NewzIntel.com

Category: Politics

  • MIL-OSI Europe: President Meloni’s telephone conversation with His Holiness Pope Leo XIV

    Source: Government of Italy (English)

    15 Maggio 2025

    The President of the Council of Ministers, Giorgia Meloni, had a telephone conversation today with His Holiness Pope Leo XIV.

    President Meloni once again conveyed her personal congratulations and those of the Italian Government to the Holy Father on his election to the See of Peter, and highlighted the indissoluble bond between Italy and the Vicar of Christ.

    Italy appreciates and supports the efforts of the Holy See for peace and an end to conflict in all the crisis areas where weapons have taken the place of discussion and dialogue.

    President Meloni reaffirmed Italy’s readiness to continue working, together with the Holy See, for an ethical and human-centred development of artificial intelligence. This challenge was a key focus of Italy’s G7 Presidency and Pope Leo XIV recalled its central importance, for the defence of human dignity, justice and labour, during his meeting with the Cardinals on 10 May.

    MIL OSI Europe News –

  • MIL-OSI Germany: Bundesbank proposes debt brake reform for sound public finances and increased investment

    Source: Deutsche Bundesbank in English

    The Bundesbank is expanding its reform proposals for central government’s debt brake, laying out a stability-oriented path towards increased government investment. It is thus presenting a concept that supports the necessary measures to strengthen infrastructure and defence whilst ensuring sustainable public finances over the long term, in line with European rules. At the same time, it maintains its position that debt brakes enshrined in Germany’s Basic Law make an indispensable contribution to sustainable public finances over the long term. “With regard to the debt ratio, Germany is doing well by international standards. Our reform proposal for the debt brake preserves sound public finances whilst at the same time facilitating urgently needed investment,” Bundesbank President Joachim Nagel said. 
    The Bundesbank’s latest Monthly Report outlines the detailed concept, which builds on proposals it presented back in 2022. Advising the Federal Government on issues of monetary policy importance is part of the Bundesbank’s statutory mandate.
    Its reform proposal is centred on the 60% reference value enshrined in the EU Treaties becoming the touchstone of the debt brake. Under this proposal, central and state governments (the latter by means of investment grants) would be able to invest up to an additional debt-financed €220 billion in total up to 2030, provided that the debt ratio is below 60%. Should the debt ratio exceed 60%, this amount would be capped at around €100 billion up to 2030. The reform proposals do not replace the need to rethink consumption expenditure, though. “A stability-oriented reform of the debt brake would create additional scope for major investment, such as in infrastructure and defence,” Mr Nagel continued.
    In concrete terms, the proposal envisages increasing central government’s scope for borrowing from 0.35% to a maximum of 1.4% of gross domestic product (GDP) if the debt ratio is below the 60% mark. This scope would comprise 0.5% of GDP as a “low-debt base” that would not be earmarked for any particular purpose, and a further 0.9% of GDP for the sole purpose of additional investment. Part of this investment component would be intended for grants to state and local governments, which account for the majority of fixed asset formation. 
    If the debt ratio were to exceed the 60% mark, the 0.9% investment component would remain, but the 0.5% “base” would no longer be available. “This would reward a debt ratio of below 60% whilst at the same time creating planning certainty for investment,” Mr Nagel explained.
    Similar scope for borrowing and investment protection could also be provided by a special fund that could be temporary or limited in terms of volume. “We would prefer a fundamental reform of the debt brake that affords better predictability, but a special fund with comparable financial parameters would also be an option,” Mr Nagel continued.

    MIL OSI

    MIL OSI German News –

  • MIL-Evening Report: Grattan on Friday: Ley and Littleproud have had a prickly relationship – can they negotiate a smooth future?

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    With the future of the Coalition relationship on the line, Nationals leader David Littleproud drove to his Liberal counterpart Sussan Ley’s hometown of Albury this week. They had much to talk about, and it wasn’t going to be easy.

    Littleproud and Ley have had a combustible relationship in the past.

    After Ley, on the backbench at the time, in 2018 co-sponsored a private member’s bill to restrict live sheep exports, Littleproud, the agriculture minister, said dismissively, “I’m going to predicate my decisions on evidence, not emotion”.

    More seriously, when she was environment minister in 2019–22, Ley and Littleproud clashed over the Murray-Darling Basin.

    The Nationals leader is father of, and a true believer in, the opposition’s nuclear policy; Ley began as an agnostic on the issue, saying in 2019, “To be honest, I am not strongly for or against nuclear power”.

    The two leaders differ in their economic philosophies. Littleproud is what detractors of the Nationals and their predecessor the Country Party used to call an “agrarian socialist”. It was the Nationals who, in the last term, drove the Coalition policy to break up supermarkets that misused their power. Ley is less inclined to industry intervention.

    Ley and Littleproud have to find a way for their two parties to continue to share the same house and, assuming they do, how they divide up the rooms, and manage their joint spaces.

    Kevin Hogan, the new Nationals deputy, said late Thursday there was a will to sign a Coalition agreement, but certainly there was “a scenario where it doesn’t get signed”.

    The Nationals are feeling their power, after an election in which they held almost all their seats and the Liberals were devastated.

    Their Senate leader, Bridget McKenzie, who is outspoken and frequently in the media, said this week, “We haven’t had this amount of political clout within the Coalition since the ‘70s”.

    How many shadow ministries the Nationals receive is determined on a formula, but central is what posts they obtain.

    “There needs to be a very serious conversation heading into any Coalition discussions about the role of the National Party,” she said.

    “We don’t need to rush into an agreement, but we do need to make sure it reflects the realities of the election result, which does give greater kudos and say to the National Party within that.”

    In a cheeky reference that wouldn’t go down well with some Liberals, McKenzie said, “In our 120-year history, for 16 of these years, we held the treasury portfolio in government”.

    The Nationals are not going to hold the Treasury post in opposition. But they will try to have a louder economic voice. (There is speculation they might seek the finance shadow ministry.)

    McKenzie referred to the power of party greats Doug Anthony, Ian Sinclair and Peter Nixon in Malcolm Fraser’s government. She could have gone back to the legendary John “Black Jack” McEwen in earlier years.

    Back then, the party exercised power through the sheer strength of such individual personalities, and their ability to prevail in battles with colleagues. Looking at the Fraser years, it’s remarkable to think the prime minister used Nixon (who died just before the election, aged 97) in trying to manage a difficult and ambitious senior Liberal, Andrew Peacock, who aspired to the leadership.

    The modern Nationals have no such personalities. In recent years the party has also been riven by division over leadership and policy. Littleproud saw off a leadership challenge from Matt Canavan this week.

    Canavan lost the ballot but his call for the party to walk away from the target of reducing emissions to net zero by 2050 has yet to be resolved.

    All opposition policies are on the table, with Ley and her deputy Ted O’Brien saying they won’t rush the reconsideration of them.

    But this shapes as a complicated process, littered with obstacles.

    What if the Liberal party and the Nationals came to different conclusions on whether to retain the 2050 commitment? It could be touch and go whether the Nationals ditch it. The Liberals would be courting disaster to do so: that would divide the party and further alienate voters in the Teal-type areas that they need to win back.

    If the two parties found themselves at odds on net zero, could they viably stay together in coalition?

    The review of the nuclear policy is interlinked with the net zero commitment – nuclear was advanced as a way of getting to the target – and is also fraught. There will be pressure from some Liberals to just junk it. But Littleproud and others within his party would fight hard for it.

    The issue of timing is also critical. The opposition doesn’t have the luxury – that it appears to think it has – of going too slowly on the net zero issue.

    Energy and climate policy will be central issues over coming months.

    The government delayed until beyond the election considering what 2035 emissions reduction target it will submit under the Paris climate agreement. The Climate Change Authority, which must make a recommendation to the government on the target, helpfully said it had more work to do.

    But the target must be submitted by September. The government is expected to receive the recommendation from the authority around July. The authority has been consulting on a 65% to 75% reduction. It could recommend a single figure, or (perhaps more likely) a range.

    Anywhere between 65% and 75% would be ambitious in practical terms. The 2035 debate will take the argument away from primarily electricity into the areas of industry, transport and agriculture.

    If the opposition is to be credible in whatever criticisms it wants to make, it will need to have at least a settled position on the net zero question.

    Moreover, in trying to rebuild electoral support, the Liberals in particular require an early confirmed stance on net zero. Climate is a specially important issue with young voters, among whom the party’s support is woeful.

    Meanwhile, as all the machinations play out, Jacinta Nampijinpa Price must be giving a thought to what might have been, had she not defected from the Nationals to the Liberals in a misjudged bid to become Liberal deputy.

    She may regard the Liberals as her natural home, as she says, but if she’d stayed she might have become Nationals deputy leader this week (previous deputy Perin Davey lost her seat). That would have had her well placed to pursue her portfolio ambitions, backed by Littleproud. But who will be her champion now?

    In jumping ship, Price has found herself adrift, for the moment at least.

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

    – ref. Grattan on Friday: Ley and Littleproud have had a prickly relationship – can they negotiate a smooth future? – https://theconversation.com/grattan-on-friday-ley-and-littleproud-have-had-a-prickly-relationship-can-they-negotiate-a-smooth-future-256458

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: UK reaffirms commitment to UN peacekeeping operations as Minister announces new funding for programmes

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK reaffirms commitment to UN peacekeeping operations as Minister announces new funding for programmes

    More than 250 personnel from the UK Armed Forces are deployed to locations such as Cyprus and Somalia, working to reduce the threat of violence

    The UK has announced a raft of investment for international initiatives to support UN peacekeeping activity.

    As one of the largest financial contributors to UN peacekeeping operations, the UK has enduring deployments of around 250 military personnel to locations such as Cyprus, Somalia, and South Sudan, which see British troops working alongside peacekeepers from other countries, building their capability and enabling the UN to deliver its peacekeeping mandates.

    Attending the annual UN Peacekeeping Ministerial summit in Berlin today, the Minister for the Armed Forces confirmed more than a million pounds of additional investment in international programmes to make peacekeeping operations more effective, deliver training to partner armed forces around the world, and to enhance accountability.

    Pledges announced include:

    • £150,000 to support the roll-out of a UN reinforcement training package for commanders to help build skills to raise standards of conduct and discipline, while specifically aiming to strengthen leadership and accountability while combatting sexual exploitation and abuse.  
    • £200,000 will fund monitoring and analysis of Action for Peacekeeping Plus – a key UN reform agenda – using data-driven insights to enhance and reform international peacekeeping with an evidence-based approach.
    • £500,000 to be invested in the Elsie Initiative Fund, which is co-chaired by the UK and UN Women, that aims to accelerate the pace of change in security institutions to enable more uniformed women to meaningfully deploy to and participate in peace operations.
    • £100,000 of investment will see the UK step up to co-host a peacekeeping course aimed at women alongside Austria and Kenya.
    • £125,000 will be spent on funding for the Peace Operations Training Institute, an NGO focused on delivering training to support peace operations and providing resources to counter disinformation and misinformation.

    Not only will these measures contribute to building effective UN peacekeeping missions, they will also support the UK to ensure its forces have experience working alongside key partners, building their skills, capability and operational effectiveness.

    Minister for the Armed Forces, Luke Pollard, said:

    With the threat of conflict rising around the world, it has never been more important for countries to come together to assess what more we can collectively do to support those who selflessly put their lives at risk in the name of peace.

    The UK has always been a staunch supporter of UN peacekeeping and the multilateral, and with hundreds of our personnel deployed on operations or supporting peace programmes in Europe and Africa, it was a pleasure to reaffirm our commitment today in Berlin to supporting peace processes and reducing the threat of conflict.

    65 UN peacekeepers were killed or lost their lives in the line-of-duty last year. Their determination and sacrifice will be honoured by our reaffirmed commitment to deepening our international partnerships to deliver peace and cease unnecessary conflict.

    Peacekeeping is essential to assisting countries transition from conflict to peace, helping to support stability in some of the most volatile regions the world, in turn positively affecting the UK’s own national security – which is the foundation of the government’s Plan for Change. It plays a critical role in preventing the outbreak of larger-scale violence and conflict which would otherwise require greater UK diplomatic, defence or development investment.

    The most prominent UK activity in support of UN peace operations is through Operation Tosca in Cyprus, a reoccurring deployment to maintain 50 years calm, which sees British troops patrolling and maintaining the integrity of the buffer zone that runs between the Republic of Cyprus to the south and the so-called Turkish Republic of Northern Cyprus (TRNC) to the north (which is not recognised by the UK as a sovereign territory). It has been one of the UK’s longest-running operations and continues to play an essential part in the peace process between the RoC and the so-called TRNC.

    Lord Collins of Highbury, FCDO Minister for Africa said:

    Peacekeepers are in harm’s way every day to keep the communities they serve safe through courage and determination. In an era of global instability, they need the support of the international community now more than ever.

    That’s why the UK is strengthening its commitment to UN peacekeeping operations through new funding and support, and why we must continue to strengthen our collective will to use peacekeeping effectively for peace and security.

    A small number of British personnel also support a UN peace mission in Somalia, which conducts vital work to reduce the threat from extremist groups, such as Al-Shabaab, by helping to prevent them establishing a foothold in the country.

    More broadly, the UK helps train and support the security forces of many African nations to enhance their peace operations, through the British Peace Support Team (Africa) which is headquartered in Nairobi, Kenya.

    BPST(A) conducts around a hundred activities a year across sub-Saharan Africa, working closely with the UN to develop and deliver capacity-building, especially in peacekeeping intelligence, senior leaders’ courses, training to help counter the threat of improvised explosive devices, and combat sexual exploitation and abuse.

    The team delivers these activities primarily alongside the African Union’s Peace and Security Operations Division, with African Standby Forces ,and with training institutions across the continent – training more than 3,000 personnel a year all ranks, from junior soldier to senior mission leader, from police, civilian and military disciplines.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Video: UK Baroness Jones of Moulsecoomb: Lord Speaker’s Corner | House of Lords | Episode 28

    Source: United Kingdom UK House of Lords (video statements)

    Jenny Jones, Baroness Jones of Moulsecoomb, speaks about why she is campaigning on topics including salmon farming and water company pollution in the latest episode of Lord Speaker’s Corner.

    ‘We’ve seen water companies polluting our waterways, our beaches, our lovely fishing streams… our chalk streams that are very rare and precious. And yet, we still can’t stop them doing it.’

    Baroness Jones is one of two Green members of the House of Lords alongside Baroness Bennett of Manor Castle. In this episode, she speaks to Lord McFall of Alcluith about why she campaigns on a wide range of topics.

    ‘People carry on eating salmon, even though the way they’re produced in salmon farms is absolutely horrifying. It is the lice. The fish in the farm suffer, quite often die in their pens because the lice have eaten so far into their flesh. Wild Atlantic salmon going past these fish farms can get poisoned by the toxic stuff, all the antibiotics and so on, coming off the farm fish.’

    Baroness Jones describes how members initially questioned the Green link to various issues when she first joined the Lords but how that has now changed. She explains ‘I had to explain to people everything is about the environment. If you build the wrong houses in the wrong place, then it’s a disaster for future flooding, and so on.’

    Baroness Jones also shares how she came to the Lords after training as an archaeologist and later serving as a London Assembly Member and Deputy Mayor.

    See more from the series https://www.parliament.uk/business/lords/house-of-lords-podcast/

    #HouseOfLords #UKParliament #LordSpeakersCorner #LordsMembers

    https://www.youtube.com/watch?v=w3eq5ZLEeSU

    MIL OSI Video –

  • MIL-OSI United Nations: 2025 Meeting – UN/LOCODE Advisory Group (Informal Meeting)

    Source: United Nations Economic Commission for Europe

    Meeting Agenda

    1. Opening Remarks

    • Welcome and introduction by Secretariat, Chair and Vice Chair
    • Approval of the agenda

     2. Updates on UN/LOCODE Activities

    • Summary of recent developments and strategic decisions on:
      • Fundraising
      • Open letter to member states
      • Current state of the UN/LOCODE application
      • Briefing note on the UN/LOCODE to the UN/CEFACT Plenary
      • New proposed structure of the UN/LOCODE AG as a domain.
      • Chair and Vice Chair of the AG Group re-election.
      • Activities of the UN/LOCODE Strategy Teams
        • Discuss briefly the UN/LOCODE Strategy Team Group 6 report

     3. Challenges and Proposed Measures

    • Discussion on the lack of dedicated funding and resource constraints
    • Consideration of immediate measures:
      • Limiting the UN/LOCODE directory to a single annual release
      • Suspending formal activities of the UN/LOCODE AG
      • Restructuring AG work under a dedicated UN/CEFACT domain
      • UN/LOCODE data quality

     4. Modernization of UN/LOCODE’s supporting systems

    • Review of recent assessments and options for system re-engineering
    • Use of Git and AI / Machine Learning for UN/LOCODE Maintenance

     5. Fundraising and Alternative Operational Models

    • Strategies for strengthening fundraising efforts
    • Exploration of outsourcing directory maintenance through partnerships or pro-bono development

     6. Stakeholder Engagement

    • Strengthening collaboration with national focal points, government representatives, international organizations, NGOs, and the private sector
    • Enhancing the UN/LOCODE Focal Point Network

     7. UN/LOCODE Programme of Work 2026-2027

    • Presentation and discussion of the draft Programme of Work for 2026-2027
      • Consideration of the scope, objectives, activities, and work areas:
      • Policy leadership and strategic guidance
      • Technological innovation and support
      • Global communication and community engagement
      • Capacity-building and training sessions
      • Data quality and integrity
      • Seamless data interoperability
      • Revision of ECE Recommendation 16
      • Re-engineering the ICT infrastructure

     8. Briefing Note to the member states

     9. Closing Remarks

    • Summary of recommendation, decisions and action items
    • Next steps and future meeting dates of the formal UN/LOCODE AG or Domain Meeting as apart of the UN/CEFACT Forum
    • Any other business

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Flagship Sellafield project seals major milestone

    Source: United Kingdom – Executive Government & Departments

    News story

    Flagship Sellafield project seals major milestone

    Plutonium treatment plant moves a step closer to completion

    Members of the team who completed the final concrete pour at Sellafield’s SRP project

    The Sellafield Product and Residue Store Retreatment Plant (SRP) is one of our largest and most complex construction projects.

    When finished it will play an essential role in managing the UK’s plutonium stockpile.

    The project celebrated an important milestone this week as its roof was sealed with a final concrete pour, making the main building watertight and ready for internal fit-out. 

    The Sellafield Product and Residue Store Retreatment Plant – first and last concrete pour – YouTube

    Once operational, the plant will retreat and repackage existing material into more durable, long-term storage packages, ensuring they can be safely stored into the next century and beyond.

    The project is being delivered under Sellafield’s Programme and Project Partners (PPP) infrastructure delivery model which brings together KBR, Amentum, Morgan Sindall Infrastructure, Altrad Babcock, and a wider supply chain, to deliver a 20-year pipeline of major infrastructure projects.

    Completing the vast roof slab required 12 weeks of work and over 2,700 cubic metres of concrete to be poured and pumped to heights up to 30 metres.

    The achievement moves the project closer to active commissioning and operations in support of the government’s plutonium disposition strategy announced earlier this year.

    Sellafield Ltd projects director, Andy Sharples, said:

    I’m immensely proud of the progress being made on SRP. It’s a project of national significance and is crucial to the delivery of our special nuclear materials strategy and managing one of the site’s highest hazards.

    Milestones like this show how we’re transforming major project delivery at Sellafield while progressing our mission to create a clean and safe environment for future generations. Congratulations to everyone who has played a part in this latest achievement.

    SRP project director, John Leslie, added:

    I’m delighted we’ve reached another pivotal moment in the delivery of SRP, and I want to congratulate the team on their latest achievement.

    This is an extremely complex major project to deliver, and through our PPP delivery model we have collaborated with our supply chain partners Kier, Severfield and Mammoet to achieve another significant step forward.

    Delivering projects of this scale and keeping them on track, while keeping everyone safe, is no mean feat and is thanks to the collaboration and professionalism demonstrated everyday by hundreds of people across our supply chain all striving for excellence.

    Louis Twentyman, a graduate of PPP’s internship scheme and now a site engineering apprentice on the project, said:

    It’s amazing to be part of a project the scale of SRP, and one with such an important role in the site’s decommissioning.

    Not everyone gets to work on projects of this stature and where there’s something interesting and exciting happening every day. It’s amazing seeing it progress and to be part of it all – I can’t wait to say I helped to build that.

    Further information on Sellafield Ltd’s priorities and progress

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Partisia and Trust Stamp partner to make digital IDs safer and more private by securely linking them to unique biometrics

    Source: GlobeNewswire (MIL-OSI)

    Copenhagen, Denmark, May 15, 2025 (GLOBE NEWSWIRE) — Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™ today announced a strategic partnership with fellow deep tech innovator Partisia. In a major step toward strengthening digital security and privacy, the two companies will collaborate to develop a more accessible and resilient solution for biometric holder binding. This partnership aims to deliver a foundational technology for reliably and securely verifying identity across a broad range of digital platforms.

    By combining Trust Stamp’s trusted biometric technology with Partisia’s proven Multi-Party Computation (MPC) and platform for privacy-preserving data solutions the two companies are providing the digital identity and cybersecurity industry with a simplified, privacy-centric solution for securely linking digital credentials to an individual’s unique biometric data. This approach guarantees that only the legitimate owner can use the credential, without ever exposing sensitive personal information.

    Unlike traditional methods, this joint solution places user privacy at the center by ensuring that biometric data remains within the user’s control. Trust Stamp eliminates the need for traditional templates or centralized databases by transforming live biometric input into a secure, non-reversible representation. This allows users’ identities to be established cryptographically without exposing their privacy—without storing sensitive biometric data or cryptographic keys. Paired with Partisia’s MPC architecture, the result is a seamless, privacy-first identity solution built to prevent unauthorized access and eliminate single points of failure.

    A key aspect of this partnership is the leverage of GODS (Global Omnichain Data Service) Network, which enables trustworthy representation of data across networks and web3 in general. Utilizing GODS network streamlines the adoption of this approach across diverse ecosystems – including finance, digital services, government, and Web3 platforms. The interoperable credential format allows for the reuse of a verified and bound identity across multiple platforms, eliminating repetitive onboarding processes and the unnecessary exposure of personal data.

    “Our collaboration is about accelerating the industry’s progress toward delivering the ease users expect—while enabling a secure, reusable identity across platforms. It’s a step toward a future where seamless login replaces repetitive onboarding and protects personal data,” Jonathan Patscheider, Vice President at Trust Stamp says. “By joining forces with Partisia, we are making it easier for organizations to adopt best-in-class privacy-first technologies without compromising performance or user experience.”

    Mark Medum Bundgaard, Chief Product Officer at Partisia, adds: “Biometric holder binding is fundamental to establishing trust in digital identity. Our work with Trust Stamp makes this trust more accessible, demonstrating that robust privacy standards and ease of use can coexist in harmony. This partnership reflects our shared commitment to delivering tools that empower users, protect their data, and ensure broad interoperability across digital landscapes.”

    For sectors facing increasing pressure to modernize their identity systems, particularly in banking and other regulated industries, Trust Stamp and Partisia aim to introduce a unified solution, leveraging advanced biometric authentication and decentralized technology to streamline onboarding, mitigate fraud risks, and ensure compliance across sectors like finance, healthcare, and government services. The combination of a privacy-first biometric identity verification together with secure authentication mechanisms, offers a forward-looking approach to identity authentication

    Together, Trust Stamp and Partisia are building a digital identity ecosystem where individuals can prove who they are without giving up control of their personal information, and where credentials stay securely linked to the unique person they belong to.

    About Partisia.com:

    At Partisia, we’re pioneering digital trust for today’s data-sensitive world. Imagine seamless collaboration, breakthrough innovation, and a real competitive edge – all achieved without ever compromising your valuable data. Our advanced Multi-Party Computation technology, a cornerstone of everything Partisia does, makes this powerful vision a tangible reality. We cut through complex data silos and navigate stringent compliance effortlessly, empowering your organization to unlock crucial insights and forge strategic partnerships with absolute confidentiality and unwavering security. At Partisia we’re building a future where data privacy fuels progress, not hinders it.

    About Trust Stamp:

    Trust Stamp is a global provider of AI-powered services for use in multiple sectors including banking and finance, regulatory compliance, government, healthcare, real estate, communications, and humanitarian services. Its technology empowers organizations via advanced solutions that reduce fraud, tokenize and secure data, securely authenticate users while protecting personal privacy, reduce friction in digital transactions, and increase operational efficiency, enabling customers to accelerate secure financial inclusion and reach and serve a broader base of users worldwide.

    With team members from twenty-two nationalities in eight countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI).

    Safe Harbor Statement: Caution Concerning Forward-Looking Remarks
    All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

    Business enquiries:

    Partisia:
    Name: Line Stephansen, Senior Business Developer
    Mail: ls@partisia.com

    Trust Stamp:
    Name: Jonathan Patscheider
    Mail: jpatscheider@truststamp.net

    The MIL Network –

  • MIL-OSI: SYLOGIST Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Highlights1

               
      Revenue (in $ millions)  
    SaaS Subscription Recurring Total
    Reported Y/Y growth Reported Y/Y growth Reported Y/Y growth
    $7.8 15% $10.9 6% $16.3 3%
     
    • SaaS ARR up 15% Y/Y to $31.4 million;
    • ARR up 6% Y/Y to $44.3 million;
    • Bookings up 153% Y/Y to $23.1 million, including a ~$15 million contract with the Texas OAG2;
    • Adjusted EBITDA Margin of 16.1% or $2.62 million; and
    • SaaS NRR of 108%.

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Sylogist Ltd. (TSX: SYZ) (“Sylogist” or the “Company”), a leading public sector SaaS company, today announced its results for the first quarter fiscal 2025, ended March 31, 2025. All figures are in Canadian dollars, unless otherwise specified.

    “Our Q1 performance was right on plan as we continue to execute our SaaS-focused, partner-centric value creation strategy,” said Bill Wood, President & CEO of Sylogist. “We achieved record bookings—nearly double our previous high—and saw well-balanced pipeline expansion across our Gov, Mission, and Ed segments. Combining our latest all-customer NPS survey score of 62, the highest we’ve ever achieved, with our 108% SaaS Net Revenue Retention, paints a clear picture: our customers are happy, advocating on our behalf and increasing their investment with us. We’re excited about the ongoing acceleration of our high-margin SaaS revenue and the operating leverage and scalability that lie ahead.”

    The Company’s Board of Directors declared a quarterly dividend of $0.01 per share to be paid on June 11, 2025, to shareholders of record on May 30, 2025.

    1Growth comparisons have been adjusted to reflect the divestiture of the Managed IT Services division
    2https://sylogist.com/blog/sylogist-awarded-statewide-contract-to-modernize-texas-victim-notification-services/

    Conference Call Details
    The Company will host a conference call at 8:30 AM Eastern Time on May 15, 2025. Bill Wood, President and Chief Executive Officer, and Sujeet Kini, Chief Financial Officer, will present the Company’s financial results, discuss performance as well as outlook for 2025 and beyond. Q & A will follow, as time allows, and replay of the call will be archived in the investor section of the Company’s website.

    Please dial-in before the start of the conference to secure a line and avoid delays.

    About Sylogist
    Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, non-profit, and education market segments. The Company’s stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management’s Discussion and Analysis, can be found at www.sedarplus.ca or at www.sylogist.com.

    Forward-looking Statements

    This news release contains “forward-looking information” within the meaning of applicable securities legislation. Although the forward-looking information is based on what the Company believes are reasonable assumptions, current expectations, and estimates, investors are cautioned from placing undue reliance on this information since actual results may vary from the forward-looking information. Forward-looking information may be identified by the use of forward-looking terminology such as “believe”, “assume”, “intend”, “may”, “will”, “expect”, “estimate”, “anticipate”, “continue”, “could”, “should”, “can”, “outlook” or similar terms, variations of those terms or the negative of those terms, and the use of the conditional tense as well as similar expressions.

