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Category: Politics

  • MIL-OSI: ING publishes 2024 Annual Report on Form 20-F

    Source: GlobeNewswire (MIL-OSI)

    ING publishes 2024 Annual Report on Form 20-F

    ING filed today its Annual Report on Form 20-F for the year ended 31 December 2024 with the United States Securities and Exchange Commission (SEC). The 2024Form 20-F will be available on the ING website and can be downloaded from the SEC website (sec.gov) today. Shareholders or holders of ADRs can also request a hard copy of ING’s audited financial statements, free of charge, at www.ing.com/Investor-relations/Financial-performance/Annual-reports.htm.

    Note for editors

    For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE

    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    IMPORTANT LEGAL INFORMATION

    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non- compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: The UK supports Ukraine in its aim to ensure Russia cannot attack it again: UK statement to the OSCE

    Source: United Kingdom – Executive Government & Departments

    Speech

    The UK supports Ukraine in its aim to ensure Russia cannot attack it again: UK statement to the OSCE

    Ambassador Holland dismisses Russian disinformation and underlines the UK’s support to Ukraine in its aim to ensure Russia cannot attack it again.

    Thank you, Mister Chair.  It will not surprise you or anyone else here to hear from me today a restatement of UK commitment to Ukraine. There has been a lot of nonsense spoken in this room about the UK’s position over recent weeks. The actions taken by the UK Prime Minister over the last week, including at the London Summit, make very clear how wrong any suggestion that the UK wants to prolong the war in Ukraine actually is.

    But the UK believes that the legal and political commitments that we signed up to after the Second World War mean something. These commitments, including the UN Charter, the Helsinki Final Act and the Charter of Paris, form a framework for our stability. They clearly state how we should expect countries to behave towards each other and to our citizens. Fundamentals such as sovereignty, territorial integrity and the right to choose alliances are not negotiable – or suspendible when inconvenient. For 80 years, when we have lived up to them, they have kept us all safe from unintended conflict in Europe, even during the Cold War.

    Russia’s invasion of Ukraine is therefore not just an unacceptable act of aggression, wrong in absolute terms and brutal and indiscriminate in the way it has been conducted. Although that is all true.  It is also a dangerous repudiation of the framework of principles and commitments that keep us safe. And to allow such aggression to be rewarded is a terrible example to set.  It would encourage more of the same behaviour, in this part of the world and elsewhere.

    We have heard a lot about what the Russian state wants over the last few weeks.  But for peace, when it comes, to be lasting, Ukraine needs to be confident that the Russian aggression cannot happen again.  The UK does not like war.  We do not like our friends being at war.  We do not seek to prolong war. But we do support Ukraine in its aim to ensure Russia cannot attack it again and will continue to support Ukraine until it believes the peace on offer is one which guarantees its security in a sustainable way.  That means they must be able to negotiate from a position of strength. This has always been the UK’s position, before and during this unnecessary war. Ukraine is a sovereign country that can decide its own future without interference from other countries.

    Mister Chair, as ever Russia is producing a blizzard of disinformation to distract us from the facts. The facts are that Russia invaded Ukraine without provocation, that tens of thousands of soldiers on both sides have died unnecessarily and that this could stop tomorrow if Russia made the right choices and lived up to its commitments.

    Mister Chair, the UK’s position is simple to understand. Aggression should not be rewarded.  The principles we have all signed up should be protected. A peace should be sustainable. And Ukraine should be free to determine its own future.  That is a strategic vision worth holding out for.

    Thank you.

    Updates to this page

    Published 6 March 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI USA: State Archives to Host Free Virtual Program on the Regulation of Midwives, 1900-1940

    Source: US State of North Carolina

    Headline: State Archives to Host Free Virtual Program on the Regulation of Midwives, 1900-1940

    State Archives to Host Free Virtual Program on the Regulation of Midwives, 1900-1940
    jejohnson6

    This Women’s History Month, learn about changes to the practice of midwifery in the early twentieth century in North Carolina.

    Yale University student Jenesis Nwainokpor will present a free online program discussing the transition from traditional midwifery to the increasingly professionalized field of obstetrics, “Where Did All the Midwives Go?: Statistical Authority in the Regulation of Midwifery in North Carolina, 1900-1940.” At the turn of the 20th century, American physicians sought to control southern midwives, most of whom were Black. Their efforts reduced professional competition by blaming midwives for high rates of infant mortality and led to sweeping governmental regulation, eventually driving these care workers to virtual extinction.

    The event is scheduled Thursday, March 13, from noon-1:00 p.m.

    Register in advance for online participation. https://www.zoomgov.com/webinar/register/WN_ag8T1464Q9igwmEL2k69vg#/registration For more information, contact Adrienne Berney, adrienne.berney@dncr.nc.gov; 919-814-6863.

    About the State Archives The State Archives serves as the custodian of North Carolina’s historical records, preserving and providing public access to a wealth of archival materials. Through its diverse collections, educational programs, and exhibitions, the State Archives plays a crucial role in promoting an understanding and appreciation of North Carolina’s rich historical legacy.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Mar 1, 2025

    MIL OSI USA News –

  • MIL-OSI Video: This factory in Chicago has been producing condiments, such as mayo for 100 years

    Source: World Economic Forum (video statements)

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/ 
    Twitter ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #WorldEconomicForum

    https://www.youtube.com/watch?v=e87udKNq50w

    MIL OSI Video –

  • MIL-OSI China: Gov’t work report in Braille shows China’s care, support for people with disabilities

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

    Gov’t work report in Braille shows China’s care, support for people with disabilities

    Updated: March 6, 2025 20:23 Xinhua
    This photo shows the government work report in both Braille (L) and text at a meeting attended by national political advisors from the sector of welfare and social security at the third session of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) in Beijing, capital of China, March 5, 2025. During this year’s two sessions, a Braille version of the government work report was provided for the first time to members of the CPPCC National Committee with visual impairments. The special document highlights China’s care and support for people with disabilities. [Photo/Xinhua]
    National political advisors share a Braille version of the government work report at a meeting attended by national political advisors from the sector of welfare and social security at the third session of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) in Beijing, capital of China, March 5, 2025. [Photo/Xinhua]
    A national political advisor reads the government work report in Braille at a meeting attended by national political advisors from the sector of welfare and social security at the third session of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) in Beijing, capital of China, March 5, 2025. [Photo/Xinhua]
    Li Qingzhong, a national political advisor and chairman of the China Association of the Blind, shows the government work report in Braille at a meeting attended by national political advisors from the sector of welfare and social security at the third session of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) in Beijing, capital of China, March 5, 2025. [Photo/Xinhua]
    A national political advisor reads the government work report in Braille at a meeting attended by national political advisors from the sector of welfare and social security at the third session of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) in Beijing, capital of China, March 5, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Europe: ASIA/PHILIPPINES – Bangsamoro: dialogue initiatives to counter the increase in violence in the Muslim region

    Source: Agenzia Fides – MIL OSI

    Foto di Zeke Tucker su Unsplash

    Zamboanga City (Agenzia Fides) – The increase in violence in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), in the south of the Philippines, is a factor that worries society, public opinion and religious leaders on the island of Mindanao. According to the research institute “Council for Climate and Conflict Action Asia” (CCAA), in 2024 there were 2,570 incidents of violence in the region (the highest number in seven years), 24% more than the previous year, indicating instability and discontent ahead of the elections. While the ultimate goal of the long negotiation process between the government in Manila and the local guerrilla groups is a stable and lasting peace, this development is a cause for concern and the postponement of the elections in Bangsamoro has been confirmed. They will no longer be held in May 2025 as planned (as in all other regions of the country where the mid-term elections, which include elections to the regional and local assemblies, are held), but only in October 2025. The postponement was decided and approved by President Ferdinand Marcos Jr. after the Supreme Court recently ordered the exclusion of the Sulu Archipelago from the Autonomous Region, which entails a redistribution of seats and candidates in the provinces of the BARMM (currently the provinces of Lanao del Sur, Maguindanao, Basilan, Tawi-Tawi, as well as the cities of Marawi, Lamitan, Cotabato and 63 villages in North Cotabato). “Violence in the region has been steadily increasing since 2021 and there are no signs of slowing down,” says the CCAA, noting that “violence will continue unless the phenomenon of illicit weapons is addressed and governance is strengthened.” In addition, the institute adds that as the election approaches, “the risk of an even greater wave of violence is high” as there are at least 28 ongoing feuds between clans, which are the main source of conflict in the region. The research group calls on the Commission on Elections (COMELEC) to take appropriate measures to actively address the violence in “hot spots” such as Cotabato City, Datu Odin Sinsuat, Mamasapano, Marawi City and Malabang, while disarming the groups that are still armed.In this context, the religious leaders of Mindanao, who are united in the Mindanao Religious Leaders Conference (MiRLeC), reiterated their commitment to peace and sustainable development. Among the organizations that work for peace and promote interreligious dialogue is the “Silsilah” movement for Islamic-Christian dialogue, which, on the occasion of Ramadan, the holy month of Islam, which began on March 1, published a message in which it recognized the “special time of purification of the heart and love of neighbor” and recommended to Christians and Muslims the “spirituality of life in dialogue”. “This year, Ramadan in the Philippines coincides with the political election campaign, marked by numerous and alarming acts of violence, and with the reality of violence throughout the world, which calls us to reflect, pray and act,” says the message for the Muslim fasting month.”On this occasion,” continues the text, sent to Fides, “we are invited to reflect: why war? Why not peace? We are brothers and sisters. We also know that in times of violence there are also silent and powerful acts of love that transcend the boundaries of religions and cultures. This too is something we can confirm from our experience and have documented on the occasion of Silsilah’s 40th anniversary in 2024.”The movement is also celebrating the 25th anniversary of the “Chain of Harmony” initiative, an interfaith prayer initiative launched in 2000 when the Manila government launched “total war” in Mindanao. While today “alarming elements” are emerging, concludes Silsilah, we must “remember that God is love and loves everyone”. (PA) (Agenzia Fides, 6/3/2025)
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    MIL OSI Europe News –

  • MIL-OSI USA: U.S. butane exports reached a new record in 2024

    Source: US Energy Information Administration

    In-brief analysis

    March 6, 2025

    The United States is exporting record volumes of normal butane as global demand for liquefied petroleum gases (LPG) surges. U.S. normal butane exports averaged nearly 500,000 barrels per day (b/d) in 2024, a 12% increase from the previous year, and have increased every year since 2006.

    Butane is used residentially and commercially as a fuel, primarily for cooking. It’s also used as a gasoline blendstock during the winter and as a base chemical to make rubbers and plastics. Butane can also be converted to isobutane through isomerization, a key process for producing high octane gasoline components.

    Butane is similar to propane; both are considered LPGs. LPGs are byproducts of natural gas processing and crude oil refining. U.S. LPG production has grown rapidly with the increase in natural gas production, especially in liquids-rich regions such as the Eagle Ford in Texas and the Marcellus and Utica in the Northeast. Echoing trends in the propane market, higher production of butane has led to lower prices in the United States relative to global benchmarks in East Asia and the Middle East, increasing global demand for U.S. butane.

    The United States is the largest butane exporter in the world, with most exports bound for Asia and Africa. Butane has a higher boiling point than propane, so butane is less expensive to store and transport in warmer climates than propane. In 2024, 41% of U.S. butane exports went to Asia and 36% went to Africa. The top Asian importers were Indonesia, Japan, and South Korea, while Morocco and Egypt took in the most U.S. butane in Africa. These five countries account for more than half of the United States’ butane exports.

    Generally, butane demand has grown along with petrochemical demand. However, in many developing markets, governments have subsidized butane as a replacement for other fuels, such as wood or charcoal, because it is a cleaner indoor burning fuel for uses such as cooking or heating. Morocco, for example, has subsidized butane since the 1940s (although the government started phasing subsidies out in April 2024). Indonesia and India also have LPG subsidies in place.

    Data source: Bloomberg L.P. and Argus

    Low U.S. butane spot prices relative to other global benchmark spot prices led to a consistently wide price spread throughout 2023 and 2024, incentivizing more butane shipments from the United States than from other countries. However, the U.S. Gulf Coast butane’s discount to East Asia and Saudi Arabia decreased at the end of 2024, after butane prices rose in the United States at a faster rate than in other regions. Despite the decreasing price spread in the second half of 2024, U.S. exports remained high, averaging 12% more than the same period in 2023.

    Principal contributor: Josh Eiermann

    MIL OSI USA News –

  • MIL-OSI: Regula Increases Its Global User Base by 52% Amid Rising Identity Verification Demands

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., March 06, 2025 (GLOBE NEWSWIRE) — Regula, a global developer of forensic devices and identity verification (IDV) solutions, is now providing advanced IDV software technologies to 152 million online users worldwide. This new milestone marks an impressive growth of 52% compared to the previous year. Among the main drivers of wider IDV adoption, Regula points out the rising need for advanced anti-fraud solutions, regulatory shifts, and digital transformation initiatives.

    Countries with the most notable Regula’s client base increase, as up to the beginning of 2025

    The increasing adoption of Regula’s document and biometric verification solutions highlights a growing demand for secure and user-friendly IDV workflows in key sectors, including finance, e-commerce, government services, travel, and more. This strong year-to-year growth demonstrates that businesses are proactively adapting to the rapidly changing ID verification landscape with Regula’s complete IDV solution, which includes document authenticity checks, biometric verification, liveness detection, and deepfake prevention.

    Regional highlights

    From stricter KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations in North America and Europe to erupting digital identity initiatives in Asia to booming fintech services in Latin America and the Middle East, identity verification is becoming an essential part of digital interactions. Here’s how different markets are driving Regula’s IDV adoption growth.

    North America

    • Key drivers: Rising fraud incidents and threats (according to Regula’s survey,* 96% of US businesses faced identity fraud in 2024) plus regulatory pressure.
    • Country highlight: The US (+55%) – Increased adoption of AI-driven fraud prevention and stronger authentication in financial services and e-commerce.

    Europe

    • Key drivers: Stricter regulations (GDPR, AMLD), the European Digital Identity Wallet initiative, and fintech expansion.
    • Country highlights:
      • The UK (+122%) – Post-Brexit compliance shifts and growth in digital banking.
      • Germany (+123%) – Strong data privacy laws and high demand for authenticity checks in digital scenarios.

    META (Middle East, Türkiye, and Africa)

    • Key drivers: Digital government initiatives, fintech growth, and a push for AI-driven security.
    • Country highlight: The UAE (+112%) – Rapid adoption of digital identity verification solutions due to its ambitions to become a leader in AI, fintech, and smart city innovations.

    APAC (Asia Pacific)

    • Key drivers: Booming digital payments, financial inclusion efforts, and strong government support for digital identity solutions.
    • Country highlights:
      • Singapore (+102%) – A financial hub with widespread digital banking and government-backed digital ID systems like Singpass.
      • Australia (+188%) – AML regulations and age verification initiatives.

    Latin America

    • Key drivers: Explosive fintech growth, mobile banking expansion, and high fraud rates requiring stronger ID verification techniques.
    • Country highlights:
      • Mexico (+156%) – Rapid adoption of digital payments and financial services.
      • Colombia (+241%) – The fastest-growing market, driven by fintech expansion and government-led digital ID initiatives.

    “The growth across these markets is a direct response to regulatory developments, digital transformation efforts, and the increasing sophistication of fraud – all the factors that make identity verification paramount. As businesses and governments worldwide accelerate their adoption of digital solutions, they face the complex challenge of ensuring security and compliance while maintaining a low-effort user experience. Additionally, the ever-rising cyber and identity fraud threats have made advanced IDV not just a regulatory requirement but a fundamental business necessity. By leveraging our decades-long expertise in forensic level document and biometric verification, we deliver comprehensive, future-proof solutions and help our customers build secure and user-friendly IDV workflows,” says Henry Patishman, Executive VP of Identity Verification Solutions at Regula.

    No compromise on security, efficiency, or compliance

    To help businesses and government institutions fight identity fraud effectively, Regula offers a complete IDV solution, comprising Regula Document Reader SDK and Regula Face SDK. This on-premise software performs extensive document and biometric authenticity checks, enables data cross-validation to spot discrepancies that might indicate fraud, and ensures sensitive personal data privacy.

    With more than 14,800 identity document templates from 251 countries and territories, Regula provides businesses with the industry’s most comprehensive ID template database. This asset allows for accurate identity verification regardless of the provided document, which is especially important for financial institutions, travel companies, and global businesses.

    Regula’s ID verification software is fully compatible with most third-party document readers, allowing organizations to adopt advanced offline ID verification without investing in new hardware.

    Also, Regula’s IDV technologies are inherently future-ready, supporting emerging standards such as ISO/IEC 39794-5 for biometric passport verification and Digital Travel Credentials (DTCs) aimed at streamlining travel and border crossing.

    Regula’s hardware and software solutions are trusted by more than 1,000 organizations all over the world. Among them:

    • UBS, the world’s largest private bank, has implemented a robust customer onboarding system powered by Regula’s comprehensive ID verification technologies.
    • Checkport, a Swiss aviation security provider, utilizes Regula’s identity verification solutions to enhance passenger screening and security protocols.
    • Pearson VUE, a global leader in online testing, relies on Regula to authenticate candidate identities for high-stakes remote exams.

    To learn more about Regula’s technologies and offerings, please visit Regula’s website.

    *The research was initiated by Regula and conducted by Sapio Research in August 2024 using an online survey of 575 business decision-makers across the Financial Services (including Traditional Banking and Fintech), Crypto, Technology, Telecommunications, Aviation, Healthcare, and Law Enforcement sectors. The respondent geography included Germany, Mexico, the UAE, the US, and Singapore. Find more insights on deepfake fraud in the survey report.

    About Regula

    Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the most comprehensive library of document templates in the world, we create breakthrough technologies for document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security, or speed. Regula has been repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

    Learn more at www.regulaforensics.com.

    Contact:
    Kristina – ks@regulaforensics.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/47df2109-e416-4f49-a77f-7a950ba1d8c1

    The MIL Network –

  • MIL-OSI: LM Funding America Announces February 2025 Production and Operational Update

    Source: GlobeNewswire (MIL-OSI)

    – LuxOS firmware upgrade completed, improving fleet efficiency

    – Bitcoin HODL 165.8 BTC as of February 28, 2025 valued at $14.6 million or $2.85 per share1

    TAMPA, Fla., March 06, 2025 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a Bitcoin mining and technology-based specialty finance company, today announced its preliminary, unaudited Bitcoin mining and operational update for the month ended February 28, 2025.

    Metric Dec 2024 Jan 2025 Feb 2025
    – Bitcoin2      
    – Mined, net 7.0 8.0 8.1
    – Sold (4.0) – –
    – Purchased 5.0 – –
    – Service Fee – – (0.5)
    – Bitcoin HODL 150.2 158.2 165.8
    – Machines2      
    – Operational 3,681 5,121 5,121
    – Storage 2,159 719 719
    – Total Machines 5,840 5,840 5,840
    – Hashrate (EH/s2)      
    – Oklahoma 0.29 0.43 0.43
    – Hosted 0.13 0.13 0.13
    – Energized 0.42 0.56 0.56
    – Storage 0.21 0.07 0.07
    – Total 0.63 0.63 0.63
           

    “The LuxOS firmware upgrade we implemented in February is delivering measurable results, increasing Bitcoin production without adding more machines, despite February being a shorter month,” stated Bruce Rodgers, Chairman and CEO of LM Funding. “This is a snapshot of our business strategy; mine Bitcoin profitably and efficiently, while strengthening our balance sheet and positioning ourselves for further expansion.”

    The Company estimates that the value of its 165.8 Bitcoin holdings on February 28, 2025, was approximately $14.6 million or $2.85 per share, based on a Bitcoin price of approximately $88,100 as of March 5, 2025.

    _______________
    1 Calculated using 5,133,412 shares outstanding as of 12/31/24 from SEC Form S-3 filed January 13, 2025
    2 Unaudited

    About LM Funding America
    LM Funding America, Inc. (Nasdaq: LMFA), operates as a Bitcoin mining and specialty finance company. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.

    Forward-Looking Statements
    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry.  The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

    For investor and media inquiries, please contact: 

    Investor Relations
    Orange Group
    Yujia Zhai
    LMFundingIR@orangegroupadvisors.com 

    The MIL Network –

  • MIL-OSI: NXP Semiconductors Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, March 06, 2025 (GLOBE NEWSWIRE) — As part of its ongoing capital return program, NXP Semiconductors N.V. (NASDAQ: NXPI) today announced that its board of directors has approved the payment of an interim dividend. The actions are based on the continued and significant strength of the NXP capital structure, and the board’s confidence in the company’s ability to drive long-term growth and strong cash flow.

    The board of directors has approved the payment of an interim dividend of $1.014 per ordinary share for the first quarter of 2025. The interim dividend will be paid in cash on April 9, 2025, to shareholders of record as of March 19, 2025.

    Taxation – Cash Dividends
    Cash dividends will be subject to the deduction of Dutch dividend withholding tax at the rate of 15 percent, which may be reduced in certain circumstances. Non-Dutch resident shareholders, depending on their circumstances, may be entitled to a full or partial refund of Dutch dividend withholding tax. If you are uncertain as to the tax treatment of any dividends, consult your tax advisor.

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

    Forward-looking Statements
    This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP’s established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy risks, including theft of sensitive or confidential data; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; the ability to maintain good relationships with NXP’s suppliers; and a change in tax laws could have an effect on our estimated effective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

    For further information, please contact:                                                                                                                                                       

    Investors:  Media:
    Jeff Palmer  Paige Iven
    jeff.palmer@nxp.com paige.iven@nxp.com
    +1 408 205 0687  +1 817 975 0602
       

    NXP-Corp

    The MIL Network –

  • MIL-OSI NGOs: GTA Project Gas Leak – BP Oil Company in the Dock

    Source: Greenpeace Statement –

    Dakar, [06 March 2025] – Greenpeace Africa expresses its deep concern and outrage over the gas leak detected at the Grand Tortue Ahmeyim (GTA) field, operated by BP off the coast of Senegal and Mauritania.  

    Although BP has acknowledged the incident,  the company’s assertions regarding a “low flow” and “negligible” impact fail to obscure the significant risks that offshore hydrocarbon extraction presents to marine ecosystems and coastal communities. 

    “BP is once again demonstrating its utter disregard for marine life and coastal communities. This leak from the GTA field cannot be considered an accident, it is simply the predictable result of an industry that puts its profits before our fragile ecosystems and the survival of local populations,” says Dr. Aliou Ba, Oceans Campaigns Lead at Greenpeace Africa.  

    The GTA field is home to the largest deep-water coral reef, a unique ecosystem in the world. ” A single spill can wipe out decades of marine biodiversity, contaminate food webs and destroy the habitat of hundreds of species. The impacts will extend far beyond the drilling areas, affecting species migration, marine reproduction and the ecological balance of the entire coastal region of Mauritania and Senegal.”

    We are also calling out  the paternalism and the total lack of transparency shown by BP in its communication with local populations. The company must stop procrastinating and immediately publish independent data on the true extent of this leak and the measures taken to address it.  

    “BP’s statement is more than an ethical breach, it is a denial of basic human rights. Local communities have an inalienable right to information on the risks that threaten their environment and their survival.” insists Dr. Aliou Ba.  

    Greenpeace Africa calls on the governments of Senegal and Mauritania to insist on complete transparency from BP and to establish robust systems for monitoring and mitigating environmental risks associated with gas extraction. In fact, “a nation’s sovereignty is defined by its capacity to safeguard its citizens and their rights. It is crucial for the authorities to take action and ensure BP is held accountable.”

    Faced with the threat of yet another ecological disaster orchestrated by the oil companies, Greenpeace Africa will remain vigilant and continue to demand justice for the environment as well as for the affected communities.

    Press contacts: Luchelle Feukeng – Communications and Storytelling Manager
    Mail: [email protected]

    MIL OSI NGO –

  • MIL-OSI United Kingdom: Advanced attack drones for Ukraine in new deal struck by UK government and Anduril UK

    Source: United Kingdom – Executive Government & Departments

    Press release

    Advanced attack drones for Ukraine in new deal struck by UK government and Anduril UK

    Ukraine’s armed forces will be backed by more advanced attack drones to tackle Russian aggression in the Black Sea, following a deal struck by the UK government and an Anglo-American defence tech company.

    Defence Secretary John Healey visits Anduril in Washington DC

    • The deal with Anduril UK has been agreed ahead of the Defence Secretary’s meeting with his US counterpart Pete Hegseth at the Pentagon today.
    • During his visit to Washington D.C., John Healey MP met with staff at Anduril’s facility.
    • The UK continues to work with allies to put Ukraine in the strongest position for peace as it continues to defend itself against Russian aggression.

    Defence Secretary John Healey MP visited Anduril, the firm supplying the drones, in Washington D.C. ahead of a meeting with his US counterpart Pete Hegseth at the Pentagon today.

    The deal follows a meeting of world leaders in London last week, when the Prime Minister and allies agreed it was essential that military support continues for Ukraine to put the country in the strongest possible position for peace as it continues to defend itself from Russian aggression.

    The new contracts, totalling nearly £30 million and backed by the International Fund for Ukraine, will result in Anduril UK supplying cutting-edge Altius 600m and Altius 700m drones – known as loitering munitions – that are designed to monitor an area before striking targets that enter it.

    The Defence Secretary visited Anduril yesterday, where he spoke with a number of American and British staff. Founded in California, Anduril continues to invest significantly in the UK with a large footprint across the country and plans to rapidly scale, in line with the Government’s commitment to keeping the nation safe while providing highly skilled jobs.

    Securing a lasting peace in Ukraine and strengthening bonds between NATO allies set to top the agenda when the Defence Secretary meets with his US counterpart today.

    The visit follows Prime Minister Keir Starmer meeting the US President last week, and John Healey MP will hail the unparalleled depth of the UK’s special relationship with the US – the UK’s closest security ally – as both nations continue to collaborate to bolster security and support economic growth. 

    The meeting follows the recent decision by the UK Government to raise defence spending to 2.5% of GDP by April 2027 – the biggest sustained uplift since the Cold War. National security is a foundation of our Plan for Change, and the Prime Minister and Defence Secretary have said that Europe needs to take a greater responsibility for its security, and that defence can be an engine for economic growth.

    Defence Secretary, John Healey MP, said:

    We are determined to achieve a secure, lasting peace in Ukraine, which means putting Ukraine in the strongest possible position to prevent any return to Russian aggression.

    The UK has already provided more than 10,000 drones to Ukraine’s Armed Forces, which have proved vital in disrupting Russian troop advances and targeting positions behind the frontline.

    With a £2.26 billion loan from seized Russian assets, plus £1.6 billion worth of air defence missiles announced for Ukraine in the last week, the UK is continuing to show leadership in securing a lasting peace for Ukraine.

