Category: Politics

MIL-OSI Security: NATO’s Special Representative for the Southern Neighbourhood wraps up his visit to Kuwait

Source: NATO

NATO’s Special Representative for the Southern Neighbourhood, Mr Javier Colomina, travelled to Kuwait on 8 May 2025, for the first time in his new capacity. He met with high level officials from Kuwait, including the Minister of Foreign Affairs Abdullah Ali Al-Yahya. He also participated in an event organised by the NATO-Istanbul Cooperation Initiative Regional Centre on “Security cooperation, partnerships, and NATO in light of an evolving geopolitical landscape in the Gulf.”

Mr. Colomina hailed the continued development of NATO-Kuwait relations and highlighted the wide scope of activities carried out by the NATO-Istanbul Cooperation Initiative Regional Centre. “Kuwait was the first country to join the Istanbul Cooperation Initiative in 2004. Since then, it cooperates with NATO within this framework, which is based upon joint ownership, focuses on political dialogue and practical cooperation, and reflects the mutual interest of NATO and its partner countries in the Gulf region,” he said; adding that “together with high-visibility events, informal meetings and security ties developed with Gulf partners have enabled discussions on security-related issues of common interest, on the perceptions of NATO in the Gulf, as well as on ways to develop our partnership.”

The Special Representative also underscored that the “NATO-Istanbul Cooperation Initiative Centre – which was inaugurated in January 2017 – is an important regional hub for partnership and cooperation between NATO and the Gulf region, as it provides a forum to facilitate political dialogue among Allies and their partners from the Gulf region, with the aims of discussing global and security matters, identifying opportunities for cooperation and developing a common understanding of security challenges, and; in 2024, for example, the Centre conducted activities on various topics, such as food security, maritime security, and defence education.”

The visit provided an opportunity to take stock on the political dialogue and practical cooperation developed between NATO and Kuwait. “Kuwait and NATO participate in political consultations at various levels, with the aim of exchanging views on matters of shared interest in the Gulf region and the broader Middle East; Kuwait and NATO are also engaged in civil and military practical cooperation; for instance Kuwaiti civil and military personnel participate in many courses, trainings and activities offered by NATO to partners, in particular in the areas of civil emergency planning and disaster preparedness, non-proliferation and counter terrorism,” the Special Representative said.

MIL Security OSI –

May 10, 2025

MIL-OSI: Plains All American Reports First-Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2025 results and provided the following highlights:

First-Quarter Results

Reported net income attributable to PAA of $443 million and net cash provided by operating activities of $639 million
Delivered Adjusted EBITDA attributable to PAA of $754 million
Exited the quarter with 3.3x leverage ratio, toward the low end of our target range of 3.25x – 3.75x (includes previously announced and closed transactions)
Paid a quarterly cash distribution of $0.38 per unit ($1.52 per unit annualized), representing a current distribution yield of ~9.0%

Business Highlights

Plains acquired the remaining 50% interest in Cheyenne Pipeline, enhancing our integration from the Guernsey market to pipelines supplying Cushing, Oklahoma, which closed on February 28, 2025
Plains acquired Black Knight Midstream’s Permian Basin crude oil gathering business, for approximately $55 million, which closed effective May 1, 2025
Placed into service the 30 Mb/d Fort Saskatchewan fractionation complex debottleneck project enhancing our fee-based cash flow in Canada
Increased our 2025 C3+ spec product sales hedge profile to approximately 80% at approximately $0.70 per gallon level

“Plains delivered another quarter of solid operational and financial performance,” said Willie Chiang, Chairman and CEO. “Substantial cash flow generation from our integrated Crude Oil and NGL footprints coupled with a strong balance sheet positions us well through a time of market volatility and uncertainty. Our focus on efficient growth remains consistent with the addition of two new bolt-on acquisitions and our Fort Saskatchewan fractionation complex debottleneck project now in service. Finally, our commitment to financial discipline and financial flexibility remains unchanged while continuing to return cash to unitholders through a strong distribution payout.”

Plains All American Pipeline

Summary Financial Information (unaudited)
(in millions, except per unit data)

	Three Months Ended March 31,				%
*GAAP Results*	2025		2024		Change
Net income attributable to PAA ⁽¹⁾	$	443	$	266		67	%
Diluted net income per common unit	$	0.49	$	0.29		69	%
Diluted weighted average common units outstanding		704		701		—	%
Net cash provided by operating activities	$	639	$	419		53	%
Distribution per common unit declared for the period	$	0.3800	$	0.3175		20	%

	Three Months Ended March 31,						%
*Non-GAAP Results* ⁽²⁾	2025			2024			Change
Adjusted net income attributable to PAA ⁽¹⁾	$	375		$	354			6	%
Diluted adjusted net income per common unit	$	0.39		$	0.41		(5		)%
Adjusted EBITDA	$	881		$	847			4	%
Adjusted EBITDA attributable to PAA ⁽¹⁾	$	754		$	718			5	%
Implied DCF per common unit and common unit equivalent	$	0.66		$	0.67		(1		)%
Adjusted Free Cash Flow ⁽³⁾	$	(308	)	$	70		**
Adjusted Free Cash Flow after Distributions ⁽³⁾	$	(639	)	$	(217	)	**
Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) ⁽³⁾	$	(169	)	$	262		**
Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) ⁽³⁾	$	(500	)	$	(25	)	**

_____________________

**	Indicates that variance as a percentage is not meaningful.
⁽¹⁾	Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.
⁽²⁾	See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.
⁽³⁾	The 2025 period includes the impact of a net cash outflow of $624 million for bolt-on acquisitions.

Summary of Selected Financial Data by Segment (unaudited)
(in millions)

	Segment Adjusted EBITDA
	Crude Oil			NGL
Three Months Ended March 31, 2025	$	559		$	189
Three Months Ended March 31, 2024	$	553		$	159
*Percentage change in Segment Adjusted EBITDA versus* *2024* *period*		1	%		19	%

First-quarter 2025 Crude Oil Segment Adjusted EBITDA was in line with comparable 2024 results. Favorable results in the 2025 period from (i) higher tariff volumes on our pipelines, (ii) tariff escalations and (iii) contributions from recently completed bolt-on acquisitions were largely offset by (iv) higher operating expenses and (v) the impact to our assets from refinery downtime.

First-quarter 2025 NGL Segment Adjusted EBITDA increased 19% versus comparable 2024 results primarily due to higher weighted average frac spreads and NGL sales volumes in the first quarter of 2025.

Plains GP Holdings

PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.

Conference Call and Webcast Instructions

PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, May 9, 2025 to discuss first-quarter performance and related items.

