
23	Ivanti
	Provider of IT management solutions	Charlesbank/ICG	2021	United States	1.0%
24	Vistage
	Provider of CEO leadership and coaching for small and mid-size businesses in the US	Gridiron	2022	United States	1.0%
25	Audiotonix
	Manufacturer of audio mixing consoles	PAI	2024	United Kingdom	0.9%
26	DigiCert
	Provider of enterprise security solutions	ICG	2021	United States	0.9%
27	Ping Identity
	Provider of intelligent access management solutions	Thoma Bravo	2022 / 2023	United States	0.9%
28	KronosNet
	Provider of tech-enabled customer engagement and business solutions	ICG	2022	Spain	0.8%
29	Archer Technologies
	Provider of governance, risk and compliance software	Cinven	2023	United States	0.7%
30	Silvus Technologies
	Developer of mobile communications datalinks used in law enforcement, unmanned systems and other commercial/industrial applications	TJC	2019	United States	0.7%
	Total of the 30 largest underlying investments				40.2%

The 30 largest fund investments
The table below presents the 30 largest fund investments by value at 31 January 2025. The valuations are net of underlying managers’ fees and carried interest.

	Fund	Year of commitment	Value £m	Outstanding commitment £m
1	PAI Strategic Partnerships **
	Mid-market and large buyouts	2019	34.6	0.2
2	ICG Strategic Equities Fund IV
	GP-led secondary transactions	2021	32.9	7.1
3	ICG Strategic Equities Fund III
	GP-led secondary transactions	2018	31.0	11.2
4	ICG Europe VII
	Mezzanine and equity in mid-market buyouts	2018	30.7	6.1
5	CVC European Equity Partners VII
	Large buyouts	2017	25.7	2.9
6	PAI Europe VII
	Mid-market and large buyouts	2017	24.6	2.4
7	ICG Ludgate Hill (Feeder B) SCSp
	Secondary portfolio	2021	23.8	13.6
8	ICG Europe VIII
	Mezzanine and equity in mid-market buy-outs	2021	23.6	14.3
9	Gridiron Capital Fund III
	Mid-market buyouts	2016	23.4	1.3
10	Resolute IV
	Mid-market buyouts	2018	23.0	0.9
11	Gridiron Capital Fund IV
	Mid-market buyouts	2019	21.5	0.5
12	ICG Augusta Partners Co-Investor **
	Secondary fund restructurings	2018	20.5	17.8
13	Oak Hill V
	Mid-market buyouts	2019	19.9	0.6
14	Seventh Cinven
	Large buyouts	2019	19.8	1.8
15	Graphite Capital Partners VIII *
	Mid-market buyouts	2013	19.3	4.1
16	Graphite Capital Partners IX
	Mid-market buyouts	2018	18.4	2.3
17	ICG Ludgate Hill III
	Secondary portfolio	2022	18.0	5.7
18	Resolute V
	Mid-market buyouts	2021	17.1	1.4
19	Advent Global Private Equity IX
	Large buyouts	2019	16.4	0.5
20	ICG Ludgate Hill (Feeder) II Boston SCSp
	Secondary portfolio	2022	16.0	5.4
21	New Mountain Partners VI
	Mid-market buy-outs	2020	14.9	0.5
22	Investindustrial VII
	Mid-market buyouts	2019	14.0	4.9
23	ICG Europe Mid-Market Fund
	Mezzanine and equity in mid-market buyouts	2019	13.5	5.5
24	CVC Capital Partners VIII
	Large buyouts	2020	13.4	0.5
25	Bowmark Capital Partners VI
	Mid-market buyouts	2018	13.1	3.4
26	Tailwind Capital Partners III
	Mid-market buyouts	2018	13.1	2.2
27	BC European Capital X
	Large buyouts	2016	13.1	1.4
28	Thomas H Lee Equity Fund IX
	Mid-market and large buyouts	2021	12.9	4.0
29	Permira VII
	Large buyouts	2019	12.6	1.6
30	ICG LP Secondaries Fund I LP
	LP-led secondary transactions	2022	12.2	41.1
	Total of the largest 30 fund investments		593.0	165.3
	Percentage of total investment Portfolio		39.1%

*All or part of interest acquired through a secondary sale.

**Includes the associated Top Up funds.

HOW WE MANAGE RISK

Identifying and evaluating the strategic, financial and operational impact of our key risks

The execution of the Company’s investment strategy is subject to a variety of risks and uncertainties, and the Board and Manager have identified several principal risks to the Company’s business. As part of this process, the Board has put in place an ongoing process to identify, assess and monitor the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.

RISK MANAGEMENT FRAMEWORK

The Board is responsible for risk management and determining the Company’s overall risk appetite. The Audit Committee assesses and monitors the risk management framework and specifically reviews the controls and assurance programmes in place.

PRINCIPAL RISKS

The Company’s principal risks are individual risks, or a combination of risks, that could threaten the Company’s business model, future performance, solvency or liquidity.

Details of the Company’s principal risks, potential impact, controls and mitigating factors are set out on pages 23 to 27.

OTHER RISKS

Other risks, including reputational risk, are potential outcomes of the principal risks materialising. These risks are actively managed and mitigated as part of the wider risk management framework of the Company and the Manager.

EMERGING RISKS

Emerging risks are considered by the Board and are regularly assessed to identify any potential impact on the Company and to determine whether any actions are required. Emerging risks often include those related to regulatory/legislative change and macro-economic and political change.

The Company depends upon the experience, skill and reputation of the employees of the Manager. The Manager’s ability to retain the service of these individuals, who are not obligated to remain employed by the Manager, and recruit successfully, is a significant factor in the success of the Company.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company considers its principal risks (as well as several underlying risks comprising each principal risk) in four categories:

Investment risks: the risk to performance resulting from ineffective or inappropriate investment selection, execution or monitoring.
External risks: the risk of failing to deliver the Company’s investment objective and strategic goals due to external factors beyond the Company’s control.
Operational risks: the risk of loss resulting from inadequate or failed internal processes, people or systems and external events, including regulatory risk.
Financial risks: the risk of adverse impact on the Company due to having insufficient resources to meet its obligations or counterparty failure and the impact any material movement in foreign exchange rates may have on underlying valuations.

RISK ASSESSMENT PROCESS

A comprehensive risk assessment process is undertaken regularly to re-evaluate the impact and probability of each risk materialising and the strategic, financial and operational impact of the risk. Where the residual risk is determined to be outside appetite, appropriate action is taken. Further information on risk factors is set out within the financial statements.

Risk appetite and tolerance

The Board acknowledges and recognises that in the normal course of business, the Company is exposed to risk and it is willing to accept a certain level of risk in managing the business to achieve its targeted returns. The Board’s risk appetite framework provides a basis for the ongoing monitoring of risks and enables dialogue with respect to the Company’s current and evolving risk profile, allowing strategic and financial decisions to be made on an informed basis.

The Board considers several factors to determine its acceptance for each principal risk and categorises acceptance for each risk as low, moderate and high. Where a risk is approaching or is outside the tolerance set, the Board will consider the appropriateness of actions being taken to manage the risk. In particular, the Board has a lower tolerance for financing risk with the aim to ensure that even under a stress scenario, the Company is likely to meet its funding requirements and financial obligations. Similarly, the Board has a low risk tolerance concerning operational risks including legal, tax and regulatory compliance and business process and continuity risk.

How we manage and mitigate our key risks

RISK	IMPACT	MITIGATION	CHANGE IN THE YEAR
INVESTMENT RISKS
INVESTMENT PERFORMANCE The Manager selects the fund investments and Direct Investments for the Company’s Portfolio, executing the investment strategy approved by the Board. The underlying managers of those funds in turn select individual investee companies. The origination, investment selection and management capabilities of both the Manager and the third-party managers are key to the performance of the Company.	Poor origination, investment selection and monitoring by the Manager and/or third-party managers which may have a negative impact on Portfolio performance.	The Manager has a strong track record of investing in private equity through multiple economic cycles. The Manager has a highly selective investment approach and disciplined process, which is overseen by ICG Enterprise Trust’s Investment Committee within the Manager, which comprises a balance of skills and perspectives. Further, the Company’s Portfolio is diversified, reducing the likelihood of a single investment decision impacting Portfolio performance.	Stable The Board is responsible for ensuring that the investment policy is met. The day-to-day management of the Company’s assets is delegated to the Manager under investment guidelines determined by the Board. The Board regularly reviews these guidelines to ensure they remain appropriate and monitors compliance with the guidelines through regular reports from the Manager, including performance reporting. The Board also reviews the investment strategy at least annually. Following this assessment and other considerations, the Board concluded that investment performance risk has remained stable.
VALUATION In valuing its investments in private equity funds and unquoted companies and publishing its NAV, the Company relies to a significant extent on the accuracy of financial and other information provided by the underlying managers to the Manager. There is the potential for inconsistency in the valuation methods adopted by the managers of these funds and companies and for valuations to be misstated.	Incorrect valuations being provided would lead to an incorrect overall NAV.	The Manager carries out a formal valuation process quarterly including a review of third-party valuations. This process includes a comparison of unaudited valuations to latest audited reports, as well as a review of any potential adjustments that are required to ensure the valuations of the underlying investments are in accordance with the fair market value principles required under UK-adopted International Accounting Standards (‘IAS’).	Stable The Board regularly reviews and discusses the valuation process in detail with the Manager, including the sources of valuation information and methodologies used. Following this assessment and other considerations, the Board concluded that there was no material change in valuation risk.
EXTERNAL RISKS
POLITICAL AND MACRO-ECONOMIC UNCERTAINTY Political and macro-economic uncertainty and other global events, such as pandemics, that are outside the Company’s control could adversely impact the environment in which the Company and its investment portfolio companies operate.	Changes in the political or macro-economic environment could significantly affect the performance of existing investments (and valuations) and prospects for realisations. In addition, they could impact the number of credible investment opportunities the Company can originate.	The Manager uses a range of complementary approaches to inform strategic planning and risk mitigation, including active investment management, profitability and balance sheet scenario planning and stress testing to ensure resilience across a range of outcomes. The process is supported by a dedicated in-house economist and professional advisers where appropriate.	Increasing The Board monitors and reviews the potential impact on the Company from political and economic developments on an ongoing basis, including input and discussions with the Manager. Incorporating these views and other considerations, the Board concluded that this risk had increased.
CLIMATE CHANGE The underlying managers of the fund investments and Direct Investments in the Company’s Portfolio fail to ensure that their portfolio companies respond to the emerging threats from climate change.	Climate-related transition risks, driven in particular by abrupt shifts in the political and technological landscape, impact the value of the Company’s Portfolio.	The Manager has a well-defined, firm-wide Responsible Investing Policy and sustainable investing framework in place. A tailored sustainable investing framework applies across all stages of the Company’s investment process.	Stable The Board monitors and reviews the potential impact to the Company from failures by underlying managers to mitigate the impact of climate change on portfolio company valuation.
THE LISTED PRIVATE EQUITY SECTOR The listed private equity sector could fall out of favour with investors leading to a reduction in demand for the Company’s shares.	A change in sentiment to the sector has the potential to damage the Company’s reputation and impact the performance of the Company’s share price and widen the discount the shares trade at relative to NAV per Share, causing shareholder dissatisfaction.	Private equity continues to outperform public markets over the long term and has proved to be an attractive asset class through various cycles. The Manager is active in marketing the Company’s shares to a wide variety of investors to ensure the market is informed about the Company’s performance and investment proposition. In setting the capital allocation policy, including the allocations to dividends and share buybacks, the Board monitors the discount to NAV and considers appropriate solutions to address any ongoing or substantial discount to NAV.	Increasing The persistence of the discount to NAV, together with other sector uncertainties, indicates an increase in risk. The Board receives regular updates from the Company’s broker and is kept informed of all material discussions with investors and analysts.
FOREIGN EXCHANGE The Company has continued to expand its geographic diversity by making investments in different countries. Accordingly, most investments are denominated in US dollars and euros.	The Company does not hedge its foreign exchange exposure. Therefore, movements in exchange rates between these currencies may have a material effect on the underlying sterling valuations of the investments and performance of the Company.	The Board regularly reviews the Company’s exposure to currency risk and reconsiders possible hedging strategies on at least an annual basis. Furthermore, the Company’s multicurrency bank facility permits the borrowings to be drawn in euros and US dollars, if required.	Stable The Board reviewed the Company’s exposure to currency risk and possible hedging strategies and concluded that there was no material change in foreign exchange risk during the year and that it remains appropriate for the Company not to hedge its foreign exchange exposure.
OPERATIONAL RISKS
REGULATORY, LEGAL AND TAX COMPLIANCE Failure by the Manager to comply with relevant regulation and legislation could have an adverse impact on the Company. Additionally, adherence to changes in the legal, regulatory and tax framework applicable to the Manager could become onerous, lessening competitive or market opportunities.	The failure of the Manager and the Company to comply with the rules of professional conduct and relevant laws and regulations could expose the Company to regulatory sanction and penalties as well as significant damage to its reputation.	The Board is responsible for ensuring the Company’s compliance with all applicable regulatory, legal and tax requirements. Monitoring of this compliance has been delegated to the Manager, of which the in-house Legal, Compliance and Risk functions provide regular updates to the Board covering relevant changes to regulation and legislation. The Board and the Manager continually monitor regulatory, legislative and tax developments to ensure early engagement in any areas of potential change.	Stable The Company remains responsive to a wide range of developing regulatory areas; and will continue to enhance its processes and controls in order to remain compliant with current and expected legislation.
KEY PROFESSIONALS Loss of key professionals at the Manager could impair the Company’s ability to deliver its investment strategy and meet its external obligations if replacements are not found in a timely manner.	If the Manager’s team is not able to deliver its objectives, investment opportunities could be missed or misevaluated, while existing investment performance may suffer.	The Manager regularly updates the Board on team developments and succession planning. The Manager places significant focus on: Developing key individuals to ensure that there is a pipeline of potential succession candidates internally. External appointments are considered if that best satisfies the business needs. A team-based approach to investment decision-making, i.e. no one investment professional has sole responsibility for an investment or fund manager relationship. Sharing insights and knowledge widely across the investment team, including discussing all potential new investments and the overall performance of the Portfolio. Designing and implementing a compensation policy that helps to minimise turnover of key people.	Stable The Board reviewed the Company’s exposure to people risk and concluded that the Manager continues to operate sustainable succession, competitive remuneration and retention plans. The Board believes that the risk in respect of people remains stable.
THE MANAGER AND THIRD-PARTY PROVIDERS (INCLUDING BUSINESS PROCESSES, BUSINESS CONTINUITY AND CYBER) The Company is dependent on third parties for the provision of services and systems, especially those of the Manager, the Administrator and the Depositary.	Failure by a third-party provider to deliver services in accordance with its contractual obligations could disrupt or compromise the functioning of the Company. A material loss of service could result in, among other things, an inability to perform business critical functions, financial loss, legal liability, regulatory censure and reputational damage. The failure of the Manager and Administrator to deliver an appropriate cyber security platform for critical technology systems could result in unauthorised access by malicious third parties, breaching the confidentiality, integrity and availability of Company data, negatively impacting the Company’s reputation.	The performance of the Manager, the Administrator, the Depositary and other third-party providers is subject to regular review and reported to the Board. The Manager, the Administrator and the Depositary produce internal control reports to provide assurance regarding the effective operation of internal controls. These reports are provided to the Audit Committee for review. The Committee would seek further representations from service providers if not satisfied with the effectiveness of their control environment. The Audit Committee formally assesses the internal controls of the Manager, the Administrator and Depositary on an annual basis to ensure adequate controls are in place. The assessment in respect of the current year is discussed in the Report of the Audit Committee. The Management Agreement and agreements with other third-party service providers are subject to notice periods that are designed to provide the Board with adequate time to put in place alternative arrangements.	Stable The Board carries out a formal annual assessment (supported by the Manager’s internal audit function) of the Manager’s internal controls and risk management systems. The Board also received regular reporting from the Manager and other third parties. Following this review and other considerations, the Board concluded that there was no material change in the Manager and other third-party suppliers risk.
FINANCIAL RISKS
FINANCING The Company has outstanding commitments to private equity funds in excess of total liquidity that may be drawn down at any time. The ability to fund this difference is dependent on receiving cash proceeds from investments (the timing of which are unpredictable) and the availability of financing facilities.	If the Company encountered difficulties in meeting its outstanding commitments, there would be significant reputational damage as well as risk of damages being claimed from managers and other counterparties.	The Manager monitors the Company’s liquidity, overcommitment ratio and covenants on a frequent basis, and undertakes cash flow monitoring, and provides regular updates on these activities to the Board.	Stable The Board reviewed the Company’s exposure to financing risk, noting the Net Debt position, the increase in available facility and the short-term realisation forecast and concluded that this risk was stable.