    Such forward-looking information that is not historical fact, including statements based on management’s beliefs and assumptions, cannot be considered as guarantees of future performance. They are subject to a number of risks and uncertainties, including but not limited to future economic conditions, the markets that the Company serves, the actions of competitors, major new technological trends, and other factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. The Company undertakes no obligation to update publicly any forward-looking information whether because of new information, future events or otherwise other than as required by applicable legislation. Important risk factors that may affect these expectations include, but are not limited to, the factors described under the section “Risks and Uncertainties” found in the Company’s Annual Information Form for the fiscal period ended December 31, 2024, and in the Management’s Discussion and Analysis for the quarter ended March 31, 2025 and for the year ended December 31, 2024 and other documents available on the Company’s profile at www.sedarplus.ca. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Actual results and developments may differ, in some cases materially, from those expressed or implied by the forward-looking statements contained in this news release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: (i) competitive environment; (ii) operating risks; (iii) the Company’s management and employees; (iv) capital investment by the Company’s customers; (v) customer project implementations; (vi) liquidity; (vii) current global financial and geopolitical conditions; (viii) implementation of the Company’s commercial strategic plan; (ix) access to credit sources and the terms of such financing; (x) potential product liabilities and other lawsuits to which the Company may be subject; (xi) additional financing and dilution; (xii) market liquidity of the Company’s common shares; (xiii) development of new products; (xiv) intellectual property and other proprietary rights; (xv) acquisition and expansion; (xvi) foreign currency; (xvii) interest rates; (xviii) technology and regulatory changes; (xix) internal information technology infrastructure and applications and (xx) cyber security. Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities las. The purpose of this financial outlook is to provide readers with disclosure regarding Sylogist’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

    Non-IFRS Financial Measures

    This news release refers to certain non-IFRS measures, namely Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, Annualized Recurring Revenue (“ARR”), Software as a Service (“SaaS”) ARR, and SaaS Net Revenue Retention (“SaaS NRR”). These non-IFRS measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similarly titled measures reported or calculated by other companies. These measures are provided as additional information to complement measures under IFRS by providing further understanding of the Company’s expected results of operations from management’s perspective. Accordingly, such measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS.

    • Bookings refer to the total value of customer accepted contracts during the reporting period. This includes SaaS bookings (the value of SaaS contracts for the entire contracted term) and the project services bookings (the full value of contracted project services).
    • Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization, stock-based compensation, foreign exchange gains/losses and the impact of acquisition and restructuring.
    • Adjusted EBITDA Margin refers to Adjusted EBITDA as a percentage of revenue.
    • ARR is defined as the annualized value of contractually committed SaaS and maintenance and support services. This quantification assumes that customers will renew the contractual commitment on a periodic basis as they come up for renewal unless the customer has notified the Company of its intention to cancel.
    • SaaS ARR refers to ARR attributable to SaaS customer contracts.
    • SaaS NRR refers to the percentage of beginning of period ARR retained over a given 12-month period inclusive of the impact of contractions, losses and the impact of any additional expansion revenues from customer upgrades within the existing customer base. The Company’s calculation of SaaS NRR includes the impact of customers converting from its maintenance and support offerings to its SaaS offerings.

    Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, ARR, SaaS ARR, and SaaS NRR are provided to investors as alternative methods for assessing the Company’s operating results in a manner that is focused on the Company’s ongoing operations and to provide a more consistent basis for comparison between periods. These measures should not be construed as alternatives to profit or cash flow from operating activities, determined in accordance with IFRS as an indicator of the Company’s performance.

    For further information regarding non-IFRS measures used by the Company, please refer to a copy of the Company’s Annual Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2024, copies of which are available on Sylogist’s SEDAR profile at www.sedarplus.ca.

    Currency and Rounding
    All amounts in this Press Release are expressed in millions of Canadian dollars unless otherwise stated. All percentage variations expressed herein have been calculated based on variations resulting from numbers expressed in millions. Any potential differences from similarly calculated percentages in the Company’s Financial Statements and Management’s Discussion and Analysis are due to rounding and are nonmaterial.

    For further information contact:
    Sujeet Kini, CFO
    Sylogist Ltd.

    (416) 491-8004
    ir@sylogist.com

    The MIL Network –

  • MIL-OSI: LM Funding America, Inc. Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    – Mined 24.3 Bitcoin for total mining revenue of $2.3 million, up 25.3% sequentially
    – Operating expenses excluding direct mining costs and depreciation down 7.7% year-over-year
    – Held 148.7 Bitcoin on April 30, 2025 valued at approximately $15.5 million, as of May 13, 2025

    TAMPA, Fla., May 15, 2025 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a Bitcoin mining and technology-based specialty finance company, today reported financial results for the three months ended March 31, 2025.

    Q1’25 Financial Highlights

    • Total revenue for the quarter was $2.4 million dollars, up 19.4% sequentially over Q4 2024 and down 48.9% year-over-year. Bitcoin mining revenue accounted for approximately $2.3 million, reflecting a 25.3% sequential increase and a 50.1% decline year-over-year. The Company mined 24.3 Bitcoins during the quarter, up 12.5% sequentially, at an average price of approximately $93,500. The sequential growth was driven by improved operational efficiency from vertical integration and the LuxOS firmware upgrade. The year-over-year decline was primarily due to the April 2024 halving, lower average hash rate and lower uptime from curtailment.
    • The Company generated approximately $150,000 in curtailment and energy sales for the quarter. These proceeds were an offset to digital mining costs, improving operational efficiency and contributing to the Company’s margin improvements.
    • Mining margin improved to 38.5%, compared with 31.2% in the fourth quarter 2024, driven by the power sales offsetting power costs, increased operational efficiency from the Company’s vertical integration strategy and LuxOS firmware upgrades.
    • Reduced certain operating expenses, including staff costs & payroll, professional fees, SG&A and other operating costs, by 7.7% year-over-year to $2.0 million.
    • Net loss for the quarter was $5.4 million and Core EBITDA1 loss was $2.8 million, both driven by $1.8 million Bitcoin non-cash write down for fair market value of Bitcoin on the balance sheet as of March 31, 2025 and reduced revenue due to a portion of the Company’s machines nonoperational during the quarter.
    • Cash was approximately $1.0 million and Bitcoin holdings totaled 160.2 Bitcoin, valued at $13.2 million based on Bitcoin price of approximately $82,600, as of March 31, 2025.
    • Net book value of LM Funding stockholders’ equity was approximately $31.7 million, or $6.18 per share2, as of March 31, 2025.
    • As of April 30, 2025, the Company held 148.7 Bitcoin, valued at approximately $15.5 million, or $3.01 per share2, based on a Bitcoin price of $104,000 as of May 13, 2025.

    Q1’25 and Recent Operational Highlights

    • Power grid integration strategy: In the first quarter, the Company generated $150,000 in curtailment and energy sales by selling power back to the grid during peak demand periods. This amount was applied as a reduction to digital mining cost of revenue, contributing in part to the improvement in mining margins from 31.2% in the fourth quarter 2024 to 38.5% in the first quarter 2025. The initiative continued to gain momentum, with April 2025 curtailment and energy sales reaching approximately $115,000. This approach allows the Company to maximize the value of its power sites and create a partial hedge against Bitcoin price volatility.
    • Hosting site machine relocation: The Company is in the process of relocating its 800 Bitcoin mining Bitmain S19 XP and S21 machines from a third-party hosting partner to its wholly owned Oklahoma mining facility. This move will provide the company with greater operational control and access to more favorable power rates.
    • Oklahoma 2 MW expansion: The Company is expanding its Oklahoma Bitcoin mining facility with an additional 2 MW of capacity utilizing immersion cooling technology, with construction and energization anticipated to be completed by the end of the third quarter of 2025. This technology enables operations in crowded and harsh environments with access to lower-cost power, while reducing dust, heat, and humidity – supporting more consistent performance, longer equipment lifespan, and improved reliability.

    Management Commentary

    “Our first quarter results demonstrate our progress to build a more resilient and efficient Bitcoin mining operation, with our LuxOS firmware upgrade and power sales initiative driving direct improvements to our bottom line,” commented Bruce Rodgers, Chairman and CEO of LM Funding. “We’re also moving forward with our planned 2 MW expansion at our Oklahoma site, leveraging immersion cooling technology to enhance efficiency and extend the lifespan of our mining equipment. Beyond that, we’re actively pursuing overlooked power sites in the 5 to 20 MW range, while continuing to scale our ability to sell power back to the grid — a program that gained strong momentum, with April’s power sales nearly equaling our first quarter total.”

    Richard Russell, CFO of LM Funding, added, “The financial controls and strategic initiatives we’ve implemented are delivering tangible results. Bitcoin production increased by 12.5% sequentially, and Digital Mining revenue grew 25.3% sequentially to $2.3 million, reflecting the strength of our operational improvements. Our vertical integration strategy continues to enhance mining margins, with our curtailment and energy sales serving as a reduction to mining costs. By strategically managing our balance sheet, adopting a leaner operational model, and optimizing our fleet—through actions such as relocating equipment from hosting partners and selling nonoptimal assets—we’re building a more agile organization, well-positioned to navigate volatility and capitalize on unique opportunities in the Bitcoin mining landscape.”

    Rodgers concluded, “We began our Bitcoin treasury strategy in 2021, and we actively manage our treasury to own as much Bitcoin as possible. Given the recent headlines from other forward-thinking companies, we are exploring potential partnerships and strategic relations to further expand our Bitcoin holdings. We remain bullish on our treasury strategy as we believe it is creating long-term value, particularly given that our Bitcoin holdings are valued at more than 1.5 times our market capitalization.”

    Investor Conference Call

    LM Funding will host a conference call today, May 15, 2025, at 8:00 A.M. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2025, as well as the Company’s corporate progress and other developments. A copy of this earnings release and investor presentation are available on the Company’s Investor Relations website at https://www.lmfunding.com/investors.  

    Conference Call Details

    • Date: May 15, 2025 
    • Time: 8:00 AM EST 
    • Participant Call Links: 
      • Live Webcast: Link 
      • Participant Call Registration: Link 

    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 guarantees 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, the risks of operating in the cryptocurrency mining business, our limited operating history in the cryptocurrency mining business and our ability to grow that business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, our ability to identify and acquire additional mining sites, the ability to finance our site acquisitions and cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, 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

           
    LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets
           
      March 31,   December 31,
      2025
    (unaudited)    		   2024
           
    Assets      
    Cash $ 1,028,870     $ 3,378,152  
    Digital assets – current (Note 2)   8,231,963       9,021,927  
    Finance receivables   21,910       21,051  
    Marketable securities (Note 5)   18,340       27,050  
    Receivable from sale of Symbiont assets (Note 5)   –       200,000  
    Prepaid expenses and other assets   899,036       827,237  
    Income tax receivable   31,187       31,187  
    Current assets   10,231,306       13,506,604  
           
    Fixed assets, net (Note 3)   16,377,635       18,376,948  
    Intangible assets, net (Note 3)   5,423,985       5,478,958  
    Deposits on mining equipment (Note 4)   947,348       467,172  
    Long-term investments – equity securities (Note 5)   7,251       4,255  
    Investment in Seastar Medical Holding Corporation (Note 5)   171,810       200,790  
    Digital assets – long-term (Note 2)   5,000,000       5,000,000  
    Right of use assets (Note 7)   888,049       938,641  
    Other assets   73,857       73,857  
    Long-term assets   28,889,935       30,540,621  
    Total assets $ 39,121,241     $ 44,047,225  
           
    Liabilities and stockholders’ equity      
    Accounts payable and accrued expenses   1,359,891       989,563  
    Note payable – short-term (Note 6)   361,547       386,312  
    Due to related parties (Note 9)   37,312       15,944  
    Current portion of lease liability (Note 7)   188,763       170,967  
    Total current liabilities   1,947,513       1,562,786  
           
    Note payable – long-term (Note 6)   6,386,609       6,365,345  
    Lease liability – net of current portion (Note 7)   748,054       776,535  
    Long-term liabilities   7,134,663       7,141,880  
    Total liabilities   9,082,176       8,704,666  
           
    Stockholders’ equity (Note 8)      
    Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of March 31, 2025 and December 31, 2024   –       –  
    Common stock, par value $.001; 350,000,000 shares authorized; 5,133,412 shares issued and outstanding as of March 31, 2025 and December 31, 2024   4,602       4,602  
    Additional paid-in capital   102,789,990       102,685,470  
    Accumulated deficit   (71,061,405 )     (65,662,731 )
    Total LM Funding America stockholders’ equity   31,733,187       37,027,341  
    Non-controlling interest   (1,694,122 )     (1,684,782 )
    Total stockholders’ equity   30,039,065       35,342,559  
    Total liabilities and stockholders’ equity $ 39,121,241     $ 44,047,225  
           
    LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Operations
           
      Three months ended March 31,
      2025   2024
    Revenues:      
    Digital mining revenues $ 2,273,940     $ 4,597,908  
    Specialty finance revenue   67,389       116,628  
    Rental revenue   30,008       33,068  
    Total revenues   2,371,337       4,747,604  
    Operating costs and expenses:      
    Digital mining cost of revenues (exclusive of depreciation and amortization shown below)   1,548,295       2,654,946  
    Curtailment and energy sales   (149,686 )     –  
    Staff costs and payroll   1,050,477       1,243,026  
    Depreciation and amortization   2,037,578       1,976,196  
    Loss (gain) on fair value of Bitcoin, net   1,809,976       (4,257,515 )
    Impairment loss on mining equipment   –       1,188,058  
    Professional fees   364,485       509,893  
    Selling, general and administrative   309,964       177,906  
    Real estate management and disposal   36,314       27,189  
    Collection costs   17,352       926  
    Settlement costs with associations   3,693       –  
    Loss on disposal of assets   186,781       8,170  
    Other operating costs   255,948       214,505  
    Total operating costs and expenses   7,471,177       3,743,300  
    Operating income (loss)   (5,099,840 )     1,004,304  
    Unrealized loss on marketable securities   (8,710 )     (2,160 )
    Unrealized gain (loss) on investment and equity securities   (25,984 )     1,350,979  
    Gain (loss) on fair value of purchased Bitcoin, net   (52,704 )     57,926  
    Other income – coupon sales   –       4,490  
    Interest expense   (220,906 )     (70,826 )
    Interest income   1,145       9,125  
    Income (loss) before income taxes   (5,406,999 )     2,353,838  
    Income tax expense   –       –  
    Net income (loss) $ (5,406,999 )   $ 2,353,838  
    Less: loss (gain) attributable to non-controlling interest   8,325       (414,221 )
    Net income (loss) attributable to LM Funding America Inc. $ (5,398,674 )   $ 1,939,617  
           
    Basic income (loss) per common share (Note 1) $ (1.05 )   $ 0.80  
    Diluted income (loss) per common share (Note 1) $ (1.05 )   $ 0.80  
           
    Weighted average number of common shares outstanding      
    Basic   5,133,412       2,428,203  
    Diluted   5,133,412       2,428,203  
           
    LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Cash Flows
       
      Three months ended March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net income (loss) $ (5,406,999 )   $ 2,353,838  
    Adjustments to reconcile net income (loss) to net cash used in operating activities      
    Depreciation and amortization   2,037,578       1,976,196  
    Noncash lease expense   50,592       26,043  
    Amortization of debt issue costs   21,264       –  
    Stock compensation   –       71,047  
    Stock option expense   110,805       110,804  
    Accrued investment income   –       (8,568 )
    Accrued interest expense on finance lease   14,710       –  
    Digital assets other income   –       (4,490 )
    Loss (gain) on fair value of Bitcoin, net   1,862,680       (4,315,441 )
    Impairment loss on mining machines   –       1,188,058  
    Unrealized loss on marketable securities   8,710       2,160  
    Unrealized loss (gain) on investment and equity securities   25,984       (1,350,979 )
    Loss on disposal of fixed assets   186,781       8,170  
    Change in operating assets and liabilities:      
    Prepaid expenses and other assets   96,526       1,583,843  
    Repayments to related party   21,368       32,445  
    Accounts payable and accrued expenses   370,328       (22,003 )
    Mining of digital assets   (2,273,940 )     (4,597,908 )
    Lease liability payments   (25,395 )     (25,863 )
    Net cash used in operating activities   (2,899,008 )     (2,972,648 )
    CASH FLOWS FROM INVESTING ACTIVITIES:      
    Net collections of finance receivables – original product   458       (8,238 )
    Net collections of finance receivables – special product   (1,317 )     –  
    Capital expenditures   (170,073 )     –  
    Collection of note receivable   200,000       1,449,066  
    Investment in digital assets – tether   (31,420 )     –  
    Proceeds from sale of Bitcoin   1,204,680       1,296,233  
    Proceeds from the sale of tether   27,964       –  
    Deposits for mining equipment   (480,176 )     (1,096,961 )
    Distribution to members   (1,015 )     –  
    Net cash provided by investing activities   749,101       1,640,100  
    CASH FLOWS FROM FINANCING ACTIVITIES:      
    Insurance financing repayments   (193,090 )     (241,917 )
    Issuance costs   (6,285 )     –  
    Net cash used in financing activities   (199,375 )     (241,917 )
    NET DECREASE IN CASH   (2,349,282 )     (1,574,465 )
    CASH – BEGINNING OF PERIOD   3,378,152       2,401,831  
    CASH – END OF PERIOD $ 1,028,870       827,366  
           

    NON-GAAP CORE EBITDA RECONCILIATION

    Our reported results are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We also disclose Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”) and Core Earnings before Interest, Tax, Depreciation and Amortization (“Core EBITDA”) which adjusts for unrealized loss (gain) on investment and equity securities, loss on disposal of mining equipment, impairment loss on mining equipment and stock compensation expense and option expense, all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of Bitcoin miners.

    The following tables reconcile net loss, which we believe is the most comparable GAAP measure, to EBITDA and Core EBITDA:

           
      Three months ended March 31,
      2025   2024
           
    Net income (loss) $ (5,406,999 )   $ 2,353,838  
    Income tax expense   –       –  
    Interest expense   220,906       70,826  
    Depreciation and amortization   2,037,578       1,976,196  
    Income (loss) before interest, taxes & depreciation $ (3,148,515 )   $ 4,400,860  
    Unrealized loss (gain) on investment and equity securities   25,984       (1,350,979 )
    Loss on disposal of mining equipment   186,781       8,170  
    Impairment loss on mining equipment   –       1,188,058  
    Stock compensation and option expense   110,805       181,851  
    Core income (loss) before interest, taxes & depreciation $ (2,824,945 )   $ 4,427,960  
           

    _________________
    1 Core EBITDA is a non-GAAP financial measure, and a reconciliation of Core EBITDA to net income can be found below.
    2 Calculated using 5,133,412 shares outstanding as of 12/31/24 from SEC Form 10-K filed March 31, 2025.

    The MIL Network –

  • MIL-OSI: CLIK announces to collaborate with an advanced technology company under the Tencent SSV initiatives, to jointly promote 24-hour instant device service for senior citizens in Hong Kong; and also announces change to board composition

    Source: GlobeNewswire (MIL-OSI)

    – CLIK will collaborate with Flash Mutual, an advanced technology company under the Tencent SSV initiatives, to jointly promote 24-hour instant device services for senior citizens in Hong Kong
       
    – Tencent SSV is an initiative launched by Tencent, a world leading internet and technology company, aiming to leverage its unique digital platform and technology to drive Sustainable Social Value (SSV) globally
       
    – CLIK also announces the appointment of Mr. Lam Kai Yuen, Gabi as the new independent director

    Hong Kong, May 15, 2025 (GLOBE NEWSWIRE) — Today, Click Holdings Limited (NASDAQ: CLIK) (“Click” or the “Company” or “we” or “our”), signed a cooperation agreement with Flash Mutual Technology (International) Company Limited (“Flash Mutual”) in which both parties agreed to jointly promote 24-hour instant device service for senior citizens in Hong Kong.

    Flash Mutual is a national high-tech enterprise headquartered in Guangdong, China. Being an advanced technology partner under the Tencent Sustainable Social Value (“Tencent SSV”) initiatives, Flash Mutual aims to provide integrated digital solutions for the elderly, students, and the disabled by the use of artificial intelligence.

    Tencent SSV is an initiative under Tencent, a world leading internet and technology company, aiming to use its unique digital platform and technology to drive sustainable social value globally and to improve lives of billions of people every day.

    By leveraging the use of AI, instant device service offers round-the-clock smart monitoring for senior citizens to enhance their safety and to provide timely assistance when necessary.

    Together with the government-sponsored Community Care Service Voucher scheme for elderly (CCSV scheme) recently entered into, CLIK expects the partnership to generate significant cross-selling synergies and boost revenue.

    CLIK considers the collaboration as an opportunity to further strengthen its elderly service business, aiming to offer a comprehensive one-stop solution for senior citizens in Hong Kong.

    Change in board composition

    CLIK today announced the appointment of Mr. Lam Kai Yuen as an independent director, a member of the audit committee, compensation committee, nominating committee and corporate governance committee of the Company’s board of directors (the “Board”), following the resignation of Mr. Moy Yee Wo Matthew as an independent director, the chairman of the audit committee, a member of the compensation committee and nominating and corporate governance committee of the Board, effective 14 May 2025. Due to personal commitments, Mr. Moy will be re-designated as a consultant, focusing on investor relations, to continue serving the Company and confirmed that there was no disagreement with the Board, the Company or any of its affiliates on any matter relating to the Company’s operations, policies or practices.

    The Board has also approved that Mr. Tse Wah Ping, who has served as an independent director of CLIK since October 2024, will replace Mr. Moy as the chairman of the audit committee of the Board, effective 14 May 2025.

    “We are delighted to welcome Mr. Lam on Board and believe his wealth of experience in management can bring invaluable insights to help guiding the Company ahead.” stated Mr. Chan Chun Sing, Chairman and Chief Executive Officer of CLIK. “We are also grateful to Mr. Moy for his services throughout his tenure and look forward to his further contribution in the new role,” continued Mr. Chan.

    Following the aforementioned changes, the Board now consists of four directors, including three independent directors. The audit committee of the Board is comprised of Mr. Tse Wah Ping, Ms. Chik Wai Chun and Mr. Lam Kai Yuen.

    About Click Holdings Limited

    We are a fast-growing human resources solutions provider based in Hong Kong, aiming to match our client’s human resources shortfall through our proprietary AI-empowered talent pool by one “click”. Our key businesses primarily include nursing solution (mainly seniors) services, logistics solution services and professional solution services.

    For more information, please visit https://clicksc.com.hk.

    Safe Harbor Statement

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

    For enquiry, please contact:

    Click Holdings Limited
    Unit 709, 7/F., Ocean Centre
    5 Canton Road
    Tsim Sha Tsui, Kowloon
    Hong Kong
    Email: jack.wong@jfy.hk
    Phone: +852 2691 8900

    The MIL Network –

  • MIL-OSI: Next Hydrogen Reports Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, May 15, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen”) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, is pleased to report its financial results for the three-month period ended March 31, 2025.

    “The value proposition offered by our unique water electrolyzers is clear and well supported by over 40,000 hours of data. This has resulted in partnerships with blue chip industry partners such as Casale, GE Vernova and Pratt & Whitney,” said Raveel Afzaal, President & CEO. “The focus for 2025 is to (1) scale up our product line up to 8MW, (2) demonstrate a strong execution pathway for large volume manufacturing, and (3) show further and significant growth in our sales backlog. We are executing well on all three of these goals which should unlock long-term funding solutions for Next Hydrogen.”  

    Q1 2025 Financial Highlights

    • Cash balance was $1.5M as of March 31, 2025, compared to $3.5M as of December 31, 2024.
    • Revenue for the three-month period ended March 31, 2025 was $0.3M compared to $0.6M in the same period of the prior year.
    • Net loss and comprehensive loss for the three-month period ended March 31, 2025 was $3M compared to $3.4M in the same period of the prior year.

    Management is proud to highlight several recent milestones that demonstrate significant recent progress:

    • In April 2025, Next Hydrogen received a $5M working capital debt facility from the Export Development Canada (“EDC”), of which approximately $3M has been received in cash and the remaining $2M is expected later in the year. Next Hydrogen intends to use the funds for its scale up and general corporate purposes.
    • Next Hydrogen has achieved over 40,000 hours of data on its test platform driving the significant improvement in cell performance achieved to date.
    • In March 2025, Next Hydrogen partnered with a leading hydrogen production system manufacturer with an existing gigawatt scale manufacturing facility to accelerate the scale-up and commercialization of its water electrolysis technology. This partnership provides Next Hydrogen with world-leading manufacturing capacity and competitively positions it to bid on large-scale projects globally starting in 2026. Next Hydrogen will continue to maintain control over intellectual property and electrolyzer design. The Company also aims to further expand its Canadian operations to ensure flexible supply chain and production that aligns with evolving clean energy policies, driving global green hydrogen adoption.
    • In March 2025, Next Hydrogen received ISO 9001-2015 and ISO 45001-2018 certifications for its 6610 Edwards Boulevard site in Mississauga, Canada. This demonstrates and certifies Next Hydrogen’s standardized quality systems, health and safety management systems, supplier selection processes, and continuous improvement processes. These certifications show that the Company has an efficient operating system capable of scaling to support its expanding customer base.
    • In March 2025, the Company appointed Adarsh Mehta to the Company’s board of directors (the “Board”). Ms. Mehta filled the vacancy on the Board resulting from the resignation of Mr. Matthew Fairlie, who resigned from the Board effective January 15, 2025. Ms. Mehta is VP of Business Development at Jenner Renewable Consulting, with 22 years of experience in renewable energy, leading technical reviews, due diligence, and development for over 2,500MW of wind and solar projects in the Americas. She served on the Canadian Wind Energy Association’s Board from 2008 to 2015 and was Chairperson in 2011. Her extensive expertise in renewable energy and project development is crucial for the Company’s growth.
    • As of December 2024, the Company closed a private placement offering (the “Offering”) and received unsecured convertible debentures (each, a “Debenture”) consisting of about $2.7M principal amount of Debentures. Next Hydrogen intends to use the proceeds of the Offering to invest in its scale-up efforts and for general corporate purposes.
    • In November 2024, Next Hydrogen and Pratt & Whitney announced a collaboration to demonstrate the use of hydrogen in aircraft engines as an enabler for reducing CO2 emissions. This project is partially funded by Canada’s Initiative for Sustainable Aviation Technology (“INSAT”) and will accelerate the Company’s efforts towards high efficiency, low-cost electrolyzers which are needed for establishing hydrogen production infrastructure for aviation fuel.
    • In October 2024, the Company successfully completed a durability test of its second-generation water electrolyzer technology (“GEN2”) electrolysis cells used in the efficient production of green hydrogen. The GEN2 cells will be deployed in Next Hydrogen electrolyzers at customer sites for commercial operation. Next Hydrogen previously reported that it has achieved its energy efficiency targets cell performance of 1.90 V/cell at 1 A/cm2 and 70°C for its GEN2 water electrolyzer technology which exceeded the reported US Department of Energy (“DOE”) technical targets status for energy efficiency. The GEN2 performance achievement has positioned the Company to being the industry leader in electrolysis cell performance.
    • In September 2024, the Company successfully completed an extended Factory Acceptance Test for its GEN2 electrolysis cells. The Company plans to commission the system at an external reference site for market demonstration in 2025.
    • In August 2024, the Company was awarded a contract by the University of Minnesota (“UMN”) for its latest generation electrolysis technology to be installed at the UMN West Central Research and Outreach Center (“WCROC”). The WCROC project is supported by the U.S. Department of Energy’s Advanced Research Project Agency (“ARPA-E”) as well as other partners including RTI International (“RTI”) and will include technologies from Casale SA, RTI, UMN, Nutrien and Shell to demonstrate the production of ammonia from renewable energy targeting emerging energy markets and existing agricultural markets. Next Hydrogen will be supplying its latest third-generation Alkaline Water Electrolyzers featuring further advancements in energy efficiency, current density and operating pressure.

    For a more detailed discussion of Next Hydrogen’s first quarter results, please see the Company’s financial statements and management’s discussion and analysis, which are available on the Company’s website at nexthydrogen.com or on SEDAR+ at www.sedarplus.ca.

    In addition, to better understand our achievements from 2024 and the outlook for 2025, please refer to the CEO letter included in the 2024 year-end MD&A.

    About Next Hydrogen

    Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize industrial and transportation sectors.

    Contact Information

    Raveel Afzaal, President and Chief Executive Officer
    Next Hydrogen Solutions Inc.
    Email: rafzaal@nexthydrogen.com
    Phone: 647-961-6620

    www.nexthydrogen.com

    Cautionary Statements

    This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; cell efficiency targets; expected order sizes for the product line; customer relationships and customer terms for testing of products at a customer site; the ability of the Corporation to optimize energy efficiencies; the Corporation’s available resources to double its growing backlog; uncertainty with respect to the timing of any contemplated transactions or partnerships, or whether such contemplated transactions or partnerships will be completed at all; whether the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

    The MIL Network –

  • MIL-OSI: Marex Group plc announces strong results for first quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 15, 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 first quarter (‘Q1 2025’).