To access the internet webcast, please go to https://edge.media-server.com/mmc/p/qqvgtyoa/

Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit our website at www.plains.com (in particular the section under “Financial Information” entitled “Non-GAAP Reconciliations” within the Investor Relations tab), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

Non-GAAP Financial Performance Measures

Adjusted EBITDA is defined as earnings before (i) interest expense, (ii) income tax (expense)/benefit, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities), (iv) gains and losses on asset sales, asset impairments and other, net, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among PAA and certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests.

Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Other current liabilities” in our Condensed Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

Non-GAAP Financial Liquidity Measures

Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present the Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of “Changes in assets and liabilities, net of acquisitions” on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).


PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per unit data)

	Three Months Ended March 31,
		2025			2024
REVENUES	$	12,011		$	11,995

COSTS AND EXPENSES
Purchases and related costs		10,761			10,917
Field operating costs		368			358
General and administrative expenses		100			96
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Total costs and expenses		11,478			11,625

OPERATING INCOME		533			370

OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities		103			95
Gain on investments in unconsolidated entities, net		31			—
Interest expense, net ⁽¹⁾		(127	)		(95	)
Other income/(expense), net ⁽¹⁾		26			(5	)

INCOME BEFORE TAX		566			365
Current income tax expense		(46	)		(53	)
Deferred income tax (expense)/benefit		(4	)		39

NET INCOME		516			351
Net income attributable to noncontrolling interests		(73	)		(85	)
NET INCOME ATTRIBUTABLE TO PAA	$	443		$	266

NET INCOME PER COMMON UNIT:
Net income allocated to common unitholders — Basic and Diluted	$	343		$	203
Basic and diluted weighted average common units outstanding		704			701
Basic and diluted net income per common unit	$	0.49		$	0.29

_____________________

⁽¹⁾

PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Interest expense, net” and “Other income/(expense), net” each include $20 million for the three months ended March 31, 2025 related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED BALANCE SHEET DATA (in millions)

	March 31, 2025		December 31, 2024
ASSETS
Current assets (including cash and cash equivalents of $427 and $348, respectively)	$	4,735	$	4,802
Property and equipment, net		16,062		15,424
Investments in unconsolidated entities		2,745		2,811
Intangible assets, net		1,675		1,677
Linefill		988		968
Long-term operating lease right-of-use assets, net		321		332
Long-term inventory		289		280
Other long-term assets, net		244		268
Total assets	$	27,059	$	26,562

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	4,691	$	4,950
Senior notes, net		8,131		7,141
Other long-term debt, net		73		72
Long-term operating lease liabilities		301		313
Other long-term liabilities and deferred credits		1,003		990
Total liabilities		14,199		13,466

Partners’ capital excluding noncontrolling interests		9,632		9,813
Noncontrolling interests		3,228		3,283
Total partners’ capital		12,860		13,096
Total liabilities and partners’ capital	$	27,059	$	26,562

DEBT CAPITALIZATION RATIOS
(in millions)

	March 31, 2025			December 31, 2024
Short-term debt	$	478		$	408
Long-term debt		8,204			7,213
Total debt	$	8,682		$	7,621

Long-term debt	$	8,204		$	7,213
Partners’ capital excluding noncontrolling interests		9,632			9,813
Total book capitalization excluding noncontrolling interests (“Total book capitalization”)	$	17,836		$	17,026
Total book capitalization, including short-term debt	$	18,314		$	17,434

Long-term debt-to-total book capitalization		46	%		42	%
Total debt-to-total book capitalization, including short-term debt		47	%		44	%

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT ⁽¹⁾ (in millions, except per unit data)

	Three Months Ended March 31,
	2025			2024
Basic and Diluted Net Income per Common Unit
Net income attributable to PAA	$	443		$	266
Distributions to Series A preferred unitholders		(39	)		(44	)
Distributions to Series B preferred unitholders		(18	)		(19	)
Amounts allocated to participating securities		(1	)		(1	)
Impact from repurchase of Series A preferred units ⁽²⁾		(43	)		—
Other		1			1
Net income allocated to common unitholders	$	343		$	203

Basic and diluted weighted average common units outstanding ⁽³^{) (}⁴⁾		704			701

Basic and diluted net income per common unit	$	0.49		$	0.29

_____________________

⁽¹⁾	We calculate net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
⁽²⁾	We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income allocated to common unitholders.
⁽³⁾	The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
⁽⁴⁾	Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED CASH FLOW DATA (in millions)

	Three Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	516		$	351
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Deferred income tax expense/(benefit)		4			(39	)
Equity earnings in unconsolidated entities		(103	)		(95	)
Distributions on earnings from unconsolidated entities		125			132
Other		(13	)		8
Changes in assets and liabilities, net of acquisitions		(139	)		(192	)
Net cash provided by operating activities		639			419

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities ⁽¹⁾⁽²⁾		(1,149	)		(261	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by/(used in) financing activities ⁽¹⁾		590			(273	)

Effect of translation adjustment		(1	)		(4	)

Net increase/(decrease) in cash and cash equivalents and restricted cash		79			(119	)

Cash and cash equivalents and restricted cash, beginning of period		348			450
Cash and cash equivalents and restricted cash, end of period	$	427		$	331

_____________________

⁽¹⁾	PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the three months ended March 31, 2025, “Net cash used in investing activities” includes a cash outflow of approximately $330 million associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in “Net cash provided by/(used in) financing activities.”
⁽²⁾	The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.

CAPITAL EXPENDITURES
(in millions)

	Net to PAA ⁽¹⁾				Consolidated
	Three Months Ended March 31,				Three Months Ended March 31,
	2025		2024		2025		2024
Investment capital expenditures:
Crude Oil	$	89	$	65	$	120	$	90
NGL		41		14		41		14
Total Investment capital expenditures		130		79		161		104
Maintenance capital expenditures		38		53		41		57
	$	168	$	132	$	202	$	161

_____________________

⁽¹⁾	Excludes expenditures attributable to noncontrolling interests.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP RECONCILIATIONS (in millions, except per unit and ratio data)

Computation of Basic and Diluted Adjusted Net Income Per Common Unit ⁽¹⁾:

	Three Months Ended March 31,
	2025			2024
Basic and Diluted Adjusted Net Income per Common Unit
Net income attributable to PAA	$	443		$	266
Selected items impacting comparability – Adjusted net income attributable to PAA ⁽²⁾		(68	)		88
Adjusted net income attributable to PAA	$	375		$	354
Distributions to Series A preferred unitholders		(39	)		(44	)
Distributions to Series B preferred unitholders		(18	)		(19	)
Amounts allocated to participating securities		(1	)		(2	)
Impact from repurchase of Series A preferred units ⁽³⁾		(43	)		—
Other		1			1
Adjusted net income allocated to common unitholders	$	275		$	290

Basic and diluted weighted average common units outstanding ⁽⁴^{) (}⁵⁾		704			701