Audited Financial Statements for the year ended 31 January 2025

INCOME STATEMENT

Year to 31 January 2025					Year to 31 January 2024
	Notes	Revenue return £’000	Capital return £’000	Total £’000	Revenue return £’000	Capital return £’000	Total £’000
Investment returns
Income, gains and losses on investments	2,10	1,060	134,156	135,216	2,365	39,369	41,734
Deposit interest	2	48	—	48	405	—	405
Other income	2	5	—	5	104	—	104
Foreign exchange gains and losses		—	(729)	(729)	—	1,193	1,193
		1,113	133,427	134,540	2,874	40,562	43,436
Expenses
Investment management charges	3	(1,618)	(14,558)	(16,175)	(1,615)	(14,533)	(16,148)
Other expenses including finance costs	4	(2,439)	(8,417)	(10,855)	(2,520)	(7,402)	(9,922)
		(4,057)	(22,974)	(27,031)	(4,135)	(21,935)	(26,070)

Profit/(loss) before tax		(2,943)	110,453	107,510	(1,261)	18,627	17,366
Taxation	6			—	—	—	—
Profit/(loss) for the period		(2,943)	110,453	107,510	(1,261)	18,627	17,366
Attributable to:
Equity shareholders		(2,943)	110,453	107,510	(1,261)	18,627	17,366
Basic and diluted earnings per share	7			163.95p			25.63p

The columns headed ‘Total’ represent the income statement for the relevant financial years and the columns headed ‘Revenue return’ and ‘Capital return’ are supplementary information in line with guidance published by the AIC. There is no Other Comprehensive Income.

All profits are from continuing operations.

The notes on pages 34 to 59 form an integral part of the financial statements.

BALANCE SHEET

	Notes	31 January 2025 £’000	31 January 2024 £’000
Non-current assets
Investments held at fair value	9,10,17	1,469,549	1,296,382

Current assets
Cash and cash equivalents	11	3,927	9,722
Prepayments and receivables	12	2,018	2,258
		5,945	11,980
Current liabilities
Borrowings		(131,931)	(20,000)
Payables	13	(11,171)	(5,139)

Net current assets / (liabilities)		(137,157)	(13,159)
Total assets less current liabilities		1,332,392	1,283,223

Capital and reserves
Share capital	14	7,292	7,292
Capital redemption reserve		2,112	2,112
Share premium		12,936	12,936
Capital reserve		1,315,727	1,279,751
Revenue reserve		(5,675)	(2,733)
Total equity		1,332,392	1,283,223

Net Asset Value per Share (basic and diluted)	15	2072.9p	1909.4p

The notes on pages 34 to 59 form an integral part of the financial statements.

The financial statements on pages 30 to 59 were approved by the Board of Directors on 7 May 2025 and signed on its behalf by:

Jane Tufnell Alastair Bruce
Director Director

CASH FLOW STATEMENT

	Notes	Year to 31 January 2025 £’000	Year to 31st January 2024 £’000
Operating activities
Sale of portfolio investments		19,966	40,611
Purchase of portfolio investments		(34,144)	(25,162)
Cash flow to subsidiaries’ investments		(152,174)	(116,084)
Cash flow from subsidiaries’ investments		125,769	195,300
Interest income received from portfolio investments		494	1,695
Dividend income received from portfolio investments		547	779
Other income received		53	509
Investment management charges paid		(16,021)	(15,647)
Other expenses paid		(1,881)	(2,596)
Net cash inflow/(outflow) from operating activities		(57,391)	79,405

Financing activities
Bank facility fee paid		(2,011)	(3,970)
Interest paid		(545)	(5,571)
Credit Facility utilised		139,762	128,109
Credit Facility repaid		(27,831)	(174,954)
Purchase of shares into treasury		(35,851)	(13,068)
Equity dividends paid	8	(22,308)	(21,694)
Net cash (outflow)/inflow from financing activities		51,215	(91,148)
Net decrease in cash and cash equivalents		(6,176)	(11,743)

Cash and cash equivalents at beginning of year	11	9,722	20,694
Net decrease in cash and cash equivalents		(6,176)	(11,743)
Effect of changes in foreign exchange rates		381	771
Cash and cash equivalents at end of period	11	3,927	9,722

Includes settlement of unbilled management fees relating to the prior year (see note 13).

The notes on pages 34 to 59 form an integral part of the financial statements.

STATEMENT OF CHANGES IN EQUITY

	Share capital £’000	Capital redemption reserve £’000	Share premium £’000	Realised capital reserve¹ £’000	Unrealised capital reserve £’000	Revenue reserve¹ £’000	Total shareholders’ equity £’000

Opening balance at 1 February 2024	7,292	2,112	12,936	473,015	790,602	(2,733)	1,283,223
Profit for the period and total comprehensive income	—	—	—	(6,033)	116,485	(2,942)	107,510
Capital distribution by subsidiary²	—	—	—	—	—	—	—
Dividends paid	—	—	—	(22,308)	—	—	(22,308)
Purchase of shares into treasury	—	—	—	(36,033)	—	—	(36,033)
Closing balance at 31 January 2025	7,292	2,112	12,936	408,641	907,087	(5,675)	1,332,392

	Share capital £’000	Capital redemption reserve £’000	Share premium £’000	Realised capital reserve¹ £’000	Unrealised capital reserve £’000	Revenue reserve¹ £’000	Total shareholders’ equity £’000

Opening balance at 1 February 2023	7,292	2,112	12,936	468,054	811,698	(1,473)	1,300,619
Profit for the period and total comprehensive income	—	—	—	31,032	(12,405)	(1,261)	17,366
Capital distribution by subsidiary²	—	—	—	8,691	(8,691)	—	—
Dividends paid	—	—	—	(21,694)	—	—	(21,694)
Purchase of shares into treasury	—	—	—	(13,068)	—	—	(13,068)
Closing balance at 31 January 24	7,292	2,112	12,936	473,015	790,602	(2,734)	1,283,223

Distributable reserves.
During the prior reporting period ICG Enterprise Trust Limited Partnership made a distribution of realised profits totalling £8.6m to the Company.

The notes on pages 34 to 59 form an integral part of the financial statements.

NOTES TO THE FINANCIAL STATEMENTS

1 ACCOUNTING POLICIES

General information

These financial statements relate to ICG Enterprise Trust Plc (‘the Company’). ICG Enterprise Trust Plc is registered in England and Wales and is incorporated in the United Kingdom. The Company is domiciled in the United Kingdom and its registered office is Procession House, 55 Ludgate Hill, London EC4M 7JW. The Company’s objective is to provide long-term growth by investing in private companies managed by leading private equity managers.

(a) Basis of preparation

The financial information for the year ended 31 January 2025 has been prepared in accordance with UK-adopted International Accounting Standards (‘UK-IAS’) and the Statement of Recommended Practice (‘SORP’) for investment trusts issued by the Association of Investment Companies in July 2022.

UK-IAS comprises standards and interpretations approved by the International Accounting Standards Board (‘IASB’) and the IFRS Interpretations Committee.

These financial statements have been prepared on a going concern basis and on the historical cost basis of accounting, modified for the revaluation of certain assets at fair value. The directors have concluded that the preparation of the financial statements on a going concern basis continues to be appropriate.

Going concern

In assessing the appropriateness of continuing to adopt the going concern basis of accounting, the Board has assessed the financial position and prospects of the Company. The Company’s business activities, together with factors likely to affect its future development, performance, position and cash flows, are set out in the Chair’s statement on page 5, and the Manager’s review on page 7.

As part of this review, the Board assessed the potential impact of principal risks on the Company’s business activities, the Company’s cash position, the availability of the Company’s credit facility and compliance with its covenants, and the Company’s cash flow projections.

Based on this assessment, the Board expects that the Company will be able to continue in operation and meet its liabilities as they fall due until, at least, 31 May 2026, a period of more than 12 months from the signing of the financial statements. Therefore it is appropriate to continue to adopt the going concern basis of preparation of the Company’s financial statements.

Climate change

In preparing the financial statements, the directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the Principal risks and uncertainties section of this Report, and the impact of climate change risk on the valuation of investments.

These considerations did not have a material impact on the financial reporting judgements and estimates in the current year, nor were they expected to have a significant impact on the Company’s going concern or viability.

Accounting policies

The principal accounting policies adopted are set out below. These policies have been applied consistently throughout the current and prior year. In order to reflect the activities of an investment trust company, supplementary information which analyses the income statement between items of revenue and capital nature has been presented alongside the income statement. In analysing total income between capital and revenue returns, the directors have followed the guidance contained in the SORP as follows:

Capital gains and losses on investments sold and on investments held arising on the revaluation or disposal of investments classified as held at fair value through profit or loss should be shown in the capital column of the income statement.

Returns on any share or debt security for a fixed amount (whether in respect of dividends, interest or otherwise) should be shown in the revenue column of the income statement.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

The Board should determine whether the indirect costs of generating capital gains should also be shown in the capital column of the income statement. If the Board decides that this should be so, the management fee should be allocated between revenue and capital in accordance with the Board’s expected long-term split of returns, and other expenses should be charged to capital only to the extent that a clear connection with the maintenance or enhancement of the value of investments can be demonstrated.

The accounting policy regarding the allocation of expenses is set out in note 1(i).

In accordance with IFRS 10 (amended), the Company is deemed to be an investment entity on the basis that:

(a) it obtains funds from one or more investors for the purpose of providing investors with investment management services;

(b) it commits to its investors that its business purpose is to invest funds for both returns from capital appreciation and investment income; and

As a result, the Company’s controlled structured entities (‘subsidiaries’) are deemed to be investments and are classified as held at fair value through profit and loss.

(b) Financial assets

The Company classifies its financial assets in the following categories: at fair value through profit or loss; and at amortised cost. The classification depends on the purpose for which the financial assets were acquired. The classification of financial assets is determined at initial recognition.