    Ian Lowitt, Group Chief Executive Officer, stated, “Robust levels of client activity across our businesses and positive market conditions led to a strong performance in the first quarter of the year. Adjusted profit before tax grew 42% year-on-year, driven by strong revenue growth in all our business segments. This reflects the continued successful execution of our strategy to expand our geographic footprint and product capabilities, growing our client base, increasing diversification and driving greater earnings resilience. In early April, we experienced some very high-volume days which we processed successfully, reflecting the operational resilience of our platform. We maintained record levels of liquidity and remained disciplined in managing our risk while supporting our clients. We were also delighted with the strong demand from investors for our second follow-on equity offering in challenging markets, further increasing our public float, as well as another successful debt issuance, further diversifying our sources of funding and increasing our liquidity position.”

    Financial and Operational Highlights:

    • Strong Q1 performance: Robust client activity and positive market conditions drove 42% growth in Adjusted Profit before Tax1 to $96.3 million
    • Revenue increased by 28% to $467.3m with strong revenue growth across all our business segments
      • Agency and Execution in particular increased revenue by 42% to $239.5m, driven by growth in Securities revenues across asset classes and continued build-out of Prime Services, as well as strong growth in the Energy business
    • April market conditions: At the start of April, we experienced highly elevated volumes which have since returned to more normalised levels. Our ability to process these volumes demonstrates the operational resilience of the firm and scalability of our platform. We also maintained record levels of liquidity and remained disciplined in managing our risk while supporting our clients
    • Executed growth strategy: Aarna Capital acquisition completed at the end of March, growing our Clearing presence in the Middle East, as we continued to diversify our platform and drive greater earnings resilience
    • Successful secondary equity placement: Significantly oversubscribed transaction resulted in existing shareholders placing an upsized 11.8 million shares with institutional investors in April, further increasing public float to approximately 70%
    • Prudent approach to capital and funding: Successfully issued $500 million 3-year senior unsecured notes in May, further diversifying our funding sources while maintaining a strong capital and liquidity position
    • Dividend: Q1 2025 dividend increased to $0.15 per share, to be paid in the second quarter of 2025
    Financial Highlights: ($m)   3 months ended 31 March 2025   3 months ended 31 March 2024   Change
                 
    Revenue   467.3   365.8   28%
    Profit Before Tax   98.0   58.9   66%
    Profit Before Tax Margin (%)   21%   16%   500 bps
    Profit After Tax   72.5   43.6   66%
    Profit After Tax Margin (%)   16%   12%   400 bps
    Return on Equity (%)   29%   23%   600 bps
    Basic Earnings per Share ($)2   0.98   0.60   63%
    Diluted Earnings per Share ($)2   0.92   0.56   64%
                 
    Adjusted Profit Before Tax1   96.3   67.7   42%
    Adjusted Profit Before Tax Margin (%)1   21%   19%   200 bps
    Adjusted Profit after Tax            
    Attributable to Common Equity1   68.2   48.9   39%
    Adjusted Return on Equity (%)1   30%   29%   100 bps
    Adjusted Basic Earnings per Share ($)1,2   0.97   0.74   31%
    Adjusted Diluted Earnings per Share ($)1,2   0.91   0.69   32%
    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 non-IFRS measure to its most directly comparable 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. 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, 15 May 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/zudci4bx/

    Enquiries please contact:
    Marex
    Investors – Adam Strachan
    +1 914 200 2508 / astrachan@marex.com

    Media – Nicola Ratchford, Marex / FTI Consulting US / UK
    +44 7786 548 889 / nratchford@marex.com / +1.716.525.7239/ +44 7976870961
    | marex@fticonsulting.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 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    – Net commission income   250.7   218.9   15%
    – Net trading Income   159.1   106.2   50%
    – Net interest income   53.4   35.6   50%
    – Net physical commodities income   4.1   5.1   (20)%
    Revenue   467.3   365.8   28%
                 
    Compensation and benefits   (291.7)   (229.9)   27%
    Depreciation and amortisation   (7.9)   (7.8)   1%
    Other expenses   (73.8)   (69.6)   6%
    Provision for credit losses   —   0.3   n.m.2
    Bargain purchase gain on acquisitions   3.4   —   n.m.2
    Other income   0.7   0.1   600%
    Profit Before Tax   98.0   58.9   66%
    Tax   (25.5)   (15.3)   67%
    Profit After Tax   72.5   43.6   66%
    Reconciliation to Adjusted Profit Before Tax1            
    Profit Before Tax   98.0   58.9   66%
    Bargain purchase gain   (3.4)   —   n.m.2
    Acquisition related costs   —   0.2   n.m.2
    Amortisation of acquired brands and customer lists   1.3   0.8   63%
    Activities relating to shareholders   —   2.4   n.m.2
    Owner fees   0.4   1.7   (76)%
    IPO preparation and public offering of ordinary shares   —   3.7   n.m.2
    Adjusting items   (1.7)   8.8   (119)%
    Adjusted Profit Before Tax1   96.3   67.7   42%
    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 non-IFRS measure to its most directly comparable IFRS measure.
    2. 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 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Front office costs1   (258.4)   (210.1)   23%
    Control and support costs1   (106.8)   (80.6)   33%
    Total   (365.2)   (290.7)   26%

    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 31 March 2025   31 March 2024       31 March 2025   31 March 2024    
      Average   Average   Change   End of Period   End of Period   Change
    Front office 1,284   1,236   4%   1,288   1,250   3%
    Control and support 1,183   1,015   17%   1,215   1,030   18%
    Total 2,467   2,251   10%   2,503   2,280   10%

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

    Performance for the three months ended 31 March 2025

    Revenue grew by 28% to $467.3m (Q1 2024: $365.8m) with strong growth across all business segments, as we continue to diversify our platform and drive greater earnings resilience. This growth was driven by robust client activity and positive market conditions.

    Net commission income increased by 15% to $250.7m (Q1 2024: $218.9m). The growth was driven by Agency and Execution, which grew 22% to $182.9m (Q1 2024: $150.5m) reflecting a strong performance in Securities and Energy, supported by record transaction volumes.

    Net trading income increased by 50% to $159.1m (Q1 2024: $106.2m). The growth was driven by a $40.8m increase in Agency and Execution to $49.9m (Q1 2024: $9.1m), mainly due to Rates, FX and Equities. The most significant contribution came from the continued build-out of our Prime Services capabilities, which grew by $33.4m, including growth in our securities based swaps offering. In addition, Net trading income in our Market Making segment increased by $10.7m to $54.9m (Q1 2024: $44.2m) driven by growth in all asset classes.

    Net interest income increased by 50% to $53.4m (Q1 2024: $35.6m) reflecting $5.8bn growth in average balances to $17.1bn, which more than offset lower average Fed Funds rates compared to Q1 2024.

    Front office costs increased by 23% to $258.4m (Q1 2024: $210.1m), predominantly reflecting higher compensation costs on strong revenue performance across the Group. Front office headcount growth reflected restructuring activity in Agency and Execution and reallocation of FTE from front office to control and support in Q2 2024. Excluding these, average front office FTE headcount grew by 11% year on year.

    Control and support costs increased by 33% to $106.8m (Q1 2024: $80.6m). This was primarily driven by investment in technology to support automation and business growth, as well as investments in our finance, risk, and compliance functions to support our controlled growth and development as a public company. This also included specific investments relating to acquisitions and our compliance with Sarbanes-Oxley.

    Reported Profit Before Tax increased by 66% to $98.0m (Q1 2024: $58.9m), driven by strong revenue growth and improved operating margins.

    Adjusting items reduced by $10.5m to $(1.7)m (Q1 2024: $ 8.8m). These costs are primarily related to corporate activities and are recognised within our Corporate segment. Adjusting items reduced mainly due to IPO-related costs and owner fees in Q1 2024, as well as a bargain purchase gain on an acquisition in Q1 2025.

    As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased by 42% to $96.3m (Q1 2024: $67.7m) and Adjusted Profit Before Tax Margin1 improved to 21% (Q1 2024: 19%), while Profit After Tax Margin increased to 16% (Q1 2024: 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 non-IFRS measure to its most directly comparable IFRS measure.
        3 months ended 31 March 2025   3 months ended 31 March 2024   Change
    Average Fed Funds rate   4.3%   5.3%   (100)bps
    Average balances ($bn)1   17.1   11.3   5.8
    Interest income ($m)   178.9   147.3   31.6
    Interest paid out ($m)   (59.6)   (60.9)   1.3
    Interest on balances ($m)   119.3   86.4   32.9
    Net yield on balances   2.8%   3.1%   (30)bps
    Average notional debt securities ($bn)   (4.1)   (2.5)   (1.6)
    Yield on debt securities %   6.6%   8.1%   (150)bps
    Interest expense ($m)   (65.9)   (50.8)   (15.1)
    Net Interest Income ($m)   53.4   35.6   17.8
    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 March 2025

    Clearing performed well with revenue increasing 18% to $119.2m (Q1 2024: $100.7m). This was driven by net interest income which rose by $18.2m to $48.4m (Q1 2024: $30.2m) reflecting higher average balances as we continued to add new clients, more than offsetting lower average Fed Funds rates compared to Q1 2024. Net commission income reduced by 2%, $1.7m, as positive performance in energy and metals was offset by lower levels of activity in agriculture, which benefited from higher volatility in Q1 2024 relative to Q1 2025.

    Adjusted Profit Before Tax1 increased by 14% to $56.6m (Q1 2024: $49.8m). Adjusted Profit Before Tax Margin1 decreased by 200 bps to 47% (Q1 2024: 49%).

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Net commission income   67.8   69.5   (2%)
    Net interest income   48.4   30.2   60%
    Net trading income   3.0   1.0   200%
    Revenue   119.2   100.7   18%
    Front office costs   (42.2)   (33.5)   26%
    Control and support costs   (20.3)   (17.3)   17%
    Depreciation and amortisation   (0.1)   (0.1)   —%
                 
    Adjusted Profit Before Tax ($m)1   56.6   49.8   14%
    Adjusted Profit Before Tax Margin1   47%   49%   (200)bps
                 
    Front office headcount (No.)2   273   266   3%
                 
        12 months ended 31 March 2025   12 months ended 31 March 2024   Change
    Contracts cleared (m)   1,161   913   27%
    Market volumes (m)3   11,891   10,194   17%
    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 non-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 Q1 25 and Q1 24.
    3. On a twelve month rolling basis.

    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 middle distillates 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 March 2025

    Revenue increased by 42% to $239.5m (Q1 2024: $168.1m). Securities revenues, increased by $56.1m to $151.0m (Q1 2024: $94.9m) driven by growth in all asset classes from a significant increase in transaction volumes. The most significant contribution came from the continued build out of our Prime Services offering, including growth in securities based swaps. This was supplemented further by strong growth in our Energy business where revenues increased by $15.0m to $88.2m (Q1 2024: $73.2m), reflecting a combination of record volumes, good demand for our environmentals offering and the benefit of our bolt-on acquisitions.

    Adjusted Profit Before Tax1 increased by 152% to $56.7m (Q1 2024: $22.5m) while Adjusted Profit Before Tax Margin1 increased to 24% (Q1 2024: 13%) The margin improvement was driven by the benefit from restructuring in the business, as well as growth in higher margin activity, particularly Prime Services.

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Securities   151.0   94.9   59%
    Energy   88.2   73.2   20%
    Other revenue   0.3   —   n.m.3
    Revenue   239.5   168.1   42%
    Front office costs   (161.7)   (131.0)   23%
    Control and support costs   (21.0)   (14.1)   49%
    Provision for credit losses   —   (0.3)   n.m.3
    Depreciation and amortisation   (0.1)   (0.2)   (50)%
                 
    Adjusted Profit Before Tax ($m)1   56.7   22.5   152%
    Adjusted Profit Before Tax Margin1   24%   13%   1,100 bps
                 
    Front office headcount (No.)2   670   679   (1)%
                 
        12 months ended 31 March 2025   12 months ended 31 March 2024   Change
    Marex volumes: Energy (m)4   60   51   18%
    Marex volumes: Securities (m)4   302   249   21%
    Market volumes: Energy (m)4   1,816   1,477   23%
    Market volumes: Securities (m)4   11,330   9,872   15%
    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 non-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. On a rolling twelve month basis

    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 March 2025

    Revenue increased by 27% to $52.9m (Q1 2024: $41.8m). This was driven by growth in all asset classes, in particular Securities revenues which increased by $7.2m primarily from growth in stock lending, which complements our Prime Services offering within Agency and Execution. Metals revenues growth was more muted, at 6%, due to the uncertainty arising from the potential implementation of global tariffs on base metals.

    Adjusted Profit Before Tax1 increased by 58% to $16.8m (Q1 2024: $10.6m), while Adjusted Profit Before Tax Margin1 increased to 32% (Q1 2024: 25%).

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Metals   22.7   21.4   6%
    Agriculture   7.2   5.6   29%
    Energy   8.6   7.6   13%
    Securities   14.4   7.2   100%
    Revenue   52.9   41.8   27%
    Front office costs   (28.9)   (22.9)   26%
    Control and support costs   (7.1)   (8.2)   (13)%
    Depreciation and amortisation   (0.1)   (0.1)   0%
                 
    Adjusted Profit Before Tax ($m)1   16.8   10.6   58%
    Adjusted Profit Before Tax Margin1   32%   25%   700 bps
                 
    Front office headcount (No.)2   144   125   15%
                 
    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 non-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 Q1 25 and Q1 24.

    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 March 2025

    Revenue grew by 9% to $45.0m (Q1 2024: $41.3m) driven by continued strong client demand and as we expanded the sales team which led to the onboarding of new clients. Financial products increased 41% to $30.7m (Q1 2024: $21.8m) as structured notes balances grew 49%. Hedging solutions decreased by 27% to $14.3m (Q1 2024: $19.5m) reflecting higher volatility in agriculture in Q1 2024 relative to Q1 2025.

    Adjusted Profit Before Tax1 decreased by 7% to $11.1m (Q1 2024: $11.9m), while Adjusted Profit Before Tax Margin1 decreased to 25% (Q1 2024: 29%), reflecting investment in our sales team and as a result of ongoing investment in our technology and platform to support future growth.

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Hedging solutions   14.3   19.5   (27)%
    Financial products   30.7   21.8   41%
    Revenue   45.0   41.3   9%
    Front office costs   (25.6)   (22.7)   13%
    Control and support costs   (8.1)   (6.6)   23%
    Depreciation and amortisation   (0.2)   (0.1)   100%
                 
    Adjusted Profit Before Tax ($m)1   11.1   11.9   (7)%
    Adjusted Profit Before Tax Margin1   25%   29%   (400 bps)
                 
    Front office headcount (No.)2   197   166   19%
    Structured notes balance ($m)3   3,123.3   2,095.6   49%
    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 non-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 5,099 notes with an average maturity of 16 months and a total value of $3,123.3m (2024: 2,999 notes with an average maturity of 15 months and a total value of $2,095.6m).

    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 decreased by $3.2m to $10.7m (Q1 2024: $13.9m) driven by lower investment returns on House cash balances from a reduction in the average Fed Funds rate.

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Revenue   10.7   13.9   (23%)
    Control and support costs3   (50.3)   (34.4)   46%
    (Provision)/recovery for credit losses   —   0.6   (100%)
    Depreciation and amortisation   (6.0)   (7.3)   (18%)
    Other income   0.7   0.1   600%
                 
    Adjusted Loss Before Tax ($m)1   (44.9)   (27.1)   66%
                 
    Control and support headcount (No.)2   1,183   1,015   17%
    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 non-IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. Control and support costs are presented on an unallocated basis.

    Summary Financial Position

    The Group’s equity base increased during Q1 25 with total equity increasing by $69.3m, 7% to $1,046.2m as a result of strong profitability during the quarter.

    Total assets and total liabilities have been steady during the first quarter. Our balance sheet continues to consist of high-quality liquid assets which underpin client activity on our platform. Total assets increased slightly from $24.3bn as at 31 December 2024 to $24.4bn as at 31 March 2025 with growth in Securities balances broadly offset by a reduction in Trade Receivables.

    Total liabilities remained steady at $23.3bn; an increase of $0.5bn due to issuance of Debt Securities was offset by a $0.5bn reduction in Trade Payables.

        31 March 2025   31 December 2024    
        $m   $m   Change
    Cash & Liquid Assets1   6,200.4   6,213.0   —%
    Trade Receivables   7,225.2   7,553.2   (4%)
    Reverse Repo Agreements   2,499.4   2,490.4   —%
    Securities2   6,749.0   6,459.7   4%
    Derivative Instruments   1,132.4   1,163.5   (3%)
    Other Assets3   268.6   199.7   35%
    Goodwill and Intangibles   279.5   233.0   20%
    Total Assets   24,354.5   24,312.5   —%
    Trade Payables   9,204.0   9,740.4   (6%)
    Repurchase Agreements   2,386.0   2,305.8   3%
    Securities4   6,450.3   6,656.7   (3%)
    Debt Securities   4,072.6   3,604.5   13%
    Derivative Instruments   798.4   751.7   6%
    Other Liabilities5   397.0   276.5   44%
    Total Liabilities   23,308.3   23,335.6   —%
    Total Equity   1,046.2   976.9   7%
    1. Cash & Liquid Assets are cash and cash equivalents, treasury instruments pledged as collateral, treasury instruments unpledged and fixed income securities.
    2. Securities assets are equity instruments and stock borrowing.
    3. Other Assets are inventory, corporate income tax receivable, deferred tax, investments, right-of-use assets, and property plant and equipment.
    4. Securities liabilities are stock lending and short securities.
    5. Other Liabilities are short term borrowings, deferred tax liability, lease liability, provisions and corporation tax.

     Liquidity

        31 March   31 December
        2025   2024
        $m   $m
    Total available liquid resources   2,682.4   2,439.8
    Liquidity headroom   1,217.4   1,060.0

    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 March 2025, the Group held $2,682.4m of total available liquid resources, including the undrawn portion of the RCF (2024: $2,439.8m).

    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 March 2025 (31 December 2024: $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.

    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 March 2025 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 March 2025 and 31 December 2024:

        31 March
    2025    		   31 December
    2024
        $m   $m
    Core equity Tier 1 Capital1   652.5   623.9
    Additional Tier 1 Capital (net of issuance costs)   97.6   97.6
    Tier 2 Capital   1.4   1.6
    Total Capital resources   751.5   723.1
             
             
    Own Funds Threshold Requirement2   308.8   308.8
    Total Capital ratio3   243%   234%
    1. Total Capital Resources include unaudited results for the financial period.
    2. Own Funds Requirement presented as Own Funds Threshold Requirement based on the latest ICARA process.
    3. The Group’s Total Capital Resources as a percentage of Own Funds Requirement.

    At 31 March 2025, the Group had a Total Capital Ratio of 243% (31 December 2024: 234%), 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 2025.

    Dividend

    The Board of Directors approved an interim dividend of $0.15 per share, expected to be paid on 10 June 2025 to shareholders on record as at close of business on 27 May 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 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 or the ongoing conflict in the Middle East, 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; 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 Annual Report on Form 20-F for the year ended 31 December 2024 filed with the Securities and Exchange Commission (the “SEC”) as updated by 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 Basic 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 gain, (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, (x) fair value of the cash settlement option on the Growth Shares and (xi) public offering of ordinary shares. Items (i) to (xi) 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 period ended 31 March 2025 and 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 and 31 March of the current year. For the three months ended 31 March 2025 and 2024, 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 period ended 31 March 2025 and 2024 is calculated as the average of total equity at 31 December of the prior year and 31 March of the current year. For the three months ended 31 March 2025 and 2024, Return on Equity is calculated for comparison purposes on an annualised basis as Profit After Tax 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 March 2025   3 months ended 31 March 2024
             
        $m   $m
    Profit After Tax   72.5   43.6
    Taxation charge   25.5   15.3
    Profit Before Tax   98.0   58.9
    Goodwill impairment charge1   —   —
    Bargain purchase gain (provisional accounting)2   (3.4)   —
    Acquisition costs3   —   0.2
    Amortisation of acquired brands and customer lists4   1.3   0.8
    Activities relating to shareholders5   —   2.4
    Employer tax on vesting of the growth shares6   —   —
    Owner fees7   0.4   1.7
    IPO preparation costs8   —   3.7
    Fair value of the cash settlement option on the growth shares9   —   —
    Public offering of ordinary shares10   —   —
    Adjusted Profit Before Tax   96.3   67.7
    Tax and the tax effect on the Adjusting Items11   (24.8)   (15.5)
    Profit attributable to AT1 note holders12   (3.3)   (3.3)
    Adjusted Profit After Tax Attributable to Common Equity   68.2   48.9
             
    Profit after Tax Margin   16%   12%
    Adjusted Profit Before Tax Margin13   21%   19%
             
    Basic Earnings per Share ($)   0.98   0.60
    Diluted Earnings per Share ($)   0.92   0.56
             
    Adjusted Basic Earnings per Share ($)14   0.97   0.74
    Adjusted Diluted Earnings per Share ($)14   0.91   0.69
             
    Weighted average number of shares14   70,541,771   65,683,374
    Period end number of shares14   71,231,706   68,375,690
             
    Common Equity15   913.7   676.0
    Return on Equity   29%   23%
    Adjusted Return on Equity (%)   30%   29%
    1. No goodwill impairment has been booked for either period.
    2. A bargain purchase gain was recognised as a result of the Group’s acquisition of Darton Group Limited (“Darton”) . Provisional accounting under IFRS 3 has been applied as at Q1 ’25.
    3. Acquisition costs are costs, such as legal fees incurred in relation to the business acquisitions of 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. This agreement ended once the Group became listed, however as the calculation in based on audited full year EBITDA, the payment in Q1 25 represents the final adjustments to the fees owed.
    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 diluted shares used in the calculation for the three months ended 31 March 2025 and 2024 were 74,934,788 and 70,383,309 respectively. Weighted average number of shares have been restated as applicable for the Group’s reverse share split. As at 31 March 2025, the dilution impact was 4,393,017 shares (31 March 2024: 4,699,934 shares).
    15. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the three months ended 31 March 2025 and 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 and 31 March of the current year.

    Appendix 2 – Supplementary Financial Information

    Revenue

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

    3 months ended 31 March 2025 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income 67.8   182.9   —   —   —   250.7
    Net trading income 3.0   49.9   54.9   51.3   —   159.1
    Net interest income/(expense) 48.4   5.6   (5.0)   (6.3)   10.7   53.4
    Net physical commodities income —   1.1   3.0   —   —   4.1
    Revenue 119.2   239.5   52.9   45.0   10.7   467.3
    3 months ended 31 March 2024 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 69.5   150.5   (1.1)   —   —   218.9
    Net trading income 1.0   9.1   44.2   51.9   —   106.2
    Net interest income/(expense) 30.2   8.0   (5.9)   (10.6)   13.9   35.6
    Net physical commodities income —   0.5   4.6   —   —   5.1
    Revenue 100.7   168.1   41.8   41.3   13.9   365.8


    Consolidated Income Statement

    For the Three Months Ended 31 March 2025

        31 March
    2025    		   31 March
    2024
        $m   $m
    Commission and fee income   503.7   400.6
    Commission and fee expense   (253.0)   (181.7)
    Net commission income   250.7   218.9
    Net trading income   159.1   106.2
    Interest income   198.8   163.2
    Interest expense   (145.4)   (127.6)
    Net interest income   53.4   35.6
    Net physical commodities income   4.1   5.1
    Revenue   467.3   365.8
             
    Expenses:        
    Compensation and benefits   (291.7)   (229.9)
    Depreciation and amortisation   (7.9)   (7.8)
    Other expenses   (73.8)   (69.6)
    Provision for credit losses   —   0.3
    Bargain purchase gain on acquisition   3.4   —
    Other income   0.7   0.1
    Profit before tax   98.0   58.9
    Tax   (25.5)   (15.3)
    Profit after tax   72.5   43.6
             

    Consolidated Statement of Financial Position

    As at 31 March 2025

        31 March   31 December
        2025   2024
        $m   $m
    Assets        
    Non-current assets        
    Goodwill   225.0   176.5
    Intangible assets   54.5   56.5
    Property, plant and equipment   22.8   20.8
    Right-of-use asset   64.0   59.9
    Investments   25.7   24.0
    Deferred tax   29.5   46.7
    Treasury instruments (unpledged)   3.8   53.5
    Treasury instruments (pledged as collateral)   153.9   46.1
    Total non-current assets   579.2   484.0
             
    Current assets        
    Corporate income tax receivable   22.5   12.5
    Trade and other receivables   7,225.2   7,553.2
    Inventory   104.1   35.8
    Equity instruments (unpledged)   210.2   231.4
    Equity instruments (pledged as collateral)   4,627.2   4,446.6
    Derivative instruments   1,132.4   1,163.5
    Stock borrowing   1,911.6   1,781.7
    Treasury instruments (unpledged)   478.8   556.2
    Treasury instruments (pledged as collateral)   2,827.5   2,912.9
    Fixed income securities (unpledged)   129.7   87.7
    Reverse repurchase agreements   2,499.4   2,490.4
    Cash and cash equivalents   2,606.7   2,556.6
    Total current assets   23,775.3   23,828.5
    Total assets   24,354.5   24,312.5
        31 March   31 December
        2025   2024
        $m   $m
    Liabilities        
    Current liabilities        
    Repurchase agreements   2,386.0   2,305.8
    Trade and other payables   9,204.0   9,740.4
    Stock lending   4,481.3   4,952.1
    Short securities   1,969.0   1,704.6
    Short-term borrowings   271.1   152.0
    Lease liability   9.7   10.5
    Derivative instruments   798.4   751.7
    Corporation tax   39.0   41.9
    Debt securities   2,609.9   2,119.6
    Provisions   0.7   0.6
    Total current liabilities   21,769.1   21,779.2
    Non-current liabilities        
    Lease liability   73.4   67.0
    Debt securities   1,462.7   1,484.9
    Deferred tax liability   3.1   4.5
    Total non-current liabilities   1,539.2   1,556.4
    Total liabilities   23,308.3   23,335.6
    Total net assets   1,046.2   976.9
             
    Equity        
    Share capital   0.1   0.1
    Share premium   220.0   202.6
    Additional Tier 1 capital (AT1)   97.6   97.6
    Retained earnings   775.3   722.4
    Own shares   (48.9)   (23.2)
    Other reserves   2.1   (22.6)
    Total equity   1,046.2   976.9
             

    The MIL Network –

  • MIL-OSI United Nations: 15 May 2025 Departmental update 2025 edition of global survey to track antimicrobial resistance launches

    Source: World Health Organisation

    On 15 April 2025, the ninth round of the Tracking Antimicrobial Resistance (AMR) Country Self-assessment Survey (TrACSS) began, for completion by June 2025. TrACSS is a key component of the global AMR monitoring and evaluation framework. Since its first iteration in 2017, TrACSS has enabled countries to assess their progress in implementing multisectoral AMR national action plans (NAPs) annually.

    The Quadripartite organizations – the Food and Agriculture Organization of the United Nations (FAO), the United Nations Environment Programme (UNEP), the World Health Organization (WHO) and the World Organisation for Animal Health (WOAH) – jointly develop, launch, manage and analyze the results and WHO systems are used to administer the survey. The survey is available in all six official UN languages, and it continues to evolve in scope and depth each year.

    Being multisectoral, TrACSS covers human health, animal health, food, agriculture and environment sectors in countries. Relevant national authorities and technical focal points from the different sectors complete it online. Throughout the survey process, the Quadripartite organizations provide support at the national, regional and global levels — ensuring that countries and focal points can accurately complete the survey and act on its findings.

    Eight rounds of the survey have been completed since 2017, and the results are available at  TrACSS Global Database, an interactive platform that visualizes progress and trends over time, compares performance across countries, regions and income levels, and generates country profiles and maps.

    In 2024, a record 186 countries (96%) responded to the survey. Member States reiterated their support to TrACSS in the political declaration of the United Nations General Assembly High-Level Meeting on AMR and set a target of at least 95% submission rate to the survey by 2030.  

    National AMR multisectoral coordination mechanisms can use data from TrACSS to identify gaps and priorities for follow-up actions, supporting decision-making to strengthen the implementation of AMR NAPs. The data is also used to assess progress of the Global Action Plan on Antimicrobial Resistance, adopted in 2015 and that will be revised by 2026.  