    The work with Anduril UK been led by Defence Equipment & Support – the procurement arm of the MOD – on behalf of the UK-administered International Fund for Ukraine (IFU). The fund now stands at more than £1.3 billion worth of pledges from 10 other countries, of which the UK has contributed £500 million. 

    Ukraine’s armed forces will take delivery of the drones, launchers and spare parts over the coming months. 

    Dr Rich Drake, MD of Anduril UK and Europe said:

    Anduril UK is proud to partner with the UK Government, working hand in glove to deliver vital capabilities for the UK and its Allies. Our focus on developing and deploying technology where and when it’s needed is at the core of everything we do – from the rapid delivery of Altius to Ukraine to the expansion of our presence here in the UK. We look forward to strengthening our partnership with the Ministry of Defence to protect our nation and our allies.

    In January, it was announced that 30,000 drones will be sent to Ukraine by the international Drone Capability Coalition, co-led by the UK and Latvia.

    Since July 2024, the Government has provided over £5.26 billion in military aid and financial support to Ukraine, including a £3 billion annual military aid and a £2.26 billion loan for military spending.

    The British and US Armed Forces operate in close alignment around the world, from the long-standing global coalition to combat Daesh in the Middle East to joint maritime security patrols in the Indo-Pacific. 

    The Defence Secretary’s visit to Washington D.C. comes as the UK receives the last of an order of 50 of the latest generation AH-64E attack helicopters for the British Army, the most advanced attack helicopter in the world. The helicopter was handed over this week at the Boeing site in Arizona under a programme that supports more than 300 UK jobs, helping to grow the UK economy – underscoring defence as an engine for driving economic growth. 

    The visit also comes at the conclusion of the 50th occurrence of Exercise Red Flag in Nevada, a joint exercise with the UK, United States and Australia. The training is designed to test equally matched air forces in a realistic combat scenario and involves more than 3,000 military personnel in high-intensity training, such as dogfighting, air-policing and practicing bombing runs, at Nellis Air Force Base.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Joint statement between Prime Minister Keir Starmer and Taoiseach Micheál Martin: 6 March 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    Joint statement between Prime Minister Keir Starmer and Taoiseach Micheál Martin: 6 March 2025

    Joint statement between Prime Minister Keir Starmer and Taoiseach Micheál Martin following UK-Ireland Summit.

    UK-Ireland 2030 Joint Statement

    1. This Joint Statement represents the starting point for a strengthened relationship between the UK and Ireland, informed by our co-guarantorship of the Good Friday Agreement, and to be taken forward through an ambitious programme of co-operation between our two countries through to 2030.

    2. The time has come to commit anew to delivering on the promise of our unique partnership to the benefit of current and future generations living across these islands. 

    3. Our renewed programme of co-operation will be taken forward in a spirit of respect and affinity, and by a shared ambition to reach the potential of our partnership across our islands, recognising that, in a changing world beyond our shores, the benefits and significance of a stronger and more settled relationship between our two countries have never been greater.

    The UK and Ireland working together at home and across the globe

    1. In a challenging geo-political and international security environment, Ireland and the UK confirm our commitment to the global multilateral system and international law as the foundations on which all our international engagement and partnerships are built.

    2. Building on these foundations, we will work together to strengthen international institutions for peace, promote conflict prevention, peace-building, sustainable development and climate action internationally.  Today, we have agreed in particular to collaborate on a strategic approach to the United Nations’ Peacebuilding Architecture Review and the World Bank’s Fragility, Conflict, Violence (FCV) Strategy. We also agree to collaborate on the Women, Peace and Security agenda and to pilot a joint lesson-sharing from the Northern Ireland peace process in an agreed priority country.

    3. We will support this intensification of our co-operation on foreign and security policy issues through annual political consultations.

    4. Continuing to ensure the safety and security of the people who live in Ireland and the United Kingdom is a priority we share.

    5. National resilience remains a priority for both of us.  We will strengthen co-operation and information sharing on emergency planning to best protect our peoples across these islands. 

    6. We will strengthen our co-operation in the area of maritime security, with a particular focus on critical undersea infrastructure, which will require greater international co-operation, including closer co-operation between Ireland and the UK.

    7. We value our good working relationship at an operational level on cyber security and will continue to co-operate to ensure that the sharing of information and best practices contribute to higher levels of cyber security across both countries. We will also work to develop approaches that benefit both countries particularly in the areas of skills development, cyber hygiene awareness and research projects.

    8. Since 2015, the UK and Ireland have cooperated on defence on the basis of a Memorandum of Understanding. We will pursue implementation of all aspects of that agreement, particularly in the areas of military training and education. To reflect the rebuilding and strengthening of our partnership, today we agree to review and update the Memorandum of Understanding on Defence by our next Summit in this series.

    9. We will continue to develop these areas of work, including through our structured security dialogue at senior official level.

    10. We will strengthen existing co-operation on criminal, civil and family law matters and exchange expertise on justice systems challenges, as well as collaborating on the rule of law and its promotion overseas. We will continue to work together to tackle threats to safety online.

    Ensuring a strategic and efficient approach to our shared maritime space to mobilise investment, support a healthy marine environment and provide clean energy for our islands

    1. We recognise the critical importance of the Celtic and Irish Seas and are committed to working together to harness their potential by deepening co-operation on offshore energy and interconnection, to help ensure our collective energy security as part of the green transition to net zero.

    2. Our countries are uniquely linked, not least through shared energy infrastructure and the Single Electricity Market (SEM) on the island of Ireland. This means we share common long-term challenges, including the need for secure, competitive, and sustainable sources of energy.

    3. We welcome recent progress on closer working between our countries in this regard, including through our two bilateral Memoranda of Understanding, and the opportunity for more formal co-operation between British and Irish system operators (EirGrid, Gas Networks Ireland, National Energy System Operator and National Gas).

    4. In order to meet our ambitious decarbonisation targets, we have agreed today to work together to mobilise investment into strategic infrastructure in the Irish and Celtic Seas by establishing frameworks to guide private investment and removing barriers to trade and investment.

    5. In this regard, we have agreed that our respective maritime policy, licensing and regulatory bodies will work together to establish co-operation in relation to data collection and usage, to continue to improve the management of the maritime area in the Irish and Celtic Seas through robust marine planning that includes a clear focus on our shared marine environment.

    6. We have also agreed to undertake new joint initiatives on mapping the sea basin to improve interoperability and resilience in UK and Irish waters, and to deepen existing co-operation on maritime decarbonisation, including on our joint efforts to establish green maritime corridors. 

    7. We will also broaden our existing Energy transition MoU to include industrial decarbonisation; knowledge sharing and exchanging best practices around retrofitting of homes and Community Benefit Funds; as well as formalising a staff exchange programme between UK and Ireland energy departments and agencies.

    8. Due to its geography, engineering expertise and interconnection to both Ireland and Great Britain, Northern Ireland can benefit from and be at the forefront of the clean energy transition. Co-operation between governments on infrastructure development will be key in both enabling Northern Ireland to have a renewable generation capacity of 3,550 MW by 2030 in order to deliver the target of 80% of electricity consumption from renewable sources, as well as supporting the Northern Ireland Executive’s ambition for 1GW of offshore wind from 2030 and Ireland’s ambition of at least 5GW of offshore wind by 2030, including through developing and supporting an all-island supply chain.

    9. Through our continuing co-operation we can act coherently and strategically, developing and sharing research and technical innovation to address our shared challenges, which in turn will deliver significant economic and social benefits to communities across our islands.

    Agile, open economies working together to attract investment, innovate from knowledge and accelerate growth

    1. The UK and Ireland are particularly close economic partners with a bilateral trade relationship worth approximately 100 billion euros annually. Ireland is the UK’s 6th largest trading partner and the UK is Ireland’s second largest trading partner and we are committed to building on these ties in order to attract new investment and accelerate economic growth across our two countries.

    2. Today we welcome substantial new investment announcements across a range of sectors including Digital, AI and Technology that are testimony to continued confidence in our economies and to the importance of our business and trading bilateral relationship. These commitments to invest will bring new jobs and opportunities to local communities and help drive up economic growth.

    3. The UK and Ireland have a longstanding partnership in sharing knowledge and experience in progressing infrastructure projects, and we share an ambition to accelerate the delivery of sustainable and resilient infrastructure to drive economic growth, enable new forms of economic activity, accelerate the transition to Net Zero by 2050, and support the delivery of housing and high-quality public services over the next decade.  Our countries and businesses are investing heavily in achieving this ambition but also face common challenges, including in relation to capacity and productivity. We have strong existing collaborations in the transport, housing and energy sectors, and today have agreed a new Framework for Co-operation to support infrastructure delivery to deepen these partnerships and extend them to further areas of mutual interest, including digital and modern methods of construction technologies.

    4. Today, we also reaffirm our support to small business in both countries and commit to working together to establish an SME Dialogue focused on sharing good practices in nurturing growth and productivity amongst SMEs to maximise commercial opportunities.

    5. We will also establish an Economic Security Exchange to share good practices and experiences, and develop common understandings in key areas for the economic security and prosperity of our two nations.

    6. The UK and Ireland share a close bilateral relationship in science, innovation and technology and commit to building on this through our collaboration within the current Horizon European Research and Innovation Framework Programme, including encouraging national contact points to work closely together. We agree to convene regular meetings between UKRI and Research Ireland to discuss issues of mutual interest and monitor and identify multilateral and bilateral opportunities.

    7. In early 2024, we launched the research Co-Centre for Climate, Biodiversity & Water, seeking to deliver solutions to the pressing challenges posed by climate change, biodiversity decline, and water degradation; and the Co-Centre for Sustainable Food Systems, seeking to drive societal and political change in food system transformation and transition to climate neutrality by 2050. Following the launch of these Co-Centres, UKRI and Research Ireland will work together and with the Northern Ireland Executive to monitor progress and identify future opportunities to bring together researchers and innovators across the UK and Ireland.

    Developing the deep ties between our people and cultures

    1. We recognise the unique ability of arts, culture and sport to forge and foster ties between people across these islands. 

    2. We value the extraordinary influence and contribution of British and Irish cultures and heritages to the artistic and cultural wealth of the public realm and creative industries and institutions in both our countries. In recognition of this, today, we agree to establish a strategic partnership to deepen and amplify co-operation between our leading cultural institutions and to support wider public engagement with the contemporary culture and heritage of both our countries. Over the coming five years, this will comprise a range of measures to support collaborations in programming, professional exchange, research and policy, and an annual joint meeting of our leading cultural institutions each autumn.

    3. We look forward to our joint hosting of the EURO2028 Men’s Football Championship and the 2030 T20 Men’s Cricket World Cup and will work to ensure that both tournaments are enjoyed across these islands. We will explore future co-hosting opportunities in the area of sports.

    4. We recognise that to reach the potential of our partnership across these islands, we need to understand and respond to the aspirations and views of young people. Today, we have agreed to establish an Ireland-UK Youth Forum to bring together young people across these islands on an annual basis to discuss issues of importance to them and to make recommendations about how they can be addressed for consideration by both our governments.

    5. In order to build stronger connectivity amongst our children and young people, we will also encourage greater co-operation and contact between our schools and education systems. This will include areas such as early years learning and provision, social mobility, opportunity and inclusion; special education provision; curriculum and assessment reform; teacher professional development; and integrated education.

    6. We will promote greater understanding of educational opportunities for full-time students through improved knowledge, guidance and information using higher education entrance systems.

    7. The uniquely rich and dynamic connections between people across these islands are supported and made possible by our long-standing Common Travel Area arrangement.  We remain firmly committed to working together to protect the integrity and security of the Common Travel Area. Recognising also the importance of the Common Travel Area in facilitating the daily lives of citizens across these islands, we will work together to minimise barriers to work or travel for those who benefit from it.

    8. Underpinning our co-operation is our shared ambition of a more reconciled, peaceful and prosperous Northern Ireland.  In progressing our co-operation across the board, we will ensure that our partnership includes and benefits Northern Ireland. We commit to ensure the successful delivery of the 2021-2027 PeacePlus programme and are agreed in principle to a successor programme.

    9. We agree to establish a UK-Ireland 2030 Steering Group led by the UK Cabinet Office and Department of the Taoiseach in order to take forward the range of commitments we are making today. Together we will ensure this complements the institutions of the Good Friday Agreement and their crucial role at the heart of our essential and unique relationship.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Smart Share Global Limited Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    POIs1operated through network partner model reached 96.8% as of the end of the third quarter of 2024
    Cumulative registered users2reached 430.2 million as of the end of the third quarter of 2024

    SHANGHAI, March 06, 2025 (GLOBE NEWSWIRE) — Smart Share Global Limited (Nasdaq: EM) (“Energy Monster” or the “Company”), a consumer tech company providing mobile device charging service, today announced its unaudited financial results for the quarter ended September 30, 2024.

    HIGHLIGHTS FOR THE THIRD QUARTER OF 2024

    • As of September 30, 2024, the Company’s services were available in 1,274 thousand POIs, compared with 1,267 thousand as of June 30, 2024.
    • As of September 30, 2024, the Company’s available-for-use power banks3 were 9.5 million.
    • As of September 30, 2024, cumulative registered users reached 430.2 million, with 13.1 million newly registered users acquired during the quarter.
    • Mobile device charging orders4 for the third quarter of 2024 was 148.1 million, compared with 176.5 million for the third quarter of 2023.
    • As of September 30, 2024, 96.8% of POIs were operated under our network partner model, compared with 89.2% as of June 30, 2024.
    • During the third quarter of 2024, the Company successfully completed its transition to the network partners model, accompanied by a retrospective review of the network partner model throughout the transition period.

    FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024
    Revenues were RMB490.8 million (US$69.9 million5) for the third quarter of 2024, representing a 20.0% decrease from the same period in 2023. The decrease was primarily due to the decrease in revenues generated under the direct model as part of the Company’s overall strategy of shifting towards the network partner model.

    • Mobile device charging revenues, which consist of revenues generated under both the direct and network partner models, decreased by 34.8% to RMB367.9 million (US$52.4 million) for the third quarter of 2024, from RMB564.2 million in the same period of 2023.
      • Revenues generated under the network partner model, comprising of (i) mobile device charging solution fees, which increased by 12.2% year-over-year to RMB65.9 million, and (ii) power bank, cabinet and other related sales, which increased by 10.3% year-over-year to RMB243.9 million, increased by 10.7% to RMB309.8 million for the third quarter of 2024, from RMB280.0 million in the same period of 2023. The increase was primarily due to the increase in the number of POIs operated under the network partner model as part of the Company’s overall strategy of shifting towards the network partner model.
      • Revenues generated under the direct model, comprising of mobile device charging service fees of RMB57.1 million and power bank sales of RMB0.9 million, decreased by 79.6% to RMB58.0 million for the third quarter of 2024, from RMB284.2 million in the same period of 2023. The decrease was primarily due to the decrease in the number of POIs operated under the direct model as part of the Company’s overall strategy of shifting towards the network partner model.
    • Other revenues, which primarily comprise of revenues from new business initiatives and advertising services, increased by 149.4% to RMB122.9 million (US$17.5 million) for the third quarter of 2024, from RMB49.3 million in the same period of 2023. The increase was primarily attributable to new business initiatives.

    Cost of revenues increased by 38.5% to RMB298.4 million (US$42.5 million) for the third quarter of 2024, from RMB215.5 million in the same period last year. The increase was primarily due to the increase in cost in association with the increase in new business initiatives and cost of cabinet sold.

    Research and development expenses decreased by 15.8% to RMB20.0 million (US$2.9 million) for the third quarter of 2024, from RMB23.8 million in the same period last year. The decrease was primarily due to the decrease in personnel related expenses.

    Sales and marketing expenses decreased by 51.8% to RMB142.6 million (US$20.3 million) for the third quarter of 2024 from RMB296.0 million in the same period last year. The decrease was primarily due to the decrease in incentive fees paid to location partners under the direct model and personnel related expenses.

    General and administrative expenses increased by 10.0% to RMB41.6 million (US$5.9 million) for the third quarter of 2024, compared to RMB37.8 million in the same period last year. The increase was primarily due to the increase in reserve for doubtful accounts in relation to the increasing contribution of the network partner model.

    Loss from operations for the third quarter of 2024 was RMB5.1 million (US$0.7 million), compared to an income from operations of RMB33.4 million in the same period last year.

    Net income for the third quarter of 2024 was RMB4.2 million (US$0.6 million), compared to a net income of RMB49.0 million in the same period last year.

    Non-GAAP adjusted net income for the third quarter of 2024 was RMB9.2 million (US$1.3 million), compared to a non-GAAP adjusted net income of RMB54.2 million in the same period last year.

    Net income attributable to ordinary shareholders for the third quarter of 2024 was RMB4.2 million (US$0.6 million), compared to a net income attributable to ordinary shareholders of RMB49.0 million in the same period last year.

    As of September 30, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB3.0 billion (US$432.0 million). 

    SUPPLEMENTAL INFORMATION
    The table below sets forth the breakdown of mobile device charging revenue components based on the latest classification for the periods indicated:

      2023Q3   2024Q2   2024Q3
      thousands RMB   thousands RMB   thousands RMB
               
    Mobile device charging:          
    Network Partner Model 279,960   292,505   309,837
    Mobile device charging solution 58,759   61,508   65,935
    Power bank, cabinet and other related sales 221,201   230,997   243,902
    Direct Model 284,233   118,105   58,048
    Mobile device charging service 278,099   115,863   57,113
    Power bank sales 6,134   2,242   935
    Total mobile device charging 564,193   410,610   367,885
               

    CORRECTIONS OF PREVIOUSLY ANNOUNCED INTERIM FINANCIAL INFORMATION AND PREVIOUSLY ISSUED FINANCIAL STATEMENTS
    In connection with the preparation of its unaudited financial results for the three months ended September 30, 2024, the Company discovered prior period errors in the accrual for tax surcharges and related interest expenses, accruals for commissions to location partners and related balances, the impairment of prepayments to location partners and the expected credit losses on deposits to location partners and accounts receivable due from network partners. Accordingly, the Company determined to disclose the correction of previously announced interim financial information and previously issued financial statements for the related errors in this current report on Form 6-K. None of the errors had a material impact on previously issued annual financial statements filed on Form 20-F. The section “Corrections of Previously Announced Interim Financial Information and Previously Issued Financial Statements” sets forth the specific corrections made to previously announced interim financial information and previously issued financial statements.

    ABOUT SMART SHARE GLOBAL LIMITED
    Smart Share Global Limited (Nasdaq: EM), or Energy Monster, is a consumer tech company with the mission to energize everyday life. The Company is a leading provider of mobile device charging service in China with an extensive network of partners powered by its own advanced service platform. The Company provides mobile device charging service through its shared power banks, which are placed in POIs such as entertainment venues, restaurants, shopping centers, hotels, transportation hubs and public spaces. Users may access the service by scanning the QR codes on Energy Monster’s cabinets to release the power banks. As of September 30, 2024, the Company had 13,000 network partners and 9.5 million power banks in 1,274,000 POIs across more than 2,100 counties and county-level districts in China.

    CONTACT US
    Investor Relations
    Hansen Shi
    ir@enmonster.com

    SAFE HARBOR STATEMENT
    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission (“SEC”), in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Energy Monster’s strategies; its future business development, financial condition and results of operations; the impact of technological advancements on the pricing of and demand for its services; competition in the mobile device charging service industry; Chinese governmental policies and regulations affecting the mobile device charging service industry; changes in its revenues, costs or expenditures; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

    NON-GAAP FINANCIAL MEASURE
    In evaluating its business, the Company considers and uses non-GAAP adjusted net income in reviewing and assessing its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents this non-GAAP financial measure because it is used by management to evaluate operating performance and formulate business plans. The Company believes that this non-GAAP financial measure helps identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects.

    Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP and have limitations as analytical tools. The Company’s non-GAAP financial measure does not reflect all items of expenses that affect its operations and does not represent the residual cash flow available for discretionary expenditures. Further, the Company’s non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling its non-GAAP financial measure to the nearest U.S. GAAP performance measure, which should be considered when evaluating performance. Investors and others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.

    The Company defines non-GAAP adjusted net income as net income excluding share-based compensation expenses. For more information on the non-GAAP financial measure, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

    Smart Share Global Limited
    Unaudited Consolidated Balance Sheets
    (In thousands, except for share and per share data, unless otherwise noted)
                 
        December 31, 2023   September 30, 2024   September 30, 2024
    RMB RMB US$
         
    ASSETS            
    Current assets:            
    Cash and cash equivalents   588,644     256,963     36,617  
    Restricted cash   173,246     114,291     16,286  
    Short-term investments   2,541,889     2,640,281     376,237  
    Accounts receivable, net   268,743     338,646     48,257  
    Inventory   106,530     162,508     23,157  
    Prepayments and other current assets   339,251     401,626     57,232  
                 
    Total current assets   4,018,303     3,914,315     557,786  
                 
    Non-current assets:            
    Long-term restricted cash   20,000     20,000     2,850  
    Property, equipment and software, net   322,806     190,720     27,177  
    Right-of-use assets, net   16,353     9,010     1,284  
    Other non-current assets   20,469     6,759     963  
    Deferred tax assets, net   22,165     1,252     178  
                 
    Total non-current assets   401,793     227,741     32,452  
                 
    Total assets   4,420,096     4,142,056     590,238  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Current liabilities:            
    Accounts and notes payable   767,669     577,508     82,295  
    Salary and welfare payable   143,653     133,204     18,981  
    Taxes payable   230,763     207,414     29,556  
    Current portion of lease liabilities   7,399     3,585     511  
    Accruals and other current liabilities   336,959     352,341     50,209  
                 
    Total current liabilities   1,486,443     1,274,052     181,552  
                 
    Non-current liabilities:            
    Non-current lease liabilities   7,641     5,090     725  
    Amounts due to related parties-non-current   1,000     1,000     142  
    Other non-current liabilities   195,585     215,780     30,748  
                 
    Total non-current liabilities   204,226     221,870     31,615  
                 
    Total liabilities   1,690,669     1,495,922     213,167  
                 
    SHAREHOLDERS’ EQUITY            
    Ordinary shares   347     347     49  
    Treasury stock   (5,549 )   (45,964 )   (6,549 )
    Additional paid-in capital   11,791,570     11,748,257     1,674,113  
    Statutory reserves   16,593     16,593     2,364  
    Accumulated other comprehensive income   182,824     168,951     24,075  
    Accumulated deficit   (9,256,358 )   (9,242,050 )   (1,316,981 )
                 
    Total shareholders’ equity   2,729,427     2,646,134     377,071  
                 
    Total liabilities and shareholders’ equity   4,420,096     4,142,056     590,238  
                 
    Smart Share Global Limited
    Unaudited Consolidated Statements of Comprehensive Income/ (Loss)
    (In thousands, except for share and per share data, unless otherwise noted)
                             
        Three months ended September 30,   Nine months ended September 30,
        2023   2024   2023   2024
        RMB   RMB   US$   RMB   RMB   US$
                    As corrected*        
    Revenues:                        
    Mobile device charging   564,193     367,885     52,423     2,403,516     1,156,571     164,810  
    Others   49,273     122,898     17,513     68,511     194,341     27,693  
                             
    Total revenues   613,466     490,783     69,936     2,472,027     1,350,912     192,503  
                             
    Cost of revenues   (215,461 )   (298,396 )   (42,521 )   (1,014,390 )   (685,733 )   (97,716 )
    Research and development expenses   (23,799 )   (20,042 )   (2,856 )   (63,894 )   (60,528 )   (8,625 )
    Sales and marketing expenses   (295,990 )   (142,614 )   (20,322 )   (1,258,883 )   (523,545 )   (74,605 )
    General and administrative expenses   (37,777 )   (41,563 )   (5,923 )   (96,535 )   (108,511 )   (15,463 )
    Other operating (loss)/income   (7,023 )   6,763     964     (17,033 )   (4,030 )   (574 )
                             
    Income/(loss) from operations   33,416     (5,069 )   (722 )   21,292     (31,435 )   (4,480 )
                             
    Interest and investment income   32,160     27,919     3,978     86,450     87,262     12,435  
    Interest expense to third parties   –     –     –     (4,228 )   –     –  
    Foreign exchange loss, net   4,299     5,700     812     (8,210 )   2,597     370  
    Other (loss)/income, net   (16 )   19     3     (27 )   87     12  
                             
    Income before income tax expense   69,859     28,569     4,071     95,277     58,511     8,337  
                             
    Income tax expense   (20,849 )   (24,323 )   (3,466 )   (20,231 )   (44,203 )   (6,299 )
                             
    Net income   49,010     4,246     605     75,046     14,308     2,038  
                             
    Net income attributable to ordinary shareholders of Smart Share Global Limited   49,010     4,246     605     75,046     14,308     2,038  
                             
    Other comprehensive (loss)/income                        
    Foreign currency translation adjustments, net of nil tax   (12,332 )   (22,136 )   (3,154 )   38,090     (13,873 )   (1,977 )
                             
    Total comprehensive income/(loss)   36,678     (17,890 )   (2,549 )   113,136     435     61  
                             
    Comprehensive income/(loss) attributable to ordinary shareholders of Smart Share Global Limited   36,678     (17,890 )   (2,549 )   113,136     435     61  
                             
    Weighted average number of ordinary shares used in computing net income per share                        
    – basic   520,075,932     507,084,501     507,084,501     519,795,778     512,825,904     512,825,904  
    – diluted   520,075,932     512,101,780     512,101,780     519,795,778     517,894,151     517,894,151  
                             
    Net income per share attributable to ordinary shareholders                        
    – basic   0.09     0.01     0.00     0.14     0.03     0.00  
    – diluted   0.09     0.01     0.00     0.14     0.03     0.00  
                             
    Net income per ADS attributable to ordinary shareholders                        
    – basic   0.19     0.02     0.00     0.29     0.06     0.01  
    – diluted   0.19     0.02     0.00     0.29     0.06     0.01  
                             
    *The corrections as detailed in the section “Corrections of Previously Announced Interim Financial Information and Previously Issued Financial Statements” were material to the previously announced unaudited consolidated financial information of the Company for the nine months ended September 30, 2023.
                                         

    Corrections of Previously Announced Interim Financial Information and Previously Issued Financial Statements

    In connection with the preparation of its unaudited financial results for the three months ended September 30, 2024, the Company discovered prior period errors in the accrual for tax surcharges and related interest expenses, accruals for commissions to location partners and related balances, the impairment of prepayments to location partners and the expected credit losses on deposits to location partners and accounts receivable due from network partners. Accordingly, the Company determined to disclose the correction of previously announced interim financial information and previously issued financial statements for the related errors in this current report on Form 6-K. None of the errors had a material impact on previously issued annual financial statements filed on Form 20-F.