Financial assets at fair value through profit or loss

The Company classifies its quoted and unquoted investments as financial assets at fair value through profit or loss. These assets are measured at subsequent reporting dates at fair value and further details of the accounting policy are disclosed in note 1(c).

Financial assets at amortised cost

Financial assets at amortised cost are non-derivative financial assets which pass the contractual cash flow test and are held to receive contractual cash flows. These are classified as current assets and measured at amortised cost using the effective interest rate method. The Company’s financial assets at amortised cost comprise cash and cash equivalents and trade and other receivables in the balance sheet.

(c) Investments

Investments comprise fund investments and portfolio company investments held by the Company directly, together with the fair value of the Company’s interest in controlled structured entities (see note 9) which themselves invest in fund investments and portfolio company investments.

All investments are classified upon initial recognition as held at fair value through profit or loss (described in these financial statements as investments held at fair value) and are measured at subsequent reporting dates at fair value. All investments are fair valued in line with IFRS 13 ‘Fair Value Measurement’, using industry standard valuation guidelines such as the International Private Equity and Venture Capital (‘IPEV’) valuation guidelines. Changes in the value of all investments held at fair value, which include returns on those investments such as dividends and interest, are recognised in the income statement and are allocated to the revenue column or the capital column in accordance with the SORP (see note 1(a)). More detail on certain categories of investment is set out below. Given that the subsidiaries and associates are held at fair value and are exposed to materially similar risks as the Company, we do not expect the risks to materially differ from those disclosed in note 17.

Unquoted Investments

Fund investments and Co-investments (collectively ‘unquoted investments’) are fair valued using the net asset value of those unquoted investments as determined by the third-party investment manager of those funds. The third-party investment manager performs periodic valuations of the underlying investments in their funds, typically using earnings multiple or discounted cash flow methodologies to determine enterprise value in line with IPEV Guidelines. In the absence of contrary information, these net asset valuations received from the third-party investment managers are deemed to be

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

appropriate by the Manager, for the purposes of the Manager’s determination of the fair values of the unquoted investments. A robust assessment is performed by the Manager’s experienced Investment Committee to determine the capability and track record of the investment manager. All investment managers are scrutinised by the Investment Committee and an approval process is recorded before any new investment manager is approved and an investment made. This level of scrutiny provides reasonable comfort that the investment manager’s valuation will be consistent with the requirement to use fair value.

Adjustments may be made to the net asset values provided or an alternative valuation method may be adopted if deemed to be more appropriate. The most common reason for adjustments to the value provided by an underlying manager is to take account of events occurring between the date of the manager’s valuation and the reporting date, for example, subsequent cash flows or notification of an agreed sale.

Subsidiary undertakings

The investments in the controlled structured entities (‘subsidiaries’) are recognised at fair value through profit and loss.

The valuation of the subsidiaries takes into account an accrual for the estimated value of interests in the Co-investment Incentive Scheme. Under these arrangements, ICG (the ‘Manager’) and certain of its executives and, in respect of certain historic investments, the executives and connected parties of Graphite Capital Management LLP (the ‘Former Manager’) (together ‘the Co-investors’), are required to co-invest alongside the Company, for which they are entitled to a share of investment profits if certain performance hurdles are met. At 31 January 2024, the accrual was estimated as the theoretical value of the interests if the Portfolio had been sold at the carrying value at that date.

Associates

The Company holds an interest (including indirectly through its subsidiaries) of more than 20% in a small number of investments that may normally be classified as subsidiaries or associates. These investments are not considered subsidiaries or associates as the Company does not exert control or significant influence over the activities of these companies/structured entities as they are managed by other third parties.

(d) Prepayments and receivables

Receivables include unamortised fees which were incurred directly in relation to the agreement of a financing facility. These fees will be amortised over the life of the facility on a straight-line basis.

(e) Payables

Other payables are non-interest bearing and are stated at their amortised cost, which is not materially different from fair value.

(f) Cash and cash equivalents

Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less.

(g) Dividend distributions

Dividend distributions to shareholders are recognised in the period in which they are paid.

(h) Income

When it is probable that economic benefits will flow to the Company and the amount can be measured reliably, interest is recognised on a time apportionment basis.

Dividends receivable on quoted equity shares are brought into account on the ex-dividend date. Dividends receivable on equity shares where no ex-dividend date is applicable are brought into account when the Company’s right to receive payment is established.

UK dividend income is recorded at the amount receivable. Overseas dividend income is shown net of withholding tax. Income distributions from funds are recognised when the right to distributions is established.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

(i) Expenses

All expenses are accounted for on an accruals basis. Expenses are allocated to the revenue column in the income statement, consistent with the SORP, with the following exceptions:

Expenses which are incidental to the acquisition or disposal of investments (transaction costs) are allocated to the capital column
The Board expects the majority of long-term returns from the Portfolio to be generated from capital gains. Expenses are allocated 90% to the capital column and 10% to the revenue column, reflecting the Company’s current and future return profile. Other expenses are allocated to the capital column where a clear connection with the maintenance or enhancement of the value of investments can be demonstrated.
All expenses allocated to the capital column are treated as realised capital losses (see note 1(l)).

(j) Taxation

Investment trusts which have approval as such under Section 1158 of the Corporation Tax Act 2010 are not liable for taxation on capital gains.
Tax recognised in the income statement represents the sum of current tax and deferred tax charged or credited in the year. The tax effect of different items of expenditure is allocated between capital and revenue on the same basis as the particular item to which it relates.

Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method.

Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets are not recognised in respect of tax losses carried forward to future periods.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets are realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

(k) Foreign currency translation

The functional and presentation currency of the Company is sterling, reflecting the primary economic environment in which the Company operates.

Transactions in currencies other than sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, financial assets and liabilities denominated in foreign currencies are translated at the rates prevailing on the balance sheet date.

Gains and losses arising on the translation of investments held at fair value are included within gains and losses on investments held at fair value in the income statement. Gains and losses arising on the translation of other financial assets and liabilities are included within foreign exchange gains and losses in the income statement.

(l) Revenue and capital reserves

The revenue return component of total income is taken to the revenue reserve within the statement of changes in equity. The capital return component of total income is taken to the capital reserve within the statement of changes in equity.

Gains and losses on the realisation of investments including realised exchange gains and losses and expenses of a capital nature are taken to the realised capital reserve (see note 1(i)). Changes in the valuations of investments which are held at the year end and unrealised exchange differences are accounted for in the unrealised capital reserve.

Net gains on the realisation of investments in the controlled structured entities (see note 9) are transferred to the Company by way of profit distributions.

The revenue reserve is distributable by way of dividends to shareholders. The realised capital reserve is distributable by way of dividends and share buybacks. The capital redemption reserve is not distributable and represents the nominal value of shares bought back for cancellation.

(m) Treasury shares

Shares that have been repurchased into treasury remain included in the share capital balance, unless they are cancelled.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

(n) Critical estimates and assumptions

Estimates and judgements used in preparing the financial information are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The resulting estimates will, by definition, seldom equal the related actual results.

In preparing the financial statements, the directors have considered the impact of climate change on the key estimates within the financial statements.

The only estimates and assumptions that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities in the next financial year relate to the valuation of unquoted investments. Unquoted investments are primarily the Company’s investments in unlisted funds, managed by third-party investment fund managers and ICG. As such there is significant estimation in the valuation of the unlisted fund at a point in time. Note 1(c) sets out the accounting policy for unquoted investments. The carrying amount of unquoted investments at the year end is disclosed within note 10.

(o) Segmental reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker who is responsible for allocating resources and assessing performance of the segments has been identified as the Board. It is considered that the Company’s operations comprise a single operating segment.

2 INVESTMENT RETURNS

	Year ended	Year ended
	31 January 2025	31 January 2024
	£’000	£’000
Income from investments
Overseas interest and dividends	1,060	2,365
	1,060	2,365
Deposit interest on cash	48	405
Other	5	104
	53	509
Total income	1,113	2,874
Analysis of income from investments
Unquoted	1,060	2,365
	1,060	2,365

3 INVESTMENT MANAGEMENT CHARGES

Management fees paid to ICG for managing ICG Enterprise Trust amounted to 1.25% (2024: 1.25%) of the average net assets in the year. The reduction in the fee is due to the application of the cap.

From 1 February 2023 the management fee is subject to a cap of 1.25% of net asset value.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3 INVESTMENT MANAGEMENT CHARGES CONTINUED

The amounts charged during the year are set out below:

	Year ended 31 January 2025			Year ended 31 January 2024
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Investment management charge	1,617	14,558	16,175	1,615	14,533	16,148

The Company and its subsidiaries also incur management fees in respect of its investment in funds managed by members of ICG on an arms-length basis.

	Year ended	Year ended
	31 January 2025	31 January 2024
	£’000	£’000
ICG Europe VIII	434	467
ICG Strategic Equity V	353	131
ICG Strategic Equity IV	340	593
ICG LP Secondaries Fund I LP	325	55
ICG Europe VII	238	257
ICG Strategic Equity III	238	183
ICG Europe Mid-Market II	95	87
ICG Augusta Partners Co-Investor II	89	91
ICG Europe Mid-Market	87	120
ICG North American Private Debt II	68	74
ICG Strategic Secondaries II	36	74
ICG Europe VI	23	41
ICG Asia Pacific III	15	30
ICG Recovery Fund 2008B	3	31
ICG Europe V	2	1
	2,346	2,235

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

4 OTHER EXPENSES

The Company did not employ any staff in the year to 31 January 2025 (2024: none).

	Year ended		Year ended
	31 January 2025		31 January 2024
	£’000	£’000	£’000	£’000
Directors’ fees (see note 5)		340		316
Fees payable to the Company’s auditor for the audit of the Company’s annual accounts	170		239
Fees payable to the Company’s auditor and its associates for other services:
– Audit of the accounts of the subsidiaries	108		139
– Audit-related assurance services	71		53
Total auditors’ remuneration		349		431
Administrative expenses		811		1,021
		1,500		1,768
Bank facility costs allocated to revenue		277		258
Interest costs allocated to revenue		661		493
Expenses allocated to revenue		2,438		2,519
Bank facility costs allocated to capital		8,417		7,403
Total other expenses		10,855		9,922

1. The auditors of the Company have additionally provided £16k (2024: £14k) of non-audit related services permitted under the Financial Reporting Council’s (‘FRC’) Revised Ethical Standards. The service related to agreed upon procedures over the Company’s carried interest scheme. These expenses have been charged to the Manager of the Company.

Included within Total other expenses above are £9.4m (2024: £8.2m) of costs related to financing and £(0.2)m (credit) (2024: £0.1m) of other expenses which are non-recurring and are excluded from the Ongoing Charges as detailed in the glossary on page 58.

Professional fees of £0.2m (2024: £0.2m) incidental to the acquisition or disposal of investments are included within gains/(losses) on investments held at fair value.

5 DIRECTORS’ REMUNERATION AND INTERESTS

No income was received or receivable by the directors from any other subsidiary of the Company.

6 TAXATION

In both the current and prior years the tax charge was lower than the standard rate of corporation tax of 19%, principally due to the Company’s status as an investment trust, which means that capital gains are not subject to corporation tax. The effect of this and other items affecting the tax charge are shown in note 6(b) below.

The UK’s main rate of corporation tax increased from 19% to 25% with effect from 1 April 2023. A blended rate of 24% was applied for the year ended 31 January 2024, calculated by the number of days within the accounting period spanning the rate change. A corporation tax rate of 25% was applied for the year ended 31 January 2025.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

	Year ended	Year ended
	31 January 2025	31 January 2024
	£’000	£’000
a) Analysis of charge in the year
Tax credit on items allocated to revenue	—	—
Tax charge on items relating to prior years	—	—
Corporation tax	—	—
b) Factors affecting tax charge for the year
Profit on ordinary activities before tax	107,510	17,367
Profit before tax multiplied by rate of corporation tax in the UK of 25% (2024: 24%)	26,790	4,168
Effect of:
– net investment returns not subject to corporation tax	(33,357)	(9,735)
– dividends not subject to corporation tax	(52)	(187)
– expenses not deductible for tax purposes	1,353	—
– current year management expenses not utilised/(utilised)	489	5,754
– other deductions	4,777	—
Total tax charge	—	—

The Company has £70.0m excess management expenses carried forward (2024: £53.5m). No deferred tax assets or liabilities (2024: nil) have been recognised in respect of the carried forward management expenses due to the uncertainty that future taxable profit will be generated that these losses can be offset against. For all investments the tax base is equal to the carrying amount. There was no deferred tax expense relating to the origination and reversal of timing differences in the year (2024: nil).

7 EARNINGS PER SHARE

	Year ended	Year ended
	31 January 2025	31 January 2024
Revenue return per ordinary share	(4.49p)	(1.86p)
Capital return per ordinary share	168.38p	27.49p
Earnings per ordinary share (basic and diluted)	163.95p	25.63p

Revenue return per ordinary share is calculated by dividing the revenue return attributable to equity shareholders of £(2.9)m (2024: £(1.3)m) by the weighted average number of ordinary shares outstanding during the year.

Capital return per ordinary share is calculated by dividing the capital return attributable to equity shareholders of £102.4m (2024: £18.6m) by the weighted average number of ordinary shares outstanding during the year.

Basic and diluted earnings per ordinary share are calculated by dividing the earnings attributable to equity shareholders of £99.5m (2024: £17.4m) by the weighted average number of ordinary shares outstanding during the year.