Basic and diluted adjusted net income per common unit	$	0.39		$	0.41

_____________________

⁽¹⁾	We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
⁽²⁾	See the “Selected Items Impacting Comparability” table for additional information.
⁽³⁾	We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of adjusted net income allocated to common unitholders.
⁽⁴⁾	The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
⁽⁵⁾	Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation:

	Three Months Ended March 31,
	2025			2024
Basic and diluted net income per common unit	$	0.49		$	0.29
Selected items impacting comparability per common unit ⁽¹⁾		(0.10	)		0.12
Basic and diluted adjusted net income per common unit	$	0.39		$	0.41

_____________________

⁽¹⁾	See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional information.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation:

	Three Months Ended March 31,
	2025			2024
Net income	$	516		$	351
Interest expense, net of certain items ⁽¹⁾		107			95
Income tax expense		50			14
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Gain on investments in unconsolidated entities, net		(31	)		—
Depreciation and amortization of unconsolidated entities ⁽²⁾		20			19
Selected items impacting comparability – Adjusted EBITDA ⁽³⁾		(30	)		114
Adjusted EBITDA	$	881		$	847
Adjusted EBITDA attributable to noncontrolling interests		(127	)		(129	)
Adjusted EBITDA attributable to PAA	$	754		$	718

Adjusted EBITDA	$	881		$	847
Interest expense, net of certain non-cash and other items ⁽⁴⁾		(104	)		(90	)
Maintenance capital		(41	)		(57	)
Investment capital of noncontrolling interests ⁽⁵⁾		(30	)		(25	)
Current income tax expense		(46	)		(53	)
Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings ⁽⁶⁾		(2	)		12
Distributions to noncontrolling interests ⁽⁷⁾		(132	)		(100	)
Implied DCF	$	526		$	534
Preferred unit distributions paid ⁽⁷⁾		(64	)		(64	)
Implied DCF Available to Common Unitholders	$	462		$	470

Weighted Average Common Units Outstanding		704			701
Weighted Average Common Units and Common Unit Equivalents		767			772

Implied DCF per Common Unit ⁽⁸⁾	$	0.66		$	0.67
Implied DCF per Common Unit and Common Unit Equivalent ⁽⁹⁾	$	0.66		$	0.67

Cash Distribution Paid per Common Unit	$	0.3800		$	0.3175
Common Unit Cash Distributions ⁽⁷⁾	$	267		$	223
Common Unit Distribution Coverage Ratio	1.73x			2.11x

Implied DCF Excess	$	195		$	247

_____________________

⁽¹⁾	Represents “Interest expense, net” as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among PAA and certain Plains entities.
⁽²⁾	Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.
⁽³⁾	See the “Selected Items Impacting Comparability” table for additional information.
⁽⁴⁾	Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among PAA and certain Plains entities.
⁽⁵⁾	Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.
⁽⁶⁾	Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities).
⁽⁷⁾	Cash distributions paid during the period presented.
⁽⁸⁾	Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.
⁽⁹⁾	Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation:

	Three Months Ended March 31,
	2025		2024
Basic net income per common unit	$	0.49	$	0.29
Reconciling items per common unit ^{(1) (2)}		0.17		0.38
Implied DCF per common unit	$	0.66	$	0.67

Basic net income per common unit	$	0.49	$	0.29
Reconciling items per common unit and common unit equivalent ^{(1) (3)}		0.17		0.38
Implied DCF per common unit and common unit equivalent	$	0.66	$	0.67

_____________________

⁽¹⁾	Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for additional information.
⁽²⁾	Based on weighted average common units outstanding for the three months ended March 31, 2025 and 2024 of 704 million and 701 million, respectively.
⁽³⁾	Based on weighted average common units outstanding for the period, as well as weighted average Series A preferred units outstanding for the three months ended March 31, 2025 and 2024 of 63 million and 71 million, respectively.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation:

	Three Months Ended March 31,
		2025			2024
Net cash provided by operating activities	$	639		$	419
Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow:
Net cash used in investing activities ⁽¹⁾⁽²⁾		(1,149	)		(261	)
Cash contributions from noncontrolling interests		4			12
Cash distributions paid to noncontrolling interests ⁽³⁾		(132	)		(100	)
Proceeds from the issuance of related party notes ⁽¹⁾		330			—
Adjusted Free Cash Flow ⁽⁴⁾	$	(308	)	$	70
Cash distributions ⁽⁵⁾		(331	)		(287	)
Adjusted Free Cash Flow after Distributions ⁽⁴^{) (}⁶⁾	$	(639	)	$	(217	)

	Three Months Ended March 31,
		2025			2024
Adjusted Free Cash Flow ⁽⁴⁾	$	(308	)	$	70
Changes in assets and liabilities, net of acquisitions ⁽⁷⁾		139			192
Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) ⁽⁸⁾	$	(169	)	$	262
Cash distributions ⁽⁵⁾		(331	)		(287	)
Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) ⁽⁸⁾	$	(500	)	$	(25	)

_____________________

⁽¹⁾	PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Proceeds from the issuance of related party notes” has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of “Net cash used in investing activities.”
⁽²⁾	The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.
⁽³⁾	Cash distributions paid during the period presented.
⁽⁴⁾	Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
⁽⁵⁾	Cash distributions paid to preferred and common unitholders during the period.
⁽⁶⁾	Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
⁽⁷⁾	See the “Condensed Consolidated Cash Flow Data” table.
⁽⁸⁾	Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED ITEMS IMPACTING COMPARABILITY (in millions)

	Three Months Ended March 31,
	2025			2024
Selected Items Impacting Comparability: ⁽¹⁾
Derivative activities and inventory valuation adjustments ⁽²⁾	$	34		$	(159	)
Long-term inventory costing adjustments ⁽³⁾		3			33
Deficiencies under minimum volume commitments, net ⁽⁴⁾		7			12
Equity-indexed compensation expense ⁽⁵⁾		(9	)		(9	)
Foreign currency revaluation ⁽⁶⁾		—			9
Transaction-related expenses ⁽⁷⁾		(5	)		—
Selected items impacting comparability – Adjusted EBITDA	$	30		$	(114	)
Gain on investments in unconsolidated entities, net		31			—
Gain on asset sales, net		13			—
Tax effect on selected items impacting comparability		(3	)		30
Aggregate selected items impacting noncontrolling interests		(3	)		(4	)
Selected items impacting comparability – Adjusted net income attributable to PAA	$	68		$	(88	)

_____________________

⁽¹⁾	Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” and “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional details on how these selected items impacting comparability affect such measures.
⁽²⁾	We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable. For applicable periods, we excluded gains and losses from the mark-to-market of the embedded derivative associated with the Preferred Distribution Rate Reset Option of our Series A preferred units.
⁽³⁾	We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.
⁽⁴⁾	We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.
⁽⁵⁾	Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.
⁽⁶⁾	During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.
⁽⁷⁾	Primarily related to acquisitions completed during the first quarter of 2025.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED FINANCIAL DATA BY SEGMENT (in millions)