    Countries have been invited to participate through a dedicated platform. Data from the 2025 cycle of TRACSS will be published later this year. For any questions, please contact tracss@who.int. The continued commitment of countries to participate in and use the findings from TrACSS remains critical for monitoring and advancing both national and global responses to AMR.

    About the Quadripartite organizations:

    Food and Agriculture Organization of the United Nations (FAO)

    FAO is a specialized agency of the United Nations that leads international efforts to defeat hunger. Its goal is to achieve food security for all and make sure that people have regular access to enough high-quality food to lead active, healthy lives. With 195 members – 194 countries and the European Union, FAO works in over 130 countries worldwide. www.fao.org

    UN Environment Programme (UNEP)

    UNEP is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing and enabling nations and peoples to improve their quality of life without compromising that of future generations.  For more information, please contact: UN Environment Programme www.unep.org

    World Health Organization (WHO)

    Dedicated to the well-being of all people and guided by science, the World Health Organization leads and champions global efforts to give everyone, everywhere an equal chance at a safe and healthy life. We are the UN agency for health that connects nations, partners and people on the front lines in 150+ locations – leading the world’s response to health emergencies, preventing disease, addressing the root causes of health issues and expanding access to medicines and health care. Our mission is to promote health, keep the world safe and serve the vulnerable. www.who.int

    World Organisation for Animal Health:

    WOAH is a global organisation, working to ensure the health of animals across the world. Since 1924, we have focused on the complexities of animal health. We disseminate information on animal diseases and use science-based strategies to limit their potentially negative impact on society. www.woah.org

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Civil News: 2024 Standard Civil Contract extended

    Source: United Kingdom – Executive Government & Departments

    News story

    Civil News: 2024 Standard Civil Contract extended

    The 2024 Standard Civil Contract has been extended for a further 12 months to 30 June 2027.

    Applicants can tender in all civil categories of law.

    Next steps

    There is no action needed for existing 2024 Standard Civil Contract holders. Contract schedules will be updated in due course.

    Why is this happening?

    The LAA is committed to the provision of Civil Legal Aid and the provision of certainty to the market that encourages wider growth.

    This is part of the LAA’s ongoing commitment to do all we can to enable suitably qualified providers to offer legal aid funded services. It offers the ability for existing providers to expand their services as well as encouraging new providers to join.

    Further information

    Below is a link to the 2024 Standard Civil Contract and details of the procurement process which you can download and review:

    Standard civil contract 2024 – GOV.UK (www.gov.uk)

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: HS2 Ltd response to Construction Commissioner’s 32nd report

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    HS2 Ltd response to Construction Commissioner’s 32nd report

    High Speed Two (HS2) Ltd responds to the thirty-second Construction Commissioner’s report published in April 2025.

    Documents

    HS2 Ltd response to Construction Commissioner’s 32nd report

    PDF, 186 KB, 2 pages

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email HS2enquiries@hs2.org.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    The HS2 independent Construction Commissioner’s report provides an update on issues raised in his previous report and comments on matters which may have an impact on future numbers of complaints.

    The independent Construction Commissioner’s role is to mediate and monitor the way in which HS2 Ltd manages and responds to construction complaints. The Construction Commissioner will mediate any unresolved construction related disputes between HS2 Ltd and individuals or bodies, and provides advice to members of the public about how to make a complaint about construction.

    Updates to this page

    Published 15 May 2025

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Joint trade statement between New Zealand and United Kingdom

    Source: United Kingdom – Executive Government & Departments

    News story

    Joint trade statement between New Zealand and United Kingdom

    Summary of a Joint Statement following the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade.

    This Joint Statement follows the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade of the United Kingdom on 12 May 2025.

    At their meeting, the Ministers celebrated the successful trading relationship between the UK and New Zealand, which reached a record £3.7bn1 or $7.3bn of trade in goods and services in 2024.

    At the meeting, the Ministers opened the second Joint Committee of the New Zealand-United Kingdom Free Trade Agreement (FTA).

    Significant progress has been made under the FTA, including amongst other things, the commencement of an artists’ resale royalty scheme, the inclusion of further wine making (oenological) practices, the establishment of a legal services regulatory dialogue, the renewal of the engineers’ Admissions Pathways Agreement, a sustainable finance dialogue, a women in STEM event, and a visit to the UK by a delegation of Māori women technology entrepreneurs.

    Ministers commended the significant uptake of the Agreement.

    Since entry into force, £752.3m ($1,588m NZD) of traded goods successfully used preferential tariffs; i.e. around 82.2% of goods traded between the UK and New Zealand made use of preferences where one was available.

    The strong uptake of the Agreement’s benefits is resulting in real savings with the potential to benefit both businesses and consumers.

    Between June 2023 and Dec 2024:

    • £164.2m or $344.5m NZD (80.7%) of goods imports into New Zealand from the UK used preferential tariffs4. Had these occurred at standard Most Favoured Nation (MFN) tariff rates, they could have encountered an additional £9.3m ($19.5m NZD) in duties.

    • £588.1m or $1,243m NZD (82.6%) of goods imports into the UK from New Zealand used preferential tariffs6. Had these occurred at standard MFN tariff rates, they could have encountered an additional £67.4m ($141.8m NZD) in duties.5

    The Ministers noted that free trade is a cornerstone of prosperity in both countries. Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Ministers committed to strengthening the rules-based trading system.

    The Ministers agreed to work together to strengthen the role that free trade, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (which the United Kingdom and New Zealand are Parties to), plays in increasing prosperity and reinforcing resilience against economic turbulence.

    This includes growing the agreement ambitiously through further accessions, modernising the agreement through the ongoing General Review, and working with partners to defend the rules-based trading system upon which we rely.

    Note to editors:

    Sources:  Trade data sourced from the ONS publication of UK total trade: all countries seasonally adjusted October to December 2024 data.

    Source: Source: Statistics New Zealand, publicly accessible through New Zealand Trade Dashboard  

    Trade asymmetries exist between the UK and New Zealand official trade statistics, but this does not mean that either country is inaccurate in their estimation. Differences can be caused by a range of conceptual and measurement variations between the estimation practices of different countries.

    Based on data from New Zealand Ministry of Foreign Affairs & Trade, Statistics New Zealand, Customs import utilisation data, April 2025

    Estimated duty savings are based on exchanged country tariff schedules and preference utilisation data (footnotes 4 and 6). For UK imports, these are all calculated used the Ad Valorem, Specific, or Compound tariffs applied at the CN8 level. Where appropriate, Ad Valorem Equivalent tariffs were used (source: MacMap). The Bank of England spot exchange rates (June-December 2023, and 2024) was used to convert from GBP to NZD.

    The underlying data for the imports into the UK preference utilisation figures were sourced from HM Revenue and Custom’s (HMRC) UK goods imports by tariff regime, February 2025 data. This data is provided on a country of origin basis.

    The methodology used to calculate UK preference utilisation rates can be found here https://www.gov.uk/government/statistics/preference-utilisation-of-uk-trade-in-goods-technical-annex/preference-utilisation-of-uk-trade-in-goods-official-statistics-technical-annex#methodology-note-for-preference-utilisation-of-uk-trade-in-goods

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New coastal path connects Mablethorpe to Humber Bridge

    Source: United Kingdom – Executive Government & Departments

    Press release

    New coastal path connects Mablethorpe to Humber Bridge

    The latest stretch of the King Charles III England Coast Path (KCIIIECP) from Maplethorpe to Humber Bridge opens today.

    Two coastal path walkers

    Families, nature lovers and ramblers can now explore a stunning new 47 miles (75km) coastal route along Lincolnshire’s diverse shoreline.

    The new section, connecting Mablethorpe to the Humber Bridge, takes walkers from traditional seaside towns through expansive dune systems. Through nature reserves and to the industrial heritage of the Humber estuary.

    This opening creates an almost continuous 160-mile coastal route from Sutton Bridge to Easington, with just 2 small gaps at Gibraltar Point bridge and Immingham.

    Natural England’s Deputy Director for Natural England in the East Midlands Victoria Manton, said:

     “This new stretch of the King Charles III England Coast Path will give people from all over the country access to our beautiful local coastline, connecting them with nature and providing health and wellbeing benefits. The trail will also support the local economy – bringing walkers and visitors to the towns and villages for daytrips, refreshments and places to stay.”

    Chris Miller, Head of Environment at Lincolnshire County Council said:

    “With these latest additions to the King Charles III England Coast Path coming to fruition we can now provide one of the most spectacular walks anywhere in the country.”

    “This is the outcome of several agencies working together to give legal access to a unique part of the country for people to enjoy. There is a vast array of wildlife and topography that you only get on our coast and now anyone who wants to see it, can do so for free.”

    The route showcases the remarkable diversity of Britain’s coastline. Visitors can experience the traditional seaside charm of Mablethorpe, with its donkey rides and holiday parks, before discovering the tranquillity of Saltfleetby and Theddlethorpe National Nature Reserve.

    Two donkeys on the beach

    Further north, the path passes Donna Nook bombing range, where bizarrely around 2000 grey seal pups are born each autumn. Then follows the beaches of resort Cleethorpes and the fishing town of Grimsby. Before traversing the industrial and port developments around Immingham, ultimately reaching the iconic Humber Bridge.

    When the final 41-mile link between Easington and Bridlington North Sands opens later this year, there will be over 450 miles of continuous path from Sutton Bridge to the Scottish border.

    The project now means over half of the entire King Charles III England Coast Path is open for public use.

    Research shows coastal paths provide significant health and wellbeing benefits while generating valuable tourism income for local businesses along the route.

    Two pairs of walking boots on the sandy beach

    The King Charles III England Coast Path aims to stay as close to the sea as possible. In many places, that means walking right where land meets sea, occasionally heading inland, though usually only for short distances. 

    The National Trails website has lots of maps and advice on route-planning and details of places to visit, stay or eat.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government goes further and faster to boost capital markets by delivering PISCES

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government goes further and faster to boost capital markets by delivering PISCES

    Capital markets are set to be boosted, as part of this government’s Plan for Change.

    • Government delivers legislation to establish the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES) – an innovative new type of stock market for private companies that will boost the growth companies of the future and support the UK’s IPO pipeline. 
    • This delivers on the Chancellor’s Mansion House commitment to launch PISCES by May, with share trading taking place later this year.
    • The government will legislate to ensure that employees who have share options will be able to exercise them on PISCES and retain tax advantages, making the platform more attractive for companies and investors looking to use PISCES.

    Capital markets are set to be boosted, as part of this government’s Plan for Change as we deliver legislation for PISCES, a new type of stock market which will give investors the chance to get in on the ground floor of some of the most exciting companies around, so supporting those businesses to grow. 

    Today’s announcement means that stock markets can launch their PISCES platforms in the coming months with shares likely to be traded in the Autumn. Thanks to PISCES, private company shareholders, which includes founders and early-stage investors, can more easily realise their gains and reinvest this in productive assets. 

    In a boost to growth companies and start-ups, the government has also confirmed that it will legislate to ensure employees retain tax advantages on the share options they have, which will make PISCES more attractive and encourage even more businesses to use the platform.

    Emma Reynolds, Economic Secretary to the Treasury, said:

    Getting PISCES up and running will support UK growth companies. This will boost our capital markets and help to grow our economy, putting more money in working people’s pockets as part of our Plan for Change.

    We are also ensuring that employees will retain the tax advantages of shares traded on PISCES to boost the attractiveness of the product to high growth companies looking to expand.

    Simon Walls, Executive Director of Markets at the FCA, said:

    We are laying the groundwork for a new private stock market that will give investors more opportunities to invest in growing companies.  

    Today’s legislation is a big step forward and we will set out the final rules for PISCES soon. Together, this will support an organised marketplace to buy and sell private shares.

    To ensure employees can continue to benefit from the tax advantages on their shares, the law will be changed to extend to the existing Enterprise Management Incentives (EMI) and Company Share Option Plan (CSOP) contracts to also include PISCES. 

    This is in addition to the announcement in the Autumn Budget making PISCES transactions exempt from Stamp Taxes on Shares. Today’s announcement on tax mean that employees as well as investors will benefit from the tax changes made, further increasing the attractiveness of the project. 

    Today’s reform delivers on the Chancellor’s commitment at Mansion House to deliver PISCES, a new innovative market for trading private company shares, combining features of private and public markets. 

    Companies and investors using the platform will benefit from greater flexibility and have greater freedom to choose when and to whom their shares are traded with, and they will only be required to disclose information ahead of trading. 

    The platform will act as a stepping stone for companies eyeing a listing in future preparing and easing the journey to an IPO. 

    With many companies choosing to stay private for longer, there is increasing demand for investors, including angel investors and employees, to be able to trade shares in private companies more easily.

    The Financial Conduct Authority will publish their rules underpinning PISCES shortly after the legislation comes into force. Thereafter, those wishing to operate PISCES trading events can apply to the FCA. We expect to see the first PISCES trading events take place later this year.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Local roll-out of national 20mph strategy underway

    Source: Scotland – City of Perth

    By the end of 2025, all unrestricted roads in urban areas around Scotland will have a default 20mph speed limit under the Transport Scotland strategy. The aim is to consistently reduce the risk of conflict between different road users and therefore also cut the levels of road traffic collisions and casualties across the country. 

    All urban streets within Perth and Kinross have been assessed, and adjustments to speed limits made in agreement with the councillors for each ward. Some key transport routes into larger towns will continue to have a 30mph speed limit on the periphery of the settlement but be lowered to 20mph in the town centres themselves. Where A and B roads have limited buildings along them, or have housing restricted to one side of the road, the 30mph limit will be retained.  

    The assessment has additionally identified locations for new 30mph and 40mph limits, and where these limits already exist, those locations which should be amended because of the new 20mph limit being introduced.  

    Each change is being put in place via a Temporary Traffic Regulation Order (TTRO), which can be in place for up to 18 months, and would be made permanent if the change proves successful. All the new 20mph limits are being introduced, in the first instance, through road signage at the beginning and end of the speed limit section and reminder signs within it to highlight the change.  

    The impact of the changes will be assessed via speed monitoring at selected sites representing the different road environments within the Council’s network. The data gathered in this way will also help determine where physical speed reduction measures may be needed in addition to the road signs. 

    Introduction of the new speed limits by geographic area is already underway, with new signs installed in Crieff and Comrie along the A85 corridor at the same time as works being carried out by BEAR Scotland, along with works as part of the Cross Tay Link Road mitigation measures. The third phase, covering Braco, Greenloaning and Muthill (Council Ward 7) is now underway following site meetings with local community councils. 

    Convener of Economy and Infrastructure, Councillor Eric Drysdale said: “Improving the consistency of speed limits in our urban areas is important in trying to protect road users, particularly the most vulnerable, and reduce collisions. The changes being made over the course of 2025 as part of delivering locally on the national strategy from Transport Scotland are intended to make a real difference to road safety in Perth and Kinross. I would encourage motorists to be aware of the changes and drive to the new speed limits as they are put in place.” 

    Inspector Gordon Dickson from Police Scotland said: “Road safety is a priority and we work closely with partner agencies to ensure this. 

    “The dangers of speeding are well-known. People who speed not only put themselves at risk, but also other members of the public and drivers should take responsibility for their own actions when they get behind the wheel. 

    “We urge drivers to remain within the speed limit and help ensure safety for themselves and other road users.” 

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Exclusive: Developing countries should unite against US tariff abuses – think tank

    Translation. Region: Russian Federal

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

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

    GENEVA, May 15 (Xinhua) — The United States uses tariffs as a strategic tool to extract concessions beyond trade, Carlos Correa, executive director of the South Center, said in a recent exclusive interview with Xinhua.

    He warned that such unilateral measures could cause serious harm to developing countries if not met with a strong and coordinated response.

    The South Centre, an intergovernmental think tank of the Global South, is headquartered in Geneva, Switzerland. The organisation seeks to advance the common interests of the countries of the South while respecting their diversity.

    Correa criticized the unilateral imposition of US tariffs, noting that they have caused serious harm to developing economies, especially the least developed countries. “The consequences could be very significant: loss of jobs, even the closure of some industries and farms, rising debts and interest rates if the situation continues,” he added.

    He also refuted the American narrative that the US trade deficit is caused by unfair practices of other countries, pointing to structural problems in the American economy. He warned that the US uses tariffs for selfish purposes, such as preferential access to mineral resources, which undermines the interests of most developing countries.

    No country should ignore the international trading system, Correa stressed, calling on developing countries to strengthen cooperation to solve problems “created by one country.”

    He noted that only through dialogue and collective action can the Global South protect its common interests and contribute to a balanced world economy. “Our advice to developing countries remains: do not avoid dialogue, but protect your interests and support a multilateral system that is effective in ensuring that rules serve not just one large economy, but the economies of all countries within the system,” Correa said.

    Underlining the continued importance of the World Trade Organization (WTO), Correa called it the most comprehensive platform for coordination and dispute resolution. He called on developing countries to actively participate in WTO reforms to enhance the transparency and inclusiveness of the organization, thereby strengthening its legitimacy and effectiveness.

    Correa also praised China’s active role in promoting South-South cooperation. “China has made active efforts to promote South-South cooperation, which has opened up broad opportunities for increasing trade among developing countries,” he said. –0–

    MIL OSI Russia News –

  • MIL-OSI China: China’s service trade fair to open in September

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

    BEIJING, May 15 — The 2025 China International Fair for Trade in Services (CIFTIS) is scheduled to open on Sept. 10 in Beijing, with Australia invited as the guest country of honor.

    Starting this year, the fair will adopt a fixed schedule, opening on the second Wednesday of September every year, Zhao Qizhou, an official with the Beijing Municipal Commerce Bureau, told a press conference on Thursday.

    It will be held at Shougang Park, a 3-square-kilometer industrial heritage site and a previous venue of the Beijing 2022 Winter Olympics.

    The fair consists of sectors including finance, culture and tourism, education, sports, supply chain and healthcare services.

    The event will run for five days — the first three days designated for professional visitors and the last two for public access.

    The Global Trade in Services Summit, co-hosted by the United Nations Conference on Trade and Development, China’s Ministry of Commerce and the Beijing municipal government, will be held on Sept. 10.

    Since its inception in 2012, CIFTIS has brought together enterprises from around the world to share opportunities stemming from China’s opening up and development of trade in services.

    Last year’s edition attracted over 450 Fortune 500 enterprises and companies taking the lead in their respective industries, as well as participants from 85 countries and international organizations.

    MIL OSI China News –

  • MIL-OSI Global: Where do cuts to USAID leave the future of foreign aid in Africa? Podcast

    Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

    Three months after the Trump administration made drastic cuts to its aid agency, USAID, the effects are being felt across the world, particularly in Africa.

     Donald Trump has long been a critic of foreign aid, arguing that it’s not aligned with American interests. But he is  by no means the first person to criticise the aid industry. Debates about the effectiveness of foreign aid have rumbled on for decades, taking in everything from the way development assistance is distributed, to what happens to countries which become dependent on it.

    In this episode of The Conversation Weekly podcast, we speak to Bright Simons, an African aid expert and visiting senior fellow at ODI Global, about where the decimation of USAID leaves the debate about the future of development assistance.

    Bright Simons tells The Conversation that in broad terms, USAID spending in Africa is pretty small: “It’s about US$12 billion (£9 billion) roughly, so you’re talking about less than 0.5% of GDP in Africa.”

    A lot of the aid spending on the continent was targeted at life-saving programmes in specific programmes, for example HIV programmes in Nigeria and Uganda. At the same time, some countries such as South Sudan or Rwanda rely heavily on aid. “ It’s not the same picture all across the continent, but there were specific spots that were very badly hit,” says Simons.

    The USAID cuts come amid a general reduction in overseas development assistance by 7% in 2024 compared to 2023, the first fall in five years. The UK government has also announced its intention to reduce the percentage of gross national income it spends on aid from 0.5% to 0.3% from 2027.

    No learning curve

    Simons believes the crisis in aid is bigger than Trump. He’s critical of the lack of accountability in the way aid is spent both through the western model of development spending and through the more transactional approach of countries such as Russia, India or the United Arab Emirates. He argues that policies and programmes are often put in place and promoted with little scrutiny on the ground, and weak oversight on the way they’re delivered.

    “ You don’t have a learning curve to get out of aid because you don’t know enough about what is working, what is not working, why it’s working, why it’s not working to chart a path that gets you away from that dependency,” says Simons.

    Simons suggests that aid delivered through multilateral institutions does have advantages over bilateral agreements between countries. “ In theory, there is room for that kind of accountability. Whether or not you are allowed to actually exercise it as a different matter,” he says.

    However, Simons suggests one response to the current reduction in foreign aid could be for multilateral institutions to borrow more money from capital markets and lend it on to low-income countries.

    Listen to Simons talk about the history and future of aid on The Conversation Weekly podcast. The episode also includes an introduction with Adejuwon Soyinka, West Africa editor at The Conversation Africa.

    This episode of The Conversation Weekly was written and produced by Mend Mariwany and Gemma Ware. Mixing and sound design by Eloise Stevens and theme music by Neeta Sarl.

    Newsclips in this episode from CBS News, CBS Evening News and DW News.

    Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here. A transcript of this episode is available on Apple Podcasts.

    Bright Simons is Honorary Vice-President at IMANI, a think tank in Ghana. He is President of mPedigree, a technology social enterprise.

    – ref. Where do cuts to USAID leave the future of foreign aid in Africa? Podcast – https://theconversation.com/where-do-cuts-to-usaid-leave-the-future-of-foreign-aid-in-africa-podcast-256608

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Pension Scheme reforms to boost benefits and tackle inequality

    Source: United Kingdom – Executive Government & Departments

    Press release

    Pension Scheme reforms to boost benefits and tackle inequality

    Changes will mean more money in the pockets of hard-working people when they reach retirement, delivering on government’s Plan for Change

    Street cleaners, school cooks and other dedicated public servants are set to benefit from a package of reforms to the Local Government Pension Scheme (LGPS) that will end discrimination and lead to more money in people’s pockets.     

    Today’s measures build on the government’s wider Make Work Pay agenda that will back millions of workers by banning exploitative zero-hours contracts and ending ‘Fire and Rehire’ and ‘Fire and Replace’ practices.  

    Under measures announced today, the Local Government Pension Scheme for England and Wales will become the first public service pension scheme – of which three quarters are women – to make the last 13 weeks of statutory maternity pay automatically pensionable. 

    And issues with current regulations that saw survivors of members receiving smaller pensions on the basis of their relationship type will be fixed – ending historic inequalities.  

    These steps will directly benefit people working on the front line, serving school lunches, cleaning buildings, managing libraries and cleaning streets. 

    Loopholes that allow those guilty of serious offences to continue benefitting from the pension scheme will also be closed, as part of a crackdown to ensure public servants’ money does not go to those who do not deserve it.   

    Deputy Prime Minister, Angela Rayner said: 

    “These historic changes will give hard working street cleaners, librarians, school cooks and other public servants the security that they deserve.  

    “This is a critical step in ending years of discrimination, backing our dedicated public servants and helping to Make Work Pay.”

    Minister of State for Local Government and English Devolution, Jim McMahon OBE MP, said: 

    “Having worked in local government for years, I know first-hand how much those who help keep the lights on across the country rely on the Local Government Pension Scheme. 

    “Through these reforms, we will make sure they are properly rewarded and able to enjoy their hard-earned retirement.”

    Minister for Pensions Torsten Bell MP said:  

    “Today’s changes will ensure more public servants get the benefits and security they deserve.  

    “Our reforms to Local Government Pension Schemes are bringing fairness and equality to workers, while boosting the potential of schemes to drive opportunity and growth in local communities.”

    Latest estimates show 74 per cent of the scheme’s seven million members are women, and one of the most significant gaps in a woman’s pensionable service is often maternity leave.  

    Making the final 13 weeks’ leave automatically pensionable will be a significant improvement and help close the gender pensions gap women face.    

    Another issue the reforms aim to address is a disparity in survivor benefits – which are paid to the scheme’s members’ partners upon their death.   

    Due to issues with the existing regulations, there have been instances where those in same-sex marriages and civil partnerships receive a more generous pension entitlement than those in opposite-sex marriages and partnerships. But under proposed reforms, all discrimination on the basis of the sex of those affected will be removed.    

    In addition, an age cap currently in place that requires an LGPS member to have died before the age of 75 for their survivor to receive a lump sum payment will also be abolished.    

    The government is also taking steps to keep people in the scheme by enhancing data collection on why people opt out, in a bid to ensure as many people as possible benefit.    

    A consultation on the proposed reforms to LGPS members’ benefits is now open for 12 weeks, and those affected are encouraged to register their views.    

    Other measures the government is taking to make work pay include:  

    • Banning exploitative zero-hours contracts  

    • Ending ‘Fire and Rehire’ and ‘Fire and Replace’ practices  

    • Strengthening statutory sick pay

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: SHELL PLC – REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2024

    Source: GlobeNewswire (MIL-OSI)

    Shell plc – Report on Payments to Governments for the year 2024

    Basis for preparation – Report on Payments to Governments for the year 2024
    This Report provides a consolidated overview of the payments to governments made by Shell plc and its subsidiary undertakings (hereinafter referred to as “Shell”) for the year 2024 as required under the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large UK incorporated companies like Shell that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. This Report is also filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom. This Report is also published pursuant to article 5:25e of the Dutch FMSA (Wft) and is furnished with the US Securities and Exchange Commission (“SEC”) according to Section 13(q) under the US Securities Exchange Act of 1934.

    This Report is available for download from www.shell.com/payments.

    Legislation
    This Report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015.

    Reporting entities
    This Report includes payments to governments made by Shell plc and its subsidiary undertakings (Shell). Payments made by entities where Shell has joint control are excluded from this Report.

    Activities
    Payments made by Shell to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report. It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. For a fully integrated project, which does not have an interim contractual cut-off point where a value can be attached or ascribed separately to the extractive activities and to other processing activities, payments to governments are not artificially split but are disclosed in full.

    Government
    Government includes any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government, including a national oil company.

    Project
    Payments are reported at project level, except those payments that are not attributable to a specific project which are reported at entity level. Project is defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project.

    “Substantially interconnected” means forming a set of operationally and geographically integrated contracts, licences, leases or concessions or related agreements with substantially similar terms that are signed with a government giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture, production sharing agreement or other overarching legal agreement. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.

    Payment
    The information is reported under the following payment types:

    Production entitlements
    These are the host government’s share of production in the reporting period derived from projects operated by Shell. This includes the government’s share as a sovereign entity or through its participation as an equity or interest holder in projects within its sovereign jurisdiction (home country). Production entitlements arising from activities or interests outside of its home country are excluded.

    In certain contractual arrangements, typically a production sharing contract, a government through its participation interest may contribute funding of capital and operating expenditure to projects, from which it derives production entitlement to cover such funding (cost recovery). Such cost recovery production entitlement is included.

    In situations where a government settles Shell’s income tax obligation on behalf of Shell by utilising its share of production entitlements (typically under a tax-paid concession), such amount will be deducted from the reported production entitlement.

    Taxes
    These are taxes paid by Shell on its income, profits or production (which include resource severance tax and petroleum resource rent tax), including those settled by a government on behalf of Shell under a tax-paid concession. Payments are reported net of refunds. Consumption taxes, personal income taxes, sales taxes, property and environmental taxes are excluded.

    Royalties
    These are payments for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken.

    Dividends
    These are dividend payments other than dividends paid to a government as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. For the year ended December 31, 2024, there were no reportable dividend payments to a government.

    Bonuses
    These are payments for bonuses. These are usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced, or production has reached a milestone.

    Licence fees, rental fees, entry fees and other considerations for licences and/or concessions
    These are fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government.

    Infrastructure improvements
    These are payments which relate to the construction of infrastructure (road, bridge or rail) not substantially dedicated for the use of extractive activities. Payments which are a social investment in nature, for example building of a school or hospital, are excluded.

    Other
    Operatorship
    When Shell makes a payment directly to a government arising from a project, regardless of whether Shell is the operator, the full amount paid is disclosed even where Shell as the operator is proportionally reimbursed by its non-operating venture partners through a partner billing process (cash-call).

    When a national oil company is the operator of a project to whom Shell makes a reportable payment, which is distinguishable in the cash-call, it is included in this Report.

    Cash and in-kind payments
    Payments are reported on a cash basis. In-kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value, or such value as stated in the contract. In-kind payments are reported in both volumes and the equivalent cash value.

    Materiality level
    For each payment type, total payments below £86,000 to a government are excluded from this Report.