The weighted average number of ordinary shares outstanding (excluding those held in treasury) during the year was 65,569,285 (2024: 67,761,359). There were no potentially dilutive shares, such as options or warrants, in either year.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

8 DIVIDENDS

	Year ended	Year ended
	31 January 2025	31 January 2024
	£’000	£’000
Third quarterly dividend in respect of year ended 31 January 2024: 8p per share (2023: 6.0p)	5,345	4,781
Final dividend in respect of year ended 31 January 2024: 9p per share (2023: 9.0p)	5,894	6,105
First quarterly dividend in respect of year ended 31 January 2025: 8.5p per share (2024: 8.0p)	5,557	5,415
Second quarterly dividend in respect of year ended 31 January 2025: 8.5p per share (2024: 8.0p)	5,512	5,393
Total	22,308	21,694

The Company paid a third quarterly dividend of 8.5p per share in February 2025. The Board has proposed a final dividend of 10.5p per share (estimated cost £6.7m) in respect of the year ended 31 January 2025 which, if approved by shareholders, will be paid on 18 July 2025 to shareholders on the Register of Members at the close of business on 04 July 2025.

9 SUBSIDIARY UNDERTAKINGS AND UNCONSOLIDATED STRUCTURED ENTITIES
Subsidiary undertakings (controlled structured entities)

Subsidiaries of the Company as at 31 January 2025 comprise the following controlled structured entities, which are registered in England and Wales. Subsidiaries of the Company’s direct subsidiaries are reported as indirect subsidiaries.

Direct subsidiaries	Ownership interest 2025	Ownership interest 2024
ICG Enterprise Trust Limited Partnership	97.5%	97.5%
ICG Enterprise Trust (2) Limited Partnership	97.5%	97.5%
ICG Enterprise Trust Co-investment Limited Partnership	99.0%	99.0%

Indirect subsidiaries	Ownership interest 2025	Ownership interest 2024
ICG Enterprise Holdings LP	99.5%	99.5%
ICG Morse Partnership LP	99.5%	99.5%
ICG Lewis Partnership LP	99.5%	99.5%

In accordance with IFRS 10 (amended), the subsidiaries are not consolidated and are instead included in unquoted investments at fair value.

The value of the subsidiaries is shown net of an accrual for the interests of the Co-investors (ICG and certain of its executives and in respect of certain historical investments, the executives and connected parties of Graphite Capital, the Former Manager) in the Co-investment Incentive Scheme. As at 31 January 2025 a total of £53.9m (2024: £54.4m) was accrued in respect of these interests. During the year the Co-investors invested £1.0m (2024: £0.7m) into ICG Enterprise Trust Co-investment Limited Partnership. Payments received by the Co-investors amounted to £10.8m or 7.1% of £150.8m of Total Proceeds received in the year (2024: £5.4m or 2.3% of £238.6m proceeds received).

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Unconsolidated structured entities

The Company’s principal activity is investing in private equity funds and directly into private companies. Such investments may be made and held via a subsidiary. The majority of these investments are unconsolidated structured entities as defined in IFRS 12.
The Company holds interests in closed-ended limited partnerships which invest in underlying companies for the purposes of capital appreciation. The Company and the other limited partners make commitments to finance the investment programme of the relevant manager, who will typically draw down the amount committed by the limited partners over a period of four to six years (see note 16).

The table below disaggregates the Company’s interests in unconsolidated structured entities. The table presents for each category the related balances and the maximum exposure to loss.

	Unquoted investments £’000	Co-investment Incentive Scheme accrual £’000	Maximum loss exposure £’000
As at 31 January 2025	1,523,459	(53,910)	1,469,549
As at 31 January 2024	1,350,821	(54,439)	1,296,382

Further details of the Company’s investment Portfolio are included in the Portfolio dashboard on page 16.

10 INVESTMENTS

The tables below analyse the movement in the carrying value of the Company’s investment assets in the year. In accordance with accounting standards, subsidiary undertakings of the Company are reported at fair value rather than on a ‘look-through’ basis.

An investee fund is considered to generate realised gains or losses if it is more than 85% drawn and has returned at least the amount invested by the Company. All gains and losses arising from the underlying investments of such funds are presented as realised. All gains and losses in respect of fund investments that have not satisfied the above criteria are presented as unrealised.

Direct Investments are considered to generate realised gains or losses when they are sold.

Investments are held by both the Company and through its subsidiaries.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

	Quoted	Unquoted	Subsidiary undertakings	Total
	£’000	£’000	£’000	£’000
Cost at 1 February 2024	—	179,528	300,114	479,642
Unrealised appreciation at 1 February 2024	—	80,768	735,972	816,740
Valuation at 1 February 2024	—	260,296	1,036,086	1,296,382
Movements in the year:
Purchases	—	34,144	151,292	185,436
Sales
– capital proceeds		(20,214)	(125,769)	(145,983)
– realised gains/(losses) based on carrying value at previous balance sheet date		1,530		1,530
Movement in unrealised appreciation		29,473	102,711	132,184
Valuation at 31 January 2025	—	305,229	1,164,320	1,469,549
Cost at 31 January 2025	—	193,458	325,637	519,095
Unrealised appreciation/ (depreciation) at 31 January 2025	—	111,771	838,683	950,454
Valuation at 31 January 2025	—	305,229	1,164,320	1,469,549

	Quoted	Unquoted	Subsidiary undertakings	Total
	£’000	£’000	£’000	£’000
Cost at 1 February 2023	—	195,104	378,426	573,530
Unrealised appreciation at 1 February 2023	—	74,074	701,471	775,545
Valuation at 1 February 2023	—	269,178	1,079,897	1,349,075
Movements in the year:
Purchases	—	25,181	116,988	142,169
Sales
– capital proceeds		(40,757)	(195,300)	(236,057)
– realised gains/(losses) based on carrying value at previous balance sheet date		(1,044)		(1,044)
Movement in unrealised appreciation		7,739	34,500	42,239
Valuation at 31 January 2023	—	260,296	1,036,086	1,296,382
Cost at 31 January 2024	—	179,528	300,114	479,642
Unrealised appreciation/ (depreciation) at 31 January 2024	—	80,768	735,972	816,740
Valuation at 31 January 2024	—	260,296	1,036,086	1,296,382

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

	31 January 2025	31 January 2024
	£’000	£’000
Realised gains/loss based on cost	1,530	(1,044)
Amounts recognised as unrealised in previous years	—	—
Realised gains based on carrying values at previous balance sheet date	1,530	(1,044)
Increase in unrealised appreciation	132,184	42,239
Gains on investments	133,714	41,195

‘Realised gains based on cost’ represents the total increase in value, compared to cost, of those funds which meet the criteria set out in page 42. These gains are adjusted for amounts previously reported as unrealised (and included within the fair value at the previous balance sheet date) to determine the ‘Realised gains based on carrying values at previous balance sheet date’.

Gains on investments includes the ‘Realised gains based on carrying values at previous balance sheet date’ together with the net fair value movement on the balance of the investee funds.

Related undertakings

At 31 January 2025, the Company held direct and indirect interests in six limited partnership subsidiaries. These interests, net of the incentive accrual as described in note 9, were:

Investment	31 January 2025 %	31 January 2024 %
ICG Enterprise Trust Limited Partnership	99.9%	99.9%
ICG Enterprise Trust (2) Limited Partnership	66.5%	66.5%
ICG Enterprise Trust Co-investment Limited Partnership	66.0%	66.0%
ICG Enterprise Holdings LP	99.5%	99.5%
ICG Morse Partnership LP	99.5%	99.5%
ICG Lewis Partnership LP	99.5%	99.5%

The registered address and principal place of business of the subsidiary partnerships is Procession House, 55 Ludgate Hill, London EC4M 7JW.

In addition the Company held an interest (including indirectly through its subsidiaries) of more than 20% in the following entities. These investments are not considered subsidiaries or associates as the Company does not exert control or have significant influence over the activities of these companies/partnerships.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

As at 31 January 2025
Investment	Instrument	% interest¹
Graphite Capital Partners VII Top Up Plus	Limited partnership interests	20.0%
Graphite Capital Partners VIII Top Up	Limited partnership interests	41.1%
ICG Velocity³	Limited partnership interests	32.5%

As at 31 January 2024
Investment	Instrument	% interest¹
Graphite Capital Partners VII Top Up Plus²	Limited partnership interests	20.0%
Graphite Capital Partners VIII Top Up²	Limited partnership interests	41.1%
ICG Velocity³	Limited partnership interests	32.5%

The percentage shown for limited partnership interests represents the proportion of total commitments to the relevant fund. The percentage shown for shares represents the proportion of total shares in issue.
Address of principal place of business is 7 Air Street, Soho, London W1B 5AD.
Address of principal place of business is Procession House, 55 Ludgate Hill, London, EC4M 7JW.

11 CASH AND CASH EQUIVALENTS

	31 January 2025	31 January 2024
	£’000	£’000
Cash at bank and in hand	3,927	9,722

12 PREPAYMENTS AND RECEIVABLES

	31 January 2025	31 January 2024
	£’000	£’000
Prepayments and accrued income	2,018	2,258

As at 31 January 2025, prepayments and accrued income included £2.0m (2024: £2.3m) of unamortised costs in relation to the bank facility. Of this amount £0.8m (2024: £0.5m) is expected to be amortised in less than one year.

13 PAYABLES – CURRENT

	31 January 2025	31 January 2024
	£’000	£’000
Accruals, including facility interest	11,171	5,139
Bank facility drawn	131,931	20,000
Payables	143,102	25,139

Bank facility details are shown in the liquidity section of note 17 on page 52.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

14 SHARE CAPITAL

	Authorised		Issued and fully paid
		Nominal		Nominal
Equity share capital	Number	£’000	Number	£’000
Balance at 31 January 2025	120,000,000	12,000	72,913,000	7,292
Balance at 31 January 2024	120,000,000	12,000	72,913,000	7,292

All ordinary shares have a nominal value of 10.0p. At 31 January 2025 and 31 January 2024, 72,913,000 shares had been allocated, called up and fully paid. During the year 2,932,675 shares were bought back in the market and held in treasury (2024: 1,130,708 shares). At 31 January 2025, the Company held 8,640,808 shares in treasury (2024: 5,708,133) and had 64,272,192 (2024: 67,204,867) shares outstanding, all of which have equal voting rights.

	31 January 2025	31 January 2024
Shares held in treasury	8,640,808	5,708,133
Shares not held in treasury	64,272,192	67,204,867
Total	72,913,000	72,913,000

15 NET ASSET VALUE PER SHARE

The net asset value per share is calculated on equity attributable to equity holders of £1,332.4m (2024: £1,283.2m) and on 67,272,192 (2024: 67,204,867) ordinary shares in issue at the year end. There were no potentially dilutive shares, such as options or warrants, at either year end. Calculated on both the basic and diluted basis the net asset value per share was 2,072.9p (2024: 1,909.4p).

16 CAPITAL COMMITMENTS AND CONTINGENCIES

The Company and its subsidiaries had uncalled commitments in relation to the following Portfolio investments:

	31 January 2025 £’000	31 January 2024 £’000
ICG LP Secondaries Fund I LP	41,146	34,811
ICG Strategic Equity V²	36,868	19,704
ICG Europe Mid-Market Fund II¹	19,245	21,316
ICG Augusta Partners Co-Investor²	17,775	17,365
ICG Strategic Secondaries Fund II²	16,938	16,547
ICG Europe VIII¹	14,339	25,901
ICG Ludgate Hill (Feeder B) SCSp¹	13,591	13,860
ICG Strategic Equity Fund III²	11,201	10,942
ICG MXV Co-Investment	8,361	—
ICG Strategic Equity IV²	7,055	10,385
ICG Europe VII¹	6,082	6,541
ICG Ludgate Hill (Feeder) IIIA Porsche SCSp²	5,691	4,652
ICG Europe Mid-Market Fund¹	5,524	5,476
ICG Ludgate Hill (Feeder) II Boston SCSp²	5,392	5,267
ICG Asia Pacific Fund III²	2,523	2,634
ICG Europe VI¹	4,013	4,311
ICG North American Private Debt Fund II²	2,097	1,682
ICG Colombe Co-investment¹	1,811	2,378
ICG Dallas Co-Investment²	1,240	1,280
Commitments of less than £1,000,000 at 31 January 2025	5,746	5,991
Total ICG	226,638	211,043
Graphite Capital Partners IX	2,281	4,525
Graphite Capital Partners VIII¹	4,124	2,194
Graphite Capital Partners VII^1,2	456	456
Total Graphite funds	6,861	7,175

1.Includes interest acquired through a secondary fund purchase.

2.Includes the associated Top Up funds.