	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
	Crude Oil			NGL			Crude Oil			NGL
Revenues ⁽¹⁾	$	11,439		$	638		$	11,582		$	507
Purchases and related costs ⁽¹⁾		(10,488	)		(339	)		(10,665	)		(346	)
Field operating costs ⁽²⁾		(292	)		(76	)		(266	)		(92	)
Segment general and administrative expenses ^{(2) (3)}		(79	)		(21	)		(73	)		(23	)
Equity earnings in unconsolidated entities		103			—			95			—

Other segment items: ⁽⁴⁾
Depreciation and amortization of unconsolidated entities		20			—			19			—
Derivative activities and inventory valuation adjustments		(24	)		(10	)		37			122
Long-term inventory costing adjustments		—			(3	)		(28	)		(5	)
Deficiencies under minimum volume commitments, net		(7	)		—			(12	)		—
Equity-indexed compensation expense		9			—			9			—
Foreign currency revaluation		—			—			(17	)		(4	)
Transaction-related expenses		5			—			—			—
Segment amounts attributable to noncontrolling interests ⁽⁵⁾		(127	)		—			(128	)		—
Segment Adjusted EBITDA	$	559		$	189		$	553		$	159

Maintenance capital expenditures	$	31		$	10		$	46		$	11

_____________________

⁽¹⁾	Includes intersegment amounts.
⁽²⁾	Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.
⁽³⁾	Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.
⁽⁴⁾	Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the “Selected Items Impacting Comparability” table for additional discussion.
⁽⁵⁾	Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

OPERATING DATA BY SEGMENT ⁽¹⁾

	Three Months Ended March 31,
	2025		2024
Crude Oil Segment Volumes
Crude oil pipeline tariff (by region)
Permian Basin ⁽²⁾		6,869		6,428
South Texas / Eagle Ford ⁽²⁾		492		378
Mid-Continent ⁽²⁾		415		486
Gulf Coast ⁽²⁾		214		202
Rocky Mountain ⁽²⁾		495		499
Western		247		259
Canada		354		348
Total crude oil pipeline tariff ⁽²⁾		9,086		8,600

NGL Segment Volumes
NGL fractionation		157		128
NGL pipeline tariff		234		214
Propane and butane sales		147		128

_____________________

⁽¹⁾	Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.
⁽²⁾	Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP SEGMENT RECONCILIATIONS (in millions)

Supplemental Adjusted EBITDA attributable to PAA Reconciliation:

	Three Months Ended March 31,
	2025		2024
Crude Oil Segment Adjusted EBITDA	$	559	$	553
NGL Segment Adjusted EBITDA		189		159
Adjusted other income, net ⁽¹⁾		6		6
Adjusted EBITDA attributable to PAA ⁽²⁾	$	754	$	718

_____________________

⁽¹⁾	Represents “Other income/(expense), net” as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among PAA and certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the “Selected Items Impacting Comparability” table for additional information.
⁽²⁾	See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for reconciliation to Net Income.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in millions, except per share data)

	Three Months Ended March 31, 2025									Three Months Ended March 31, 2024
				Consolidating									Consolidating
	PAA			Adjustments ⁽¹⁾			PAGP			PAA			Adjustments ⁽¹⁾			PAGP
REVENUES	$	12,011		$	—		$	12,011		$	11,995		$	—		$	11,995

COSTS AND EXPENSES
Purchases and related costs		10,761			—			10,761			10,917			—			10,917
Field operating costs		368			—			368			358			—			358
General and administrative expenses		100			1			101			96			1			97
Depreciation and amortization		262			—			262			254			—			254
Gain on asset sales, net		(13	)		—			(13	)		—			—			—
Total costs and expenses		11,478			1			11,479			11,625			1			11,626

OPERATING INCOME		533			(1	)		532			370			(1	)		369

OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities		103			—			103			95			—			95
Gain on investments in unconsolidated entities, net		31			—			31			—			—			—
Interest expense, net		(127	)		20			(107	)		(95	)		—			(95	)
Other income/(expense), net		26			(20	)		6			(5	)		—			(5	)

INCOME BEFORE TAX		566			(1	)		565			365			(1	)		364
Current income tax expense		(46	)		—			(46	)		(53	)		—			(53	)
Deferred income tax (expense)/benefit		(4	)		(23	)		(27	)		39			(14	)		25

NET INCOME		516			(24	)		492			351			(15	)		336
Net income attributable to noncontrolling interests		(73	)		(335	)		(408	)		(85	)		(209	)		(294	)
NET INCOME ATTRIBUTABLE TO PAGP	$	443		$	(359	)	$	84		$	266		$	(224	)	$	42

Basic and diluted weighted average Class A shares outstanding								198									197

Basic and diluted net income per Class A share							$	0.42								$	0.21

_____________________

⁽¹⁾	Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATING BALANCE SHEET DATA (in millions)

	March 31, 2025							December 31, 2024
			Consolidating							Consolidating
	PAA		Adjustments ⁽¹⁾			PAGP		PAA		Adjustments ⁽¹⁾			PAGP
ASSETS
Current assets	$	4,735	$	(6	)	$	4,729	$	4,802	$	(26	)	$	4,776
Property and equipment, net		16,062		—			16,062		15,424		—			15,424
Investments in unconsolidated entities		2,745		—			2,745		2,811		—			2,811
Intangible assets, net		1,675		—			1,675		1,677		—			1,677
Deferred tax asset		—		1,199			1,199		—		1,220			1,220
Linefill		988		—			988		968		—			968
Long-term operating lease right-of-use assets, net		321		—			321		332		—			332
Long-term inventory		289		—			289		280		—			280
Other long-term assets, net		244		—			244		268		—			268
Total assets	$	27,059	$	1,193		$	28,252	$	26,562	$	1,194		$	27,756

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	4,691	$	(7	)	$	4,684	$	4,950	$	(26	)	$	4,924
Senior notes, net		8,131		—			8,131		7,141		—			7,141
Other long-term debt, net		73		—			73		72		—			72
Long-term operating lease liabilities		301		—			301		313		—			313
Other long-term liabilities and deferred credits		1,003		—			1,003		990		—			990
Total liabilities		14,199		(7	)		14,192		13,466		(26	)		13,440

Partners’ capital excluding noncontrolling interests		9,632		(8,276	)		1,356		9,813		(8,462	)		1,351
Noncontrolling interests		3,228		9,476			12,704		3,283		9,682			12,965
Total partners’ capital		12,860		1,200			14,060		13,096		1,220			14,316
Total liabilities and partners’ capital	$	27,059	$	1,193		$	28,252	$	26,562	$	1,194		$	27,756

_____________________

⁽¹⁾	Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE (in millions, except per share data)

	Three Months Ended March 31,
	2025		2024
Basic and Diluted Net Income per Class A Share
Net income attributable to PAGP	$	84	$	42
Basic and diluted weighted average Class A shares outstanding		198		197

Basic and diluted net income per Class A share	$	0.42	$	0.21

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;
declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil and NGL production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;
fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;
unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);
the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;
the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;
the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom;
environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;
negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;
the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers’ electronic and computer systems;
weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);
the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;
negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;
the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;
the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;
loss of key personnel and inability to attract and retain new talent;
disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;
the effectiveness of our risk management activities;
shortages or cost increases of supplies, materials or labor;
maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;
our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;
the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;
failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;
tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;
the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;
the use or availability of third-party assets upon which our operations depend and over which we have little or no control;
the currency exchange rate of the Canadian dollar to the United States dollar;
the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;
significant under-utilization of our assets and facilities;
increased costs, or lack of availability, of insurance;
fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;
risks related to the development and operation of our assets; and
other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships’ filings with the Securities and Exchange Commission.