    The Company is still in the process of assessing the control implications in connection with the identified errors. The Company has previously concluded that it had two material weaknesses in internal control over financial reporting, including (i) the Company’s lack of sufficient competent financial reporting and accounting personnel with appropriate understanding of accounting principles generally accepted in the United States of America, or U.S. GAAP, to address complex U.S. GAAP technical accounting issues and to prepare and review its consolidated financial statements, including disclosure notes, in accordance with U.S. GAAP and financial reporting requirements set forth by the SEC, and (ii) the Company’s lack of period end financial closing policies and procedures for preparation of consolidated financial statements, including disclosure notes, which are in compliance with U.S. GAAP and the SEC’s reporting and disclosure requirements. As a result of the errors identified, the Company could identify additional material weaknesses as part of finalizing its analysis related to its annual report process.

    The Company assessed the effects of the corrections in previously announced interim financial information and previously issued financial statements for the prior periods affected and determined that they were material to the unaudited consolidated balance sheets as of March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024 and June 30, 2024 and the unaudited consolidated statements of comprehensive income/(loss) for the three months ended March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, for the six months ended June 30, 2023 and June 30, 2024 and for the nine months ended September 30, 2023, where the corrected amounts are labelled as “As corrected” in the following tables, but are not material to any of the other prior interim financial information or annual financial statements of the Company, where the corrected amounts are labelled as “As revised” in the following tables.

    The following tables present the aggregated impact of the corrections to the financial information for the prior periods. The previously issued consolidated financial statements as of December 31, 2022 and 2023 and for the years then ended will be revised when they are presented in the Company’s Form 20-F for the year ended December 31, 2024.

      Year ended December 31, 2021    
      As Previously Reported   Corrections   As revised   Error #
          (Amounts in thousands of RMB)  
                   
    Sales and marketing expenses (2,950,972 )   (3,457 )   (2,954,429 )   2>, 3>
    General and administrative expenses (118,973 )   (1,847 )   (120,820 )   3>
    Loss from operations (108,999 )   (5,304 )   (114,303 )    
    Loss before income tax expense (124,615 )   (5,304 )   (129,919 )    
    Net loss (124,615 )   (5,304 )   (129,919 )    
    Net loss attributable to ordinary shareholders (4,958,370 )   (5,304 )   (4,963,674 )    
    Total comprehensive loss (274,882 )   (5,304 )   (280,186 )    
    Net loss per share attributable to ordinary shareholders              
    – basic and diluted (12.20 )   (0.01 )   (12.21 )    
    Net loss per ADS attributable to ordinary shareholders              
    – basic and diluted (24.40 )   (0.02 )   (24.42 )    
    Adjusted net loss (non-GAAP) (93,904 )   (5,304 )   (99,208 )    
                   
      Three months ended March 31, 2022   Three months ended June 30, 2022   Three months ended September 30, 2022   Three months ended December 31, 2022    
      As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                                       
    Cost of revenues (127,553 )   (398 )   (127,951 )   (162,869 )   (3,885 )   (166,754 )   (125,548 )   (6,545 )   (132,093 )   (140,953 )   (5,484 )   (146,437 )   1>
    Sales and marketing expenses (659,679 )   (919 )   (660,598 )   (664,918 )   (2,318 )   (667,236 )   (752,534 )   (325 )   (752,859 )   (635,199 )   760     (634,439 )   2>, 3>
    General and administrative expenses (27,376 )   (145 )   (27,521 )   (28,458 )   (199 )   (28,657 )   (29,421 )   (212 )   (29,633 )   (27,148 )   (812 )   (27,960 )   3>
    Other operating income/(loss) 5,277     –     5,277     (1,565 )   (821 )   (2,386 )   19,846     (1,287 )   18,559     (10,682 )   (796 )   (11,478 )   1>
    Loss from operations (99,316 )   (1,462 )   (100,778 )   (191,028 )   (7,223 )   (198,251 )   (96,974 )   (8,369 )   (105,343 )   (233,927 )   (6,332 )   (240,259 )    
    Loss before income tax expense (96,411 )   (1,462 )   (97,873 )   (184,527 )   (7,223 )   (191,750 )   (95,754 )   (8,369 )   (104,123 )   (220,072 )   (6,332 )   (226,404 )    
    Income tax expense –     365     365     –     1,131     1,131     –     1,372     1,372     (114,476 )   1,005     (113,471 )   All
    Net loss (96,411 )   (1,097 )   (97,508 )   (184,527 )   (6,092 )   (190,619 )   (95,754 )   (6,997 )   (102,751 )   (334,548 )   (5,327 )   (339,875 )    
    Net loss attributable to ordinary shareholders (96,411 )   (1,097 )   (97,508 )   (184,527 )   (6,092 )   (190,619 )   (95,754 )   (6,997 )   (102,751 )   (334,548 )   (5,327 )   (339,875 )    
    Total comprehensive loss (102,246 )   (1,097 )   (103,343 )   (108,881 )   (6,092 )   (114,973 )   (21,459 )   (6,997 )   (28,456 )   (366,282 )   (5,327 )   (371,609 )    
    Net loss per share attributable to ordinary shareholders                                                  
    – basic and diluted (0.20 )   0.01     (0.19 )   (0.36 )   (0.01 )   (0.37 )   (0.18 )   (0.02 )   (0.20 )   (0.64 )   (0.02 )   (0.66 )    
    Net loss per ADS attributable to ordinary shareholders                                                  
    – basic and diluted (0.40 )   0.02     (0.38 )   (0.72 )   (0.02 )   (0.74 )   (0.36 )   (0.04 )   (0.40 )   (1.28 )   (0.03 )   (1.31 )    
    Adjusted net loss (non-GAAP) (89,695 )   (1,097 )   (90,792 )   (177,491 )   (6,092 )   (183,583 )   (88,638 )   (6,997 )   (95,635 )   (327,171 )   (5,327 )   (332,498 )    
                                                       
      Six months ended June 30, 2022   Nine months ended September 30, 2022   Year ended December 31, 2022    
      As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Cost of revenues (290,422 )   (4,283 )   (294,705 )   (415,970 )   (10,828 )   (426,798 )   (556,923 )   (16,312 )   (573,235 )   1>
    Sales and marketing expenses (1,324,597 )   (3,237 )   (1,327,834 )   (2,077,131 )   (3,562 )   (2,080,693 )   (2,712,330 )   (2,802 )   (2,715,132 )   2>,  3>
    General and administrative expenses (55,834 )   (344 )   (56,178 )   (85,255 )   (556 )   (85,811 )   (112,403 )   (1,368 )   (113,771 )   3>
    Other operating income 3,712     (821 )   2,891     23,558     (2,108 )   21,450     12,876     (2,904 )   9,972     1>
    Loss from operations (290,344 )   (8,685 )   (299,029 )   (387,318 )   (17,054 )   (404,372 )   (621,245 )   (23,386 )   (644,631 )    
    Loss before income tax expense (280,938 )   (8,685 )   (289,623 )   (376,692 )   (17,054 )   (393,746 )   (596,764 )   (23,386 )   (620,150 )    
    Income tax expense –     1,496     1,496     –     2,868     2,868     (114,476 )   3,873     (110,603 )   All
    Net loss (280,938 )   (7,189 )   (288,127 )   (376,692 )   (14,186 )   (390,878 )   (711,240 )   (19,513 )   (730,753 )    
    Net loss attributable to ordinary shareholders (280,938 )   (7,189 )   (288,127 )   (376,692 )   (14,186 )   (390,878 )   (711,240 )   (19,513 )   (730,753 )    
    Total comprehensive loss (211,127 )   (7,189 )   (218,316 )   (232,586 )   (14,186 )   (246,772 )   (598,868 )   (19,513 )   (618,381 )    
    Net loss per share attributable to ordinary shareholders                                      
    – basic and diluted (0.54 )   (0.02 )   (0.56 )   (0.73 )   (0.02 )   (0.75 )   (1.37 )   (0.04 )   (1.41 )    
    Net loss per ADS attributable to ordinary shareholders                                      
    – basic and diluted (1.08 )   (0.04 )   (1.12 )   (1.46 )   (0.04 )   (1.50 )   (2.74 )   (0.08 )   (2.82 )    
    Adjusted net loss (non-GAAP) (267,186 )   (7,189 )   (274,375 )   (355,824 )   (14,186 )   (370,010 )   (682,995 )   (19,513 )   (702,508 )    
                                           
        Three months ended March 31, 2023   Three months ended June 30, 2023   Three months ended September 30, 2023   Three months ended December 31, 2023    
        As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As corrected*   Error #
        (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                                         
    Cost of revenues   (127,389 )   (1,355 )   (128,744 )   (668,547 )   (1,638 )   (670,185 )   (214,817 )   (644 )   (215,461 )   (198,711 )   6,910     (191,801 )   1>
    Sales and marketing expenses   (665,274 )   (1,253 )   (666,527 )   (295,150 )   (1,216 )   (296,366 )   (298,216 )   2,226     (295,990 )   (248,792 )   1,075     (247,717 )   2>, 3>
    General and administrative expenses   (26,771 )   (450 )   (27,221 )   (31,117 )   (420 )   (31,537 )   (37,094 )   (683 )   (37,777 )   (30,546 )   (955 )   (31,501 )   3>
    Other operating income/(loss)   2,268     (2,305 )   (37 )   (8,703 )   (1,270 )   (9,973 )   (5,532 )   (1,491 )   (7,023 )   (13,860 )   4,985     (8,875 )   1>
    (Loss)/income from operations   (15,775 )   (5,363 )   (21,138 )   13,558     (4,544 )   9,014     34,008     (592 )   33,416     (32,856 )   12,015     (20,841 )    
    Income before income tax expense   10,810     (5,363 )   5,447     24,515     (4,544 )   19,971     70,451     (592 )   69,859     2,986     12,015     15,001      
    Income tax expense   –     227     227     –     391     391     (20,442 )   (407 )   (20,849 )   (579 )   (724 )   (1,303 )   All
    Net income   10,810     (5,136 )   5,674     24,515     (4,153 )   20,362     50,009     (999 )   49,010     2,407     11,291     13,698      
    Net income attributable to ordinary shareholders   10,810     (5,136 )   5,674     24,515     (4,153 )   20,362     50,009     (999 )   49,010     2,407     11,291     13,698      
    Total comprehensive (loss)/income   (7,257 )   (5,136 )   (12,393 )   93,004     (4,153 )   88,851     37,677     (999 )   36,678     (16,787 )   11,291     (5,496 )    
    Net income per share attributable to ordinary shareholders                                                    
    – basic and diluted   0.02     (0.01 )   0.01     0.05     (0.01 )   0.04     0.10     (0.01 )   0.09     0.00     0.03     0.03      
    Net income per ADS attributable to ordinary shareholders                                                    
    – basic and diluted   0.04     (0.02 )   0.02     0.10     (0.02 )   0.08     0.20     (0.01 )   0.19     0.00     0.05     0.05      
    Adjusted net income (non-GAAP)   17,095     (5,136 )   11,959     30,055     (4,153 )   25,902     55,214     (999 )   54,215     5,716     11,291     17,007      
      Six months ended June 30, 2023   Nine months ended September 30, 2023   Year ended December 31, 2023    
      As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As revised   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Cost of revenues (795,936 )   (2,993 )   (798,929 )   (1,010,753 )   (3,637 )   (1,014,390 )   (1,209,464 )   3,273     (1,206,191 )   1>
    Sales and marketing expenses (960,424 )   (2,469 )   (962,893 )   (1,258,640 )   (243 )   (1,258,883 )   (1,507,432 )   832     (1,506,600 )   2>, 3>
    General and administrative expenses (57,888 )   (870 )   (58,758 )   (94,982 )   (1,553 )   (96,535 )   (125,528 )   (2,508 )   (128,036 )   3>
    Other operating loss (6,435 )   (3,575 )   (10,010 )   (11,967 )   (5,066 )   (17,033 )   (25,827 )   (81 )   (25,908 )   1>
    (Loss)/income from operations (2,217 )   (9,907 )   (12,124 )   31,791     (10,499 )   21,292     (1,065 )   1,516     451      
    Income before income tax expense 35,325     (9,907 )   25,418     105,776     (10,499 )   95,277     108,762     1,516     110,278      
    Income tax expense –     618     618     (20,442 )   211     (20,231 )   (21,021 )   (513 )   (21,534 )   All
    Net income 35,325     (9,289 )   26,036     85,334     (10,288 )   75,046     87,741     1,003     88,744      
    Net income attributable to ordinary shareholders 35,325     (9,289 )   26,036     85,334     (10,288 )   75,046     87,741     1,003     88,744      
    Total comprehensive income 85,747     (9,289 )   76,458     123,424     (10,288 )   113,136     106,637     1,003     107,640      
    Net income per share attributable to ordinary shareholders                                      
    – basic and diluted 0.07     (0.02 )   0.05     0.16     (0.02 )   0.14     0.17     0.00     0.17      
    Net income per ADS attributable to ordinary shareholders                                      
    – basic and diluted 0.14     (0.04 )   0.10     0.32     (0.03 )   0.29     0.34     0.00     0.34      
    Adjusted net income (non-GAAP) 47,150     (9,289 )   37,861     102,364     (10,288 )   92,076     108,080     1,003     109,083      
                                           
      Three months ended March 31, 2024   Three months ended June 30, 2024   Six months ended June 30, 2024    
      As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Cost of revenues (167,737 )   –     (167,737 )   (219,600 )   –     (219,600 )   (387,337 )   –     (387,337 )   1>
    Sales and marketing expenses (204,494 )   2,082     (202,412 )   (180,949 )   2,430     (178,519 )   (385,443 )   4,512     (380,931 )   2>, 3>
    General and administrative expenses (26,584 )   (986 )   (27,570 )   (39,450 )   72     (39,378 )   (66,034 )   (914 )   (66,948 )   3>
    Other operating loss (1,474 )   (593 )   (2,067 )   (8,133 )   (593 )   (8,726 )   (9,607 )   (1,186 )   (10,793 )   1>
    Loss from operations (22,757 )   503     (22,254 )   (6,021 )   1,909     (4,112 )   (28,778 )   2,412     (26,366 )    
    Income before income tax expense 7,339     503     7,842     20,191     1,909     22,100     27,530     2,412     29,942      
    Income tax expense (7,688 )   (354 )   (8,042 )   (11,013 )   (825 )   (11,838 )   (18,701 )   (1,179 )   (19,880 )   All
    Net (loss)/income (349 )   149     (200 )   9,178     1,084     10,262     8,829     1,233     10,062      
    Net (loss)/income attributable to ordinary shareholders (349 )   149     (200 )   9,178     1,084     10,262     8,829     1,233     10,062      
    Total comprehensive income 2,013     149     2,162     15,079     1,084     16,163     17,092     1,233     18,325      
    Net (loss)/ income per share attributable to ordinary shareholders                                      
    – basic and diluted (0.00 )   0.00     (0.00 )   0.02     0.00     0.02     0.02     0.00     0.02      
    Net (loss)/ income per ADS attributable to ordinary shareholders                                      
    – basic and diluted (0.00 )   0.00     (0.00 )   0.04     0.00     0.04     0.03     0.01     0.04      
    Adjusted net income (non-GAAP) 3,834     149     3,983     15,212     1,084     16,296     19,046     1,233     20,279      
                                           
      As of March 31, 2022   As of June 30, 2022   As of September 30, 2022    
      As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Accounts receivable, net 11,616     –     11,616     16,729     –     16,729     13,862     –     13,862     3>
    Prepayments and other current assets 396,431     5,399     401,830     408,906     2,406     411,312     365,891     (51 )   365,840     2>, 3>
    Total current assets 3,158,544     5,399     3,163,943     3,296,072     2,406     3,298,478     3,473,368     (51 )   3,473,317      
    Deferred tax assets –     –     –     –     –     –     –     –     –      
    Other non-current assets 143,384     (317 )   143,067     114,696     (317 )   114,379     75,356     (319 )   75,037     3>
    Total non-current assets 1,085,178     (317 )   1,084,861     1,011,567     (317 )   1,011,250     970,140     (319 )   969,821      
    Total assets 4,243,722     5,082     4,248,804     4,307,639     2,089     4,309,728     4,443,508     (370 )   4,443,138      
    Accounts and notes payable 533,924     11,866     545,790     691,115     11,391     702,506     796,380     9,469     805,849     2>
    Tax payable 8,373     33     8,406     33,048     3,607     36,655     93,077     10,067     103,144     All
    Current Liabilities 992,753     11,899     1,004,652     1,176,270     14,998     1,191,268     1,336,208     19,536     1,355,744      
    Total liabilities 1,120,470     11,899     1,132,369     1,290,251     14,998     1,305,249     1,441,126     19,536     1,460,662      
    Accumulated deficit (8,704,399 )   (6,817 )   (8,711,216 )   (8,888,927 )   (12,909 )   (8,901,836 )   (8,984,680 )   (19,906 )   (9,004,586 )   All
    Total shareholders’ equity 3,123,252     (6,817 )   3,116,435     3,017,388     (12,909 )   3,004,479     3,002,382     (19,906 )   2,982,476      
    Total liabilities and shareholders’ equity 4,243,722     5,082     4,248,804     4,307,639     2,089     4,309,728     4,443,508     (370 )   4,443,138      
                                           
                                           
      As of March 31, 2023   As of June 30, 2023   As of September 30, 2023    
      As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Accounts receivable, net 17,203     –     17,203     243,068     (29 )   243,039     243,771     (524 )   243,247     3>
    Prepayments and other current assets 302,793     (4,234 )   298,559     401,716     (6,548 )   395,168     349,793     (4,368 )   345,425     2>, 3>
    Total current assets 3,420,919     (4,234 )   3,416,685     3,916,080     (6,577 )   3,909,503     3,991,784     (4,892 )   3,986,892      
    Deferred tax assets 30,986     3,873     34,859     30,986     3,873     34,859     23,070     3,873     26,943     All
    Other non-current assets 28,683     (703 )   27,980     19,402     (1,058 )   18,344     19,630     (1,150 )   18,480     3>
    Total non-current assets 978,630     3,170     981,800     391,352     2,815     394,167     419,466     2,723     422,189      
    Total assets 4,399,549     (1,064 )   4,398,485     4,307,432     (3,762 )   4,303,670     4,411,250     (2,169 )   4,409,081      
    Accounts and notes payable 909,320     6,656     915,976     688,213     5,594     693,807     794,811     5,644     800,455     2>
    Tax payable 169,452     22,649     192,101     262,152     25,166     287,318     215,253     27,708     242,961     All
    Current Liabilities 1,543,809     29,305     1,573,114     1,382,863     30,760     1,413,623     1,444,630     33,352     1,477,982      
    Total liabilities 1,766,006     29,305     1,795,311     1,579,012     30,760     1,609,772     1,642,733     33,352     1,676,085      
    Accumulated deficit (9,309,059 )   (30,369 )   (9,339,428 )   (9,284,544 )   (34,522 )   (9,319,066 )   (9,234,535 )   (35,521 )   (9,270,056 )   All
    Total shareholders’ equity 2,633,543     (30,369 )   2,603,174     2,728,420     (34,522 )   2,693,898     2,768,517     (35,521 )   2,732,996      
    Total liabilities and shareholders’ equity 4,399,549     (1,064 )   4,398,485     4,307,432     (3,762 )   4,303,670     4,411,250     (2,169 )   4,409,081      
                                           
      As of December 31, 2021   As of December 31, 2022   As of December 31, 2023    
      As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Accounts receivable, net 14,881     –     14,881     16,482     –     16,482     269,736     (993 )   268,743     3>
    Prepayments and other current assets 487,540     11,180     498,720     228,672     (2,209 )   226,463     345,744     (6,493 )   339,251     2>, 3>
    Total current assets 3,247,732     11,180     3,258,912     3,300,784     (2,209 )   3,298,575     4,025,789     (7,486 )   4,018,303      
    Deferred tax assets –     –     –     30,986     3,873     34,859     18,804     3,361     22,165     All
    Other non-current assets 164,986     (317 )   164,669     35,898     (634 )   35,264     21,621     (1,152 )   20,469     3>
    Total non-current assets 1,150,249     (317 )   1,149,932     986,857     3,239     990,096     399,584     2,209     401,793      
    Total assets 4,397,981     10,863     4,408,844     4,287,641     1,030     4,288,671     4,425,373     (5,277 )   4,420,096      
    Accounts and notes payable 551,751     16,583     568,334     810,197     7,048     817,245     764,741     2,928     767,669     2>
    Tax payable 10,195     –     10,195     147,367     19,215     166,582     214,738     16,025     230,763     All
    Current Liabilities 1,028,365     16,583     1,044,948     1,422,878     26,263     1,449,141     1,467,490     18,953     1,486,443      
    Total liabilities 1,165,957     16,583     1,182,540     1,646,336     26,263     1,672,599     1,671,716     18,953     1,690,669      
    Accumulated deficit (8,607,989 )   (5,720 )   (8,613,709 )   (9,319,229 )   (25,233 )   (9,344,462 )   (9,232,128 )   (24,230 )   (9,256,358 )   All
    Total shareholders’ equity 3,232,024     (5,720 )   3,226,304     2,641,305     (25,233 )   2,616,072     2,753,657     (24,230 )   2,729,427      
    Total liabilities and shareholders’ equity 4,397,981     10,863     4,408,844     4,287,641     1,030     4,288,671     4,425,373     (5,277 )   4,420,096      
      As of March 31, 2024   As of June 30, 2024    
      As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                               
    Accounts receivable, net 278,690     (1,626 )   277,064     300,853     (1,292 )   299,561     3>
    Prepayments and other current assets 380,314     (8,120 )   372,194     327,539     (10,115 )   317,424     2>, 3>
    Total current assets 4,047,143     (9,746 )   4,037,397     3,968,175     (11,407 )   3,956,768      
    Deferred tax assets 18,804     3,360     22,164     18,804     3,360     22,164     All
    Other non-current assets 20,081     (1,368 )   18,713     16,592     (1,391 )   15,201     3>
    Total non-current assets 354,770     1,992     356,762     304,324     1,969     306,293      
    Total assets 4,401,913     (7,754 )   4,394,159     4,272,499     (9,438 )   4,263,061      
    Accounts and notes payable 726,011     (644 )   725,367     699,504     (4,830 )   694,674     2>
    Tax payable 213,999     16,971     230,970     213,000     18,389     231,389     All
    Current Liabilities 1,494,455     16,327     1,510,782     1,374,535     13,559     1,388,094      
    Total liabilities 1,702,971     16,327     1,719,298     1,588,426     13,559     1,601,985      
    Accumulated deficit (9,232,477 )   (24,081 )   (9,256,558 )   (9,223,299 )   (22,997 )   (9,246,296 )   All
    Total shareholders’ equity 2,698,942     (24,081 )   2,674,861     2,684,073     (22,997 )   2,661,076      
    Total liabilities and shareholders’ equity 4,401,913     (7,754 )   4,394,159     4,272,499     (9,438 )   4,263,061      
                               
    * The corrections were material to the unaudited consolidated balance sheets as of March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024 and June 30, 2024 and the unaudited consolidated statements of comprehensive income/(loss) for the three months ended March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, for the six months ended June 30, 2023 and June 30, 2024 and for the nine months ended September 30, 2023.
                               

    Note:

    1> Understatements of accrual for tax surcharges and related interest expenses

    Upon the final settlement of the Company’s underpaid VAT, which was recorded in prior periods, and surcharges, which was not recorded in prior periods, with the relevant tax authorities for its mobile device charging revenue in 2024, the Company determined that the unrecorded surcharges and interest expenses related to the surcharges should have been recorded in the same prior periods that the provision for underpaid VAT was recorded. As a result, the Company has determined to correct the accrual for tax surcharges and related interest expenses in prior periods such that cost of revenues, other operating loss, tax payable and accumulated deficit are corrected.

    2> Misstatements of accruals for commissions to location partners and related balances

    The accounts payable balances due to location partners under the direct model contained certain entries in relation to the commissions to location partners that were duplicative or incomplete in prior periods. Certain debit balances in accounts payable should have been reclassified to prepayments and subjected to impairment as of prior period ends. In connection therewith, the Company has determined to correct the commissions paid to locations partners and related balances for certain prior periods such that sales and marketing expenses, accounts and notes payable, prepayments and other current assets and accumulated deficit are corrected.

    3> Understatements of impairment of prepayments to location partners and expected credit losses of deposits to location partners and accounts receivable due from network partners

    The different risk characteristics of the prepayments to location partners with invalid or expired contracts, the deposits to location partners under the direct model with expired or invalid contracts and the accounts receivable due from network partners that were deregistered or dissolved were inadequately considered in the impairment assessments of such assets as of prior period ends. In connection therewith, the Company has determined to correct the impairment of prepayments to locations partners and the provision for the expected credit losses of deposits to location partners and accounts receivable due from network partners in prior periods such that sales and marketing expenses, general and administrative expenses, accounts receivable, net, prepayments and other current assets, other non-current assets and accumulated deficit are corrected.

    Smart Share Global Limited
    Unaudited Reconciliation of GAAP and Non-GAAP Results
    (In thousands, except for share and per share data, unless otherwise noted)
                           
      Three months ended September 30,   Nine months ended September 30,
      2023   2024   2023   2024
      RMB   RMB   US$   RMB   RMB   US$
                  As corrected*        
    Net income 49,010   4,246   605   75,046   14,308   2,038
    Add:                      
    Share-based compensation 5,205   4,979   710   17,030   15,196   2,165
    Less:                      
    Adjusted for tax effects –   –   –   –   –   –
                           
    Adjusted net income (non-GAAP) 54,215   9,225   1,315   92,076   29,504   4,203
                           

    _____________________________

    1 The Company defines number of points of interests, or POIs, as of a certain date as the total number of unique locations whose proprietors (location partners) have entered into contracts with the Company or its network partners on that date and have at least one cabinet assigned to the location.

    2 The Company defines cumulative registered users as the total number of users who have agreed to register their mobile phone numbers with the Company via its mini programs since inception, and the number of cumulative registered users of the Company on a certain date is the number of unique mobile phone numbers that have been registered with the Company since inception on that date.

    3 The Company defines available-for-use power banks as of a certain date as the number of power banks in circulation on that day.

    4 The Company defines mobile device charging orders for a given period as the total number of completed orders placed by registered users of the mobile device charging business under both the direct and network partner models in that given period, without any adjustment for orders that may qualify for discounts or incentives.

    5 The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024, which was RMB7.0176 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts.

