Category: Pandemic

MIL-OSI: CarGurus Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Marketplace revenue grew 13% YoY

Q1’25 Net Income of $39.0 million; Non-GAAP Adjusted EBITDA of $66.3 million, up 32% YoY

Repurchased $184.2 million worth of shares in Q1’25, representing 6% of our outstanding capital

BOSTON, May 08, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles*, today announced financial results for the first quarter ended March 31, 2025.

“Our strong momentum in our Marketplace business continued into 2025, which grew 13% year-over-year,” said Jason Trevisan, Chief Executive Officer at CarGurus. “Across the company, we advanced our 2025 core drivers of value creation: expanding data-driven solutions that help dealers drive more profitable businesses, meeting the evolving needs of car shoppers with a more intelligent and seamless experience, and enabling customers to do more of the transaction online. As a result, this focused execution has translated into deeper consumer and dealer engagement and has expanded our market share.”

First Quarter Financial Highlights

	Three Months Ended
	March 31, 2025
	Results (in millions)			Variance from Prior Year
Revenue
Marketplace Revenue	$	212.2			13	%
Wholesale Revenue		7.7			(52	)%
Product Revenue		5.2			(58	)%
Total Revenue	$	225.2			4	%

Gross Profit	$	199.7			14	%
% Margin		89	%	762 bps

Operating Expenses	$	154.0			4	%

GAAP Net Income	$	39.0			83	%
% Margin		17	%	747 bps

Non-GAAP Adjusted EBITDA ⁽¹⁾	$	66.3			32	%
% Margin ⁽¹⁾		29	%	609 bps

Cash and Cash Equivalents at period end ⁽²⁾	$	172.9			(43	)%

^{(1) For more information regarding our use of non-GAAP Adjusted EBITDA and other non-GAAP financial measures, please see the reconciliations of GAAP financial measures to non-GAAP financial measures and the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.}
^{(2) Variance represents the change from December 31, 2024.}

	Three Months Ended
	March 31, 2025
	Results			Variance from Prior Year
Key Performance Indicators ⁽¹⁾
U.S. Paying Dealers ⁽²⁾		25,153			3	%
International Paying Dealers ⁽²⁾		7,219			7	%
Total Paying Dealers ⁽²⁾		32,372			4	%

U.S. QARSD ⁽²⁾	$	7,369			10	%
International QARSD ⁽²⁾	$	2,073			10	%
Consolidated QARSD ⁽²⁾	$	6,173			9	%

Transactions		5,209			(49	)%

U.S. Average Monthly Unique Users (in millions) ⁽³⁾		35.0		N/A⁽⁴⁾
U.S. Average Monthly Sessions (in millions) ⁽³⁾		85.7		N/A⁽⁴⁾

International Average Monthly Unique Users (in millions) ⁽³⁾		10.6		N/A⁽⁴⁾
International Average Monthly Sessions (in millions) ⁽³⁾		22.2		N/A⁽⁴⁾

Segment Reporting *(in millions)*
U.S. Marketplace Segment Revenue	$	195.2			13	%
U.S. Marketplace Segment Operating Income	$	49.8			45	%
Digital Wholesale Segment Revenue	$	12.9			(55	)%
Digital Wholesale Segment Operating Loss	$	(5.8	)		44	%

^{(1) For more information regarding our use of Key Performance Indicators, please see the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.}
^{(2) Metrics presented as of March 31, 2025.}
^{(3) CarOffer website is excluded from the metrics presented for users and sessions.}
^{(4) As a result of the change from Google Universal Analytics (“Google Analytics”) to Google Analytics 4 (“GA4”) on July 1, 2024, we are unable to provide comparable monthly unique users or monthly sessions information for this period. For more information regarding the change in methodology for monthly unique users or monthly sessions, please see the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.}

Second Quarter 2025 Guidance

The table below provides CarGurus’ guidance, which is based on recent market trends, industry conditions, and management’s expectations and assumptions as of today.

Second Quarter 2025 Guidance Metrics	Values
Total Revenue	$222.0 million to $242.0 million
Marketplace Revenue	$219.5 million to $224.5 million
Non-GAAP Adjusted EBITDA	$71.5 million to $79.5 million
Non-GAAP Earnings per Share	$0.52 to $0.58

The second quarter 2025 non-GAAP earnings per share calculation assumes 100.0 million diluted weighted-average common shares outstanding.

The assumptions that are built into guidance for the second quarter 2025 regarding our pace of paid dealer acquisition, churn, and expansion activity for the relevant period are based on recent market trends and industry conditions. Guidance for the second quarter 2025 excludes macro-level industry issues that result in dealers and consumers materially changing their recent market trends or that cause us to enact measures to assist dealers. Guidance also excludes any potential impact of future foreign currency exchange gains or losses. CarGurus may incur charges, realize gains or losses, or experience other events or circumstances in 2025 that could cause any of these assumptions to change and/or actual results to vary from this guidance.

CarGurus has not reconciled its guidance of non-GAAP adjusted EBITDA to GAAP net income or non-GAAP earnings per share to GAAP earnings per share because reconciling items between such GAAP and non-GAAP financial measures, which include, as applicable, stock-based compensation, amortization of intangible assets, depreciation expenses, non-intangible amortization, transaction-related expenses, other income, net, the provision for income taxes, and income tax effects, cannot be reasonably predicted due to, as applicable, the timing, amount, valuation, and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, and therefore cannot be determined without unreasonable effort.

Conference Call and Webcast Information

CarGurus will host a conference call and live webcast to discuss its first quarter 2025 financial results and business outlook at 5:00 p.m. Eastern Time today, May 8, 2025. To access the conference call, dial (877) 451-6152 for callers in the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of CarGurus’ website at https://investors.cargurus.com.

An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time today, May 8, 2025, until 11:59 p.m. Eastern Time on May 22, 2025, by dialing (844) 512-2921 for callers in the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13752230. In addition, an archived webcast will be available on the Investors section of CarGurus’ website at https://investors.cargurus.com.

About CarGurus

CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The Company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.*

In addition to the U.S. marketplace, the Company operates online marketplaces under the CarGurus brand in Canada and the U.K., as well as independent online marketplace brands Autolist in the U.S. and PistonHeads in the U.K.

To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

*Source: Similarweb, Traffic Report (Cars.com, Autotrader, TrueCar, CARFAX Listings
(defined as CARFAX Total visits minus Vehicle History Reports traffic)), Q1 2025, U.S.

CarGurus® and Autolist® are each a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. PistonHeads® is a registered trademark of CarGurus Ireland Limited in the U.K. and the European Union. All other product names, trademarks, and registered trademarks are property of their respective owners.

Cautionary Language Concerning Forward-Looking Statements

This press release includes forward-looking statements. Other than statements of historical facts, all statements contained in this press release, including statements regarding our future financial and operating results; our second quarter 2025 financial and business performance, including guidance; our business and growth strategy and our plans to execute on our growth strategy; our ability to grow our business profitably and efficiently; our capital allocation and investment strategy; the attractiveness and value proposition of our current offerings and other product opportunities; our ability to maintain existing and acquire new customers; addressable opportunities; our expectation that we will continue to invest in growth initiatives; our ability to quickly make transformations necessary for our business to achieve long-term goals; and our ability to overcome challenges facing the automotive industry ecosystem, including inventory supply problems, global supply chain challenges, including disruptions to pre-existing supply chains and vendor relations, changes to trade policies or tariff regulations, financial market volatility and disruption, increased interest rates, inflationary concerns, and other macroeconomic issues, including uncertain or volatile economic conditions in the U.S. and abroad, are forward-looking statements. The words “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “guide,” “guidance,” “intend,” “may,” “might,” “plan,” “potential,” “predicts,” “projects,” “seeks,” “should,” “strive,” “target,” “will,” “would,” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. You should not rely upon forward-looking statements as predictions of future events.

These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including risks related to our growth and our ability to grow our revenue; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith; impairment of the carrying value of our goodwill, intangible assets, right-of-use assets, or other assets; increased inflation and interest rates, global supply chain challenges, changes in international trade policies, including tariffs, volatile economic conditions, and other macroeconomic issues; changes in our key personnel; natural disasters, epidemics, or pandemics; and our ability to operate in compliance with applicable laws as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the U.S. Securities and Exchange Commission. Moreover, we operate in very competitive and rapidly changing environments. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, we cannot guarantee that future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Investor Contact:
Kirndeep Singh
Vice President, Head of Investor Relations
investors@cargurus.com

Media Contact:
Maggie Meluzio
Director, Public Relations and External Communications
pr@cargurus.com

Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)

	As of March 31, 2025			As of December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	172,862		$	304,193
Accounts receivable, net of allowance for doubtful accounts of $808 and $788, respectively		40,703			44,248
Inventory		810			338
Prepaid expenses, prepaid income taxes, and other current assets		21,107			27,868
Deferred contract costs		13,640			12,523
Restricted cash		2,848			2,036
Total current assets		251,970			391,206
Property and equipment, net		132,383			130,010
Intangible assets, net		11,318			11,767
Goodwill		46,714			46,167
Operating lease right-of-use assets		119,589			121,484
Deferred tax assets		110,050			106,672
Deferred contract costs, net of current portion		13,088			13,196
Other non-current assets		4,003			4,034
Total assets	$	689,115		$	824,536
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	29,891		$	26,410
Accrued expenses, accrued income taxes, and other current liabilities		32,240			35,975
Deferred revenue		22,407			21,661
Operating lease liabilities		9,969			9,005
Total current liabilities		94,507			93,051
Operating lease liabilities		185,463			183,739
Deferred tax liabilities		15			26
Other non–current liabilities		7,080			6,031
Total liabilities		287,065			282,847
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding		—			—
Class A common stock, $0.001 par value per share; 500,000,000 shares authorized; 84,334,642 and 89,002,571 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		84			89
Class B common stock, $0.001 par value per share; 100,000,000 shares authorized; 14,216,250 and 14,986,745 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		14			15
Additional paid-in capital		6,775			169,013
Retained earnings		396,486			375,119
Accumulated other comprehensive loss		(1,309	)		(2,547	)
Total stockholders’ equity		402,050			541,689
Total liabilities and stockholders’ equity	$	689,115		$	824,536

Unaudited Condensed Consolidated Income Statements
(in thousands, except share and per share data)

	Three Months Ended
	March 31,
	2025			2024
Revenue
Marketplace	$	212,235		$	187,219
Wholesale		7,747			16,125
Product		5,176			12,452
Total revenue		225,158			215,796
Cost of revenue ⁽¹⁾
Marketplace		14,248			14,385
Wholesale		6,170			14,224
Product		5,033			12,226
Total cost of revenue		25,451			40,835
Gross profit		199,707			174,961
Operating expenses
Sales and marketing		86,716			82,274
Product, technology, and development		36,250			35,545
General and administrative		26,780			28,066
Depreciation and amortization		4,206			2,792
Total operating expenses		153,952			148,677
Income from operations		45,755			26,284
Other income, net
Interest income		3,098			3,906
Other expense, net		(302	)		(505	)
Total other income, net		2,796			3,401
Income before income taxes		48,551			29,685
Provision for income taxes		9,506			8,384
Net income		39,045			21,301
Net income per share attributable to common stockholders:
Basic	$	0.38		$	0.20
Diluted	$	0.37		$	0.20
Weighted-average number of shares of common stock used in computing net income per share attributable to common stockholders:
Basic		103,094,690			107,174,812
Diluted		105,068,046			108,632,159

^{(1) Includes depreciation and amortization expense for the three months ended March 31, 2025 and 2024 of $2,348 and $4,689, respectively.}

Unaudited Segment Revenue
(in thousands)

	Three Months Ended
	March 31,
	2025		2024
Segment Revenue:
U.S. Marketplace	$	195,228	$	172,988
Digital Wholesale		12,923		28,577
Other		17,007		14,231
Total	$	225,158	$	215,796

Unaudited Segment Income (Loss) from Operations
(in thousands)

	Three Months Ended
	March 31,
	2025			2024
Segment Income (Loss) from Operations:
U.S. Marketplace	$	49,781		$	34,217
Digital Wholesale		(5,779	)		(10,340	)
Other		1,753			2,407
Total	$	45,755		$	26,284

Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)

	Three Months Ended
	March 31,
	2025			2024
Operating Activities
Net income	$	39,045		$	21,301
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,554			7,481
Currency (gain) loss on foreign denominated transactions		(165	)		384
Deferred taxes		(3,389	)		(9,052	)
Provision for doubtful accounts		424			290
Stock-based compensation expense		12,900			15,822
Amortization of deferred financing costs		129			129
Amortization of deferred contract costs		3,810			3,258
Changes in operating assets and liabilities:
Accounts receivable		3,070			(4,182	)
Inventory		(353	)		(319	)
Prepaid expenses, prepaid income taxes, and other assets		6,801			5,974
Deferred contract costs		(4,744	)		(3,326	)
Accounts payable		4,075			707
Accrued expenses, accrued income taxes, and other liabilities		(5,592	)		681
Deferred revenue		731			120
Lease obligations		4,583			12,696
Net cash provided by operating activities		67,879			51,964
Investing Activities
Purchases of property and equipment		(2,240	)		(28,665	)
Capitalization of website development costs		(5,391	)		(5,465	)
Purchases of short-term investments		—			(494	)
Sale of short-term investments		—			21,218
Advance payments to customers, net of collections		—			259
Net cash used in investing activities		(7,631	)		(13,147	)
Financing Activities
Proceeds from issuance of common stock upon exercise of stock options		394			11
Payment of withholding taxes on net share settlements of restricted stock units		(8,985	)		(5,115	)
Repurchases of common stock		(182,828	)		(77,442	)
Payment of finance lease obligations		(20	)		(18	)
Change in gross advance payments received from third-party transaction processor		(38	)		(474	)
Net cash used in financing activities		(191,477	)		(83,038	)
Impact of foreign currency on cash, cash equivalents, and restricted cash		710			(577	)
Net decrease in cash, cash equivalents, and restricted cash		(130,519	)		(44,798	)
Cash, cash equivalents, and restricted cash at beginning of period		306,229			293,926
Cash, cash equivalents, and restricted cash at end of period	$	175,710		$	249,128

Unaudited Reconciliation of GAAP Net Income to Non-GAAP Net Income and Non-GAAP Net Income Attributable to Common Stockholders and GAAP Net Income Per Share Attributable to Common Stockholders to Non-GAAP Net Income Per Share Attributable to Common Stockholders:
(in thousands, except per share data)

	Three Months Ended
	March 31,
	2025			2024⁽¹⁾
GAAP net income	$	39,045		$	21,301
Stock-based compensation expense		12,900			15,822
Amortization of intangible assets		505			1,882
Transaction-related expenses		1,087			811
Income tax effects and adjustments		(5,174	)		(3,422	)
Non-GAAP net income	$	48,363		$	36,394
GAAP net income per share attributable to common stockholders:
Basic	$	0.38		$	0.20
Diluted	$	0.37		$	0.20
Non-GAAP net income per share attributable to common stockholders:
Basic	$	0.47		$	0.34
Diluted	$	0.46		$	0.34
Shares used in GAAP and Non-GAAP per share calculations
Basic		103,095			107,175
Diluted		105,068			108,632

^{(1) During the three months ended March 31, 2025, we identified an immaterial error to our non-GAAP net income calculation related to the income tax effects and adjustments and have updated the table to correct the calculation for the three months ended March 31, 2024. This resulted in an increase in the non-GAAP net income per share attributable to common stockholders from $0.32 per share to $0.34 per share.}

Unaudited Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA and GAAP Net Income Margin to Non-GAAP Adjusted EBITDA Margin
(in thousands)

	Three Months Ended
	March 31,
	2025			2024
GAAP net income	$	39,045		$	21,301
Depreciation and amortization		6,554			7,481
Stock-based compensation expense		12,900			15,822
Transaction-related expenses		1,087			811
Other income, net		(2,796	)		(3,401	)
Provision for income taxes		9,506			8,384
Non-GAAP adjusted EBITDA	$	66,296		$	50,398

GAAP net income margin		17	%		10	%
Non-GAAP adjusted EBITDA margin		29	%		23	%

Unaudited Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit and GAAP Gross Profit Margin to Non-GAAP Gross Profit Margin
(in thousands, except percentages)

	Three Months Ended
	March 31,
	2025			2024
Revenue	$	225,158		$	215,796
Cost of revenue		25,451			40,835
GAAP gross profit		199,707			174,961
Stock-based compensation expense included in Cost of revenue		60			231
Amortization of intangible assets included in Cost of revenue		—			875
Transaction-related expenses included in Cost of revenue		269			92
Non-GAAP gross profit	$	200,036		$	176,159

GAAP gross profit margin		89	%		81	%
Non-GAAP gross profit margin		89	%		82	%

Unaudited Reconciliation of GAAP Expense to Non-GAAP Expense
(in thousands)

	Three Months Ended March 31, 2025
	GAAP expense		Stock-based compensation expense			Amortization of intangible assets			Transaction-related expenses			Non-GAAP expense
Cost of revenue	$	25,451	$	(60	)	$	—		$	(269	)	$	25,122
Sales and marketing		86,716		(2,833	)		—			(491	)		83,392
Product, technology, and development		36,250		(5,565	)		—			(151	)		30,534
General and administrative		26,780		(4,442	)		—			(176	)		22,162
Depreciation & amortization		4,206		—			(505	)		—			3,701
Operating expenses⁽¹⁾	$	153,952	$	(12,840	)	$	(505	)	$	(818	)	$	139,789
Total cost of revenue and operating expenses	$	179,403	$	(12,900	)	$	(505	)	$	(1,087	)	$	164,911

	Three Months Ended March 31, 2024
	GAAP expense		Stock-based compensation expense			Amortization of intangible assets			Transaction-related expenses			Non-GAAP expense
Cost of revenue	$	40,835	$	(231	)	$	(875	)	$	(92	)	$	39,637
Sales and marketing		82,274		(2,874	)		—			(394	)		79,006
Product, technology, and development		35,545		(5,977	)		—			(1	)		29,567
General and administrative		28,066		(6,740	)		—			(324	)		21,002
Depreciation & amortization		2,792		—			(1,007	)		—			1,785
Operating expenses⁽¹⁾	$	148,677	$	(15,591	)	$	(1,007	)	$	(719	)	$	131,360
Total cost of revenue and operating expenses	$	189,512	$	(15,822	)	$	(1,882	)	$	(811	)	$	170,997

^{(1) Operating expenses include sales and marketing, product, technology, and development, general and administrative, and depreciation & amortization.}

Unaudited Reconciliation of GAAP Net Cash and Cash Equivalents Provided by Operating Activities to Non-GAAP Free Cash Flow
(in thousands)

	Three Months Ended
	March 31,
	2025			2024
GAAP net cash and cash equivalents provided by operating activities	$	67,879		$	51,964
Purchases of property and equipment		(2,240	)		(28,665	)
Capitalization of website development costs		(5,391	)		(5,465	)
Non-GAAP free cash flow	$	60,248		$	17,834

Non-GAAP Financial Measures and Other Business Metrics

To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”), we provide investors with certain non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

The presentation of non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included above, and not to rely on any single financial measure to evaluate our business.

While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to, as applicable, the timing, amount, valuation, and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, we have provided a reconciliation of non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

We monitor operating measures of certain non-GAAP items including non-GAAP gross profit, non-GAAP gross margin, non-GAAP expense, non-GAAP net income, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders. These non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of intangible assets, and transaction related-expenses. Non-GAAP net income, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders also exclude certain income tax effects and adjustments. Our calculations of non-GAAP net income per share attributable to common stockholders utilize applicable GAAP share counts as included in the accompanying financial statement tables included in this press release. In addition, we evaluate our non-GAAP gross profit in relation to our revenue. We refer to this as non-GAAP gross profit margin and define it as non-GAAP gross profit divided by total revenue. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

We define Adjusted EBITDA as net income, adjusted to exclude: depreciation and amortization, stock-based compensation expense, transaction-related expenses, other income, net, and provision for income taxes.

In addition, we evaluate our Non-GAAP Adjusted EBITDA in relation to our revenue. We refer to this as Non-GAAP Adjusted EBITDA margin and define it as Non-GAAP Adjusted EBITDA divided by total revenue.

We have presented Adjusted EBITDA and Adjusted EBITDA margin because they are key measures used by our management and Board of Directors to understand and evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. We believe Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision making.

We define Free Cash Flow as cash flow from operations adjusted to include: purchases of property and equipment and capitalization of website development costs. We have presented Free Cash Flow because it is a measure of our financial performance that represents the cash that we are able to generate after expenditures required to maintain or expand our asset base.

We define a paying dealer as a dealer account with an active, paid marketplace subscription at the end of a defined period. The number of paying dealers we have is important to us and we believe it provides valuable information to investors because it is indicative of the value proposition of our marketplace products, as well as our sales and marketing success and opportunity, including our ability to retain paying dealers and develop new dealer relationships.

We define Quarterly Average Revenue per Subscribing Dealer (“QARSD”), which is measured at the end of a fiscal quarter, as the marketplace revenue primarily from subscriptions to our Listings packages and Real-time Performance Marketing, our digital advertising suite, and other digital add-on products during that trailing quarter divided by the average number of paying dealers in that marketplace during the quarter. We calculate the average number of paying dealers for a period by adding the number of paying dealers at the end of such period and the end of the prior period and dividing by two. This information is important to us, and we believe it provides useful information to investors, because we believe that our ability to grow QARSD is an indicator of the value proposition of our products and the return on investment that our paying dealers realize from our products. In addition, increases in QARSD, which we believe reflect the value of exposure to our engaged audience in relation to subscription cost, are driven in part by our ability to grow the volume of connections to our users and the quality of those connections, which result in increased opportunity to upsell package levels and cross-sell additional products to our paying dealers.

We define Transactions within the Digital Wholesale segment as the number of vehicles processed from car dealers, consumers, and other marketplaces through the CarOffer website within the defined period. Transactions consists of each unique vehicle (based on vehicle identification number) that reaches “sold and invoiced” status on the CarOffer website within the defined period, including vehicles sold to car dealers, vehicles sold at third-party auctions, vehicles ultimately sold to a different buyer, and vehicles that are returned to their owners without completion of a sale transaction. We exclude vehicles processed within CarOffer’s intra-group trading solution (Group Trade) from the definition of Transactions, and we only count any unique vehicle once even if it reaches sold status multiple times. The Digital Wholesale segment includes the purchase and sale of vehicles between dealers, or Dealer-to-Dealer transactions, and Sell My Car – Instant Max Cash Offer transactions. We view Transactions as a key business metric, and we believe it provides useful information to investors, because it provides insight into growth and revenue for the Digital Wholesale segment. Transactions drive a significant portion of Digital Wholesale segment revenue. We believe growth in Transactions demonstrates consumer and dealer utilization and our market share penetration in the Digital Wholesale segment.

Historically, we have used data from Google Analytics to measure two of our key business metrics: monthly unique users and monthly sessions. Effective July 1, 2024, GA4 replaced Google Analytics. The methodologies used in GA4 are different and not comparable to the methodologies used in Google Analytics. As discussed below, we also make certain adjustments to the GA4 data in order to improve the accuracy of the reported monthly unique users and monthly sessions. Due to the change in methodology, we are unable to provide comparable monthly unique user and monthly session information for prior periods, including any periods prior to June 30, 2024.

For each of our websites (excluding the CarOffer website), we define a monthly unique user as an individual who has visited any such website and taken a Visitor Action (as defined below) within a calendar month, based on data as measured by GA4. We calculate average monthly unique users as the sum of the monthly unique users of each of our websites in a defined period, divided by the number of months in that period. Effective July 1, 2024, we count a unique user the first time a computer or mobile device with a unique device identifier accesses any of our websites or application during a calendar month and takes an action on such website or in such application, such as performing a search, visiting vehicle detail pages, and connecting with a dealer (“Visitor Action”). If an individual accesses a website or application using a different device within a given month, the first Visitor Action taken by each such device is counted as a separate unique user. If an individual uses multiple browsers on a single device and/or clears their cookies and returns to our website or application and takes a Visitor Action within a calendar month, each such Visitor Action is counted as a separate unique user. We eliminate any duplicate unique users that may arise when users visit a webview within our native application. We view our average monthly unique users as a key indicator of the quality of our user experience, the effectiveness of our advertising and traffic acquisition, and the strength of our brand awareness. Measuring unique users is important to us and we believe it provides useful information to our investors because our marketplace revenue depends, in part, on our ability to provide dealers with connections to our users and exposure to our marketplace audience. We define connections as interactions between consumers and dealers on our marketplace through phone calls, email, managed text and chat, and clicks to access the dealer’s website or map directions to the dealership.

We define monthly sessions as the number of distinct visits to our websites (excluding the CarOffer website) that include a Visitor Action that take place each month within a given time frame, as measured and defined by GA4. We calculate average monthly sessions as the sum of the monthly sessions in a defined period, divided by the number of months in that period. Effective July 1, 2024, a session is defined as beginning with the first Visitor Action from a computer or mobile device and ending at the earliest of when a user closes their browser window or after 30 minutes of inactivity. We eliminate any duplicate monthly sessions that may arise when users visit a webview within our native application. We believe that measuring the volume of sessions in a time period, when considered in conjunction with the number of unique users in that time period, is an important indicator to us of consumer satisfaction and engagement with our marketplace, and we believe it provides useful information to our investors because the more satisfied and engaged consumers we have, the more valuable our service is to dealers.

The MIL Network –

May 9, 2025

MIL-Evening Report: Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years

Source: The Conversation (Au and NZ) – By Marian Makkar, Senior Lecturer in Marketing, RMIT University

Konstantin Shishkin/Shutterstock

Workplace burnout – a state of emotional, physical, and mental exhaustion – and the COVID pandemic have sparked a rethink of the traditional 9-to-5 job.

It’s been estimated 30% of the Australian workforce is experiencing some degree of burnout, raising serious concerns about the possible impacts on mental health.

Is it possible – and if so, wise – to take addressing burnout into your own hands? Some responses to the problem, such as “micro-retirement”, have enjoyed recent popularity on social media.

But a small number of people take an even more radical approach – dumping the 9-to-5 path entirely for careers that prioritise meaning, enjoyment and personal growth. We sought to find out how this move played out for one group in particular – snowsports instructors.

Our research – published in the International Journal of Research in Marketing – covers a 10.5-year study of snowsports instructors who left their 9-to-5 jobs for a meaningful career on the slopes of Canada, Japan, the United States and New Zealand.

We looked at instructors’ journeys into the lifestyle, how they managed their new careers, and what led some to eventually return to the 9-to-5.

Chasing winter

We interviewed 13 snowsports instructors aged 25 to 40 (seven men, six women), collected image and video artefacts, followed social media accounts and surveyed snow school reports. Our lead researcher also participated in the lifestyle herself.

All our participants had at least a bachelor degree and previous steady careers in fields such as education or information technology.

During our decade-long field work, we found instructors earned just enough money to maintain this lifestyle, often travelling with their possessions in one or two bags.

Whistler Mountain, Canada: instructors get to live and work in places of great natural beauty.
Kevin503/Shutterstock

Beyond the adrenaline and beauty of a life in the snow, we found people were first motivated to enter this career to escape the corporate world and ties of modern life. One participant, Lars, said:

If you just get a job, you get maybe 20 days off a year for the next 40 years, and once you stop, once you’ve got a job and a house and a mortgage and a kid […] you’re trapped.