About Plains:

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (“NGL”). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 8 million barrels per day of crude oil and NGL.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.

Contacts:

Blake Fernandez
Vice President, Investor Relations
(866) 809-1291

Michael Gladstein
Director, Investor Relations
(866) 809-1291

The MIL Network –

May 10, 2025

MIL-OSI China: China, Russia pledge to join forces against bullying, power politics

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

MOSCOW, May 9 — China will work with Russia to shoulder the special responsibilities entrusted by the times, Chinese President Xi Jinping told his Russian counterpart, Vladimir Putin, during their talks here on Thursday, as global uncertainties are exerting more pressure on the global economy.

Today, in the face of unilateralist countercurrents, bullying and acts of power politics, China is working with Russia to shoulder the special responsibilities of major countries and permanent members of the UN Security Council, Xi said.

Putin, for his part, criticized the imposition of high tariffs, saying it defies common sense, has no legal basis, and will only backfire.

In early April, the United States rolled out so-called “reciprocal” tariffs against almost all of its trading partners worldwide, triggering widespread opposition and concerns over a possible global economic recession. Many countries have vowed to retaliate.

On Thursday, the European Commission launched a public consultation targeting U.S. imports worth 95 billion euros (107.2 billion U.S. dollars), warning that retaliatory measures could take effect if ongoing negotiations with the United States over the so-called “reciprocal” tariffs fail to yield an agreement.

A meeting on economic and trade affairs between Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent will take place at the request of the U.S. side, during He’s May 9-12 visit to Switzerland. China’s Commerce Ministry stressed that China will not seek to reach any agreement at the expense of sacrificing its principles or the cause of international fairness and justice.

Following their Thursday talks, Xi and Putin signed a joint statement on further deepening the China-Russia comprehensive strategic partnership of coordination for a new era. In the document, China and Russia voice firm opposition against unilateral and unlawful restrictive measures such as trade and financial restrictions.

The statement said that certain countries, under various pretexts, have arbitrarily imposed tariffs on their trading partners, seriously infringing upon the legitimate rights and interests of other countries, gravely violating WTO rules, severely undermining the rules-based multilateral trading system, and profoundly disrupting the stability of the global economic order.

The two countries condemned acts of bypassing the UN Security Council to implement measures that violate the UN Charter and international law, obstruct justice and violate the rules of the WTO.

They also pledged to continue to jointly deal with the downward pressure on the world economy, and facilitate the participation of more Global South countries in international and regional trade.

In today’s world, China and Russia collaborate to establish a more just, sustainable and multipolar world order, said Vladimir Petrovskiy, chief researcher at the Institute of China and Contemporary Asia at the Russian Academy of Sciences.

To this end, China and Russia have been working closely in mechanisms like BRICS and the Shanghai Cooperation Organization, which are vital platforms for Global South countries to address development challenges and promote universal peace, he said.

Xi is in Moscow for a state visit to Russia and celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War. He and Putin have met over 40 times on various occasions.

On Thursday, Xi and Putin held back-to-back small-group and large-group talks, and also had a chat over tea at the presidential office in the Kremlin.

When the two presidents met the press following their talks, Xi described his talks with Putin as “in-depth, cordial and fruitful,” adding that they reached many important new consensuses. Putin said Xi’s visit is of great significance, and will inject strong momentum into the development of bilateral ties.

The two presidents also witnessed the exchange of over 20 bilateral cooperation documents, covering areas such as global strategic stability, upholding the authority of international law, investment protection, digital economy, quarantine and film cooperation.

In 2024, trade between China and Russia reached 244.8 billion dollars. China has remained Russia’s largest trading partner for 15 consecutive years.

Russia-China relations are built on equality and mutual respect, Putin said during talks with Xi. It is neither directed against any third party nor swayed by any transient matters, Putin noted.

The political trust between Russia and China is unparalleled in the world, said Alexander V. Lomanov, a researcher at the Institute of World Economy and International Relations, Russian Academy of Sciences.

In this context, there is vast potential to further facilitate the movement not only of tourists, but also of experts, scientists and cultural figures between the two countries, he noted.

“There is much more we can do to deepen our exchanges,” he said. “The more frequent these interactions become, the stronger our mutual understanding will grow.”

MIL OSI China News –

May 10, 2025
MIL-OSI Europe: OSCE helps to institutionalize cyber hygiene training programs in Ukraine’s law enforcement universities

Source: Organization for Security and Co-operation in Europe – OSCE

Headline: OSCE helps to institutionalize cyber hygiene training programs in Ukraine’s law enforcement universities

Four cyber hygiene training facilities were officially opened in educational institutions of the Ministry of Internal Affairs of Ukraine on 6 and 7 May 2025 with the support of the OSCE Secretariat Extra-Budgetary Support Programme for Ukraine (SPU). The rooms will serve to educate the future law enforcers – cadets of the Lviv State University of Internal Affairs, Lviv State University of Life Safety, Kharkiv National University of Internal Affairs, and Donetsk State University of Internal Affairs – about the safe and responsive use of digital tools. The new in-person cyber hygiene training course designed for cadets and students includes practical assignments, case studies, and hands-on training.
The four training facilities complement a broader educational package developed by the SPU in co-operation with the Ministry. In addition to the in-person and online cyber hygiene training programmes for cadets and students, the SPU also trained 50 trainers (ToT), namely educators and the Ministry’s staff. It is complemented by an instructor manual and learning tools, including the educational board game CyberAlias.
“The human factor is the weakest link in any cyber-attack (e.g., email phishing, malware distribution) and good practices such as strong passwords, two-factor authentication, and regular software updates can dramatically reduce cyber risks,” said Pierre Baussand, Chief of Operations of the OSCE Secretariat Extra-Budgetary Support Programme. “In today’s digital war, investing in cyber hygiene education is not only about defending networks — it is about safeguarding the integrity of strategic rule of law institutions, and Ukraine’s democratic future.”
The initiative comes at a time of mounting urgency. According to the State Service of Special Communications and Information Protection of Ukraine, in 2024, Ukraine experienced a nearly 70% increase in cyber incidents, with 4,315 cases recorded, up from 2,541 the previous year. Hackers are increasingly targeting critical sectors, including energy, government services, law enforcement, and telecommunications. This upward trend continues into 2025, exacerbating threats to civilian infrastructure posed by the ongoing war in Ukraine.
These efforts are part of a project implemented by the OSCE Secretariat Extra-Budgetary Support Programme for Ukraine in partnership with the Ministry of Internal Affairs of Ukraine and with financial support from Organisation’s participating States and partners, full list of the Programme’s donors is available here.