    Exchange rate
    Payments made in currencies other than US dollars are translated for this Report based on the foreign exchange rate at the relevant quarterly average rate.

    Report on Payments to Governments [1]

    Summary report (in USD)
    Countries Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Europe              
    Germany         –         243,935,441         –         –         –         –         243,935,441
    Italy         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
    Norway         2,083,221,642         1,300,962,023         –         –         122,391         –         3,384,306,056
    United Kingdom         –         -16,649,747         –         –         11,483,529         –         -5,166,218
    Asia              
    Brunei         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353
    China         –         10,343,616         –         –         –         –         10,343,616
    India         –         -17,715,638         –         –         –         –         -17,715,638
    Kazakhstan         –         242,741,780         –         –         –         –         242,741,780
    Malaysia         2,317,002,807         305,924,901         500,008,822         –         –         –         3,122,936,530
    Middle East              
    Oman         633,711,368         3,954,062,451         –         –         900,000         –         4,588,673,819
    Qatar         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Oceania              
    Australia         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028
    Africa              
    Egypt         –         41,164,348         –         1,836,435         –         –         43,000,783
    Nigeria         3,804,949,166         648,734,398         780,231,463         –         102,925,166         –         5,336,840,193
    Sao Tome and Principe         –         –         –         1,300,000         –         –         1,300,000
    Tanzania         –         –         –         –         140,000         –         140,000
    Tunisia         –         24,904,580         4,941,633         –         –         –         29,846,213
    North America              
    Canada         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846
    Mexico         –         –         –         –         21,527,002         –         21,527,002
    USA         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870
    South America              
    Argentina         53,082,051         1,984,309         143,969,668         –         123,276         –         199,159,304
    Brazil         327,688,819         656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247
    Colombia         –         –         –         –         489,880         –         489,880
    Trinidad and Tobago         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992
    Total         11,387,783,976         10,456,840,201         4,322,795,167         12,976,786         1,913,987,033         1,127,250         28,095,510,413

    [1] The figures in this Report are rounded.

    Germany

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    FEDERAL CENTRAL TAX OFFICE         –         294,891,077         –         –         –         –         294,891,077
    MUNICIPALITY OF COLOGNE         –         -2,763,591         –         –         –         –         -2,763,591
    MUNICIPALITY OF DINSLAKEN         –         -386,534         –         –         –         –         -386,534
    MUNICIPALITY OF GELSENKIRCHEN         –         -483,145         –         –         –         –         -483,145
    MUNICIPALITY OF OSTSTEINBEK         –         584,685         –         –         –         –         584,685
    MUNICIPALITY OF WESSELING         –         -3,943,262         –         –         –         –         -3,943,262
    TAX AUTHORITY HAMBURG         –         -43,963,789         –         –         –         –         -43,963,789
    Total         –         243,935,441         –         –         –         –         243,935,441
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    DEUTSCHE SHELL HOLDING GmbH         –         243,935,441         –         –         –         –         243,935,441
    Total         –         243,935,441         –         –         –         –         243,935,441

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Italy

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    CALVELLO MUNICIPALITY         –         –         884,083         –         –         –         884,083
    CORLETO PERTICARA MUNICIPALITY         –         –         1,964,671         –         –         –         1,964,671
    GORGOGLIONE MUNICIPALITY         –         –         302,257         –         –         –         302,257
    GRUMENTO NOVA MUNICIPALITY         –         –         505,190         –         –         –         505,190
    MARSICO NUOVO MUNICIPALITY         –         –         378,893         –         –         –         378,893
    MARSICOVETERE MUNICIPALITY         –         –         126,298         –         –         –         126,298
    MONTEMURRO MUNICIPALITY         –         –         126,298         –         –         –         126,298
    REGIONE BASILICATA         –         –         44,157,199         –         79,302,465         –         123,459,664
    TESORERIA PROVINICIALE DELLO STATO         –         4,128,063         22,264,135         –         718,305         –         27,110,503
    VIGGIANO MUNICIPALITY         –         –         3,504,758         –         200,016         –         3,704,774
    Total         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ITALY UPSTREAM ASSET         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
    Total         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Norway

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    EQUINOR ASA         853,946,278 [A]         –         –         –         –         –         853,946,278
    PETORO AS         1,229,275,364 [B]         –         –         –         –         –         1,229,275,364
    SKATTEETATEN         –           1,300,962,023         –         –         –         –         1,300,962,023
    SOKKELDIREKTORATET         –           –         –         –         122,391         –         122,391
    Total         2,083,221,642           1,300,962,023         –         –         122,391         –         3,384,306,056
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    ORMEN LANGE         2,083,221,642 [C]         –         –         –         –         –         2,083,221,642
    Entity level payment                
    A/S NORSKE SHELL         —           1,300,962,023         –         –         122,391         –         1,301,084,414
    Total         2,083,221,642           1,300,962,023         –         –         122,391         –         3,384,306,056

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $853,946,278 for 12,291 thousand barrels of oil equivalent (kboe) valuated at market price. 

    [B] Includes payment in kind of $1,229,275,364 for 17,693 kboe valuated at market price. 

    [C] Includes payment in kind of $2,083,221,642 for 29,984 kboe valuated at market price.

    United Kingdom

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    HM REVENUE AND CUSTOMS         –         -16,649,747         –         –         –         –         -16,649,747
    NORTH SEA TRANSITION AUTHORITY         –         –         –         –         11,355,210         –         11,355,210
    THE CROWN ESTATE SCOTLAND         –         –         –         –         128,319         –         128,319
    Total         –         -16,649,747         –         –         11,483,529         –         -5,166,218
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BRENT AND OTHER NORTHERN NORTH SEA PROJECTS         –         -32,113,820         –         –         563,325         –         -31,550,495
    ONEGAS WEST         –         –         –         –         3,232,597         –         3,232,597
    UK EXPLORATION PROJECTS         –         –         –         –         1,117,783         –         1,117,783
    UK OFFSHORE OPERATED         –         –         –         –         2,119,313         –         2,119,313
    WEST OF SHETLAND NON-OPERATED         –         –         –         –         1,076,456         –         1,076,456
    Entity level payment              
    SHELL U.K. LIMITED         –         15,464,073         –         –         3,374,055         –         18,838,128
    Total         –         -16,649,747         –         –         11,483,529         –         -5,166,218

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Brunei

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    MINISTRY OF FINANCE AND ECONOMY         –         44,229,620         –         –         –         –         44,229,620
    PETROLEUM AUTHORITY OF BRUNEI DARUSSALEM         3,983,642         –         8,660,091         –         –         –         12,643,733
    Total         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    SHELL DEEPWATER BORNEO B.V.         –         39,001,133         –         –         –         –         39,001,133
    SHELL EXPLORATION AND PRODUCTION BRUNEI B.V.         3,983,642         5,228,487         8,660,091         –         –         –         17,872,220
    Total         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    China

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    TIANJIN MUNICIPAL TAXATION BUREAU         –         5,911,867         –         –         –         –         5,911,867
    YULIN MUNICIPAL TAXATION BUREAU         –         4,431,749         –         –         –         –         4,431,749
    Total         –         10,343,616         –         –         –         –         10,343,616
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    SHELL CHINA EXPLORATION AND PRODUCTION COMPANY LIMITED         –         10,343,616         –         –         –         –         10,343,616
    Total         –         10,343,616         –         –         –         –         10,343,616

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    India

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    INCOME TAX DEPARTMENT         –         -17,715,638         –         –         –         –         -17,715,638
    Total         –         -17,715,638         –         –         –         –         -17,715,638
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    BG EXPLORATION AND PRODUCTION INDIA LIMITED         –         -17,715,638         –         –         –         –         -17,715,638
    Total         –         -17,715,638         –         –         –         –         -17,715,638

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Kazakhstan

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    WEST KAZAKHSTAN TAX COMMITTEE         –         242,741,780         –         –         –         –         242,741,780
    Total         –         242,741,780         –         –         –         –         242,741,780
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    KARACHAGANAK         –         242,741,780         –         –         –         –         242,741,780
    Total         –         242,741,780         –         –         –         –         242,741,780

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Malaysia

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                  
    BRUNEI NATIONAL PETROLEUM COMPANY SENDIRIAN BERHAD         301,048,915 [A]         –         –           –         –         –         301,048,915
    LEMBAGA HASIL DALAM NEGERI         –           305,924,901         –           –         –         –         305,924,901
    MALAYSIA FEDERAL AND STATE GOVERNMENTS         –           –         469,060,363 [B]         –         –         –         469,060,363
    PETROLEUM SARAWAK EXPLORATION AND PRODUCTION SDN. BHD.         74,656,856 [C]         –         –           –         –         –         74,656,856
    PETROLIAM NASIONAL BERHAD         990,078,563 [D]         –         30,948,459           –         –         –         1,021,027,022
    PETRONAS CARIGALI SDN. BHD.         951,218,473 [E]         –         –           –         –         –         951,218,473
    Total         2,317,002,807           305,924,901         500,008,822           –         –         –         3,122,936,530
                       
    Project report (in USD)
      Production entitlements   Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                  
    SABAH GAS (NON-OPERATED)         –           16,208,714         3,017,327           –         –         –         19,226,041
    SABAH INBOARD AND DEEPWATER OIL         1,435,194,825 [F]         158,435,164         303,452,674 [G]         –         –         –         1,897,082,663
    SARAWAK OIL AND GAS         881,807,982 [H]         116,047,586         193,538,821 [I]         –         –         –         1,191,394,389
    Entity level payment                  
    SABAH SHELL PETROLEUM COMPANY LIMITED         –           4,502,043         –           –         –         –         4,502,043
    SARAWAK SHELL BERHAD         –           3,394,907         –           –         –         –         3,394,907
    SHELL ENERGY ASIA LIMITED         –           2,616,753         –           –         –         –         2,616,753
    SHELL OIL AND GAS (MALAYSIA) LLC         –           595,653         –           –         –         –         595,653
    SHELL SABAH SELATAN SENDRIAN BERHAD         –           4,124,081         –           –         –         –         4,124,081
    Total         2,317,002,807           305,924,901         500,008,822           –         –         –         3,122,936,530

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $301,048,915 for 3,355 thousand barrels of oil equivalent (kboe) valuated at market price. 

    [B] Includes payment in kind of $342,702,511 for 3,909 kboe valuated at market price and $126,357,852 for 6,336 kboe valuated at fixed price. 

    [C] Includes payment in kind of $59,554,178 for 3,011 kboe valuated at fixed price and $15,102,678 for 201 kboe valuated at market price. 

    [D] Includes payment in kind of $783,520,240 for 8,933 kboe valuated at market price and $209,732,743 for 10,921 kboe valuated at fixed price.

    [E] Includes payment in kind of $624,146,940 for 7,163 kboe valuated at market price and $327,071,533 for 16,397 kboe valuated at fixed price.

    [F] Includes payment in kind of $1,435,194,825 for 15,977 kboe valuated at market price.

    [G] Includes payment in kind of $297,371,578 for 3,339 kboe valuated at market price.

    [H] Includes payment in kind of $596,358,454 for 30,329 kboe valuated at fixed price and $288,623,948 for 3,675 kboe valuated at market price.

    [I] Includes payment in kind of $126,357,852 for 6,336 kboe valuated at fixed price and $45,330,933 for 570 kboe valuated at market price.

    Oman

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    MINISTRY OF ENERGY AND MINERALS         633,711,368 [A]         –         –         –         –         –         633,711,368
    MINISTRY OF FINANCE         –           3,954,062,451         –         –         900,000         –         3,954,962,451
    Total         633,711,368           3,954,062,451         –         –         900,000         –         4,588,673,819
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    BLOCK 6 CONCESSION         –           3,954,062,451         –         –         –         –         3,954,062,451
    BLOCK 10 CONCESSION         633,711,368 [A]         –         –         –         400,000         –         634,111,368
    BLOCK 11 CONCESSION         –           –         –         –         250,000         –         250,000
    BLOCK 55 CONCESSION         –           –         –         –         250,000         –         250,000
    Total         633,711,368           3,954,062,451         –         –         900,000         –         4,588,673,819

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $60,839,756 for 4,551 kboe valuated at fixed price and of $572,871,612 for 7,095 kboe valuated at the government’s selling price.

    Qatar

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    QATARENERGY         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Total         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    PEARL GTL         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Total         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Australia

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AUSTRALIAN TAXATION OFFICE         –         1,277,737,693         –         –         –         –         1,277,737,693
    BANANA SHIRE COUNCIL         –         –         –         –         217,920         –         217,920
    FEDERAL DEPARTMENT OF INDUSTRY, SCIENCE AND RESOURCES         –         –         111,989,284         –         –         –         111,989,284
    QUEENSLAND REVENUE OFFICE         –         –         356,590,166         –         –         –         356,590,166
    QUEENSLAND DEPARTMENT OF ENVIRONMENT AND SCIENCE         –         –         –         –         935,554         –         935,554
    QUEENSLAND DEPARTMENT OF NATURAL RESOURCES AND MINES         –         –         –         –         581,472         –         581,472
    RESOURCES SAFETY AND HEALTH QUEENSLAND         –         –         –         –         1,359,992         –         1,359,992
    WESTERN DOWNS REGIONAL COUNCIL         –         –         –         –         10,317,519         266,428         10,583,947
    Total         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    NORTH WEST SHELF         –         –         111,989,284         –         –         –         111,989,284
    QGC         –         583,570,540         356,590,166         –         13,412,457         266,428         953,839,591
    Entity level payment              
    SHELL AUSTRALIA PTY LTD         –         694,167,153         –         –         –         –         694,167,153
    Total         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Egypt

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    EGYPTIAN GENERAL PETROLEUM CORPORATION         –         41,164,348         –         1,836,435         –         –         43,000,783
    Total         –         41,164,348         –         1,836,435         –         –         43,000,783
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    EGYPT OFFSHORE DEVELOPMENT         –         41,164,348         –         540,000         –         –         41,704,348
    Entity level payment              
    SHELL EGYPT N.V.         –         –         –         1,296,435         –         –         1,296,435
    Total         –         41,164,348         –         1,836,435         –         –         43,000,783

    [I] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Nigeria

    Government report (in USD) [1]
      Production entitlements   Taxes   Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                    
    FEDERAL INLAND REVENUE SERVICE         –           648,734,398 [A]         –           –         –         –         648,734,398
    NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE         –           –           –           –         3,931,917         –         3,931,917
    NIGER DELTA DEVELOPMENT COMMISSION         –           –           –           –         97,260,899         –         97,260,899
    NIGERIAN NATIONAL PETROLEUM CORPORATION         3,804,949,166 [B]         –           –           –         –         –         3,804,949,166
    NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION         –           –           780,231,463 [C]         –         1,732,350         –         781,963,813
    Total         3,804,949,166           648,734,398           780,231,463           –         102,925,166         –         5,336,840,193
                         
    Project report (in USD)
      Production entitlements   Taxes   Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                    
    EAST ASSET         1,300,681,939 [D]         –           –           –         –         –         1,300,681,939
    PSC 1993 (OML 133)         –           136,652,153 [E]         –           –         –         –         136,652,153
    PSC 1993 (OPL 212/OML 118, OPL 219/OML 135)         649,948,707 [F]         303,125,852 [G]         452,170,096 [H]         –         32,015,797         –         1,437,260,452
    WEST ASSET         1,854,318,520 [I]         –           –           –         –         –         1,854,318,520
    Entity level payment                    
    SHELL NIGERIA EXPLORATION AND PRODUCTION COMPANY LIMITED             –           –           –         440,468         –         440,468
    THE SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED             208,956,393           328,061,367             70,468,901           607,486,661
    Total         3,804,949,166           648,734,398           780,231,463           –         102,925,166         –         5,336,840,193

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $439,778,005 for 5,293 kboe valuated at market price.

    [B] Includes payment in kind of $3,804,949,166 for 80,289 kboe valuated at market price.

    [C] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price. 

    [D] Includes payment in kind of $1,300,681,939 for 49,766 kboe valuated at market price. 

    [E] Includes payment in kind of $136,652,153 for 1,654 kboe valuated at market price. 

    [F] Includes payment in kind of $649,948,707 for 7,916 kboe valuated at market price. 

    [G] Includes payment in kind of $303,125,852 for 3,639 kboe valuated at market price. 

    [H] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price. 

    [I] Includes payment in kind of $1,854,318,520 for 22,607 kboe valuated at market price.

    Sao Tome and Principe

      Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE         –         –         –         1,300,000         –         –         1,300,000
    Total         –         –         –         1,300,000         –         –         1,300,000
                   
      Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    DW BLOCK 4         –         –         –         1,300,000         –         –         1,300,000
    Total         –         –         –         1,300,000         –         –         1,300,000

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Tanzania

      Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    PETROLEUM UPSTREAM REGULATORY AUTHORITY         –         –         –         –         140,000         –         140,000
    Total         –         –         –         –         140,000         –         140,000
                   
      Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BLOCK 1 AND 4         –         –         –         –         140,000         –         140,000
    Total         –         –         –         –         140,000         –         140,000

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Tunisia

      Government report (in USD) [1]
      Production entitlements Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                
    ENTREPRISE TUNISIENNE D’ACTIVITÉS PÉTROLIÈRES         –         –         2,140,627 [A]         –         –         –         2,140,627
    LE RECEVEUR DES FINANCES DU LAC         –         24,904,580         2,801,006           –         –         –         27,705,586
    Total         –         24,904,580         4,941,633           –         –         –         29,846,213
                     
      Project report (in USD)
      Production entitlements Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                
    HASDRUBAL CONCESSION         –         24,904,580         4,941,633 [A]         –         –         –         29,846,213
    Total         –         24,904,580         4,941,633           –         –         –         29,846,213

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $2,140,627 for 37 kboe valuated at market price. 

    Canada

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    GOVERNMENT OF ALBERTA         –         –         656,638         –         119,099         –         775,737
    MINISTRY OF FINANCE (BRITISH COLUMBIA)         –         –         2,915,313         –         625,526         –         3,540,839
    MINISTRY OF JOBS, ECONOMIC DEVELOPMENT AND INNOVATION (BRITISH COLUMBIA)         –         –         –         –         679,158         –         679,158
    PROVINCIAL TREASURER OF ALBERTA         –         60,864,405         –         –         –         –         60,864,405
    RECEIVER GENERAL FOR CANADA         –         111,702,667         1,126,040         –         –         –         112,828,707
    Total         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ATHABASCA OIL SANDS         –         172,567,072         –         –         –         –         172,567,072
    FOOTHILLS         –         –         1,126,040         –         –         –         1,126,040
    GREATER DEEP BASIN         –         –         656,638         –         119,099         –         775,737
    GROUNDBIRCH         –         –         2,915,313         –         1,304,684         –         4,219,997
    Total         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Mexico

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    FONDO MEXICANO DEL PETRÓLEO PARA LA ESTABILIZACIÓN Y EL DESARROLLO         –         –         –         –         17,154,483         –         17,154,483
    SERVICIO DE ADMINISTRACIÓN TRIBUTARIA         –         –         –         –         4,372,519         –         4,372,519
    Total         –         –         –         –         21,527,002         –         21,527,002
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    MEXICO EXPLORATION DEEPWATER         –         –         –         –         21,527,002         –         21,527,002
    Total         –         –         –         –         21,527,002         –         21,527,002

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    USA

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    ALASKA DEPARTMENT OF NATURAL RESOURCES         –         –         –         –         243,408         –         243,408
    COMMONWEALTH OF PENNSYLVANIA         –         -400,000         –         –         –         –         -400,000
    INTERNAL REVENUE SERVICE         –         53,638,500         –         –         –         –         53,638,500
    LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT         –         –         –         –         –         860,822         860,822
    OFFICE OF NATURAL RESOURCES REVENUE         –         –         1,187,594,021         –         80,435,119         –         1,268,029,140
    Total         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ALASKA EXPLORATION         –         –         –         –         243,408         –         243,408
    GULF OF AMERICA (CENTRAL)         –         –         1,076,187,269         –         282,312         –         1,076,469,581
    GULF OF AMERICA (WEST)         –         –         111,406,752         –         126,720         –         111,533,472
    GULF OF AMERICA EXPLORATION         –         –         –         –         80,026,087         –         80,026,087
    Entity level payment              
    SHELL EXPLORATION AND PRODUCTION COMPANY         –         -400,000         –         –         –         –         -400,000
    SHELL OFFSHORE INC.         –         –         –         –         –         860,822         860,822
    SHELL PETROLEUM INC.         –         53,638,500         –         –         –         –         53,638,500
    Total         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Argentina

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO         –           1,984,309         –         –         –         –         1,984,309
    GAS Y PETRÓLEO DEL NEUQUÉN S.A.         53,082,051 [A]         –         –         –         –         –         53,082,051
    PROVINCIA DE SALTA         –           –         2,475,819         –         –         –         2,475,819
    PROVINCIA DEL NEUQUÉN         –           –         141,493,849         –         123,276         –         141,617,125
    Total         53,082,051           1,984,309         143,969,668         –         123,276         –         199,159,304
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    ACAMBUCO         –           –         2,475,819         –         –         –         2,475,819
    ARGENTINA UNCONVENTIONAL PROJECTS         53,082,051 [A]         1,984,309         141,493,849         –         123,276         –         196,683,485
    Total         53,082,051           1,984,309         143,969,668         –         123,276         –         199,159,304

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $53,082,051 for 785 kboe valuated at market price.

    Brazil

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS         –           –         –         9,540,351         –         –         9,540,351
    MINISTÉRIO DA FAZENDA         –           –         1,147,687,680         –         1,556,282,443         –         2,703,970,123
    PRÉ-SAL PETRÓLEO S.A.         327,688,819 [A]         –         –         –         –         –         327,688,819
    RECEITA FEDERAL DO BRASIL         –           656,740,954         –         –         –         –         656,740,954
    Total         327,688,819           656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    BASIN EXPLORATION PROJECTS         –           –         –         9,540,351         3,244,993         –         12,785,344
    BC-10         –           –         31,254,519         –         1,251,598         –         32,506,117
    BIJUPIRA AND SALEMA         –           –         –         –         501,608         –         501,608
    BM-S-9, BM-S-9A, BM-S-11, BM-S-11A AND ENTORNO DE SAPINHOÁ         29,716,011 [B]         –         882,483,636         –         1,551,284,244         –         2,463,483,891
    LIBRA PSC         297,972,808 [C]         –         233,949,525         –         –         –         531,922,333
    Entity level payment                
    SHELL BRASIL PETROLEO LTDA.         –           656,740,954         –         –         –         –         656,740,954
    Total         327,688,819           656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $327,688,819 for 4,585 kboe valuated at market price. 

    [B] Includes payment in kind of $29,716,011 for 410 kboe valuated at market price. 

    [C] Includes payment in kind of $297,972,808 for 4,175 kboe valuated at market price.

    Colombia

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AGENCIA NACIONAL DE HIDROCARBUROS         –         –         –         –         489,880         –         489,880
    Total         –         –         –         –         489,880         –         489,880
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    COLOMBIA EXPLORATION (OPERATED)         –         –         –         –         489,880         –         489,880
    Total         –         –         –         –         489,880         –         489,880

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Trinidad and Tobago

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    MINISTRY OF FINANCE         –         561,771         –         –         –         –         561,771
    MINISTRY OF ENERGY AND ENERGY INDUSTRIES         362,690,585         –         2,210,566         300,000         13,719,070         –         378,920,221
    Total         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BLOCK 5C         84,428,910         –         –         –         1,714,071         –         86,142,981
    CENTRAL BLOCK         –         561,771         2,210,566         –         900,921         –         3,673,258
    COLIBRI         120,876,414         –         –         –         3,332,208         –         124,208,622
    DEEPWATER ATLANTIC AREA         –         –         –         –         537,570         –         537,570
    EAST COAST MARINE AREA         99,098,428         –         –         –         2,100,156         –         101,198,584
    EXPLORATION         –         –         –         300,000         2,017,530         –         2,317,530
    MANATEE         –         –         –         –         847,999         –         847,999
    NORTH COAST MARINE AREA 1         58,286,833         –         –         –         2,268,615         –         60,555,448
    Total         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Cautionary note
    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    The MIL Network –

  • MIL-OSI: Katapult Delivers 15.4% Gross Originations and 10.6% Revenue Growth in the First Quarter, Above Outlook

    Source: GlobeNewswire (MIL-OSI)

    Expects Growth to Accelerate In Second Quarter
    Reiterates 2025 Guidance

    PLANO, Texas, May 15, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today reported its financial results for the first quarter ended March 31, 2025.

    “2025 is off to a strong start and we are well positioned to achieve our full year targets,” said Orlando Zayas, CEO of Katapult. “We achieved double-digit gross originations and revenue growth, driven by increasing engagement with the Katapult app marketplace, including 57% growth in KPay originations. Our marketplace is thriving – from application growth to repeat purchase rates, to high Net Promoter scores and beyond, we believe we have all the hallmarks of a healthy ecosystem and we intend to lean into opportunities to accelerate our growth. We are excited about the future and as we continue to execute on our consumer and merchant initiatives, we feel confident that we can create value for all of our stakeholders.”

    Operating Progress: Recent Highlights

    • Increased activity within the Katapult app marketplace
      • ~59% of first quarter gross originations started in the Katapult app marketplace, making it the single largest customer referral source. Total app originations grew 42% year-over-year.
      • Applications grew ~59% year-over-year in the first quarter
      • Customer satisfaction remained high and Katapult had a Net Promoter Score of 66 as of March 31, 2025
      • 57.4% of gross originations for the first quarter of 2025 came from repeat customers1
    • Grew consumer engagement by adding app functionality and features and executing targeted marketing campaigns
      • KPay conversion rate increased during the first quarter leading to unique customer count growth of more than 65% year-over-year
      • KPay gross originations grew approximately 57% year-over-year in the first quarter; 35% of total gross originations were transacted using KPay
      • Launched Ashley and Bed Bath & Beyond in the Katapult app marketplace, bringing the total number of merchants in our KPay ecosystem to 35
    • Made strong progress against merchant engagement initiatives
      • Direct and waterfall gross originations, which represented 65% of total first quarter originations, grew approximately 40%, excluding the home furnishings and mattress category
      • Continued to expand our waterfall partnerships by kicking off a new partnership with Finti, a modern waterfall financing platform that connects consumers with a curated network of lenders and financing providers
      • Together with several merchant-partners, we launched targeted co-branded, co-promoted marketing campaigns that delivered year-over-year gross originations growth ranging from 7% to more than 75% depending on the campaign

    First Quarter 2025 Financial Highlights

    (All comparisons are year-over-year unless stated otherwise.)

    • Gross originations were $64.2 million, an increase of 15.4%. Excluding the home furnishings and mattress category, gross originations grew 51% year-over-year.
    • Total revenue was $71.9 million, an increase of 10.6%
    • Total operating expenses in the first quarter increased 17.3%. Our fixed cash operating expenses2, which exclude litigation settlement and other non-cash and variable expenses, increased approximately 10.8%.
    • Net loss was $5.7 million for the first quarter of 2025 compared with net loss of $0.6 million reported for the first quarter of 2024. The higher net loss was mainly due to higher cost of sales and higher operating expenses.
    • Adjusted net loss2 was $3.4 million for the first quarter of 2025 compared to adjusted net income of $1.0 million reported for the first quarter of 2024
    • Adjusted EBITDA2 was $2.2 million for the first quarter of 2025 compared to Adjusted EBITDA2 of $5.6 million in the first quarter of 2024. The year-over-year performance was impacted by higher cost of sales related to rapid, faster-than-expected gross originations growth during the first quarter of 2025 and the end of the fourth quarter of 2024.
    • Katapult ended the quarter with total cash and cash equivalents of $14.3 million, which includes $8.3 million of restricted cash. The Company ended the quarter with $77.8 million of outstanding debt on its credit facility.
    • Write-offs as a percentage of revenue were 9.0% in the first quarter of 2025 and are within the Company’s 8% to 10% long-term target range. This compares with 8.4% in the first quarter of 2024.

    [1] Repeat customer rate is defined as the percentage of in-quarter originations from existing customers.
    [2] Please refer to the “Reconciliation of Non-GAAP Measure and Certain Other Data” section and the GAAP to non-GAAP reconciliation tables below for more information.

    Second Quarter and Full Year 2025 Business Outlook

    The Company is continuing to navigate a challenging macro environment particularly within the home furnishings category. Given the current breadth of our merchant selection as well as our plans to introduce new merchants to the Katapult App Marketplace during 2025, our strategic marketing and our strong consumer offering, we believe we are well positioned to deliver continued growth in 2025. We continue to believe that we have a large addressable market of underserved, non-prime consumers, and it’s important to note that lease-to-own solutions have historically benefited when prime credit options become less available.