    The MIL Network –

  • MIL-OSI United Kingdom: CMA clears GBT / CWT corporate travel merger

    Source: United Kingdom – Executive Government & Departments

    Press release

    CMA clears GBT / CWT corporate travel merger

    Independent CMA inquiry group has cleared the merger of corporate travel companies Global Business Travel Group, Inc and CWT Holdings LLC.

    iStock

    An independent inquiry group leading the in-depth Phase 2 merger investigation into the merger of corporate travel management companies Global Business Travel Group, Inc (GBT) and CWT Holdings LLC (CWT) has decided it should be allowed to proceed.

    Both companies supply travel agency services to global businesses with high travel spend and employees who travel internationally. 

    The group has concluded that CWT is a significantly weaker competitor than in the past and is likely to continue to weaken in the future and that there are other suppliers who will offer customers an alternative to the merged business.

    The group is therefore satisfied that the merger is not expected to result in a substantial lessening of competition in the global market for the supply of business travel agency services and has cleared the deal.

    Martin Coleman, chair of the independent panel of experts conducting this investigation, said:

    Having reviewed all the evidence thoroughly over the course of our investigation we have concluded, given the weaker position CWT plays in the corporate travel market and the alternatives available, that this deal should be allowed to proceed.

    For more information, visit the Global Business Travel Group, Inc / CWT Holdings, LLC merger inquiry case page.

    Notes to editors

    1. On 10 January 2025 the United States Department of Justice filed a civil antitrust lawsuit seeking to block the merger. The case is currently before the US courts.
    2. New Phase 1 cases opened by the CMA after 25 April 2024 which are referred for an in-depth Phase 2 investigation are run under the new Phase 2 process. This is the first in-depth merger investigation that the CMA has conducted under its revised Phase 2 process.
    3. All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk, or by phone on 020 3738 6460.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: The online accounts and company tax return service is closing

    Source: United Kingdom – Executive Government & Departments

    News story

    The online accounts and company tax return service is closing

    The joint online filing service will close on 31 March 2026.

    Companies House and HMRC are closing the joint online filing service on 31 March 2026.

    Companies have used this service to file their accounts and Company Tax Returns at the same time with Companies House and HMRC, but it will close in 12 months’ time.

    From 1 April 2026, companies can file their annual accounts with Companies House using third party software, our web services or paper filing. However, you will need to use software to file your Company Tax Return with HMRC.

    Why the service is closing

    The service is closing because it’s now outdated. It no longer aligns to modern digital standards, enhanced corporation tax requirements or changes to UK company law under the Economic Crime and Corporate Transparency Act (ECCTA).

    Closing the service also reinforces the big changes taking place at Companies House, as we implement further measures set out in the ECCTA and introduce new processes such as Identity Verification (IDV).

    What you need to do

    We recommend downloading and saving at least 3 years of accounts filings for your company. You will not be able to access any previous filings on this service after 1 April 2026.

    Start considering your software filing options. You’ll need to find a suitable software provider that can meet your filing needs for both Companies House and HMRC.

    Find out more about what you need to do to prepare for the closure of the online service to file your accounts and Company Tax Return.

    Moving to filing accounts by software only

    In the future, you’ll only be able to file accounts with Companies House using third party software.

    Although there are currently other ways to file accounts with us, most companies can make the change to using software now.

    Filing accounts through software gives you the greatest flexibility to showcase the financial data of your company. It can also give you a variety of functionality to support the running of your business. Many software providers offer a range of accounting packages to help you prepare and file accounts – you can find software for filing company documents.

    This future change supports our goal of enabling a fully digital filing service. It will also help us to meet our organisational priority to prevent economic crime and bring the UK in line with international best practice.  

    We’ll aim to give companies at least 21 months’ notice before this change comes into effect.

    Sign up for our newsletters to stay up to date with our services.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Curriculum quality improved in schools since education inspection framework introduced

    Source: United Kingdom – Executive Government & Departments

    News story

    Curriculum quality improved in schools since education inspection framework introduced

    Ofsted has today published an evaluation assessing the role that the current education inspection framework (EIF) has played in improving curriculum quality in schools.

    The evaluation found that curriculum quality has improved in schools, and that the education inspection framework (EIF) played a part in influencing these improvements. However, the improvements were fundamentally driven by school leaders and staff.

    Read the report: Curriculum quality: evaluating the impact of the education inspection framework.

    Ofsted carried out curriculum research in 64 schools in 2018, and revisited 20 of those schools in 2024 to compare curriculum quality before and after the introduction of the EIF.

    The evaluation found that, in the schools revisited:

    • overall curriculum quality had improved
    • the intent, implementation and impact structure of the EIF had influenced school leaders’ thinking about the curriculum
    • the curriculum was more likely to be ambitious across all subjects
    • while the quality of reading was high in the initial study, school leaders had further prioritised reading
    • leaders reported that, under the EIF, subject leaders had greater levels of ownership and responsibility
    • the curriculum was more purposefully sequenced and mapped​

    Ofsted is currently consulting on a renewed framework, which will incorporate the best of the EIF, including the clear focus on curriculum quality.

    Education professionals, parents, carers and learners are all encouraged to give their views on the consultation before it closes on 28 April 2025.

    Respond to the consultation

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: YieldMax™ Introduces New Weekly Pay R2000 0DTE Covered Call Strategy ETF

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

    YieldMax™ R2000 0DTE Covered Call Strategy ETF (Nasdaq: RDTY)

    RDTY Overview
    RDTY follows an active management approach that utilizes a synthetic covered call strategy designed to generate weekly income while also providing exposure to the price return of an Index.

    • RDTY is designed to generate weekly income, while also providing exposure to the price return of the Russell 2000 Index (the “Index”).
    • RDTY seeks to generate income primarily by utilizing zero days to expiry (“0DTE”) options on the Index and/or passively managed ETFs that tracks the Index’s performance (the “Index ETFs”).

    Index

    The Russell 2000 Index is a widely recognized benchmark index that tracks the performance of approximately 2000 small-cap companies in the United States. These are the smallest companies listed in the Russell 3000 Index, representing about 10% of that index’s total market capitalization. The Russell 2000 Index is diversified and includes companies from various sectors such as financial services, healthcare, technology, consumer discretionary, industrials, and others.

    RDTY’s Option Strategy

    RDTY employs a synthetic covered call strategy by selling and purchasing call options on the Index or Index ETFs. Each business day, typically at market open, the Fund sells out-of-the-money (OTM) call options with zero days to expiration (“0DTE”), which expire the same day they are sold. OTM options have a strike price above the current Index value. RDTY’s synthetic covered call strategy is established by combining the call options sold to generate income with buying call options for exposure to the Index.

    RDTY’s Return Profile and Index Performance

    RDTY earns income by selling out-of-the-money 0DTE call options daily. The premiums from these options add to income but limit participation in Index gains. If the Index rises past the strike price, losses on sold options can offset gains. This strategy balances income generation with limited Index upside exposure while premiums can help mitigate losses if the Index declines.

    RDTY’s Distribution Schedule
    Like all YieldMax™ ETFs, RDTY aims to generate income for investors. With respect to distributions, RDTY aims to make distributions on a weekly basis, and its first weekly distribution is expected to be announced on March 19, 2025.
            
    Why Invest in RDTY?

    • RDTY seeks to generate weekly income, which is not dependent on the value of the Index (or the Index ETFs).
    • RDTY aims to participate in a portion of the Index gains, which may be capped.

    Please see the table below for distribution information for all outstanding YieldMax™ ETFs as of March 5, 2025.

    ETF
    Ticker    1    		 ETF Name Distribution
    Frequency    		 Distribution
    per Share    		 Distribution
    Rate    2,4    		 30-Day
    SEC Yield3    		 ROC5
    TSLY YieldMax™ TSLA Option Income Strategy ETF Every 4 weeks $0.5793 80.76%   4.69%   93.03%  
    OARK YieldMax™ Innovation Option Income Strategy ETF Every 4 weeks $0.4269 62.70%   3.25%   93.84%  
    APLY YieldMax™ AAPL Option Income Strategy ETF Every 4 weeks $0.3625 28.83%   3.15%   88.56%  
    NVDY YieldMax™ NVDA Option Income Strategy ETF Every 4 weeks $1.6118 121.96%   4.02%   96.84%  
    AMZY YieldMax™ AMZN Option Income Strategy ETF Every 4 weeks $0.5480 40.96%   3.79%   0.00%  
    FBY YieldMax™ META Option Income Strategy ETF Every 4 weeks $0.4767 33.09%   3.47%   0.00%  
    GOOY YieldMax™ GOOGL Option Income Strategy ETF Every 4 weeks $0.3877 38.11%   4.12%   0.00%  
    NFLY YieldMax™ NFLX Option Income Strategy ETF Every 4 weeks $0.4008 28.95%   3.23%   0.00%  
    CONY YieldMax™ COIN Option Income Strategy ETF Every 4 weeks $0.5989 76.38%   4.56%   94.78%  
    MSFO YieldMax™ MSFT Option Income Strategy ETF Every 4 weeks $0.2845 22.22%   3.53%   83.81%  
    DISO YieldMax™ DIS Option Income Strategy ETF Every 4 weeks $0.4574 37.39%   4.48%   90.80%  
    XOMO YieldMax™ XOM Option Income Strategy ETF Every 4 weeks $0.2541 23.76%   3.38%   0.00%  
    JPMO YieldMax™ JPM Option Income Strategy ETF Every 4 weeks $0.2951 21.95%   3.40%   0.00%  
    AMDY YieldMax™ AMD Option Income Strategy ETF Every 4 weeks $0.2533 40.36%   4.02%   92.00%  
    PYPY YieldMax™ PYPL Option Income Strategy ETF Every 4 weeks $0.3773 34.96%   4.20%   90.73%  
    SQY YieldMax™XYZ Option Income Strategy ETF Every 4 weeks $0.5840 61.30%   5.21%   93.58%  
    MRNY YieldMax™ MRNA Option Income Strategy ETF Every 4 weeks $0.2308 87.29%   5.01%   95.55%  
    AIYY YieldMax™ AI Option Income Strategy ETF Every 4 weeks $0.3710 90.28%   4.64%   94.49%  
    YMAX YieldMax™ Universe Fund of Option Income ETFs Weekly $0.2405 83.31%   85.03%   48.89%  
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.1514 47.70%   61.87%   55.46%  
    MSTY YieldMax™ MSTR Option Income Strategy ETF Every 4 weeks $2.0216 116.16%   0.21%   33.44%  
    ULTY* YieldMax™ Ultra Option Income Strategy ETF Every 4 weeks $0.4653 80.34%   0.00%   78.20%  
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Every 4 weeks $0.5506 66.36%   1.61%   0.00%  
    CRSH YieldMax™ Short TSLA Option Income Strategy ETF Every 4 weeks $0.3810 69.54%   3.00%   12.68%  
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF Every 4 weeks $0.4424 37.46%   3.08%   92.35%  
    SNOY YieldMax™ SNOW Option Income Strategy ETF Every 4 weeks $0.9210 64.27%   2.45%   89.86%  
    ABNY YieldMax™ ABNB Option Income Strategy ETF Every 4 weeks $0.4805 41.86%   2.98%   92.39%  
    FIAT YieldMax™ Short COIN Option Income Strategy ETF Every 4 weeks $0.6834 105.59%   3.52%   96.91%  
    DIPS YieldMax™ Short NVDA Option Income Strategy ETF Every 4 weeks $0.5845 61.48%   2.90%   31.40%  
    BABO YieldMax™ BABA Option Income Strategy ETF Every 4 weeks $1.9190 116.35%   2.36%   0.00%  
    YQQQ YieldMax™ Short N100 Option Income Strategy ETF Every 4 weeks $0.2498 18.88%   3.79%   0.00%  
    TSMY YieldMax™ TSM Option Income Strategy ETF Every 4 weeks $0.6019 47.96%   3.59%   47.33%  
    SMCY YieldMax™ SMCI Option Income Strategy ETF Every 4 weeks $2.0901 110.65%   2.63%   97.65%  
    PLTY YieldMax™ PLTR Option Income Strategy ETF Every 4 weeks $5.9377 121.00%   2.63%   0.00%  
    BIGY YieldMax™ Target 12™ Big 50 Option Income ETF Monthly $0.5025 12.55%   0.03%   100.00%  
    SOXY YieldMax™ Target 12™ Semiconductor Option Income ETF Monthly $0.4883 12.77%   0.00%   46.21%  
    MARO YieldMax™ MARA Option Income Strategy ETF Every 4 weeks $1.5575 72.45%   4.21%   95.82%  
    FEAT YieldMax™ Dorsey Wright Featured 5 Income ETF Every 4 weeks $1.9096 63.70%   122.88%   0.00%  
    FIVY YieldMax™ Dorsey Wright Hybrid 5 Income ETF Every 4 weeks $1.1203 36.49%   67.34%   0.00%  
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4637 58.67%   0.00%   0.00%  
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.3094 37.23%   0.00%   0.00%  
    CVNY YieldMax™ CARVANA Option Income Strategy ETF Every 4 weeks $3.9149 –   –   96.80%  
    SDTY YieldMax™ S&P 500 0DTE Covered Call Strategy ETF Weekly $0.1709 –   –   100.00%  
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF Weekly $0.1580 –   –   33.90%  


    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs.”

    Distributions are not guaranteed.   The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    *Starting March 12, 2025, ULTY intends to distribute weekly income to shareholders. The dates for ULTY ’s future distributions will be those set forth in the YieldMax Distribution Schedule.

    1 All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.   

    2The Distribution Rate shown is as of close on March 5, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3 The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended February 28, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4 Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

    High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: KVH Industries Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    MIDDLETOWN, R.I., March 06, 2025 (GLOBE NEWSWIRE) — KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter and full year ended December 31, 2024 today. The company will hold a conference call to discuss these results at 9:00 a.m. ET today, which can be accessed at investors.kvh.com. Following the call, a replay of the webcast will be available through the company’s website.

    Fourth Quarter 2024 Highlights

    • Total revenues decreased by 14% in the fourth quarter of 2024 to $26.9 million from $31.5 million in the fourth quarter of 2023.
       
    • Airtime revenue decreased by $5.1 million to $20.8 million, or 20% in the fourth quarter of 2024 compared to the fourth quarter of 2023.
       
    • Net loss in the fourth quarter of 2024 was $4.3 million, or $0.22 per share, compared to a net loss of $12.2 million, or $0.63 per share, in the fourth quarter of 2023.
       
    • Non-GAAP adjusted EBITDA was $0.5 million in the fourth quarter of 2024, compared to $2.3 million in the fourth quarter of 2023. The U.S. Coast Guard contract downgrade reduced non-GAAP adjusted EBITDA by $2.2 million year over year.

    Commenting on the company’s fourth quarter and full year results, Brent C. Bruun, KVH’s Chief Executive Officer, said, “Our recent results validate our strategic decision to integrate Starlink fully into our product and service portfolio. We shipped more than 1,000 Starlink terminals in the fourth quarter and, with more than 2,300 activations in 2024, Starlink is now the fastest growing product line in our history. At the same time, we have strengthened our multi-orbit, multi-channel portfolio with the addition of OneWeb, CommBox Edge, and the TracNet Coastal global 5G and Wi-Fi communication system.

    “Fourth quarter airtime and service revenue was $22.3 million, a $5.4 million reduction from the fourth quarter of 2023. Of this reduction, $2.2 million was related to the U.S. Coast Guard contract downgrade, while the remaining decline was driven by overall softness in the VSAT airtime market primarily due to the impact of customer demand for Starlink services. Our Starlink airtime margins continue to be strong, though overall airtime gross margins declined due in part to fixed costs for VSAT services. Our subscriber base increased by 4% in the fourth quarter, CommBox Edge activations doubled, and we achieved a fourth consecutive quarter of record terminal shipments. We are in a stronger position now than a year ago, and I believe we are on the path toward renewed growth and profitability. With this in mind, for full year 2025 we anticipate that revenue will be in the range of $115 million to $125 million, and adjusted EBITDA in the range of $9 million to $15 million.”

    Financial Highlights (in millions, except per share data)
             
        Three Months Ended   Year Ended
        December 31,   December 31,
          2024       2023       2024       2023  
    GAAP Results                
    Revenue   $                        26.9     $                        31.5     $                     113.8     $                     132.4  
    Loss from operations   $                        (3.2 )   $                      (12.2 )   $                      (11.9 )   $                      (17.3 )
    Net loss   $                        (4.3 )   $                      (12.2 )   $                      (11.0 )   $                      (15.4 )
    Net loss per share   $                      (0.22 )   $                      (0.63 )   $                      (0.57 )   $                      (0.81 )
                     
    Non-GAAP Adjusted EBITDA   $                          0.5     $                          2.3     $                          8.1     $                        14.3  


    Fourth     Quarter Financial Summary

    Revenue was $26.9 million for the fourth quarter of 2024, a decrease of 14% compared to $31.5 million in the fourth quarter of 2023.

    Service revenues for the fourth quarter of 2024 were $22.3 million, a decrease of 20%. The decrease in service sales was primarily due to a $5.1 million decrease in our airtime service sales, of which $2.2 million was related to the U.S. Coast Guard contract downgrade.

    Product revenues for the fourth quarter of 2024 were $4.6 million, an increase of 24% from the fourth quarter of 2023. The increase in product sales was primarily due to a $1.2 million increase in Starlink product sales, partially offset by a $0.3 million decrease in TracVision product sales.

    Our operating expenses decreased $2.7 million to $10.3 million for the fourth quarter of 2024 compared to $13.0 million for the fourth quarter of 2023. This decrease was primarily due to the $2.1 million charge incurred in 2023 for the discontinuation of a project for implementing a manufacturing-centric accounting system and a $0.8 million decrease in recurring salaries, benefits and taxes, partially offset by $0.9 million of restructuring severance charges.

    Full Year Financial Summary

    Revenue was $113.8 million for the year ended December 31, 2024, a decrease of 14% compared to $132.4 million for the year ended December 31, 2023.

    Service revenues for the year ended December 31, 2024, were $96.4 million, a decrease of 16% compared to the year ended December 31, 2023. The decrease in service sales was primarily due to a $17.1 million decrease in our airtime service sales, driven primarily by a decrease in VSAT-only subscribers, partially offset by an increase in Starlink service sales. $2.7 million of this decrease was related to the U.S. Coast Guard contract downgrade.

    Product revenues for the year ended December 31, 2024, were $17.4 million, a decrease of 2% compared to the year ended December 31, 2023. The decrease in product sales was primarily the result of a $2.2 million decrease in VSAT Broadband product sales, a $2.0 million decrease in TracVision product sales and a $1.3 million decrease in accessory and service product sales, partially offset by a $5.0 million increase in Starlink product sales and a $0.5 million increase in CommBox Edge product sales.

    Our operating expenses decreased $8.1 million to $47.1 million in the year ended December 31, 2024, compared to $55.2 million in the year ended December 31, 2023. This decrease in operating expenses was primarily due to a $4.9 million decrease in aggregate non-cash impairment charges against goodwill and long-lived assets, a $2.1 million charge incurred in 2023 for the discontinuation of a project for implementing a manufacturing-centric accounting system, a $2.0 million decrease in salaries, benefits and taxes, excluding costs related to the reduction in workforce, a $1.0 million decrease in professional fees, a $0.4 million decrease in external commissions, a $0.4 million decrease in computer expenses, a $0.4 million decrease in depreciation and amortization, and a $0.3 million decrease in expensed materials. These decreases in expenses were partially offset by $2.9 million of costs related to the reductions in our workforce and a $0.7 million reduction in reimbursements made by EMCORE for expenses incurred under the transition services agreement relating to the sale of the inertial navigation business in August 2022. The $8.1 million improvement in operating expenses reflects a reduction in non-cash impairment charges of $4.9 million from 2023 to 2024.

    Other Recent Announcements

    • December 10, 2024 – Seaspan Selects KVH to Equip Fleet with OneWeb Low Earth Orbit Solution
    • December 5, 2024 – Vroon and KVH Complete Deployment of Starlink/VSAT Hybrid Connectivity on 58 Vessels
    • December 3, 2024 – KVH Introduces TracNet™ Coastal and TracNet Coastal Pro 5G/Wi-Fi Terminals and Cellular Data Plans

    Conference Call Details

    KVH Industries will host a conference call today at 9:00 a.m. ET through the company’s website. The conference call can be accessed at investors.kvh.com and listeners are welcome to submit questions pertaining to the earnings release and conference call to ir@kvh.com. The audio archive will be available on the company website within three hours of the completion of the call.

    Non-GAAP Financial Measures

    This release provides non-GAAP financial information as a supplement to our condensed consolidated financial statements, which are prepared in accordance with generally accepted accounting principles (“GAAP”). Management uses these non-GAAP financial measures internally in analyzing financial results to assess operational performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. Management generally uses these non-GAAP financial measures to facilitate financial and operational decision-making, including evaluation of our historical operating results and comparison to competitors’ operating results. These non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting our business.

    Some limitations of non-GAAP adjusted EBITDA include the following: non-GAAP adjusted EBITDA represents net income (loss) before, as applicable, interest income, net, income tax expense (benefit), depreciation, amortization, stock-based compensation expense, goodwill impairment charges, long-lived assets impairment charges, charges for disposal of discontinued projects, loss on unfavorable future contracts, employee termination and other variable costs, executive separation costs, transaction-related and other variable legal and advisory fees, irregular inventory write-downs, excess purchase order obligations, gains and losses on sale of subsidiaries, and foreign exchange transaction gains and losses.

    Other companies, including companies in KVH’s industry, may calculate these non-GAAP financial measures differently or not at all, which will reduce their usefulness as a comparative measure.

    Because non-GAAP financial measures exclude the effect of items that increase or decrease our reported results of operations, management strongly encourages investors to review our consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

    About KVH Industries, Inc.

    KVH Industries, Inc. is a global leader in maritime and mobile connectivity delivered via the KVH ONE network. The company, founded in 1982, is based in Middletown, RI, with research, development, and manufacturing operations in Middletown, RI, and more than a dozen offices around the globe. KVH provides connectivity solutions for commercial maritime, leisure marine, military/government, and land mobile applications on vessels and vehicles, including the TracNet, TracPhone, and TracVision product lines, the KVH ONE OpenNet Program for non-KVH antennas, AgilePlans Connectivity as a Service (CaaS), and the KVH Link crew wellbeing content service.

    This press release contains forward-looking statements that involve risks and uncertainties. For example, forward-looking statements include statements regarding projected financial results, the anticipated benefits of our restructuring and other initiatives, anticipated cost savings, our investment plans, our development goals, and the potential impact of our future initiatives on revenue, competitive positioning, profitability, and orders. Actual results could differ materially from the results projected in or implied by the forward-looking statements made in this press release. Factors that might cause these differences include, but are not limited to: continued increasing competition, particularly from lower-cost providers, low earth orbit satellite systems and other telecommunications systems, especially in the global leisure market, which is reducing demand for geosynchronous satellite services, including ours; the impact of lower revenue from the U.S. Coast Guard; potentially lower product and service margins from reseller arrangements; the risk that sales of Starlink terminals will slow down or decrease; potential hardware and software competition for our new CommBox product offerings; unanticipated obstacles to implementation of our manufacturing wind-down; unanticipated costs and expenses arising from the wind-down; unanticipated effects of the wind-down on our ongoing business; the risks associated with increased customer reliance on third-party hardware; the lack of future product differentiation; new service offerings from hardware providers; potential customer delays in selecting our services; the uncertain impact of continuing industry consolidation; the risk that our OpenNet program will lead to further reductions in sales of our satellite products; the risk that our current and future non-exclusive arrangements with Starlink and OneWeb will not provide material benefits; contingencies and termination rights applicable to pending and future property and asset sales; uncertainty regarding customer responses to new product and service introductions; challenges and potential additional expenses in retaining our employees, particularly in the current competitive labor market characterized by rising wages; the challenges of meeting customer expectations with a smaller employee base; uncertainties created by our new business strategy, which may impact customer recruitment and retention; the uncertain impact of ongoing disruptions in our supply chain and associated increases in our costs; the uncertain impact of inflation, particularly with respect to fuel costs, and fears of recession; the uncertain impact of the wars in Ukraine and the Middle East and international tensions in Asia, including the impact of dramatic shifts in U.S. geopolitical priorities; unanticipated changes or disruptions in our markets; technological breakthroughs by competitors; changes in customer priorities or preferences; increasing customer terminations; unanticipated liabilities, charges and write-offs; the potential that competitors will design around or invalidate our intellectual property rights; a history of losses; continued fluctuations in quarterly results; the uncertain impact of recent dramatic changes in both U.S. and foreign trade policy, including actual and potential new or higher tariffs and trade barriers, as well as trade wars with other countries; potentially inflationary impacts of tariffs and budget deficits; unanticipated obstacles in our product and service development, cost engineering and manufacturing efforts; adverse impacts of currency fluctuations; our ability to successfully commercialize our new initiatives without unanticipated additional expenses or delays; reduced sales to companies in or dependent upon the turbulent oil and gas industry; the impact of extended economic weakness on the sale and use of marine vessels and recreational vehicles; continued challenges of maintaining our market share in the market for airtime services; the risk that declining sales of the TracNet H-series and TracPhone V-HTS series products and related services will continue to reduce airtime gross margins; the risk that reduced product sales will continue to erode product gross margins and lead to increased losses; potential continuing declines or changes in customer demand, due to economic, weather-related, seasonal, and other factors, particularly with respect to the TracNet H-series and TracPhone V-HTS series; exposure for potential intellectual property infringement; changes in tax and accounting requirements or assessments; and export restrictions, delays in procuring export licenses, and other international risks. These and other factors are discussed in more detail in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 7, 2024. Copies are available through our Investor Relations department and website, investors.kvh.com. We do not assume any obligation to update our forward-looking statements to reflect new information and developments.

    KVH Industries, Inc., has used, registered, or applied to register its trademarks in the USA and other countries around the world, including but not limited to the following marks: KVH, KVH ONE, TracPhone, TracVision, AgilePlans, CommBox, and TracNet. Other trademarks are the property of their respective companies.