A sense of accomplishment

At the centre of our research was the idea of building a career around the ancient Greek concept of “eudaimonia”. This term is sometimes translated to “happiness” in English, but its broader connotations mean it’s closer to “flourishing” and involves a sense of purpose and living a life of virtue.

That’s in contrast to the related concept of “hedonism” – which centres on the pursuit of pleasure for its own sake. Eudaimonia is meant to make us reflect on life’s purpose, potential and meaning.

As our participants mastered the sport and career, they moved from mere enjoyment or hedonism of being in the snow to finding meaning and purpose in their jobs.

They felt a sense of accomplishment and appreciation of snowsports as a sport and job requiring dedication, care and commitment.

Challenges along the way

However, with every career there are demands that shape how people manage work and purposeful pursuits. Instructors must bear financial costs such as buying their own equipment, paying for certifications and accommodation.

Eventually the lifestyle was not sustainable for some due to precarious working conditions and minimal wages. Relying on the weather to produce snow, unfair compensation and fixed-term contracts wore many down.

An unhappy participant confessed:

You think about money all day everyday […] working out the costs, staffing and lesson prices! Yet they (ski resort managers) tell me as an instructor that I shouldn’t think about my monetary work. Well, if it wasn’t about the money, you wouldn’t charge as much for lessons.

In the period we studied, six returned to a regular 9-to-5 job.

An alternative to meaningless jobs?

The late American anthropologist David Graeber coined the phrase “bullshit jobs” to describe jobs that comprise meaningless tasks that add no real value aside from providing a salary.

The 9-to-5 can be a grind.
Shutterstock

Our study offers a window into the lives of those who sought an alternative, trying to build something they love into the daily work they do to earn a living.

For many, despite challenges the ability to ride slopes daily remained more appealing than a desk job. One told us:

At university my first management lecturer said, ‘you could go on to be a CEO, earn $300,000 a year and have a month off every year to go skiing’, and I said, ‘or I could go skiing every day and still afford to eat and pay my rent’. It’s all I really need.

But things didn’t work out for all of them. The experience of those who left suggests choosing meaningful work can be difficult and can force people out if the surrounding organisational system is not supportive.

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

– ref. Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years – https://theconversation.com/ever-wanted-to-ditch-the-9-to-5-and-teach-snowsports-we-followed-people-who-did-it-for-10-years-255012

MIL OSI Analysis – EveningReport.nz –

May 9, 2025
MIL-OSI: Franklin Electric Announces Appointment of Jennifer L. Sherman as Chairperson; Mark Carano Elected to be a Director of the Company

Source: GlobeNewswire (MIL-OSI)

FORT WAYNE, Ind., May 08, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Franklin Electric Co., Inc. (NASDAQ: FELE) has elected Jennifer L. Sherman, President and Chief Executive Officer of Federal Signal Corporation, as Chairperson effective as of May 2, 2025 for a term expiring at the 2026 Annual Meeting of Shareholders. Ms. Sherman has been a Director of the Company since 2015. Joe Ruzynski, the Company’s Chief Executive Officer, commented: “I want to congratulate Jennifer on her election as Chairperson of Franklin Electric. She knows the Company well, having served on our Board of Directors for 10 years, and I am looking forward to working closely with her to further develop and refine Franklin’s strategy.”

In addition, the Company is pleased to announce that Mark A. Carano, Vice President, Chief Financial Officer and Treasurer of SPX Technologies, Inc. has been appointed as a director of the Company effective May 7, 2025 for a term expiring at the 2027 Annual Meeting of Shareholders. Mr. Carano has served in that role since 2023. Prior thereto, Mr. Carano served as Senior Vice President, Chief Financial Officer and Treasurer of Insteel Industries, Inc., and Chief Financial Officer of Big River Steel LLC, following 14 years in investment banking.

Mr. Carano earned a Bachelor of Arts degree from Vanderbilt University and an MBA from Northwestern University’s Kellogg Business School.

Ms. Sherman, Franklin’s Chairperson of the Board, commented: “I have confidence that Mark’s extensive financial and manufacturing sector experience will provide a unique perspective to our deliberations. His investment banking and corporate deal-making experience will be invaluable as Franklin Electric continues to look for opportunities to grow through accretive acquisitions. I join my fellow directors in welcoming Mark to the Board and we look forward to benefitting from his leadership and expertise.”

About Franklin Electric
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers worldwide in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be recognized in Newsweek’s lists of America’s Most Responsible Companies 2024, Most Trustworthy Companies 2024, and Greenest Companies 2025; Best Places to Work in Indiana 2024; and America’s Climate Leaders 2024 by USA Today.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

Contact:
Russ Fleeger
Franklin Electric Co., Inc.
260.824.2900

The MIL Network –

May 9, 2025
MIL-OSI: Kajeet Urges House to Support Schools and Libraries Counting on E-Rate Funding for Hotspots

Source: GlobeNewswire (MIL-OSI)

MCLEAN, Va., May 08, 2025 (GLOBE NEWSWIRE) — Following today’s Congressional Review Act (CRA) block of the Federal Communications Commission Wi-Fi hotspots order, which removes E-Rate funding eligibility for these devices, Kajeet®, a leading provider of managed internet solutions for education, expressed confidence the House of Representatives will recognize the profound benefits of hotspots. To continue its mission, Kajeet affirmed its commitment to honoring E-Rate pricing to help schools and libraries secure critical connectivity.

While the CRA reversal presents a setback to efforts aimed at funding off-campus student Wi-Fi hotspots through E-Rate, Kajeet encourages the House to carefully consider the compelling data demonstrating the effectiveness and safety of managed hotspots. It is an undeniable reality that over 70% of students rely on out-of-school internet access for homework, underscoring the critical need for reliable home connectivity. The pandemic starkly illuminated the deep disparities that exist, with countless families depending on public Wi-Fi at locations like libraries, hospitals, and even fast-food restaurants to enable their students to complete assignments.

“Every day, teachers across the nation grapple with the challenges faced by students who lack internet access at home, a significant barrier to learning in today’s digital world,” said Ben Weintraub, CEO of Kajeet. “We are resolute in our commitment and want to help these impacted districts and libraries pivot quickly.”

Kajeet’s solutions prioritize student safety and security with robust content filtering and management tools that comply with educational requirements and the Children’s Internet Protection Act (CIPA). Last year, Kajeet Sentinel blocked billions of student attempts to access TikTok and other non-educational sites. This regulated filtering, with parameters set by school administrators based on grade level, has proven effective.

Thousands of schools and libraries across the country applied for hotspot funding this year. It is estimated that this reversal could potentially impact more than 6 million individuals nationwide. As districts and libraries now face the pressing task of identifying alternative funding sources, Kajeet stands firm in its commitment to providing affordable and secure connectivity solutions.

“We fully recognize the significant impact this E-Rate reversal for hotspots will have on districts’ carefully laid plans to provide essential off-campus connectivity,” added Weintraub. “By honoring E-Rate pricing, we aim to provide immediate stability and empower districts to continue their indispensable programs without disruption, ensuring that no student is left behind.”

To take advantage of this limited E-Rate offer, please visit our website.

About Kajeet:

Kajeet provides optimized IoT connectivity, software and hardware solutions that deliver safe, reliable, and controlled internet connectivity to nearly 3,000 businesses, schools and districts, state, and local governments. Kajeet’s award-winning management platform, Sentinel®, includes visibility into real-time data usage, policy control management, custom content filters for added security, and multi-network flexibility. Since 2003, Kajeet has helped thousands of organizations connect over a million devices around the world. To learn more, visit kajeet.com

Media Contact:

Linda Jennings, Kajeet Corporate Communications

248-521-3606 ljennings@kajeet.com

The MIL Network –

May 9, 2025
MIL-OSI USA: After the Storm, a Rainbow for Cancer Survivors

Source: US State of Connecticut

On May 3, the Carole and Ray Neag Comprehensive Cancer Center, at UConn Health in partnership with our generous sponsors Bristol Myers Squibb, Hartford Foundation for Public Giving, and the Connecticut Health Foundation, hosted a deeply moving and joyful celebration of strength, survival, and community: our long-awaited Cancer Survivors Day event, held at a private gathering during a Hartford Yard Goats game. After several years on hold due to the COVID-19 pandemic, this beloved tradition returned, bigger, brighter, and more meaningful than ever.

And just as if nature knew how special the evening was, a breathtaking double rainbow stretched across the sky, delighting attendees and symbolizing the hope and resilience that defines the cancer journey.

“There’s a saying that after every storm, comes a rainbow. During the event, our patients and families were gifted with a double rainbow! Our patients are truly an inspiration, and it’s an honor to be part of their journey,” said Dr. Sarah Loschiavo, Nursing Director, Cancer Survivorship Program in the NEAG Cancer Center.

Why This Celebration Matters

At UConn Health a person is considered a cancer survivor from the moment of diagnosis. Every step of their journey, through treatment, healing, and beyond is marked by courage, hardship, and hope. This year’s event reminded survivors that they do not walk that path alone. It was a powerful opportunity for reflection, connection, and joy among patients, caregivers, loved ones, and the UConn Health team who care so deeply for them.

For many, this was the first time gathering in such a large crowd in years due to both the emotional toll and immune challenges of treatment. “For me, the game was the biggest outdoor event I’ve been to in the past seven months,” one survivor shared. “I was too weak or afraid to go out. I loved seeing Dr. Tannenbaum and Dr. Soto there, it meant so much to me.”

This celebration offered more than just a fun night at the ballpark. It was a declaration of life, a reminder that community is healing, and a moment to say: you matter, and we honor you.

Moments of Inspiration

Throughout the evening, survivors shared moving stories that left a lasting impact:

A patient with gynecologic cancer proudly pointed to her full head of hair. “I used the DigniCap scalp cooling system and followed every guideline. I even worked full-time during treatment—and none of my coworkers knew. That was important to me.” At UConn Health, DigniCap is offered at no cost to all eligible patients, a powerful tool for maintaining dignity during a vulnerable time.

Another attendee, a breast cancer survivor, arrived with a mission: “I need to find Dr. Tannenbaum. I was one of her first patients—21 years ago! If it wasn’t for her, I wouldn’t be here enjoying this event with my granddaughter.” The reunion between doctor and patient was emotional, joyful, and a testament to long-term survivorship.

Patients Cheryl Hill and Angela Sullivan pose with Dr. Susan Tannenbaum and the UConn Husky mascot

One survivor reflected on the personal journey of healing and reclaiming life: “I’m retiring this year and taking back my life! Like the commercial says, ‘Cancer will not define me.’ I feel like I’m regaining control again.”

“I put my life in the hands of strangers at first, not knowing what was going to happen. My life was turned upside down from this disease. But Dr. Tannenbaum, Dr. Soto, Jennifer Stapell RN, Ellen Morris-White APRN, and the amazing nurses in the Infusion Center, Nadine, Kirsten, and so many more, they are my lifesavers. They are the BEST. I owe my life to them,” said Angela Sullivan.

“We are honored to walk beside our patients on the hardest days, and the most joyful ones. This year’s Survivors Day reminded us that healing is not only found in medicine, but in togetherness, laughter, and celebration. It’s about community. It’s about hope,” said Loschiavo.

And sometimes, when the timing is just right, it’s about a double rainbow breaking through the clouds.

MIL OSI USA News –

May 9, 2025
MIL-OSI Africa: Operation Vulindlela phase 2: Focusing on key reforms

Source: South Africa News Agency

The second phase of Operation Vulindlela, will focus on three key reforms: tackling the legacy of spatial inequality, enhancing local government performance, and accelerating digital transformation.

Launching the next phase of this important initiative at the Union Buildings, on Wednesday, 7 May 2025, President Cyril Ramaphosa emphasised that this new phase is aimed at driving rapid and inclusive economic growth for the benefit of all South Africans.

“We need growth that is both rapid and inclusive. We need growth that serves the millions of people in our country who remain unemployed, and the young people who cannot see a way into the labour market.

“And we need growth that improves people’s daily lives by fixing the infrastructure that is broken. That is why, in the next phase of Operation Vulindlela that we are launching today, we will implement reforms in three new areas,” the President said.

He stressed that if these reforms are implemented swiftly and boldly, they will put South Africa firmly on the path of economic recovery and renewal.

He acknowledged that the process of reform is never easy, and it is often contested, especially by those with vested interests.

“Yet we have a simple choice to make. If we do not reform our economy, it will not grow and we will not create jobs. Unemployment will rise and poverty will increase. On the other hand, if we implement these reforms – if we do so swiftly and boldly – we will place our economy on a path of growth and renewal.

“There is a generation of South Africans that does not know what it is to live in a country that is growing. They have never experienced rising incomes, increasing jobs, thriving businesses and expanding opportunities.

“It is our intention to ensure that every South African feels the benefits of rapid, sustained and inclusive economic growth,” he said.

The first focus area: Tackling Spatial Inequality

The second phase will start by addressing the apartheid legacy of spatial inequality, which has forced millions of South Africans to live far from economic opportunity.

The President noted that the country’s urban structure must be reshaped to enable citizens to live closer to where jobs and services are located.

“The poorest South Africans spend as much as 40 percent of their income on transport to get to work, more than almost any other country in the world. Imagine you earn R10 000 and R4000 of it is spent on transport,” he said.

He emphasised that the structure of the country’s cities has to change to enable people to access work.

To address this, government will change housing policies to introduce demand-side subsidies for home ownership and affordable rental options, empowering people to choose where they want to live.

“While the millions of homes that we have built since 1994 have given families shelter and dignity at an unprecedented scale, we cannot continue to build houses on the periphery of our cities and towns.”

Publicly-owned land and buildings, particularly in inner cities, will be released for affordable housing, and the backlog of title deeds for affordable housing will be cleared.

Reforms will also simplify the titling system, making it more accessible and affordable.

The President added that this will turn houses into an asset for poor households. It will enable these households to access credit and use this asset to advance themselves.

Finally, a comprehensive regulatory review will be undertaken to remove barriers to low-cost housing development and encourage investment in urban centres rather than peripheral areas.

“These reforms will help turn our cities and towns into thriving centres of economic activity,” he said.

The second focus area: Strengthening Local Government

The second area of reform during this phase of Operation Vulindlela is improving the performance of local government.

The President highlighted that many of the country’s municipalities are unable to deliver basic services to households and businesses.

“Operation Vulindlela has set out a clear agenda for local government reform, which starts with improving the delivery of water and electricity services through professional utilities.

“Utilities should have the right technical skills, strong regulation and oversight, and full control of their billing and revenue functions to allow them to invest in infrastructure and maintenance,” he said.

Another key step is strengthening local government administration.

“We will work to ensure that capable, qualified people are appointed to senior positions in municipalities, such as municipal managers and CFOs,” he said.

This will be done by extending the mandate of the Public Service Commission to local government and taking action against municipalities that fail to comply with minimum competency standards.

The Minister of Cooperative Governance and Traditional Affairs has initiated the process to update the White Paper on Local Government, which includes a review of the institutional structure of local government.

Finally, the National Treasury will review the local government fiscal framework, including the design of conditional grants, to ensure that the revenue of municipalities matches their responsibilities.

The third focus area: Accelerating Digital Transformation

The third new area of focus is digital transformation.

Last month, Cabinet approved a Digital Transformation Roadmap to drive the adoption of digital technologies in government and to build digital public infrastructure that can be used by all South Africans.

This will include a digital identity system, rapid payments to expand financial inclusion, and enabling people to access services like applying for an ID or passport online.

“We have established significant momentum. We have seen the green shoots of recovery. It is our responsibility to grow a flourishing crop and to ensure that all South Africans reap the benefits of its harvest,” he said.

Successes of the first phase of Operation Vulindlela

Operation Vulindlela was established in October 2020 as a joint initiative of the Presidency and National Treasury to accelerate the implementation of structural reforms.

It was initiated in the aftermath of the COVID-19 pandemic and its devastating economic impact on the country and around the world.

In its first phase, Operation Vulindlela focused on reforms in five key areas namely energy, logistics, telecommunications, water, and the visa system.

“The pandemic arrived just as the country was emerging from more than a decade of stagnant economic growth and rising unemployment and from the era of state capture.

“When I addressed a joint sitting of Parliament in October 2020, I said in the aftermath of a fire, green shoots begin to emerge. The ashes enrich the soil, and new life takes root to replace what was lost. Over the past four years, we have seen the green shoots of economic reform,” the President said.

Through far-reaching reforms in the electricity sector, government has substantially reduced the severity and frequency of load shedding, relieving a constraint on growth which had strangled the economy for years.

These reforms have enabled private investment in energy generation, unlocking billions of Rands in new investment in renewable energy in every part of the country.

The country has also embarked on a major reform of its ports and rail system through the Freight Logistics Roadmap.

Major successes include the opening of the rail network to competition and the invitation of private sector participation in port terminals, while ensuring that the network infrastructure remains state owned.

The completion of the spectrum auction enabled significant investment in telecommunications infrastructure while improving network quality and reducing data costs for every South African.

The water use license system, which once served as a barrier to investment, now works efficiently and has allowed projects in forestry, mining and other sectors to proceed.

As of last year, the country has implemented an entirely new framework for skilled visas to attract investment and encourage businesses to establish themselves in our country and create jobs.

“All of this progress has been made possible thanks to the cooperation and commitment of the relevant government departments, state owned enterprises, public entities and social partners.

“I commend in particular, the Ministers, Deputy Ministers, Directors-General and CEOs that have provided leadership to these efforts. Over the last four years, Operation Vulindlela has become a government-wide initiative. This is meaningful progress and it will enable higher growth in the years to come,” the President said. – SAnews.gov.za

MIL OSI Africa –

May 9, 2025
MIL-OSI Russia: Statement by IMF Deputy Managing Director Kenji Okamura at the Conclusion of His Visit to San Marino

Source: IMF – News in Russian

May 8, 2025

San Marino: Mr. Kenji Okamura, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today in San Marino at the end of his visit:

“I am delighted to be in San Marino. This is my first visit, and I would like to thank Captains Regent Bronzetti and Righi, Finance Minister Gatti, Minister of Foreign Affairs Beccari, Central Bank President Tomasetti, Central Bank Managing Director Vivoli, as well as other ministers and senior officials for their warm hospitality and for the productive discussions.”

“In the last decade, San Marino’s economy has transformed from overreliance on the financial sector serving non-residents and moved towards a diversified growth model, driven by the manufacturing and non-financial services. The economy is in a much stronger position today, thanks to the authorities’ stewardship. Prudent fiscal policies, moderate wage growth, and access to international capital markets have allowed the country to weather the pandemic and the energy crises. Despite the regional slowdown and high global interest rates, San Marino’s economy continues to be resilient, with employment levels at record highs.”

“I commended the authorities for their ongoing efforts to reduce public debt. Pension reform and prudent wage growth policy have strengthened the fiscal position. We discussed plans to continue building fiscal buffers by containing spending, advancing income tax reforms and introducing VAT. We also discussed the challenges of fiscal policy in the current context of trade tensions and heightened uncertainty.”

“In addition, we discussed the authorities’ efforts to reduce financial sector vulnerabilities, including resolving banking sector legacy issues and addressing nonperforming loans, via securitization and strengthened bank regulations. While banks’ liquidity, capitalization, and profitability have improved, banks will need to improve their cost efficiency to ensure long-term viability. I welcomed the progress in implementing the Anti-Money Laundering / Countering the Financing of Terrorism framework.”

“The conclusion of the EU association agreement negotiations is another milestone for San Marino. The agreement will help local businesses access the EU market and will enhance the quality of San Marino’s public administration as it adopts the EU regulatory framework.”

“I very much appreciate the excellent, long-standing relations between San Marino and the IMF. I look forward to strengthening our continued partnership through regular policy dialogue and technical assistance.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Boris Balabanov

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/08/pr25134-san-marino-statement-imf-deputy-managing-director-kenji-okamura-conclusion-his-visit

MIL OSI

MIL OSI Russia News –

May 9, 2025
MIL-OSI Economics: Meet four of this year’s Swift Student Challenge winners

Source: Apple

Headline: Meet four of this year’s Swift Student Challenge winners

May 8, 2025

UPDATE

Local inspiration, global impact: Meet four of this year’s Swift Student Challenge winners

Every year, the Swift Student Challenge invites students from around the world to follow their curiosity and explore their creativity through original app playgrounds built with Apple’s intuitive, easy-to-learn Swift coding language. From a starry sky glimpsed through a telescope in Nuevo León, Mexico, to a pack of cards discovered in a Japanese game shop, the inspirations behind this year’s 350 winning submissions span the globe, representing 38 countries and regions, and incorporating a wide range of tools and technologies.

“We’re always inspired by the talent and perspective young developers bring to the Swift Student Challenge,” said Susan Prescott, Apple’s vice president of Worldwide Developer Relations. “This year’s winners show exceptional skill in transforming meaningful ideas into app playgrounds that are innovative, impactful, and thoughtfully built — and we’re excited to support their journey as they continue building apps that will help shape the future.”

Fifty Distinguished Winners have been invited to attend the Worldwide Developers Conference (WWDC) at Apple Park, where they’ll take part in a specially curated three-day experience. Over the course of the week, the winners will have the opportunity to watch the Keynote live on June 9, learn from Apple experts and engineers, and participate in labs.

Many of this year’s winners took inspiration from their local communities, creating powerful tools that are designed to make an impact on a global scale. Below, Distinguished Winners Taiki Hamamoto, Marina Lee, Luciana Ortiz Nolasco, and Nahom Worku delve into their app playgrounds and the real-world problems they’re aiming to solve, demonstrating the power of coding to drive lasting change.

When Taiki Hamamoto, 22, came across a Hanafuda deck at his local game shop, he was intrigued. He had grown up playing the traditional Japanese card game with family members, and he thought it’d be easy to recruit friends for a nostalgic round or two — but that wasn’t the case.

“I found that very few people in my generation know how to play Hanafuda, despite it being such a staple in Japanese culture,” explains Hamamoto, a recent graduate of the Prefectural University of Kumamoto. “I thought if there was a way to make it easy to play on a smartphone, it might be possible to spread Hanafuda, not only in Japan but also to the world.”

Through his winning app playground, Hanafuda Tactics, novices can get familiar with the game’s rules and the cards themselves. The colorful, ornate 48-card decks, inspired by Japan’s reverence for nature, are divided into 12 suits — one for each month of the year — and each illustrated by a seasonal plant. There are many ways to play, but one of the most popular variations is Koi-Koi, where players try to form special card combinations known as yaku.

While Hamamoto stayed true to the game’s classic floral iconography, he also added a modern touch to the gameplay experience, incorporating video game concepts like hit points (HP) that resonate with younger generations. SwiftUI’s DragGesture helped him implement dynamic, highly responsive effects like cards tilting and glowing during movement, making the gameplay feel natural and engaging. He’s also experimenting with making Hanafuda Tactics playable on Apple Vision Pro.

The idea that a centuries-old game could one day disappear is unthinkable for Hamamoto, who’s gotten so much joy from it. “Hanafuda is unique in that it allows you to experience the scenery and culture of Japan,” he says. “I want users of my app to feel immersed in it, and I want to preserve the game for generations to come.”

With wildfires spreading quickly across much of Los Angeles earlier this year, Marina Lee, 21, got a harrowing phone call. Her grandmother — a resident of the San Gabriel Valley — had received an evacuation alert, and had little time to decide what to do or where to go.

“As someone who grew up in L.A., I’ve always been aware of the wildfire risks and the realities that come with natural disasters,” says Lee, a third-year computer science student at the University of Southern California, who was spending winter break with her parents in Northern California at the time. “But with this phone call, the urgency really hit home. My grandma was panicked, unsure what to pack, or how to stay prepared and informed. That inspired me to create an app for people like her, who might not be as tech-savvy but deserve an accessible, trustworthy resource in times of crisis.”

Through the app playground EvacuMate, users can prepare an emergency checklist of important items to pack for an evacuation. Lee integrated the iPhone camera roll into the app so users can upload copies of important documents, and added the ability to import emergency contacts through their iPhone contacts list. She also included resources on topics like checking air quality levels and assembling a first-aid kit.

As Lee continues to refine EvacuMate, she’s focused on ensuring that the app is accessible to everyone who might want to use it. “I’d like to add support for different languages,” Lee explains. “Thinking back to my grandma, she’s not as comfortable reading English, and I realized a translation feature could really help others in the community who face the same challenge.”

Heading into WWDC, Lee’s looking forward to fostering new connections with fellow developers, like the kinds she’s made hosting hackathons with her organization Citro Tech, or serving as a mentor for USC Women in Engineering. “Coding is so much more than just developing software,” she says. “It’s really the friendships you build, the community you find, and the problem-solving journey that empower you to make a difference.”

Luciana Ortiz Nolasco was thrilled when she was presented with a telescope for her 11th birthday. Every night, she’d peer through her bedroom window to explore the sky over her home state of Nuevo León, Mexico.

But there were two issues she quickly encountered: first, the thick layer of smog that hung over the heavily industrialized city, obscuring the stars and their brilliance, and second, a lack of fellow enthusiasts to geek out with.

“I didn’t find a community till I joined the Astronomical Society of Nuevo León,” shares Ortiz Nolasco, now 15. On the weekends, through the connections she made at the society, she’d travel to the countryside to see the stars more clearly, attending camps and learning from mentors who shared her passion. These experiences sparked her interest in making astronomy even more accessible to others.

Her app playground BreakDownCosmic is a virtual gathering place where users can add upcoming astronomical events around the world to their calendars, earn medals for accomplishing “missions,” and chat with fellow astronomers about what they see.

Ortiz Nolasco found the ideal tool for bringing her idea to life with the Swift programming language. “Swift is very easy to learn, and using Xcode is very intuitive,” she explains. “Most of the time, it would correct me if I had an error. I didn’t have to spend time looking for hours and have it turn out to just be a small error I overlooked.”

After attending WWDC in June, she plans to continue to develop BreakDownCosmic, with the ultimate goal of launching it on the App Store. “I want people to feel like they’re going on a journey through space when they log into my app,” she says. “The universe is full of mysteries we have yet to discover, and infinite possibilities. This journey is not just for some selected people. The universe is where we live. It’s our home, and everybody should be able to get to know it.”

Growing up in Ethiopia and later in Canada, Nahom Worku felt pulled in two career directions: following in his uncle’s footsteps and becoming a pilot, or pursuing an engineering degree like his father. Ultimately, his fear of flying took the former profession off the table, but he still couldn’t decide on an engineering field to specialize in, until COVID-19 hit.

“During the pandemic, I had a lot of time on my hands, so I bought a few books and discovered web design and coding,” says Worku, 21. He found a community in Black Kids Code, a nonprofit that helps kids learn math and coding, and eventually became a mentor himself.

While assisting with a summer program at York University in Toronto, where he’s now a fourth-year student, Worku and his group were tasked with working on a United Nations Sustainable Development Goal that focuses on ensuring global access to quality education. For Worku, the project was eye-opening, as it connected back to his formative years. “Growing up in Ethiopia, I witnessed firsthand how many students lacked quality education,” he explains. “Additionally, many people either don’t have access to the Internet, or have issues with unreliable connections.”

His app playground AccessEd is designed to tackle both of these issues, offering learning resources that are accessible with or without Wi-Fi connectivity. Built using Apple’s machine learning and AI tools, such as Core ML and the Natural Language framework, the app recommends courses based on a student’s background, creating a truly personalized experience.