MIL OSI Europe News –

May 10, 2025
MIL-OSI United Kingdom: £7m beach management scheme reduces flood risk in Lincolnshire
Source: United Kingdom – Executive Government & Departments

Press release

£7m beach management scheme reduces flood risk in Lincolnshire

Sand will be topped up on beaches between Saltfleet and Gibraltar Point to reduce the risk of flooding for Lincolnshire’s coastal communities.
Beach renourishment work being carried out in Lincolnshire. Image: Van Oord

Over the next 4 to 5 weeks, around 200,000 to 500,000 cubic metres of sand will be topped up on beaches between Saltfleet and Gibraltar Point.

This reduces the risk of flooding for 20,000 homes and businesses, 24,500 static caravans and 35,000 hectares of land.

The Environment Agency has been restoring sand levels on the Lincolnshire coast every year since 1994.

The work will begin on May 11 and is the second phase of works under the strategy for the coastline. The strategy aims to better protect the environment and support the prosperity of the coast for years to come.

The Environment Agency’s annual beach management involves dredging sand from licensed seabed areas and pumping it onto beaches, replacing the sand naturally lost to the sea throughout the year. This reduces the risk of flooding for 20,000 homes and businesses, 24,500 static caravans and 35,000 hectares of land.

Replenishing the sand means that the beaches, instead of hard defences like sea walls, take the brunt of the waves’ force and energy. This reduces the amount of damage and erosion to those hard defences and lessens the risk of water overtopping them.

The Environment Agency has been restoring sand levels on the Lincolnshire coast every year since 1994. In addition to reducing flood risk, the work brings supplementary social and economic benefits by retaining the sandy beaches for a vibrant tourism industry.

Deborah Higton, Flood Risk Manager at the Environment Agency, said:

Our current coastal management approach of re-nourishing the beaches between Saltfleet and Gibraltar Point is vital to managing tidal flood risk for Lincolnshire. As well as maintaining the county’s sandy beaches for us all to enjoy.

But despite our best efforts, much of Lincolnshire is at, or below, sea level meaning flooding can still happen. That’s why we urge people to prepare and plan for the worst by signing up to receive our free flood warnings.

The £7 million beach management work is funded as part of the Environment Agency’s capital programme. The Environment Agency is committed to delivering Government’s £2.65 billion investment over the next 2 years to protect thousands of homes and business from the dangers of flooding. Plus prevent billions of pounds worth of damages.

The Environment Agency urges people to plan ahead for flooding. They can find out if their property is in an at-risk area by signing up for free flood warnings. Further information on all these steps and more is available at GOV.UK/Flood and by calling Floodline on 0345 988 1188.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 9 May 2025
MIL OSI United Kingdom –
May 9, 2025
MIL-OSI United Nations: 9 May 2025 Joint News Release WHO and Medicines Patent Pool announce sublicensing agreement for rapid diagnostic test technology

Source: World Health Organisation

The World Health Organization (WHO) and Medicines Patent Pool (MPP) have today announced a sublicensing agreement between MPP and a Nigerian health technology company – Codix Bio – to start development and manufacturing of rapid diagnostic tests (RDTs) using technology transferred from global in-vitro diagnostics company – SD Biosensor (SDB). This agreement will contribute to advancing equitable access to vital diagnostic tools through local production, expanding manufacturing capacity in the African Region.

The new RDT technology is especially useful for low- and middle-income countries (LMICs), as it is easy to use in health facilities without requiring additional equipment. Tests are highly sensitive and can generate results within 20 minutes. Codix Bio will initially focus on producing RDTs for HIV, but the technology can also be used for manufacturing tests for malaria and syphilis, among others. It can also be quickly adapted to other diseases, which will prove valuable during health emergencies and pandemics, contributing to improvements in health security and equity.

“Sublicensing SDB’s RDT technology marks a major milestone in strengthening manufacturing capabilities in regions where they are needed most,” said Dr Yukiko Nakatani, WHO Assistant Director-General, Access to Medicines and Health Products. “It can help advance global commitments made at the 2023 World Health Assembly to promote equitable access to diagnostics as a cornerstone of universal health coverage and pandemic preparedness.”

“We are delighted to have signed this first sublicense agreement for RDTs with Codix Bio. Today marks a major step forward in diversifying diagnostic production and ensuring access where it is needed most,” said Charles Gore, Executive Director of the Medicines Patent Pool. “It shows how voluntary licensing and coordinated technology transfer can empower manufacturers in LMICs, ultimately helping reshape global supply chains to become more equitable and resilient.”

A new beginning for HTAP

This agreement is the first to come out of a non-exclusive, transparent license between SDB and MPP, which was agreed in December 2023 under the auspices of the WHO COVID-19 Technology Access Pool (C-TAP) initiative. C-TAP has since evolved as HTAP – the Health Technology Access Programme, with the goal of reducing the access gap in underserved regions and countries by empowering capable local producers of health products (tests, vaccines, treatments and medical devices) through sublicensing, technology and know-how transfer.

“The announcement of this sublicensing agreement with Codix Bio marks an important milestone in our partnership with WHO and MPP. By coupling the technology transfer with coordinated support, this initiative not only helps Codix Bio respond to health priorities in Nigeria and the region – it also demonstrates a collaborative model for building sustainable and self-reliant local manufacturing capacity,” said Hyo-Keun Lee, Vice Chairman of SD Biosensor, Inc. “We are proud that our highly adaptable and reliable rapid diagnostic testing technology will contribute to strengthening regional manufacturing ecosystems and expanding equitable access to diagnostics.”

After the WHO and MPP open call was announced for applications for LMIC-based manufacturers, Codix Bio was selected as the first sublicensee. “This landmark agreement is a defining moment in our journey of health-tech innovation and a breakthrough for local healthcare manufacturing in Africa. Being selected as the first sublicensee under this global initiative underscores our commitment to contribute meaningfully to pandemic preparedness and regional health security,” said Sammy Ogunjimi, Group Managing Director/CEO, Codix Group. “With support from WHO and MPP, we are committed to producing high-quality, rapid diagnostic tests that can transform access to timely diagnosis, not just in Nigeria, but across the continent.”