	31 January 2025 £’000	31 January 2024 £’000
Leeds VIII-A	16,135	—
Bowmark VII	15,000	15,000
New Mountain VII	14,299	15,763
PAI Europe VIII	12,356	20,900
Thoma Bravo XVI-A	12,101	—
Investindustrial VIII	12,009	—
Cinven VIII	11,748	12,789
CVC IX A	10,546	12,789
Bain VI	9,939	11,319
CDR XII	8,908	11,822
The Resolute Fund VI	8,577	11,822
Hellman Friedman XI (Parallel)	8,067	7,881
Advent International X-A	8,039	10,849
Bregal Unternehmerkapital IV-A	7,762	8,526
Green Equity Investors Side IX	7,618	15,611
Permira VIII	7,618	9,356
Genstar Capital Partners XI (EU)	7,455	7,850
Apax XI EUR	6,860	8,383
Gridiron V	6,578	9,008
Oak Hill VI (Offshore)	5,034	—
Investindustrial VII	4,895	4,219
Audax Private Equity VII-B	4,546	5,830
Integrum I	4,052	5,715
American Securities IX	4,034	—
Thomas H Lee Equity Fund IX	3,998	6,762
PAI Mid-Market Fund	3,764	4,963
BC XI	3,710	4,900
Bowmark VI	3,357	1,357
Hg Genesis X	3,326	3,469
Ivanti	2,979	2,910
Valeas Capital Partners I A	2,973	—
CVC VII	2,944	—
PAI VII	2,430	2,872
GHO Capital III	2,257	2,617
Bain XIII	2,247	2,739
Audiotonix	2,243	—
Bain Tech Opportunities II	2,239	2,276
Tailwind III	2,203	1,517
Ambassador Theatre Group	2,056	2,049
Thomas H Lee Equity Fund VIII	1,940	2,011
Thoma Bravo XV	1,901	2,648
Hg Saturn III	1,840	2,714
Seventh Cinven Fund	1,812	2,929
GI Partners VI-A	1,789	2,168
Charlesbank X	1,685	3,543
Apax X	1,677	1,442
Hellman Friedman X	1,631	2,194
Bregal Unternehmerkapital III	1,575	2,113
Carlyle Europe Partners V	1,553	2,243
Resolute V	1,363	855
FSN VI	1,303	2,946
Gridiron III	1,289	4,080
AEA VII	1,243	464
Resolute 02 Continuation (SEC 1)	1,145	9,893
CVC European Equity Partners VIII	512	3,402
New Mountain VI	498	2,276
European Camping Group 2	399	1,474
Leeds VII	317	3,581
Commitments of less than £2,000,000 at 31 January 2025	62,785	36,908
Total third party	319,687	333,747
Total commitments	553,186	551,965

The Company and its subsidiaries had no other unfunded commitments to investment funds. Commitments made by the Company and its subsidiaries are irrevocable.

As at 31 January 2025, the Company (excluding its subsidiaries) had uncalled commitments in relation to the above Portfolio of £114.3m (2024: £98.1m). The Company did not have any contingent liabilities at 31 January 2025 (2024: None).

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

The Company’s subsidiaries, which are not consolidated, had the balance of uncalled commitments in relation to the above Portfolio of £438.9m (2024: £453.9m). The Company is responsible for financing its pro-rata share of those uncalled commitments (see note 9).

17 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

The Company is an investment company as defined by Section 833 of the Companies Act 2006 and conducts its affairs so as to qualify as an investment trust under the provisions of Section 1158 of the Corporation Tax Act 2010 (‘Section 1158’). The Company’s objective is to provide long-term growth by investing in private companies managed by leading private equity managers.

Investments in funds have anticipated lives of approximately 10 years. Direct Investments are made with an anticipated holding period of between three and five years.

Financial risk management

The Company’s activities expose it to a variety of financial risks: market risk (comprising currency risk, interest rate risk and price risk), investment risk, credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Board has overall responsibility for managing the risks and the framework for monitoring and coordinating these risks. The Audit Committee regularly reviews, identifies and evaluates the risks taken by the Company to allow them to be appropriately managed. All of the Company’s management functions are delegated to the Manager which has its own internal control and risk monitoring arrangements. The Committee makes a regular assessment of these arrangements, with reference to the Company’s risk matrix. The Company’s financial risk management objectives and processes used to manage these risks have not changed from the previous period and the policies are set out below:

Market risk
(i) Currency risk

The Company’s investments are principally in continental Europe, the US and the UK, and are primarily denominated in euro, US dollars and sterling. There are also smaller amounts in other European currencies. The Company’s investments in controlled structured entities are reported in Sterling. The Company is exposed to currency risk in that movements in the value of sterling against these foreign currencies will affect the net asset value and the cash required to fund undrawn commitments. The Board regularly reviews the level of foreign currency denominated assets and outstanding commitments in the context of current market conditions and may decide to buy or sell currency or put in place currency hedging arrangements. No hedging arrangements were in place during the financial year.

The composition of the net assets of the Company by reporting currency at the year end is set out below:

	Sterling	Euro	USD	Other	Total
31 January 2025	£’000	£’000	£’000	£’000	£’000
Investments	1,201,166	81,755	186,623	5	1,469,549
Cash and cash equivalents and other net current assets	(139,168)	1,385	618	8	(137,157)
	1,061,998	83,140	187,241	13	1,332,392

	Sterling	Euro	USD	Other	Total
31 January 2024	£’000	£’000	£’000	£’000	£’000
Investments	1,068,115	81,164	146,881	222	1,296,382
Cash and cash equivalents and other net current assets	(21,553)	4,504	3,878	12	(13,159)
	1,046,562	85,668	150,759	234	1,283,223

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

On a look-through basis to the currency of the portfolio company, the effect of a 25% increase or decrease in the sterling value of the euro would be a fall of £71.3m and a rise of £65.1m in the value of shareholders’equity and on profit after tax at 31 January 2025 respectively (2024: a fall of £74m and a rise of £56.1m based on 25% increase or decrease).The effect of a 25% increase or decrease in the sterling value of the US dollar would be a fall of £158m and a rise of £152.1m in the value of shareholders’ equity and on profit after tax at 31 January 2025 respectively (2024: a fall of £141.9m and a rise of £124.4m based on 25% movement). The percentages applied are based on market volatility in exchange rates observed in prior periods.

(ii) Interest rate risk

The Company’s assets primarily comprise non-interest bearing investments in funds and non-interest bearing investments in portfolio companies. The fair values of these investments are not significantly directly affected by changes in interest rates. The Company’s net debt balance is exposed to interest rate risk; the financial impact of this risk is currently immaterial.

The Company is indirectly exposed to interest rate risk through the impact of interest rates on the performance of investments in funds and portfolio companies as a result of interest rate changes impacting the underlying manager valuation. This performance impact as a result of interest rate risk is recognised through the valuation of those investments, which will be affected by the impact of any change in interest rates on the financial performance of the underlying portfolio companies and also on any valuation of those investments for sale. The Company is not able to quantify how a change in interest rates would impact valuations.

(iii) Price risk

The risk that the value of a financial instrument will change as a result of changes to market prices is one that is fundamental to the Company’s objective, which is to provide long-term capital growth through investment in unquoted companies. The investment Portfolio is continually monitored to ensure an appropriate balance of risk and reward in order to achieve the Company’s objective.

The Company is exposed to the risk of change in value of its private equity investments. For all investments the market variable is deemed to be the price itself. The table below shows the impact of a 30% increase or decrease in the valuation of the investment Portfolio. The percentages applied are reasonable based on the Manager’s view of the potential for volatility in the Portfolio valuations under stressed conditions.

	31 January 2025		31 January 2024
	Increase in variable	Decrease in variable	Increase in variable	Decrease in variable
	£’000	£’000	£’000	£’000
30% (2024: 30%) movement in the price of investments
Impact on profit after tax	423,339	(370,568)	374,044	(320,217)

A reasonably possible percentage change in relation to the earnings estimates or Enterprise Value/EBITDA multiples used by the underlying managers to value the private equity fund investments and co-investments may result in a significant change in the fair value of unquoted investments.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Investment and credit risk

(i) Investment risk

Investment risk is the risk that the financial performance of the companies in which the Company invests either improves or deteriorates, thereby affecting the value of that investment. Investments in unquoted companies whether indirectly or directly are, by their nature, subject to potential investment losses. The investment Portfolio is highly diversified in order to mitigate this risk.

(ii) Credit risk

The Company’s exposure to credit risk arises principally from its investment in cash deposits. The Company aims to invest the majority of its liquid portfolio in assets which have low credit risk. The Company’s policy is to limit exposure to any one investment to 15% of gross assets. This is regularly monitored by the Manager as a part of its cash management process.

Cash is held on deposit with Royal Bank of Scotland (‘RBS’) and totalled £3.9m (2024: £9.7m). RBS currently has a credit rating of A1 from Moody’s. This represented the maximum exposure to credit risk at the balance sheet date. No collateral is held by the Company in respect of these amounts. None of the Company’s cash deposits or money market fund balances were past due or impaired at 31 January 2025 (2024: nil) and as a result of this, no ECL provision has been recorded.

Liquidity risk

The Company makes commitments to private equity funds in advance of that capital being invested, typically in illiquid, unquoted companies. These commitments are in excess of the Company’s total liquidity, therefore resulting in an overcommitment. When determining the appropriate level of overcommitment, the Board considers the rate at which commitments might be drawn down, typically over four to six years, versus the rate at which existing investments are sold and cash realised. The Company has an established liquidity management policy, which involves active monitoring and assessment of the Company’s liquidity position and its overcommitment risk. This is regularly reviewed by the Board and incorporated into the Board’s assessment of the viability of the Company. This process incorporates balance sheet and cash flow projections, including scenarios with varying levels of Portfolio gains and losses, fund drawdowns and realisations, availability of the credit facility, exchange rates, and possible remedial action that the Company could undertake if required in the event of significant Portfolio declines.

At the year end, the Company had cash and cash equivalents totalling £3.9m and had access to committed bank facilities of €300m maturing in May 2028, which is a multi-currency revolving credit facility provided by SMBC and Lloyds. The key terms of the facility are:

Upfront cost: 120bps.
Non-utilisation fees: 115bps per annum.
Margin on drawn amounts: 300bps per annum.

As at 31 January 2025 the Company’s total financial liabilities amounted to £143.1m (2024: £25.1m) of payables which were due in less than one year, which includes accrued balances payable in respect of the credit facility above.

Movement in financial liabilities arising from financing activities

The following tables sets out the movements in total liabilities held at amortised cost arising from financing activities undertaken during the year.

	2025	2024
	£’000	£’000
At 1 February 2024	22,062	67,700
Proceeds from borrowings	139,762	128,109
Repayment of long term borrowings	(27,831)	(174,954)
Change in capitalisation of bank facility fees	782	1,206
At 31 January 2025	134,775	22,061

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Capital risk management

The Company’s capital is represented by its net assets, which are managed to achieve the Company’s investment objective. As at the year end, the Company had net debt of £135.9m (2024: £10.3m).

The Board can manage the capital structure directly since it has taken the powers, which it is seeking to renew, to issue and buy back shares and it also determines dividend payments. The Company is subject to externally imposed capital requirements with respect to the obligation and ability to pay dividends by Section 1159 of the Corporation Tax Act 2010 and by the Companies Act 2006, respectively. Total equity at 31 January 2025, the composition of which is shown on the balance sheet, was £1,332.4m (2024: £1,283.2m).

Fair values estimation
IFRS 13 requires disclosure of fair value measurements of financial instruments categorised according to the following fair value measurement hierarchy:

Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

The valuation techniques applied to level 3 assets are described in note 1(c) of the financial statements. No investments were categorised as level 1 or level 2.

The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting year when they are deemed to occur.

The sensitivity of the Company’s investments to a change in value is discussed on page 51.

The following table presents the assets that are measured at fair value at 31 January 2025 and 31 January 2024:

31 January 2025
	Level 1	Level 2	Level 3	Total
	£’000	£’000	£’000	£’000
Investments held at fair value
Unquoted investments – indirect	—	—	150,987	150,987
Unquoted investments – direct	—	—	154,242	154,242
Quoted investments – direct	—	—	—	—
Subsidiary undertakings	—	—	1,164,320	1,164,320
Total investments held at fair value	—	—	1,469,549	1,469,549

31 January 2024
	Level 1	Level 2	Level 3	Total
	£’000	£’000	£’000	£’000
Investments held at fair value
Unquoted investments – indirect	—	—	136,473	136,473
Unquoted investments – direct	—	—	123,823	123,823
Quoted investments – direct	—	—	—	—
Subsidiary undertakings	—	—	1,036,085	1,036,085
Total investments held at fair value	—	—	1,296,381	1,296,381

All unquoted and quoted investments are valued at fair value in accordance with IFRS 13. The Company has no quoted investments as at 31 January 2025; quoted investments held by subsidiary undertakings are reported within Level 3.

Investments in Level 3 securities are in respect of private equity fund investments and co-investments. These are held at fair value and are calculated using valuations provided by the underlying manager of the investment, with adjustments made to the statements to take account of cash flow events occurring after the date of the manager’s valuation, such as realisations or liquidity adjustments.

The following tables present the changes in Level 3 instruments for the year to 31 January 2025 and 31 January 2024.