“Students can take a picture of their notes, and then the machine learning model analyzes the text using Apple’s Natural Language framework to create flash cards,” Worku says. “The app also has a task management system with notifications, as many students globally have a lot of homework and family responsibilities after school, so they often struggle with time management.”

Worku hopes that AccessEd can unlock new possibilities for students around the world. “I hope my app will inspire others to explore how modern technologies like machine learning can be used in innovative ways, especially in education, and how they can make learning more engaging, effective, and enjoyable,” he says.

Apple is proud to champion the next generation of developers, creators, and entrepreneurs through its annual Swift Student Challenge program. Over the past five years, thousands of program participants from all over the world have built successful careers, founded businesses, and created organizations focused on democratizing technology and using it to build a better future. Learn more at developer.apple.com/swift-student-challenge.

Press Contacts

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MIL OSI Economics –

May 9, 2025
MIL-OSI Russia: Jamaica: Staff Concluding Statement of the 2025 Article IV Mission

Source: IMF – News in Russian

May 8, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Kingston, Jamaica: An International Monetary Fund (IMF) team led by Mr. Mauricio Villafuerte held meetings in Kingston (and virtually) with Jamaica government counterparts, private sector, civil society, and development partners during April 30-May 7 to conduct the 2025 Article IV consultation. At the conclusion of the mission, Mr. Villafuerte issued the following statement:

“Over the last decade, Jamaica has successfully reduced its public debt, firmly anchored inflation and inflation expectations, and strengthened its external position. It has built an enviable track record of investing in institutions and prioritizing macroeconomic stability. Jamaica has met recent global shocks and natural disasters in a manner that is agile, prudent, and supportive of growth.

GDP declined in FY2024/25 due to hurricane Beryl and tropical storm Raphael which damaged agriculture and infrastructure and undermined tourism. Nonetheless, economic activity is projected to normalize as these effects wane. Unemployment has fallen to all-time low levels (3.7 percent in January 2025) and inflation has converged to the Bank of Jamaica (BOJ)’s target band of 4-6 percent. The current account has been in a modest surplus for the last two fiscal years with strong tourism revenues and high remittances. The international reserves’ position has continued to improve.

“The outlook points to growth settling at its potential rate once the FY2025/26 recovery is complete and with inflation stabilizing at the BOJ’s target range. Nonetheless, global developments require continued close monitoring. Global downside risks emanating from tighter global financial conditions, lower growth in key source markets for tourism, and trade policy disruptions remain high. Finally, extreme weather events—such as floods, hurricanes, or earthquakes—could negatively affect economic activity.

“The Jamaican authorities continue to implement sound macroeconomic policies, aided by robust policy frameworks. A primary surplus is expected for FY2025/26 leading public debt to fall towards 65 percent of GDP by the end of the fiscal year, the lowest level in 25 years and well below pre-pandemic levels. The Bank of Jamaica’s approach to monetary policy has anchored inflation around the mid-point of the inflation target band and inflation expectations have declined close to the upper band of the BOJ’s target range. The lowering of the policy rate in 2024 was justified in view of the temporary nature of the weather-related shocks and the expected convergence of inflation to the BOJ’s target. The current fiscal-monetary policy mix places Jamaica in a good position to respond to the various downside global risks, should they be realized.

“The policy frameworks are benefitting from ongoing improvements. A Fiscal Commission became operational in 2025 and is providing assessments of the macroeconomic and fiscal forecasts as well as the budget’s consistency with Jamaica’s fiscal rules. The wage bill reform has reduced distortions in public sector compensation, increasing both transparency and competitiveness of civil service salaries. Tax and customs administration improvements are increasing compliance. Progress continues with adopting the Basel III framework, introducing a “twin peaks” supervisory regime, expanding the BOJ’s supervisory perimeter, and enhancing consolidated supervision.

“Going forward the wage bill needs to be carefully managed to avoid crowding out other fiscal priorities. At the same time, there is room to improve the efficiency of public spending per recommendations of an Agile Public Expenditure and Financial Accountability assessment completed in June 2024. The fiscal responsibility law could benefit from the adoption of an explicit operational debt anchor below the current debt limit to help guide policies over the medium term, ensure that debt is kept at moderate levels, and build fiscal buffers. Implementing reforms to deepen foreign exchange market and allow greater exchange rate flexibility would strengthen the transmission mechanism of monetary policy. Financial stability should be further bolstered by passing the Special Resolution Regime law and making further improvements to the AML/CFT framework.

“The authorities are implementing policies to foster potential growth and tackle supply side constraints that inhibit growth. Low productivity has been worsened by structural impediments including high crime, barriers to competition, poor educational outcomes, inadequate infrastructure, and barriers to trade. The authorities are addressing these issues by increasing investments in policing and security (which has led to a sustained decline in major crimes). Efforts are also underway to establish an unemployment insurance and strengthen employment services (including job counseling and job matching). The authorities continue to introduce measures to reduce pollution and incentivize the adoption of low carbon technologies. Finally, a comprehensive action plan is being developed to improve statistics.

“The IMF team is grateful to the Jamaican authorities and other counterparts for their hospitality and very productive discussions.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Brian Walker

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/08/mcs-05072025-jamaica-staff-concluding-statement-of-the-2025-article-iv-mission

MIL OSI

MIL OSI Russia News –

May 9, 2025
MIL-OSI Global: Basic research advances science, and can also have broader impacts on modern society

Source: The Conversation – USA – By Bruce J. MacFadden, Distinguished Professor Emeritus, University of Florida

As charismatic animals, sharks can stimulate interest in science, research and technology. Florida Museum (Kristin Grace photo)

It might seem surprising, but federal research funding isn’t just for scientists. A component of many federal grants that support basic research requires that discoveries be shared with nonscientists. This component, referred to as “broader impacts” by the National Science Foundation, can make a big difference for K-12 students and teachers, museumgoers, citizen scientists and other people interested in science, while also helping the scientists themselves give back to the taxpayers that fund their work.

Basic research, often done because of a curious scientist’s interest, may not initially have a direct application, like developing the smartphone or curing a disease. But these discoveries build important knowledge in the natural sciences, engineering, mathematics and related disciplines.

The U.S. is a world leader in scientific and technological innovation. On the federal level, the National Science Foundation, or NSF, is one of the primary funders of this kind of basic research. In 2022, the federal government funded 40% of all basic research done in the U.S., with the remainder coming from other sources, including the business sector.

During World War II, President Franklin D. Roosevelt wanted to position the U.S. for strategic and economic leadership worldwide. He commissioned physicist Vannevar Bush to develop a vision for the future of U.S. science and technology. His 1945 report, “Science: the Endless Frontier,” became the blueprint for government-funded basic research. In 1950, Congress created the National Science Foundation to promote the progress of science, advance national prosperity and welfare and secure the national defense.

Vannevar Bush historically said that ‘without scientific progress, no amount of achievement in other directions can insure our health, prosperity and security as a nation in the modern world.’
Office for Emergency Management Defense

During the early decades of NSF, the 1950s until the late 1990s, proposals were mostly evaluated based on the quality of the science and the scientists doing the work. But then, the foundation created a new system, still in place today.

Thus, each NSF research proposal is now peer-reviewed based on two criteria: intellectual merit, or the quality and novelty of the science and track record of the research team, and “broader impacts” – related activities that disseminate the discoveries to general audiences.

Intellectual merit is about advancing science knowledge and innovation, while broader impacts describe why people who aren’t scientists should care, and how society could benefit from this research.

Another pragmatic aspect to broader impacts is that taxpayers pay for these activities, so it’s important for them, and Congress, to understand their return on investment. These broader impacts activities communicate about, and engage the public in, research in a variety of ways.

While researchers usually understand the intellectual merit of their NSF-funded projects, these broader impacts can be challenging to characterize.

Broader impact activities

Since childhood, I’ve had an interest in paleontology — the study of fossils and what we can learn from them about prehistoric life. This field is primarily basic research — adding to knowledge about ancient life. As a scientist conducting basic research, I’ve felt the responsibility to give back to society through broader impacts activities, and I’ve seen many of the benefits that these activities can have.

My primary area of interest has been extinct mammals of the Americas, particularly the 55-million-year-old record of fossil horses on this continent. For years, NSF supported my discoveries about this interesting group of animals. Fossil horses are a classic example of evolution — in books and museum exhibits.

A fossil horse from the Ice Age on display at the Florida Museum. Fossil horses are a classic example of evolution — both in books and museum exhibits.
Florida Museum (Mary Warrick photo)

Many people are generally interested in horses, so it’s easy to attract their attention with this charismatic group. They also are often surprised to learn that prehistoric horses were native to North America for millions of years. Then, during historical times, they were first introduced by humans onto the continent about 500 years ago.

Over the years, my research team has used grant-funded broader impact activities to teach people about these fossil horses and our research. One example included working with K-12 science teachers to develop lesson plans. The students measured fossil horse teeth and explored how their teeth adapted to feeding on grasses. We’ve also developed exhibits on fossil horses and studied how they communicate science to museum visitors.

Science teachers have joined our fieldwork to collect fossils along the Panama Canal during its recent expansion. I’ve given many talks and collaborated with fossil clubs and their members throughout the U.S. We’ve also promoted projects like Fossils4Teachers where fossil collectors donated their fossils and worked alongside K-12 teachers to develop lesson plans that were implemented back in the teachers’ classrooms.

The Fossils4Teachers professional development workshop, hosted by the Florida Museum in 2017, is one example of a broader impacts activity.
Florida Museum (Jeff Gage photo)

We’ve also been able to activate peoples’ interest in other animal groups — such as fossil sharks. Through our Scientist in Every Florida School program, we gave middle school teachers study kits with real fossil shark teeth. Their students learned to identify the shark teeth and then trained computers to identify the teeth using machine learning, a type of artificial intelligence.

Students study fossil shark teeth through a program at the Florida Museum of Natural History.
Florida Museum (Megan Higbee Hendrickson photo)

Broader impact outcomes

Broader impacts activities like these can have a variety of short- and long-term outcomes. More than 50 million people visit natural history museums in the U.S. annually. Activities that promote museums can reach large numbers of people in their pursuit of lifelong learning.

More broadly, participatory science interest groups can allow people to learn about science while informing basic research projects. Within the field of natural history, a few popular examples include the Merlin app and the iNaturalist app, both of which have millions of active observers. Merlin encourages people to submit their observations of birds, and iNaturalist accepts sightings of plants, animals and fossils, which researchers can carefully vet and use as data.

Many of the K-12 teachers my team has worked with report that they feel more confident teaching the new science content that they learned from our collaborations.

Interestingly, although much of the research on science professional development focuses on the teachers, scientists also report a high level of satisfaction and improved communication skills after working with these teachers, both in the field and back in the classroom.

Basic research benefits for society

Generations of U.S. scientists have greatly benefited from federal investments in basic research. In the 75 years since NSF’s founding, the organization has funded hundreds of thousand projects to advance science and technology.

These have supported basic research discoveries and also the training and career development of the tens of thousands of scientists working on these projects annually.

Many prominent scientists have gone on to be productive leaders and innovators in the U.S. and internationally. NSF has funded more than 268 Nobel laureates.

While NSF invests in the discovery of foundational knowledge about the natural world, funded projects have not traditionally had direct applications for societal benefits. To be sure, however, many of NSF’s projects – for example, on lasers and nanotechnology – started out as curiosity-driven basic research and ended up with immense applications for technological innovation and economic prosperity.

For example, mapping the Earth’s ocean floor’s magnetic properties during World War II helped scientists understand how the crust moves and mountains form. This led to the plate tectonic revolution in the earth sciences. This line of basic research then led to an important application: predicting the probable location of high-risk earthquake zones worldwide.

None of these downstream applications and benefits to society would have been realized without basic research discoveries supported by federal agencies such as NSF, and the further value added through broader impacts activities.

Bruce J. MacFadden has received funding from the U. S. National Science Foundation.

– ref. Basic research advances science, and can also have broader impacts on modern society – https://theconversation.com/basic-research-advances-science-and-can-also-have-broader-impacts-on-modern-society-252983

MIL OSI – Global Reports –

May 9, 2025

MIL-OSI: GAMCO Investors, Inc. Reports Results for the First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

Quarter End AUM of $31.2 billion
Operating Margin of 32.4% for the First Quarter
First Quarter Earnings of $0.81 per Share versus $0.64 per Share in the First Quarter of 2024
$175.4 million in Cash, Cash Equivalents, Seed Capital, and Investments, and No Debt
Entered Partnership with Keeley on May 1st of 4 Open-End Funds and ~500 Separately Managed Accounts from Keeley-Teton, Adding Close to $1.0 billion in AUM
Opened an office in Zurich, Switzerland

GREENWICH, Conn., May 08, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended March 31, 2025.

Financial Highlights

(In thousands, except percentages and per share data)
	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
U.S. GAAP
Revenue	$	57,328		$	59,262		$	56,945
Expenses		38,735			42,130			41,597
Operating income		18,593			17,132			15,348
Non-operating income		1,220			3,452			4,372
Net income		18,271			15,269			15,810
Diluted earnings per share	$	0.81		$	0.64		$	0.64
Operating margin		32.4	%		28.9	%		27.0	%

Giving Back to Society – $80 million since IPO

Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

On August 6, 2024, Gabelli’s board of directors authorized the creation of a private foundation, headquartered in Reno, Nevada, to continue our charitable giving program with an initial contribution of $5 million.

Revenue

(In thousands)	Three Months Ended
	March 31, 2025		March 31, 2024
Investment advisory and incentive fees
Funds	$	38,681	$	37,270
Institutional and Private Wealth Management		15,101		15,196
SICAV		4		6
Total	$	53,786	$	52,472
Distribution fees and other income		3,542		4,473
Total revenue	$	57,328	$	56,945

The year over year increase in Funds revenues was primarily the result of higher average assets under management. The decrease in Institutional and Private Wealth Management revenues was primarily the result of lower beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.

Expenses

(In thousands)	Three Months Ended
	March 31, 2025		March 31, 2024
Compensation	$	26,616	$	28,554
Management fee		2,202		2,191
Distribution costs		5,138		5,950
Other operating expenses		4,779		4,902
Total expenses	$	38,735	$	41,597

The lower compensation expense in the first quarter of 2025 when compared to the prior year quarter reflected $2.8 million of waived compensation partially offset by increased fixed compensation of $0.2 million and increased variable compensation of $0.6 million.

Operating Margin

The operating margin, which represents the ratio of operating income to revenue, was 32.4% for the first quarter of 2025 compared with 27.0% for the first quarter of 2024.

Non-Operating Income

(In thousands)	Three Months Ended
	March 31, 2025			March 31, 2024
Gain/(loss) from investments, net	$	(110	)	$	1,632
Interest and dividend income		1,622			3,033
Interest expense (a)		(292	)		(293	)
Total non-operating income	$	1,220		$	4,372

(a) Related to GAAP accounting of finance lease.

Non-operating income decreased $3.2 million for the quarter, reflecting the mark-to-market net loss on our investment portfolio for the quarter and a decrease in interest and dividend income.

Other Financial Highlights

The effective income tax rate (“ETR”) for the first quarter of 2025 was 7.8% versus 19.8% for the first quarter of 2024. The ETR for the first quarter of 2025 consisted of the statutory Federal tax rate of 21% offset by a net state income credit rate of 13.2%, relating to the release of an uncertain tax position accrual as a result of a settlement with New York State whereby the Company gave up the right to a refund in exchange for the closing of the audit years 2007-2014.

Cash, cash equivalents, and investments were $175.4 million with no debt at March 31, 2025.

Growth Initiatives: Lift-outs, Partnerships, Joint Ventures, New Markets

Partnership with Keeley management will enhance our research and portfolio teams for small and mid-cap focused assets

On May 1, 2025, Gabelli completed partnership with the Keeley family for the management contracts of 4 open-end funds and approximately 500 separately managed accounts from Teton Advisors, LLC, adding close to $1.0 billion of AUM. The current Chicago-based Keeley research, portfolio management, and client service teammates have joined Gabelli and continue to manage and service these AUM. Our history with the Keeley founder, John L. Keeley, Jr., goes back to before the founding of our enterprise from the mid-1960s when John L. Keeley, Jr. and our Executive Chairman were both sell side analysts. Both firms are privileged to continue our shared focus on a client first culture.

Opened Zurich office with lift-out of research and sales teammates.

Assets Under Management

(In millions)	As of
	March 31, 2025		December 31, 2024		March 31, 2024

Mutual Funds	$	7,959	$	8,078	$	8,235
Closed-end Funds		7,365		7,344		7,313
Institutional & PWM (a) (b)		10,182		10,700		11,146
SICAV		9		9		9
Total Equities		25,515		26,131		26,703

100% U.S. Treasury Money Market Fund		5,638		5,552		4,965
Institutional & PWM Fixed Income		32		32		32
Total Treasuries & Fixed Income		5,670		5,584		4,997
Total Assets Under Management	$	31,185	$	31,715	$	31,700

(a) Includes $206, $242, and $345 of AUM subadvised for Teton Advisors, Inc. at March 31, 2025,
December 31, 2024, and March 31, 2024, respectively.
(b) Includes $233, $237, and $225 of 100% U.S. Treasury Money Market Fund AUM at March 31, 2025,
December 31, 2024, and March 31, 2024, respectively.

Assets under management on March 31, 2025 were $31.2 billion, a decrease of 1.6% from the $31.7 billion on December 31, 2024. The quarter’s decrease consisted of net outflows of $0.7 billion, and distributions, net of reinvestments, of $0.1 billion partially offset by net market appreciation of $0.3 billion.

Mutual Funds

Assets under management in Mutual Funds on March 31, 2025 were $8.0 billion, a decrease of 1.2% from the $8.1 billion at December 31, 2024. The quarterly change was attributed to:

Distributions, net of reinvestment, of $4 million;
Net outflows of $199 million; and
Net market appreciation of $84 million.

Closed-end Funds

Assets under management in Closed-end Funds on March 31, 2025 were $7.4 billion, an increase of 1.4% from the $7.3 billion on December 31, 2024. The quarterly change was comprised of:

Distributions, net of reinvestment, of $138 million;
Net outflows of $40 million, including the redemption of $37 million of preferred shares, and the repurchase of $11 million of common stock partially offset by the issuance of $8 million preferred shares; and
Net market appreciation of $199 million.

Institutional & PWM

Assets under management in Institutional & PWM on March 31, 2025 were $10.2 billion, a decrease of 4.7% from the $10.7 billion on December 31, 2024. The quarterly change was due to:

Net outflows of $481 million; and
Net market depreciation of $37 million.

SICAV

Assets under management were $9 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on March 31, 2025, unchanged from $9 million at December 31, 2024.

100% U.S. Treasury Money Market Fund

Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on March 31, 2025 were $5.6 billion unchanged from the $5.6 billion at December 31, 2024.

The Gabelli Gold Fund – Up 32% For 1^stquarter of 2025

Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 1^st quarter 2025 performance:

The gold price performed strongly in the first quarter of 2025, building on its gains over the past two years. Gold ended the quarter at $3,124 per ounce for a gain of about $500 per ounce or 19.0%. Gold mining equities returned in excess of 30%, outperforming the gold price by over fifty percent. Until recently, the gold price has appreciated largely due to overseas central bank buying. However, more recently, investors have been adding to their gold holdings. This is evidenced by the rise in ounces of gold held by all the gold bullion ETFs. During the first quarter, gold ETFs added over 5m ounces to 88.0m ounces, which amounts to about $15bn. Unsurprisingly, in a strong quarter for gold stocks, our larger holdings were the top contributors to performance. The biggest contributor was Agnico Eagle, our largest holding, which appreciated by 39.1% and added 3.5% to performance. Other leading contributors were Newmont, Kinross, and Alamos. In terms of stock price performance, some of our smaller producers and development companies dominated. In this environment, gold should perform well and gold equities, that are over twenty five percent lower than their 2011 high, offer an opportunity for significant capital gains and income.

Assets Under Administration

(In millions)	As of
	March 31, 2025		December 31, 2024		March 31, 2024

Teton-Keeley Funds (a)	$	750	$	809	$	952
SICAV		401		408		580
Total Assets Under Administration	$	1,151	$	1,217	$	1,532

(a) Includes $206, $242 and $345 of AUM subadvised for Teton Advisors, Inc. at
March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

AUA on March 31, 2025 were $1.2 billion, unchanged from the $1.2 billion at December 31, 2024.

Return to Shareholders

During the first quarter of 2025, Gabelli returned $14.1 million to shareholders in the form of the repurchase of 499,710 shares for $12.3 million at an average investment of $24.27 per share and a regular quarterly dividend of $0.08 per share totaling $1.8 million. From April 1, 2025 to May 7, 2025, the Company has repurchased 19,213 shares at an average price of $20.90 per share for an aggregate purchase price of approximately $0.4 million.

On May 7, 2025, Gabelli’s board of directors declared a regular quarterly dividend of $0.08 per share, which is payable on June 24, 2025 to class A and class B shareholders of record on June 10, 2025.

Balance Sheet Information

As of March 31, 2025, cash, cash equivalents, and U.S Treasury Bills were $103.5 million and investments were $71.9 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $116.5 million and investments of $66.3 million as of December 31, 2024. As of March 31, 2025, stockholders’ equity was $141.6 million compared to $137.3 million as of December 31, 2024. The increase in stockholders’ equity resulted from $18.3 million in net income offset partially by the payment of $1.8 million in dividends and $12.3 million of stock buybacks.

Symposiums/Conferences

On February 27^th, we hosted our 35^th Annual Pump, Valve & Water Systems Symposium. The symposium focused on themes crucial to this industry, including infrastructure spending, resource security, conservation, and M&A.
On March 20^th, we hosted our 16^th Annual Specialty Chemicals Symposium. The symposium featured presentations from senior management of leading specialty chemicals companies, with a focus on pricing power, margin recovery, interest rates, destocking, global supply chain, global demand trends, and the M&A environment.
On May 2nd, GAMCO hosted its 19th annual Omaha Research Trip in conjunction with the Berkshire Hathaway Annual Meeting. This Value Investor Conference attracted a record number of participants with Gabelli portfolio managers anchoring panels with noted Berkshire experts and regional CEOs.

We are hosting the following symposiums and conferences in 2025:

About Gabelli

Gabelli (OTCQX: GAMI), established in 1977 and incorporated under the laws of Delaware, is a widely-recognized provider of investment advisory services to 24 open-end funds, 13 United States closed-end funds and one United Kingdom limited investment company, 5 actively managed exchange traded funds, one société d’investissement à capital variable, and approximately 1,400 institutional and private wealth management investors principally in the U.S. The Company’s revenues are based primarily on the levels of assets under management and fees associated with the various investment products.

In 1977, Gabelli launched its well-known All Cap Value equity strategy, Gabelli Value, in a separate account format and in 1986 entered the mutual fund business. Today, Gabelli offers a diverse set of client solutions across asset classes (e.g. Equities, Debt Instruments, Convertibles, non-market correlated Merger Arbitrage), regions, market capitalizations, sectors (e.g. Gold, Utilities) and investment styles (e.g. Value, Growth). Gabelli serves a broad client base, including institutions, intermediaries, offshore investors, private wealth, and direct retail investors.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

Money Market Fund

Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

Gold

Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

As of March 31, 2025, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Revenue:
Investment advisory and incentive fees	$	53,786		$	55,502		$	52,472
Distribution fees and other income		3,542			3,760			4,473
Total revenue		57,328			59,262			56,945
Expenses:
Compensation		26,616			28,839			28,554
Management fee		2,202			2,287			2,191
Distribution costs		5,138			5,634			5,950
Other operating expenses		4,779			5,370			4,902
Total expenses		38,735			42,130			41,597
Operating income		18,593			17,132			15,348
Non-operating income:
Gain/(loss) from investments, net		(110	)		644			1,632
Interest and dividend income		1,622			3,090			3,033
Interest expense		(292	)		(282	)		(293	)
Total non-operating income		1,220			3,452			4,372
Income before provision for income taxes		19,813			20,584			19,720
Provision for income taxes		1,542			5,315			3,910
Net income	$	18,271		$	15,269		$	15,810

Earnings per share attributable to common
stockholders:
Basic	$	0.81		$	0.64		$	0.64
Diluted	$	0.81		$	0.64		$	0.64

Weighted average shares outstanding:
Basic		22,632			23,971			24,808
Diluted		22,632			23,971			24,808

Shares outstanding		22,431			22,930			24,585

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands)

	March 31,		December 31,		March 31,
		2025		2024		2024
Assets
Cash and cash equivalents	$	53,596	$	17,254	$	65,467
Short-term investments in U.S. Treasury Bills		49,900		99,216		99,073
Investments in securities		43,117		36,855		30,351
Seed capital investments		28,772		29,452		26,184
Receivable from brokers		3,030		3,103		1,111
Other receivables		20,062		21,246		23,576
Deferred tax asset and income tax receivable		9,420		8,042		8,384
Other assets		10,207		9,509		9,614
Total assets	$	218,104	$	224,677	$	263,760

Liabilities and stockholders’ equity
Income taxes payable	$	9,902	$	193	$	3,464
Compensation payable		26,915		40,633		25,100
Accrued expenses and other liabilities		39,713		46,546		45,910
Total liabilities		76,530		87,372		74,474

Stockholders’ equity		141,574		137,305		189,286
Total liabilities and stockholders’ equity	$	218,104	$	224,677	$	263,760

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
	Three Months Ended									% Changed From
	March 31,			December 31,			March 31,			December 31,		March 31,
	2025			2024			2024			2024		2024
Equities:
Mutual Funds
Beginning of period assets	$	8,078		$	8,440		$	7,973
Inflows		190			211			176
Outflows		(389	)		(420	)		(432	)
Net inflows (outflows)		(199	)		(209	)		(256	)
Market appreciation (depreciation)		84			(126	)		523
Fund distributions, net of reinvestment		(4	)		(27	)		(5	)
Total increase (decrease)		(119	)		(362	)		262
Assets under management, end of period	$	7,959		$	8,078		$	8,235		-1.5	%	-3.4	%
Percentage of total assets under management		25.5	%		25.5	%		26.0	%
Average assets under management	$	8,176		$	8,447		$	7,965		-3.2	%	2.6	%

Closed-end Funds
Beginning of period assets	$	7,344		$	7,459		$	7,097
Inflows		8			212			41
Outflows		(48	)		(43	)		(103	)
Net inflows (outflows)		(40	)		169			(62	)
Market appreciation (depreciation)		199			(155	)		404
Fund distributions, net of reinvestment		(138	)		(129	)		(126	)
Total increase (decrease)		21			(115	)		216
Assets under management, end of period		7,365		$	7,344		$	7,313		0.3	%	0.7	%
Percentage of total assets under management		23.6	%		23.2	%		23.1	%
Average assets under management	$	7,505		$	7,610		$	7,060		-1.4	%	6.3	%

Institutional & PWM
Beginning of period assets	$	10,700		$	10,984		$	10,738
Inflows		120			62			66
Outflows		(601	)		(407	)		(428	)
Net inflows (outflows)		(481	)		(345	)		(362	)
Market appreciation (depreciation)		(37	)		61			770
Total increase (decrease)		(518	)		(284	)		408
Assets under management, end of period	$	10,182		$	10,700		$	11,146		-4.8	%	-8.6	%
Percentage of total assets under management		32.7	%		33.7	%		35.2	%
Average assets under management	$	10,772		$	11,085		$	10,798		-2.8	%	-0.2	%