    Given our quarter-to-date progress, Katapult expects the following results for the second quarter of 2025:

    • 25% to 30% year-over-year increase in gross originations
    • 17% to 20% year-over-year increase in revenue
    • Approximately breakeven Adjusted EBITDA

    Based on the macroeconomic assumptions above and the operating plan in place for the full year 2025, Katapult is reiterating its expectations for full year 2025:

    • We expect gross originations to grow at least 20%

    This outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that there are no significant changes to the macro environment.

    Both our second quarter and full year outlooks assume that the gross originations for the home furnishings and mattress category do not improve materially from our 2024 performance.

    • We also expect to maintain strong credit quality in our portfolio. This will be driven by ongoing enhancements to our risk modeling, onboarding high quality new merchants through integrations, and repeat customers engaging with Katapult Pay
    • Revenue growth is expected to be at least 20%
    • Finally, with the continued execution of our disciplined expense management strategy combined with our growing top-line, we expect to deliver at least $10 million in positive Adjusted EBITDA

    “The first quarter came in stronger than our outlook, and we are continuing to successfully grow our top-line without meaningfully increasing our expense base,” said Nancy Walsh, CFO of Katapult. “The second quarter is off to a great start and we believe we can continue to scale our business by offering a transparent and fair LTO product to consumers and a growth engine to our partners. Our team’s hard work and agile execution is fueling our growth and we are looking forward to a great 2025.”

    Conference Call and Webcast

    The Company will host a conference call and webcast at 8:00 AM ET on Thursday, May 15, 2025, to discuss the Company’s financial results. Related presentation materials will be available before the call on the Company’s Investor Relations page at https://ir.katapultholdings.com. The conference call will be broadcast live in listen-only mode and an archive of the webcast will be available for one year.

    About Katapult

    Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay(R), consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

    Contact

    Jennifer Kull
    VP of Investor Relations
    ir@katapult.com

    Forward-Looking Statements

    Certain statements included in this Press Release and on our quarterly earnings call that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to: in this Press Release and on our associated earnings call, statements regarding our second quarter of 2025 and full year 2025 business outlook and underlying expectations and assumptions and statements regarding our ability to obtain a comprehensive maturity extension amendment to our credit facility. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of our management and are not predictions of actual performance.

    These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, our ability to refinance our indebtedness and continue as a going concern, the execution of our business strategy and expanding information and technology capabilities; our market opportunity and our ability to acquire new customers and retain existing customers; adoption and success of our mobile application featuring Katapult Pay; the timing and impact of our growth initiatives on our future financial performance; anticipated occurrence and timing of prime lending tightening and impact on our results of operations; general economic conditions in the markets where we operate, the cyclical nature of customer spending, and seasonal sales and spending patterns of customers; risks relating to factors affecting consumer spending that are not under our control, including, among others, levels of employment, disposable consumer income, inflation, prevailing interest rates, consumer debt and availability of credit, consumer confidence in future economic conditions, political conditions, and consumer perceptions of personal well-being and security and willingness and ability of customers to pay for the goods they lease through us when due; risks relating to uncertainty of our estimates of market opportunity and forecasts of market growth; risks related to the concentration of a significant portion of our transaction volume with a single merchant partner, or type of merchant or industry; the effects of competition on our future business; meet future liquidity requirements and complying with restrictive covenants related to our long-term indebtedness; the impact of unstable market and economic conditions such as rising inflation and interest rates; reliability of our platform and effectiveness of our risk model; data security breaches or other information technology incidents or disruptions, including cyber-attacks, and the protection of confidential, proprietary, personal and other information, including personal data of customers; ability to attract and retain employees, executive officers or directors; effectively respond to general economic and business conditions; obtain additional capital, including equity or debt financing and servicing our indebtedness; enhance future operating and financial results; anticipate rapid technological changes, including generative artificial intelligence and other new technologies; comply with laws and regulations applicable to our business, including laws and regulations related to rental purchase transactions; stay abreast of modified or new laws and regulations applying to our business, including with respect to rental purchase transactions and privacy regulations; maintain and grow relationships with merchants and partners; respond to uncertainties associated with product and service developments and market acceptance; the impacts of new U.S. federal income tax laws; material weaknesses in our internal control over financial reporting which, if not identified and remediated, could affect the reliability of our financial statements; successfully defend litigation; litigation, regulatory matters, complaints, adverse publicity and/or misconduct by employees, vendors and/or service providers; and other events or factors, including those resulting from civil unrest, war, foreign invasions (including the conflict involving Russia and Ukraine and the Israel-Hamas conflict), terrorism, public health crises and pandemics (such as COVID-19), trade wars, or responses to such events; our ability to meet the minimum requirements for continued listing on the Nasdaq Global Market; and those factors discussed in greater detail in the section entitled “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2024 that we filed with the SEC.

    If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Undue reliance should not be placed on the forward-looking statements in this Press Release or on our quarterly earnings call. All forward-looking statements contained herein or expressed on our quarterly earnings call are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events, except as required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

    Key Performance Metrics

    Katapult regularly reviews several metrics, including the following key metrics, to evaluate its business, measure its performance, identify trends affecting our business, formulate financial projections and make strategic decisions, which may also be useful to an investor: gross originations, total revenue, gross profit, adjusted gross profit and adjusted EBITDA.

    Gross originations are defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period through the Katapult platform. Gross originations do not represent revenue earned. However, we believe this is a useful operating metric for both Katapult’s management and investors to use in assessing the volume of transactions that take place on Katapult’s platform.

    Total revenue represents the summation of rental revenue and other revenue. Katapult measures this metric to assess the total view of pay through performance of its customers. Management believes looking at these components is useful to an investor as it helps to understand the total payment performance of customers.

    Gross profit represents total revenue less cost of revenue, and is a measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”). See the “Non-GAAP Financial Measures” section below for a description and presentation of adjusted gross profit and adjusted EBITDA, which are non-GAAP measures utilized by management.

    Non-GAAP Financial Measures

    To supplement the financial measures presented in this press release and related conference call or webcast in accordance with GAAP, the Company also presents the following non-GAAP and other measures of financial performance: adjusted gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed cash operating expenses. The Company believes that for management and investors to more effectively compare core performance from period to period, the non-GAAP measures should exclude items that are not indicative of our results from ongoing business operations.The Company urges investors to consider non-GAAP measures only in conjunction with its GAAP financials and to review the reconciliation of the Company’s non-GAAP financial measures to its comparable GAAP financial measures, which are included in this press release.

    Adjusted gross profit represents gross profit less variable operating expenses, which are servicing costs, and underwriting fees. Management believes that adjusted gross profit provides a meaningful understanding of one aspect of its performance specifically attributable to total revenue and the variable costs associated with total revenue.

    Adjusted EBITDA is a non-GAAP measure that is defined as net loss before interest expense and other fees, interest income, change in fair value of warrants and loss on issuance of shares, provision for income taxes, depreciation and amortization on property and equipment and capitalized software, provision of impairment of leased assets, loss on partial extinguishment of debt, stock-based compensation expense, litigation settlement and other related expenses, and debt refinancing costs.

    Adjusted net income (loss) is a non-GAAP measure that is defined as net loss before change in fair value of warrants and loss on issuance of shares, stock-based compensation expense and litigation settlement and other related expenses and debt refinancing costs.

    Fixed cash operating expenses is a non-GAAP measure that is defined as operating expenses less depreciation and amortization on property and equipment and capitalized software, stock-based compensation expense, litigation settlement and other related expenses, debt refinancing costs, and variable lease costs such as servicing costs and underwriting fees. Management believes that fixed cash operating expenses provides a meaningful understanding of non-variable ongoing expenses.

    Adjusted gross profit, adjusted EBITDA and adjusted net loss are useful to an investor in evaluating the Company’s performance because these measures:

    • Are widely used to measure a company’s operating performance;
    • Are financial measurements that are used by rating agencies, lenders and other parties to evaluate the Company’s credit worthiness; and
    • Are used by the Company’s management for various purposes, including as measures of performance and as a basis for strategic planning and forecasting.

    Management believes that the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are not part of our core operations, highly variable or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Katapult’s financial results. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net loss, gross profit, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Katapult’s presentation of these measures may not be comparable to similarly titled measures used by other companies.

     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (amounts in thousands, except per share data)
      Three Months Ended March 31,
        2025       2024  
           
    Revenue      
    Rental revenue $ 71,078     $ 64,142  
    Other revenue   868       919  
    Total revenue   71,946       65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Operating expenses   14,885       12,688  
    Income (loss) from operations   (536 )     3,800  
    Interest expense and other fees   (5,144 )     (4,527 )
    Interest income   57       324  
    Change in fair value of warrant liability   (36 )     (162 )
    Loss before income taxes   (5,659 )     (565 )
    Provision for income taxes   (29 )     (5 )
    Net loss $ (5,688 )   $ (570 )
           
    Weighted average common shares outstanding – basic and diluted   4,618       4,242  
           
    Net loss per common share – basic and diluted $ (1.23 )   $ (0.13 )
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (dollars in thousands, except per share data)
      March 31,   December 31,
        2025       2024  
      (unaudited)    
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 5,965     $ 3,465  
    Restricted cash   8,346       13,087  
    Property held for lease, net of accumulated depreciation and impairment   66,913       67,085  
    Prepaid expenses and other current assets   4,445       6,731  
    Total current assets   85,669       90,368  
    Property and equipment, net   244       253  
    Capitalized software and intangible assets, net   2,155       2,076  
    Right-of-use assets, non-current   376       383  
    Security deposits   91       91  
    Total assets $ 88,535     $ 93,171  
    LIABILITIES AND STOCKHOLDERS’ DEFICIT      
    Current liabilities:      
    Accounts payable $ 3,040     $ 1,491  
    Accrued liabilities   18,945       17,372  
    Accrued litigation settlement   2,199       2,199  
    Unearned revenue   5,711       4,823  
    Revolving line of credit, net   77,663       82,582  
    Term loan, net, current   31,490       30,047  
    Lease liabilities   129       179  
    Total current liabilities   139,177       138,693  
    Lease liabilities, non-current   431       444  
    Other liabilities   614       828  
    Total liabilities   140,222       139,965  
    STOCKHOLDERS’ DEFICIT      
    Common stock, $.0001 par value– 250,000,000 shares authorized; 4,483,544 and 4,446,540 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively   —       —  
    Additional paid-in capital   102,452       101,657  
    Accumulated deficit   (154,139 )     (148,451 )
    Total stockholders’ deficit   (51,687 )     (46,794 )
    Total liabilities and stockholders’ deficit $ 88,535     $ 93,171  
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net loss $ (5,688 )   $ (570 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   39,392       34,026  
    Depreciation for early lease purchase options (buyouts)   9,664       7,613  
    Depreciation for impaired leases   6,632       5,636  
    Change in fair value of warrants and other non-cash items   36       162  
    Stock-based compensation   1,066       1,391  
    Amortization of debt discount   963       669  
    Amortization of debt issuance costs, net   88       66  
    Accrued PIK interest expense   480       347  
    Amortization of right-of-use assets   76       76  
    Changes in operating assets and liabilities:      
    Property held for lease   (55,185 )     (45,249 )
    Prepaid expenses and other current assets   2,217       1,029  
    Accounts payable   1,549       754  
    Accrued liabilities   1,573       (4,123 )
    Accrued litigation   (250 )     —  
    Lease liabilities   (63 )     (55 )
    Unearned revenues   888       208  
    Net cash provided by operating activities   3,438       1,980  
    Cash flows from investing activities:      
    Purchases of property and equipment   (24 )     —  
    Additions to capitalized software   (377 )     (126 )
    Net cash used in investing activities   (401 )     (126 )
    Cash flows from financing activities:      
    Proceeds from revolving line of credit   5,128       10,058  
    Principal repayments on revolving line of credit   (10,135 )     (2,840 )
    Repurchases of restricted stock   (271 )     (312 )
    Net cash (used in) provided by financing activities   (5,278 )     6,906  
    Net (decrease) increase in cash, cash equivalents and restricted cash   (2,241 )     8,760  
    Cash and cash equivalents and restricted cash at beginning of period   16,552       28,811  
    Cash and cash equivalents and restricted cash at end of period $ 14,311     $ 37,571  
    Supplemental disclosure of cash flow information:      
    Cash paid for interest $ 3,661     $ 3,382  
    Cash paid for income taxes $ —     $ 112  
    Cash paid for operating leases $ 111     $ 82  
     
    KATAPULT HOLDINGS, INC.
    RECONCILIATION OF NON-GAAP MEASURES AND CERTAIN OTHER DATA (UNAUDITED)
    (amounts in thousands)
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Interest expense and other fees   5,144       4,527  
    Interest income   (57 )     (324 )
    Change in fair value of warrants   36       162  
    Provision for income taxes   29       5  
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Provision for impairment of leased assets   150       173  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259     $ —  
    Debt refinancing costs $ 971       —  
    Adjusted EBITDA $ 2,240     $ 5,630  
     
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Change in fair value of warrants   36       162  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971       —  
    Adjusted net income (loss) $ (3,356 )   $ 983  
     
      Three Months Ended March 31,
        2025       2024  
           
    Operating expenses $ 14,885     $ 12,688  
    Less:      
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Stock-based compensation expense   1,066       1,391  
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971     $ —  
    Fixed cash operating expenses $ 10,402     $ 9,390  
    (in thousands) Three Months Ended March 31,  
        2025       2024  
             
    Total revenue $ 71,946     $ 65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Less:        
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Adjusted gross profit $ 12,492     $ 14,847  
     
    CERTAIN KEY PERFORMANCE METRICS
     
    (in thousands) Three Months Ended March 31,  
        2025       2024  
    Total revenue $ 71,946     $ 65,061  
     
    KATAPULT HOLDINGS, INC.
    GROSS ORIGINATIONS BY QUARTER
        Gross Originations by Quarter
    ($ millions)   Q1   Q2   Q3   Q4
    FY 2025   $ 64.2     $ —     $ —     $ —  
    FY 2024   $ 55.6     $ 55.3     $ 51.2     $ 64.2  
    FY 2023   $ 54.7     $ 54.7     $ 49.6     $ 67.5  
    FY 2022   $ 46.7     $ 46.4     $ 44.1     $ 59.8  
    FY 2021   $ 63.8     $ 64.4     $ 61.0     $ 58.9  

    The MIL Network –

  • MIL-OSI: Xunlei Announces Unaudited Financial Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, May 15, 2025 (GLOBE NEWSWIRE) — Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced its unaudited financial results for the first quarter ended March 31, 2025. 

    First Quarter 2025 Financial Highlights:

    • Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year.
    • Subscription revenues were US$35.7 million, representing an increase of 7.7% year-over-year. 
    • Live-streaming and other services revenues were US$28.4 million, representing an increase of 66.0% year-over-year. 
    • Cloud computing revenues were US$24.7 million, representing a decrease of 18.0% year-over-year. 
    • Gross profit was US$44.1 million, representing an increase of 2.9% year-over-year, and gross profit margin was 49.7% in the first quarter, compared with 53.3% in the same period of 2024. 
    • Net loss was US$0.9 million in the first quarter, compared with net income of US$3.6 million in the same period of 2024. 
    • Non-GAAP net income1 was US$0.1 million in the first quarter, compared with non-GAAP net income of US$4.5 million in the same period of 2024. 
    • Diluted loss per ADS was US$0.01 in the first quarter, compared with diluted earnings per ADS of US$0.06 in the same period of 2024. 
    • Non-GAAP diluted earnings per ADS2 were US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

    “Our quarterly revenue was in line with our expectations, and we achieved consistent top-line growth of 10.5% year-over-year in total revenues to US$88.8 million in the first quarter of 2025,” commented Mr. Jinbo Li, Chairman and Chief Executive Officer of Xunlei. “Notably, our subscription revenue increased by 7.7% year-over-year, primarily due to intensified efforts in diversifying marketing channels for user acquisition. Additionally, the 79.2% year-over-year growth in revenue from our live-streaming business reflected a recovery and an expansion of our market presence overseas. I believe the result underscores our strategic efforts to adapt to international markets, leveraging localized operation and innovative technologies to meet diverse user preferences.” 

    “This year will be pivotal for Xunlei, marked by the strategic acquisition of Hupu and proactive exploration of corporate development initiatives aimed at diversifying revenue streams to achieve sustainable growth in both top-line and bottom-line. Supported by our strong capital structure and ample financial liquidity, we remain committed to delivering value to users while harnessing our outstanding technological capabilities and operational expertise to capitalize on AI-driven applications and other new opportunities, and to create long-term value for shareholders,” Mr. Li concluded.

    First Quarter 2025 Financial Results

    Total Revenues

    Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year. The increase in total revenues was mainly attributable to the increased revenues generated from our subscription business and overseas audio live-streaming business.

    Revenues from subscription were US$35.7 million, representing an increase of 7.7% year-over-year. The increase in subscription revenues was mainly driven by the increase in the number of subscribers. The number of subscribers was 6.04 million as of March 31, 2025, compared with 5.76 million as of March 31, 2024. The average revenue per subscriber for the first quarter was RMB40.9, compared with RMB39.5 in the same period of 2024. The higher average revenue per subscriber was due to the increased proportion of premium subscribers which have higher average revenue per subscriber.

    Revenues from live-streaming and other services were US$28.4 million, representing an increase of 66.0% year-over-year. The increase in live-streaming and other services revenues was mainly due to the increase in revenues from our overseas audio live-streaming businesses.

    Revenues from cloud computing were US$24.7 million, representing a decrease of 18.0% year-over-year. The decrease in cloud computing revenues was mainly due to the reduced sales of our cloud computing services and hardware devices as a result of heightened competition, pricing pressure and evolving regulatory environment.

    Costs of Revenues

    Costs of revenues were US$44.4 million, representing 50.0% of our total revenues, compared with US$37.1 million, or 46.2% of the total revenues, in the same period of 2024. The increase in costs of revenues was mainly attributable to the increase in revenue-sharing expenses in our overseas audio live-streaming operations, generally in line with the growth in live-streaming and other service revenues.

    Bandwidth costs, as included in costs of revenues, were US$26.6 million, representing 30.0% of our total revenues, compared with US$27.1 million, or 33.8% of the total revenues, in the same period of 2024. The decrease in bandwidth costs was primarily due to the reduced sales of our cloud computing services during the quarter, partially offset by the increased usage of Xunlei Cloud as a result of the increased subscribers.

    The remaining costs of revenues mainly consisted of costs related to the revenue-sharing costs for our live streaming business and payment handling charges.

    Gross Profit and Gross Profit Margin

    Gross profit for the first quarter of 2025 was US$44.1 million, representing an increase of 2.9% year-over-year. Gross profit margin was 49.7% in the first quarter of 2025, compared with 53.3% in the same period of 2024. The increase in gross profit was mainly driven by the increase in gross profit generated from our overseas audio live-streaming business and subscription business. The decrease in gross profit margin was mainly attributable to the decreased gross profit margin of cloud computing business.

    Research and Development Expenses

    Research and development expenses for the first quarter of 2025 were US$18.7 million, representing 21.1% of our total revenues, compared with US$17.6 million, or 22.0% of our total revenues, in the same period of 2024. The increase was primarily due to the increased labor costs incurred during the quarter.

    Sales and Marketing Expenses

    Sales and marketing expenses for the first quarter of 2025 were US$15.5 million, representing 17.5% of our total revenues, compared with US$10.1 million, or 12.5% of our total revenues, in the same period of 2024. The increase was primarily due to more marketing expenses incurred during the quarter for our subscription and overseas audio live-streaming businesses as part of our ongoing efforts on user acquisition.

    General and Administrative Expenses

    General and administrative expenses for the first quarter of 2025 were US$11.8 million, representing 13.3% of our total revenues, compared with US$11.1 million, or 13.9% of our total revenues, in the same period of 2024.

    Operating (Loss)/Income

    Operating loss was US$1.9 million, compared with an operating income of US$4.0 million in the same period of 2024. The decrease in operating income was primarily attributable to the decrease in gross profit margin and the increase in sales and marketing expenses during the quarter, compared with the same period of 2024.

    Other Income, Net

    Other income, net was US$1.2 million, compared with other income, net of US$0.3 million in the same period of 2024. The increase was primarily due to impairment on one of our long-term investments that occurred during the first quarter of 2024.

    Net (Loss)/Income and (Loss)/Earnings Per ADS

    Net loss was US$0.9 million compared with net income of US$3.6 million in the same period of 2024. The net loss was primarily due to the increase in operating loss, partially offset by the increased other income as discussed above. Non-GAAP net income was US$0.1 million in the first quarter of 2025, compared with US$4.5 million in the same period of 2024.

    Diluted loss per ADS in the first quarter of 2025 was US$0.01, compared with diluted earnings per ADS of US$0.06 in the first quarter of 2024. Non-GAAP diluted earnings per ADS was US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

    Cash Balance

    As of March 31, 2025, the Company had cash, cash equivalents and short-term investments of US$274.6 million, compared with US$287.5 million as of December 31, 2024. The decrease in cash, cash equivalents and short-term investments was mainly due to the first tranche of payment for the acquisition of Hupu, spending on share repurchase and repayment of bank loans during the quarter, partially offset by the net cash inflow from operating activities.

    Share Repurchase Program

    On June 4, 2024, Xunlei announced that its Board of Directors had authorized a new plan for the repurchase of up to US$20 million of its ADSs or shares over the 12 months that followed. As of March 31, 2025, the Company had spent US$6.5 million on share buybacks under the new share repurchase program, among which US$0.9 million was spent in the first quarter of 2025.

    Guidance for the Second Quarter of 2025

    For the second quarter of 2025, Xunlei estimates total revenues to be between US$91 million and US$96 million, and the midpoint of the range represents a quarter-over-quarter increase of approximately 5.3%. This estimate represents management’s preliminary view as of the date of this press release, which is subject to change and any change could be material.

    Conference Call Information.

    Xunlei’s management will host a conference call at 8:00 a.m. U.S. Eastern Time on May 15, 2025 (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company’s quarterly results and recent business developments.

    Participant Online Registration: https://register-conf.media-server.com/register/BIe31316b11951413ca6026dd0a7227b38

    Please register to join the conference using the link provided above and dial in 10 minutes before the call is scheduled to begin. Once registered, the participants will receive an email with personal PIN and dial-in information, and participants can choose to access either via Dial-In or Call Me. A kindly reminder that “Call Me” does not work for China number.

    The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.xunlei.com. Following the earnings conference call, an archive of the call will be available at https://edge.media-server.com/mmc/p/vrett8r2

    About Xunlei

    Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

    Safe Harbor Statement

    This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “future,” “intends,” “plans,” “estimates” and similar statements. Among other things, the management’s quotations and the “Guidance” section in this press release, as well as the Company’s strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company’s ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company’s ability to keep up with technological developments and users’ changing demands in the internet industry; the Company’s ability to convert its users into subscribers of its premium services; the Company’s ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company’s ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

    About Non-GAAP Financial Measures

    To supplement Xunlei’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Xunlei uses the following measures defined as non-GAAP financial measures by the United States Securities and Exchange Commission: (1) non-GAAP operating (loss)/income, (2) non-GAAP net income, (3) non-GAAP basic and diluted earnings per share for common shares, and (4) non-GAAP basic and diluted earnings per ADS. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

    Xunlei believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding the Company’s operating performance by excluding share-based compensation expenses and impairment loss of goodwill, which are not expected to result in future cash payments. These non-GAAP financial measures also facilitate management’s internal comparisons to Xunlei’s historical performance and assist the Company’s financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a recurring expense in Xunlei’s results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying reconciliation tables at the end of this release include details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.

     
    XUNLEI LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
     
      March 31, Dec 31,
      2025 2024
      US$ US$
    Assets    
         
    Current assets:    
    Cash and cash equivalents 163,136   177,329  
    Short-term investments 111,436   110,209  
    Accounts receivable, net 40,034   32,662  
    Inventories 1,024   1,255  
    Due from related parties 30,482   31,519  
    Prepayments and other current assets 15,464   10,058  
    Total current assets 361,576   363,032  
         
    Non-current assets:    
    Restricted cash 218   218  
    Long-term investments 31,049   30,599  
    Deferred tax assets 10,720   10,528  
    Property and equipment, net 54,631   55,430  
    Intangible assets, net 8,416   8,310  
    Long-term prepayments and other assets 18,718   5,334  
    Operating lease assets 532   450  
    Total assets 485,860   473,901  
         
    Liabilities    
    Current liabilities:    
    Accounts payable 24,900   22,964  
    Due to related parties, current 17   17  
    Contract liabilities, current portion 41,253   39,936  
    Lease liabilities 331   253  
    Income tax payable 10,466   9,386  
    Accrued liabilities and other payables 61,242   52,093  
    Short-term bank borrowings and current portion of long-term bank borrowings 697   2,087  
    Total current liabilities 138,906   126,736  
         
    Non-current liabilities:    
    Contract liabilities, non-current portion 588   458  
    Lease liabilities, non-current portion 174   161  
    Deferred tax liabilities 1,090   1,154  
    Bank borrowings, non-current portion 27,166   27,127  
    Other long-term payables 711   480  
    Total liabilities 168,635   156,116  
         
    Equity    
    Common shares (US$0.00025 par value, 1,000,000,000 shares authorized, 375,001,940 shares issued and 307,351,196 shares outstanding as at December 31, 2024; 375,001,940 issued and 311,860,331 shares outstanding as at March 31, 2025) 78   77  
    Treasury shares (67,650,744 shares and 63,141,609 shares as at December 31, 2024 and March 31, 2025, respectively) 16   16  
    Additional paid-in-capital 477,350   477,244  
    Statutory reserves 8,718   8,718  
    Accumulated other comprehensive loss (21,412 ) (21,694 )
    Accumulated deficits (147,105 ) (146,305 )
    Total Xunlei Limited’s shareholders’ equity 317,645   318,056  
    Non-controlling interests (420 ) (271 )
    Total liabilities and shareholders’ equity 485,860   473,901  
    XUNLEI LIMITED
    Unaudited Condensed Consolidated Statements of (Loss)/Income
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
      Three months ended
       
      Mar 31, Dec 31, Mar 31,
      2025  2024  2024 
      US$ US$ US$
    Revenues, net of rebates and discounts 88,764   84,302   80,359  
    Business taxes and surcharges (310 ) (313 ) (379 )
    Net revenues 88,454   83,989   79,980  
    Costs of revenues (44,350 ) (40,416 ) (37,139 )
    Gross profit 44,104   43,573   42,841  
           
    Operating expenses      
    Research and development expenses (18,743 ) (18,716 ) (17,642 )
    Sales and marketing expenses (15,522 ) (12,461 ) (10,061 )
    General and administrative expenses (11,791 ) (12,102 ) (11,132 )
    Credit loss write-back/(expenses), net 65   (75 ) 26  
    Impairment of goodwill –   (20,748 ) –  
    Total operating expenses (45,991 ) (64,102 ) (38,809 )
           
    Operating (loss)/income (1,887 ) (20,529 ) 4,032  
    Interest income 1,072   1,173   1,221  
    Interest expense (220 ) (139 ) (242 )
    Other income, net 1,234   1,541   290  
    Income/(loss) before income taxes 199   (17,954 ) 5,301  
    Income tax (expense)/benefit (1,145 ) 8,083   (1,663 )
    Net (loss)/income (946 ) (9,871 ) 3,638  
           
    Less: net loss attributable to non-controlling interest (146 ) (97 ) (1 )
    Net (loss)/income attributable to common shareholders (800 ) (9,774 ) 3,639  
           
    (Loss)/earnings per share for common shares      
    Basic (0.0026 ) (0.0312 ) 0.0113  
    Diluted (0.0026 ) (0.0312 ) 0.0112  
           
    (Loss)/earnings per ADS      
    Basic (0.0130 ) (0.1560 ) 0.0565  
    Diluted (0.0130 ) (0.1560 ) 0.0560  
           
    Weighted average number of common shares used in calculating:      
    Basic 306,082,940   313,664,089   323,341,607  
    Diluted 306,082,940   313,664,089   323,491,768  
           
    Weighted average number of ADSs used in calculating:      
    Basic 61,216,588   62,732,818   64,668,321  
    Diluted 61,216,588   62,732,818   64,698,354  
           
           
           
    XUNLEI LIMITED
    Reconciliation of GAAP and Non-GAAP Results
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
      Three months ended
       
      Mar 31, Dec 31, Mar 31,
      2025  2024  2024 
      US$ US$ US$
           
    GAAP operating (loss)/income (1,887 ) (20,529 ) 4,032  
    Share-based compensation expenses 1,058   390   901  
    Impairment of goodwill –   20,748   –  
    Non-GAAP operating (loss)/income (829 ) 609   4,933  
           
    GAAP net (loss)/income (946 ) (9,871 ) 3,638  
    Share-based compensation expenses 1,058   390   901  
    Impairment of goodwill –   20,748   –  
    Non-GAAP net income 112   11,267   4,539  
           
    GAAP (loss)/earnings per share for common shares:      
    Basic (0.0026 ) (0.0312 ) 0.0113  
    Diluted (0.0026 ) (0.0312 ) 0.0112  
           
    GAAP (loss)/earnings per ADS:      
    Basic (0.0130 ) (0.1560 ) 0.0565  
    Diluted (0.0130 ) (0.1560 ) 0.0560  
           
    Non-GAAP earnings per share for common shares:      
    Basic 0.0008   0.0362   0.0140  
    Diluted 0.0008   0.0362   0.0140  
           
    Non-GAAP earnings per ADS:      
    Basic 0.0040   0.1810   0.0700  
    Diluted 0.0040   0.1810   0.0700  
           
    Weighted average number of common shares used in calculating:      
    Basic 306,082,940   313,664,089   323,341,607  
    Diluted 306,082,940   313,664,089   323,491,768  
           
    Weighted average number of ADSs used in calculating:      
    Basic 61,216,588   62,732,818   64,668,321  
    Diluted 61,216,588   62,732,818   64,698,354  


    CONTACT:
    Investor Relations
    Xunlei Limited
    Email: ir@xunlei.com
    Tel: +86 755 6111 1571
    Website: http://ir.xunlei.com

    __________________________
    1 Non-GAAP net income is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.
    2 Non-GAAP earnings per ADS is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.