    KVH INDUSTRIES, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share amounts, unaudited)
     
        Three months ended
    December 31,    		   Year ended
    December 31,
          2024       2023       2024       2023  
    Sales:                
    Service   $      22,324     $      27,739     $      96,446     $    114,622  
    Product              4,593                3,716              17,382              17,757  
    Net sales            26,917              31,455            113,828            132,379  
    Costs and expenses:                
    Costs of service sales            15,506              17,514              60,002              65,362  
    Costs of product sales              4,286              13,107              18,607              29,149  
    Research and development              1,668                2,020                8,439                9,399  
    Sales, marketing and support              5,363                5,252              21,013              20,925  
    General and administrative              3,299                5,760              16,513              18,899  
    Goodwill impairment charge                    —                      —                      —                5,333  
    Intangible asset impairment charge                    —                      —                1,137                    657  
    Total costs and expenses            30,122              43,653            125,711            149,724  
    Loss from operations            (3,205 )          (12,198 )          (11,883 )          (17,345 )
    Interest income                  623                    986                3,039                3,646  
    Interest expense                    —                        1                        2                        1  
    Other expense, net            (1,433 )                (821 )            (1,781 )            (1,404 )
    Loss before income tax expense            (4,015 )          (12,034 )          (10,627 )          (15,104 )
    Income tax expense                  295                    159                    421                    318  
    Net loss   $      (4,310 )   $    (12,193 )   $    (11,048 )   $    (15,422 )
                     
    Net loss per common share                
    Basic   $        (0.22 )   $        (0.63 )   $        (0.57 )   $        (0.81 )
    Diluted   $        (0.22 )   $        (0.63 )   $        (0.57 )   $        (0.81 )
                     
    Weighted average number of common shares outstanding:                
    Basic            19,453              19,250              19,389              19,130  
    Diluted            19,453              19,250              19,389              19,130  
    KVH INDUSTRIES, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, unaudited)
     
        December 31,
    2024    		   December 31,
    2023
    ASSETS        
    Cash, cash equivalents and marketable securities   $                   50,572                         69,771
    Accounts receivable, net                         21,624                         25,670
    Inventories, net                         22,953                         19,046
    Other current assets and contract assets                         16,016                            4,331
    Current assets held for sale                         11,410                                 —
    Total current assets                       122,575                       118,818
    Property and equipment, net                         27,014                         47,680
    Intangible assets, net                               828                            1,194
    Right of use assets                            1,361                            1,068
    Other non-current assets and contract assets                            3,146                            3,618
    Non-current deferred income tax asset                               157                               256
    Total assets   $                 155,081   $                 172,634
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Accounts payable and accrued expenses   $                   14,173                         22,412
    Deferred revenue                            1,039                            1,774
    Current operating lease liability                               660                               786
    Total current liabilities                         15,872                         24,972
    Long-term operating lease liability                               569                               289
    Non-current deferred income tax liability                                 15                                   1
    Stockholders’ equity                       138,625                       147,372
    Total liabilities and stockholders’ equity   $                 155,081   $                 172,634
    KVH INDUSTRIES, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP NET LOSS TO NON-GAAP
    EBITDA AND NON-GAAP ADJUSTED EBITDA
    (in thousands, unaudited)
     
        Three months ended
    December 31,    		   Year ended
    December 31,
          2024       2023       2024       2023  
    Net loss – GAAP (1)   $      (4,310 )   $    (12,193 )   $    (11,048 )   $    (15,422 )
    Income tax expense                  295                    159                    421                    318  
    Interest income, net                (623 )                (985 )            (3,037 )            (3,645 )
    Depreciation and amortization              3,048                3,319              13,298              13,438  
    Non-GAAP EBITDA            (1,590 )            (9,700 )                (366 )            (5,311 )
    Stock-based compensation expense                  398                    645                2,027                2,078  
    Goodwill impairment charge                    —                      —                      —                5,333  
    Long-lived assets impairment charge                    —                      —                1,137                    657  
    Disposal of a discontinued project                    —                2,099                      —                2,099  
    Loss on an unfavorable future contract                    —                    337                      —                    337  
    Employee termination and other variable costs                  926                      —                3,863                      —  
    Prior period Brazil tax settlement                  446                      —                    446                      —  
    Transaction-related and other variable legal and advisory fees                  156                      41                    451                    275  
    Irregular inventory write-down                    —                5,225                      —                5,225  
    Excess purchase order obligations                    —                3,569                      —                3,569  
    Loss on sale of a subsidiary                    —                      53                      —                      53  
    Foreign exchange transaction loss                  176                      15                    493                      33  
    Non-GAAP adjusted EBITDA   $           512     $        2,284     $        8,051     $      14,348  

    (1) Net loss – GAAP includes a non-cash loss related to the disposal of AgilePlans revenue-generating fixed assets, in which no proceeds were received, of $819 and $333 for the three months ended December 31, 2024 and 2023, respectively, and $900 and $667 for the years ended December 31, 2024 and 2023, respectively. 

         
    Contact:   KVH Industries, Inc.
    Chris Watson
    401-845-2441
    IR@kvh.com

    The MIL Network –

  • MIL-OSI: Marex Group plc announces record fourth quarter and full year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) — Marex Group plc (‘Marex’ or the ‘Group’; Nasdaq: MRX) a diversified global financial services platform, providing essential liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets, today reported financial results for the fourth quarter (‘Q4 2024’) and year ended 31 December 2024 (‘2024’).

    Ian Lowitt, Group Chief Executive Officer, stated, “I’m pleased to confirm that robust levels of client activity and positive market conditions led to another strong performance in the fourth quarter, typically a slower quarter seasonally. This delivered a full year Adjusted Profit Before Tax1 of $321.1 million, up 40% year-over-year. Our performance in 2024 demonstrates the strength and scalability of our diversified global platform, as we delivered strong organic growth, gained market share and continued our track record of sequential profit growth. We have continued to execute our strategy of expanding our geographic footprint and product capabilities through both organic growth initiatives and strategic acquisitions, increasing our relevance to a growing client base, and are confident of achieving sustainable growth through a variety of market conditions. We have had a strong start to 2025 with positive momentum continuing into the first two months of the year, reflecting strong levels of client activity on our platform consistent with higher exchange volumes.”

    Financial and Operational Highlights:

    • Strong Q4 performance: robust client activity and supportive market conditions drove positive momentum and strong organic growth across the business. Average invested assets grew 12% over the quarter to $15.5bn delivering net interest income of $62.6m, broadly in line with the third quarter
    • Record full year 2024 profit: Adjusted Profit Before Tax1 increased 40% to $321.1m on a 28% increase in revenue, extending our track record of sequential profit growth to 10 years, as we continued to scale our platform
    • Executed growth strategy: expanded our geographic footprint and product capabilities through both organic growth and strategic acquisitions, increasing our market share and relevance to a broader client base
    • Successful IPO and secondary placing, supported by strong investor demand: publicly listed on Nasdaq in April, with successful first follow-on transaction in October increasing public float to 52%
    • Prudent approach to capital and funding: maintained a strong capital and liquidity position and further diversified funding sources with a $600m senior unsecured issuance
    • Dividend: $0.14 per share to be paid in the first quarter of 2025
    Financial Highlights: ($m) 3 months ended 31 December 2024   3 months ended 31 December 2023   Change   Year ended 31 December 2024   Year ended 31 December 2023   Change
          Restated2                
    Revenue 415.6   325.6   28%   1,594.7   1,244.6   28%
    Profit Before Tax 77.8   39.4   97%   295.8   196.5   51%
    Profit Before Tax Margin (%) 19%   12%   700 bps   19%   16%   300 bps
    Profit After Tax 56.7   28.1   102%   218.0   141.3   54%
    Profit After Tax Margin (%) 14%   9%   500 bps   14%   11%   300 bps
    Return on Equity (%) 23%   15%   800 bps   25%   19%   600 bps
    Basic Earnings per Share ($)3 0.76   0.37   105%   2.96   1.94   53%
    Diluted Earnings per Share ($)3 0.70   0.35   100%   2.72   1.82   49%
                           
    Adjusted Profit Before Tax1 81.4   52.6   55%   321.1   230.0   40%
    Adjusted Profit Before Tax Margin (%)1 20%   16%   400 bps   20%   18%   200 bps
    Adjusted Profit after Tax
       Attributable to Common Equity1    		 57.8   38.2   51%   231.0   162.6   42%
    Adjusted Return on Equity (%)1 27%   23%   400 bps   30%   26%   400 bps
    Adjusted Basic Earnings per Share ($)1,3 0.82   0.58   41%   3.34   2.46   36%
    Adjusted Diluted Earnings per Share ($)1,3 0.76   0.54   41%   3.07   2.31   33%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable non-IFRS measure. The Group changed the labelling of its non-IFRS measures during 2024 to better align to the equivalent IFRS reported metric and enhance transparency and comparability.
    2. During 2023 an impairment of goodwill was recorded against the Volatility Performance Fund S.A. CGU (‘VPF’) . This impairment was previously disclosed in the Group’s discrete Q4 2023 numbers as part of the Group’s Q1 2024 earnings release update. Subsequent to this, management reassessed the impairment triggers as part of the Group’s interim results and concluded that the impairment triggers existed also as at 30 June 2023 and restated accordingly.  There has been no impact to the Group’s year to date 31 December 2023 impairment, only that the VPF impairment was restated to be reflected in three months ended Q2 2023 rather than the three months ended Q4 2023.
    3. Weighted average number of shares have been restated as applicable for the Group’s reverse share split (refer to Appendix 1 for further detail).
      Conference Call Information:
    Marex’s management will host a conference call to discuss the Group’s financial results today, 6 March 2025, at 9am Eastern Time. A live webcast of the call can be accessed from Marex’s Investor Relations website. An archived version will be available on the website after the call. To participate in the Conference Call, please register at the link here https://edge.media-server.com/mmc/p/59s7enfq.

    Investor Day:
    Marex plans to host an investor day 2 April 2025 in New York City to provide investors with a further understanding of its four businesses.

    Enquiries please contact:
    Marex
    Investors – Robert Coates
    +44 7880 486 329  / rcoates@marex.com

    		  

    Financial Review

    The following table presents summary financial results and other data as of the dates and for the periods indicated:

    Summary Financial Results

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
          Restated2                
      $m   $m   Change   $m   $m   Change
    – Net commission income 226.0   181.4   25%   856.1   704.9   21%
    – Net trading Income 128.1   111.5   15%   492.4   411.4   20%
    – Net interest income 62.6   30.2   107%   227.1   121.6   87%
    – Net physical commodities income (1.1)   2.5   (144)%   19.1   6.7   185%
    Revenue 415.6   325.6   28%   1,594.7   1,244.6   28%
                           
    Compensation and benefits (243.5)   (206.9)   18%   (971.1)   (770.3)   26%
    Depreciation and amortisation (7.1)   (6.1)   16%   (29.5)   (27.1)   9%
    Other expenses (90.3)   (71.7)   26%   (306.3)   (237.4)   29%
    Impairment of goodwill —   —   n.m.3   —   (10.7)   n.m.3
    Provision for credit losses (1.1)   (2.4)   (54)%   1.7   (7.1)   (124)%
    Bargain purchase gain on acquisitions —   —   n.m.3   —   0.3   n.m.3
    Other income 4.2   0.9   367%   6.3   3.4   85%
    Share of results in associates and joint ventures —   —   n.m.3   —   0.8   n.m.3
    Profit Before Tax 77.8   39.4   97%   295.8   196.5   51%
    Tax (21.1)   (11.3)   87%   (77.8)   (55.2)   41%
    Profit After Tax 56.7   28.1   102%   218.0   141.3   54%
                           
    Profit Before Tax 77.8   39.4   97%   295.8   196.5   51%
    Goodwill impairment charge2 —   —   n.m.3   —   10.7   n.m.3
    Acquisition related costs —   1.2   n.m.3   —   1.5   n.m.3
    Amortisation of acquired brands and customer lists 1.7   0.7   143%   5.5   2.1   162%
    Shareholder related activities —   3.4   n.m.3   9.3   9.1   2%
    IPO preparation and public offering of ordinary shares 1.9   7.9   (76)%   10.5   10.1   4%
    Adjusting items 3.6   13.2   (73)%   25.3   33.5   (24)%
    Adjusted Profit Before Tax1 81.4   52.6   55%   321.1   230.0   40%
                
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. During 2023 an impairment of goodwill was recorded against the Volatility Performance Fund S.A. CGU (‘VPF’). This impairment was previously disclosed in the Group’s discrete Q4 2023 numbers as part of the Group’s Q1 2024 earnings release update. Subsequent to this, management reassessed the impairment triggers as part of the Group’s interim results and concluded that the impairment triggers existed also as at 30 June 2023 and restated accordingly.  There has been no impact to the Group’s year to date 31 December 2023 impairment, only that the VPF impairment was restated to be reflected in three months ended Q2 2023 rather than the three months ended Q4 2023.
    3. n.m. = not meaningful to present as a percentage.

    Costs and Group Headcount

    The Board and Senior Management also monitor costs split between Front Office Costs and Control and Support Costs to better understand the Group’s performance. The table below provides the Group’s management view of costs:

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Front office costs1 (231.8)   (188.0)   23%   (881.5)   (690.4)   28%
    Control and support costs1 (100.1)   (76.0)   32%   (376.1)   (294.2)   28%
    Total (331.9)   (264.0)   26%   (1,257.6)   (984.6)   28%

    1) Management review Front Office Costs and Control and Support Costs when assessing Adjusted Profit Before Tax performance. These costs are included within compensation and benefits, other expenses and depreciation and amortisation in the Statutory Income Statement provided above.

    The following table provides a breakdown of Front Office and Control and Support Headcount

    Full Time Equivalent (‘FTE’) headcount1 2024   2023       2024   2023    
      Average   Average   Change   End of Year   End of Year   Change
    Front Office 1,250   1,028   22%   1,265   1,195   6%
    Control and Support 1,084   886   22%   1,160   972   19%
    Total 2,334   1,914   22%   2,425   2,167   12%

    1) For analysis purposes, average headcount is used in the performance commentary outlined below. 

    Performance for the three months ended 31 December 2024

    Revenue grew by 28% to $415.6m (Q4 2023: $325.6m) with strong organic growth across all businesses driven by robust client activity, market share gains and supportive market conditions. We continued to strengthen our position in the market outpacing growth in overall volumes in almost all markets in which we operate, particularly in Securities.

    Net commission income increased by 25% to $226.0m (Q4 2023: $181.4m). The growth was driven mainly in Agency and Execution, which grew 22% to $160.7m (Q4 2023: $131.3m), reflecting higher client activity in Energy, as well as in Securities, driven primarily by our acquisition of TD Cowen’s prime services business in December 2023.

    Net trading income rose by 15% to $128.1m (Q4 2023: $111.5m). The growth was driven mainly by Hedging and Investment Solutions which grew 24% to $52.6m (Q4 2023: $42.3m) as client demand grew for financial products.

    Net interest income increased by 107% to $62.6m (Q4 2023: $30.2m). This growth was primarily driven by higher average balances.

    Front office costs increased by 23% to $231.8m (Q4 2023: $188.0m), largely reflecting a 14% increase in average front office headcount and increased compensation on higher revenues.

    Control and Support costs increased 32% to $100.1m (Q4 2023: $76.0m), primarily reflecting investment in our Finance, Risk, Technology and Compliance functions, as we continue to invest in our systems and processes to support future sustainable growth.

    Reported Profit Before Tax increased by 97% to $77.8m (Q4 2023: $39.4m), driven by strong revenue growth and improved operating margins.

    Adjusting items reduced by $9.6m to $3.6m (Q3 2023: $13.2m). These costs are primarily related to corporate activities and are recognised within our Corporate segment. Adjusting items reduced mainly due to the non-recurrence of costs incurred in preparation for and associated with our successful IPO and owner fees in the prior period.

    As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased 55% to $81.4m (Q4 2023: $52.6m) and Adjusted Profit Before Tax Margin1 improved to 20% (Q4 2023: 16%). In addition, as a result of the revenue, cost trends and adjusting items noted above, Profit After Tax Margin increased to 14% (Q4 2023: 9%). 

    Performance for the year ended 31 December 2024

    Revenue grew by 28% to $1,594.7m (2023: $1,244.6m) driven by momentum across all our business, continued market share gains and a supportive market backdrop. Growth during 2024 was predominantly organic as we continued to invest in our businesses, as well as benefiting from the integration of our prior acquisitions.

    Revenue growth was driven by net commission income which increased by 21% to $856.1m (2023: $704.9m). The increase occurred mainly in Agency and Execution, which increased by 28%, reflecting increased customer activity in Energy as well as strong performance in Credit and our prime services business, which we acquired from TD Cowen in December 2023. Net commission income also increased in our Clearing segment, up 11%, driven by our Metals business.

    Net trading income rose by 20% to $492.4m (2023: $411.4m). Within our Market Making segment net trading income was significantly higher, primarily from Metals, reflecting exceptional market conditions and market sentiment in the second quarter across Copper, Aluminium and Nickel.

    Net trading income was also driven by our Hedging and Investment Solutions business, which increased by 27% to $210.3m (2023: $165.7m) as demand grew for commodity hedging and financial products.

    Net physical commodities income increased by 185% to $19.1m (2023: $6.7m). This increase was primarily due to an increase in sales volumes from physical recycled metal, largely driven by growth in demand for recycled metals.

    Front office costs represent staff, systems and infrastructure costs associated with running our revenue generating operations. These costs increased 28% to $881.5m (2023: $690.4m), largely reflecting a 22% increase in average front office headcount.

    Control and Support Costs primarily reflect staff and property related costs, along with professional fees and other administrative expenses associated with support functions. These costs increased 28% to $376.1m (2023: $294.2m), primarily reflecting investment in our Finance, Risk, Compliance and Technology functions, as we continue to invest in our systems and processes to support future sustainable growth. Total control and support average FTE grew 22% to 1,084 for 2024 (2023: 886).

    Reported Profit Before Tax increased 51% to $295.8m (2023: $196.5m), driven by strong revenue growth and improved operating margins.

    Adjusting items decreased by 24% to $25.3m (2023: $33.5m). These costs are primarily related to corporate activities and are recognised within our Corporate segment. Adjusting items decreased primarily due to the non-recurrence of goodwill impairment recognised in 2023. For full year 2024, adjusting items were mainly costs incurred in preparation for and associated with our successful IPO, including growth shares, owner fees and secondary sell down costs.

    As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased 40% to $321.1m (2023: $230.0m) and Adjusted Profit Before Tax Margin1 improved to 20% (2023: 18%) demonstrating our platform’s ability to deliver scale benefits. Profit after Tax Margins increased to 14% (2023: 11%).

    Net interest income increased by 87% to $227.1m (2023: $121.6m). This growth was driven by higher average balances and investment returns, as well as the acquisition of Cowen’s prime services business in December 2023.

      3 months ended 31 December 2024   3 months ended 31 December 2023   Change   Year ended 31 December 2024   Year ended 31 December 2023   Change
    Average Fed Funds rate 4.7%   5.3%   (60)bps   5.2%   5.0%   20bps
                           
    Average balances1 15.5   11.3   4.2   13.5   12.9   0.6
                           
    Interest income ($m) 185.2   141.5   43.7   702.4   520.4   182.0
    Interest paid out ($m) (62.4)   (60.6)   (1.8)   (257.7)   (219.0)   (38.7)
    Interest on balances ($m) 122.8   80.9   41.9   444.7   301.4   143.3
                           
    Net yield on balances 3.1%   2.8%   30bps   3.3%   2.3%   100bps
                           
    Average notional debt securities ($bn) (3.2)   (2.3)   (0.9)   (2.8)   (2.1)   (0.7)
    Yield on debt securities % 7.5%   8.6%   (110)bps   7.8%   8.4%   (60)bps
                           
    Interest expense ($m) (60.2)   (50.7)   (9.45)   (217.6)   (179.8)   (37.8)
                           
    Net Interest Income ($m) 62.6   30.2   32.4   227.1   121.6   105.5
    1. Average balances are calculated using an average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.

    Segmental performance

    Clearing

    Marex provides clearing services across the range of energy, commodity and financial markets. We face the exchange on behalf of our clients providing access to 60 exchanges globally.

    Performance for the three months ended 31 December 2024

    Our Clearing business performed well with revenue increasing 48% to $124.7m (Q4 2023: $84.1m). This was driven by net interest income which rose by 81% to $56.4m (Q4 2023: $31.2m) primarily reflecting higher average balances, and commission income.

    Adjusted Profit Before Tax1 increased by 68% to $65.8m (Q4 2023: $39.2m). Adjusted Profit Before Tax Margin1 increased by 600 bps to 53% (Q4 2023: 47%).

    Performance for the year ended 31 December 2024

    Our Clearing business performed well in 2024, benefiting from higher levels of client activity on our platform as we continued to gain market share, with the total number of contracts cleared up 30% to 1,116.0m in 2024 (2023: 856.0m). This increase reflects a combination of factors, including an increase in the number of higher volume clients as well as a larger mix of clients transacting in financial securities.

    Revenue increased 25% to $466.3m (2023: $373.6m), driven by net interest income which rose by 45% to $198.1m (2023: $136.2m) as a result of both higher average interest rates in 2024 compared to 2023 and higher average balances. Net commission income also grew by 11% to $263.0m (2023: $236.2m). Average balances increased 5% to $13.5bn in 2024 (2023: $12.9bn). This growth was driven by a record number of new Clearing clients combined with a high retention of existing clients.

    Revenue growth was supported by investment in staff with average front office headcount increasing by 10% to 278 (2023: 253).

    Adjusted Profit Before Tax1 increased by 34% to $247.3m (2023: $185.0m) while Adjusted Profit Before Tax Margin1 increased by 300bps to 53% (2023: 50%).

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Net commission income 65.6   52.5   25%   263.0   236.2   11%
    Net interest income 56.4   31.2   81%   198.1   136.2   45%
    Net trading income 2.7   0.4   575%   5.2   1.2   333%
    Revenue 124.7   84.1   48%   466.3   373.6   25%
    Front office costs (40.2)   (29.2)   38%   (149.2)   (117.1)   27%
    Control and support costs (18.6)   (15.7)   18%   (69.6)   (67.7)   3%
    Recovery/(provision) for credit losses —   0.1   —%   0.1   (3.6)   (103%)
    Depreciation and amortisation (0.1)   (0.1)   —%   (0.4)   (0.3)   33%
    Other Income and share of results of associates 0.1   —   n.m.3   0.1   0.1   n.m.3
                           
    Adjusted Profit Before Tax ($m)1 65.8   39.2   68%   247.3   185.0   34%
    Adjusted Profit Before Tax Margin1 53%   47%   600 bps   53%   50%   300 bps
                           
    Front office headcount (No.)2 284   259   10%   278   253   10%
    Contracts cleared (m) 290.0   228.0   27%   1,116.0   856.0   30%
    Market volumes (m) 2,853.0   2,677.0   7%   11,471.0   10,220.0   12%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period. Management have re-assessed headcount for Clearing and Market Making and re-allocated for FY24, FY23, 4Q24 and 4Q23.
    3. n.m. = not meaningful to present as a percentage.

    Agency and Execution

    Agency and Execution provides essential liquidity and execution services to our clients primarily in the energy and financial securities markets.

    Our energy division provides essential liquidity to clients by connecting buyers and sellers in the OTC energy markets to facilitate price discovery. We have leading positions in many of the markets we operate in, including key gas and power markets in Europe; environmental, petrochemical and crude markets in North America; and fuel oil, LPG (liquefied petroleum gas) and middistillates globally. We achieve this through the breadth and depth of the service we offer to customers, including market intelligence for each product we transact in, based on the extensive knowledge and experience of our teams.

    Our presence in the financial markets is growing as we integrate and optimise recent acquisitions, enabling Marex to diversify its asset class coverage away from traditional commodity markets. We are starting to see a maturation of our offering across all asset classes, contributing to enhanced revenue growth and margin expansion for the overall business.

    Performance for the three months ended 31 December 2024

    Revenue increased by 22% to $192.2m (Q4 2023: $157.9m). This was driven by Securities revenues, up 25% to $119.0m (Q4 2023: $95.3m) reflecting growth in prime services. There was also strong organic revenue growth in the quarter, notably in Rates and FX owing to higher volumes and a new structured rates desk which commenced in 2024. This was further supplemented by the strong growth in our Energy business where revenues increased 17% to $72.7m (Q4 2023: $62.4m), reflecting a combination of increased activity levels in European Energy markets, good demand for our environmentals offering and the benefit of our bolt-on acquisitions.

    Adjusted Profit Before Tax1 increased 29% to $37.4m (Q4 2023: $28.9m) while Adjusted Profit Before Tax Margin1 increased 100 bps to 19% (Q4 2023: 18%).

    Performance for the year ended 31 December 2024

    Revenue increased by 28% to $695.2m (2023: $541.5m), reflecting the benefit of recent acquisitions, primarily the prime services business we acquired from TD Cowen that completed in December 2023, as well as positive market conditions in the energy markets.

    Energy revenue increased 30% to $286.3m (2023: $219.8m). This growth was a reflection of strong levels of demand for our environmentals offering as we continue to support our clients’ transition toward a low carbon economy, investments in new desks and capabilities and continued improvement in activity levels in European Energy markets.

    Securities revenue increased by 27% to $407.2m (2023: $319.8m), driven by our prime services business, as well as growth across Equities, FX and Rates.

    Adjusted Profit Before Tax1 increased 50% to $107.9m (2023: $71.9m) while Adjusted Profit Before Tax Margin1 increased 300bps to 16% (2023: 13%), as we continued to optimise and integrate our acquisitions.

    Average front office headcount increased by 20% to 666 (2023: 553).

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Securities 119.0   95.3   25%   407.2   319.8   27%
    Energy 72.7   62.4   17%   286.3   219.8   30%
    Other revenue 0.5   0.2   150%   1.7   1.9   (11)%
    Revenue 192.2   157.9   22%   695.2   541.5   28%
    Front office costs (138.7)   (121.4)   14%   (524.5)   (417.1)   26%
    Control and support costs (16.5)   (7.5)   120%   (62.0)   (51.1)   21%
    Provision for credit losses 0.2   (0.3)   —%   (0.1)   (0.9)   (89)%
    Depreciation and amortisation 0.1   (0.1)   (200)%   (0.8)   (0.8)   0%
    Other Income and share of results of associates 0.1   0.3   n.m.3   0.1   0.3   n.m.3
                           
    Adjusted Profit Before Tax ($m)1 37.4   28.9   29%   107.9   71.9   50%
    Adjusted Profit Before Tax Margin1 19%   18%   100 bps   16%   13%   300 bps
                           
    Front office headcount (No.)2 657   603   9%   666   553   20%
    Marex volumes: Energy (m) 13.8   13.6   0%   57.4   44.7   27%
    Marex volumes: Securities (m) 73.7   64.7   14%   295.3   239.5   23%
    Market volumes: Energy (m) 442.3   376.7   17%   1,721.0   1,404.8   22%
    Market volumes: Securities (m) 2,744.0   2,601.0   5%   10,920.6   9,969.6   10%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2.  The headcount is the average for the period.
    3. n.m. = not meaningful to present as a percentage.

    Market Making

    Our Market Making business provides direct liquidity to our clients across a variety of products, primarily in the energy, metals and agriculture markets. This ability to make prices and trade as principal in a wide variety of energy, environmentals and commodity markets differentiates us from many of our competitors.

    Performance for the three months ended 31 December 2024

    Revenue increased by 19% to $44.5m (Q4 2023: $37.5m). Higher revenue in Agriculture, Securities and Energy was partly offset by a more subdued operating environment in Metals.