SICAV
Beginning of period assets	$	9		$	9		$	631
Inflows		–			–			–
Outflows		–			–			(2	)
Net inflows (outflows)		–			–			(2	)
Market appreciation (depreciation)		–			–			–
Reclassification to AUA		–			–			(620	)
Total increase (decrease)		–			–			(622	)
Assets under management, end of period	$	9		$	9		$	9		0.0	%	0.0	%
Percentage of total assets under management		0.0	%		0.0	%		0.0	%
Average assets under management	$	9		$	9		$	10		0.0	%	-10.0	%

Total Equities
Beginning of period assets	$	26,131		$	26,892		$	26,439
Inflows		318			485			283
Outflows		(1,038	)		(870	)		(965	)
Net inflows (outflows)		(720	)		(385	)		(682	)
Market appreciation (depreciation)		246			(220	)		1,697
Fund distributions, net of reinvestment		(142	)		(156	)		(131	)
Reclassification to AUA		–			–			(620	)
Total increase (decrease)		(616	)		(761	)		264
Assets under management, end of period	$	25,515		$	26,131		$	26,703		-2.4	%	-4.4	%
Percentage of total assets under management		81.8	%		82.4	%		84.2	%
Average assets under management	$	26,462		$	27,151		$	25,833		-2.5	%	2.4	%

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
	Three Months Ended									% Changed From
	March 31,			December 31,			March 31,			December 31,		March 31,
	2025			2024			2024			2024		2024
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets	$	5,552		$	5,268		$	4,615
Inflows		1,372			1,656			1,605
Outflows		(1,341	)		(1,440	)		(1,315	)
Net inflows (outflows)		31			216			290
Market appreciation (depreciation)		55			68			60
Total increase (decrease)		86			284			350
Assets under management, end of period	$	5,638		$	5,552		$	4,965		1.5	%	13.6	%
Percentage of total assets under management		18.1	%		17.5	%		15.7	%
Average assets under management	$	5,552		$	5,415		$	4,832		2.5	%	14.9	%

Institutional & PWM Fixed Income
Beginning of period assets	$	32		$	32		$	32
Inflows		–			–			–
Outflows		–			–			–
Net inflows (outflows)		–			–			–
Market appreciation (depreciation)		–			–			–
Total increase (decrease)		–			–			–
Assets under management, end of period	$	32		$	32		$	32		0.0	%	0.0	%
Percentage of total assets under management		0.1	%		0.1	%		0.1	%
Average assets under management	$	32		$	32		$	32		0.0	%	0.0	%

Total Treasuries & Fixed Income
Beginning of period assets	$	5,584		$	5,300		$	4,647
Inflows		1,372			1,656			1,605
Outflows		(1,341	)		(1,440	)		(1,315	)
Net inflows (outflows)		31			216			290
Market appreciation (depreciation)		55			68			60
Total increase (decrease)		86			284			350
Assets under management, end of period	$	5,670		$	5,584		$	4,997		1.5	%	13.5	%
Percentage of total assets under management		18.2	%		17.6	%		15.8	%
Average assets under management	$	5,584		$	5,447		$	4,864		2.5	%	14.8	%

Total AUM
Beginning of period assets	$	31,715		$	32,192		$	31,086
Inflows		1,690			2,141			1,888
Outflows		(2,379	)		(2,310	)		(2,280	)
Net inflows (outflows)		(689	)		(169	)		(392	)
Market appreciation (depreciation)		301			(152	)		1,757
Fund distributions, net of reinvestment		(142	)		(156	)		(131	)
Reclassification to AUA		–			–			(620	)
Total increase (decrease)		(530	)		(477	)		614
Assets under management, end of period	$	31,185		$	31,715		$	31,700		-1.7	%	-1.6	%
Average assets under management	$	32,046		$	32,598		$	30,697		-1.7	%	4.4	%


Contact:	Kieran Caterina
	Chief Accounting Officer
	(914) 921-5149

	For further information please visit
	www.gabelli.com

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/fdf70333-2c19-43f2-ac7e-f41e523355c5

https://www.globenewswire.com/NewsRoom/AttachmentNg/14973722-0885-4fca-8e88-5fad950be53c

The MIL Network –

May 9, 2025

MIL-OSI United Kingdom: Help us improve Park and Ride sites across York
Source: City of York

Published Thursday, 8 May 2025

City of York Council has today begun a month-long public consultation to help inform the design of future improvements at five of York’s Park and Ride sites.
The planned works aim to attract new customers to use the Park & Ride, and will provide more accessible, easier to use facilities and greater transport options such as improved cycling parking. Five of York’s six Park and Ride sites are included in the project; Poppleton Bar, Grimston Bar, Askham Bar, Rawcliffe Bar and Monks Cross. The Designer Outlet Park and Ride site is not owned by the council, so will not be affected by the planned upgrades.

The changes proposed include:

The introduction of overnight car parking at Rawcliffe Bar and Askham Bar Park and Ride sites to support the city’s residents and visitors, plus our thriving overnight economy.

Better located dedicated parking for oversized vehicles at Askham Bar, Rawcliffe Bar and Grimston Bar (daytime only). A new building will also be delivered to replace outdated facilities at Grimston

Improvements to the accessibility of the sites and parking areas; new waiting facilities, lighting, pathways, refurbished toilets including Changing Places facilities

Improved facilities for multi-modal trips. The improvements included will vary by site (e.g. long-distance bus and coach routes, car club vehicles, improved cycle parking and lockers).

Overnight parking will offer greater flexibility to both residents taking trips away from York (e.g. using Park and Ride to connect to train services for commuting or a weekend away) as well as visitors coming into the city for overnight stays. It will be offered at Askham Bar and Rawcliffe Bar – chosen because they are most easily reached from major towns and cities such as Leeds.

Some of the main principles of offering overnight parking are:

Drivers will have access to their cars 24 hours a day, so you can drop off or collect your car at any time

Offering a viable option for longer stays that avoids the need to drive into and pay for parking in the city centre, helping reduce congestion

The sites will have improved CCTV, security and lighting

Bus services won’t be running through the night. Taxis or cycles can be used to get to either site and collect your car during hours when buses aren’t running

The service will not be offered to vehicles higher than a small van – so will not be available for campervans or caravans. No facilities will be offered and no one will be able to stay in their vehicle overnight.

The project is fully funded by the UK Government’s Bus Service Improvement Plan (BSIP). York was allocated over £17m to improve the city’s bus network and £4m of this has been allocated to improving the Park and Ride sites. Alongside the Park and Ride project, BSIP funding is being used to deliver an on-going programme of works to install new real-time information screens across the city and surrounding villages; improved lighting and shelters, plus reducing fares for young people to just £1.

Last year saw a considerable increase in Park and Ride usage, with over 4.5m passenger journeys – the highest number since the Covid pandemic.

Cllr Kate Ravilious, Executive Member for Transport at City of York Council, said:

“York’s Park and Ride is already a huge success story, offering excellent services for York’s residents, commuters and visitors. This project will increase transport options for everyone, making the sites themselves more accessible, encouraging even greater use. By introducing overnight parking at two sites we will offer a convenient alternative to driving and parking in the city centre, helping to reduce traffic congestion, improve bus reliability and free up the roads for those who need to drive.

“I’d encourage everyone, whether you live in York or further afield, and whether you use the Park and Ride or not, to feedback on our proposals and help us maximise the benefits of the Park & Ride site upgrades”.

The consultation is open between Thursday 8 May and Monday 9 June.

To take part people can:

Read and complete the online survey at ourbigconversation.york.gov.uk

Email us at ourbigconversation@york.gov.uk, or write to us via freepost: Park and Ride Consultation, Freepost RTEG-TYYU-KLTZ, City of York Council, West Offices, Station Rise, York, YO1 6GA

Phone customer services on 01904 551550 and they will pass a message to the project team

To find out more visit ourbigconversation.york.gov.uk
MIL OSI United Kingdom –
May 9, 2025
MIL-OSI Global: ‘Everyone lives in fear’: trapped between two warring nuclear giants, the people of Kashmir continue to suffer

Source: The Conversation – Global Perspectives – By Leoni Connah, Lecturer in International Relations, Flinders University

Tensions between India and Pakistan escalated this week after India launched missile strikes on its long-time rival, killing more than 30 people.

India was retaliating for a terror attack on tourists in Indian-controlled Kashmir on April 22, which killed 26 civilians, most of them Indian. New Delhi has blamed a Pakistan-based militant group for the incident.

Pakistan has vowed revenge for the airstrikes, calling them an “act of war”.

If a full-scale war does break out between the two nuclear powers, it wouldn’t be the first time they have fought over the disputed region of Kashmir. In fact, the two sides have been in conflict over Kashmir since 1947.

The people of Kashmir, meanwhile, are stuck in the middle of this geopolitical rivalry, trapped in a security state with little hope for the future.

Life before the April 22 terror attack

Before the attack on the tourists last month, Indian Prime Minister Narendra Modi’s government had made repeated claims that “normalcy” was returning to the region.

However, Kashmir remains one of the most heavily militarised zones in the world and the people have long suffered human rights abuses the Indian government has justified on the grounds of counter-terrorism.

In 2019, the Modi government revoked Article 370 of the Indian constitution, which had granted a special status to the state of Jammu and Kashmir, along with a high degree of autonomy.

The revocation of this article brought Jammu and Kashmir, now a “union territory”, under the full control of the Modi government in New Delhi.

This decision was made on behalf of Kashmiris, not in consultation with them. Speaking with Kashmiris in 2020 as part of my ongoing research on the region, there was a huge sense of betrayal at the move.

One of my interview subjects claimed Indian security forces were “instilling fear and psychological warfare” in Kashmir. Another said “it’s no exaggeration to say after every three kilometres, there’s a checkpoint” manned by Indian security forces. The situation worsened during the COVID pandemic, with increased lockdowns and curfews.

Some hope did return last September when Kashmiris were able to vote in regional assembly elections for the first time in a decade.

The election meant the new local assembly would have the power to make and amend laws, debate local issues and approve decisions for the territory, particularly in education and culture.

However, this doesn’t mean “normalcy” had returned, nor was Kashmir peaceful and tranquil.

In February of this year, there were reports that Indian security forces had conducted operations against suspected militants, resulting in a lockdown and 500 people being detained.

A young Kashmiri man died by suicide after allegedly being tortured by police in February. The next day, another man was shot dead by the army.

These are just two incidents that are part of a wider cycle of violence that has become a part of everyday life in Kashmir.

Life after April 22

After the April 22 tourist attack, the central government has doubled down on its heavy-handed approach to Kashmir under the guise of counter-terrorism.

Kashmiris have been subjected to an increased security presence, new lockdowns, “cordon and search operations”, social media surveillance, house demolitions and other draconian measures.

Police say some 1,900 Kashmiris have been detained and questioned since the attack. This number will no doubt continue to rise.

It is no wonder Kashmiris were saying “everyone lives in fear”, even before India launched missile strikes on its neighbour.

Possible retaliation from Pakistan – or a wider war – now looms, with Kashmiris again on the front lines.

Calls for India to follow Israel’s lead

There is a very big concern that right-wing Indian media outlets and social media posts are now encouraging the Indian government to respond to the terror attack in the same way Israel has retaliated against Hamas in Gaza.

Some commentators are portraying the April 22 attack as India’s version of the October 7 Hamas attack on southern Israel, which could become a dangerous precedent for what the future holds for Kashmir.

Israel also recently announced its support for India’s right to “self-defence”.

In addition, the rise in right-wing rhetoric increases the likelihood of Islamophobic attacks taking place against Kashmiris, as well as Muslims in India more broadly.

Pathways to peace?

Each war fought between India and Pakistan over Kashmir has ended with negotiations and treaties.

Bilateral relations have been attempted numerous times over the years and would be a preferable option to increased escalation in the current conflict.

Ultimately, it is the Kashmiris who suffer the most whenever tensions boil over between the two nuclear powers. As one young man recently said:

My parents don’t allow me to step outside. Every time I get a call, I feel a wave of anxiety, fearing it might be the police.

Kashmir might be a wonderland, a mini-Switzerland or a paradise for others, but for us, it is an open prison. Everyone lives in fear. What future do we have?

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

– ref. ‘Everyone lives in fear’: trapped between two warring nuclear giants, the people of Kashmir continue to suffer – https://theconversation.com/everyone-lives-in-fear-trapped-between-two-warring-nuclear-giants-the-people-of-kashmir-continue-to-suffer-256085

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI Europe: Highlights – Presentation of the review of the implementation of HERA operations – Committee on Public Health

Source: European Parliament

HERA © image under under the license of AdobeStock

On 14 May, SANT Members will hear the presentation of the first review of HERA, the Health Emergency Preparedness and Response Authority. It will be followed by the debate on areas of improvement and challenges to address of this first and early review.

HERA was created as an urgent measure during the Corona pandemic. Today we will discuss what HERA has achieved in response to health threats and in improving preparedness regarding EU health policies.

MIL OSI Europe News –

May 8, 2025

MIL-OSI: Brookfield Wealth Solutions Announces First Quarter Results and Declares Quarterly Distribution

Source: GlobeNewswire (MIL-OSI)

BROOKFIELD, NEWS, May 08, 2025 (GLOBE NEWSWIRE) — Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced financial results for the three months ended March 31, 2025.

Sachin Shah, CEO of Brookfield Wealth Solutions, stated, “Our business is off to a strong start in 2025. We have entered the U.K. market and begun offering new products that expand our asset base while maintaining our fundamental objective of generating high-quality earnings and durable risk-adjusted returns within our business.”

Unaudited As of and for the periods ended March 31 (US$ millions, except per share amounts)	Three Months Ended
		*2025*			2024
Total assets	$	141,612		$	63,113
Distributable operating earnings¹		437			279
Net income (loss)		(282	)		337
Net income per each class A share	$	0.09		$	0.08

_{1. See Non-GAAP and Performance Measures on page 6 and a reconciliation from net income on page 5.}

First Quarter Highlights

Launched our U.K. pension risk transfer business under Blumont Annuity UK in late March, following a comprehensive authorization process and expect to be active in the market in 2025

Deployed $3 billion into Brookfield originated strategies across our investment portfolio at returns greater than 8%

Completed our first funding agreement-backed note (“FABN”) issuance at American National for $500 million

Originated $4 billion of annuity sales during the quarter across our retail, PRT and FABN channels

Our Property and Casualty float remained stable at approximately $8 billion, providing us with investment flexibility and risk diversification

Operating Update
We recognized $437 million of distributable operating earnings (“DOE”) for the three months ended March 31, 2025, compared to $279 million in the prior year period. The increase in earnings for the current period reflects contributions from AEL, which we acquired in May 2024, as well as higher net investment income resulting from progress made in repositioning assets into higher yielding investment strategies.

We recorded a net loss of $282 million for the three months ended March 31, 2025, compared to net income of $337 million in the prior year period. The net loss in the current period is primarily the result of unrealized movements on reserves due to interest rate and equity market movements, which more than offset our strong operating performance. Net income in the prior year period resulted from our DOE and favorable mark-to-market on derivatives.

Today, we are in a strong liquidity position, with approximately $25 billion of cash and short-term liquid investments across our investment portfolios, and another $22 billion of long-term liquid investments. These liquid assets position us well to mitigate current market volatility and support the ongoing rotation of our portfolio into higher yielding investment strategies.

Regular Distribution Declaration
The Board declared a quarterly return of capital of $0.09 per class A share and class B share payable on June 30, 2025 to shareholders of record as at the close of business on June 13, 2025. This distribution is identical in amount per share and has the same payment date as the quarterly distribution announced today by Brookfield Corporation on the Brookfield class A shares.

Brookfield Corporation Operating Results
An investment in class A shares of our company is intended to be, as nearly as practicable, functionally and economically, equivalent to an investment in the Brookfield class A shares. A summary of Brookfield Corporation’s first quarter operating results is provided below:

Unaudited For the periods ended March 31 (US$ millions, except per share amounts)	Three Months Ended				Last Twelve Months Ended
		*2025*		2024		*2025*		2024
Net income of consolidated business¹	$	215	$	519	$	1,549	$	5,200
Net income attributable to Brookfield shareholders²		73		102		612		1,112
Distributable earnings before realizations³		1,301		1,001		5,171		4,279
– Per Brookfield class A share³		0.82		0.63		3.26		2.70
Distributable earnings³		1,549		1,216		6,607		4,865
– Per Brookfield class A share³		0.98		0.77		4.17		3.07

_{1. Consolidated basis – includes amounts attributable to non-controlling interests.}
_{2. Excludes amounts attributable to non-controlling interests.}
_{3. See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8 of Brookfield Corporation’s press release dated May 8, 2025.}

Brookfield Corporation net income above is presented under IFRS. Given the economic equivalence, we expect that the market price of the class A shares of our company will be impacted significantly by the market price of the Brookfield class A shares and the business performance of Brookfield as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review Brookfield Corporation’s letter to shareholders, supplemental information and its other continuous disclosure filings. Investors, analysts and other interested parties can access Brookfield Corporation’s disclosure on its website under the Reports & Filings section at bn.brookfield.com.

CONSOLIDATED BALANCE SHEETS


Unaudited			March 31				December 31
(US$ millions)				2025				2024
Assets

Insurance invested assets
Cash, cash equivalents and short-term investments	$	16,686			$	16,643
Investments		90,184				88,566
Reinsurance funds withheld		1,492				1,517
Accrued investment income		841		109,203		860		107,586
Deferred policy acquisition costs				10,848				10,696
Reinsurance recoverables and deposit assets				12,957				13,195
				133,008				131,477

Other assets				8,604				8,476
Total assets				141,612				139,953

Liabilities and equity

Policy and contract claims				7,588				7,659
Future policy benefits				14,582				14,088
Policyholders’ account balances				84,606				83,079
Deposit liabilities				1,483				1,502
Market risk benefits				4,066				3,655
Unearned premium reserve				1,674				1,843
Funds withheld for reinsurance liabilities				3,266				3,392
				117,265				115,218

Corporate borrowings				1,004				1,022
Subsidiary borrowings				3,332				3,329
Other liabilities				7,001				7,308

Non-controlling interest		771				850
Class A and class B		1,469				1,470
Class C		10,770		13,010		10,756		13,076
Total liabilities and equity			$	141,612			$	139,953

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited For the periods ended March 31 US$ millions	Three Months Ended
		2025			2024
Net premiums and other policy revenue	$	1,301		$	1,643
Net investment income, including funds withheld		1,429			670
Net investment gains (losses), including funds withheld		(112	)		172
Total revenues		2,618			2,485

Benefits and claims paid on insurance contracts		(1,107	)		(1,414	)
Interest sensitive contract benefits		(524	)		(185	)
Amortization of deferred policy acquisition costs		(339	)		(225	)
Change in fair value of insurance-related derivatives and embedded derivatives		(200	)		44
Change in fair value of market risk benefits		(361	)		(31	)
Other reinsurance expenses		(1	)		(7	)
Operating expenses		(382	)		(233	)
Interest expense		(73	)		(72	)
Total benefits and expenses		(2,987	)		(2,123	)
Net income (loss) before income taxes		(369	)		362
Income tax recovery (expense)		87			(25	)
Net income (loss)	$	(282	)	$	337

Attributable to:
Class A and class B shareholders¹	$	4		$	3
Class C shareholder		(330	)		332
Non-controlling interest		44			2
	$	(282	)	$	337

_{1. Class A shares receive distributions at the same amount per share as the cash dividends paid on each Brookfield class A share.}

SUMMARIZED FINANCIAL RESULTS

RECONCILIATION OF NET INCOME TO DISTRIBUTABLE OPERATING EARNINGS

Unaudited For the periods ended March 31 US$ millions	Three Months Ended
		2025			2024
Net income (loss)	$	(282	)	$	337
Unrealized net investment losses (gains), including funds withheld		112			(172	)
Mark-to-market losses (gains) on insurance contracts and other net assets		685			65
		515			230
Deferred income tax expense (recovery)		(183	)		15
Transaction costs		41			12
Depreciation		64			22
Distributable operating earnings¹	$	437		$	279

_{1. Non-GAAP measure – see Non-GAAP and Performance Measures on page 6.}

Additional Information

The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter ended March 31, 2025, which have been prepared using generally accepted accounting principles in the United States of America (“US GAAP” or “GAAP”).

Brookfield Wealth Solutions’ Board of Directors have reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

Information on our distributions can be found on our website under Stock & Distributions/Distribution History.

Brookfield Wealth Solutions Ltd. (NYSE, TSX: BNT) is focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. Each class A exchangeable limited voting share of Brookfield Wealth Solutions is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation (NYSE, TSX: BN). For more information, please visit our website at bnt.brookfield.com or contact:

Non-GAAP and Performance Measures

This news release and accompanying financial statements are based on US GAAP, unless otherwise noted.

We make reference to Distributable operating earnings. We define distributable operating earnings as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. Distributable operating earnings is a measure of operating performance. We use distributable operating earnings to assess our operating results.

We provide additional information on key terms and non-GAAP measures in our filings available at bnt.brookfield.com.

Notice to Readers

Brookfield Wealth Solutions Ltd. (“Brookfield Wealth Solutions” or “our” or “we”) is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, assumptions and expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Wealth Solutions, Brookfield Corporation and their respective subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. Particularly, statements regarding international expansion plans and future capital markets initiatives, including statements relating to the redeployment of capital into higher yielding investments constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “foresees,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” In particular, the forward-looking statements contained in this news release include statements referring to the growth of our business, international expansion, investment opportunities and expected future deployment of capital and financial earnings. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable estimates, assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Wealth Solutions or Brookfield Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, including but not limited to, earthquakes, hurricanes, epidemics and pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Except as required by law, Brookfield Wealth Solutions undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to the historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of investment opportunities or otherwise).

Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Wealth Solutions believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Wealth Solutions does not make any assurance, representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties, and undue reliance should not be put on them.

The MIL Network –

May 8, 2025

MIL-OSI: Willis Lease Finance Corporation Moves its Consultancy and Advisory Arm to Willis Mitsui & Co. Engine Support Limited

Source: GlobeNewswire (MIL-OSI)

COCONUT CREEK, Fla., May 08, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced it has entered into an agreement to sell Bridgend Asset Management Limited, the consultancy and advisory arm of WLFC, to Willis Mitsui & Co. Engine Support Limited (“WMES”), its longstanding joint venture with Mitsui & Co., Ltd (“Mitsui”). This strategic move reflects WLFC’s commitment to strengthening collaboration with its partners and enhancing this joint venture’s capabilities in aviation services. Together, WLFC and Mitsui will focus on significantly expanding WMES’s services offerings and aviation asset portfolio. The completion of the transaction is subject to customary regulatory approvals and closing conditions.

Established in 2011 and headquartered in Dublin, WMES currently owns and manages assets totaling approximately $360 million. The integration of WLFC’s technical consultancy and record management services will further expand the joint venture’s service offerings, leveraging the combined expertise, global reach and operational efficiencies of both partners. As a 50% owner of WMES, WLFC plans to continue utilizing WMES for its services and to leverage synergistic benefits.

“We think this transaction is a real win for our shareholders,” said Austin C. Willis, Chief Executive Officer of WLFC. “Not only does the expansion of WMES allow for a premium return on equity when considering earnings plus fees, but the transaction itself unlocks fresh capital that can be reinvested to accelerate WLFC’s portfolio growth.

“We see tremendous opportunity in the commercial aviation space, and this transaction provides us the substance to drive growth for our global platform,” said Yuichi Nagata, General Manager of Aerospace Business Division of Mitsui & Co. “This transaction will continue to strengthen Mitsui’s and WLFC’s long-term relationship.”

Willis Lease Finance Corporation

Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services. Willis Sustainable Fuels intends to develop, build and operate projects to help decarbonize aviation.

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

CONTACT: Lynn Mailliard Kohler

Director, Global Corporate Communications

(415) 328-4798

The MIL Network –

May 8, 2025
MIL-OSI: Angus Gold Announces Cancellation of Underlying Royalty on the Golden Sky Project

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce the cancellation of a 2% Net Smelter Royalty (“NSR”) pursuant to a buyback purchase from IAMGOLD Corporation.

The NSR was applicable to the Mishi Property located in Wawa Ontario which was acquired under an option with IAMGOLD Corporation and is 100% owned by Angus. The royalty covered approximately one-third of the Golden Sky Project land package, including the Banded Iron Formation Gold Zone (“BIF”) and the Eagle River Splay exploration area. The Company has drilled approximately 12,000 metres to date at the BIF Gold Zone, and the Eagle River Splay Area is a high priority exploration target. The purchase price for the NSR was a cash payment of US$750,000.

About Angus Gold:
Angus Gold Inc. is a Canadian mineral exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company’s flagship project is the Golden Sky Project in Wawa, Ontario. The Project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd. (“Wesdome”).

Wesdome and Angus have entered into a definitive arrangement agreement whereby Wesdome will acquire all of the issued and outstanding common shares of Angus pursuant to a plan of arrangement (the “Arrangement”). For further information see the press release of the Company dated April 7, 2025.

On behalf of Angus Gold Inc.,

Breanne Beh
President and Chief Executive Officer

INQUIRIES:
Lindsay Dunlop, Vice President Investor Relations
Email: info@angusgold.com
Phone: 647-259-1790
Company Website: www.angusgold.com

TSXV: GUS | USOTC: ANGVF

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the benefits and advantages of the cancellation of the NSR and, in general, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the economic rationale for the cancellation of the NSR may not be realized; the ability to satisfy the conditions of closing for the Arrangement including the necessary shareholder and court approvals, and otherwise complete the Arrangement on the terms as announced or at all; the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the transactions contemplated by the Agreement, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

The MIL Network –

May 8, 2025
MIL-OSI United Kingdom: Latest data on listeriosis
Source: United Kingdom – Executive Government & Departments

News story

Latest data on listeriosis

The infection can cause severe illnesses in the elderly, immunocompromised or those with underlying chronic conditions.
There were 179 cases of listeriosis reported in England and Wales in 2024, according to new data published today by the UK Health Security Agency (UKHSA).

Listeriosis is caused by Listeria bacteria and is usually contracted by eating contaminated raw, chilled, or ready-to-eat foods. Most people with listeriosis won’t have any symptoms or will have mild gastroenteritis. However, the infection can cause severe illnesses in the elderly, immunocompromised or those with underlying chronic conditions. Infection during pregnancy can lead to miscarriage or stillbirth, or severe infections in newborn babies.

The 179 cases reported in 2024 are comparable to the previous year’s figures (177 cases in 2023), and to levels seen in the years preceding the COVID-19 pandemic. The latest data show that while listeriosis can affect people of all ages, it poses a significantly greater risk to vulnerable groups, with the highest numbers seen in people aged 80 and over. Of the 28 deaths reported among 142 non-pregnancy cases, 12 were aged 80 years and over. Among pregnancy-associated infections, which accounted for approximately one-fifth of all cases, 43.7% resulted in stillbirth or miscarriage where outcomes were known.

In England, London had the highest levels of listeriosis (0.39 cases per 100,000 population), whilst the East of England had the lowest (0.23 cases per 100,000 population).