31 January 2025	Unquoted investments (indirect) at fair value through profit or loss £’000	Unquoted investments (direct) at fair value through profit or loss £’000	Subsidiary undertakings £’000	Total £’000
Opening balances	136,473	123,823	1,036,086	1,296,382
Additions	18,124	16,020	151,292	185,436
Disposals	(16,076)	(4,138)	(125,769)	(145,983)
Gains and losses recognised in profit or loss	14,524	16,479	102,711	133,714
Closing balance	153,045	152,184	1,164,320	1,469,549

31 January 2024	Unquoted investments (indirect) at fair value through profit or loss £’000	Unquoted investments (direct) at fair value through profit or loss £’000	Subsidiary undertakings £’000	Total £’000
Opening balances	158,896	110,282	1,079,897	1,349,075
Additions	14,933	10,248	116,988	142,169
Disposals	(37,167)	(3,590)	(195,300)	(236,057)
Gains and losses recognised in profit or loss	(188)	6,883	34,500	41,194
Closing balance	136,474	123,823	1,036,085	1,296,381

18 RELATED PARTY TRANSACTIONS

Significant transactions between the Company and its subsidiaries are shown below:

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Subsidiary	Nature of transaction	Year ended 31 January 2025 £’000	Year ended 31 January 2024 £’000
ICG Enterprise Trust Limited Partnership	Increase in amounts owed to subsidiaries	—	—
	(Decrease) in amounts owed by subsidiaries	(8,689)	(102)
	Income allocated	—	—
ICG Enterprise Trust (2) Limited Partnership	Increase in amounts owed to subsidiaries	(2,956)	11,420
	(Decrease) in amounts owed by subsidiaries	—	—
	Income allocated	(169)	151
ICG Enterprise Trust Co-investment LP	Increase in amounts owed by subsidiaries	33,229	(10,416)
	Income allocated	2,127	6,681
ICG Enterprise Holdings LP	Increase in amounts owed to subsidiaries	—	(45,725)
	Income allocated	4,224	6,819
ICG Morse Partnership LP	Increase in amounts owed by subsidiaries	—	(14,513)
	Decrease in amounts owed to subsidiaries	—	—
	Income allocated	—	—
ICG Lewis Partnership LP	(Decrease) in amounts owed by subsidiaries	687	1,820
	Increase in amounts owed by subsidiaries	—	—
	Income allocated	—	—

ICG Enterprise Trust Limited Partnership transferred its remaining assets to ICG Enterprise Trust PLC during the year ended 31 January 2025. It will be dissolved during the year ended 31 January 2026 and will cease to be a subsidiary at that time.

For the purpose of IAS 24 Related Party Disclosures, key management personnel comprised the Board of Directors.

Remuneration in the year (audited)	Fees		Expenses		Total
Name	2025 £’000	2024 £’000	2025 £’000	2024 £’000	2025 £’000	2024 £’000
Jane Tufnell	74	71		—	74	71
Alastair Bruce	60	58	—	—	60	58
David Warnock	59	46		—	59	46
Gerhard Fusenig	48	46	3	2	51	49
Adiba Ighodaro	48	46	—	—	48	46
Janine Nicholls	48	46	—	—	48	46
Total	337	313	3	2	340	316

Amounts owed by/to subsidiaries represent the Company’s loan account balances with those entities, to which the Company’s share of drawdowns and distributions in respect of those entities are credited and debited respectively.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

	Amounts owed by subsidiaries		Amounts owed to subsidiaries
Subsidiary	31 January 2025 £’000	31 January 2024 £’000	31 January 2025 £’000	31 January 2024 £’000
ICG Enterprise Trust Limited Partnership	—	—	(492)	8,197
ICG Enterprise Trust (2) Limited Partnership	—	—	31,372	34,328
ICG Enterprise Trust Co-Investment LP	273,555	240,326	—	—
ICG Enterprise Holdings LP	—	—	—	—
ICG Morse Partnership LP	—	—	—	—
ICG Lewis Partnership LP	8,569	7,881	—	—

The Company and its subsidiaries’ total shares in funds and co-investments managed by the Company’s Manager are:

	Year ended 31 January 2025		Year ended 31 January 2024
Fund/Co-investment	Remaining commitment £’000	Fair value investment £’000	Remaining commitment £’000	Fair value investment £’000
ICG MXV Co-Investment	8,361	32,728	217	31,658
ICG Strategic Equity Fund III	10,727	31,043	10,942	39,374
ICG Europe VII	6,082	30,721	6,541	35,021
ICG Ludgate Hill (Feeder B) SCSp	13,591	23,814	13,860	24,366
ICG Europe VIII	14,339	23,640	25,901	10,746
ICG Augusta Partners Co-Investor	17,775	20,469	17,365	15,533
ICG Ludgate Hill (Feeder) III A Porsche SCSp	5,691	17,995	4,652	21,104
ICG Newton Co-Investment	393	17,808	393	17,909
ICG Progress Co-Investment	421	17,265	577	15,156
ICG Vanadium Co-Investment	246	16,180	251	14,209
ICG Ludgate Hill (Feeder) II Boston SCSp	5,392	16,030	5,267	14,721
ICG Match Co-Investment	132	15,253	129	15,403
ICG Colombe Co-investment	1,810	13,795	1,678	12,221
ICG Europe Mid-Market Fund	5,524	13,494	5,476	13,819
ICG LP Secondaries Fund I LP	41,146	12,175	34,811	21,980
ICG Cheetah Co-Investment	635	11,123	669	11,570
CX VIII Co-Investment	167	9,076	171	8,996
ICG Asia Pacific Fund III	2,523	8,706	2,634	8,436
ICG Dallas Co-Investment	1,240	8,172	1,280	8,245
ICG Strategic Equity V	36,868	7,101	19,704	895
ICG Strategic Equity IV	7,055	32,851	10,385	28,029
ICG Sunrise Co-Investment	75	5,840	76	5,402
ICG Crown Co-Investment	96	5,492	122	4,817
ICG Recovery Fund 2008 B1	846	4,954	862	4,545
ICG Strategic Secondaries Fund II	16,938	4,853	16,547	10,052
ICG Holiday Co-Investor I	286	3,748	285	2,655
ICG North American Private Debt Fund II	2,097	3,061	1,682	5,467
ICG Europe VI	4,013	2,814	4,311	5,719
ICG Holiday Co-Investor II	199	2,775	197	1,966
ICG Europe Mid-Market II	19,245	1,534	21,316	(263)
ICG Europe V	545	757	555	808
ICG Cross Border	182	273	178	5,555
ICG Diocle Co-Investment	145	81	148	98
ICG Velocity Partners Co-Investor	650	18	635	—
ICG European Fund 2006 B1	480	15	489	28
ICG Topvita Co-Investment	687	—	700	—
ICG Trio Co-Investment	36	—	37	7,988
Ambassador Theatre Group	—	—	—	14,177
Total	226,638	415,652	211,043	438,410

At the balance sheet date the Company has fully funded its share of capital calls due to ICG-managed funds in which it is invested.

19 Post balance sheet events

On 2 April 2025, the Company announced the completion of a secondary sale of primary fund interests generating £62m net proceeds and releasing undrawn commitments of £10m. On 30 April 2025 the Company cancelled its Treasury shares (see note 14). 9,358,808 shares were cancelled.

GLOSSARY

Term	Short form	Definition
Alternative Performance Measures	APMs	Alternative Performance Measures are a term defined by the European Securities and Markets Authority as “financial measures of historical or future performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework”. APMs are used in this report if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company and for comparing the performance of the Company to its peers, taking into account industry practice. Definitions and reconciliations to IFRS measures are provided in the main body of the report or in this Glossary, where appropriate.
Buyback impact on NAV per Share		Buyback impact on NAV per Share is calculated by comparing the NAV per Share with an adjusted NAV per Share as follows:
			Year ended 31 January 2025	Since inception (Oct. 22)
		Opening number of shares	67,190,867	68,523,055	A
		Number of shares bought back in period	2,912,675	4,244,863
		Closing number of shares	64,278,192	64,278,192	B
		31 January 2025 NAV	£1,332m	£1,332m	C
		Add back cash invested in buybacks	£36m	£51m
		31 January 2025 NAV + cash invested in buybacks	£1,368m	£1,383m	D
		31 January 2025 NAV per Share	2,072.9p	2,072.9p	E (C/B)
		Pro forma NAV per share excluding buybacks	2,036.4p	2,018.8p	F (D/A)
		Impact of buybacks	36.5p	54.1p	G (E-F)
		NAV per Share accretion from buybacks	1.8%	2.7%	G/F
		Note: scenario excluding buyback does not include any cash impact of dividends that would have been paid to holders of those shares had the buyback not been undertaken
Carried Interest		Carried interest is equivalent to a performance fee. This represents a share of the profits that will accrue to the underlying private equity managers, after achievement of an agreed Preferred Return.
Cash drag		Cash drag is the negative impact on performance arising as a result of the allocation of a portion of the entity’s assets to cash.
Co-investment		Co-investment is a Direct Investment in a company alongside a private equity fund.
Co-investment Incentive Scheme Accrual		Co-investment Incentive Scheme Accrual represents the estimated value of interests in the Co-investment Incentive Scheme operated by the subsidiary partnerships of the Company.
Commitment		Commitment represents the amount of capital that each investor agrees to contribute to a fund or a specific investment.
Compound Annual Growth Rate	CAGR	The rate of return that would be required for an investment to grow from its beginning balance to its ending balance, assuming the profits were reinvested at the end of each period of the investment’s life span.
Deployment		Please see ‘Total new investment’.
Direct Investment		An investment in a portfolio company held directly, not through a private equity fund. Direct Investments are typically co-investments with a private equity fund.
Discount		Discount arises when the Company’s shares trade at a price below the Company’s NAV per Share. In this circumstance, the price that an investor pays or receives for a share would be less than the value attributable to it by reference to the underlying assets. The Discount is the difference between the share price and the NAV, expressed as a percentage of the NAV. For example, if the NAV was 100p and the share price was 90p, the Discount would be 10%.
Drawdowns		Drawdowns are amounts invested by the Company when called by underlying managers in respect of an existing Commitment.
EBITDA		Stands for earnings before interest, tax, depreciation and amortisation, which is a widely used profitability measure in the private equity industry.
Enlarged Perimeter		The aggregate Portfolio value of the Top 30 Companies and as many of the managers from within the Top 30 funds as practicable.
Enterprise Value	EV	Enterprise Value is the aggregate value of a company’s entire issued share capital and Net Debt.
Exclusion List		The Exclusion List defines the business activities which are excluded from investment.
FTSE All-Share Index Total Return		The change in the level of the FTSE All-Share Index, assuming that dividends are re-invested on the day that they are paid.
Full Exits		Full Exits are exit events (e.g., trade sale, sale by public offering, or sale to a financial buyer) following which the residual exposure to an underlying company is zero or immaterial; this does not include Fund Disposals. See ‘Fund Disposals’.
Fund Disposals		Fund Disposals are where the Company receives sales proceeds from the full or partial sale of a fund position within the secondary market.
General Partner	GP	The General Partner is the entity managing a private equity fund. This is commonly referred to as the manager.
Hedging		Hedging is an investment technique designed to offset a potential loss on one investment by purchasing a second investment that is expected to perform in the opposite way.
Initial Public Offering	IPO	An Initial Public Offering is an offering by a company of its share capital to the public with a view to seeking an admission of its shares to a recognised stock exchange.
Internal Rate of Return	IRR	Internal Rate of Return is a measure of the rate of return received by an investor in a fund. It is calculated from cash drawn from and returned to the investor, together with the residual value of the investment.
Investment Period		Investment Period is the period in which funds are able to make new investments under the terms of their fund agreements, typically up to five years after the initial Commitment.
Last Twelve Months	LTM	Last Twelve Months refers to the timeframe of the immediately preceding 12 months in reference to financial metrics used to evaluate the Company’s performance.
Limited Partner	LP	The Limited Partner is an institution or individual who commits capital to a private equity fund established as a Limited Partnership. These funds are generally protected from legal actions and any losses beyond the original investment.
Limited Partnership		A Limited Partnership includes one or more General Partners, who have responsibility for managing the business of the partnership and have unlimited liability, and one or more Limited Partners, who do not participate in the operation of the partnership and whose liability is ordinarily capped at their capital and loan contribution to the partnership. In typical fund structures, the General Partner receives a priority share ahead of distributions to Limited Partners.
Net Asset Value per Share	NAV per Share	Net Asset Value per Share is the value of the Company’s net assets attributable to one Ordinary share. It is calculated by dividing ‘shareholders’ funds’ by the total number of ordinary shares in issue. Shareholders’ funds are calculated by deducting current and long-term liabilities, and any provision for liabilities and charges, from the Company’s total assets.
Net Debt		Net Debt is calculated as the total short-term and long-term debt in a business, less cash and cash equivalents.
Ongoing charges		Ongoing Charges are calculated in line with guidance issued by the Association of Investment Companies (‘AIC’) and capture management fees and expenses, excluding finance costs, incurred at the Company level only. The calculation does not include the expenses and management fees incurred by any underlying funds.
		31 January 2025	Total per income statement £’000	Amount excluded from AIC Ongoing Charges £’000	Included Ongoing Charges £000
		Management fees	16,175	—	16,175
		General expenses	1,500	165	1,665
		Finance costs	9,354	(9,354)	—
		Total	27,029	(9,189)	17,840
		Total Ongoing Charges			17,840
		Average NAV			1,294,186
		Ongoing Charges as % of NAV			1.38%

		31 January 2024	Total per income statement £’000	Amount excluded from AIC Ongoing Charges £’000	Included Ongoing Charges £000
		Management fees	16,148	—	16,148
		General expenses	1,773	(209)	1,564
		Finance costs	8,152	(8,152)	—
		Total	26,073	(8,362)	17,712
		Total Ongoing Charges			17,712
		Average NAV			1,291,759
		Ongoing Charges as % of NAV			1.37%
		Included within General expenses above are £(0.2)m (credit) (2024: £0.2m) of other expenses which are non-recurring and are excluded from the Ongoing Charges.
Other Net Liabilities		Other Net Liabilities at the aggregated Company level represent net other liabilities per the Company’s balance sheet. Net other liabilities per the balance sheet of the subsidiaries include amounts payable under the Co-investment Incentive Scheme Accrual.
Overcommitment		Overcommitment refers to where private equity fund investors make Commitments exceeding the amount of liquidity immediately available for investment. When determining the appropriate level of Overcommitment, careful consideration needs to be given to the rate at which Commitments might be drawn down, and the rate at which realisations will generate cash from the existing Portfolio to fund new investment.