    The MIL Network –

  • MIL-OSI: Calfrac Reports First Quarter 2025 Results with Record Financial Performance in Argentina

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Calfrac Well Services Ltd. (“Calfrac” or “the Company”) (TSX: CFW) announces its financial and operating results for the three months ended March 31, 2025. The following press release should be read in conjunction with the management’s discussion and analysis and interim consolidated financial statements and notes thereto as at March 31, 2025. Readers should also refer to the “Forward-looking statements” legal advisory and the section regarding “Non-GAAP Measures” at the end of this press release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about Calfrac is available on the SEDAR+ website at www.sedarplus.ca, including the Company’s Annual Information Form for the year ended December 31, 2024.

    CFO’S MESSAGE

    Calfrac achieved revenue of $370.1 million during the first quarter in 2025, a 3 percent decline from the fourth quarter in 2024, primarily due to a normal seasonal slowdown in activity in the Rockies region of North America. As experienced over the last couple of years, activity in the Rockies region continues to be very challenging during the first quarter due to limited customer activity, resulting from the higher costs of operating in extreme cold weather. However, the Company’s Argentina operations delivered a sequential increase in revenue of 56 percent as it operated two unconventional fracturing spreads in the Vaca Muerta shale play for a portion of the first quarter.

    Calfrac’s Chief Financial Officer, Mike Olinek commented: “I am very pleased with the strong operating and financial performance demonstrated by Calfrac’s team in Argentina during the first quarter and look forward to building on this positive momentum throughout the remainder of the year. I am also confident that the Company’s North American DGB fracturing fleets will remain in high demand and allow us to successfully navigate any potential slowdown in North America and deliver on our strategic priorities.”

    SELECT FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

      Three Months Ended Mar. 31,
    		  
      2025   2024   Change  
    (C$000s, except per share amounts) ($)   ($)   (%)  
    (unaudited)      
    Revenue 370,057   330,096   12  
    Adjusted EBITDA(1) 55,317   26,057   112  
    Cash flows provided by operating activities (7,050 ) 11,958   NM  
    Capital expenditures 42,132   48,072   (12 )
    Net income (loss) 7,796   (2,903 ) NM  
    Per share – basic 0.09   (0.03 ) NM  
    Per share – diluted 0.09   (0.03 ) NM  
    As at Mar. 31, Dec. 31, Change  
      2025 2024    
    (C$000s) ($) ($) (%)  
    (unaudited)      
    Cash and cash equivalents 15,463 44,045 (65 )
    Working capital, end of period(2) 266,087 229,856 16  
    Total assets, end of period 1,254,979 1,234,840 2  
    Long-term debt, end of period 341,095 320,908 6  
    Net debt(1)(3) 348,674 300,347 16  
    Total consolidated equity, end of period 660,262 653,330 1  

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Working capital excludes cash and cash equivalents and the current portion of long-term debt of $341.1 million.
    (3)Refer to note 10 of the consolidated interim financial statements for further information.

    FIRST QUARTER OVERVIEW

    In the first quarter of 2025, the Company:

    • generated revenue of $370.1 million, an increase of 12 percent from the first quarter in 2024 resulting primarily from higher pricing and activity in Argentina, offset partially by lower pricing in North America;
    • reported Adjusted EBITDA of $55.3 million versus $26.1 million in the first quarter of 2024 due to record quarterly financial results in Argentina with the commencement of a second large fracturing fleet in the Vaca Muerta shale play during a portion of the first quarter;
    • had cash flow from operating activities of negative $7.1 million, which included $12.7 million of interest paid and cash used for working capital purposes of $35.0 million, as compared to $12.0 million in the first quarter of 2024, which was net of $9.7 million of interest paid and cash used for working capital purposes of $1.6 million;
    • reported net income from continuing operations of $7.8 million or $0.09 per share diluted compared to a net loss of $2.9 million or $0.03 per share diluted during the first quarter in 2024;
    • had a cash position of $15.5 million of which approximately 70 percent was held in Argentina. The Argentina cash balance includes an investment of US$6.1 million in Argentinean government bonds (BOPREAL Bonds) that will be repatriated to Canada before the end of the third quarter in 2025;
    • reported an increase in period-end working capital to $266.1 million from $229.9 million at December 31, 2024, primarily due to an increase in revenue in the first quarter of 2025 with a greater proportion generated from Argentina, which has longer lead times to collection than North America; and
    • incurred capital expenditures of $42.1 million, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment.

    FINANCIAL OVERVIEW – CONTINUING OPERATIONS
    THREE MONTHS AND YEARS ENDED MARCH 31, 2025 VERSUS 2024

    NORTH AMERICA

      Three Months Ended Mar. 31,
    		  
      2025 2024 Change  
    (C$000s, except operational and exchange rate information) ($) ($) (%)  
    (unaudited)      
    Revenue 227,902 248,959 (8 )
    Adjusted EBITDA(1) 6,131 14,872 (59 )
    Adjusted EBITDA (%)(1) 2.7 6.0 (55 )
    Fracturing revenue per job ($) 25,060 33,518 (25 )
    Number of fracturing jobs 8,709 7,176 21  
    Active pumping horsepower, end of year (000s) 898 951 (6 )
    US$/C$ average exchange rate(2) 1.4352 1.3486 6  

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Source: Bank of Canada.

    OUTLOOK

    The uncertainty caused by geopolitical tensions, OPEC+ supply increases, and changes to the United States trade and tariff regimes, have affected the economic outlook for the global economy and triggered a recent decline in near-term crude oil prices. While activity in North America has not been significantly impacted as yet, oil-weighted completion activity is expected to be lower year-over-year, but more resilient than past cycles as a focus on capital discipline by the E&P sector has resulted in activity that only supports the maintenance of current production levels. However, completions activity within the Company’s natural gas producing regions in North America is anticipated to be slightly higher than the previous year given the relative strength in natural gas prices.

    The Company has been evaluating the implication of tariffs across its North American operations over the last few months and has commenced with mitigation efforts, wherever possible, including seeking applicable tariff exemptions for critical items that are sourced from the United States.

    Calfrac’s previously announced Tier IV modernization program is nearing completion. These strategic investments in next-generation Dynamic Gas Blending (“DGB”) pumping technology have resulted in the Company exiting the quarter with the equivalent of five Tier IV DGB fleets operating in the field. Calfrac’s dual-fuel capable fracturing fleets in North America are expected to remain in high demand during the second quarter, despite the current headwinds, and fleet utilization is expected to increase sequentially from the first quarter as certain clients in the Rockies region commence with their 2025 programs.

    THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

    REVENUE

    Revenue from Calfrac’s North American operations decreased to $227.9 million during the first quarter of 2025 from $249.0 million in the comparable quarter of 2024. The Company’s North American activity was impacted by extreme cold weather and was significantly lower than the comparable quarter in 2024 despite the 21 percent increase in the number of jobs completed. The Company’s client mix was different than the comparable period in 2024 with the completion of a larger quantity of smaller jobs, which also impacted the fracturing revenue per job. The Company reduced its operating footprint to 11 active fracturing fleets to begin the first quarter to address the seasonal challenges experienced in the Rockies region. The Company recommenced operations in the Appalachian basin in January with an additional fracturing crew, which helped offset the lower revenue experienced in the Rockies. Pricing in North America was lower relative to the comparable quarter in 2024, which contributed to the 8 percent reduction in revenue. Coiled tubing revenue was consistent with the first quarter in 2024 as slightly lower activity was offset by the completion of larger jobs.

    ADJUSTED EBITDA

    The Company’s operations in North America generated Adjusted EBITDA of $6.1 million or 3 percent of revenue during the first quarter of 2025 compared to $14.9 million or 6 percent of revenue in the same period in 2024. This decrease was primarily due to the decline in fracturing fleet utilization and lower pricing.

    ARGENTINA

      Three Months Ended Mar. 31,
      2025 2024 Change
    (C$000s, except operational and exchange rate information) ($) ($) (%)
    (unaudited)      
    Revenue 142,155 81,137 75
    Adjusted EBITDA(1) 53,265 16,100 231
    Adjusted EBITDA (%)(1) 37.5 19.8 89
    Fracturing revenue per job ($) 124,874 74,354 68
    Number of fracturing jobs 741 672 10
    Active pumping horsepower, end of period (000s) 153 139 10
    US$/C$ average exchange rate(2) 1.4352 1.3486 6

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Source: Bank of Canada.

    OUTLOOK

    Argentina continued to demonstrate year-over-year operational and financial improvement by achieving record quarterly financial performance during the first quarter of 2025. Calfrac expects its full-year financial results in Argentina will be very strong, building on the significant momentum generated during the first quarter. The Company benefited from spot work for its second large fracturing fleet in the Vaca Muerta shale play during the first quarter at operating margins that are not expected to be maintained during the remainder of the year. The Company’s 2025 capital program also contemplates the addition of in-house wireline capabilities in Argentina during the fourth quarter which will further bolster its service offering in Neuquén. Recent Argentina government announcements related to the cash repatriation regime in that country reaffirm the Company’s expectations of a greater ability to repatriate excess cash flow following the completion of its significant 2025 capital program.

    THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

    REVENUE

    Calfrac’s Argentinean operations generated revenue of $142.2 million during the first quarter of 2025 versus $81.1 million in the comparable quarter in 2024. The 75 percent increase in revenue was driven by improved pricing for spot work and an increase in the number of fracturing jobs completed during the quarter. The Company operated two unconventional fracturing fleets in the Vaca Muerta shale play for a portion of the first quarter. The Company also demonstrated growth in activity across its other service lines as the Company permanently transferred equipment from Las Heras to Neuquén following the completion of a long-term contract. The Company’s offshore coiled tubing unit also contributed to the increase in revenue versus the comparable quarter in 2024.

    ADJUSTED EBITDA

    The Company’s operations in Argentina generated Adjusted EBITDA of $53.3 million during the first quarter of 2025 compared to $16.1 million in the same quarter of 2024, while the Company’s Adjusted EBITDA margins increased to 37 percent from 20 percent. This increase was primarily due to the significant revenue growth and efficiencies resulting from operating two unconventional fracturing fleets simultaneously during parts of the quarter and higher pricing for spot work. In addition, the Company received an early termination fee related to the closure of its operations in Las Heras following the completion of a long-term contract with a major client in that region. This revenue offset costs that were incurred in 2024 to permanently close this district.

    SUMMARY OF QUARTERLY RESULTS – CONTINUING OPERATIONS

    Three Months Ended Jun. 30, Sep. 30, Dec. 31, Mar. 31,   Jun. 30, Sep. 30,   Dec. 31,   Mar. 31,
      2023 2023 2023 2024   2024 2024   2024   2025
    (C$000s, except per share and operating data) ($) ($) ($) ($)   ($) ($)   ($)   ($)
    (unaudited)                
    Financial                
    Revenue 466,463 483,093 421,402 330,096   426,047 430,109   381,230   370,057
    Adjusted EBITDA(1) 87,785 91,286 62,591 26,057   65,386 65,039   34,512   55,317
    Net income (loss) 50,531 97,523 13,202 (2,903 ) 24,549 (6,687 ) (6,424 ) 7,796
    Per share – basic 0.62 1.20 0.16 (0.03 ) 0.29 (0.08 ) (0.07 ) 0.09
    Per share – diluted 0.58 1.09 0.15 (0.03 ) 0.29 (0.08 ) (0.07 ) 0.09
    Capital expenditures 30,718 50,825 49,397 48,072   66,753 22,509   32,955   42,132

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.

    CAPITAL EXPENDITURES – CONTINUING OPERATIONS

      Three Months Ended Mar. 31,
    		  
      2025 2024 Change  
    (C$000s) ($) ($) (%)  
    North America 12,941 37,174 (65 )
    Argentina 29,191 10,898 168  
    Continuing Operations 42,132 48,072 (12 )

    Capital expenditures were $42.1 million for the three months ended March 31, 2025, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment versus $48.1 million in the comparable period in 2024.

    Calfrac’s Board of Directors approved a 2025 capital budget totalling approximately $135.0 million. The program includes approximately $50.0 million to facilitate the expansion of the Company’s fracturing operations in the Vaca Muerta shale play in Argentina that will be funded locally from cash flow. The 2025 Argentina capital program includes additional fracturing pumping units, an expansion of the Company’s deep coiled tubing capabilities and the introduction of in-house wireline services. The balance of the 2025 program will fund maintenance capital for all operating divisions as well as additional investments in the North American Tier IV fleet modernization program and coiled tubing fleet. Due to a delay in spending related to the Company’s 2024 capital program, approximately $30.0 million of 2024 capital commitments will be funded in 2025, mainly related to the expansion in Argentina, of which approximately $20.0 million occurred during the first quarter.

    NON-GAAP MEASURES

    Certain supplementary measures presented in this press release, including Adjusted EBITDA, Adjusted EBITDA percentage and Net Debt do not have any standardized meaning under IFRS and, because IFRS have been incorporated as Canadian generally accepted accounting principles (GAAP), these supplementary measures are also non-GAAP measures. These measures have been described and presented to provide shareholders and potential investors with additional information regarding the Company’s financial results, liquidity and ability to generate funds to finance its operations. These measures may not be comparable to similar measures presented by other entities, and are explained below.

    Adjusted EBITDA is defined as net income or loss for the period less interest, taxes, depreciation and amortization, foreign exchange losses (gains), non-cash stock-based compensation, and gains and losses that are extraordinary or non-recurring. Adjusted EBITDA is presented because it gives an indication of the results from the Company’s principal business activities prior to consideration of how its activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges. Adjusted EBITDA is used by management to evaluate the performance of the Company and is also used as a basis for monitoring the Company’s compliance with covenants under the revolving credit facility. Adjusted EBITDA for the period was calculated as follows:

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s) ($)   ($)  
         
    Net income (loss) from continuing operations 7,796   (2,903 )
    Add back (deduct):    
    Depreciation 31,922   27,995  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Restructuring charges 516   —  
    Stock-based compensation (925 ) 2,185  
    Interest, net 7,944   6,032  
    Income taxes 6,247   38  
    Adjusted EBITDA from continuing operations 55,317   26,057  
    Less: IFRS 16 lease payments (3,679 ) (3,235 )
    Less: Argentina EBITDA threshold adjustment(1) (45,397 ) (5,428 )
    Bank EBITDA for covenant purposes 6,241   17,394  

    (1)Refer to note 4 of the Company’s interim consolidated financial statements for the three months ended March 31, 2025.

    Adjusted EBITDA percentage is a non-GAAP financial ratio that is determined by dividing Adjusted EBITDA by revenue for the corresponding period.

    Net Debt is defined as long-term debt less unamortized debt issuance costs plus lease obligations, less cash and cash equivalents from continuing operations. The calculation of net debt is disclosed in note 10 to the Company’s interim consolidated financial statements for the corresponding period.

    OTHER NON-STANDARD FINANCIAL TERMS

    MAINTENANCE AND EXPANSION CAPITAL

    Maintenance capital refers to expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Expansion capital refers to expenditures primarily for new items, upgrades and/or equipment that will expand the Company’s revenue and/or reduce its expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus expansion capital involves judgement by management.

    BUSINESS RISKS

    The business of Calfrac is subject to certain risks and uncertainties. Prior to making any investment decision regarding Calfrac, investors should carefully consider, among other things, the risk factors set forth in the Company’s most recently filed Annual Information Form under the heading “Risk Factors” which is available on the SEDAR+ website at www.sedarplus.ca under the Company’s profile. Copies of the Annual Information Form may also be obtained on request without charge from Calfrac at Suite 500, 407 – 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1E5, or at www.calfrac.com.

    ADDITIONAL INFORMATION

    Calfrac’s common shares are publicly traded on the Toronto Stock Exchange under the trading symbol “CFW”.

    Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout western Canada, the United States and Argentina. During the first quarter of 2022, management committed to a plan to sell the Company’s Russian division, resulting in the associated assets and liabilities being classified as held for sale and presented in the Company’s financial statements as discontinued operations. The results of the Company’s discontinued operations are excluded from the discussion and figures presented above unless otherwise noted. See Note 4 to the Company’s annual consolidated financial statements for the year ended December 31, 2024 for additional information on the Company’s discontinued operations.

    Further information regarding Calfrac Well Services Ltd., including the most recently filed Annual Information Form, can be accessed on the Company’s website at www.calfrac.com or under the Company’s public filings found at www.sedarplus.ca.

    FIRST QUARTER CONFERENCE CALL AND AGM UPDATE

    Calfrac will no longer be conducting the previously announced conference call to review its 2025 first-quarter results on Thursday, May 15, 2025. Any interested parties can reach out to Mike Olinek, Chief Financial Officer at the contact information below should they wish to ask any questions regarding the Company’s quarterly financial results.

    The Company will be holding its Annual General Meeting at 1:30 pm on Thursday May 15, 2025 in the Viking Room of the Calgary Petroleum Club.

    CONSOLIDATED BALANCE SHEETS

      March 31,   December 31,  
      2025   2024  
    (C$000s) ($)   ($)  
    ASSETS    
    Current assets    
    Cash and cash equivalents 15,463   44,045  
    Accounts receivable 306,957   251,108  
    Inventories 130,596   145,506  
    Prepaid expenses and deposits 21,797   26,452  
      474,813   467,111  
    Assets classified as held for sale 47,053   45,335  
      521,866   512,446  
    Non-current assets    
    Property, plant and equipment 684,123   673,381  
    Right-of-use assets 19,990   20,013  
    Deferred income tax assets 29,000   29,000  
      733,113   722,394  
    Total assets 1,254,979   1,234,840  
    LIABILITIES AND EQUITY    
    Current liabilities    
    Accounts payable and accrued liabilities 160,129   173,974  
    Income taxes payable 23,301   9,700  
    Current portion of long-term debt 341,095   150,000  
    Current portion of lease obligations 9,833   9,536  
      534,358   343,210  
    Liabilities directly associated with assets classified as held for sale 32,677   30,945  
      567,035   374,155  
    Non-current liabilities    
    Long-term debt —   170,908  
    Lease obligations 13,209   13,948  
    Deferred income tax liabilities 14,473   22,499  
      27,682   207,355  
    Total liabilities 594,717   581,510  
    Capital stock 911,900   911,785  
    Contributed surplus 76,190   77,159  
    Accumulated deficit (373,875 ) (379,490 )
    Accumulated other comprehensive income 46,047   43,876  
    Total equity 660,262   653,330  
    Total liabilities and equity 1,254,979   1,234,840  

    CONSOLIDATED STATEMENTS OF OPERATIONS

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s, except per share data) ($)   ($)  
         
    Revenue 370,057   330,096  
    Cost of sales 330,576   316,208  
    Gross profit 39,481   13,888  
    Expenses    
    Selling, general and administrative 15,677   18,011  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Interest, net 7,944   6,032  
      25,438   16,753  
    Income (loss) before income tax 14,043   (2,865 )
    Income tax expense (recovery)    
    Current 14,240   6,414  
    Deferred (7,993 ) (6,376 )
      6,247   38  
    Net income (loss) from continuing operations 7,796   (2,903 )
    Net (loss) income from discontinued operations (2,181 ) 750  
    Net income (loss) 5,615   (2,153 )
         
    Earnings (loss) per share – basic    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )
         
    Earnings (loss) per share – diluted    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )

    CONSOLIDATED STATEMENTS OF CASH FLOWS

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s) ($)   ($)  
    CASH FLOWS PROVIDED BY (USED IN)   Restated
    OPERATING ACTIVITIES    
    Net income (loss) 7,796   (2,903 )
    Adjusted for the following:    
    Depreciation 31,922   27,995  
    Stock-based compensation (925 ) 2,185  
    Unrealized foreign exchange losses 1,846   2,627  
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Interest 7,944   6,032  
    Interest paid (12,716 ) (9,717 )
    Deferred income taxes (7,993 ) (6,376 )
    Changes in items of working capital (35,048 ) (1,644 )
    Cash flows (used in) provided by operating activities from continuing operations (7,050 ) 11,958  
    Cash flows provided by (used in) operating activities from discontinued operations 10,231   (8,185 )
    Net cash flows provided by operating activities 3,181   3,773  
    INVESTING ACTIVITIES    
    Purchase of property, plant and equipment (38,498 ) (55,727 )
    Proceeds on disposal of property, plant and equipment 1,553   11,508  
    Proceeds on disposal of right-of-use assets 206   227  
    Cash flows used in investing activities from continuing operations (36,739 ) (43,992 )
    Cash flows used in investing activities from discontinued operations (1,457 ) (678 )
    Net cash flows used in investing activities (38,196 ) (44,670 )
    FINANCING ACTIVITIES    
    Issuance of long-term debt, net of debt issuance costs 30,000   60,000  
    Long-term debt repayments (10,000 ) —  
    Lease obligation principal repayments (3,244 ) (2,840 )
    Proceeds on issuance of common shares from the exercise of stock options 71   —  
    Cash flows provided by financing activities from continuing operations 16,827   57,160  
    Cash flows provided by financing activities from discontinued operations —   —  
    Net cash flows provided by financing activities 16,827   57,160  
    Effect of exchange rate changes on cash and cash equivalents 550   (1,464 )
    (Decrease) increase in cash and cash equivalents (17,638 ) 14,799  
    Cash and cash equivalents, beginning of period 50,776   45,190  
    Cash and cash equivalents, end of period 33,138   59,989  
    Included in the cash and cash equivalents per the balance sheet 15,463   58,239  
    Included in the assets held for sale/discontinued operations 17,675   1,750  


    ADVISORIES

    FORWARD-LOOKING STATEMENTS

    In order to provide Calfrac shareholders and potential investors with information regarding the Company and its subsidiaries, including management’s assessment of Calfrac’s plans and future operations, certain statements contained in this press release, including statements that contain words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “forecast” or similar words suggesting future outcomes, are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”).

    In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to the expectations regarding trends in, and prospects of, the global oil and gas industry; activity, demand, utilization and outlook for the Company’s continuing operations, including the potential impacts of, and mitigation strategies for, the trade tariffs implemented by the U.S. and Canada on the Company’s North American segment and the strong activity and profitability outlook for the Argentina segment; the supply and demand fundamentals of the pressure pumping industry; input costs, margin and service pricing trends and strategies; operating and financing strategies, performance, priorities, metrics and estimates, including the Company’s ability to repatriate cash from Argentina and the timing thereof; the Company’s Russian segment, including the planned sale of the Russian division; the Company’s service quality and competitive position; capital investment plans, including the progress of the Company’s fleet modernization plan in North America and planned wireline investments to bolster the Company’s service offering in Argentina; and the Company’s expectations and intentions with respect to the foregoing.

    These statements are derived from certain assumptions and analyses made by the Company based on its experience and perception of historical trends, current conditions, expected future developments and other factors that it believes are appropriate in the circumstances, including, but not limited to, the economic and political environment in which the Company operates, including the continued implementation of Argentina economic reforms and liberalization of its oil and gas industry as well as the current state of the trade war between Canada and the U.S. and its expected impact on the pressure pumping market in North America; the Company’s expectations for its customers’ capital budgets, demand for services and geographical areas of focus; the level of merger and acquisition activity among oil and gas producers and its impact on the demand for well completion services; the anticipated effects of artificial intelligence power requirements and the commissioning of liquified natural gas terminals on supply and demand fundamentals for oil and natural gas; the ability of newly deployed Tier IV DGB pumping units to achieve manufacturer claims with respect to operational performance, diesel displacement and costs savings in the field; the effect of environmental, social and governance factors on customer and investor preferences and capital deployment; the status of the military conflict in the Ukraine and related Canadian, United States and international sanctions and restrictions involving Russia and counter-sanctions, restrictions, and political measures that may be undertaken in respect of the Company’s ownership and planned sale of the Russian division; industry equipment levels including the number of active fracturing fleets marketed by the Company’s competitors and the timing of deployment of the Company’s fleet upgrades; the continued effectiveness of cost reduction measures instituted by the Company; the Company’s existing contracts and the status of current negotiations with key customers and suppliers; and the likelihood that the current tax and regulatory regime will remain substantially unchanged.

    Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. Such risk factors include but are not limited to: (A) industry risks, including but not limited to, global economic conditions and the level of exploration, development and production for oil and natural gas in North America and Argentina; a shift in strategy by exploration and production companies prioritizing shareholders returns over production growth; excess equipment levels; impacts of conservation measures and technological advances on the demand for the Company’s services; an intensely competitive oilfield services industry; and hazards inherent in the industry; (B) geopolitical risks, including but not limited to, the impacts of the trade war between Canada and United States; foreign operations exposure, including risks relating to repatriation of cash from foreign jurisdictions, unsettled political conditions, war, foreign exchange rates and controls; and risks that the sale of the discontinued operations in Russia may not occur or may be delayed; (C) financial risks, including but not limited to, restrictions on the Company’s access to capital, including the impacts of covenants under the Company’s lending documents; direct and indirect exposure to volatile credit markets, including interest rate risk; fluctuations in currency exchange rates; price escalation and availability of raw materials, diesel fuel and component parts; actual results which are materially different from management estimates and assumptions; the Company’s access to capital and common share price given a significant number of common shares are controlled by two directors of the Company; possible dilution from outstanding stock-based compensation, additional equity or debt securities; and changes in tax rates or reassessment risk by tax authorities; (D) business operations risks, including but not limited to, fleet reinvestment risk, including the ability of the Company to finance the capital necessary for equipment upgrades to support its operational needs while meeting government and customer requirements and preferences; risks of delays and quality of equipment due to Company’s reliance on equipment manufacturers, suppliers and fabricators; seasonal volatility; constrained demand for the Company’s services due to merger and acquisition activity; a concentrated customer base; cybersecurity risks; difficulty retaining, replacing or adding personnel; failure to continuously improve equipment, proprietary fluid chemistries and other products and services; climate change; failure to maintain safety standards and records; improper access to confidential information; failure to effectively and timely address the energy transition; risks of various types of activism; and failure to realize anticipated benefits of acquisitions and dispositions; (E) legal and regulatory risks, including but not limited to, federal, provincial and state legislative and regulatory initiatives and laws; health, safety and environmental laws and regulations; the direct and indirect costs of various existing and proposed climate change regulations; and legal and administrative proceedings. Further information about these and other risks and uncertainties may be found under the heading “Business Risks” above.

    Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that actual results or developments anticipated by the Company will be realized, or that they will have the expected consequences or effects on the Company or its business or operations. These statements speak only as of the respective date of this press release or the documents incorporated by reference herein. The Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws.