HTAP will coordinate support from across WHO and its partners, covering areas such as workforce development, regulatory compliance and product uptake. It is also continuing with evaluations for a potential second sublicensee for this technology transfer.

Most LMICs rely on importing health diagnostics. Following fragility and heavy dependence on imported health product supplies during the COVID-19 pandemic and important lessons learnt for regional health security, there is growing momentum for improving local production and supply resilience, including by institutions such as the Africa Centres for Disease Control and Prevention (Africa CDC), the Global Fund and Unitaid.

Note to editors

About Medicines Patent Pool (MPP)
The Medicines Patent Pool (MPP) is a United Nations-backed public health organization working to increase access to and facilitate the development of life-saving medicines for low- and middle-income countries. Through its innovative business model, MPP partners with civil society, governments, international organizations, industry, patient groups, and other stakeholders to prioritize and license needed medicines and pool intellectual property to encourage generic manufacture and the development of new formulations. medicinespatentpool.org

About 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

MIL OSI United Nations News –

May 9, 2025
MIL-OSI Europe: Advocating for Social Sciences in Higher Education: Sciences Po at the CIVICA Global Forum
Source: Universities – Science Po in English

On 6 and 7 May, Sciences Po joined a prominent European event on social sciences in higher education, organised through our European university alliance, CIVICA. The CIVICA Global Forum 2025 was hosted by one of the 10 members of the alliance, IE University (Madrid, Spain).

The theme of this two-day event, “Leveraging Social Sciences in Higher Education: Navigating Global Challenges and Complexities”, draw high-level speakers, including prominent figures in academia but also representatives from industry and politics. This European debate on the future of higher education included the important topics of European
competitiveness and the role of AI in enriching the academic ecosystem.

Sciences Po took its part in those pressing discussions through 6 speakers that made the journey to Madrid:
- Jean-Philippe Cointet, Director of the Open Institute for Digital Transformations and Associate Professor at the médialab,
- Arancha González, Dean of the Paris School of International Affairs (PSIA), Former Spanish Minister of Foreign Affairs,
- Christine Musselin, Dean of Research,
- Jeremy Perelman, Vice President of International Affairs and Marie Azuelos, Deputy Vice President for International Affairs,
- Dina Waked, Dean of Sciences Po’s School of Research.
> Discover our selection of 6 inspiring quotes from key speakers at the forum:
MIL OSI Europe News –
May 9, 2025

MIL-OSI: TeraWulf Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Commenced buildout of dedicated HPC data halls and remain on track to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025.

Initiated process to secure additional HPC customers; targeting 200–250 MW operational by year-end 2026.

Energized Miner Building 5, bringing total capacity to 245 MW and increasing hashrate to 12.2 EH/s, up 52.5% year-over-year.

Self-mining capacity increased 52.5% year-over-year to 12.2 EH/s.

Held $219.6 million in cash and bitcoin holdings as of March 31, 2025.

Repurchased $33 million of Common Stock to date in 2025.

EASTON, Md., May 09, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 GAAP Operational & Financial Highlights

Revenue was $34.4 million, compared to $42.4 million in Q1 2024.
Cost of revenue (excluding depreciation) was $24.6 million, compared to $14.4 million in Q1 2024.
Self-mining capacity grew 52.5% year-over-year to 12.2 EH/s.

Key GAAP Metrics ($ in thousands)	Three Months Ended Q1 2025			Three Months Ended Q1 2024
Revenue	$	34,405		$	42,433
Cost of revenue (exclusive of depreciation)	$	24,553		$	14,408
Cost of revenue as % of revenue		71.4	%		34.0	%

First Quarter 2025 Non-GAAP Operational and Financial Highlights

Self-mined 372 bitcoin at the Lake Mariner Facility. As anticipated, the year-over-year change was primarily driven by the April 2024 halving and the strategic divestiture of the Nautilus Cryptomine facility in October 2024.
Total value of self-mined bitcoin¹ was $34.4 million, compared to $56.5 million in Q1 2024.
Power cost per bitcoin was $66,084, compared to $15,501 in Q1 2024, reflecting the halving, rising network difficulty, and short-term power price volatility from the Polar Vortex.
Adjusted EBITDA was $(4.7) million, compared to $32.0 million in Q1 2024.

Key Non-GAAP Metrics²	Three Months Ended Q1 2025		Three Months Ended Q1 2024
Bitcoin Self-Mined³		372		1,051
Value per Bitcoin Self-Mined⁴	$	92,600	$	53,750
Power Cost per Bitcoin Self-Mined	$	66,084	$	15,501
Avg. Operating Hash Rate (EH/s)⁵		7.3		8.0

Management Commentary

“TeraWulf continues to advance its strategy of developing scalable, sustainable infrastructure for both Bitcoin mining and high-performance computing. As outlined during our fourth quarter 2024 earnings call, our key priorities for 2025 include energizing Miner Building 5 and deploying our upgraded mining fleet, delivering Core42’s contracted 72.5 MW of HPC capacity on schedule, securing financing for our initial HPC data center buildout, and signing additional customers to reach between 200 and 250 megawatts of contracted HPC capacity by the end of 2026,” said Paul Prager, Chief Executive Officer of TeraWulf.

“We’ve made meaningful progress on each of these fronts. In late Q1 and early Q2, we energized Miner Building 5, bringing total capacity at Lake Mariner to 245 MW. We remain on track to deliver the Core42 deployment this year and have initiated the financing process to support our next phase of HPC growth.”

Prager added, “We continue to see robust medium- and long-term demand for high-density, energy-efficient digital infrastructure. In this environment, TeraWulf’s vertically integrated energy platform provides a distinct competitive advantage. We are focused on building a high-value, durable business that is designed to scale with demand and deliver long-term returns.”

Patrick Fleury, Chief Financial Officer, commented, “With $219.6 million in cash and bitcoin holdings at quarter-end, we are well-capitalized to fund our near-term growth. HPC hosting revenue is expected to begin in the second quarter of 2025 as our data halls come online. We also returned $33 million to shareholders during the quarter through share repurchases, reflecting our continued commitment to disciplined capital allocation.”

First Quarter 2025 GAAP Financial Results

Revenue for the first quarter decreased 19% year-over-year to $34.4 million, reflecting anticipated headwinds from the April 2024 halving, increased network difficulty, and elevated power prices, partially offset by a higher average bitcoin price and expanded mining capacity.

Cost of revenue, exclusive of depreciation, increased 70% year-over-year to $24.6 million, driven by greater infrastructure utilization and temporary increases in power costs due to extreme winter weather in Upstate New York.

Liquidity and Capital Resources

As of March 31, 2025, the Company held $219.6 million in cash and cash equivalents and bitcoin. Total outstanding debt was approximately $500.0 million, consisting of the Company’s 2.75% convertible senior notes due 2030. As of May 7, 2025, TeraWulf had 384,584,010 shares of common stock outstanding.