Portfolio	Portfolio represents the aggregate of the investment Portfolios of the Company and of its subsidiary Limited Partnerships. This APM is consistent with the commentary in previous annual and interim reports. The Board and the Manager consider that disclosing our Portfolio assists shareholders in understanding the value and performance of the underlying investments selected by the Manager. It is shown before the Co-investment Incentive Scheme Accrual to avoid being distorted by certain funds and Direct Investments on which ICG Enterprise Trust Plc does not incur these costs (for example, on funds managed by ICG plc). Portfolio is related to the NAV, which is the value attributed to our shareholders, and which also incorporates the Co-investment Incentive Scheme Accrual as well as the value of cash and debt retained on our balance sheet. The value of the Portfolio at 31 January 2025 is £1,523.1m (31 January 2024: £1,349.0m).
	31 January 2025 £m	IFRS Balance sheet fair value	Net assets of subsidiary limited partnerships	Co-investment Incentive Scheme Accrual	Total Company and subsidiary Limited Partnership
	Investments¹	1,469.5	(0.3)	53.9	1,523.1
	Cash	3.9	—	—	3.9
	Other Net Liabilities	(141.0)	0.3	(53.9)	(194.6)
	Net assets	1,332.4	—	—	1,332.4

	31 January 2024 £m	IFRS Balance sheet fair value	Balances receivable from subsidiary Limited Partnerships	Co-investment Incentive Scheme Accrual	Total Company and subsidiary Limited Partnership
	Investments¹	1,296.4	(1.9)	54.4	1,349.0
	Cash	9.7	—	—	9.7
	Other Net Liabilities	(22.9)	1.9	(54.4)	(75.5)
	Net assets	1,283.2	—	—	1,283.2
	¹Investments as reported on the IFRS balance sheet at fair value comprise the total of assets held by the Company and the net asset value of the Company’s investments in the subsidiary Limited Partnerships.
Portfolio Return on a Local Currency Basis	Portfolio Return on a Local Currency Basis represents the change in the valuation of the Company’s Portfolio before the impact of currency movements and Co-investment Incentive Scheme Accrual. The Portfolio return of 10.2% is calculated as follows:
			£m	31 January 2025	31 January 2024
	Income, gains and losses on Investments			142.0	125.3
	Foreign exchange gains and losses included in gains and losses on investments			5.4	(38.6)
	Incentive accrual valuation movement			(9.3)	(3.7)
	Total gains on Portfolio investments excluding impact of foreign exchange			138.1	83.1
	Opening Portfolio valuation			1,349.0	1,406.4
	Portfolio Return on a Local Currency Basis			10.2%	5.9%

Term	Short form	Definition
Portfolio Company		Portfolio Company refers to an individual company in an investment portfolio.
Primary		A Primary Investment is a Commitment to a private equity fund.
Quoted Company		A Quoted Company is any company whose shares are listed or traded on a recognised stock exchange.
Realisation Proceeds		Realisation Proceeds are amounts received in respect of underlying realisation activity from the Portfolio and exclude any inflows from the sale of fund positions via the secondary market.
Realisations – Multiple to Cost		Realisations – Multiple to Cost is the average return from Full Exits from the Portfolio in the period on a primary investment basis, weighted by cost.
		£m		31 January 2025	31 January 2024
		Realisation Proceeds from Full Exits in the year-to-date		73.7	100.8
		Cost		35.9	28.8
		Average return Multiple to Cost		2.9x	3.5x
Realisations – Uplift To Carrying Value		Realisations – Uplift To Carrying Value is the aggregate uplift on Full exits from the Portfolio in the period excluding publicly listed companies that were exited via sell downs of their shares.
		£m		31 January 2025	31 January 2024
		Realisation Proceeds from Full Exits in the year-to-date		73.7	100.8
		Prior Carrying Value (at previous quarterly valuation prior to exit)		62.0	89.2
		Realisations – Uplift To Carrying Value		19.0%	29.5%
Secondary Investments		Secondary Investments occur when existing private equity fund interests and Commitments are purchased from an investor seeking liquidity.
Share Price Total Return		Share Price Total Return is the change in the Company’s share price, assuming that dividends are re-invested on the day that they are paid.
Total New Investment		Total New Investment is the total of direct Co-investment and fund investment Drawdowns in respect of the Portfolio. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements. Movements in the cash flow statement within the financial statements reconcile to the movement in the Portfolio as follows:
			£m	31 January 2025	31 January 2024
		Purchase of Portfolio investments per cash flow statement		34.1	25.2
		Purchase of Portfolio investments within subsidiary investments		152.2	111.6
		Return of cost/expenses		(4.9)	0.0
		Total New Investment		181.4	136.7

Term	Short form	Definition
Total Proceeds		Total Proceeds are amounts received by the Company in respect of the Portfolio, which may be in the form of capital proceeds or income such as interest or dividends. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements.
		£m	31 January 2025	31 January 2024
		Sale of Portfolio investments per cash flow statement	20.0	40.6
		Sale of Portfolio investments, interest received, and dividends received within subsidiary investments	125.8	195.3
		Interest income per cash flow statement	0.5	1.7
		Dividend income per cash flow statement	0.5	0.8
		Other income per cash flow statement	0.1	—
		Return of invested cost	4.0	0.0
		Total Proceeds	150.8	238.6
		Fund Disposals	—	(67.6)
		Realisation Proceeds	150.8	171.0
Total Return		The change in the Company’s Net Asset Value per Share, assuming that dividends are re-invested at the end of the quarter in which the dividend was paid.
Undrawn Commitments		Undrawn Commitments are Commitments that have not yet been drawn down (please see ‘Drawdowns’).
Unquoted Company		An Unquoted Company is any company whose shares are not listed or traded on a recognised stock exchange.
Valuation Date		The date of the valuation report issued by the underlying manager.

The MIL Network –

May 8, 2025

MIL-OSI: CLIQ Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CLIQ Reports First Quarter 2025 Results

Tough market conditions persist: €50m sales (-32%) and €4m EBITDA before special items (-31%)
€0.16 EPS resulting from €1m net profit
€14m net cash position (cf. €12m at year-end 2024)
Expected average lifetime value of a customer (LTV) down 14% year-on-year to €70 (1Q 2024: €81)
Number of paying customers declined to 0.8m per 31 March 2025 (31/03/2024: 1.1m)
Delisting still under consideration

DÜSSELDORF, 8 May 2025 – The CLIQ Group publishes today its first quarter 2025 unaudited financial report, which is available on the Group’s website at https://cliqdigital.com/investors/financialreporting.

Performance

in millions of €	1Q 2025	1Q 2024	Δ
North America	37	48	-24%
Europe	9	18	-50%
Latin America	4	4	4%
ROW	1	3	-74%
Sales	50	73	-32%
Expected average lifetime value (LTV, in €)	70	81	-14%
Total customer acquisition costs	-15	-29	-49%
EBITDA before special items	4	5	-31%
EBITDA margin (before special items)	7%	7%
Profit for the period	1	0	n/a
EPS (basic, in €)	0.16	0.02	n/a

Sales: In 1Q 2025, Group sales decreased by 32% against the prior year’s quarter to €50 million (1Q 2024: €73 million) mainly due to challenging market conditions. Year-on-year, sales in the first quarter in North America declined by 24% and in Europe by 50%; conversely, sales in Latin America increased by 4%. Quarter-on-quarter, Group sales increased by 4% as a result of the Group’s transformation programme “Fit For Future”.
Total customer acquisition costs: The total customer acquisition costs in 1Q 2025 amounted to €15 million (1Q 2024: €29 million) and were 49% lower against prior year’s first quarter. The lower total customer acquisition costs reflected the Group’s decision to strategically increase its focus on profitability and the subsequent lowering of the target cost per acquisition (CPA).
EBITDA: EBITDA before special items in 1Q 2025 decreased by 31% year-on-year to €4 million (1Q 2024: €5 million). However, the corresponding EBITDA margin stabilised at 7% (1Q 2024: 7%) as a result of (1) a reduction in customer acquisition costs paid for acquiring new subscribers and (2) lower operating expenses executed in line with the Group’s focus on profitability. During 1Q 2025, special items came in at €0.5 million and were related also to costs incurred from the “Fit For Future” transformation programme to restructure and optimise the Group’s operational and organisational structures (1Q 2024: €3.5 million).
Earnings per share: Basic EPS in 1Q 2025 increased year-on-year to €0.16 (1Q 2024: €0.02) on the back of a profit for the period of €1 million (1Q 2024: €0.1 million).
Cash flow & liquidity: As at 31 March 2025, the Group’s net cash position amounted to €14 million (31/12/2024: €12 million). Cash flow from financing activities in the first quarter amounted to €0.4 million and included €22 thousand for the repurchase of 4,625 shares to complete the Group’s share buyback programme. Operating free cash flow improved in 1Q 2025 and totalled €2 million (1Q 2024: -€4 million). The cash inflow from operating activities during 1Q 2025 amounted to €2 million (1Q 2024: -€1 million) and the increase was mainly due to a positive change in working capital in the period, which over-compensated a significantly higher corporate tax payment. The 1Q 2025 cash outflow from investing activities decreased from €2 million in 1Q 2024 to €0.4 million due largely to reduced payments for licensed content as well as for investments in platform and technical developments.

Operational indicators

Lifetime value of a customer: In 1Q 2025, the expected average lifetime value of a customer (LTV) was down 14% year-on-year to €70 (1Q 2024: €81). The year-on-year decrease was due to the persistently higher churn rates resulting from new customer care tools in place at the card scheme companies, which consequently resulted in shorter average customer loyalty durations.
Customers: The number of unique paying customers for the Group’s bundled- and single-content streaming services decreased to 0.8 million per 31 March 2025 (31/03/2024: 1.1 million). The decrease resulted from the Group’s stronger focus on profitability than on sales growth. Whereby the CPA was brought more in line with the lower expected average lifetime value (LTV) of the customers, which led to less new customer acquisitions.
Lifetime value of Customer Base: As at 31 March 2025, the lifetime value of the customer base (LTVCB) declined by €35 million to €101 million compared to prior year’s first quarter-end (31/03/2024: €136 million). The lower LTVCB was the result of the decrease in the number of customers as well as the lower expected average lifetime value of a customer. The LTVCB represents the expected sales to be generated from paying customers as at reporting date over their estimated individual remaining lifetime.
“Fit For Future”: The initiated Group-wide transformation programme (“Fit For Future”) to improve both its cost efficiencies and productivity gains was essentially concluded during the first quarter 2025. However, the Group expects to continue optimising and streamlining its personnel structure and IT landscape in the next quarter(s). The main objective of the programme was to fundamentally transform the Group to become more focused, streamlined, and goal-driven.

Delisting

On 6 March 2025, CLIQ announced that it is considering applying for a delisting of its shares from all stock exchanges on which its shares are currently traded mainly due to low investor demand. Should the delisting take place, the rights of CLIQ’s minority shareholders will generally remain unchanged, except that CLIQ will no longer be subject to capital market reporting requirements, and shareholders will lose the ability to sell their shares via the stock exchange.

The Management Board and Supervisory Board have, however, not yet taken any decision with respect to the delisting.

Annual General Meeting 2025

CLIQ’s Annual General Meeting, originally scheduled for 11 April 2025, has been postponed to an as yet undetermined date no later than 31 August 2025.

Outlook

In 2025, CLIQ expects to generate an EBITDA of between €10 and 15 million on the back of Group sales expected to range between €180 and 220 million and after €50 to 75 million total customer acquisition costs forecast.

Management Board statement

“While market conditions remain challenging, we are pleased to start 2025 with an increased cash position, complemented by some baby steps in our sequential sales development. The transformation of our Group, which is still not yet finished, is now hard-wired in our operational framework and DNA and is foreseen to deliver the first tangible positive signs,” said CEO Luc Voncken.

Earnings call

A live audio webcast conducted in English will be held today at 2.00 p.m. CEST with presentations from Luc Voncken, CEO, and Ben Bos, member of the Management Board.

Questions submitted before 12.00 p.m. CEST via email to investors@cliqdigital.com will be answered after the presentations.

Please click on the link below to register for this webcast:

https://cliqdigital.zoom.us/webinar/register/WN_HLObw8qZSw6QvktGjKh7_Q

ZOOM details will be sent to you via email post registration and a replay of the webcast will be available shortly after the call at: https://cliqdigital.com/investors/financials/financial-reporting.

Contacts

Investor Relations:
Sebastian McCoskrie, s.mccoskrie@cliqdigital.com, +49 151 52043659

Media Relations:
Daniela Münster, daniela.muenster@h-advisors.global, +49 174 3358111

Financial calendar

Annual General Meeting 2025	To be determined
Half-year financial report 2025 & earnings call	Thursday	7 August 2025
Financial report 3Q/9M 2025 and earnings call	Thursday	6 November 2025

About CLIQ

The CLIQ Group is a data-driven online performance marketing company that sells bundled subscription-based digital products to consumers worldwide. The Group licenses content from partners, bundles it to digital products, and sells them via performance marketing. CLIQ is expert in turning consumer interest into sales by monetising online traffic using an omnichannel approach.