Vanessa Wong, UKHSA Consultant in gastrointestinal infections, said:

Listeriosis is a rare infection and most people only experience mild symptoms of gastroenteritis that usually pass within a few days without the need for treatment. However, severe listeriosis is more likely to affect the elderly, very young babies, pregnant women and those with a weakened immune system. The best way to prevent listeriosis is to practise good food hygiene and avoid high-risk foods if you are in a vulnerable group. Foods that carry a greater risk of Listeria include: soft cheeses, pâté, smoked fish, chilled sliced meats and other chilled ready-to-eat products.

Those at higher risk from severe Listeria infection include:

elderly people (risk increases with age)

those with malignancies or undergoing immunosuppressive or cytotoxic treatments

pregnant women and their unborn or newborn infants

organ transplant recipients

people with chronic kidney and liver diseases

those with uncontrolled diabetes, HIV, alcohol dependency or iron overload

In most people, listeriosis has no symptoms or only causes mild symptoms for a few days, such as:

high temperature

aches and pains

chills

feeling or being sick

diarrhoea

If you’re pregnant, you may also have a stomach ache or notice your baby moving less than usual.

For advice on avoiding listeriosis during pregnancy or if you are in a high-risk group, please visit the NHS website at Listeriosis – NHS

In 2024, UKHSA investigated 7 listeriosis outbreaks across England and Wales, linked to various food products including smoked fish, chocolate and strawberry mousse, garlic sausage and pre-packed sandwiches.

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Updates to this page

Published 8 May 2025
MIL OSI United Kingdom –
May 8, 2025

MIL-OSI: Himax Technologies, Inc. Reports First Quarter 2025 Financial Results; Provides Second Quarter Guidance

Source: GlobeNewswire (MIL-OSI)

Q1 2025 Revenues At the High End of Projected Range, Gross Margin In-Line, EPS Exceeded Guidance Range Issued on February 13, 2025
Company Q2 2025 Guidance: Revenues to Decrease 5.0% to Increase 3.0% QoQ, Gross Margin is Expected to be Around 31.0%. Profit per Diluted ADS to be 8.5 Cents to 11.5 Cents

Q1 2025 revenues were $215.1M, a decrease of 9.3% QoQ, reaching the high end of the guidance range of 8.5% to 12.5% decrease QoQ
Q1 GM reached 30.5%, in line with guidance of around 30.5%, flat from last quarter but up from 29.3% the same period last year, mainly a result of favorable product mix and continued cost optimization
Q1 2025 after-tax profit was $20.0M, or 11.4 cents per diluted ADS, exceeding the guidance range of 9.0 cents to 11.0 cents
Himax Q2 2025 revenues to decline 5.0% to increase 3.0% QoQ. GM to be around 31.0%, up from 30.5% in the prior quarter. Profit per diluted ADS to be in the range of 8.5 cents to 11.5 cents
Currently, tariffs have not had a significant direct impact on Himax’s business
Conservative Q2 revenue guidance reflects customers’ overall caution toward the global economic outlook and end market demand. Low 2H25 market visibility as tariff negotiations continues
As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established Taiwan supply chain and strengthening into CN, KR, SG to enhance production flexibility, cost competitiveness and mitigate geopolitical risks
Despite near-term headwinds, Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies
Sample shipments of first-gen silicon photonics packaging solution for engineering validation and trial production are proceeding as planned. Himax continues to advance technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through joint development of future-gen CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC
Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets to expand global footprint while developing long-term competitive advantages. Established a three-party strategic alliance with Powerchip and Tata Electronics. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring India’s vast market demand

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, announced its financial results for the first quarter 2025 ended March 31, 2025.

“The recent abrupt and significant NT dollar appreciation against the US dollar, its impact on our Q2 financial results is limited and has been accounted for in Q2 financial guidance. Currently, tariffs have not had a significant direct impact on Himax’s business, as our IC products are not directly exported to the U.S. Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, we are carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

“Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of our automotive business. In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. We expect these businesses to contribute meaningfully to both revenue and gross margin in the years ahead,” concluded Mr. Jordan Wu.

First Quarter 2025 Financial Results

Himax net revenues registered $215.1 million, a decrease of 9.3% sequentially, reaching the high end of guidance range of a decline of 8.5% to 12.5%, but representing a 3.7% increase year over year. Gross margin was 30.5%, in line with guidance of around 30.5%, flat from last quarter and up from 29.3% in the same period last year. The year-over-year increase was driven by a favorable product mix and continued cost optimization. Q1 profit per diluted ADS was 11.4 cents, exceeding the guidance range of 9.0 to 11.0 cents, primarily due to lower operating expenses.

Revenue from large display drivers came in at $25.0 million, flat from last quarter despite the seasonal downturn. This was primarily driven by demand spurred by Chinese government subsidies aimed at reviving domestic consumption. Notebook and monitor IC sales both recorded solid double-digit growth in Q1. In contrast, TV IC sales declined as expected, due to customers pulling forward their inventory purchases in the prior quarter. Sales of large panel driver ICs accounted for 11.6% of total revenues for the quarter, compared to 10.5% last quarter and 15.1% a year ago.

Revenue from the small and medium-sized display driver segment totaled $150.5 million, reflecting a sequential decline of 9.8% amid a typical low season. However, Q1 automotive driver sales, including both traditional DDIC and TDDI, outperformed guidance of a low-teens sequential decline, declining just single digit from the last quarter. The sequential decline reflected the waning effect of the Chinese government’s renewed trade-in stimulus, announced in mid-August 2024, while demand in other major markets remained stable. Q1 auto IC sales rose nearly 20% year over year, reflecting ongoing customer reliance on Himax’s technology and the strength of Company’s competitive moat. Himax’s automotive business, comprising DDIC, TDDI, Tcon, and OLED IC sales, remained the largest revenue contributor in the first quarter, representing more than 50% of total revenues. Meanwhile, both smartphone and tablet driver sales declined as expected amid a subdued festival season. The small and medium-sized driver IC segment accounted for 70.0% of total sales for the quarter, compared to 70.3% in the previous quarter and 69.5% a year ago.

Q1 non-driver sales reached $39.6 million, a 12.8% decrease from the previous quarter. The sequential decline was primarily attributable to the absence of a one-time ASIC Tcon shipment to a leading projector customer in the prior quarter, coupled with a moderation in automotive Tcon shipments after several quarters of robust growth. That being said, Himax’s position in local dimming Tcon for automotive remains unrivaled, supported by increasing validation and adoption from leading panel makers, Tier 1 suppliers, and automotive manufacturers around the world. Himax also has a robust pipeline of over two hundred design-win projects that are set to gradually enter mass production in the coming years. Non-driver products accounted for 18.4% of total revenues, as compared to 19.2% in the previous quarter and 15.4% a year ago.

First quarter operating expenses were $45.7 million, a decrease of 7.0% from the previous quarter and a decline of 9.8% from a year ago. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls.

First quarter operating income was $19.8 million or 9.2% of sales, compared to 9.7% of sales last quarter and 4.8% of sales for the same period last year. The sequential decrease was mainly the result of lower sales, offset by lower operating expenses. The year-over-year increase resulted primarily from higher sales, improved gross margins, and lower operating expenses. First-quarter after-tax profit was $20.0 million, or 11.4 cents per diluted ADS, compared to $24.6 million, or 14.0 cents per diluted ADS last quarter, and up from $12.5 million, or 7.1 cents in the same period last year.

Balance Sheet and Cash Flow

Himax had $281.0 million of cash, cash equivalents and other financial assets as of March 31, 2025. This compares to $277.4 million at the same time last year and $224.6 million a quarter ago. Himax achieved a strong positive operating cash flow of $56.0 million for the first quarter. As of March 31, 2025, Himax had $33.0 million in long-term unsecured loans, with $6.0 million being the current portion.

Himax’s quarter-end inventories as of March 31, 2025 were $129.9 million, lower than $158.7 million last quarter and $201.9 million same period last year. Himax’s inventory levels have steadily declined for ten consecutive quarters since peaking during the Covid 19 pandemic when the industry was undergoing a supply shortage. As macroeconomic uncertainty impairs visibility across the ecosystem, Himax will continue to manage its inventory conservatively. Accounts receivable at the end of March 2025 was $217.5 million, down from $236.8 million last quarter but slightly up from $212.3 million a year ago. DSO was 91 days at the quarter end, as compared to 96 days last quarter and 93 days a year ago. First quarter capital expenditures were $5.2 million, versus $3.2 million last quarter and $2.7 million a year ago. First quarter capex was mainly for R&D related equipment for Company’s IC design business and ongoing construction of a new preschool near Himax’s Tainan headquarters for children of employees. The preschool is scheduled to open in 2026, reinforcing Company’s commitment to a family‑friendly workplace.

Prior to today’s call, Himax announced an annual cash dividend of 37.0 cents per ADS, totaling $64.5 million and payable on July 11, 2025, with a payout ratio of 81.1% of the previous year’s profit. Himax will continue to focus on maintaining a healthy balance sheet while driving sustainable long-term growth to deliver value for its shareholders through high dividends and share repurchases.

Outstanding Share

As of March 31, 2025, Himax had 174.9 million ADS outstanding, unchanged from last quarter. On a fully diluted basis, the total number of ADS outstanding for the first quarter was 175.1 million.

Q2 2025 Outlook

On the recent abrupt and significant NT dollar appreciation against the US dollar, its impact on Himax’s Q2 financial results is limited and has been accounted for in the financial guidance for the quarter. All of Himax’s revenues and nearly all of its cost of sales are US dollar denominated, providing a natural hedge for its buying and selling activities. In addition, the bulk of our R&D expenses, save for employee salaries, are also US dollar based. For employee compensation, a major item of Himax’s operating expenses, while its employees are paid in the local currency of their location for their salaries, their bonuses are all US dollar based. Other major non-US dollar expenses, mostly NT dollar-denominated, include utilities and income tax expenses. While Company don’t hedge for currency risk of our non-US dollar based operational expenses as the cost of such hedging would usually outweigh the benefit, Himax does purchase NTD in advance to cover the income tax payable, thereby minimizing the currency risk of a major expense item.

The recently announced U.S. tariff measures have intensified global trade tensions, triggered volatility in capital markets, and heightened macroeconomic and market demand uncertainty. Currently, tariffs have not had a significant direct impact on Himax’s business, as Company’s IC products are not directly exported to the U.S. Instead, they are assembled into panels or modules by customers outside the United States and then sold into global markets, including the United States. Just a negligible portion — about 2%—of Himax’s products are shipped directly to the United States. Only customers for these products are subject to U.S. tariffs. Almost all of these products are manufactured in Taiwan. While some customers have requested early shipments to avoid tariff duties, many others have opted to defer their orders amid ongoing tariff-related uncertainties. The company’s conservative Q2 revenue guidance reflects the highly cautious stance of its customers in general toward the global economic outlook and end market demand amid ongoing tariff development. Looking into the second half of the year, overall market visibility remains low with the world continuing to closely monitor the development of tariff negotiations. As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established supply chain in Taiwan while further strengthening its supply chain presence in China, Korea, Singapore, and other regions to ensure production flexibility and cost competitiveness, and to better mitigate geopolitical risks.

Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, Himax is carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses. Concurrently, Company is further optimizing costs by diversifying both foundry and backend packaging and testing, while mitigating risks and enhancing manufacturing flexibility. This approach is exemplified by the major milestone recently achieved in automotive display IC collaboration with Nexchip in China, with products now in mass production and adopted by leading automakers. This not only validates Himax’s diversified supply chain strategy but also underscores its steadfast commitment to scaling capacity and cost optimization.

Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of Himax’s automotive business.

In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics (CPO). Technologies in these areas are approaching maturity and offer substantial growth potential. As a pioneer and leader in key technologies enabling these novel areas, Himax is working closely with supply chain partners, from technology development through to mass production, to actively expand new business opportunities. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. Himax expects these businesses to contribute meaningfully to both revenue and gross margin in the years ahead.

Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets, establish close partnerships with industry-leading companies, and continue to expand its global footprint while developing long-term competitive advantages. In Himax’s latest cross-border cooperation the Company established a three-party strategic alliance with Powerchip and Tata Electronics, a subsidiary of Tata Group, India’s largest and most influential conglomerate. This collaboration combines Tata Electronics’ deep manufacturing and local supply chain integration strengths, Powerchip’s mature wafer manufacturing capabilities, and Himax’s leading display IC and WiseEye ultralow power AI sensing technologies to jointly create a powerful ecosystem. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring the huge potential demand of the Indian market.

Display Driver IC Businesses

LDDIC

In Q2 2025, Himax anticipates large display driver IC sales to decline by a single digit sequentially, driven by customers’ pull forward orders placed in prior quarters, against the backdrop of Chinese government subsidies boosting domestic consumption. Monitor and notebook IC sales are expected to decrease in Q2, whereas TV IC sales are set to increase sequentially, driven by higher shipments to key end customers.

Looking ahead in the notebook sector, Himax is observing a growing trend for premium notebooks to adopt OLED displays and advanced touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. In addition, Himax is expanding its high-speed interface product portfolio to support faster data transfer rates, lower latency, and improved power efficiency, features that are critical for next-generation displays. Himax has made progress on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This high-speed interface supports high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. Through ongoing portfolio expansion and continuous technology innovation, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.

SMDDIC

Q2 small and medium-sized display driver IC business is expected to decline single-digit from the last quarter. Himax expects Q2 automotive driver IC sales, including both TDDI and traditional DDIC, to decline mid-teens sequentially, reflecting the combined impact of tariffs and the waning effect of China’s automotive subsidy program. Despite these near-term headwinds, automotive TDDI adoption continues to expand across the globe, driven by growing demand for more intuitive, interactive, and cost-effective touch panel features essential in modern vehicles. Himax’s cumulative shipments of automotive TDDI have outpaced competitors, with nearly 500 design-in projects secured to date, the majority of which have yet to enter mass production. On top of a continuous influx of new pipelines and design wins across the board, Himax is well-positioned for continued growth, further reinforcing Himax’s leadership in this space. For automotive DDIC, Himax continues to see solid shipment volume for automotive DDICs for non-touch applications including cluster displays, HUDs, and rear- and side-view mirrors. Company’s confidence is further strengthened by the growing proliferation of advanced technologies, such as LTDI (Large Touch and Display Driver Integration) in large-display car models. Himax is a pioneer in LTDI technology, which supports seamless, integrated large touch display panels, typically larger than 30 inches or spanning pillar-to-pillar across the entire width of the cockpit. LTDI also features high-density touch functionality for responsive performance, making it ideal for next-generation smart cabin designs that emphasize large displays and intuitive touch interaction. Additionally, Himax is seeing an increasing number of customers choosing to adopt its integrated LTDI and Tcon solution as the standard platform for their ultra large automotive display development. Such panels typically require four or more LTDI chips and at least one local dimming Tcon per panel. This growing platform adoption of more of Himax’s automotive IC offerings not only reflects strong customer loyalty to its technologies but also signifies an increase in content value for Himax on a per-panel basis. Multiple projects with global leading car brands are set to begin mass production starting the end of 2025. Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies.

Himax expects Q2 smartphone IC revenues to decline mid-teens from last quarter, while tablet IC sales are poised to grow by high teens sequentially, driven by renewed demand from leading customers following several quiet quarters.

On OLED business update. In the automotive OLED market, Himax has forged strategic alliances with leading panel makers in Korea, China, and Japan. As OLED technology expands beyond premium car models, Himax is well positioned to become the partner of choice and accelerate OLED adoption in vehicles by capitalizing on its strong presence and proven track record in automotive LCD displays. Leveraging Himax’s first mover advantage, Company offers a comprehensive suite of solutions, including DDIC, Tcon, and on-cell touch controllers. It’s worth noting that Himax’s advanced OLED on-cell touch-control technology boasts an industry-leading signal-to-noise ratio exceeding 45 dB, delivering reliable performance even under challenging operational conditions such as glove wearing or wet-finger. The solution entered mass production in 2024, and an increasing number of leading global brands are rapidly adopting it for their premium car models. Himax expects to be a key beneficiary of the shift to OLED displays for the automotive industry over the next few years, unlocking a new growth driver for Himax that further reinforces its market leadership.

In addition, Himax has expanded its comprehensive OLED portfolio into the tablet and notebook markets, covering DDIC, Tcon, and touch controllers, through partnerships with leading OLED panel makers in Korea and China. Several new projects are slated to enter mass production with top-tier brands later this year. Meanwhile, Himax is developing value-added features, such as active stylus and gaming models to further enhance its product differentiation and competitive edge. In the smartphone OLED market, Himax is making solid progress in its collaborations with customers in Korea and China and expects mass production to start later this year.

Non-Driver Product Categories

Q2 non-driver IC revenues are expected to increase low teens sequentially.

Timing Controller (Tcon)

Himax anticipates Q2 2025 Tcon sales to increase high teens sequentially, primarily due to increased shipment of Tcon for notebook and automotive products. Automotive Tcon sales are set to increase by double digit in Q2, fueled by a strong pipeline of over two hundred design-win projects gradually entering mass production. With a steady influx of new projects, coupled with growing validation and widespread adoption of Himax’s local dimming Tcon in both premium and mainstream car models worldwide, Himax continues to maintain an unchallenged leadership position with a dominant market share. In the second quarter, Himax expects Tcon business to account for over 12% of total sales, with notable contributions from automotive Tcon. Meanwhile, head-up-display (HUD) is emerging as a major growth area within automotive displays, where local dimming Tcon adoption is accelerating. Himax’s industry-leading local dimming Tcon eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, delivering crisp, high‑fidelity images on the windshield. Additionally, it features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. With several HUD projects already underway and increasing inquiries, Himax is excited about the potential opportunity ahead. Himax’s automotive Tcon business is well positioned for growth over the next few years.

WiseEye™ Ultralow Power AI Sensing

On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. In the rapidly evolving AI landscape, WiseEye AI technology stands out for its expertise in on‑device AI, characterized by remarkably low power consumption, operating at just single‑digit milliwatts, and enabling AI functionality in battery‑powered endpoint devices. Additionally, WiseEye AI significantly extends battery life and improves overall data processing efficiency by offloading tasks from the main processor. These attributes unlock new opportunities across a wide range of everyday battery‑powered endpoint applications, evidenced by broad adoption of WiseEye AI across diverse applications, including notebooks, tablet, smart door locks, surveillance systems, access control, smart retail and many others.

On notebook, building on the success with Dell notebooks, WiseEye AI is expanding into additional use cases across other leading notebook brands, with some entering production later this year and expanding further into 2026. The growing adoption is further fueled by the rise of AI PCs, as WiseEye’s ultralow power, on-device inference capabilities align seamlessly with the industry’s shift toward more intelligent, context-aware, and energy-efficient computing. WiseEye’s advanced local inferencing technology enables real-time, high-precision user engagement detection by analyzing presence and motion, supporting a broad set of intelligent features, such as head pose estimation, gaze tracking, facial expression recognition, voice command, adaptive screen dimming, secure identity authentication and many others. These features enhance interactivity and user comfort without compromising battery life or system performance, making it fit for the demands of high performance and energy efficient next-generation AI PCs.

WiseEye also continues to achieve significant market success across various sectors such as smart door lock where Himax introduced the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Himax is now expanding globally by collaborating with a number of leading door lock makers worldwide to integrate a suite of innovative AI features, including palm vein biometric access, parcel recognition, and anti-pinch protection. Several of these value-added solutions are slated for mass production later this year. WiseEye also powers smart retail, exemplified by Himax’s collaboration with E Ink on e‑Signage. Its always‑on AI detects viewer attributes, such as gender, appearance, and age, followed by real-time personalized ads and nearby product recommendations, creating immersive engagement that elevates the in‑store shopping experience.

For an update on Himax’s WiseEye module business. Equipped with pre-trained no-code or low-code AI, WiseEye modules simplify AI integration and support diverse use cases, including human presence detection, gender and age recognition, gesture recognition, face mesh, voice commands, thermal image sensing, palm vein authentication, and people flow management. Among them, the Himax PalmVein module has generated strong engagement across several industries. Multiple design wins have been secured, with mass production underway by global customers for smart access, workforce management and smart door lock, as Himax continues to explore additional application opportunities. Meanwhile, to meet growing demand for flexible access control in varied settings, the upgraded WiseEye PalmVein suite now combines palm‑vein recognition and facial recognition with peephole‑camera input, underpinned by an advanced liveness check for high‑precision, multi‑modal authentication. This upgraded PalmVein module not only enhances security by offering multiple layers of biometric verification but also ensures adaptability across a wide range of environments. These attributes make it particularly appealing to global brands looking to differentiate their products with enhanced security, greater user convenience, and flexible customization. Himax anticipates increasing sales contribution from WiseEye PalmVein across a diverse array of applications starting next year and are excited about its long-term growth potential. Looking ahead, WiseEye is poised to scale rapidly across the broader AIoT market and emerge as a key growth driver for Himax in the years ahead.

Separately, Himax is bringing intelligent, ultralow power, always‑on AI sensing to AR glasses. Powered by real‑time, context‑aware AI running at single‑digit‑milliwatt, WiseEye uniquely delivers the two essentials for AR devices: instant responsiveness and all‑day battery life. These advantages have already led to WiseEye AI being adopted by a leading AR glasses platform, with ongoing engineering engagements involving several other prominent global AR tech names for their upcoming AR glasses. WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment in real time. This empowers instant response and key functionality such as object recognition, navigation assistance, translation, and environmental mapping, greatly enhancing the overall AR experience. WiseEye also enables precise inward sensing, detecting subtle eye movements, gaze direction, pupil size, and blinking, providing critical data for more intuitive and natural user interactions in AR applications.

Wafer Level Optics (WLO)

In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connectors, unveiled a state-of-the-art silicon photonics packaging technology, a critical technology to enable co-packaged optics (CPO) technology. This innovation of CPO integrates silicon photonic chips and optical connectors within multi-chip modules (MCM), replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM.

Currently, sample shipments of Company’s first-generation silicon photonics packaging solution for engineering validation and trial production are proceeding as planned, with volumes set to increase in the coming quarters. In addition, Himax continues to advance its technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through the joint development of future-generation CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC applications.

Himax is pleased to see its partner, FOCI, achieving significant advancements in silicon photonics packaging, with notable improvements in automated production and testing. Together, Himax and FOCI are actively progressing in process validation and yield optimization to enable full-scale production for leading AI customers. Himax is exceptionally positioned to capitalize on future growth opportunities in high-performance computing, AI inference, and data center markets.

Alongside the CPO progress, certain global technology leaders are now engaging Himax’s WLO expertise to develop next‑generation waveguides for AR glasses, a testament to the market’s growing confidence in Company’s WLO technology.

With strong growth opportunities from CPO and AR glasses in the making, Himax is as optimistic as ever that its WLO business can emerge as a significant revenue and profit engine in the years ahead.

LCoS

On Himax’s latest advancement in LCoS microdisplay technology. At Display Week 2025 next week in San Jose, Himax will debut its ultra-luminous, miniature Dual-Edge Front-lit LCoS microdisplay. This industry-leading solution integrates both the illumination optics and LCoS panel into an exceptionally compact form factor, as small as 0.09 c.c., and weighing only 0.2 grams, while targeting up to 350,000 nits brightness and 1 lumen output at just 250mW maximum total power consumption, demonstrating unparalleled optical efficiency. The luminance breakthrough ensures excellent eye-level visibility even in bright ambient conditions, while its compact form factor enables the development of sleek, everyday AR glasses. With industry-leading compact form factor, superior brightness and power efficiency, it is ideally suited for next-generation AR glasses and head-mounted displays where space, weight, and thermal constraints are critical. Growing collaborations with leading global tech companies are underway. Himax is confident that its technological advancements will help revitalize the AR glasses market, drive its expansion, and unlock new possibilities for immersive visual experiences.

Second Quarter 2025 Guidance
Net Revenue:	Decline 5.0% to Increase 3.0% QoQ
Gross Margin:	Around 31.0%, depending on final product mix
Profit:	8.5 cents to 11.5 cents per diluted ADS

HIMAX TECHNOLOGIES FIRST QUARTER 2025 EARNINGS CONFERENCE CALL
DATE:	Thursday, May 8, 2025
TIME:	U.S. 8:00 a.m. EDT
	Taiwan 8:00 p.m.

Live Webcast (Video and Audio):	http://www.zucast.com/webcast/tUOBrqcV
Toll Free Dial-in Number (Audio Only):	Hong Kong 2112-1444
	Taiwan 0080-119-6666
	Australia 1-800-015-763
	Canada 1-877-252-8508
	China (1) 4008-423-888
	China (2) 4006-786-286
	Singapore 800-492-2072
	UK 0800-068-8186
	United States (1) 1-800-811-0860
	United States (2) 1-866-212-5567
Dial-in Number (Audio Only):
	Taiwan Domestic Access 02-3396-1191
	International Access +886-2-3396-1191
Participant PIN Code: 3300508 #

If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3300508 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until May 8, 2026.