    Revenue growth was supported by Front Office hiring, with average headcount increasing by 14% to 131 (2023: 115).

    Adjusted Profit Before Tax1 increased to $9.0m (Q4 2023: $8.3m), while Adjusted Profit Before Tax Margin1 decreased 200 bps to 20% (Q4 2023: 22%).

    Performance for the year ended 31 December 2024

    Revenue increased by 35% to $207.8m (2023: $153.9m). This was driven by Metals trading which benefited from unusual market conditions across Copper, Aluminium, Nickel in the second quarter. While this activity normalised in the third quarter, we continued to see strong performance. Revenue from Securities also grew primarily reflecting a stronger performance from Equities.

    Adjusted Profit Before Tax1 increased by 97% to $65.6m (2023: $33.3m), while Adjusted Profit Before Tax Margin1 increased 10 percentage points to 32% (2023: 22%) reflecting strong revenue growth.

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Metals 5.7   26.5   (78)%   105.9   69.3   53%
    Agriculture 15.7   0.3   5,133%   33.8   27.5   23%
    Energy 12.7   7.3   74%   32.5   31.6   3%
    Securities 10.4   3.4   206%   35.6   25.5   40%
    Revenue 44.5   37.5   19%   207.8   153.9   35%
    Front office costs (27.2)   (19.9)   37%   (111.4)   (88.5)   26%
    Control and support costs (8.2)   (9.0)   (9)%   (30.4)   (32.7)   (7)%
    Depreciation and amortisation (0.1)   (0.1)   0%   (0.4)   (0.3)   33%
    Other Income and share of results of associates —   (0.2)   n.m.3   —   0.9   n.m.3
                           
    Adjusted Profit Before Tax ($m)1 9.0   8.3   8%   65.6   33.3   97%
    Adjusted Profit Before Tax Margin1 20%   22%   (200) bps   32%   22%   1,000 bps
                           
    Front office headcount (No.)2 131   115   14%   129   109   18%
    Marex volumes: Metals (m) 11.3   6.8   57%   44.6   26.8   67%
    Marex volumes: Agriculture (m) 8.2   7.1   14%   35.1   28.1   25%
    Marex volumes: Energy (m) 0.7   0.6   17%   2.2   2.1   0%
    Marex volumes: Financials (m) 0.2   1.4   (86)%   1.6   5.3   (60)%
    Market volumes: Metals (m) 98.6   92.4   8%   422.7   343.5   23%
    Market volumes: Agriculture (m) 146.8   127.9   15%   581.3   521.1   12%
    Market volumes: Energy (m) 442.3   376.7   17%   1,721.0   1,404.8   22%
    Market volumes: Financials (m) 2,744.0   2,601.0   5%   10,920.6   9,969.6   10%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period. Management have re-assessed headcount for Clearing and Market Making and re-allocated for FY24, FY23, 4Q24 and 4Q23.
    3. n.m. = not meaningful to present as a percentage.

    Hedging and Investment Solutions

    Our Hedging and Investment Solutions business provides high quality bespoke hedging and investment solutions to our clients.

    Tailored commodity hedging solutions enable corporates to hedge their exposure to movements in energy and commodity prices, as well as currencies and interest rates, across a variety of different time horizons.

    Our financial products offering allows investors to gain exposure to a particular market or asset class, for example equity indices, in a cost-effective manner through a structured product.

    Performance for the three months ended 31 December 2024

    Revenue grew 20% to $39.9m (Q4 2023: $33.2m) driven by an expansion of the sales team leading to the onboarding of new clients.

    Adjusted Profit Before Tax1 increased by 47% to $8.7m (Q4 2023: $5.9m), while Adjusted Profit Before Tax Margin1 increased by 400 bps to 22% (Q4 2023: 18%).

    Performance for the year ended 31 December 2024

    Revenue grew 26% to $161.5m (2023: $128.1m) driven by increased client activity across both businesses. Hedging Solutions increased 12% to $69.2m (2023: $62.0m) benefiting from volatility across Cocoa and Coffee and favourable market events, while Financial Products increased 40% to $92.3m (2023: $66.1m) benefiting from positive investor sentiment and equity market performance. We also expanded our product coverage with custom index and FX capabilities and our global footprint which now includes business from Australia and the Middle East, bringing new clients onto our platform.

    Adjusted Profit Before Tax1 increased by 24% to $42.0m (2023: $33.8m), while Adjusted Profit Before Tax Margin1 remained at 26% as we continued to invest in the business infrastructure and distribution network. We have also invested in our people with average front office headcount up 57% to 177 (2023: 113). Other income and share or results of associates represents the tax credit from qualifying research and development costs.

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Hedging solutions 7.7   16.0   (52)%   69.2   62.0   12%
    Financial products 32.2   17.2   87%   92.3   66.1   40%
    Revenue 39.9   33.2   20%   161.5   128.1   26%
    Front office costs (25.7)   (17.5)   47%   (96.4)   (67.7)   42%
    Control and support costs (7.3)   (6.1)   20%   (27.2)   (23.7)   15%
    Recovery/(provision) for credit losses (0.6)   (3.6)   (83)%   2.2   (3.8)   (158)%
    Depreciation and amortisation (0.2)   (0.1)   100%   (0.7)   (0.3)   133%
    Other Income and share of results of associates 2.6   —   n.m.4   2.6   1.2   n.m.4
                           
    Adjusted Profit Before Tax ($m)1 8.7   5.9   47%   42.0   33.8   24%
    Adjusted Profit Before Tax Margin1 22%   18%   400 bps   26%   26%   0 bps
                           
    Front office headcount (No.)2 184   128   44%   177   113   57%
    Structured notes balance ($m)3 2,667.4   1,850.4   44%   2,667.4   1,850.4   44%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. The structured notes portfolio consisted of 4,029 notes with an average maturity of 17 months and a total value of $2,667.4m at the end of 2024 compared to a total value of $1,850.4m in 2023 with an average maturity of 15 months.
    4. n.m. = not meaningful to present as a percentage.

    Corporate

    The Corporate segment includes the Group’s control and support functions. Corporate manages the resources of the Group, makes investment decisions and provides operational support to the business segments. Corporate net interest income is derived through earning interest on house cash balances placed at banks and exchanges. Revenue in Q4 2024 was $14.3m (Q4 2023: $12.9m), while full year Revenue in 2024 was $63.9m (2023: $47.5m), driven by net interest income primarily reflecting higher average balances.    

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Revenue 14.3   12.9   11%   63.9   47.5   35%
    Control and support costs4 (49.5)   (37.7)   31%   (186.9)   (119.0)   57%
    (Provision)/recovery for credit losses (0.7)   1.4   n.m.3   (0.5)   1.2   (142%)
    Depreciation and amortisation (5.1)   (7.0)   (27%)   (21.7)   (25.4)   (15%)
    Other Income and share of results of associates 1.4   0.7   100%   3.5   1.7   106%
                           
    Adjusted Loss Before Tax ($m)1 (39.6)   (29.7)   33%   (141.7)   (94.0)   51%
                           
    Control and support headcount (No.)2 1,145   947   21%   1,084   886   22%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. n.m. = not meaningful to present as a percentage
    4. Control and support costs are presented on an unallocated basis.

    Summary Financial Position

    The Group’s equity base increased during the year with total equity increasing by $201.0m, 26% to $976.9m as a result of strong profitability during the year and an increase in the share premium balance reflecting the primary issuance of shares as part of the IPO.

    Total assets and total liabilities have grown significantly during 2024 as a result of client activity driving customer balances and in addition our funding activities to support this increase. Our balance sheet continues to consist of high-quality liquid assets which underpin client activity on our platform. Total assets increased from $17.6bn as at 31 December 2023 to $24.3bn as at 31 December 2024 with the growth largely due to the increase in the Securities, Cash and liquid assets, balances with exchanges offset by a reduction in the reverse repurchase agreement balances.

    Securities balances increased to $6.5bn, up $2.5bn from December 2023 driven by hedging activity to support our prime brokerage clients and increased stock lending activity within our Agency and Execution business.

    Cash and liquid assets increased by $1.7bn primarily reflecting cash placed by clients, the Group’s US Senior issuance and growth in structured notes issuance under the Financial Products Program.

      31 December 2024   31 December 2023    
          Restated1    
      $m   $m   Change
    Cash & Liquid Assets² 6,213.0   4,465.9   39%
    Trade Receivables 7,553.2   4,789.8   58%
    Reverse Repo Agreements 2,490.4   3,199.8   (22%)
    Securities³ 6,459.7   4,022.7   61%
    Derivative Instruments 1,163.5   655.6   77%
    Other Assets⁴ 199.7   258.2   (23%)
    Goodwill and Intangibles 233.0   219.6   6%
    Total Assets 24,312.5   17,611.6   38%
    Trade Payables 9,740.4   6,785.9   44%
    Repurchase Agreements 2,305.8   3,118.9   (26%)
    Securities⁵ 6,656.7   4,248.1   57%
    Debt Securities 3,604.5   2,216.3   63%
    Derivative Instruments 751.7   402.2   87%
    Other Liabilities⁶ 276.5   64.3   330%
    Total Liabilities 23,335.6   16,835.7   39%
    Total Equity 976.9   775.9   26%
    1. Prior period comparatives have been restated. Refer to note 3(b) and note 37 in our Group Annual Report for further information.
    2. Cash & Liquid Assets are cash and cash equivalents, treasury instruments pledged as collateral, treasury instruments unpledged and fixed income securities.
    3. Securities assets are equity instruments and stock borrowing.
    4. Other Assets are inventory, corporate income tax receivable, deferred tax, investments, right-of-use assets, and property plant and equipment.
    5. Securities liabilities are stock lending and short securities.
    6. Other Liabilities are short term borrowings, deferred tax liability, lease liability, provisions and corporation tax.

    Liquidity

      31 December   31 December
      2024   2023
      $m   $m
    Total available liquid resources 2,439.8   1,369.8
    Liquidity headroom 1,060.0   738.8

    A prudent approach to capital and liquidity and commitment to maintaining an investment grade credit rating are core principles which underpin the successful delivery of our growth strategy. As at 31 December 2024, the Group held $2,439.8m of total available liquid resources, including the undrawn portion of the RCF (2023: $1,369.8m).

    Group liquidity resources consist of cash and high-quality liquid assets that can be quickly converted to meet immediate and short-term obligations. The resources include non-segregated cash, short-term money market funds and unencumbered securities guaranteed by the U.S. Government. The Group also includes any undrawn portion of its committed revolving credit facility (‘RCF’) in its total available liquid resources. The unsecured revolving credit facility of $150m remains undrawn as at 31 December 2024 (2023: $150m, undrawn). Facilities held by operating subsidiaries, and which are only available to that relevant subsidiary, have been excluded from these figures as they are not available to the entire Group.

    Liquidity headroom is based on the Group’s Liquid Asset Threshold Requirement, which is prepared according to the principles of the UK Investment Firms Prudential Regime (IFPR). The requirement includes a liquidity stress impact calculated from a combination of systemic and idiosyncratic risk factors.

    In October, the Group successfully completed an offering of $600m 5-year senior unsecured notes, further diversifying its funding sources and supporting future growth. The notes have a coupon of 6.404%, mature in November 2029 and have been rated BBB- by both S&P and Fitch. This latest senior note issuance adds to the existing €300m notes issued in February 2023 under the Euro MTN programme.

    Regulatory capital

    The Group is subject to consolidated supervision by the UK Financial Conduct Authority and has regulated subsidiaries in jurisdictions both inside and outside of the UK.

    The Group is regulated as a MIFIDPRU investment firm under IFPR. The minimum capital requirement as at 31 December 2024 was determined by the Own Funds Threshold Requirement (‘OFTR’) set via an assessment of the Group’s capital adequacy and risk assessment conducted annually.

    The Group and its subsidiaries are in compliance with their regulatory requirements and are appropriately capitalised relative to the minimum requirements as set by the relevant competent authority. The Group maintained a capital surplus over its regulatory requirements at all times.

    The Group manages its capital structure in order to comply with regulatory requirements, ensuring its capital base is more than adequate to cover the risks inherent in the business and to maximise shareholder value through the strategic deployment of capital to support the Group’s growth and strategic development. The Group performs business model assessment, business and capital forecasting, stress testing and recovery planning at least annually. The following table summarises the Group’s capital position as at 31 December 2024 and 2023:

      31 December
    2024    		   31 December
    2023
      $m   $m
    Core equity Tier 1 Capital1 623.9   437.7
    Additional Tier 1 Capital (net of issuance costs) 97.6   97.6
    Tier 2 Capital 1.6   3.1
    Total Capital resources 723.1   538.4
           
           
    Own Funds Threshold Requirement2 308.8   235.1
    Total Capital ratio3 234%   229%
    1. The own funds threshold requirement is the amount of own funds (i.e. capital) that a firm needs to hold at any given time to comply with the overall financial adequacy rule under the Investment Firm Prudential Regulation. The overall financial adequacy rule requires a firm to hold the amount of own funds for its ongoing business operations, taking into account potential periods of financial stress during the economic cycle. This is determined based on Group’s latest annual internal assessment.
    2. Own Funds Requirement presented as Own Funds Threshold Requirement based on the latest approved Group Internal Capital Assessment.
    3. The Group’s total capital resources as a percentage of Own Funds Requirement.

    At 31 December 2024, the Group had a Total Capital Ratio of 234% (2023: 229%), representing significant capital headroom to minimum requirements. The increase in the Total Capital Ratio resulted from an increase in total capital resources due to profit (unaudited) in 2024.

    Dividend

    The Board of Directors approved an interim dividend of $0.14 per share, expected to be paid on 31 March 2025 to shareholders on record as at close of business on 17 March 2025.

    Forward looking statements:

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including expected financial results and Adjusted Profit Before Tax and Reported Profit Before Tax, expected growth and business plans, expected investments and dividend payments. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.

    These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, such as the effect of Russia’s military action in Ukraine, on market volatility, global macroeconomic conditions and commodity prices; changes in interest rate levels; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange and cryptocurrency; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; and if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investments or civil or criminal sanctions, and other risks discussed under the caption “Risk Factors” in our final prospectus filed pursuant to 424(b)(4) with the Securities and Exchange Commission (the “SEC”) on 31 October 2024 and our other reports filed with the SEC.

    The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

    Appendix 1

    Non-IFRS Financial Measures and Key Performance Indicators

    This press release contains non-IFRS financial measures, including Adjusted Profit Before Tax, Adjusted Profit Before Tax Margin, Adjusted Earnings per Share, Adjusted Diluted Earnings per Share, Adjusted Profit After Tax Attributable to Common Equity and Adjusted Return on Equity. These non-IFRS financial measures are presented for supplemental informational purposes only and should not be considered a substitute for profit after tax, profit margin, return on equity or any other financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS financial measures used by other companies. The Group changed the labelling of its non-IFRS measures during 2024 to better align to the equivalent IFRS reported metric and enhance transparency and comparability.

    Adjusted Profit Before Tax (formerly labelled Adjusted Operating Profit)

    We define Adjusted Profit Before Tax as profit after tax adjusted for (i) tax, (ii) goodwill impairment charges, (iii) acquisition costs, (iv) bargain purchase gains, (v) owner fees, (vi) amortisation of acquired brands and customer lists, (vii) activities in relation to shareholders, (viii) employer tax on the vesting of Growth Shares, (ix) IPO preparation costs and (x) fair value of the cash settlement option on the Growth Shares. Items (i) to (x) are referred to as “Adjusting Items.” Adjusted Profit Before Tax is the primary measure used by our management to evaluate and understand our underlying operations and business trends, forecast future results and determine future capital investment allocations. Adjusted Profit Before Tax is the measure used by our executive board to assess the financial performance of our business in relation to our trading performance. The most directly comparable IFRS Accounting Standards measure is profit after tax. We believe Adjusted Profit Before Tax is a useful measure as it allows management to monitor our ongoing core operations and provides useful information to investors and analysts regarding the net results of the business. The core operations represent the primary trading operations of the business.

    Adjusted Profit Before Tax Margin (formerly labelled Adjusted Operating Profit Margin)

    We define Adjusted Profit Before Tax Margin as Adjusted Profit Before Tax (as defined above) divided by revenue. We believe that Adjusted Profit Before Tax Margin is a useful measure as it allows management to assess the profitability of our business in relation to revenue. The most directly comparable IFRS Accounting Standards measure is profit margin, which is Profit after Tax divided by revenue.

    Adjusted Profit After Tax Attributable to Common Equity (formerly labelled Adjusted Operating Profit after Tax Attributable to Common Equity)

    We define Adjusted Profit After Tax Attributable to Common Equity as profit after tax adjusted for the items outlined in the Adjusted Profit Before Tax paragraph above. Additionally, Adjusted Profit After Tax Attributable to Common Equity is also adjusted for (i) tax and the tax effect of the Adjusting Items to calculate Adjusted Profit Before Tax and (ii) profit attributable to Additional Tier 1 (“AT1”) note holders, net of tax, which is the coupons on the AT1 issuance and accounted for as dividends, adjusted for the tax benefit of the coupons. We define Common Equity as being the equity belonging to the holders of the Group’s share capital. We believe Adjusted Profit After Tax Attributable to Common Equity is a useful measure as it allows management to assess the profitability of the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure is profit after tax.

    Adjusted Return on Equity (formerly labelled Return on Adjusted Operating Profit after Tax Attributable to Common Equity)

    We define the Adjusted Return on Equity as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) divided by the average Common Equity for the period. Common Equity is defined as being the equity belonging to the holders of the Group’s share capital. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the years ended 31 December 2024, Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital as at 31 December of the prior year, 31 March, 30 June, 30 September and 31 December of the current year. For the year ended 31 December 2023, Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital as at 31 December of the prior year and 31 December of the current year. For the three months ended 31 December 2024 and 2023 Common Equity is calculated as the average of 30 September and 31 December of the current period. For the years ended 31 December 2024 and 2023, Return on Adjusted Profit After Tax Attributable to Common Equity is calculated as Adjusted Profit After Tax Attributable to Common Equity for the year divided by average Common Equity for the year. For the three months ended 31 December 2024 and 2023, Adjusted Return on Equity is calculated for comparison purposes on an annualised basis as Adjusted Profit After Tax Attributable to Common Equity for the period multiplied by four and then divided by average Common Equity for the period. It is presented on an annualised basis for comparison purposes.

    We believe Adjusted Return on Equity is a useful measure as it allows management to assess the return on the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure for Adjusted Return on Equity is return on equity, which is calculated as profit after tax for the period divided by average equity. Average equity for the years ended 31 December 2024 and 2023 is calculated as the average of total equity s at 31 December of the prior year, 31 March, 30 June, 30 September and 31 December of the current year. For the three months ended 31 December 2024 and 2023 Average Equity is calculated as the average of 30 September and 31 December of the current year. For the years ended 31 December 2024 and 2023, return on equity is calculated as profit after tax for the year divided by Average Equity for the year. For the three months ended 31 December 2024 and 2023, Adjusted Return on Equity is calculated for comparison purposes on an annualised basis as Adjusted Profit After Tax Attributable to Equity for the period multiplied by four and then divided by Average Equity for the period. It is presented on an annualised basis for comparison purposes.

    Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share

    Adjusted Basic Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) for the period divided by weighted average number of ordinary shares for the period. We believe Adjusted Basic Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share. The most directly comparable IFRS Accounting Standards metric is basic earnings per share. This metric has been designed to highlight the Adjusted Profit After Tax Attributable to Common Equity over the available share capital of the Group. Adjusted Diluted Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by the diluted weighted average shares for the period. We believe Adjusted Diluted Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share on a diluted basis. Dilution is calculated in the same way as it has been for diluted earnings per share. The most directly comparable IFRS Accounting Standards metric is diluted earnings per share.

    We believe that these non-IFRS financial measures provide useful information to both management and investors by excluding certain items that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS financial measures to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We believe that these non-IFRS financial measures provide useful information to investors because they improve the comparability of our financial results between periods and provide for greater transparency of key measures used to evaluate our performance. In addition these non-IFRS financial measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present related performance measures when reporting their results.

    These non-IFRS financial measures are used by different companies for differing purposes and are often calculated in different ways that reflect the circumstances of those companies. In addition, certain judgments and estimates are inherent in our process to calculate such non-IFRS financial measures. You should exercise caution in comparing these non-IFRS financial measures as reported by other companies.

    These non-IFRS financial measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under IFRS Accounting Standards. Some of these limitations are:

    • they do not reflect costs incurred in relation to the acquisitions that we have undertaken;
    • they do not reflect impairment of goodwill;
    • other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures; and
    • the adjustments made in calculating these non-IFRS financial measures are those that management considers to be not representative of our core operations and, therefore, are subjective in nature.

    Accordingly, prospective investors should not place undue reliance on these non-IFRS financial measures.

    We also use key performance indicators (“KPIs”) such as Average Balances, Trades Executed, and Contracts Cleared to assess the performance of our business and believe that these KPIs provide useful information to both management and investors by showing the growth of our business across the periods presented.

    Our management uses these KPIs to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We define certain terms used in this release as follows:

    “FTE” means the number of our full-time equivalents as of the end of a given period, which includes permanent employees and contractors.

    “Average FTE” means the average number of our full-time equivalents over the period, including permanent employees and contractors.

    “Average Balances” means the average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.

    “Trades Executed” means the total number of trades executed on our platform in a given year.

    “Total Capital Ratio” means our total capital resources in a given period divided by the capital requirement for such period under the IFPR.

    “Contracts Cleared” means the total number of contracts cleared in a given period.

    “Market Volumes” are calculated as follows:

    • All volumes traded on Marex key exchanges (CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX)
    • Energy volumes on CBOT, Eurex, ICE, NYMEX, SGX
    • Financial securities (corporate bonds, equities, FX, repo, volatility) on CBOE, CBOT, CME, Eurex, Euronext, ICE, SGX
    • Metals, agriculture and energy volumes on CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX

    Reconciliation of Non-IFRS Financial Measures and Key Performance Indicators:

      3 months ended 31 December 2024   3 months ended 31 December 2023   Year ended 31 December 2024   Year ended 31 December 2023
          Restated1        
      $m   $m   $m   $m
    Profit After Tax 56.7   28.1   218.0   141.3
    Taxation charge 21.1   11.3   77.8   55.2
    Profit Before Tax 77.8   39.4   295.8   196.5
    Goodwill impairment charge1 —   —   —   10.7
    Bargain purchase gains2 —   —   —   (0.3)
    Acquisition costs3 —   1.2   —   1.8
    Amortisation of acquired brands and customer lists4 1.7   0.7   5.5   2.1
    Activities relating to shareholders5 —   2.2   2.4   3.1
    Employer tax on vesting of the growth shares6 —   —   2.2   —
    Owner fees7 —   1.2   2.4   6.0
    IPO preparation costs8 —   7.9   8.6   10.1
    Fair value of the cash settlement option on the growth shares9 —   —   2.3   —
    Public offering of ordinary shares10 1.9   —   1.9   —
    Adjusted Profit Before Tax 81.4   52.6   321.1   230.0
    Tax and the tax effect on the Adjusting Items11 (20.43)   (11.1)   (76.8)   (54.1)
    Profit attributable to AT1 note holders12 (3.3)   (3.3)   (13.3)   (13.3)
    Adjusted Profit After Tax Attributable to Common Equity 57.8   38.2   231.0   162.6
                   
    Profit after Tax Margin 14%   9%   14%   11%
    Adjusted Profit Before Tax Margin13 20%   16%   20%   18%
                   
    Basic Earnings per Share ($) 0.76   0.37   2.96   1.94
    Diluted Earnings per Share ($) 0.70   0.35   2.72   1.82
                   
    Adjusted Basic Earnings per Share ($)14 0.82   0.58   3.34   2.46
    Adjusted Diluted Earnings per Share ($)15 0.76   0.54   3.07   2.31
                   
    Common Equity16 870.7   662.6   775.6   629.2
    Return on Equity 23%   15%   25%   19%
    Adjusted Return on Equity (%) 27%   23%   30%   26%
    1. Goodwill impairment charges in 2023 relates to the impairment recognised for goodwill relating to the Volatility Performance Fund S.A. CGU (‘VPF’) largely due to declining projected revenue.
    2. A bargain purchase gain was recognised as a result of the ED&F Man Capital Markets division acquisition.
    3. Acquisition costs are costs, such as legal fees incurred in relation to the business acquisitions of ED&F Man Capital Markets business, the OTCex group and Cowen’s prime services and Outsourced Trading business.
    4. This represents the amortisation charge for the period of acquired brands and customers lists.
    5. Activities in relation to shareholders primarily consist of dividend-like contributions made to participants within certain of our share-based payments schemes.
    6. Employer tax on vesting of the growth shares represents the Group’s tax charge arising from the vesting of the growth shares.
    7. Owner fees relate to management services fees paid to parties associated with the ultimate controlling party based on a percentage of our EBITDA in each year, presented in the income statement within other expenses.
    8. IPO preparation costs related to consulting, legal and audit fees, presented in the income statement within other expenses.
    9. Fair value of the cash settlement option on the growth shares represents the fair value liability of the growth shares at $2.3m. Subsequent to the initial public offering when the holders of the growth shares elected to settle the awards in ordinary shares, the liability was derecognised.
    10. Costs relating to the public offerings of ordinary shares by certain selling shareholders.
    11. Tax and the tax effect on the Adjusting Items represents the tax for the period and the tax effect of the other Adjusting Items removed from Profit After Tax to calculate Adjusted Profit Before Tax. The tax effect of the other Adjusting Items was calculated at the Group’s effective tax rate for the respective period.
    12. Profit attributable to AT1 note holders are the coupons on the AT1 issuance, which are accounted for as dividends.
    13. Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax (as defined above) by revenue for the period.
    14. The weighted average numbers of shares used in the calculation for the years ended 31 December 2024 and 2023 were 69,231,625 and 66,018, 514 respectively. The weighted average numbers of shares used in the calculation for the three months ended 31 December 2024 and 2023 were 70,290,886 and 66,018,514 respectively. Weighted average number of shares have been restated as applicable for the Group’s reverse share split.
    15. The weighted average numbers of diluted shares used in the calculation for the years ended 31 December 2024 and 2023 were 75,279,454 and 70,323,467 respectively. The weighted average numbers of shares used in the calculation for the three months ended 31 December 2024 and 2023 were 76,338,715 and 70,323,467 respectively. Weighted average number of shares have been restated as applicable for the Group’s reverse share split.
    16. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the years ended 31 December 2024, Adjusted Return on Equity is calculated as the average balance of total equity minus additional Tier 1 capital, as at 31 December of the prior year, 31 March, 30 June, 30 September and 31 December of the current year. For the years ended 31 December 2023, Adjusted Return on Equity is calculated as the average balance of total equity minus additional Tier 1 capital, as at 31 December of the prior year and 31 December of the current year. For the three months ended 31 December 2024 and 2023 Common Equity is calculated as the average of 30 September and 31 December of the current period.