    For further information, please contact:

    Mike Olinek, Chief Financial Officer

    Telephone: 403-266-6000        
    www.calfrac.com

    The MIL Network –

  • MIL-OSI: KE Holdings Inc. Announces First Quarter 2025 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, May 15, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    Business and Financial Highlights for the First Quarter 2025

    • Gross transaction value (GTV)1 was RMB843.7 billion (US$116.3 billion), an increase of 34.0% year-over-year. GTV of existing home transactions was RMB580.3 billion (US$80.0 billion), an increase of 28.1% year-over-year. GTV of new home transactions was RMB232.2 billion (US$32.0 billion), an increase of 53.0% year-over-year.
    • Net revenues were RMB23.3 billion (US$3.2 billion), an increase of 42.4% year-over-year.
    • Net income was RMB855 million (US$118 million), an increase of 97.9% year-over-year. Adjusted net income2 was RMB1,393 million (US$192 million), relatively flat year-over-year.
    • Number of stores was 56,849 as of March 31, 2025, a 28.6% increase from one year ago. Number of active stores3 was 55,210 as of March 31, 2025, a 29.6% increase from one year ago.
    • Number of agents was 550,290 as of March 31, 2025, a 24.3% increase from one year ago. Number of active agents4 was 490,862 as of March 31, 2025, a 23.0% increase from one year ago.
    • Mobile monthly active users (MAU)5 averaged 44.5 million in the first quarter of 2025, compared to 47.7 million in the same period of 2024.

    Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “Building on the stable market performance and the continued effectiveness of our growth strategy, our business maintained strong growth in the first quarter, with our total transaction value increasing by 34.0% year-over-year and net revenues rising by 42.4%. Our housing transaction services continue to significantly outperform the market. Our platform continually empowers more industry partners, with the numbers of active stores and agents increasing notably by 29.6% and 23.0% year-over-year, respectively, and with improvements in both agent and store efficiency. Our home renovation and furnishing services saw steady revenue growth, achieving a record high in contribution margin, with initial progress in improving customer experience and operational efficiency. The home rental services managed over 500,000 units by the end of the first quarter, with ongoing improvements in operational capabilities. We are also advancing our AI applications, deploying multiple intelligent tools on both the C-end and B-end, enhancing customer experience and boosting service efficiency.”

    “Looking ahead, we are confident in the long-term development of our Company under the ‘One Body, Three Wings’ strategy and will continue to invest firmly in AI applications. At the same time, we will be more prudent in other types of investments this year, focusing on the return on investment to strengthen the foundation for safe operations and ensure that shareholders who support the Company’s long-term vision can benefit from our sustainable development,” concluded Mr. Peng.

    Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “In the first quarter, the market performance was very stable, continuing the positive impact resulting from the policies implemented in September last year. National new home sales remained relatively flat year-over-year in the first quarter, better than the substantial year-over-year decline in the same period last year, and the existing home market remained at a high level in activity.

    For performance in the first quarter, our net revenues reached RMB23.3 billion, up 42.4% year-over-year. Net revenues from existing home transaction services reached RMB6.9 billion in Q1, up 20.0% year-over-year. Net revenues from new home transaction services reached RMB8.1 billion in Q1, up 64.2% year-over-year. Net revenues from non-housing transaction services grew by 46.2% year-over-year, accounted for 35.9% of total net revenues. Among these, net revenues from home rental services reached a record high of RMB5.1 billion, up 93.8% year-over-year. Our operational efficiency further improved. The operating expenses in the first quarter were RMB4.2 billion, down 31.3% quarter-over-quarter. The profitability also improved. The net income in the first quarter reached RMB855 million, up 97.9% year-on-year. The adjusted net income reached RMB1,393 million.

    With robust cash reserves, we continued to reward our shareholders who have grown with us. In the first quarter, we allocated approximately US$139 million to share repurchases, and the repurchased shares accounted for approximately 0.6% of the Company’s total issued shares at the end of 2024.

    We will continue to support long-term business development by fully backing our ‘One Body, Three Wings’ strategic initiatives and actively exploring the AI technology.”

    First Quarter 2025 Financial Results

    Net Revenues

    Net revenues increased by 42.4% to RMB23.3 billion (US$3.2 billion) in the first quarter of 2025 from RMB16.4 billion in the same period of 2024, primarily attributable to the increase of total GTV and the expansion of home rental business. Total GTV increased by 34.0% to RMB843.7 billion (US$116.3 billion) in the first quarter of 2025 from RMB629.9 billion in the same period of 2024, primarily attributable to the sustained growth of existing home transaction market and the Company’s enhanced capabilities in market coverage.

    • Net revenues from existing home transaction services were RMB6.9 billion (US$0.9 billion) in the first quarter of 2025, increased by 20.0% from RMB5.7 billion in the same period of 2024. GTV of existing home transactions increased by 28.1% to RMB580.3 billion (US$80.0 billion) in the first quarter of 2025 from RMB453.2 billion in the same period of 2024. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a) a higher contribution from GTV of existing home transaction services served by connected agents on the Company’s platform, for which revenue is recorded on a net basis from platform service, franchise service and other value-added services, while for GTV served by Lianjia brand, the revenue is recorded on a gross commission revenue basis, and b) a lower proportion of GTV from existing home rental transaction services as of total existing home transaction services, which has a higher commission rate than existing home sales transaction services.

      Among that, (i) commission revenue was RMB5.6 billion (US$0.8 billion) in the first quarter of 2025, increased by 20.5% from RMB4.6 billion in the same period of 2024, primarily attributable to the increase of GTV of existing home transactions served by Lianjia stores of 23.6% to RMB221.4 billion (US$30.5 billion) in the first quarter of 2025 from RMB179.2 billion in the same period of 2024; and

      (ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 17.6% to RMB1.3 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.1 billion in the same period of 2024, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 31.0% to RMB358.9 billion (US$49.5 billion) in the first quarter of 2025 from RMB274.0 billion in the same period of 2024, partially offset by incentive-based reductions in platform service and franchise service fees for connected stores.

    • Net revenues from new home transaction services increased by 64.2% to RMB8.1 billion (US$1.1 billion) in the first quarter of 2025 from RMB4.9 billion in the same period of 2024, primarily due to the increase of GTV of new home transactions of 53.0% to RMB232.2 billion (US$32.0 billion) in the first quarter of 2025 from RMB151.8 billion in the same period of 2024. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels increased by 58.3% to RMB192.0 billion (US$26.5 billion) in the first quarter of 2025 from RMB121.3 billion in the same period of 2024, and the GTV of new home transactions served by Lianjia brand increased by 32.1% to RMB40.3 billion (US$5.5 billion) in the first quarter of 2025 from RMB30.5 billion in the same period of 2024.
    • Net revenues from home renovation and furnishing increased by 22.3% to RMB2.9 billion (US$0.4 billion) in the first quarter of 2025 from RMB2.4 billion in the same period of 2024, primarily attributable to the increase in home renovation orders referred by home transaction services.
    • Net revenues from home rental services increased by 93.8% to RMB5.1 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.6 billion in the same period of 2024, primarily attributable to the increase of the number of rental units under the Carefree Rent model.
    • Net revenues from emerging and other services were RMB350 million (US$48 million) in the first quarter of 2025, compared to RMB700 million in the same period of 2024.

    Cost of Revenues

    Total cost of revenues increased by 51.0% to RMB18.5 billion (US$2.6 billion) in the first quarter of 2025 from RMB12.3 billion in the same period of 2024.

    • Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 66.6% to RMB5.7 billion (US$0.8 billion) in the first quarter of 2025, from RMB3.4 billion in the same period of 2024, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.
    • Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 33.1% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB3.6 billion in the same period of 2024, primarily due to an increase in the net revenues from existing and new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.
    • Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 18.8% to RMB2.0 billion (US$0.3 billion) in the first quarter of 2025 from RMB1.7 billion in the same period of 2024, which was in line with the growth of net revenues from home renovation and furnishing.
    • Cost of home rental services. The Company’s cost of revenues for home rental services increased by 91.3% to RMB4.7 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.5 billion in the same period of 2024, primarily attributable to the growth of net revenues from home rental services.
    • Cost related to stores. The Company’s cost related to stores increased by 4.6% to RMB717 million (US$99 million) in the first quarter of 2025 from RMB685 million in the same period of 2024, primarily attributable to the increased number of Lianjia stores.
    • Other costs. The Company’s other costs increased to RMB0.5 billion (US$0.1 billion) in the first quarter of 2025 from RMB0.4 billion in the same period of 2024, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

    Gross Profit

    Gross profit increased by 17.0% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB4.1 billion in the same period of 2024. Gross margin decreased to 20.7% in the first quarter of 2025 from 25.2% in the same period of 2024, primarily due to a) a lower proportion of net revenues from existing home transaction services with a relatively higher contribution margin than other revenues streams, and b) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services.

    Income from Operations

    Total operating expenses were RMB4.2 billion (US$0.6 billion) in the first quarter of 2025, compared to RMB4.1 billion in the same period of 2024.

    • General and administrative expenses were RMB1.9 billion (US$0.3 billion) in the first quarter of 2025, compared with RMB2.0 billion in the same period of 2024, mainly due to the decrease in share-based compensation expenses.
    • Sales and marketing expenses increased by 9.2% to RMB1.8 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.6 billion in the same period of 2024, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
    • Research and development expenses increased by 24.9% to RMB584 million (US$80 million) in the first quarter of 2025 from RMB467 million in the same period of 2024, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

    Income from operations was RMB591 million (US$81million) in the first quarter of 2025, compared to RMB12 million in the same period of 2024. Operating margin was 2.5% in the first quarter of 2025, compared to 0.1% in the same period of 2024, primarily due to the improved operating leverage, compared to the same period of 2024.

    Adjusted income from operations6 was RMB1,148 million (US$158 million) in the first quarter of 2025, compared to RMB960 million in the same period of 2024. Adjusted operating margin7 was 4.9% in the first quarter of 2025, compared to 5.9% in the same period of 2024. Adjusted EBITDA8 was RMB1,842 million (US$254 million) in the first quarter of 2025, compared to RMB1,666 million in the same period of 2024.

    Net Income

    Net income was RMB855 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

    Adjusted net income was RMB1,393 million (US$192 million) in the first quarter of 2025, relatively flat compared to RMB1,392 million in the same period of 2024.

    Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

    Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB856 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders9 was RMB1,393 million (US$192 million) in the first quarter of 2025, compared to RMB1,392 million in the same period of 2024.

    Net Income per ADS

    Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders10 were RMB0.76 (US$0.10) and RMB0.73 (US$0.10) in the first quarter of 2025, respectively, compared to RMB0.38 and RMB0.37 in the same period of 2024, respectively.

    Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders11 were RMB1.24 (US$0.17) and RMB1.19 (US$0.16) in the first quarter of 2025, respectively, compared to RMB1.21 and RMB1.18 in the same period of 2024, respectively.

    Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

    As of March 31, 2025, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB54.8 billion (US$7.6 billion).

    Share Repurchase Program

    As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024, under which the Company may purchase up to US$3 billion of its Class A ordinary shares and/or ADSs until August 31, 2025, subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 14, 2024. As of March 31, 2025, the Company in aggregate has purchased approximately 116.6 million ADSs (representing approximately 349.9 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$1,764.8 million under this share repurchase program since its launch.

    Conference Call Information

    The Company will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Thursday, May 15, 2025 (8:00 P.M. Beijing/Hong Kong Time on Thursday, May 15, 2025) to discuss the financial results.

    For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

    Participant Online Registration:

    English Line: https://s1.c-conf.com/diamondpass/10046740-j8h7g6.html

    Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10046741-h6g53.html

    A replay of the conference call will be accessible through May 22, 2025, by dialing the following numbers:

    United States: +1-855-883-1031
    Mainland, China: 400-1209-216
    Hong Kong, China: 800-930-639
    International: +61-7-3107-6325
    Replay PIN (English line): 10046740
    Replay PIN (Chinese simultaneous interpretation line): 10046741
       

    A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.

    Exchange Rate

    This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

    Non-GAAP Financial Measures

    The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

    The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

    Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

    About KE Holdings Inc.

    KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please visit: https://investors.ke.com.

    For investor and media inquiries, please contact:

    In China:
    KE Holdings Inc.
    Investor Relations
    Siting Li
    E-mail: ir@ke.com

    Piacente Financial Communications
    Jenny Cai
    Tel: +86-10-6508-0677
    E-mail: ke@tpg-ir.com

    In the United States:
    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: ke@tpg-ir.com

    Source: KE Holdings Inc.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,    		   As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    ASSETS            
    Current assets            
    Cash and cash equivalents   11,442,965   12,772,700   1,760,125
    Restricted cash   8,858,449   10,145,685   1,398,113
    Short-term investments   41,317,700   31,876,941   4,392,760
    Financing receivables, net of allowance for credit losses of RMB147,330 and RMB162,302 as of December 31, 2024 and March 31, 2025, respectively   2,835,527   2,073,051   285,674
    Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,643,867 as of December 31, 2024 and March 31, 2025, respectively   5,497,989   5,139,299   708,214
    Amounts due from and prepayments to related parties   379,218   390,196   53,770
    Loan receivables from related parties   18,797   194,086   26,746
    Prepayments, receivables and other assets   6,252,700   7,573,610   1,043,672
    Total current assets   76,603,345   70,165,568   9,669,074
    Non-current assets            
    Property, plant and equipment, net   2,400,211   2,427,395   334,504
    Right-of-use assets   23,366,879   23,536,212   3,243,377
    Long-term investments, net   23,790,106   27,618,510   3,805,932
    Intangible assets, net   857,635   823,140   113,432
    Goodwill   4,777,420   4,777,420   658,346
    Long-term loan receivables from related parties   131,410   19,360   2,668
    Other non-current assets   1,222,277   1,244,856   171,546
    Total non-current assets   56,545,938   60,446,893   8,329,805
    TOTAL ASSETS   133,149,283   130,612,461   17,998,879
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,    		   As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    LIABILITIES            
    Current liabilities            
    Accounts payable   9,492,629   7,868,788   1,084,348
    Amounts due to related parties   391,446   427,753   58,946
    Employee compensation and welfare payable   8,414,472   5,226,229   720,194
    Customer deposits payable   6,078,623   7,452,000   1,026,913
    Income taxes payable   1,028,735   823,746   113,515
    Short-term borrowings   288,280   182,010   25,082
    Lease liabilities current portion   13,729,701   13,579,265   1,871,273
    Contract liabilities and deferred revenue   6,051,867   6,583,215   907,191
    Accrued expenses and other current liabilities   7,268,505   10,618,658   1,463,290
    Total current liabilities   52,744,258   52,761,664   7,270,752
    Non-current liabilities            
    Deferred tax liabilities   317,697   317,697   43,780
    Lease liabilities non-current portion   8,636,770   8,579,296   1,182,259
    Other non-current liabilities   2,563   2,465   340
    Total non-current liabilities   8,957,030   8,899,458   1,226,379
    TOTAL LIABILITIES   61,701,288   61,661,122   8,497,131
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,    		   As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    SHAREHOLDERS’ EQUITY            
    KE Holdings Inc. shareholders’ equity            
    Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding(1) as of December 31, 2024; 3,477,710,889 Class A ordinary shares issued and 3,346,161,732 Class A ordinary shares outstanding(1) as of March 31, 2025; and 145,413,446 and 144,042,476 Class B ordinary shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively)   461     460     63  
    Treasury shares   (949,410 )   (462,581 )   (63,745 )
    Additional paid-in capital   72,460,562     68,618,103     9,455,827  
    Statutory reserves   926,972     926,972     127,740  
    Accumulated other comprehensive income   609,112     616,892     85,010  
    Accumulated deficit   (1,723,881 )   (868,114 )   (119,629 )
    Total KE Holdings Inc. shareholders’ equity   71,323,816     68,831,732     9,485,266  
    Non-controlling interests   124,179     119,607     16,482  
    TOTAL SHAREHOLDERS’ EQUITY   71,447,995     68,951,339     9,501,748  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   133,149,283     130,612,461     17,998,879  

    (1) Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Net revenues          
    Existing home transaction services 5,727,030     6,870,407     946,767  
    New home transaction services 4,916,515     8,074,995     1,112,764  
    Home renovation and furnishing 2,408,848     2,945,443     405,893  
    Home rental services 2,625,203     5,087,776     701,114  
    Emerging and other services 699,718     349,726     48,194  
    Total net revenues 16,377,314     23,328,347     3,214,732  
    Cost of revenues          
    Commission-split (3,418,179 )   (5,693,140 )   (784,536 )
    Commission and compensation-internal (3,620,949 )   (4,818,277 )   (663,976 )
    Cost of home renovation and furnishing (1,671,718 )   (1,985,956 )   (273,672 )
    Cost of home rental services (2,480,497 )   (4,746,056 )   (654,024 )
    Cost related to stores (685,047 )   (716,809 )   (98,779 )
    Others (378,838 )   (547,217 )   (75,408 )
    Total cost of revenues(1) (12,255,228 )   (18,507,455 )   (2,550,395 )
    Gross profit 4,122,086     4,820,892     664,337  
    Operating expenses          
    Sales and marketing expenses(1) (1,623,737 )   (1,772,957 )   (244,320 )
    General and administrative expenses(1) (2,019,195 )   (1,873,760 )   (258,211 )
    Research and development expenses(1) (467,300 )   (583,610 )   (80,424 )
    Total operating expenses (4,110,232 )   (4,230,327 )   (582,955 )
    Income from operations 11,854     590,565     81,382  
    Interest income, net 309,675     268,568     37,010  
    Share of results of equity investees (4,086 )   7,345     1,012  
    Fair value changes in investments, net 7,765     110,486     15,225  
    Impairment loss for equity investments accounted for using measurement alternative (6,147 )   –     –  
    Foreign currency exchange loss (17,748 )   (39,633 )   (5,462 )
    Other income, net 537,638     445,447     61,384  
    Income before income tax expense 838,951     1,382,778     190,551  
    Income tax expense (406,829 )   (527,455 )   (72,685 )
    Net income 432,122     855,323     117,866  
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Net loss (income) attributable to non-controlling interests shareholders (348 )   444     61  
    Net income attributable to KE Holdings Inc. 431,774     855,767     117,927  
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 431,774     855,767     117,927  
               
    Net income 432,122     855,323     117,866  
    Currency translation adjustments 36,335     (23,695 )   (3,265 )
    Unrealized gains on available-for-sale investments, net of reclassification 25,331     31,475     4,337  
    Total comprehensive income 493,788     863,103     118,938  
    Comprehensive loss (income) attributable to non-controlling interests shareholders (348 )   444     61  
    Comprehensive income attributable to KE Holdings Inc. 493,440     863,547     118,999  
    Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders 493,440     863,547     118,999  
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Weighted average number of ordinary shares used in computing net income per share, basic and diluted          
    —Basic 3,439,606,429   3,362,716,016   3,362,716,016
    —Diluted 3,541,861,506   3,522,002,071   3,522,002,071
               
    Weighted average number of ADS used in computing net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Net income per share attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.13   0.25   0.03
    —Diluted 0.12   0.24   0.03
               
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.38   0.76   0.10
    —Diluted 0.37   0.73   0.10
               
    (1) Includes share-based compensation expenses as follows:
    Cost of revenues 124,433   109,558   15,097
    Sales and marketing expenses 47,303   45,295   6,242
    General and administrative expenses 577,134   331,203   45,641
    Research and development expenses 44,510   41,113   5,666
               
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Income from operations 11,854     590,565     81,382  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Adjusted income from operations 959,527     1,147,617     158,146  
               
    Net income 432,122     855,323     117,866  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Tax effects on non-GAAP adjustments (6,916 )   (6,494 )   (895 )
    Adjusted net income 1,392,217     1,392,797     191,932  
               
    Net income 432,122     855,323     117,866  
    Income tax expense 406,829     527,455     72,685  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets 158,506     35,171     4,847  
    Depreciation of property, plant and equipment 165,169     178,254     24,564  
    Interest income, net (309,675 )   (268,568 )   (37,010 )
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Adjusted EBITDA 1,665,669     1,841,720     253,795  
               
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 431,774     855,767     117,927  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Tax effects on non-GAAP adjustments (6,916 )   (6,494 )   (895 )
    Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders (7 )   (7 )   (1 )
    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders 1,391,862     1,393,234     191,992  
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Weighted average number of ADS used in computing net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.38   0.76   0.10
    —Diluted 0.37   0.73   0.10
               
    Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.83   0.48   0.07
    —Diluted 0.81   0.46   0.06
               
    Adjusted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 1.21   1.24   0.17
    —Diluted 1.18   1.19   0.16
               
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    (All amounts in thousands)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Net cash used in operating activities (2,108,532 )   (3,965,271 )   (546,429 )
    Net cash provided by investing activities 1,290,426     6,285,669     866,188  
    Net cash provided by (used in) financing activities (252,538 )   261,073     35,977  
    Effect of exchange rate change on cash, cash equivalents and restricted cash (3,505 )   35,500     4,892  
    Net increase (decrease) in cash and cash equivalents and restricted cash (1,074,149 )   2,616,971     360,628  
    Cash, cash equivalents and restricted cash at the beginning of the period 25,857,461     20,301,414     2,797,610  
    Cash, cash equivalents and restricted cash at the end of the period 24,783,312     22,918,385     3,158,238  
    KE Holdings Inc.
    UNAUDITED SEGMENT CONTRIBUTION MEASURE
    (All amounts in thousands)
     
        For the Three Months Ended
        March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
        RMB   RMB   US$
    Existing home transaction services            
    Net revenues   5,727,030     6,870,407     946,767  
    Commission and compensation   (3,180,925 )   (4,252,291 )   (585,981 )
    Contribution   2,546,105     2,618,116     360,786  
    New home transaction services            
    Net revenues   4,916,515     8,074,995     1,112,764  
    Commission and compensation   (3,821,103 )   (6,185,772 )   (852,422 )
    Contribution   1,095,412     1,889,223     260,342  
    Home renovation and furnishing            
    Net revenues   2,408,848     2,945,443     405,893  
    Material costs, commission and compensation   (1,671,718 )   (1,985,956 )   (273,672 )
    Contribution   737,130     959,487     132,221  
    Home rental services            
    Net revenues   2,625,203     5,087,776     701,114  
    Property leasing costs, commission and compensation   (2,480,497 )   (4,746,056 )   (654,024 )
    Contribution   144,706     341,720     47,090  
    Emerging and other services            
    Net revenues   699,718     349,726     48,194  
    Commission and compensation   (37,100 )   (73,354 )   (10,109 )
    Contribution   662,618     276,372     38,085  
    KE Holdings Inc.
    UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued)
    (All amounts in thousands)
     
        For the Three Months Ended
        March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
        RMB   RMB   US$
    Reconciliation of profit            
    Cost related to stores   (685,047 )   (716,809 )   (98,779 )
    Other costs   (378,838 )   (547,217 )   (75,408 )
    Amounts not allocated to segment:            
    Sales and marketing expenses   (1,623,737 )   (1,772,957 )   (244,320 )
    General and administrative expenses   (2,019,195 )   (1,873,760 )   (258,211 )
    Research and development expenses   (467,300 )   (583,610 )   (80,424 )
    Total operating expenses   (4,110,232 )   (4,230,327 )   (582,955 )
    Income from operations   11,854     590,565     81,382  
     

    1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
    2 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    3 Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
    “Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 42,593 as of March 31, 2024.
    4 “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 399,159 as of March 31, 2024.
    5 “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
    6 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    7 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
    8 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    9 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    10 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
    11 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

    The MIL Network –

  • MIL-OSI Economics: OEUK news Record increase in offshore wind capacity critical to Clean Power 2030 goal, says OEUK report 15 May 2025

    Source: Offshore Energy UK

    Headline: OEUK news

    Record increase in offshore wind capacity critical to Clean Power 2030 goal, says OEUK report

    15 May 2025

    In its 2025 Offshore Wind Insight, Offshore Energies UK (OEUK) warns that without action to address price inflation, capital cost and UK supply chain competitiveness, the UK will fail to meet the government’s Clean Power 2030 (CP30) target of between 43 and 51 GW of installed offshore wind capacity.

    The UK has the capacity to become a major exporter of wind energy, but if it is to meet CP2030 objectives the September wind allocation round (AR7) will have to be the biggest ever with more than 8GW of new licences awarded.

    As the halt to Hornsea 4 wind farm last week shows, cost inflation, finance costs and market outlook make investment in offshore wind all the more challenging, putting additional pressure on CP30 delivery.

    North Sea oil and gas have provided the primary source of energy for more than 50 years and the UK will continue to need homegrown oil and gas as part of an integrated energy mix for years to come alongside the build out of renewables. As the focus on decarbonising the economy gains momentum, electricity is expected to dominate the future low carbon energy mix. Much of this will be generated by offshore wind installations fixed to the seabed as well as floating offshore wind (FOW) structures but unless the pace of change quickens, the UK stands to achieve only 35GW by 2030, short of the CP30 target.

    In 2024, the National Energy System Operator (NESO) published the Clean Power 2030 (CP30) report, setting out recommendations to the UK government on the design of a clean power grid by 2030. With a goal to accelerate progress to net zero by eliminating emissions that currently come from electricity generation, CP30 also aims to ensure that heating, transport and industry sectors are powered by electricity.

    The plan sees a huge build out of renewables including 43-50 Gigawatts (GW) of offshore wind, 27-29 GW of onshore wind, and 45-47 GW of solar power. Noting all renewables play important roles in delivering a clean power grid, whereby Britain will generate enough clean power to meet 95% of total annual electricity demand by 2030, NESO highlighted the critical role of offshore wind.

    OEUK’s Wind & Renewables Manager, Thibaut Cheret says:

    “Meeting the government’s 2030 target of 43 and 51 GW of installed offshore wind capacity means securing £15bn of private investment in offshore wind each and every year between now and 2030. The government’s next Contract for Difference auction in Allocation Round 7 (AR7), which incentivises new low carbon electricity generating projects, will need to secure historic levels of renewable energy procurement. AR7 needs to clear a record 8.4GW of offshore wind capacity to maintain the course toward CP30.”

    “With the flexibility to supply oil and gas installations or the national grid, Floating Offshore Wind (FOW) will become a critical tool for delivering CP30 and beyond. Offshore wind leasing rounds released by Innovation and Targeted Oil and Gas (INTOG) under the auspices of Crown Estate Scotland are helping decarbonise offshore oil and gas production whilst accelerating deployment of the first floating offshore wind project at commercial scale.

    “As Floating Offshore Wind projects will have access to windier areas in deeper waters around the UK, it is set to become the growth engine beyond 2030 with investment in FOW likely to overtake fixed-bottom wind in 2033. More than 50 years oil and gas experience means that our UK supply chain is well equipped to capture a sizeable stake of the floating wind market, but a significant portion of the spend required is beyond the reach of many UK companies, which highlights the need for strategic investment in innovation, skills and infrastructure. Getting this right means the UK can become a market leader in wind power generation and play a major part in delivering a homegrown energy transition.”

    Wind power remains a key component of the UK’s energy system, its share for UK’s electricity amounting to 29.5% in 2024. Of that, offshore wind contributed 17.2% of total electricity generation. Its ability to outperform onshore wind generation relative to installed capacity is down to newer, larger turbines installed off the coast of Britain, where wind speeds are often stronger for longer and efficiency is likely to be higher. This makes offshore wind one of the most attractive of the renewable energy technologies.

    Key report recommendations:

    • Development plans should be front-loaded to meet CP 2030 – The UK is not on track to meet CP 2030 target so Allocation Round 7 (AR7) needs to be the most ambitious auction round yet. It will need to secure 8.4 GW of new offshore wind capacity if the UK is to stay on course for CP30.
    • Timely delivery of transmission infrastructure will be essential– Rebuilding the National Grid electricity transmission grid will be a massive task. A grid investment programme of £58bn will be required to support 50 GW offshore wind by 2030.
    • Investment in UK energy should be to the long-term benefit of the UK economy– £65bn will be invested in UK offshore wind over the next five years – this has the potential to transform the growth outlook for the UK. The forthcoming UK industrial strategy should make developing a competitive homegrown energy supply chain equipped to make the most of these opportunities one of its key objectives.
    • Energy security is as important as a predominantly renewables-based power system-There should be a focus on homegrown energy, making the most of UK resources. There will be a continued role for gas-fired power generation to balance the grid. This should see the progressive deployment of gas with CCS and in due course hydrogen-fuelled power generation. Interconnectivity will help. A North Sea integrated grid can save £37bn/yr and cut wholesale prices by a fifth and would avoid system duplication.

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