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

-Financial Tables-

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Profit or Loss
(These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS)
(Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)

	Three Months Ended March 31,						3 Months Ended December 31,
	2025			2024			2024

Revenues
Revenues from third parties, net	$	215,095		$	207,544		$	237,182
Revenues from related parties, net		38			6			41
		215,133			207,550			237,223

Costs and expenses:
Cost of revenues		149,581			146,805			164,963
Research and development		34,987			39,664			37,584
General and administrative		5,557			5,890			5,711
Sales and marketing		5,202			5,162			5,886
Total costs and expenses		195,327			197,521			214,144

Operating income		19,806			10,029			23,079

Non operating income (loss):
Interest income		2,312			2,524			2,042
Changes in fair value of financial assets at fair value through profit or loss		(17	)		(7	)		1,245
Foreign currency exchange gains, net		345			941			690
Finance costs		(903	)		(1,018	)		(964	)
Share of losses of associates		(742	)		(221	)		(360	)
Other gains		3,205			–			–
Other income		17			29			60
		4,217			2,248			2,713
Profit before income taxes		24,023			12,277			25,792
Income tax expense		3,841			–			761
Profit for the period		20,182			12,277			25,031
Loss (profit) attributable to noncontrolling interests		(195	)		221			(423	)
Profit attributable to Himax Technologies, Inc. stockholders	$	19,987		$	12,498		$	24,608

Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders	$	0.114		$	0.072		$	0.141
Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders	$	0.114		$	0.071		$	0.140

Basic Weighted Average Outstanding ADS		174,913			174,724			175,008
Diluted Weighted Average Outstanding ADS		175,072			175,026			175,146

Himax Technologies, Inc.
IFRS Unaudited Condensed Consolidated Statements of Financial Position
(Amounts in Thousands of U.S. Dollars)

	March 31, 2025			March 31, 2024			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	275,445		$	261,702		$	218,148
Financial assets at amortized cost		2,286			14,334			4,286
Financial assets at fair value through profit or loss		3,253			1,380			2,140
Accounts receivable, net (including related parties)		217,549			212,326			236,813
Inventories		129,867			201,872			158,746
Income taxes receivable		717			1,003			726
Restricted deposit		503,700			453,000			503,700
Other receivable from related parties		11			136			13
Other current assets		37,760			60,051			43,471
Total current assets		1,170,588			1,205,804			1,168,043
Financial assets at fair value through profit or loss		23,524			21,635			23,554
Financial assets at fair value through other comprehensive income		29,985			1,889			28,226
Equity method investments		8,061			3,173			8,571
Property, plant and equipment, net		120,538			128,938			121,280
Deferred tax assets		20,872			10,440			21,193
Goodwill		28,138			28,138			28,138
Other intangible assets, net		619			851			636
Restricted deposit		30			31			31
Refundable deposits		215,271			221,886			221,824
Other non-current assets		17,854			20,728			18,025
		464,892			437,709			471,478
Total assets	$	1,635,480		$	1,643,513		$	1,639,521
Liabilities and Equity
Current liabilities:
Short-term unsecured borrowings	$	602		$	–		$	–
Current portion of long-term unsecured borrowings		6,000			6,000			6,000
Short-term secured borrowings		503,700			453,000			503,700
Accounts payable (including related parties)		105,610			117,234			113,203
Income taxes payable		12,785			11,071			9,514
Other payable to related parties		–			92			–
Contract liabilities-current		5,176			14,739			10,622
Other current liabilities		50,443			116,558			63,595
Total current liabilities		684,316			718,694			706,634
Long-term unsecured borrowings		27,000			33,000			28,500
Deferred tax liabilities		557			499			564
Other non-current liabilities		7,489			14,823			7,496
		35,046			48,322			36,560
Total liabilities		719,362			767,016			743,194
Equity
Ordinary shares		107,010			107,010			107,010
Additional paid-in capital		115,722			114,982			115,376
Treasury shares		(5,546	)		(5,157	)		(5,546	)
Accumulated other comprehensive income		7,874			(94	)		8,621
Retained earnings		684,587			653,007			664,600
Equity attributable to owners of Himax Technologies, Inc.		909,647			869,748			890,061
Noncontrolling interests		6,471			6,749			6,266
Total equity		916,118			876,497			896,327
Total liabilities and equity	$	1,635,480		$	1,643,513		$	1,639,521

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S. Dollars)
	Three Months Ended March 31,						Three Months Ended December 31,
	2025			2024			2024

Cash flows from operating activities:
Profit for the period	$	20,182		$	12,277		$	25,031
Adjustments for:
Depreciation and amortization		5,156			5,471			5,564
Share-based compensation expenses		100			358			103
Losses (gains) on disposals of property, plant and equipment, net		(3,205	)		–			4
Changes in fair value of financial assets at fair value through profit or loss		17			7			(1,245	)
Interest income		(2,312	)		(2,524	)		(2,042	)
Finance costs		903			1,018			964
Income tax expense		3,841			–			761
Share of losses of associates		742			221			360
Inventories write downs		4,444			4,353			4,037
Unrealized foreign currency exchange losses (gains)		441			(868	)		(159	)
		30,309			20,313			33,378
Changes in:
Accounts receivable (including related parties)		13,083			15,704			(27,302	)
Inventories		24,435			11,083			29,675
Other receivable from related parties		2			(67	)		9
Other current assets		(978	)		2,298			2,502
Accounts payable (including related parties)		(7,250	)		13,202			(7,706	)
Other payable to related parties		–			(20	)		1
Contract liabilities		735			1,192			6
Other current liabilities		(3,763	)		(7,780	)		2,508
Other non-current liabilities		71			514			71
Cash generated from operating activities		56,644			56,439			33,142
Interest received		438			854			3,513
Interest paid		(835	)		(936	)		(1,047	)
Income tax paid		(200	)		391			(191	)
Net cash provided by operating activities		56,047			56,748			35,417

Cash flows from investing activities:
Acquisitions of property, plant and equipment		(5,221	)		(2,699	)		(3,222	)
Acquisitions of intangible assets		(52	)		(118	)		–
Acquisitions of financial assets at amortized cost		–			(2,439	)		(2,286	)
Proceeds from disposal of financial assets at amortized cost		2,000			500			10,289
Acquisitions of financial assets at fair value through profit or loss		(6,160	)		(7,488	)		(6,807	)
Proceeds from disposal of financial assets at fair value through profit or loss		5,017			8,163			3,722
Acquisitions of financial assets at fair value through other comprehensive income		(2,500	)		–			–
Acquisition of a subsidiary, net of cash paid		–			–			(5,416	)
Proceeds from capital reduction of investment		–			–			338
Acquisitions of equity method investment		–			–			(1,236	)
Decrease (increase) in refundable deposits		10,283			22,217			(8	)
Net cash provided by (used in) investing activities		3,367			18,136			(4,626	)

Cash flows from financing activities:
Purchase of treasury shares		–			–			(832	)
Prepayments for purchase of treasury shares		–			–			(2,168	)
Proceeds from issuance of new shares by subsidiaries		–			71			–
Proceeds from short-term unsecured borrowings		612			–			–
Repayments of long-term unsecured borrowings		(1,500	)		(1,500	)		(1,500	)
Proceeds from short-term secured borrowings		484,300			447,100			461,400
Repayments of short-term secured borrowings		(484,300	)		(447,100	)		(461,400	)
Payment of lease liabilities		(1,448	)		(1,148	)		(1,340	)
Guarantee deposits received (refunded)		–			(1,868	)		219
Net cash used in financing activities		(2,336	)		(4,445	)		(5,621	)
Effect of foreign currency exchange rate changes on cash and cash equivalents		219			(486	)		(1,161	)
Net increase in cash and cash equivalents		57,297			69,953			24,009
Cash and cash equivalents at beginning of period		218,148			191,749			194,139
Cash and cash equivalents at end of period	$	275,445		$	261,702		$	218,148

The MIL Network –

May 8, 2025

MIL-OSI: Brookfield Corporation Reports 27% Increase in Distributable Earnings to $1.5 Billion

Source: GlobeNewswire (MIL-OSI)

$850 million of Shares Repurchased to Date in 2025

Deployable Capital Increases to a Record $165 billion

BROOKFIELD, Nnews, May 08, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (NYSE: BN, TSX: BN) announced strong financial results for the quarter ended March 31, 2025.

Nick Goodman, President of Brookfield Corporation, said, “Our business performed well in the first quarter, with earnings 30% higher than the prior year, supported by continued momentum across our core operations. Our asset management business had strong inflows of $25 billion during the first quarter, our operating businesses continued to generate resilient cash flows, and our wealth solutions business delivered robust growth.”

He added, “In spite of increased market volatility, the outlook for our business continues to be strong and our focus remains unchanged; to deliver 15%+ returns to our shareholders over the long-term. We continue to reinvest our excess cash flows to further compound capital and with the recent volatility, we have accelerated share repurchases, buying back $850 million of shares so far this year.”

Operating Results

Distributable earnings (“DE”) before realizations increased by 30% over the prior year quarter.

^Unaudited ^{For the periods ended March 31} ^{(US$ millions, except per share amounts)}	Three Months Ended				Last Twelve Months Ended
		*2025*		2024		*2025*		2024
Net income of consolidated business¹	$	215	$	519	$	1,549	$	5,200
Net income attributable to Brookfield shareholders²	$	73		102	$	612		1,112

Distributable earnings before realizations³		1,301		1,001		5,171		4,279
– Per Brookfield share³		0.82		0.63		3.26		2.70

Distributable earnings³		1,549		1,216		6,607		4,865
– Per Brookfield share³		0.98		0.77		4.17		3.07

^{See endnotes on page 8.}

Total consolidated net income was $215 million for the quarter and $1.5 billion for the last twelve months (“LTM”). Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) for the last twelve months.

Our asset management business generated a 26% increase in fee-related earnings compared to the prior year quarter. This growth was attributed to robust fundraising momentum primarily driven by our complementary strategies and the final closes of two flagship funds.

Wealth solutions delivered another strong quarter of financial performance, benefiting from strong investment performance and continued growth of our insurance asset base.

Our operating businesses continue to deliver resilient and stable cash flows, underpinned by strong operating earnings across our renewable power and transition, infrastructure, and private equity businesses and 3% growth in same-store net operating income (“NOI”) from our core real estate portfolio.

During the quarter and for the LTM, earnings from realizations were $248 million and $1.4 billion, with total DE for the quarter and for the LTM of $1.5 billion ($0.98/share) and $6.6 billion ($4.17/share), respectively.

Regular Dividend Declaration

The Board declared a quarterly dividend for Brookfield Corporation of $0.09 per share, payable on June 30, 2025 to shareholders of record as at the close of business on June 13, 2025. The Board also declared the regular monthly and quarterly dividends on our preferred shares.

Operating Highlights

Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) over the last twelve months, representing an increase of 30% on a per share basis over the prior year quarter. Total distributable earnings were $1.5 billion ($0.98/share) for the quarter and $6.6 billion ($4.17/share) over the last twelve months.

Asset Management:

DE was $684 million ($0.43/share) in the quarter and $2.7 billion ($1.71/share) over the LTM.
Fee-related earnings were a record $698 million, representing growth of 26% compared to the prior year quarter. This was driven by a 20% increase in fee-bearing capital over the LTM to $549 billion. Total inflows were $25 billion in the quarter.
We closed our flagship opportunistic credit fund strategy at $16 billion and finalized the institutional close for our fifth vintage opportunistic real estate strategy, bringing total capital raised to approximately $16 billion – with the final close-out of clients in wealth and regional sleeves expected over the balance of the year, we are set to have by far our largest pool of capital for opportunistic real estate to date.
Subsequent to the quarter end, we announced the acquisition of a majority stake in Angel Oak, a leading origination platform and asset manager with over $18 billion of assets under management.

Wealth Solutions:

DE was $430 million ($0.27/share) in the quarter and $1.5 billion ($0.95/share) over the LTM.
We originated $4 billion of retail and institutional annuity sales during the quarter, increasing insurance assets to $133 billion at quarter end.
The business maintains a strong financial position, with statutory capital growing to over $16 billion.
We continue to gradually rotate the investment portfolio, rotating over $8 billion of American Equity Life’s portfolio to date, contributing to an average investment portfolio yield of 5.7%, which is 1.8% higher than the average cost of funds, and we maintain a 15% return on our $11.5 billion invested capital.
Through our combined wealth solutions platforms, we are raising close to $2 billion of retail capital per month, inclusive of over $650 million from our private wealth channel.

Operating Businesses:

DE was $426 million ($0.27/share) in the quarter and $1.7 billion ($1.08/share) over the LTM.
Cash distributions from our operating businesses are underpinned by strong operating earnings. Our core real estate portfolio continues to grow its same-store NOI, delivering a 3% increase over the prior year quarter.
In our real estate business, we signed nearly 9 million square feet of office and retail leases during the quarter, including 2.3 million square feet of office leases in the U.S.
In our North American residential business, we generated approximately $640 million of proceeds from the sale of master plan communities as we shift the business to a more capital-light model.

Earnings from the monetization of mature assets were $248 million ($0.16/share) for the quarter and $1.4 billion ($0.91/share) over the LTM.

During the quarter, we successfully closed approximately $22 billion of asset sales across the business. Substantially all sales were completed at prices in line or above our carrying values.
Total accumulated unrealized carried interest was $11.6 billion at quarter end, representing an increase of 14% compared to the prior year, net of $409 million carried interest realized into income over the LTM.
As we execute on our monetization pipeline, we expect to realize much of this into income over the next five years.

We ended the quarter with a record $165 billion of capital available to deploy into new investments.

We have deployable capital of $165 billion, which includes $69 billion of cash, financial assets and undrawn credit lines at the Corporation, our affiliates and our wealth solutions business.
Our balance sheet remains conservatively capitalized. Our corporate debt at the Corporation has a weighted-average term of 15 years, and today, we have no maturities through the end of 2025.
We maintained strong access to the capital markets and executed on over $30 billion of financings, including issuing $500 million of 30-year senior unsecured notes at the Corporation, achieving our tightest 30-year spread to date.
To date this year, we have completed $850 million of share repurchases at prices significantly lower than our intrinsic value, adding value to each remaining share.

CONSOLIDATED BALANCE SHEETS

^Unaudited ^{(US$ millions)}				*March 31*			December 31
				*2025*				2024
Assets
Cash and cash equivalents			$	12,437			$	15,051
Other financial assets				29,996				25,887
Accounts receivable and other				44,070				40,509
Inventory				8,706				8,458
Equity accounted investments				69,405				68,310
Investment properties				95,960				103,665
Property, plant and equipment				152,908				153,019
Intangible assets				37,219				36,072
Goodwill				37,024				35,730
Deferred income tax assets				3,852				3,723
Total Assets			$	491,577			$	490,424

Liabilities and Equity
Corporate borrowings			$	14,607			$	14,232
Accounts payable and other				58,795				60,223
Non-recourse borrowings				231,257				220,560
Subsidiary equity obligations				3,354				4,759
Deferred income tax liabilities				24,634				25,267

Equity
Non-controlling interests in net assets	$	113,667			$	119,406
Preferred equity		4,103				4,103
Common equity		41,160		158,930		41,874		165,383
Total Equity				158,930				165,383
Total Liabilities and Equity			$	491,577			$	490,424

CONSOLIDATED STATEMENTS OF OPERATIONS

^Unaudited ^{For the periods ended March 31} ^{(US$ millions, except per share amounts)}	Three Months Ended
		2025			2024
Revenues	$	17,944		$	22,907
Direct costs¹		(10,995	)		(16,571	)
Other income and gains		588			240
Equity accounted income		519			686
Interest expense
– Corporate borrowings		(179	)		(173	)
– Non-recourse borrowings
Same-store		(3,916	)		(3,955	)
Dispositions, net of acquisitions²		188			—
Upfinancings²		(254	)		—
Corporate costs		(18	)		(17	)
Fair value changes		(824	)		158
Depreciation and amortization		(2,455	)		(2,475	)
Income tax		(383	)		(281	)
Net income		215			519
Net income attributable to non-controlling interests		(142	)		(417	)
Net income attributable to Brookfield shareholders	$	73		$	102

Net income per share
Diluted	$	0.02		$	0.04
Basic		0.02			0.04

^{1. Direct costs disclosed above exclude depreciation and amortization expense.}
^{2. Interest expense from dispositions, net of acquisitions, and upfinancings completed over the twelve months ended March 31, 2025.}

SUMMARIZED FINANCIAL RESULTS

DISTRIBUTABLE EARNINGS

^Unaudited ^{For the periods ended March 31} ^{(US$ millions)}	Three Months Ended						Last Twelve Months Ended
		2025			2024			2025			2024
Asset management	$	684		$	621		$	2,708		$	2,508

Wealth solutions		430			273			1,507			868

BEP		113			107			434			419
BIP		89			84			341			323
BBU		6			9			32			36
BPG		215			166			904			759
Other		3			(29	)		4			(37	)
Operating businesses		426			337			1,715			1,500

Corporate costs and other		(239	)		(230	)		(759	)		(597	)
Distributable earnings before realizations¹		1,301			1,001			5,171			4,279
Realized carried interest, net		189			183			409			547
Disposition gains from principal investments		59			32			1,027			39
Distributable earnings¹	$	1,549		$	1,216		$	6,607		$	4,865

^{1. Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.}

RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS

^Unaudited ^{For the periods ended March 31} ^{(US$ millions)}	Three Months Ended						Last Twelve Months Ended
		2025			2024			2025			2024
Net income	$	215		$	519		$	1,549		$	5,200
Financial statement components not included in DE:
Equity accounted fair value changes and other items		952			629			3,002			2,727
Fair value changes and other		869			(9	)		3,530			1,981
Depreciation and amortization		2,455			2,475			9,717			9,362
Disposition gains in net income		(402	)		(35	)		(1,601	)		(6,071	)
Deferred income taxes		(159	)		(44	)		(456	)		(849	)
Non-controlling interests in the above items¹		(2,639	)		(2,525	)		(10,684	)		(8,192	)
Less: realized carried interest, net		(189	)		(183	)		(409	)		(547	)
Working capital, net		199			174			523			668
Distributable earnings before realizations²		1,301			1,001			5,171			4,279
Realized carried interest, net³		189			183			409			547
Disposition gains from principal investments		59			32			1,027			39
Distributable earnings²	$	1,549		$	1,216		$	6,607		$	4,865

^{1. DE is a non-IFRS measure proportionate to the interests of shareholders and therefore excludes items in income attributable to non-controlling interests in non-wholly owned subsidiaries.}
^{2. Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.}
^{3. Includes our share of Oaktree’s distributable earnings attributable to realized carried interest.}

EARNINGS PER SHARE

^Unaudited ^{For the periods ended March 31} ^{(millions, except per share amounts)}	Three Months Ended						Last Twelve Months Ended
		2025			2024			2025			2024
Net income	$	215		$	519		$	1,549		$	5,200
Non-controlling interests		(142	)		(417	)		(937	)		(4,088	)
Net income attributable to shareholders		73			102			612			1,112
Preferred share dividends¹		(40	)		(42	)		(166	)		(167	)
Net income available to common shareholders		33			60			446			945
Dilutive impact of exchangeable shares of affiliate		—			—			12			7
Net income available to common shareholders including dilutive impact of exchangeable shares	$	33		$	60		$	458		$	952

Weighted average shares		1,504.0			1,518.8			1,507.5			1,545.4
Dilutive effect of conversion of options and escrowed shares using treasury stock method² and exchangeable shares of affiliate³		39.5			24.8			76.3			39.5
Shares and share equivalents		1,543.5			1,543.6			1,583.8			1,584.9

Diluted earnings per share	$	0.02		$	0.04		$	0.29		$	0.60

^{1.   Excludes dividends paid on perpetual subordinated notes of $3 million (2024 – $3 million) and $10 million (2024 – $10 million) for the three and twelve months ended March 31, 2025, which are recognized within net income attributable to non-controlling interests.}
^{2.   Includes management share option plan and escrowed stock plan.}
^{3.   Per share amounts are inclusive of the dilutive effect of mandatorily redeemable preferred shares held in a consolidated subsidiary. Due to its anti-dilutive effect on EPS for the three months ended March 31, 2025, the exchange of BWS Class A shares has been excluded from the diluted EPS calculation.}

Additional Information

The Letter to Shareholders and the company’s Supplemental Information for the three and twelve months ended March 31, 2025, contain further information on the company’s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company’s website.

The statements contained herein are based primarily on information that has been extracted from our financial statements for the periods ended March 31, 2025, which have been prepared using IFRS Accounting Standards, as issued by the International Accounting Standards Board (“IASB”). The amounts have not been audited by Brookfield Corporation’s external auditor.

Brookfield Corporation’s Board of Directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

Information on our dividends can be found on our website under Stock & Distributions/Distribution History.

Quarterly Earnings Call Details

Investors, analysts and other interested parties can access Brookfield Corporation’s 2025 First Quarter Results as well as the Shareholders’ Letter and Supplemental Information on Brookfield Corporation’s website under the Reports & Filings section at www.bn.brookfield.com.

To participate in the Conference Call today at 10:00 a.m. ET, please pre-register at https://register-conf.media-server.com/register/BI8ec76857c24d465f8738d2aa3d9d69f7. Upon registering, you will be emailed a dial-in number, and unique PIN. The Conference Call will also be webcast live at https://edge.media-server.com/mmc/p/wq9u3hrd. For those unable to participate in the Conference Call, the telephone replay will be archived and available until May 8, 2026. To access this rebroadcast, please visit: https://edge.media-server.com/mmc/p/wq9u3hrd.

About Brookfield Corporation

Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

Please note that Brookfield Corporation’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at www.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

For more information, please visit our website at www.bn.brookfield.com or contact:

Media:
Kerrie McHugh
Tel: (212) 618-3469
Email: kerrie.mchugh@brookfield.com

Investor Relations:
Katie Battaglia
Tel: (416) 359-8544
Email: katie.battaglia@brookfield.com

Non-IFRS and Performance Measures

This news release and accompanying financial information are based on IFRS Accounting Standards, as issued by the IASB, unless otherwise noted.

We make reference to Distributable Earnings (“DE”). We define DE as the sum of distributable earnings from our asset management business, distributable operating earnings from our wealth solutions business, distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments, net of earnings from our Corporate Activities, preferred share dividends and equity-based compensation costs. We also make reference to DE before realizations, which refers to DE before realized carried interest and realized disposition gains from principal investments. We believe these measures provide insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business.

Realized carried interest and realized disposition gains are further described below:

Realized Carried Interest represents our contractual share of investment gains generated within a private fund after achieving our clients’ minimum return requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.
Realized Disposition Gains from Principal Investments are included in DE because we consider the purchase and sale of assets from our directly held investments to be a normal part of the company’s business. Realized disposition gains include gains and losses recorded in net income and equity in the current period, and are adjusted to include fair value changes and revaluation surplus balances recorded in prior periods which were not included in prior period DE.

We use DE to assess our operating results and the value of Brookfield Corporation’s business and believe that many shareholders and analysts also find this measure of value to them.

We may make reference to Operating Funds from Operations (“Operating FFO”). We define Operating FFO as the company’s share of revenues less direct costs and interest expenses; excludes realized carried interest and disposition gains, fair value changes, depreciation and amortization and deferred income taxes; and includes our proportionate share of FFO from operating activities recorded by equity accounted investments on a fully diluted basis.

We may make reference to Net Operating Income (“NOI”), which refers to our share of the revenues from our operations less direct expenses before the impact of depreciation and amortization within our real estate business. We present this measure as we believe it is a key indicator of our ability to impact the operating performance of our properties. As NOI excludes non-recurring items and depreciation and amortization of real estate assets, it provides a performance measure that, when compared to prior periods, reflects the impact of operations from trends in occupancy rates and rental rates.

We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with IFRS. These financial measures, which include DE, should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS. We caution readers that these non-IFRS financial measures or other financial metrics are not standardized under IFRS and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.

We provide additional information on key terms and non-IFRS measures in our filings available at www.bn.brookfield.com.

End Notes

^{1. Consolidated basis – includes amounts attributable to non-controlling interests.}
^{2. Excludes amounts attributable to non-controlling interests.}
^{3. See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8.}

Notice to Readers

Brookfield Corporation is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward- looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Corporation and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which in turn are based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield Corporation are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect,” “anticipate,” “believe,” “foresee,” “could,” “estimate,” “goal,” “intend,” “plan,” “seek,” “strive,” “will,” “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of current market or economic conditions on our business, the future state of the economy or the securities market, the anticipated allocation and deployment of our capital, our fundraising targets, and our target growth objectives.

Although Brookfield Corporation believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including asset management, wealth solutions, renewable power and transition, infrastructure, private equity, real estate and corporate activities; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release or such other date specified herein. Except as required by law, Brookfield Corporation undertakes no obligation to publicly update or revise any forward- looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).

Target returns and growth objectives set forth in this news release are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield Corporation in relation to the investment strategies being pursued, any of which may prove to be incorrect. There can be no assurance that targeted returns or growth objectives will be achieved. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield Corporation’s control, the actual performance of the business could differ materially from the target returns and growth objectives set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns and growth objectives. No assurance, representation or warranty is made by any person that the target returns or growth objectives will be achieved, and undue reliance should not be put on them.

When we speak about our wealth solutions business or Brookfield Wealth Solutions, we are referring to Brookfield’s investments in this business that supported the acquisitions of its underlying operating subsidiaries.

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 United Nations: UN road safety exhibition at the Palais des Nations to raise awareness about risk factors on the road and existing solutions

Source: United Nations Economic Commission for Europe

On the eve of the 8^th UN Road safety Week, the United Nations Secretary-General’s Special Envoy for Road Safety, Jean Todt, with support of the Permanent Representation of Malaysia to the UN and International Organizations in Geneva, will launch the UN road safety exhibition. Taking place at the Palais des Nations, Geneva, on Friday, 9 May, the exhibition aims to raise awareness about the risk factors on the road and existing solutions that can improve road safety and save millions of lives worldwide.

In line with the main theme of the 8th UN Road Safety Week – making cycling and walking safe – the exhibition will feature the “Helmets for Hope” project, which consists of 17 helmets compliant with UN safety standards, and painted by refugees and artists from all over the world. This project is an initiative of the Secretariat of the Special Envoy, in collaboration with Artolution and with the support of Keep Fighting Foundation.

Motorcycle users are particularly vulnerable on the road. Wearing a helmet that complies with UN safety standards is a game changer. It can reduce the risk of death by over 6 times and reduce the risk of brain injury by up to 74% (WHO 2021). It is therefore urgent to promote the widespread use of UN certified helmets.

The exhibition will also feature 17 visuals of the UN-JCDecaux campaign #MakeASafety Statement, with the support of the International Olympic Committee. In addition, there will be vehicle safety demonstrations on the prevention and management of car crashes, including extinguishing battery fire, and a simulation test of driving tired and under influence.

The exhibition will be followed by a conversation on safe and sustainable mobility in the city, hosted by the Permanent Representation of Belgium to the United Nations and International Organizations in Geneva.

The silent pandemic on the road

The Special Envoy for Road Safety, Jean Todt, qualified road crashes as “The Silent Pandemic on the Road”. Every year, the staggering toll of road-related fatalities globally claims the lives of 1.19 million people, leaving 50 million others with severe injuries. Furthermore, road crashes are the leading cause of death for children and young adults aged 5–29 years (WHO 2021). Two months after the Declaration of Marrakesh where Member States further engaged to accelerate the efforts to achieve the new Decade of Action for Road Safety, it is urgent to act together to achieve the goal of halving the number of the victims on the road by 2030.

“Road crashes are not a fatality. This is why this exhibition on road safety at the Palais des Nations is important for raising awareness about the risk factors on the road. It also demonstrates the importance of building a global partnership for achieving road safety SDG targets,” the Special Envoy noted.

Make a Safety Statement

The UN Global Campaign for Road Safety – #MakeASafetyStatement, in partnership with JCDecaux, is part of UN efforts to raise public awareness of life-saving initiatives on the road. By the end of 2025, the campaign will appear on billboards and in public places in 80 countries, thanks to a global partnership with JCDecaux. It will be broadcast in about 1,000 towns and cities in 30 languages.

Under the slogan #MakeASafetyStatement, the campaign brings together celebrities worldwide, such as Patrick Dempsey, Michelle Yeoh, Charles Leclerc, Didier Drogba, Teddy Riner, Kylie Minogue, Mick Schumacher or Naomi Campbell, to encourage users to adopt simple but effective rules to keep their roads safe. Olympic athletes also joined the campaign, thanks to the support of the International Olympic Committee (IOC).

With making walking and cycling safe in the focus of the 8^th UN road safety week, the Office of the Special Envoy has strengthened its collaboration with the International Union of Cyclists (UCI), thanks to the participation of Tadej Pogačar who is one of the champions of the MakeASafetyStatement campaign.

Towards zero victims on the road in Switzerland

According to the Swiss Federal Roads Office, road crashes caused 250 deaths in Switzerland in 2024, the highest figure since 2015. There were 47 deaths among motorcyclists with an increase among young people, 25 on electric bicycles, 20 among “conventional” cyclists, and 48 among pedestrians, the majority of whom were outside of pedestrian crossings.

Of the total, alcohol was the suspected primary cause in 34 cases (+31% year-on-year), ahead of speeding, with 33 cases, and then inattention or distraction. Among deaths in passenger car accidents, the sharpest increase was observed among those aged 25 to 34 and those aged 75 and over.

However, the number of people seriously injured decreased. Switzerland is one of the countries that has invested in road safety with zero tolerance, and has achieved a road fatality rate of 2 per 100,000 inhabitants (compared to 6.5/100,000 in Europe and 19.5/100,00 in Africa (WHO 2021). The country can therefore show good practices that could be implemented in other countries.