    Appendix 2 – Supplementary Financial Information

    Revenue

    The following tables presents the Group’s segmental revenue for the periods indicated:

    3 months ended 31 December 2024 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 65.6   160.7   (0.3)   —   —   226.0
    Net trading income 2.7   21.1   51.7   52.6   —   128.1
    Net interest income/(expense) 56.4   9.5   (4.9)   (12.7)   14.3   62.6
    Net physical commodities income —   0.9   (2.0)   —   —   (1.1)
    Revenue 124.7   192.2   44.5   39.9   14.3   415.6
    3 months ended 31 December 2023 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 52.5   131.3   (2.4)   —   —   181.4
    Net trading income/(expense) 0.4   23.2   45.9   42.3   (0.3)   111.5
    Net interest income/(expense) 31.2   3.4   (8.5)   (9.1)   13.2   30.2
    Net physical commodities income —   —   2.5   —   —   2.5
    Revenue 84.1   157.9   37.5   33.2   12.9   325.6
    Year ended 31 December 2024 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 263.0   597.1   (4.0)   —   —   856.1
    Net trading income 5.2   61.3   215.6   210.3   —   492.4
    Net interest income/(expense) 198.1   34.6   (20.7)   (48.8)   63.9   227.1
    Net physical commodities income —   2.2   16.9   —   —   19.1
    Revenue 466.3   695.2   207.8   161.5   63.9   1,594.7
    Year ended 31 December 2023 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 236.2   473.4   (4.7)   —   —   704.9
    Net trading income/(expense) 1.2   62.1   182.8   165.7   (0.4)   411.4
    Net interest income/(expense) 136.2   6.0   (30.9)   (37.6)   47.9   121.6
    Net physical commodities income —   —   6.7   —   —   6.7
    Revenue 373.6   541.5   153.9   128.1   47.5   1,244.6

    Consolidated Income Statement

    For the Year Ended 31 December 2024

        2024 2023
        $m $m
    Commission and fee income   1,618.1 1,342.4
    Commission and fee expense   (762.0) (637.5)
    Net commission income   856.1 704.9
    Net trading income   492.4 411.4
    Interest income   765.2 591.8
    Interest expense   (538.1) (470.2)
    Net interest income   227.1 121.6
    Net physical commodities income   19.1 6.7
    Revenue   1,594.7 1,244.6
           
    Expenses:      
    Compensation and benefits   (971.1) (770.3)
    Depreciation and amortisation   (29.5) (27.1)
    Other expenses   (306.3) (237.4)
    Impairment of goodwill   — (10.7)
    Provision for credit losses   1.7 (7.1)
    Bargain purchase gain on acquisitions   — 0.3
    Other income   6.3 3.4
    Share of results in associates and joint ventures   — 0.8
    Profit before tax   295.8 196.5
    Tax   (77.8) (55.2)
    Profit after tax   218.0 141.3
           

    Consolidated Statement of Financial Position

    As at 31 December 2024

        31 December 31 December
        2024 2023
        $m $m
          Restated1
    Assets      
    Non-current assets      
    Goodwill   176.5 163.6
    Intangible assets   56.5 56.0
    Property, plant and equipment   20.8 16.6
    Right-of-use asset   59.9 40.6
    Investments   24.0 16.2
    Deferred tax   46.7 21.4
    Treasury instruments (unpledged)   53.5 60.8
    Treasury instruments (pledged as collateral)   46.1 300.4
    Total non-current assets   484.0 675.6
           
    Current assets      
    Corporate income tax receivable   12.5 0.1
    Trade and other receivables   7,553.2 4,789.8
    Inventory   35.8 163.4
    Equity instruments (unpledged)   231.4 189.6
    Equity instruments (pledged as collateral)   4,446.6 1,331.7
    Derivative instruments   1,163.5 655.6
    Stock borrowing   1,781.7 2,501.4
    Treasury instruments (unpledged)   556.2 481.8
    Treasury instruments (pledged as collateral)   2,912.9 2,062.6
    Fixed income securities (unpledged)   87.7 76.7
    Reverse repurchase agreements   2,490.4 3,199.8
    Cash and cash equivalents   2,556.6 1,483.5
    Total current assets   23,828.5 16,936.0
    Total assets   24,312.5 17,611.6
    1. Prior period comparatives have been restated. Refer to note 3(b) and note 37 in the Group Annual Report for further information.

    Consolidated Statement of Financial Position

    As at 31 December 2024

        31 December 31 December
        2024 2023
        $m $m
          Restated1
    Liabilities      
    Current liabilities      
    Repurchase agreements   2,305.8 3,118.9
    Trade and other payables   9,740.4 6,785.9
    Stock lending   4,952.1 2,323.3
    Short securities   1,704.6 1,924.8
    Short-term borrowings   152.0 —
    Lease liability   10.5 13.2
    Derivative instruments   751.7 402.2
    Corporation tax   41.9 7.6
    Debt securities   2,119.6 1,308.4
    Provisions   0.6 0.4
    Total current liabilities   21,779.2 15,884.7
    Non-current liabilities      
    Lease liability   67.0 39.4
    Long-term borrowings   — —
    Debt securities   1,484.9 907.9
    Deferred tax liability   4.5 3.7
    Total non-current liabilities   1,556.4 951.0
    Total liabilities   23,335.6 16,835.7
    Total net assets   976.9 775.9
           
    Equity      
    Share capital   0.1 0.1
    Share premium   202.6 134.3
    Additional Tier 1 capital (AT1)   97.6 97.6
    Retained earnings   722.4 555.3
    Own shares   (23.2) (9.8)
    Other reserves   (22.6) (1.6)
    Total equity   976.9 775.9
    1. Prior year comparatives have been restated. Refer to note 3(b) and note 37 in the Group Annual Report for further information.

    The MIL Network –

  • MIL-OSI China: China’s local government debt risks effectively mitigated: official

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

    BEIJING, March 6 — China’s local government debt risks have been effectively mitigated, Minister of Finance Lan Fo’an told a press conference on Thursday.

    As of Wednesday, local governments had issued bonds totaling 2.96 trillion yuan (about 413 billion U.S. dollars) aimed at replacing existing debt, said the minister.

    The bonds issued last year for the replacement of 2 trillion yuan of local government debt saw an average reduction in interest rates by over 2.5 percentage points, said Lan.

    It is estimated that these bonds will reduce interest payments by over 200 billion yuan over five years, significantly easing the funding pressures and interest costs for local governments, Lan noted.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Made for SLC

    Source: United Kingdom – Executive Government & Departments

    News story

    Made for SLC

    Nauman Dar,Executive Director of Change and Data, marks Scottish Apprenticeship Week 2025

    It’s Scottish Apprenticeship Week and it’s important that we celebrate the valuable contribution that apprentices make not only to our business, but across the country.

    This year the theme is ‘Made for Business’ – highlighting how apprenticeships are designed to meet employer needs while developing skilled individuals who in turn will drive business success. This aligns with our approach to talent development at SLC.

    Apprenticeships are a key part of our strategy to develop our colleagues’ skills and bridge the gap between education and work, offering hands on experience and career opportunities. They also help us build the skills we need now and in the future. At SLC, we want to attract new talent to support our core purpose, as well as our transformation initiatives, and create a diverse and capable workforce ready to take us forward in the years ahead,SL

    I joined SLC in August last year and I was immediately impressed at the focus placed on our Emerging Talent programmes. Not only for new starts joining our Apprentice programmes, but also for colleagues who have chosen to progress their SLC journeys through upskilling opportunities. It’s vital that we develop our talent to ensure we stay ahead in an evolving digital and data landscape, as well as fostering a culture of continuous learning and innovation.

    I’m especially pleased that we have six colleagues starting their upskilling Data Analytics Apprenticeships, with four being based in the Change and Data Directorate. The benefits for the colleagues involved and my wider team, will include enhanced technical and leadership skills, and ultimately a strengthened capability to deliver for our customers. I’m looking forward to watching and supporting their progress through their qualification and beyond.

    This Scottish Apprenticeship Week, we have also announced that we are recruiting 12 new Student Finance Officer Apprentices who will be based in our Hillington office. This is a great opportunity to combine learning with earning while building skills that employers value.  I would encourage anyone interested  to visit our Careers website and find out more about SLC and what this programme could offer. Six months into my SLC career, I can assure you that you will be warmly welcomed into an organisation that serves to enable the nation’s students to invest in their futures by providing financial support to access further and higher education.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Outcome of Natural England’s review of bird of prey ‘wild take’ licensing for falconry and aviculture

    Source: United Kingdom – Government Statements

    News story

    Outcome of Natural England’s review of bird of prey ‘wild take’ licensing for falconry and aviculture

    A change in Natural England’s approach means a ‘presumption against’ issuing wild take licensing for falconry and aviculture will be taken in future.

    ·  A Natural England-led review has concluded that taking birds of prey from the wild is not essential to the continued practice of falconry or aviculture in England and licenses will only be granted in exceptional circumstances.

    ·  The move will help to protect wild birds of prey from unnecessary disturbance whilst enabling sustainable falconry practices to continue.

    Natural England has today (Thursday March 06) published the outcome of its review into the licensing of ‘wild take’, a practice that involves taking birds of prey such as peregrine falcon from the wild for use in falconry and aviculture.  

    Defra ministers have endorsed Natural England’s recommendation that there should be a presumption against the granting of future wild take licenses.

    This change will offer certainty for the falconry community and ensure that licenses to take birds from the wild are only issued where there is clear justification for doing. This decision will also help to allay concerns that wild take licenses could be abused, leading to an increase in the illegal export of wild-origin birds.

    This announcement follows a two-year review process during which licensing was suspended. This review involved extensive evidence gathering, including through workshops, interviews, a literature review, and a public call for evidence.

    John Holmes, Natural England’s Strategy Director, said:  

    “This change in approach to licensing will help to protect wild birds of prey whilst enabling sustainable falconry practices to continue unaffected.

    “This announcement will also help allay fears that licenses could be abused, leading to an increase in the illegal export of wild-origin birds.

    “The decision follows an extensive review process, and I would like to thank those who took the time to provide information through the call for evidence or by participating in interviews and workshops.”

    Natural England’s review process concluded that:

    • taking birds of prey from the wild is not essential to the continued practice of falconry or aviculture in England.
    • suitable birds can be readily sourced from existing captive stocks.
    • captive-bred birds can perform to a suitably high standard when appropriately trained and handled

    Natural England has a statutory responsibility, on behalf of Defra, for determining license applications to take birds of prey from the wild for use in falconry and aviculture. Defra ministers have endorsed Natural England’s recommendation to adopt a presumption against issuing licenses to take wild birds of prey for falconry and aviculture.  

    Whilst the power to grant licenses will remain on statute, Defra ministers support the view that licenses should not be issued, other than in exceptional circumstances. No evidence was provided during the review process that would support the issuing of licenses for any specific exceptional circumstances at the present time.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Notice to Aktia Bank Plc’s Annual General Meeting 2025

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    6 March 2025 at 1.00 p.m.

    Notice to Aktia Bank Plc’s Annual General Meeting 2025

    Notice is hereby given to Aktia Bank Plc shareholders that the Annual General Meeting will be held on Thursday, 3 April 2025 at 4.00 p.m. at Pikku-Finlandia, address Karamzininranta 4, Helsinki. Persons who have registered for the meeting will be welcomed and voting sheets will be distributed from 3.00 p.m. onwards.

    Shareholders of Aktia Bank Plc can also exercise their voting rights by voting in advance. Instructions for advance voting are set out in section C of this notice to the Annual General Meeting.

    It is possible to follow the Annual General Meeting via webcast. Instructions on how to follow the webcast are available on the company’s website www.aktia.com/en/investors/corporate-governance/annual-general-meeting. It is not possible to ask questions, make counterproposals, make other interventions, or vote via webcast. Following the meeting via webcast shall not be considered as participation in the Annual General Meeting or as the exercise of shareholders’ rights.

    A. Matters to be discussed at the Annual General Meeting

    The agenda of the Annual General Meeting will be as follows:

    1.   Opening of the meeting

    2.   Calling the meeting to order

    3.   Election of persons to scrutinise the minutes and to supervise the counting of votes

    4.   Recording the legality of the meeting

    5.   Recording the attendance at the meeting and adoption of the list of votes

    6.   Presentation of the financial statements, consolidated financial statements, report by the Board of Directors and Auditor’s report for 2024

    CEO’s presentation.

    The company’s financial statements and Annual Report, including the report by the Board of Directors, sustainability report, the Auditor’s report and the assurance report on sustainability reporting, will be published no later than 13 March 2025, after which they are available on the company’s website at www.aktia.com.

    7.   Adoption of the financial statements and the consolidated financial statements

    The Board of Directors proposes that the Annual General Meeting adopts the financial statements. The company’s auditor has recommended adopting the financial statements.

    8.   Resolution on the use of the profit shown in the balance sheet and the payment of dividend

    The Board of Directors proposes that a dividend of EUR 0.82 per share shall be paid for the financial year 2024.

    Shareholders registered in the register of shareholders of the company maintained by Euroclear Finland Ltd on the record date for the dividend payment 7 April 2025 are entitled to the dividend. The Board of Directors proposes that the dividend shall be paid out on 14 April 2025 in accordance with the rules of Euroclear Finland Ltd.

    9.   Resolution on the discharge from liability of the members of the Board of Directors, the CEO and his deputy

    10.   Handling of the Remuneration Report of the governing bodies

    The Board of Directors proposes to the Annual General Meeting that the Remuneration Report for the company’s governing bodies be confirmed.

    The 2024 Remuneration Report of the company’s governing bodies will be published no later than 13 March 2025, after which it is available on the company’s website at www.aktia.com.

    11.   Resolution on remuneration for the members of the Board

    The Nomination Board proposes that the remuneration for the Board of Directors for the term be unchanged and determined as follows:

    • Chair, EUR 75,000 (2024: EUR 75,000)
    • Deputy Chair, EUR 50,000 (2024: EUR 50,000)
    • member, EUR 40,000 (2024: EUR 40,000)

    Annual remunerations for the Chairs of each Committee as well as meeting remunerations are proposed to be unchanged, meaning that it is proposed that the Chair of each Committee will further receive an annual remuneration of EUR 8,000. The proposed meeting remuneration for Board and Committee meetings is EUR 700 per attended meeting for each person (EUR 700 per attended meeting for each person in 2024). If participation in a board meeting requires travelling outside the board member’s country of residence, the remuneration for board meeting is EUR 1,400 per attended meeting for each person (EUR 1,400 per attended meeting for each person in 2024). The remuneration of the members of the Board is not treated as income forming basis for earnings-related pension. Compensation for travel and accommodation expenses as well as a daily allowance is paid in line with the Finnish Tax Administration’s guidelines and the travel instructions of the company.

    The Nomination Board proposes that approximately 40% of the annual remuneration (gross amount) shall be paid to the members in the form of Aktia shares. The company will on account of the Board members acquire Aktia shares on the market to the price that is formed through public trading or it will transfer the company’s own shares to the Board members and the rest of the annual remuneration payable is paid in cash. The shares are acquired or transferred during a two-week time period from the day following the company’s interim report for 1 January 2025–31 March 2025 is disclosed or as soon as possible in accordance with applicable legislation. If the remuneration can’t be paid in shares, it can be paid in cash entirely. The company will be responsible for all expenses and the possible transfer tax for acquiring or transferring the shares.

    12.   Resolution on the number of members of the Board of Directors

    The Shareholders’ Nomination Board proposes that the number of members of the Board of Directors be decreased from nine (9) to seven (7) members. However, should any of the candidates proposed under section 13 below not be able to attend the Board, the proposed number of Board members shall be decreased accordingly.

    13.   Election of members of the Board of Directors

    The Shareholders’ Nomination Board proposes that of the present members of the Board of Directors Joakim Frimodig, Carl Haglund, Maria Jerhamre Engström, Harri Lauslahti and Matts Rosenberg, based on their consent, shall be re-elected for a term continuing until the next Annual General Meeting has concluded. For more information on the members of the Board of Directors proposed to be re-elected, please see the company’s website at www.aktia.com. The Board members of Aktia Bank Ann Grevelius, Sari Pohjonen, Johannes Schulman and Lasse Svens have informed that they will not be available for re-election.

    The Shareholders’ Nomination Board also proposes that Hanne Katrama and Sari Somerkallio are elected as new members of the Board of Directors for the same term, based on their consent. Further information on the new Board members proposed to be elected have been attached to this notice and can be found on the company’s website at www.aktia.com closer to the company’s Annual General Meeting.

    Should any of the candidates presented above not be able to attend the Board, the available candidates are proposed to be elected accordingly.

    All the proposed persons are independent in relation to the company according to the definition of the Corporate Governance Code. Only Matts Rosenberg is not independent of a significant shareholder since he is the Chair of the board of RG Partners Oy, the largest shareholder (10.13%) of Aktia Bank. In addition, Rosenberg is the CEO of Rettig Oy Ab, which is the largest owner of RG Partners Oy.

    All the proposed persons have informed that they intend, if they are elected, to re-elect Matts Rosenberg amongst them as Chair of the Board of Directors and to elect Joakim Frimodig as Deputy Chair.

    14.   Resolution on the auditor’s and sustainability reporting assurance provider’s remuneration

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that remuneration shall be paid to the auditor against the auditor’s reasonable invoice. The Board of Directors also proposes that remuneration shall be paid to the sustainability reporting assurance provider against a reasonable invoice for measures related to the assurance of sustainability reporting.

    15.   Determination of the number of auditors and sustainability reporting assurance providers

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that the number of auditors and sustainability reporting assurance providers shall be one (1).

    16.   Election of the auditor and the sustainability reporting assurance provider

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that KPMG Oy Ab, a firm of authorised public accountants, shall be elected as auditor, with Tiia Kataja, APA, as auditor-in-charge. The Board of Directors also proposes, based on the recommendation of the Board of Directors’ Audit Committee, that KPMG Oy Ab, an Authorised Sustainability Audit Firm, shall be elected as sustainability reporting assurance provider, with Tiia Kataja, Authorised Sustainability Auditor (ASA), as sustainability reporting assurance provider-in-charge. The auditor and the sustainability reporting assurance provider shall be elected for a term of office beginning when the Annual General Meeting 2025 has ended and continuing up until the Annual General Meeting 2026 has ended.

    17.   Authorising the Board of Directors to decide on one or more issues of shares or special rights entitling to shares referred to in Chapter 10 of the Finnish Companies Act

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to issue shares, or special rights entitling to shares referred to in Chapter 10 of the Companies Act, as follows:

    A maximum amount of 7,316,000 shares can be issued based on this authorisation, which corresponds to approximately 10% of all shares in the company.

    The Board of Directors is authorised to decide on all terms for issues of shares and of special rights entitling to shares. The authorisation concerns the issuance of new shares. Issues of shares or of special rights entitling to shares can be carried out in deviation from the shareholders’ pre-emptive subscription right to the company’s shares (directed share issue).

    The Board of Directors has the right to use this authorisation, among other things, to strengthen the company’s capital base, for the company’s share-based incentive scheme, acquisitions and/or other corporate transactions.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the issue authorisation given by the Annual General Meeting on 3 April 2024.

    18.   Authorising the Board of Directors to decide on the acquisition of the company’s own shares

    The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to decide on the acquisition of 500,000 shares at a maximum, corresponding to approximately 0.7% of the total number of shares in the company.

    The company’s own shares may be acquired in one or several tranches using the unrestricted equity of the company.

    The company’s own shares may be acquired at a price formed in public trading on the date of the acquisition, or at a price otherwise prevailing on the market. The company’s own shares may be acquired in a proportion other than that of the shares held by the shareholders (directed acquisition).

    The company’s own shares may be acquired to be used in the company’s share-based incentive schemes and/or for the remuneration of the members of the Board of Directors, for further transfer, retention, or cancellation.

    The Board of Directors is authorised to decide on all additional terms concerning the acquisition of the company’s own shares.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to purchase the company’s own shares given by the Annual General Meeting on 3 April 2024.

    19.   Authorising the Board of Directors to decide to divest the company’s own shares

    The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to decide on divesting own shares held by the company, as follows.

    Based on the authorisation, a maximum of 500,000 shares may be divested.

    Board of Directors is authorised to decide on all additional terms concerning the divestment of the company’s own shares. The divestment of the company’s own shares can be carried out in deviation from the shareholders’ pre-emptive subscription rights to shares in the company (directed share issue), e.g., for implementing the company’s incentive programs and for remuneration, including divesting the company’s own shares to board members for payment of board remuneration.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to divest the company’s own shares given by the Annual General Meeting on 3 April 2024.

    20.   Closing of the meeting

    B. Documents of the Annual General Meeting

    The proposals for the decisions on the matters on the agenda of the Annual General Meeting as well as this notice are available on Aktia Bank Plc’s website www.aktia.com. Aktia Bank Plc’s Annual Report including the company’s financial statements, the report by the Board of Directors (including the sustainability report), the Auditor’s report and the assurance report on sustainability reporting, and the 2024 Remuneration Report of the governing bodies, will be available on the above-mentioned website on 13 March 2025, at the latest. The minutes of the Annual General Meeting will be available on the above-mentioned website on 17 April 2025, at the latest.

    C. Instructions for the participants in the Annual General Meeting

    1. Shareholders registered in the shareholders’ register

    Each shareholder, who is registered in the company’s register of shareholders maintained by Euroclear Finland Ltd as at 24 March 2025, has the right to participate in the Annual General Meeting. A shareholder whose shares are registered in their personal Finnish book-entry account is registered in the company’s register of shareholders. Any changes in the ownership of shares that have occurred after the record date of the Annual General Meeting do not affect the right to participate in the Annual General Meeting nor the number of votes of the shareholder.

    Registration for the Annual General Meeting starts on 7 March 2025 at 10.00 a.m. Shareholders who are registered in the company’s register of shareholders and who wish to participate in the Annual General Meeting must register for the General Meeting by 4.00 p.m. on 27 March 2025, at the latest. Participants can register for the Annual General Meeting:

    a) through the company’s website www.aktia.com/en/investors/corporate-governance/annual-general-meeting. Electronic registration requires strong identification of the shareholder or his/her legal representative or proxy with a Finnish, Swedish or Danish bank ID or mobile certificate;

    b) by e-mail to Innovatics Ltd at agm@innovatics.fi. A shareholder registering by e-mail shall include in the message the registration form available on the company’s website www.aktia.com/en/investors/corporate-governance/annual-general-meeting and a possible advance voting form or equivalent information; or

    c) by mail to Innovatics Ltd, Annual General Meeting / Aktia Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki. A shareholder registering by mail shall include in the message the registration form available on the company’s website www.aktia.com/en/investors/corporate-governance/annual-general-meeting and a possible advance voting form or equivalent information.

    When registering, please provide the necessary information, such as the shareholder’s name, date of birth or business ID, contact details, the name of any assistant or proxy representative and the proxy’s date of birth. The personal data provided by shareholders to Aktia Bank Plc or Innovatics Ltd will only be used in connection with the Annual General Meeting and the processing of the necessary registrations related thereto.

    The shareholder, his/her representative or proxy must be able to prove his/her identity and/or right of representation at the meeting. Further information on the use of proxy and power of attorney are described below in section C 3.

    Further information on registration and advance voting is available by telephone during the registration period of the Annual General Meeting by calling at +358 10 2818 909 on weekdays from 9.00 a.m. to 12.00 p.m. and from 1.00 p.m. to 4.00 p.m.

    2. Owners of nominee registered shares

    A holder of nominee registered shares has the right to participate in the Annual General Meeting by virtue of such shares, based on which he/she on the record date of the Annual General Meeting 24 March 2025 would be entitled to be registered in the company’s register of shareholders maintained by Euroclear Finland Ltd. Participation also requires that the shareholder has been entered into the company’s temporary register of shareholders, maintained by Euroclear Finland Ltd, on the basis of such shares by 31 March 2025 at 10.00 a.m. at the latest. In the case of nominee-registered shares, this is considered registration for the Annual General Meeting. Changes in the shareholding after the record date of the Annual General Meeting do not affect the right to participate in the Annual General Meeting or the shareholder’s voting rights.

    The holder of nominee-registered shares is advised to request well in advance the necessary instructions from his/her custodian bank regarding temporary registration in the register of shareholders, the issuing of proxy documents and voting instructions, registration, and attendance at the Annual General Meeting and, if necessary, advance voting. The account manager of the custodian bank shall register the holder of nominee-registered shares attending the Annual General Meeting in the temporary register of shareholders of the company by the aforementioned date and time at the latest and, if necessary, arrange for advance voting on behalf of the holder of nominee-registered shares before the end of the registration period for holders of nominee-registered shares.

    3. Proxy representatives and powers of attorney

    A shareholder may attend the Annual General Meeting and exercise his/her rights there through a proxy representative. A shareholder’s proxy may also elect to vote in advance as described in this notice if he/she so wishes. The proxy representative shall authenticate to the electronic registration service and advance voting personally with strong authentication, after which he/she will be able to register and vote in advance on behalf of the shareholder that he/she represents. The shareholder’s proxy must present dated proxy documents, or otherwise in a reliable manner prove that he/she is entitled to represent the shareholder at the Annual General Meeting. You can prove your right to representation by using the Suomi.fi e-Authorisations service available in the electronic registration service.

    Model proxy documents and voting instructions are available on the company’s website www.aktia.com/en/investors/corporate-governance/annual-general-meeting. If a shareholder participates in the Annual General Meeting through several proxies representing the shareholder with shares held in different securities accounts, the shares on the basis of which each proxy represents the shareholder shall be identified in connection with the registration.

    Proxy documents are requested to be submitted preferably as an attachment with the electronic registration or alternatively by mail to Innovatics Ltd, Annual General Meeting / Aktia Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki or by e-mail to agm@innovatics.fi before the end of the registration period. In addition to submitting the proxy documents, the shareholder or his/her proxy shall register for the Annual General Meeting in the manner described above in this notice.

    4. Advance voting

    A shareholder whose shares in the company are registered in his/her personal Finnish book-entry account may vote in advance between 7 March 2025 and 27 March 2025 on certain items on the agenda of the Annual General Meeting

    a) via the company’s website at www.aktia.com/en/investors/corporate-governance/annual-general-meeting. Login to the service is done in the same way as for registration in section C.1 of this notice;

    b) by mail by submitting the advance voting form available on the company’s website or equivalent information to Innovatics Ltd at Innovatics Ltd, Annual General Meeting / Aktia Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland; or

    c) by e-mail by submitting the advance voting form available on the company’s website or equivalent information to Innovatics Ltd by e-mail at agm@innovatics.fi.