The Group operated in 40 countries and employed 132 staff from 33 different nationalities as at 31 December 2024. The company is headquartered in Düsseldorf and has offices in Amsterdam and Paris. CLIQ Digital is listed in the Scale segment of the Frankfurt Stock Exchange (ISIN: DE000A35JS40, GSIN/WKN: A35JS4) and is a constituent of the MSCI World Micro Cap Index.

Visit our website https://cliqdigital.com/investors. Here you will find all publications and further information about CLIQ. You can also follow us on LinkedIn.

The MIL Network –

May 8, 2025

MIL-OSI USA: Energy Secretary Wright Testifies Before House Appropriations Subcommittee on FY2026 Budget Request

Source: US Department of Energy

WASHINGTON — U.S. Secretary of Energy Chris Wright testified today before the House Committee on Appropriations, Subcommittee on Energy and Water Development, outlining the Department of Energy’s Fiscal Year 2026 budget request.

The FY2026 Budget reflects President Trump’s directive to unleash American energy, eliminate wasteful spending and refocus the Department on its core mission. It brings non-defense discretionary spending to its leanest level since 2017 and eliminates over $15 billion in Green New Scam funding that supports more expensive, less reliable energy sources. For more details, view the budget toplines here.

Secretary Wright’s opening remarks:

Chairman Fleischmann, Ranking Member Kaptur, and Members of the Committee, it is an honor to appear before you and this Committee today to discuss the President’s Fiscal Year 2026 Budget request for the Department of Energy.

I’m especially honored to be at my first hearing before you as U.S. Secretary of Energy. I want to commend this Committee for its longstanding commitment to energy policy and to the mission of the Department of Energy.

Energy is the backbone of civilization. It is the essential catalyst of human progress— enabling everything that we do, from the lights in our home, the process heat in our factories and the innovation in our national laboratories. I’ve dedicated my life to increasing access to energy, and I’m thrilled to carry my work forward at the Department of Energy at this pivotal moment in our history.

My priorities for the Department are clear — to unleash a golden era of American energy dominance, strengthen our national security, and lead the world in innovation. A reliable and abundant energy supply is the foundation of a strong and prosperous nation– it drives our economy, safeguards our freedoms and fuels breakthroughs that improve our lives. When America leads in energy, we lead in prosperity, security and human flourishing.

Achieving this vision means fully leveraging the resources that have powered our country for generations. The United States is blessed with the abundance of coal, oil, and natural gas, and the Trump administration is committed to using them to provide affordable, reliable, and secure energy for the American people.

America has a historic opportunity to secure our energy systems, deliver leadership in scientific and technological innovation; maintain and strengthen our weapons stockpiles, and meet Cold War legacy waste commitments. The Department of Energy will advance these critical missions while cutting red tape, increasing efficiency, unleashing innovation and ensuring we are better stewards of taxpayer dollars.

The President’s FY2026 budget will ensure taxpayer resources are allocated appropriately and cost-effectively. This budget will return DOE to its core mission of advancing energy innovation and global competitiveness through research and development. We will invest DOE’s resources in sources and technologies that support affordable, reliable, and secure energy and provide a return on investment for the American taxpayers.

Just last week, the Trump administration celebrated its 100th day in office, and the Department of Energy has been hard at work to deliver on these goals of unleashing energy expansion while improving operational efficiency. I am proud to report that we have officially ended the previous administration’s reckless pause on LNG export permits and returned DOE to regular order for reviewing and approving new permits. Since January, the Department has approved applications for projects that will export more than 9.5 billion cubic feet per day of LNG, adding nearly as much incremental capacity as the world’s leading LNG exporting countries.

We are advancing President Trump’s pledge to lower the cost of living and expand consumer choice for all Americans by rightsizing DOE’s regulatory approach to home efficiency standards. This ensures that the American people can choose which appliances work best for their homes and budgets.

While we actively work to strengthen America’s role as the world’s leader in oil and natural gas production and lower costs for all Americans, we are also taking steps to accelerate innovation in the commercial nuclear development. America must lead the commercialization of affordable and abundant nuclear energy. DOE is working to advance the rapid deployment and export of next-generation nuclear technology, including small modular reactors. Small modular reactors will provide reliable power for our Nation’s growing energy demands, with the added benefits of flexible deployment due to their compact size and modular design.

The responsible stewardship and modernization of the nation’s nuclear weapons systems is paramount for the Department of Energy and this Administration. DOE is focused on addressing critical upgrades for the U.S. nuclear stockpile and maintaining our engine powerhouses for submarines and aircraft carriers. Both tasks will become even more crucial in the next few years.

We also need to unleash American energy innovation, and the National Labs are the engine that drives research and development to further this aim. When it comes to our National Labs, we are capable of doing more with less. We can both increase efficiency and drive innovation. We will prioritize research that supports true technological breakthroughs, such as nuclear fusion, high-performance computing, quantum computing, and AI, which will maintain America’s global competitiveness.

AI is the next Manhattan Project. AI technology will define the future of the world, and it is essential that the U.S. leads in the development of this technology. DOE has a significant role to play in driving AI innovation for scientific discovery, energy innovation, and national security. Our agency has the world-class high-performance computing capabilities that enable fast and efficient AI research and development, including four of the world’s top ten supercomputers. We need all energy sources to power the global AI race and meet growing energy demand while also ensuring the security of the grid.

America doesn’t back down from big challenges or big builds. If we want abundant, affordable, and secure energy, we must invest in the transmission, generation, and innovation that get us there. We are working to accelerate projects through permitting reform. We need to break ground faster with streamlined permitting, standardized designs, and public-private partnerships to build at the speed of national need.

DOE will also work to replenish the Strategic Petroleum Reserve (SPR). The SPR is a national asset that protects our security in times of crisis. The last administration’s politically motivated depletion of 180 million barrels has significantly degraded SPR infrastructure, brought storage levels to historic lows, and weakened America’s ability to respond to new geopolitical oil market shocks.

As Secretary of Energy, I am honored by the responsibility to help meet the American people’s growing energy needs and lead the world in energy development. Thank you for the opportunity to testify before this subcommittee.

MIL OSI USA News –

May 8, 2025
MIL-OSI China: 15 killed, over 50 wounded in India, Pakistan Kashmir clashes

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

Indian paramilitary troopers inquire a motorcyclist at a checkpoint on the outskirts of Srinagar city, the summer capital of Indian-controlled Kashmir, May 7, 2025. [Photo/Xinhua]

At least 15 civilians were killed and over 50 others wounded Wednesday in clashes between Indian and Pakistani troops across the Line of Control (LoC) in Kashmir, local media reported.

The clashes started shortly after the Indian military carried out airstrikes inside Pakistan and the Pakistan-controlled Kashmir during the early hours on Wednesday.

According to state-run broadcaster All India Radio (AIR), 15 civilians were killed after Pakistani troops initiated artillery firing in frontier districts.

Officials said all the deaths were reported from the worst-hit Poonch district, 185 km southwest of Srinagar city in Indian-controlled Kashmir. Forty people were also wounded and dozens of houses and vehicles were damaged.

Apart from this, 10 people, including five minor children, were wounded in cross-border shelling in the Uri sector of Baramulla district, while three others were wounded in Rajouri district.

Indian army officials said they were effectively responding to the shelling and firing from the Pakistani side.

Wednesday marks the 13th straight day of ceasefire violations on the LoC, according to the Indian side.

The Pakistani army said that 26 people, including women and children, were killed and 46 others injured when India attacked civilian settlements in six areas of Pakistan on Tuesday night and Wednesday morning. In a retaliatory move, Pakistan Air Force shot down five Indian fighter jets, said an army official.

Indian media reported that three unidentified aircraft, two in Indian-controlled Kashmir and one in Punjab, were found crashed. So far, there are no official comments on the crashes.

Reports said over 200 flights were cancelled and 25 airports temporarily shut down across northern and western India on Wednesday due to the prevailing situation.

Meanwhile, mock drill exercises were conducted in several parts of India to evaluate civil defence preparedness. This was the first nationwide exercise at such a scale in the past several decades, according to media reports.

MIL OSI China News –

May 8, 2025
MIL-OSI USA: FISSEA Spring Forum: May 13, 2025

Source: US Government research organizations

Credit: NIST

The FISSEA Forums are quarterly meetings to provide opportunities for policy and programmatic updates, the exchange of best practices, and discussion and engagement among members of the Federal Information Security Educators (FISSEA) community.

Annual Theme:
Collaborative Cybersecurity: Building a Community of Awareness and Action

Agenda:

1:00pm – 1:05pm

Welcoming Remarks

Rodney Petersen, Director of Education and Workforce, Applied Cybersecurity Division, National Institute of Standards and Technology

Latha Reddy, FISSEA Co-chair

1:05pm – 1:40pm

Featured Presentation: Unlocking Free Cybersecurity Awareness & Training Resources: Lets Share!

Susan Hansche, Training Manager, Cybersecurity and Infrastructure Security Agency, U.S. Department of Homeland Security

This will be an interactive session to share your suggestions for available free (or low-cost) training resources. I’ll get us started with a few of my favorite resources, but then it will be time for you to join an interactive session to share your ideas and resources. Come ready to contribute, learn, and leave with new ideas, actionable takeaways, and valuable insights. Whether you’re a FISSEA seasoned expert or a welcome newcomer, your ideas and experiences will help shape the conversation!

1:40pm – 2:15pm

Workforce Assessment and Improvement Using the Updated NICE Framework Components

Michael Prebil, NICE Cybersecurity Workforce Analyst, National Institute of Standards and Technology

In March, the NICE Program Office published new updates to the NICE Framework Components including new Work Roles, Competency Areas, and Task, Knowledge, and Skill statements. This session will include an overview of the updates as well as information on resources including mappings, additional data formats, and quick-start guides that can help organizations leverage the NICE Framework for their cybersecurity workforce assessment and training needs

2:15pm – 2:50pm

Featured Presentation: When Agentic AI & the Cybersecurity Workforce Collide

Allen Westley, Director, Cybersecurity Space and Airborne Systems SAS

This presentation will demonstrate how AI integration can revolutionize cybersecurity training, moving beyond mere information transfer to foster active engagement, skill development, and enhanced preparedness for tackling advanced cyber threats. The use of AI not only makes learning more effective but also more accessible and engaging, thereby setting a new standard in cybersecurity education and professional development.

2:50pm – 3:00pm

3:00pm-3:30pm

We Don’t Phish; How We Refined What Security Awareness Means

Erin Gallagher, Security Training & Awareness Lead, Fastly

If you asked a room of security awareness managers how many had phishing programs at their organization, I would say almost 99% would raise their hand. We are that 1%, we don’t phish. So how do I spend my time and what does a program look like without phishing simulations? We shifted our mindset to focus on building a bridge with the organization that opens the door to tailored and role-based training. I will share how we have increased engagement, created more effective training, and simplified what we do. I will also share how we saved our organization over $150,000 annually and other metrics to measure the success of our program, all without a click rate. I would love to share my experience and our unique program with you.

3:30pm – 4:00pm

Featured Presentation:
A Privacy Talk: The Good, the Bad, and the Ugly

Dr. Natalie Foster Johnson (Dr. Resiliency), Founder and Researcher, CyberMINDS Research Institute
Dr. Alexis Perdereaux-Weekes (Dr Privacy), Co-Founder and Sr. Managing Partner, CyberMINDS Research Institute

Privacy should be more than just a compliance checklist, though often it is not—it should be a pillar of security and trust in all sectors. This conversation challenges today’s status quo, moving beyond regulatory obligations to explore privacy as a strategic advantage. The conversation starts by defining privacy in terms of legal requirements and a fundamental human right with real-world implications. Examples are given from real-life situations that convey the importance of data protection.

4:00pm – 4:25pm

Contest and Innovator of the Year Awards

Craig Holcomb, FISSEA Contest and Innovator of the Year Lead

4:25pm – 4:30pm

Closing Remarks

Rodney Petersen, Director of Education and Workforce, Applied Cybersecurity Division, National Institute of Standards and Technology
Frauke Steinmeier, FISSEA Co-chair

MIL OSI USA News –

May 8, 2025
MIL-OSI Russia: Direct international air route between Hainan and London officially launched

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

HAIKOU, May 8 (Xinhua) — A new direct air route connecting Haikou, capital of south China’s Hainan Province, and London in the United Kingdom was launched on Wednesday.

The round trip routes will be operated by Hainan Airlines using a wide-body Boeing 787 aircraft once a week on Wednesdays.

Flight HU7911 will depart Haikou Meilan International Airport at 13:45 Beijing Time and arrive at London Heathrow Airport at 19:30 local time on the same day. The return flight HU7912 will depart London at 22:00 local time and arrive in Haikou at 16:55 Beijing Time on Thursday.

Meanwhile, the Meilan Airport Authority also said it plans to increase the frequency of flights between Haikou and Kuala Lumpur, as well as between Haikou and Hong Kong SAR, to make the international and regional air network denser.

These efforts are aimed at accelerating the development of Meilan Airport into a regional aviation hub for the Pacific and Indian Ocean regions, and promoting the establishment of an international tourism and consumption center on the island. -0-

MIL OSI Russia News –

May 8, 2025

Category: Machine Learning

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