Risk factors that are often neglected

Only 7 countries in the world have laws that comply with WHO best practices for all the risk factors (France, Greece, Hungary, Italy, Luxembourg, Portugal, Sweden) on speeding, driving under the influence or distracted driving, use of UN-standard motorbike helmets, and use of seatbelts and child restraints as regulated by UNECE.

For example, safety-belts remain the best vehicle safety device to protect passengers from being severely injured in a crash or being ejected from the vehicle. Over the past several decades regulation and consumer demand have led to increasingly safe cars in higher income countries, in turn leading to fewer road fatalities. For example, in the UNECE region, total road fatalities decreased by 25% in between 2000 and 2010, and by 15% in the period 2010-2019. In particular, this drop was more significant among car occupants (UNECE 2024).

Malaysia supports the UN Decade of Action for Road Safety

One study by the Malaysian Institute of Road Safety Research (MIROS) revealed that many young riders in Malaysia begin as early as the age of 12, often without licenses or proper training. These insights have helped Malaysia shape more targeted interventions, because when we understand the behaviour, we are better positioned to implement solutions that are both smart and achievable.

In support of this, Malaysia continues to prioritise helmet use among young motorcyclists. In addition to education and awareness campaigns in schools and rural areas, Malaysia introduced a Helmet Exchange Programme that allows riders to swap old or non-compliant helmets for new, safety-certified ones. This effort is vital as motorcyclists account for over 60% of road traffic fatalities in Malaysia, with the highest risk group being those aged 16 to 20. By improving access, building awareness, and fostering behavioural change, we aim to instill a culture of safety from early age.

Malaysia firmly embraces the vision of the UN Decade of Action, to reduce road traffic fatalities by 50% by 2030. To this end, Malaysia continues to work closely with key road safety stakeholders, including the WHO.

Learn more about the programme of the exhibition here.

MIL OSI United Nations News –

May 8, 2025
MIL-OSI United Kingdom: Delivering our Plan for Change for workers
Source: United Kingdom – Government Statements

Speech

Delivering our Plan for Change for workers

The Health and Social Care Secretary Wes Streeting spoke at the Union of Shop, Distributive and Allied Workers (Usdaw) Annual Conference in Blackpool.
It’s great to be here in Blackpool.

Paddy (Lillis), you stood in the tradition of the greatest leaders of our movement, who believed it was not enough to walk through the streets demanding change, but that we had to walk through the corridors of power to deliver it.

I also want to say thank you to Dave (McCrossen) for his leadership as Deputy General Secretary.

Paddy, Dave, what you and your team have achieved in Usdaw is truly remarkable.

Given the challenges facing retail and food distribution and the high turnover rates in the sector, maintaining your membership is a tough enough challenge, but with your leadership, Usdaw has grown.

With the switch to online shopping and the decline of our high streets, accelerated by the pandemic, others would have thrown in the towel.

Instead, your Retail Recovery Plan is helping the sector to come back stronger.

Usdaw is an example to the trade union and labour movement:

to focus on the issues that matter most in the workplace

to keep our heads screwed on and our feet on the ground

to always champion the interests of working people

Paddy, Dave, on behalf of everyone here and on behalf of the Prime Minister and the government, thank you for everything you’ve done for Usdaw and for our country.

I’m also delighted to welcome Joanne as Usdaw’s new General Secretary. Joanne, you made history as Usdaw’s youngest regional secretary and now you’ve made history as the first woman to become general secretary – and the youngest, too!

It’s clear the whole conference is excited to see what you do in the role. Congratulations and good luck!

I owe so much to Usdaw.

[Redacted political content.]

And having had my life saved by the NHS when I had kidney cancer at the age of 38, I can think of no better way of repaying the debt I owe to the NHS than by saving our National Health Service.

We should be in no doubt about the threat to our NHS.

When we came into government, we took over an NHS going through the worst crisis in history:

waiting lists at historic highs

patient satisfaction at record lows

people struggling to see a GP

dental deserts in huge swathes of the country

ambulances not turning up on time

A&E departments full to bursting

doctors on picket lines, instead of the front line

that founding promise, that the NHS would always be there for us when we needed it, broken

The NHS was broken.

[Redacted political content.]

Broken, but not beaten. Because every day there are amazing people delivering outstanding and compassionate care, despite all those challenges.

Not beaten, because as Nye Bevan is often quoted as saying: “The NHS will last as long as there’s folk with faith left to fight for it.”

Well, every day since I became Health Secretary, I’ve gone into work fighting for our NHS.

To restore that basic founding principle that the NHS should always be there for us when we need it.

With our Plan for Change, we’ve hit the ground running.

As our first step, we promised 2 million more appointments in our first year.

Promise made, promise kept:

we delivered our promise 7 months early and we’ve smashed our target – delivering not 2, but 3 million extra appointments since July and rising

we’ve got waiting lists down 6 months on the trot, including during peak winter pressures

we ended the strikes within 3 weeks and delivered an above-inflation pay rise for NHS staff

we’ve invested an extra £26 billion in health and care

we’ve recruited 1,500 more GPs – and agreed a GP contract for the first time since the pandemic

we’ve delivered the biggest investment to hospices in a generation

the biggest expansion of Carer’s Allowance since the 1970s

a massive boost for older and disabled people through the Disabled Facilities Grant

the biggest real-terms increase to the Public Health Grant in nearly a decade

we’ve given pharmacies the biggest funding uplift in a generation

and last week we froze prescription charges for the first time in years

A lot done, but there is more to do:

our bill on smoking and vapes will protect children and the most vulnerable and make this generation of kids the first smoke-free generation

our Mental Health Bill will stop the disgraceful incarceration of learning disabled adults

the ban on junk food advertising targeted at children will be a first step in addressing the growing problem of childhood obesity

we are working with health unions, councils and employers to deliver the first ever fair pay agreement for social care staff

and Louise Casey is leading a Commission on Social Care which will finally get a grip on a system that is broken for too many families

[Redacted political content.]

We will always defend our NHS as a publicly funded, public service, free at the point of use, so that when you fall ill you never have to worry about the bill.

Our job is twofold.

First, to get the NHS back on its feet and treating patients on time again.

And second, to reform the service for the long-term, so it is fit for the future.

This summer we will publish our 10 Year Plan for Health:

shifting the focus of healthcare out of hospital and into the community, with more investment in primary and community care

bringing our analogue health service into the digital age, arming staff with modern equipment and cutting-edge technology

turning our sickness service into a preventative health service, to help people live well for longer and tackle the biggest killers

This cannot be done by one man sat behind a desk in Whitehall. We will only succeed if this is a team effort, from the Prime Minister to the 1.5 million people who work in the health service. And the millions of us who use it taking the decisions needed to live healthier, more active lives.

Mental health

I know Usdaw have long campaigned on the impact poor mental health and stress can have at work. And your ‘It’s good to talk’ campaign is helping to overcome stigma and offering practical support to members who may be struggling.

Failing to take mental health seriously doesn’t just have an enormous impact on people. Absences take their toll on businesses, our NHS and our economy as a whole.

In the NHS, we’re expanding talking therapies. Last year, we provided almost 70,000 people with the support they need at work, up more than 60% on the year before.

We know a timely intervention on mental health can save anguish and distress further down the line, and to deliver this we need to expand the mental health workforce so everyone can access the right people, with the right support, at the right time.

That’s why our manifesto promised an extra 8,500 mental health staff: tackling mental ill-health and the causes of mental ill-health.

New deal for working people

Central to good health and good mental health are good jobs.

So while I’m focused on fixing the foundations of our NHS, the whole government is working hard to deliver our manifesto promise to deliver the new deal for working people.

[Redacted political content.]

Last month, our landmark Plan to Make Work Pay passed the House of Commons. It will mean:

jobs that are more secure and family friendly

a real living wage people can live on

going further and faster to close the gender pay gap

sick pay for the lowest earners

day one rights from unfair dismissal

ending fire and rehire

and banning exploitative zero-hour contracts once and for all

Conference, this will be the biggest upgrade of workers’ rights in a generation.

Campaigned for by Usdaw, delivered by this government.

Of course change – real change – takes time. As I said to Laura Kuenssberg on the BBC over the weekend, I’m pretty sure when I talk about falling waiting lists, there are people shouting at the telly: “What are you talking about? I’m still waiting!”

Both things are true. Waiting lists are falling and are over 200,000 lower today than they were when we came into office. But if you’re one of 7 million cases still on the list, you’re not feeling it yet.

Similarly, the decisions I took within weeks of taking office that allowed us to employ 1,500 GPs are making a difference, but there will still be people going bananas trying to get through at 8am tomorrow morning after the bank holiday.

If the Chancellor were standing here today, she’d also report that interest rates have fallen 3 times and wages are finally rising above inflation. But that doesn’t wash away the cost of living crisis.

People are really struggling at the moment.

Not living, just surviving.

It’s not good for our health and it’s not good for our country.

We were elected with a simple promise: change.

It won’t be enough for people to see it in the statistics – you need to feel it in your lives.

Is my family better off?

Is the NHS there for me when I need it?

Do my kids attend good schools?

Are my streets safe?

Am I getting a fair wage for a hard day at work?

[Redacted political content.]

Those are the questions we as politicians need to help you as union reps answer.

I want all of you to know that, in government, all of us feel that pressure to deliver the change people voted for. We don’t want to let you or our country down.

[Redacted political content.]

At the weekend, I asked people to give us the time we need to deliver as we grapple with an enormous breadth and depth of challenges.

[Redacted political content.]

But day by day, week by week, step by step, we will rebuild our economy, rebuild our public services and rebuild trust in politics.

There’ll be bumps in the road and we won’t get everything right.

[Redacted political content.]

This government has already:

increased the National Living Wage and National Minimum Wage, giving over 3 million workers a pay rise

delivered breakfast clubs at 750 primary schools, so that they start the day with hungry minds instead of hungry bellies

scrapped the wasteful Rwanda scheme and launched our Border Security Command

overhauled apprenticeships through a new Growth and Skills Levy

and switched on Great British Energy

We’re:

bringing the UK’s railways back into public ownership

banning no-fault evictions and introducing new protections for renters

delivering the New Deal for Working People

and cutting NHS waiting lists

Lots done, so much more to do.

[Redacted political content.]

Change has begun and the best is still to come.

Thank you.

Updates to this page

Published 8 May 2025
MIL OSI United Kingdom –
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: Aegon publishes agenda for 2025 Annual General Meeting
Source: GlobeNewswire (MIL-OSI)

The Hague, May 8, 2025 – Aegon has today published the agenda for its Annual General Meeting of Shareholders (AGM), scheduled for Thursday, June 12, 2025. The related meeting materials, including the agenda, are now available on our website.

At the AGM, the Board of Directors will present the 2024 Annual Accounts and propose a final dividend of EUR 0.19 per common share. This brings the total dividend for 2024 to EUR 0.35 per common share. The agenda further includes several proposals concerning the composition of Aegon Ltd.’s Board of Directors, as announced on March 31, 2025.

The AGM will take place in Bermuda, in a hybrid manner. Shareholders can attend in person and virtually. The meeting will provide opportunities to ask questions in person, via live chat or video connection. Those not attending in person or virtually, can vote in advance.

Aegon’s policy on hybrid shareholder meetings will apply. Full details on how to attend, participate, and vote are available here.

Contacts

About Aegon
Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com .

Forward-looking statements
The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:
- Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the United Kingdom and in relation to Aegon’s shareholding in ASR Nederland N.V. and asset management business, the Netherlands;
- Civil unrest, (geo-) political tensions, military action or other instability in a countries or geographic regions that affect our operations or that affect global markets;
- Changes in the performance of financial markets, including emerging markets, such as with regard to:
  - The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
  - The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
  - The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
  - The impact from volatility in credit, equity, and interest rates;
- Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
- The effect of tariffs and potential trade wars on trading markets and on economic growth, globally and in the markets where Aegon operates.
- Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
- Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
- The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain and our ability to pay dividends;
- Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
- Changes affecting interest rate levels and low or rapidly changing interest rate levels;
- Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
- The effects of global inflation, or inflation in the markets where Aegon operates;
- Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
- Increasing levels of competition, particularly in the United States, the United Kingdom, emerging markets and in relation to Aegon’s shareholding in ASR Nederland N.V. and asset management business, the Netherlands;
- Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
- The frequency and severity of insured loss events;
- Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
- Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
- Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
- Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
- Customer responsiveness to both new products and distribution channels;
- Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
- As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows;
- Aegon’s failure to swiftly, effectively, and securely adapt and integrate emerging technologies;
- The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results from such transactions, and its ability to separate businesses as part of divestitures;
- Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
- Changes in the policies of central banks and/or governments;
- Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
- Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
- Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
- Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
- Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
- Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national (such as Bermuda) or US federal or state level financial regulation or the application thereof to Aegon;
- Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
- The rapidly changing landscape for ESG responsibilities, leading to potential challenges by private parties and governmental authorities, and/or changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management;
- Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, or other ESG targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws; and
- Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future.
Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2024 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Attachment
- 20250508_PR_Aegon publishes agenda for 2025 Annual General Meeting
The MIL Network –
May 8, 2025
MIL-Evening Report: ‘Everyone lives in fear’: trapped between two warring nuclear giants, the people of Kashmir continue to suffer

Source: The Conversation (Au and NZ) – By Leoni Connah, Lecturer in International Relations, Flinders University

Tensions between India and Pakistan escalated this week after India launched missile strikes on its long-time rival, killing more than 30 people.

India was retaliating for a terror attack on tourists in Indian-controlled Kashmir on April 22, which killed 26 civilians, most of them Indian. New Delhi has blamed a Pakistan-based militant group for the incident.

Pakistan has vowed revenge for the airstrikes, calling them an “act of war”.

If a full-scale war does break out between the two nuclear powers, it wouldn’t be the first time they have fought over the disputed region of Kashmir. In fact, the two sides have been in conflict over Kashmir since 1947.

The people of Kashmir, meanwhile, are stuck in the middle of this geopolitical rivalry, trapped in a security state with little hope for the future.

Life before the April 22 terror attack

Before the attack on the tourists last month, Indian Prime Minister Narendra Modi’s government had made repeated claims that “normalcy” was returning to the region.

However, Kashmir remains one of the most heavily militarised zones in the world and the people have long suffered human rights abuses the Indian government has justified on the grounds of counter-terrorism.

In 2019, the Modi government revoked Article 370 of the Indian constitution, which had granted a special status to the state of Jammu and Kashmir, along with a high degree of autonomy.

The revocation of this article brought Jammu and Kashmir, now a “union territory”, under the full control of the Modi government in New Delhi.

This decision was made on behalf of Kashmiris, not in consultation with them. Speaking with Kashmiris in 2020 as part of my ongoing research on the region, there was a huge sense of betrayal at the move.

One of my interview subjects claimed Indian security forces were “instilling fear and psychological warfare” in Kashmir. Another said “it’s no exaggeration to say after every three kilometres, there’s a checkpoint” manned by Indian security forces. The situation worsened during the COVID pandemic, with increased lockdowns and curfews.

Some hope did return last September when Kashmiris were able to vote in regional assembly elections for the first time in a decade.

The election meant the new local assembly would have the power to make and amend laws, debate local issues and approve decisions for the territory, particularly in education and culture.

However, this doesn’t mean “normalcy” had returned, nor was Kashmir peaceful and tranquil.

In February of this year, there were reports that Indian security forces had conducted operations against suspected militants, resulting in a lockdown and 500 people being detained.

A young Kashmiri man died by suicide after allegedly being tortured by police in February. The next day, another man was shot dead by the army.

These are just two incidents that are part of a wider cycle of violence that has become a part of everyday life in Kashmir.

Life after April 22

After the April 22 tourist attack, the central government has doubled down on its heavy-handed approach to Kashmir under the guise of counter-terrorism.

Kashmiris have been subjected to an increased security presence, new lockdowns, “cordon and search operations”, social media surveillance, house demolitions and other draconian measures.

Police say some 1,900 Kashmiris have been detained and questioned since the attack. This number will no doubt continue to rise.

It is no wonder Kashmiris were saying “everyone lives in fear”, even before India launched missile strikes on its neighbour.

Possible retaliation from Pakistan – or a wider war – now looms, with Kashmiris again on the front lines.

Calls for India to follow Israel’s lead

There is a very big concern that right-wing Indian media outlets and social media posts are now encouraging the Indian government to respond to the terror attack in the same way Israel has retaliated against Hamas in Gaza.

Some commentators are portraying the April 22 attack as India’s version of the October 7 Hamas attack on southern Israel, which could become a dangerous precedent for what the future holds for Kashmir.

Israel also recently announced its support for India’s right to “self-defence”.

In addition, the rise in right-wing rhetoric increases the likelihood of Islamophobic attacks taking place against Kashmiris, as well as Muslims in India more broadly.

Pathways to peace?

Each war fought between India and Pakistan over Kashmir has ended with negotiations and treaties.

Bilateral relations have been attempted numerous times over the years and would be a preferable option to increased escalation in the current conflict.

Ultimately, it is the Kashmiris who suffer the most whenever tensions boil over between the two nuclear powers. As one young man recently said:

My parents don’t allow me to step outside. Every time I get a call, I feel a wave of anxiety, fearing it might be the police.

Kashmir might be a wonderland, a mini-Switzerland or a paradise for others, but for us, it is an open prison. Everyone lives in fear. What future do we have?

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

– ref. ‘Everyone lives in fear’: trapped between two warring nuclear giants, the people of Kashmir continue to suffer – https://theconversation.com/everyone-lives-in-fear-trapped-between-two-warring-nuclear-giants-the-people-of-kashmir-continue-to-suffer-256085

MIL OSI Analysis – EveningReport.nz –

May 8, 2025
MIL-OSI New Zealand: PM’s Science Prizes celebrate excellence
Source: NZ Music Month takes to the streets

Some of New Zealand’s most outstanding scientific minds have been recognised at the 2024 Prime Minister’s Science Prizes Award Ceremony, held this evening in Wellington.

Prime Minister Christopher Luxon praised the winners, acknowledging the crucial role that science plays in building a more productive, innovative, and sustainable New Zealand.

“This year’s top honour, the Prime Minister’s Science Prize, has been awarded to Dr Linda Johnson and the Endophyte Discovery Team at AgResearch,” Christopher Luxon says.

“Their groundbreaking work to improve the health and productivity of ryegrass is making a tangible difference for New Zealand farmers, boosting yields while reducing reliance on pesticides.”

Ryegrass is the most commonly used pasture grass in New Zealand agriculture. The team’s research has led to the development of beneficial microorganisms that protect grass from pests and disease, while also enhancing drought resistance.

“This is an excellent example of science delivering real-world solutions.

“By improving the quality of pasture on our farms, we’re not only increasing our capacity to produce high-quality food, but we’re also supporting the growth of our economy and ensuring a more resilient future for our agricultural sector.”

The Prime Minister’s Science Prizes comprise five prestigious awards, with a total prize pool of $975,000. The 2024 recipients include:
- Dr Olivia Harrison, University of Otago – awarded the MacDiarmid Emerging Scientist Prize for her multidisciplinary work in understanding and managing anxiety.
- Dr Aiden Kiely, Aorere College, Auckland – awarded the Science Teacher Prize for his dedication to equity and excellence in science education.
- Professor Jemma Geoghegan, University of Otago – awarded the Science Communication Prize for advancing public understanding of infectious diseases and guiding policy responses to pandemic threats in New Zealand and the Pacific.
- Rena Misra, Epsom Girls’ Grammar School – awarded the Future Scientist Prize for her innovative research into using fungi to improve stormwater filtration systems.
“Congratulations to all this year’s winners. Your achievements are a testament to the power of Kiwi ingenuity and scientific excellence,” Mr Luxon says.

“Your work is not only advancing knowledge—it’s improving lives and building a better New Zealand for future generations.”

The five prizes are:

The Prime Minister’s Science Prize

An individual or team for a transformative scientific discovery or achievement, which has had a significant economic, health, social and/or environmental impact on New Zealand and/or internationally. The total value of this prize is $500,000. $100,000 goes towards the team, and $400,000 will be used to support the ongoing research.

The Prime Minister’s MacDiarmid Emerging Scientist Prize

An outstanding emerging scientist who has had their PhD or equivalent qualification conferred within the last eight years i.e. (no earlier than 1 January 2014). The total value of the Prize is $200,000. $50,000 is for the winner, and $150,000 for their ongoing research.

The Prime Minister’s Science Teacher Prize

A registered teacher kaiako who has been teaching science, mathematics, technology, pūtaiao, hangarau or pāngarau learning areas of the New Zealand curriculum to school-age children in a primary, intermediate or secondary New Zealand registered school or kura kaupapa. The total value of this prize is $150,000. The winner can use $50,000 at their own discretion. The winner’s school will receive $100,000 which must be used for the development of science in their school.

The Prime Minister’s Science Communication Prize

A practising scientist who can demonstrate an interest, passion and aptitude for science communication and public engagement, or to a person who has developed expertise in public engagement, or communication of complex scientific or technological information to the public and/or science and research communities. The total value of the Prize is $75,000. $55,000 of the Prize money is to be used to support the recipient to carry out a programme of activities/professional development to further their understanding of science communication. $20,000 is for the winner.

The Prime Minister’s Future Scientist Prize

Awarded to a Year 12 or Year 13 school tauira student for outstanding achievement in carrying out a practical and innovative science research, maths, technology or engineering project. This Prize is valued at $50,000 and is to be used to support the winner’s tertiary education.

MIL OSI New Zealand News –
May 8, 2025
MIL-OSI USA: Dave Gallagher Named 11th Director of JPL as Laurie Leshin Steps Down

Source: NASA

Laurie Leshin has decided to step down as director of NASA’s Jet Propulsion Laboratory on Sunday, June 1. David Gallagher, who has been serving as the Lab’s associate director for Strategic Integration, has been selected by Caltech to lead the federally funded research and development center. Caltech manages JPL for NASA.
A distinguished geochemist, Leshin was named by Caltech to lead the lab in early 2022. Her career has spanned academia and senior positions at NASA. Several NASA missions managed by JPL have launched under her leadership, including EMIT, SWOT, Psyche, PREFIRE, Europa Clipper, and SPHEREx, with the NASA-Indian Earth satellite NISAR set for a June launch. In addition, JPL has advanced the development of NASA’s asteroid-hunting NEO Surveyor mission as well as the trio of CADRE lunar rovers, and it delivered the Coronagraph Instrument, a technology demonstration with NASA’s forthcoming Roman Space Telescope.
“I am proud of the many things JPL has accomplished over the past three years,” said Leshin. “In addition to the long list of missions that have launched or moved toward launch during that time, we saved Voyager more than once and flew into history on Mars with Ingenuity. We have made more amazing scientific discoveries than I can name, including finding potential ancient Martian biomarkers with Perseverance. And we’ve driven the forefront of technology on Earth and in space. I know those achievements will continue under Dave’s capable leadership.”
Leshin, who has also served as Caltech vice president, is stepping down for personal reasons and will remain a Bren Professor of Geochemistry and Planetary Science at Caltech.
“While we respect Laurie’s decision to step away from her leadership position at JPL, we will miss her drive, compassion, and dedication,” Caltech President Thomas Rosenbaum said. “At the same time, we are grateful to Dave Gallagher for his devotion to JPL and his continuing leadership and partnership going forward. Dave’s experience working across multiple government and private sector entities will help secure ongoing support for America’s agenda in space, with JPL continuing to play an essential role.”
Gallagher will draw on his deep experience at JPL to lead the lab into the future. He arrived at JPL 36 years ago, in 1989, and went on to hold numerous leadership positions. Along with having served as the director and deputy director for Astronomy, Physics, and Space Technology, he was manager of JPL’s Advanced Optical Systems Program Office. An electrical engineer, Gallagher also managed the Spitzer Space Telescope and, among other roles, led the team that built and tested the Wide Field/Planetary Camera 2 (WF/PC-2) — a critical instrument that corrected the spherical aberration on NASA’s Hubble Space Telescope.
“Laurie has made a significant impact on energizing and focusing the lab, guiding it back on track after the Covid-19 pandemic. I wish her great success in this next chapter of her career, and I look forward to a very smooth transition at the lab,” said Gallagher. “We have exciting opportunities ahead helping to advance our nation’s space agenda and a fantastic team to help realize them.”
Founded by Caltech faculty and students in 1936, JPL has been managed by Caltech on behalf of NASA since 1958.
News Media Contacts
Matthew Segal / Veronica McGregorJet Propulsion Laboratory, Pasadena, Calif.818-354-8307 / 818-354-9452matthew.j.segal@jpl.nasa.gov / veronica.c.mcgregor@jpl.nasa.gov

MIL OSI USA News –

May 8, 2025

MIL-OSI: Athabasca Oil Announces 2025 First Quarter Results Highlighted by 63% Growth in Funds Flow Per Share and Strong Operational Execution Driving a Robust Return of Capital Program

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its first quarter results highlighted by strong operational execution driving robust return of capital with the full completion of its second annual share buyback program. The Company is in an enviable position to weather market volatility with low corporate break-evens, long-life assets and a pristine balance sheet.

Q1 2025 Consolidated Corporate Results

Production: Average production of 37,714 boe/d (98% Liquids), representing 13% (24% per share) growth year over year.
Cash Flow: Adjusted Funds Flow of $130 million ($0.25 per share), representing 63% per share growth year over year. Cash Flow from Operating Activities of $123 million. Free Cash Flow of $71 million from Athabasca (Thermal Oil).
Capital Program: $63 million total capital expenditures, with $44 million at Leismer as the Company advances the 40,000 bbl/d progressive growth project.

Operations Highlights

Leismer: Production of ~28,000 bbl/d (April 2025) following the start-up of six redrills in the first quarter. Four additional new well pairs will be brought on stream in H2 2025 to maintain production rates at facility capacity.
Hangingstone: Production has increased to ~8,900 bbl/d (April 2025) following the start-up of two well pairs. The project continues to deliver meaningful free cash flow generation for the Company.
Duvernay Energy: Two multi-well pads (seven gross wells) are slated to be completed post break-up and will continue operational momentum in the Kaybob Duvernay play. Capital is trending ~$10 million lower than the 2025 budget at an estimated ~$75 million.

Resilient Producer in a Shifting Global Landscape

Macro Volatility: Global oil benchmarks have softened in recent months in response to an accelerated OPEC+ supply outlook and evolving U.S. trade policy. Athabasca is uniquely positioned to withstand market volatility and its production is USMCA compliant and exempt from U.S. tariffs.
Pristine Balance Sheet & Tax Free Horizon: Athabasca has a Net Cash position of $115 million, strong Liquidity of $438 million (including $305 million cash) and a long dated maturity of 2029 on its term debt. The Company has $2.2 billion of tax pools (~80% high-value and immediately deductible).
Low Decline, Long Life Assets: Athabasca is uniquely positioned with a low base corporate decline and the Company expects to maintain Thermal Oil production in 2025 following recent capital projects. Athabasca has a deep inventory across its portfolio including 1,209 MMbbl of Proved plus Probable Thermal Oil reserves and ~444 gross future drilling locations within Duvernay Energy.
Low Break-evens: Long-life, low decline assets afford Athabasca with a sustaining capital advantage. The Company’s 2025 Thermal Oil operating break-even is estimated at ~US$32/bbl WTI and the capital program which includes growth initiatives is fully funded within cash flow down to ~US$48/bbl WTI for the balance of the year. The Company estimates long term sustaining capital investment of ~C$8/bbl (five‐year annual average) to hold production flat.
Flexible Capital: The Thermal Oil capital projects are flexible, highly economic and have optionality to be recalibrated based on the macroeconomic environment. Duvernay Energy retains significant flexibility on the pace of its operations and is positioned with an independent balance sheet and no near-term land expiries.
Sound Heavy Oil Fundamentals: The outlook for Canadian heavy oil remains strong supported by the Trans Mountain Expansion pipeline start-up in May 2024 and sustained global refining demand. This has resulted in tighter and less volatile WCS heavy differentials with spot markets currently trading at ~US$9/bbl. Athabasca is a direct beneficiary of structurally tighter differentials that are forecasted to hold in the coming years.