    Advance votes must be received by the time the advance voting ends. The submission of votes by mail or e-mail before the end of the registration and advance voting period shall be considered registration for the Annual General Meeting, provided that it contains the abovementioned information required for registration.

    A shareholder who has voted in advance cannot exercise the right to ask questions or demand a vote under the Finnish Companies Act unless he/she attends the Annual General Meeting in person or by proxy at the meeting venue.

    With respect to nominee registered shareholders, the advance voting is carried out by the account manager. The account manager may vote in advance on behalf of the holders of nominee-registered shares whom he/she represents in accordance with the voting instructions given by them during the registration period set for the nominee-registered shareholders.

    Proposals for resolution that are subject to advance voting are deemed to have been made at the Annual General Meeting without any changes.

    5. Further instructions for attendees of the Annual General Meeting

    The official language of the meeting is Swedish, but the meeting will be partly conducted also in Finnish. Shareholders may address the meeting and present questions in both Swedish and Finnish. There is no simultaneous interpretation at the meeting.

    Shareholders present at the Annual General Meeting have the right to present questions about the matters discussed at the meeting in accordance with Chapter 5, Section 25 of the Finnish Companies Act.

    Changes in the shareholding after the record date of the Annual General Meeting do not affect the right to participate in the Annual General Meeting or the shareholder’s voting rights.

    Shareholders are welcome to participate in coffee service arranged after the meeting.

    On the date of this notice to the Annual General Meeting the total number of shares in Aktia Bank Plc is 73,161,696 shares, representing 73,161,696 votes. The company holds on the date of this notice a total number of 56,708 of its own shares. The shares held by the company on the record date of the Annual General Meeting do not entitle to vote at the Annual General Meeting.

    Helsinki, 6 March 2025

    AKTIA BANK PLC
    BOARD OF DIRECTORS

    Appendix 1: information on the proposed new members of the Board of Directors

    For more information, please contact:
    Lasse Svens, Chair of the Board, tel. +358 500 562 945
    Ari Syrjäläinen, General Counsel, tel. +358 10 247 6350

    Distribution:
    Nasdaq Helsinki Ltd
    Central media
    www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 31 December 2024 amounted to EUR 14.0 billion, and the balance sheet total was EUR 11.9 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    Attachment

    The MIL Network –

  • MIL-OSI NGOs: Global: Electric shock equipment widely abused by law enforcement agencies due to alarming lack of regulation

    Source: Amnesty International –

    States and companies are manufacturing, promoting and selling electric shock equipment that is being used for torture and other ill-treatment, said Amnesty International, in a new report calling for a global, legally-binding treaty to regulate the unchecked production of and trade in law enforcement equipment.

    “I Still Can’t Sleep at Night” – The Global Abuse of Electric Shock Equipment, documents how law enforcement agencies are using inherently abusive direct contact electric shock weapons – including stun guns and electric shock batons– on the street, at borders, in migrant and refugee detention centres, mental health institutions, police stations, prisons, and other places of detention.

    These inherently abusive devices, which deliver painful shocks at the press of a button, have been used against protesters, students, political opponents, women and girls (including pregnant women), children and human rights defenders, among others. Survivors have suffered burns, numbness, miscarriage, urinary dysfunction, insomnia, exhaustion and profound psychological trauma.

    The report also looks at the escalating misuse of Projectile Electric Shock Weapons (PESWs), which can have a legitimate role in law enforcement, but are often misused. Cases include the unnecessary and discriminatory use against vulnerable groups resulting in serious injuries and in some cases even death.

    Direct contact electric shock weapons can cause severe suffering, long-lasting physical disability and psychological distress.

    Patrick Wilcken, Amnesty International

    “Direct contact electric shock weapons can cause severe suffering, long-lasting physical disability and psychological distress. Prolonged use can even result in death,” said Patrick Wilcken, Amnesty International’s researcher on military, security and policing issues.

    “PESWs are being used against individuals who pose no risk of violence, simply for punishment or compliance with orders. They are also being used in direct contact ‘drive stun’ mode, which should be prohibited. Despite the clear human rights risks associated with their use, there are no global regulations controlling the production of and trade in electric shock equipment. Direct contact electric shock weapons need to be banned immediately and PESWs subject to strict human-rights-based trade controls.”

    The extensive report draws on research carried out by Amnesty International from 2014 to 2024 in over 40 countries across all regions across the world, where cases involving torture and other ill-treatment using electric shock equipment have been documented.

    Vulnerable groups targeted by electric shock weapons

    Testimonies gathered by Amnesty International are harrowing.

    During the 2022 “Woman Life Freedom” uprising in Iran, the military unit IRGC Basijbattalion forced several boys to stand with their legs apart in a line alongside adult detainees and administered electric shocks to their genitals with stun guns.

    In another case, several schoolboys were abducted for writing the protest slogan “Woman Life Freedom” on a wall. One of the boys told Amnesty International: “They hit my face with the back of a gun, gave electric shocks to my back, and beat me with batons on the bottom of my feet and hands…”

    PESWs have often been used as de facto direct contact electric shock weapons when deployed in “drive stun” mode.

    “I was lying on the ground and still they have used tasers on me three times, and at the same time they beat me with the batons.

    Detainee from Sub-Saharan Africa

    Recounting a raid by border guards on the Medininkai detention centre in Lithuania on 2 March 2022, one detainee from Sub-Saharan Africa said: “I was lying on the ground and still they have used tasers on me three times, and at the same time they beat me with the batons.” Another described being threatened by police officers who placed a “taser” on her forehead, telling her “‘Shut up or I will shoot you!’”

    “Even when used as a stand-off weapon, PESWs have been linked to serious injuries and deaths,” said Patrick Wilcken. “These include dart lacerations and penetration of the skull, eye, internal organs, throat, fingers and testis; electrical discharge induced burns, seizures and arrythmias; and a variety of injuries and deaths from falls.”

    Amnesty’s report reveals patterns of PESWs’ discriminatory deployment against racialized and marginalized groups, such as young Black men. In April 2024, police in Atlanta, Georgia, USA, were filmed using a TASER directly on the leg of a Black protester at a Palestine solidarity demonstration while he was pinned to the ground by three police officers and handcuffed.

    “Given the high risks of primary and secondary injuries, the use of PESWs must be set at a high threshold. These weapons should only be used only in situations involving a threat to life or risk of serious injury which cannot be contained by less extreme options,” said Patrick Wilcken.

    The urgent need for prohibitions and trade regulation

    At least 197 companies from all regions manufactured or promoted direct contact electric shock equipment for law enforcement between January 2018 and June 2023 – with most companies based in countries such as China, India and the USA.

    According to US-based Axon Enterprise, Inc., their TASER brand models are currently used by over 18,000 law enforcement agencies in more than 80 countries.

    “There is an urgent need for a legally-binding treaty which would prohibit inherently abusive electric shock equipment and strictly control the trade in PESWs,” said Patrick Wilcken.

    “Companies should implement robust human rights due diligence and mitigation measures to ensure their products and services are not being systematically misused for torture or other ill-treatment. This includes ceasing production of direct contact electric shock devices and removing the ‘drive stun’ function from PESWs.”

    Amnesty International, along with a global civil society network of over 80 organizations worldwide, is campaigning for the negotiation of a Torture-Free Trade Treaty that would introduce global prohibitions and controls on a wide range of law enforcement equipment, including electric shock weapons and equipment.

    Background

    • In September 2017, the EU, Argentina and Mongolia launched the Alliance for Torture-Free Trade at the margins of the UN General Assembly (UNGA) in New York. The Alliance currently comprises 62 states from all regions of the world pledging to “act together to further prevent, restrict and end trade” in goods used notably for torture or other ill-treatment. In October 2023, the UN Special Rapporteur on Torture presented a thematic report on the torture trade at the UNGA which argued for a legally binding instrument to regulate the production of and trade in law enforcement equipment and included lists of goods considered prohibited and controlled.
    • This is one of a series of in-depth research reports showing the devastating human rights impact of law enforcement equipment; previous reports include work on tear gas, batons, rubber bullets, and the trade in less lethal weapons used to repress protesters.

    MIL OSI NGO –

  • MIL-OSI NGOs: International Women’s Day: The world must resist mounting attacks on gender justice

    Source: Amnesty International –

    Ahead of International Women’s Day, Amnesty International’s Secretary General, Agnès Callamard, said:

    “The significance of International Women’s Day 2025 cannot be overstated. It is no longer a case of addressing unfinished business on the gender justice front, but one of bracing ourselves to resist active regression and a mounting assault on our rights.

    “Thirty years ago, 189 governments came together at the Fourth World Conference on Women to adopt the Beijing Declaration and Platform for Action, a groundbreaking blueprint for strengthening women’s rights endorsed by thousands of activists. Despite significant progress since then, the world has failed to fully deliver on all the promises. From rape and femicide to coercion, control and assaults on our reproductive rights, violence against women and girls still threatens their safety, happiness and very existence in a multitude of ways.

    “And crucially, we are now going backwards. The aggressive patriarchal crusade led by President Trump and other powerful leaders against the rights and bodily autonomy of women and gender-diverse people has already had devasting consequences not just in the United States but all over the world. By dismantling domestic efforts to tackle gender-based, racial and other forms of discrimination, erasing recognition of transgender identity, and ending international funding for abortion counselling or referrals, the US administration is shamefully erasing years of hard-fought gains.

    “Let us be clear, this trend has deeper roots than President Trump’s recent election. For several years now, brazen anti-rights movements have conspired to turn back the clock to an age when patriarchal oppression was the norm. We cannot afford to be complacent in the face of this gathering storm, for women, girls and LGBTQI+ people are under attack the world over.

    Despite suffering setbacks and facing countless attempts to block, divide and undermine us throughout history, feminist, LGBTI+ and grassroots movements keep marching forward.

    Amnesty International’s Secretary General, Agnès Callamard

    “Amnesty International calls on states and non-state actors who believe in universal values and a rule-based international order to resist this accelerated and well-resourced attack against women’s rights. We call on them to strengthen protections of women, girls, LGBTQI+ people and other marginalized groups against gender-based violence. We urge them to recognize and support the vital work of all women human rights defenders and all those on the frontlines of the fight for sexual and reproductive rights, and to implement concrete measures to protect and empower them.

    “We appeal to all to respect sexual and reproductive rights and prevent rollbacks, including by revoking any laws that criminalize or punish people for exercising these rights, as well as fully decriminalizing, providing and funding universal access to abortion.

    “Finally, this International Women’s Day, Amnesty International reiterates its call on states to recognize gender apartheid under international law as a crime against humanity. Doing so would fill a major gap in the global legal framework and help to combat institutionalized and systematic domination and oppression on the basis of gender, no matter where it occurs.

    “Despite suffering setbacks and facing countless attempts to block, divide and undermine us throughout history, feminist, LGBTI+ and grassroots movements keep marching forward. We may be walking a rocky path, but we will never stop fighting for a world where women, girls and gender-diverse people are free to enjoy the full range of human rights without discrimination or fear of reprisal.”

    Agnès Callamard is available for interviews on women’s rights and gender justice around International Women’s Day.

    MIL OSI NGO –

  • MIL-OSI NGOs: Egypt: Detainees punished for protesting their detention in cruel conditions

    Source: Amnesty International –

    Egyptian authorities must end their reprisals against prisoners in 10th of Ramadan Prison for their hunger strike to protest their arbitrary detention and demand an end to their cruel and inhuman detention conditions, Amnesty International said today.

    Since early January, a number of detainees at 10th of Ramadan (6) Prison started a hunger strike to demand the release of individuals held in pretrial detention for more than six months, the right to outdoor exercise, full visitation rights, and the removal of the National Security Agency (NSA) officer in charge of the prison, whom they accuse of being abusive. In the aftermath of the strike, authorities transferred at least three detainees from 10th of Ramadan (6) Prison to prisons notorious for their harsh detention conditions, after punitively confiscating their personal belongings.

    “Instead of addressing the abysmal detention conditions in the 10th of Ramadan Prison, the authorities are trying to silence prisoners protesting these conditions by punishing them. Even when prisoners are held in newly built, modern prisons such as 10th of Ramadan, they still suffer abuse at the hands of prison authorities who operate without adequate oversight or accountability,” said Mahmoud Shalaby, Egypt Researcher at Amnesty International.

    “Instead of addressing the abysmal detention conditions in the 10th of Ramadan Prison, the authorities are trying to silence prisoners protesting these conditions by punishing them” – Mahmoud Shalaby, Egypt Researcher

    “The Egyptian authorities must ensure that conditions of detention are humane and in line with international law and standards, including the Nelson Mandela Rules. They must respond to longstanding calls by Amnesty International and Egyptian human rights defenders to allow independent Egyptian and international observers to have unfettered and unannounced access to prisons and to monitor detention conditions in the country.”

    Two women family members of the transferred detainees told Amnesty International that authorities had moved their relatives to prisons located hundreds of kilometres away from their families. The transfer to remote prisons, known as “Taghriba” (internal exile), is a common punitive measure used by the authorities to punish prisoners and render visitation even more costly and burdensome for their families.

    “When they escorted him from his cell at 10th of Ramadan (6) Prison, he thought they were finally taking him to the hospital for long overdue surgery. Instead, they were transferring him to another prison,” a relative of one of the detainees told Amnesty International. She said that he was punished solely for attempting to send a letter to a political party that he is a member of, urging them to advocate for his release.

    The third detainee went on hunger strike on 29 January to protest his transfer. His lawyer told Amnesty International that upon transfer, he was placed in an overcrowded cell, where detainees are forced to sleep in shifts. On 18 February, authorities failed to bring him to his pretrial detention renewal session, however, judges renewed his detention in his absence, without providing any justification. On 1 March, his wife posted on Facebook that he had ended his strike and remains hospitalized within the prison.

    Brutal detention conditions

    Three lawyers and three relatives of detainees held at 10th of Ramadan (6) Prison told Amnesty International that all inmates inside their wards are totally deprived of sunlight because they are not permitted daily exercise outdoors as required by the Mandela Rules. Nada Mougeeth, the wife of arbitrarily detained cartoonist Ashraf Omar, said that he has not seen the sun in seven months. According to Nada and the relatives of the two transferred prisoners, detainees are confined to their cells for 23 hours a day. They are allowed a maximum of one hour of exercise in a corridor inside the building where they are held.

    Under Egypt’s Internal Bylaws on Prisons, pretrial detainees are allowed two hours of exercise out of their cell daily.

    On 3 February, economist Abdel Khalek Farouq, also held in 10th of Ramadan prison for political reasons, told prosecutors that after he complained to prison officials about not being allowed to exercise in sunlight, he was moved, along with two other detainees, to another cell in an isolated and empty ward, according to a member of his family. He also said that a police officer threatened to transfer him to Sohag Prison, located around 500 kilometres away from Cairo where his family live.

    Nada and the two relatives told Amnesty International that family visits to the prison are limited to only 20 or 30 minutes once per month, except if there is an exceptional visit. This violates the prison bylaws, which provides for weekly one-hour visits for pretrial detainees and twice monthly visits for convicted prisoners. Some detainees are denied family visits altogether. For instance, Anas al-Belgaty, who has been arbitrarily detained for 11 years solely for his family affiliation, has received no visits since his transfer to 10th of Ramadan (2) prison in June 2023.

    Nada and the two relatives also reported being frequently subjected to invasive body searches by female guards. They said that the guards search women twice before they enter the visit hall, including through placing their hands inside the women’s clothing, touching their bras.

    They also reported that prison guards inspect the food brought by families using their bare hands in an unhygienic manner. Food brought by families is the main source of nutrition for detainees due to the lack of quality or insufficient portions provided by the prison.

    Background

    10th of Ramadan Prison began to operate in 2023 amid a public relations campaign by the government promoting it as a step toward improving detention conditions.

    On 12 January, the Egyptian Initiative for Personal Rights (EIPR) published a statement about the deteriorating detention conditions at 10th of Ramadan 6 Prison. Following this statement, on 19 January, prosecutors opened an investigation into prominent human rights defender Hossam Bahgat, executive director of EIPR, on charges of “spreading false news” and “aiding and funding a terrorist group.”

    Based on research into 16 prisons across Egypt, Amnesty International previously found that prison officials in Egypt are subjecting prisoners of conscience and others held for political reasons to torture and other  cruel, inhuman or degrading treatment or punishment through conditions of detention and are deliberately denying them health care to punish dissent.

    MIL OSI NGO –

  • MIL-OSI NGOs: Global: Electric shock equipment widely abused by law enforcement agencies due to alarming lack of regulation – new report

    Source: Amnesty International –

    40 countries including the UK where cases involving torture and other ill-treatment using electric shock equipment have been documented

    197 companies manufactured or promoted direct contact electric shock equipment for law enforcement – most companies based in China, India and the USA

    Survivors have suffered burns, numbness, miscarriage, urinary dysfunction, insomnia, exhaustion and profound psychological trauma

    Harrowing testimonies of people of electric shock equipment used against people

    ‘They hit my face with the back of a gun, gave electric shocks to my back, and beat me with batons on the bottom of my feet and hands…’ – schoolboy in Iran

    In the UK, Tasers were drawn, aimed or discharged 33,232 times between April 2023 to March 2024

    States and companies are manufacturing, promoting and selling electric shock equipment that is being used for torture and other ill-treatment, said Amnesty International in a new report calling for a global, legally-binding treaty to regulate the unchecked production of and trade in law enforcement equipment.

    The 72-page report – “I Still Can’t Sleep at Night” The Global Abuse of Electric Shock Equipment – draws on research carried out by Amnesty from 2014 to 2024 in over 40 countries including the UK, where cases involving torture and other ill-treatment using electric shock equipment have been documented.

    Law enforcement agencies are using inherently abusive direct contact electric shock weapons – including stun guns and electric shock batons– on the street, at borders, in migrant and refugee detention centres, mental health institutions, police stations, prisons, and other places of detention.

    The devices, which deliver painful shocks at the press of a button, have been used against protesters, students, political opponents, women and girls (including pregnant women), children and human rights defenders, among others. Survivors have suffered burns, numbness, miscarriage, urinary dysfunction, insomnia, exhaustion and profound psychological trauma.

    The report also looks at the escalating misuse of Projectile Electric Shock Weapons (PESWs) which can have a legitimate role in law enforcement but are often misused. Cases include the unnecessary and discriminatory use against vulnerable groups resulting in serious injuries and in some cases even death.

    Trade fairs in the UK

    In September 2024, Amnesty and the Omega Research Foundation found that a British company, The Squad Group Ltd led by retired police officers – including a former Assistant Chief Constable – were caught on camera demonstrating electric-shock torture equipment at a trade fair in Birmingham.

    The revelations raised serious questions about the enforcement of laws in relation to the prohibition of torture equipment as well as the staging of security equipment trade events. The trade in direct-contact and body-worn electric-shock weapons is illegal under laws regulating the arms and security trade, with UK companies and nationals banned from importing, exporting or in any way promoting these goods anywhere in the world. Electric-shock weapons are prohibited under The Trade in Torture etc. Goods (Amendment) (EU Exit) Regulations 2020, and current Government export control guidance clearly states that all trading activity, including promotion and marketing of these goods anywhere in the world, is prohibited.

    More information about The Squad Group Ltd here.

    Sacha Deshmukh, Amnesty International UK’s Chief Executive, said:

    “It’s shocking that prohibited torture equipment is openly being promoted and demonstrated by a UK company.

    “Despite raising this case directly with the UK government in September last year, no satisfactory answers have been provided to shed light on how these electric shock weapons have been able to be advertised, promoted and demonstrated despite seemingly robust legislation banning these activities. Alarmingly, since first alerting the authorities to this case, it has become clear that they have been demonstrated to several UK policing bodies.

    “Bringing any direct-contact electric-shock weapon into the UK must surely be a serious breach of current UK arms trade regulations that have been in place since prohibitions on electric shock weapons were first introduced by then Labour Foreign secretary Robin Cooke in 1997. To this day, these electric shock weapons are still being promoted for sale, suggesting that our existing rules are either not being properly enforced or are riddled with loopholes.”

    Tasers used in the UK

    In the latest use of force figures for England and Wales published by Home Office for April 2023 to March 2024, Tasers were used – that is drawn, aimed or discharged – a total of 33,232 times and police threatened to use Tasers against children 2,895 times with 66 charges. Five of those incidents, officers threatened to use Tasers against children under the age of 11.

    Tasers were used on Black people at a rate of 4.2 times higher than someone from a white ethnic group in England and Wales (excluding the Metropolitan Police). In the MET police area, Tasers were used at a rate of 4.4 times higher when percentages of Taser use by ethnicity were compared with the breakdown of ethnic groups in the general population in the 2021 Census. According to the Independent Office for Police Conduct found that Black people were more likely to be tasered for prolonged periods (over 5 seconds) than white people.

    Sacha Deshmukh added:

    “The police have a disturbing record of misusing Tasers, using them disproportionately against people from minority ethnic communities and those suffering from mental health crises, and also when people have been running away from officers and presenting no risk to them or the public.  

    “Tasers are potentially lethal weapons and they should only be made available to properly-trained specialist officers, and not normalised as a piece of weaponry available to every police officer operating on our streets.”  

    More information about Tasers used in the UK from page 30 in the report.

    Electric shock weapons used around the world

    During the 2022 “Woman Life Freedom” uprising in Iran, the military unit IRGC Basij battalion forced several boys to stand with their legs apart in a line alongside adult detainees and administered electric shocks to their genitals with stun guns. In another case, several schoolboys were abducted for writing the protest slogan “Woman Life Freedom” on a wall. One of the boys told Amnesty:

    “They hit my face with the back of a gun, gave electric shocks to my back, and beat me with batons on the bottom of my feet and hands…”

    PESWs have often been used as de facto direct contact electric shock weapons when deployed in “drive stun” mode. Recounting a raid by border guards on the Medininkai detention centre in Lithuania on 2 March 2022, one detainee from Sub-Saharan Africa said:

    “I was lying on the ground and still they have used tasers on me three times, and at the same time they beat me with the batons.” Another described being threatened by police officers who placed a “taser” on her forehead, telling her “‘Shut up or I will shoot you!’”

    Amnesty’s report reveals patterns of PESWs’ discriminatory deployment against racialised and marginalised groups, such as young Black men. In April 2024, police in Atlanta, Georgia, USA, were filmed using a Taser directly on the leg of a Black protester at a Palestine solidarity demonstration while he was pinned to the ground by three police officers and handcuffed.

    The urgent need for prohibitions and trade regulation

    At least 197 companies from all regions manufactured or promoted direct contact electric shock equipment for law enforcement between January 2018 and June 2023 – with most companies based in countries such as China, India and the USA.

    According to US-based Axon Enterprise, Inc., their Taser brand models are currently used by over 18,000 law enforcement agencies in more than 80 countries.

    Amnesty along with a global civil society network of over 80 organisations worldwide, is campaigning for the negotiation of a Torture-Free Trade Treaty that would introduce global prohibitions and controls on a wide range of law enforcement equipment, including electric shock weapons and equipment.

    Patrick Wilcken, Amnesty International’s researcher on military, security and policing issues, said:

    “Projectile Electric Shock Weapons are being used against individuals who pose no risk of violence, simply for punishment or compliance with orders.

    “Direct contact electric shock weapons can cause psychological distress, severe suffering, long-lasting physical disability. These include dart lacerations and penetration of the skull, eye, internal organs, throat, fingers and testis; electrical discharge induced burns, seizures and arrythmias; and a variety of injuries and deaths from falls. They are also being used in direct contact ‘drive stun’ mode, which should be prohibited.

    “Despite the clear human rights risks associated with their use, there are no global regulations controlling the production of and trade in electric shock equipment. Direct contact electric shock weapons need to be banned immediately and Projectile Electric Shock Weapons subject to strict human-rights-based trade controls.

    “There is an urgent need for a legally-binding treaty which would prohibit inherently abusive electric shock equipment and strictly control the trade in Projectile Electric Shock Weapons.

    “Companies should implement robust human rights due diligence and mitigation measures to ensure their products and services are not being systematically misused for torture or other ill-treatment. This includes ceasing production of direct contact electric shock devices and removing the ‘drive stun’ function from Projectile Electric Shock Weapons.”

    Alliance for Torture-Free Trade

    In September 2017, the EU, Argentina and Mongolia launched the Alliance for Torture-Free Trade at the margins of the UN General Assembly (UNGA) in New York. The Alliance currently comprises 62 states from all regions of the world pledging to “act together to further prevent, restrict and end trade” in goods used notably for torture or other ill-treatment. In October 2023, the UN Special Rapporteur on Torture presented a thematic report on the torture trade at the UNGA which argued for a legally binding instrument to regulate the production of and trade in law enforcement equipment and included lists of goods considered prohibited and controlled.

    This is one of a series of in-depth research reports showing the devastating human rights impact of law enforcement equipment; previous reports include work on tear gas, batons, rubber bullets, and the trade in less lethal weapons used to repress protesters.

    MIL OSI NGO –

  • MIL-OSI United Kingdom: Thurrock Council: Ministerial response to Commissioners’ fourth report

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Thurrock Council: Ministerial response to Commissioners’ fourth report

    Letter from Baroness Taylor of Stevenage, Parliamentary Under-Secretary of State for Housing and Local Government, in response to the Commissioners’ fourth report.

    Applies to England

    Documents

    Thurrock Council: Ministerial response to Commissioners’ fourth report

    PDF, 170 KB, 1 page

    Details

    A copy of the letter from Baroness Taylor of Stevenage, Parliamentary Under-Secretary of State for Housing and Local Government to the Thurrock Commissioners in response to their fourth report. The Minister welcomes the significant progress made by the Council and notes the challenges that remain for Thurrock.

    Updates to this page

    Published 6 March 2025

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Thurrock Council: Letter to Dr Dave Smith extending his appointment as Managing Director Commissioner

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Thurrock Council: Letter to Dr Dave Smith extending his appointment as Managing Director Commissioner

    A copy of the letter to Dr Dave Smith, regarding the Secretary of State’s decision to extend his appointment as the Managing Director Commissioner at Thurrock Council.

    Applies to England

    Documents

    Thurrock Council: Letter to Dr Dave Smith extending his appointment as Managing Director Commissioner

    PDF, 319 KB, 6 pages

    Details

    Copy of the letter from James Blythe, Deputy Director, Local Government Stewardship and Intervention, at Ministry of Housing, Communities and Local Government to Dr Dave Smith, confirming the Secretary of State’s decision to extend his appointment as the Managing Director Commissioner to Thurrock Council until 1 September 2025.

    Updates to this page

    Published 6 March 2025

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    MIL OSI United Kingdom –