Durable Shareholder Returns

Full Execution of Second Normal Course Issuer Bid (“NCIB”): On March 17, the Company fully completed its second annual NCIB, returning $289 million to shareholders and purchasing and cancelling 55 million shares.
Continued 100% of Free Cash Flow (Thermal Oil) Return to Shareholders through Buybacks in 2025: The Company renewed its third annual NCIB with capacity to repurchase up to 50 million shares. The Company has completed $94 million in share buybacks year to date. Athabasca has reduced its fully diluted share count by ~20% since March 31, 2023.
Durable Shareholder Returns: The Company’s capital allocation framework will continue to balance near-term return of capital initiatives for shareholders with a multi-year growth trajectory of cash flow per share. The Company sees significant intrinsic value not reflected in the current share price and intends to remain active with its share buyback strategy.

Strategic Update and Corporate Guidance

Athabasca (Thermal Oil): The Thermal Oil division underpins the Company’s strong Free Cash Flow outlook, with production guidance of 33,500 – 35,500 bbl/d and a ~$250 million capital budget. Athabasca has differentiated and significant unrecovered capital balances on its Thermal Oil Assets that ensure a low Crown royalty framework (~7%¹). Leismer is forecasted to remain pre-payout until late 2027¹ (and beyond with incremental project capital) while Hangingstone is forecasted to remain pre-payout beyond 2030¹.
Consolidated Production Outlook: Athabasca’s consolidated annual production guidance is 37,500 – 39,500 boe/d. Current production is ~40,000 boe/d and with current capital plans the Company is expecting to be at the upper end of guidance and anticipates exiting the year at ~41,000 boe/d.
Leismer Progressive Growth: The 2025 program at Leismer includes the tie-in of six redrills and four new well pairs on Pad 10 along with continued pad and facility expansion work for the progressive expansion to 40,000 bbl/d. This expansion project is highly economic (~$25,000/bbl/d capital efficiency) and provides flexibility with interim growth targets to ~32,000 bbl/d and ~35,000 bbl/d before achieving the regulatory approved 40,000 bbl/d capacity.
Duvernay Energy Corporation: The 2025 capital program of ~$75 million will continue production momentum in H2 2025 with an exit target of ~6,000 boe/d. Capital activity includes the completion of a 100% working interest (“WI”) three-well pad that was drilled in 2024, the drilling and completion of a 30% WI four-well pad (spud in Q1 2025) and the construction of a gathering system on operated lands. The capital program in Duvernay Energy Corporation is flexible and designed to be self-funded. The Company has a deep inventory of ~444 gross future drilling locations.
Free Cash Flow Focus: The Company forecasts consolidated Adjusted Funds Flow between $525 – $550 million¹, including $475 – $500 million from its Thermal Oil assets. Every +US$1/bbl move in West Texas Intermediate (“WTI”) and Western Canadian Select (“WCS”) heavy oil impacts annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively. The 2025 Thermal Oil capital program, including growth initiatives, is fully funded within cash flow down to ~US$48 WTI for the balance of the year. Duvernay Energy is independently funded through its balance sheet and cash flow.
Capital Allocation Discipline: Athabasca has demonstrated its business resiliency and prudent management through past commodity cycles. The Company is nimble with respect to its operating plans and has levers available to adjust to a volatile macro environment. Preserving a pristine balance sheet is paramount to the strategy.
Steadfast Focus on Cash Flow Per Share Growth: The Company forecasts ~20% compounded annual cash flow per share¹ growth between 2025 – 2029 driven by investing in attractive capital projects and prioritizing share buybacks with free cash flow.

Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Net Cash, Liquidity) and production disclosure.

¹2025 pricing assumptions: US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.725 C$/US$ FX.

Annual Shareholders Meeting

Athabasca will be hosting its Annual General Meeting of Shareholders (“Meeting”) on Thursday, May 8, 2025 at 8:00 am (MT). The Meeting will be hosted virtually and shareholders and guests can listen via live webcast with details available at:

https://www.atha.com/investors/presentation-events.html

Financial and Operational Highlights

	Three months ended March 31,
($ Thousands, unless otherwise noted)	2025			2024
CORPORATE CONSOLIDATED⁽¹⁾
Petroleum and natural gas production (boe/d)⁽²⁾		37,714			33,470
Petroleum, natural gas and midstream sales	$	367,844		$	311,116
Operating Income⁽²⁾	$	145,590		$	105,135
Operating Income Net of Realized Hedging⁽²⁾⁽³⁾	$	143,947		$	106,580
Operating Netback ($/boe)⁽²⁾	$	44.07		$	35.78
Operating Netback Net of Realized Hedging ($/boe)⁽²⁾⁽³⁾	$	43.57		$	36.27
Capital expenditures	$	63,333		$	76,011
Cash flow from operating activities	$	123,353		$	76,638
per share – basic	$	0.24		$	0.14
Adjusted Funds Flow⁽²⁾	$	129,675		$	87,772
per share – basic	$	0.25		$	0.15
ATHABASCA (THERMAL OIL)
Bitumen production (bbl/d)⁽²⁾		34,742			31,536
Petroleum, natural gas and midstream sales	$	362,375		$	305,041
Operating Income⁽²⁾	$	135,316		$	100,449
Operating Netback ($/bbl)⁽²⁾	$	44.56		$	36.36
Capital expenditures	$	50,376		$	42,119
Adjusted Funds Flow⁽²⁾	$	121,353		$	83,713
Free Cash Flow⁽²⁾	$	70,977		$	41,594
DUVERNAY ENERGY⁽¹⁾
Petroleum and natural gas production (boe/d)⁽²⁾		2,972			1,934
Percentage Liquids (%)⁽²⁾	73		%	72		%
Petroleum, natural gas and midstream sales	$	17,619		$	11,538
Operating Income⁽²⁾	$	10,274		$	4,686
Operating Netback ($/boe)⁽²⁾	$	38.42		$	26.63
Capital expenditures	$	12,957		$	33,892
Adjusted Funds Flow⁽²⁾	$	8,322		$	4,059
Free Cash Flow⁽²⁾	$	(4,635	)	$	(29,833	)
NET INCOME AND COMPREHENSIVE INCOME
Net income and comprehensive income⁽⁴⁾	$	72,004		$	38,609
per share – basic⁽⁴⁾	$	0.14		$	0.07
per share – diluted⁽⁴⁾	$	0.14		$	0.07
COMMON SHARES OUTSTANDING
Weighted average shares outstanding – basic		514,257,036			567,076,940
Weighted average shares outstanding – diluted		519,227,432			577,106,504

	March 31,		December 31,
As at ($ Thousands)	2025		2024
LIQUIDITY AND BALANCE SHEET (CONSOLIDATED)
Cash and cash equivalents	$	304,538	$	344,836
Available credit facilities⁽⁵⁾	$	133,074	$	136,324
Face value of term debt	$	200,000	$	200,000

^{(1) Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.}
^{(2) Refer to the “Advisories and Other Guidance” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure.}
^{(3) Includes realized commodity risk management loss of $1.6 million for the three months ended March 31, 2025 (three months ended March 31, 2024 – gain of $1.4 million).}
^{(4) Net income and comprehensive income per share amounts are based on net income and comprehensive income attributable to shareholders of the Parent Company.}
^{(5) Includes available credit under Athabasca’s and Duvernay Energy’s Credit Facilities and Athabasca’s Unsecured Letter of Credit Facility.}

Athabasca (Thermal Oil) Q1 2025 Highlights and Operations Update

Production: First quarter production of 34,742 bbl/d (27,025 bbl/d at Leismer & 7,717 bbl/d at Hangingstone).
Cash Flow: Adjusted Funds Flow of $121.4 million; Operating Income of $135.3 million with an Operating Netback of $44.56/bbl ($46.24/bbl at Leismer & $38.43/bbl at Hangingstone).
Capital Program: $50.4 million of capital expenditures in Q1, with $43.7 million at Leismer as the Company advances the 40,000 bbl/d progressive growth project.
Free Cash Flow: $71.0 million of Free Cash Flow supporting 100% return of capital commitment.

Leismer

In Q1 2025, the Company brought six extended redrills on Pad L1 (1,000 – 1,700 meter laterals) on production supporting current production of ~28,000 bbl/d (April 2025). The redrills target bypass pay on legacy pads with initial production rates between 400 – 1,000 bbl/d per well. In 2024, the Company drilled an additional four well pairs on Pad L10 that will maintain production rates at facility capacity for the balance of 2025. Another six well pairs will be drilled in H2 2025.

Activity at Leismer remains focused on advancing progressive growth to 40,000 bbl/d by the end of 2027. The project cost is estimated at $300 million generating a capital efficiency of approximately $25,000/bbl/d. The $300 million will be spent between 2025 and 2027 and includes an estimated $190 million for facility capital and an estimated $110 million for growth wells. The project remains on budget and on schedule with the original sanction plans announced in July 2024. The progressive build provides flexibility with interim growth targets to ~32,000 bbl/d and ~35,000 bbl/d before achieving the regulatory approved 40,000 bbl/d capacity. This winter the Company completed regional infrastructure to Pad L10 and L11 including lease site construction, delineation drilling and pipeline looping. The project scope includes the installation of two new steam generators that were countercyclically acquired during a prior commodity down cycle.

Leismer is forecasted to remain pre-payout from a crown royalty perspective until late 2027¹.

Hangingstone

At Hangingstone two extended reach sustaining well pairs (~1,400 meter average laterals) drilled in 2024 were placed on production in March supporting current production of ~8,900 bbl/d (April 2025). These are the first wells drilled at the project since 2015. The new well pairs have ramped up faster than anticipated, benefiting from favorable reservoir temperatures and pressure supported by offsetting wells. Early performance has exceeded expectations with initial production rates of 800 – 1,000 bbl/d per well.

Hangingstone continues to deliver meaningful cash flow contributions to the Company and also has a pre-payout crown royalty structure beyond 2030¹.

Duvernay Energy Corporation Q1 2025 Highlights and Operations Update

Production: First quarter production of 2,972 boe/d (73% Liquids).
Cash Flow: Adjusted Funds Flow of $8.3 million with an Operating Netback of $38.42/boe.
Capital Program: $13.0 million of capital expenditures included spudding a 30% WI four-well pad and constructing a strategic gathering system.

Q1 activity included spudding a four well pad (30% working interest) with average laterals of ~5,000 meters and construction of strategic gathering system connecting its newly operated assets with the Company’s existing operated infrastructure on the joint venture acreage. Completion operations will be phased through the balance of the year with the four well pad (30% WI) expected to be completed in Q3 and three well pad (100% WI) in early Fall. The Company expects to exit the year at ~6,000 boe/d.

Production from wells drilled in 2024 continue to validate DEC’s type curve expectations. The five wells placed on production have averaged IP30’s of ~1,200 boe/d per well (86% Liquids) and IP90s of ~940 boe/d (86% Liquids) per well.

2025 capital is trending ~$10 million lower than original budget and is estimated at ~$75 million, reflecting disciplined execution. Duvernay Energy retains significant operational flexibility with no near-term land expiries and the ability to adjust spending in response to commodity price movements.

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

For more information, please contact:
Matthew Taylor		Robert Broen
Chief Financial Officer		President and CEO
1-403-817-9104		1-403-817-9190
mtaylor@atha.com		rbroen@atha.com

Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans and capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools; exemption from U.S. tariffs; Adjusted Funds Flow and Free Cash Flow over various periods; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; break-even metrics, our outlook in respect of the Company’s business environment, including in respect of commodity pricing; and other matters.

In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca’s cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2024 (which is respectively referred to herein as the “McDaniel Report”).

Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated March 5, 2025 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; trade relations and tariffs; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Also included in this News Release are estimates of Athabasca’s 2025 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Oil and Gas Information

“BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Initial Production Rates

Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.

Reserves Information

The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2024. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.

Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2024 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2025.

The 444 gross Duvernay drilling locations referenced include: 87 proved undeveloped locations and 85 probable undeveloped locations for a total of 172 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company’s most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2024 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.

Non-GAAP and Other Financial Measures, and Production Disclosure

The “Corporate Consolidated Adjusted Funds Flow”, “Corporate Consolidated Adjusted Funds Flow per Share”, “Athabasca (Thermal Oil) Adjusted Funds Flow”, “Duvernay Energy Adjusted Funds Flow”, “Corporate Consolidated Free Cash Flow”, “Athabasca (Thermal Oil) Free Cash Flow”, “Duvernay Energy Free Cash Flow”, “Corporate Consolidated Operating Income”, “Corporate Consolidated Operating Income Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Income”, “Duvernay Energy Operating Income”, “Corporate Consolidated Operating Netback”, “Corporate Consolidated Operating Netback Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Netback”, “Duvernay Energy Operating Netback” and “Cash Transportation and Marketing Expense” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Net Cash and Liquidity are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results.

Adjusted Funds Flow, Adjusted Funds Flow Per Share and Free Cash Flow

Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Adjusted Funds Flow per share is a non-GAAP financial ratio calculated as Adjusted Funds Flow divided by the applicable number of weighted average shares outstanding. Adjusted Funds Flow and Free Cash Flow are calculated as follows:

	Three months ended March 31, 2025
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy⁽¹⁾			Corporate Consolidated⁽¹⁾
Cash flow from operating activities	$	113,427		$	9,926		$	123,353
Changes in non-cash working capital		7,230			(1,612	)		5,618
Settlement of provisions		696			8			704
ADJUSTED FUNDS FLOW		121,353			8,322			129,675
Capital expenditures		(50,376	)		(12,957	)		(63,333	)
FREE CASH FLOW	$	70,977		$	(4,635	)	$	66,342

^{(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.}

	Three months ended March 31, 2024
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy⁽¹⁾			Corporate Consolidated⁽¹⁾
Cash flow from operating activities	$	72,730		$	3,908		$	76,638
Changes in non-cash working capital		9,382			149			9,531
Settlement of provisions		1,601			2			1,603
ADJUSTED FUNDS FLOW		83,713			4,059			87,772
Capital expenditures		(42,119	)		(33,892	)		(76,011	)
FREE CASH FLOW	$	41,594		$	(29,833	)	$	11,761

^{(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.}

Duvernay Energy Operating Income and Operating Netback

The non-GAAP measure Duvernay Energy Operating Income in this News Release is calculated by subtracting the Duvernay Energy royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales which is the most directly comparable GAAP measure. The Duvernay Energy Operating Netback per boe is a non-GAAP financial ratio calculated by dividing the Duvernay Energy Operating Income by the Duvernay Energy production. The Duvernay Energy Operating Income and the Duvernay Energy Operating Netback measures allow management and others to evaluate the production results from the Company’s Duvernay Energy assets.

The Duvernay Energy Operating Income is calculated using the Duvernay Energy Segments GAAP results, as follows:

	Three months ended March 31,
($ Thousands, unless otherwise noted)	2025			2024
Petroleum and natural gas sales	$	17,619		$	11,538
Royalties		(2,761	)		(2,314	)
Operating expenses		(3,786	)		(3,640	)
Transportation and marketing		(798	)		(898	)
DUVERNAY ENERGY OPERATING INCOME⁽¹⁾	$	10,274		$	4,686

Athabasca (Thermal Oil) Operating Income and Operating Netback

The non-GAAP measure Athabasca (Thermal Oil) Operating Income in this News Release is calculated by subtracting the Athabasca (Thermal Oil) segments cost of diluent blending, royalties, operating expenses and cash transportation & marketing expenses from heavy oil (blended bitumen) and midstream sales which is the most directly comparable GAAP measure. The Athabasca (Thermal Oil) Operating Netback per bbl is a non-GAAP financial ratio calculated by dividing the respective projects Operating Income by its respective bitumen sales volumes. The Athabasca (Thermal Oil) Operating Income and the Athabasca (Thermal Oil) Operating Netback measures allow management and others to evaluate the production results from the Athabasca (Thermal Oil) assets.

The Athabasca (Thermal Oil) Operating Income is calculated using the Athabasca (Thermal Oil) Segments GAAP results, as follows:

	Three months ended March 31,
($ Thousands, unless otherwise noted)	2025			2024
Heavy oil (blended bitumen) and midstream sales	$	362,375		$	305,041
Cost of diluent		(152,132	)		(133,860	)
Total bitumen and midstream sales		210,243			171,181
Royalties		(15,964	)		(11,537	)
Operating expenses – non-energy		(24,887	)		(23,125	)
Operating expenses – energy		(13,507	)		(16,558	)
Transportation and marketing⁽¹⁾		(20,569	)		(19,512	)
ATHABASCA (THERMAL OIL) OPERATING INCOME⁽²⁾	$	135,316		$	100,449

^{(1) Transportation and marketing excludes non-cash costs of $0.6 million for the three months ended March 31, 2025 (three months ended March 31, 2024 – $0.6 million).}

Corporate Consolidated Operating Income and Corporate Consolidated Operating Income Net of Realized Hedging and Operating Netbacks

The non-GAAP measures of Corporate Consolidated Operating Income including or excluding realized hedging in this News Release are calculated by adding or subtracting realized gains (losses) on commodity risk management contracts (as applicable), royalties, the cost of diluent blending, operating expenses and cash transportation & marketing expenses from petroleum, natural gas and midstream sales which is the most directly comparable GAAP measure. The Corporate Consolidated Operating Netbacks including or excluding realized hedging per boe are non-GAAP ratios calculated by dividing Corporate Consolidated Operating Income including or excluding hedging by the total sales volumes and are presented on a per boe basis. The Corporate Consolidated Operating Income and Corporate Consolidated Operating Netbacks including or excluding realized hedging measures allow management and others to evaluate the production results from the Company’s Duvernay Energy and Athabasca (Thermal Oil) assets combined together including the impact of realized commodity risk management gains or losses (as applicable).

	Three months ended March 31,
($ Thousands, unless otherwise noted)	2025			2024
Petroleum, natural gas and midstream sales⁽¹⁾	$	379,994		$	316,579
Royalties		(18,725	)		(13,851	)
Cost of diluent⁽¹⁾		(152,132	)		(133,860	)
Operating expenses		(42,180	)		(43,323	)
Transportation and marketing⁽²⁾		(21,367	)		(20,410	)
Operating Income⁽³⁾		145,590			105,135
Realized gain (loss) on commodity risk mgmt. contracts		(1,643	)		1,445
OPERATING INCOME NET OF REALIZED HEDGING⁽³⁾	$	143,947		$	106,580

^{(1) Non-GAAP measure includes intercompany NGLs (i.e. condensate) sold by the Duvernay Energy segment to the Athabasca (Thermal Oil) segment for use as diluent that is eliminated on consolidation.}
^{(2) Transportation and marketing excludes non-cash costs of $0.6 million for the three months ended March 31, 2025 (three months ended March 31, 2024 – $0.6 million).}

Cash Transportation and Marketing Expense

The Cash Transportation and Marketing Expense financial measures contained in this News Release are calculated by subtracting the non-cash transportation and marketing expense as reported in the Consolidated Statement of Cash Flows from the transportation and marketing expense as reported in the Consolidated Statement of Income (Loss) and are considered to be non-GAAP financial measures.

Net Cash

Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts.

Liquidity

Liquidity is defined as cash and cash equivalents plus available credit capacity.

Production volumes details

		Three months ended March 31,
Production		2025		2024
Duvernay Energy:
Oil and condensate NGLs⁽¹⁾	bbl/d		1,839		1,205
Other NGLs	bbl/d		326		180
Natural gas⁽²⁾	mcf/d		4,844		3,291
Total Duvernay Energy	boe/d		2,972		1,934
Total Thermal Oil bitumen	bbl/d		34,742		31,536
Total Company production	boe/d		37,714		33,470

^{(1) Comprised of 99% or greater of tight oil, with the remaining being light and medium crude oil.}
^{(2) Comprised of 99% or greater of shale gas, with the remaining being conventional natural gas.}

This News Release also makes reference to Athabasca’s forecasted average daily Thermal Oil production of 33,500 ‐ 35,500 bbl/d for 2025. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~4,000 boe/d for 2025 is expected to be comprised of approximately 68% tight oil, 23% shale gas and 9% NGLs.

Liquids is defined as bitumen, light crude oil, medium crude oil and natural gas liquids.

Break Even is an operating metric that calculates the US$WTI oil price required to fund operating costs (Operating Break-even), sustaining capital (Sustaining Break-even), or growth capital (Total Capital) within Adjusted Funds Flow.

Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Net Cash, Liquidity) and production disclosure.

¹ 2025 pricing assumptions: US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.725 C$/US$ FX.

The MIL Network –

May 8, 2025

MIL-OSI Global: Indian airstrikes in Kashmir following tourist attack raises fears of a regional conflict

Source: The Conversation – Canada – By MD Rakib Jahan, PhD Student, Department of Political Studies, International Relations, Queen’s University, Ontario

In response to the Pahalgam terrorist attack on tourists in Jammu and Kashmir last month,, India has launched “Operation Sindoor,” a series of targeted airstrikes on nine locations in Pakistan and Pakistan-administered Kashmir.

The killing of 26 tourists in Kashmir’s Baisaran Valley on April 22 did more than shatter a moment of peace in one of South Asia’s most scenic regions. The assault has significantly increased India-Pakistan tensions and generated worries of possible military conflict between two nuclear-armed countries.

Though Pakistan denies the charges, India has specifically held Pakistan responsible for sheltering terrorist groups.

In response to the attack, India has taken several actions against Pakistan, including downgrading diplomatic ties, recalling diplomats, suspending participation in a vital water-sharing agreement and closing a significant border crossing.

This rapidly deteriorating situation underscores the broader consequences of the devastating Pahalgam assault.

Read more:
India and Pakistan have fought many wars in the past. Are we on the precipice of a new one?

Human tragedy

Described by the region’s chief minister, Omar Abdullah, as “much larger than anything we’ve seen directed at civilians in recent years,” the assault in Pahalgam is not only a humanitarian tragedy and a blow to Kashmir’s economy but a flashpoint in an already fragile regional relationship.

The Pahalgam attack’s timing coincided with United States Vice President JD Vance’s visit to India in April. This mirrors a grim pattern that includes former U.S. president Bill Clinton’s 2000 trip, when militants struck Chittisinghpura in Jammu and Kashmir hours before his arrival.

By staging violence during diplomatic milestones, militants aim to amplify global attention and send a message to the Indian government. As global attention shifts back to Kashmir, the Baisaran massacre appears to mark a new chapter in the long-fought battle over this territory — one that risks tourism, targets civilians and threatens to unravel regional stability.

Strategic targeting of Kashmir’s economy

Though Kashmir has seen warfare for decades, militant groups had mostly avoided targeting visitors because of the the economic significance of tourism to Kashmir.

The calculated selection of Pahalgam — one of Kashmir’s top tourist sites — reveals a plan to attack the core of Kashmir’s economy. According to counter-terrorism expert Ajai Sahni, the local community and militant groups have an implicit understanding not to compromise the tourism industry.

By breaking this unwritten rule, the militants have demonstrated a willingness to inflict economic harm on the population.

Nearly everyone in Kashmir, particularly in the valley, depends on tourism either directly or indirectly. Tourism, which has seen a resurgence since the COVID-19 pandemic, generates thousands of direct and indirect jobs and more than eight per cent of Kashmir’s GDP.

Experts like Amitabh Mattoo, from the School of International Studies at Jawaharlal Nehru University, warn that Kashmir may experience long-term devastating effects from a drop in tourism. A significant exodus of travellers from Kashmir has already taken place.

Read more:
Why are India and Pakistan on the brink of war and how dangerous is the situation? An expert explains

Challenging India’s post-2019 Kashmir narrative

The assault also weakens India’s narrative on Kashmir, an area that has been disputed by both Pakistan and India since their independence from Britain in 1947.

The attack took place as India Prime Minister Narendra Modi was scheduled to open a multi-billion-dollar railway project to the Kashmir Valley, which his government contends will enhance tourism and economic development.

Modi’s administration has presented the rise in tourism as proof of “normalcy” coming back to Kashmir following India’s removal of special status to Kashmir.

The intentional targeting of visitors sends a message that the illusion of normalcy is misleading.

A deadly departure from past tactics

The Resistance Front (TRF), a rather unknown militant group founded in 2019 and designated as a “terrorist organization” by the Indian government in January 2023, claimed responsibility for the assault via social media. They offered no proof to back their assertion.

TRF represents a new breed of militant Kashmiri nationalism and resistance. Indian intelligence agencies have connected the group to the Pakistan-based terrorist organization Lashkar-e-Taiba.

TRF’s communication regarding the assault emphasized resistance to new “outsider” residency rights. This corresponds with worries voiced by some Kashmiris after 2019 modifications permitted non-locals to acquire land and get employment in the area.

The government disclosed in April 2025 that 83,000 individuals have been given residence certificates under these new standards in the last two years.

The future of Kashmir’s stability

Apart from causing obvious human sorrow, the Pahalgam slaughter also endangers years of economic development and could send Jammu and Kashmir back into a cycle of bloodshed and instability.

Targeting tourists could mean militants are willing to risk Kashmir’s economic core. The assault appears to be an attempt to internationalize the Kashmir problem at a time when worldwide interest had started to fade. It also exploits religious divides, and has succeeded in inciting severe security reactions.

The future seems more and more uncertain for ordinary Kashmiris caught between security crackdowns and militant brutality. Historical trends indicate that more militancy usually results in more security policies, putting more strain on civilian life.

For many teenagers and young people in Jammu and Kashmir, the lack of consistent income, mobility limitations and increased monitoring intensifies sensations of marginalization and anger.

Radical groups can take advantage of these frustrations. To counter this, economic policies must address these inequalities.

Read more:
India-Pakistan strikes: 5 essential reads on decades of rivalry and tensions over Kashmir

A strategy for the way ahead

The Pahalgam incident calls for a counter-terrorism strategy that balances security with socio-economic stability.

For example, tourism profit-sharing systems could be implemented and tax advantages or subsidies could be offered to tour businesses, especially those employing young marginalized demographics. This could help to bring some financial respite as well as long-term stability and has been successful in countries like Rwanda.

The failure to pre-empt the attack despite heightened security during the Vance’s visit and the Hindu pilgrimage season reveals systematic intelligence failures.

The way ahead calls for tackling both security issues and the underlying complaints still driving militancy in Jammu and Kashmir as the region once again confronts the possibility of violence.

United Nations Secretary-General António Guterres has urged both nations to de-escalate and return to diplomacy.

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

– ref. Indian airstrikes in Kashmir following tourist attack raises fears of a regional conflict – https://theconversation.com/indian-airstrikes-in-kashmir-following-tourist-attack-raises-fears-of-a-regional-conflict-256166

MIL OSI – Global Reports –

May 8, 2025

CONTACT:	Lynn Mailliard Kohler
	Director, Global Corporate Communications
	(415) 328-4798

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