As part of the Company’s regular review of its capital management activities, our Board of Directors recently approved:

A new $200 million At-the-Market (ATM) common equity offering program, to replace the existing ATM facility.
A refreshed authorization for a $200 million common stock repurchase program, providing continued flexibility to return capital to shareholders when appropriate.

These programs are intended to preserve flexibility in managing the Company’s capital structure and liquidity position.

Investor Conference Call and Webcast

As previously announced, TeraWulf will host its Q1 2025 earnings conference call today, Friday, May 9, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). The call will include prepared remarks followed by a live Q&A with management.

The conference call will be broadcast live and will be available for replay via “Events & Presentations” under the “Investors” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.

About TeraWulf

TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Non-GAAP Measures

We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

Investors:
Investors@terawulf.com

Media:
media@terawulf.com

CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2025 AND DECEMBER 31, 2024
(In thousands, except number of shares, per share amounts and par value)

	March 31, 2025			December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	218,162		$	274,065
Digital currency		1,400			476
Prepaid expenses		4,799			2,493
Other receivables		5,101			3,799
Other current assets		585			598
Total current assets		230,047			281,431
Property, plant and equipment, net		509,888			411,869
Operating lease right-of-use asset		85,299			85,898
Finance lease right-of-use asset		7,200			7,285
Other assets		8,728			1,028
TOTAL ASSETS		841,162			787,511

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		54,901			24,382
Accrued construction liabilities		19,526			16,520
Accrued compensation		1,512			4,552
Accrued interest		5,997			2,559
Other accrued liabilities		6,432			2,414
Other amounts due to related parties		571			1,391
Current portion of deferred rent liability		31,960			—
Current portion of operating lease liability		26			25
Current portion of finance lease liability		2			2
Total current liabilities		120,927			51,845
Deferred rent liability, net of current portion		58,040			—
Operating lease liability, net of current portion		3,420			3,427
Finance lease liability, net of current portion		291			292
Convertible notes		488,109			487,502
TOTAL LIABILITIES		670,787			543,066

Commitments and Contingencies (See Note 10)

STOCKHOLDERS’ EQUITY:
Preferred stock, $0.001 par value, 100,000,000 authorized at March 31, 2025 and December 31, 2024; 9,566 issued and outstanding at March 31, 2025 and December 31, 2024; aggregate liquidation preference of $12,924 and $12,609 at March 31, 2025 and December 31, 2024, respectively		9,273			9,273
Common stock, $0.001 par value, 600,000,000 authorized at March 31, 2025 and December 31, 2024, respectively; 408,198,263 and 404,223,028 issued and outstanding at March 31, 2025 and December 31, 2024, respectively		408			404
Additional paid-in capital		705,897			685,261
Treasury stock at cost, 24,468,750 and 18,568,750 at March 31, 2025 and December 31, 2024, respectively		(151,509	)		(118,217	)
Accumulated deficit		(393,694	)		(332,276	)
Total stockholders’ equity		170,375			244,445
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	841,162		$	787,511

CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024
(In thousands, except number of shares and loss per common share)

	Three Months Ended March 31,
	2025			2024
Revenue	$	34,405		$	42,433

Costs and expenses:
Cost of revenue (exclusive of depreciation shown below)		24,553			14,408
Operating expenses		1,144			785
Operating expenses – related party		1,748			888
Selling, general and administrative expenses		46,573			12,289
Selling, general and administrative expenses – related party		3,571			2,620
Depreciation		15,574			15,088
Loss (gain) on fair value of digital currency, net		870			(1,329	)
Total costs and expenses		94,033			44,749

Operating loss		(59,628	)		(2,316	)
Interest expense		(4,049	)		(11,045	)
Loss on extinguishment of debt		—			(2,027	)
Interest income		2,259			500
Loss before income tax and equity in net income of investee		(61,418	)		(14,888	)
Income tax benefit		—			—
Equity in net income of investee, net of tax		—			5,275
Net loss	$	(61,418	)	$	(9,613	)

Loss per common share:
Basic and diluted	$	(0.16	)	$	(0.03	)

Weighted average common shares outstanding:
Basic and diluted		383,149,511			290,602,725

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024
(In thousands)

	Three Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(61,418	)	$	(9,613	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of debt issuance costs, commitment fees and accretion of debt discount		607			7,593
Stock-based compensation expense		38,674			6,931
Depreciation		15,574			15,088
Amortization of right-of-use asset		685			252
Revenue recognized from digital currency mined and hosting services		(34,417	)		(41,537	)
Loss (gain) on fair value of digital currency, net		870			(1,329	)
Proceeds from sale of digital currency		—			54,391
Loss on extinguishment of debt		—			2,027
Equity in net income of investee, net of tax		—			(5,275	)
Changes in operating assets and liabilities:
(Increase) decrease in prepaid expenses		(2,306	)		567
Increase in other receivables		(1,302	)		(667	)
Decrease (increase) in other current assets		13			(67	)
(Increase) decrease in other assets		(7,700	)		22
Increase (decrease) in accounts payable		13,844			(1,686	)
Increase (decrease) in other accrued liabilities		4,359			(3,906	)
(Decrease) increase in other amounts due to related parties		(990	)		67
Increase in deferred rent liability		90,000			—
Decrease in operating lease liability		(6	)		(12	)
Net cash provided by operating activities		56,487			22,846

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of and deposits on plant and equipment		(93,687	)		(46,979	)
Proceeds from sale of digital currency		32,623			—
Net cash used in investing activities		(61,064	)		(46,979	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt		—			(33,412	)
Payments of prepayment fees associated with early extinguishment of long-term debt		—			(314	)
Principal payments on insurance premium and property, plant and equipment financing		—			(827	)
Proceeds from issuance of common stock, net of issuance costs paid of $0 and $0		—			50,722
Purchase of treasury stock		(33,292	)		—
Payments of tax withholding related to net share settlements of stock-based compensation awards		(18,034	)		(651	)
Net cash (used in) provided by financing activities		(51,326	)		15,518

Net change in cash and cash equivalents		(55,903	)		(8,615	)
Cash and cash equivalents at beginning of period		274,065			54,439
Cash and cash equivalents at end of period	$	218,162		$	45,824

Cash paid during the period for:
Interest	$	5		$	3,726
Income taxes	$	—		$	—

Non-GAAP Measure

The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense and amortization of right-of-use asset, which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) equity in net income of investee, net of tax, related to Nautilus; (iv) interest income which management believes is not reflective of the Company’s ongoing operating activities; and (v) loss on extinguishment of debt, which is not reflective of the Company’s general business performance. The Company’s Adjusted EBITDA also included the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus.

Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management’s internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

The Company’s Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to net loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands):

	Three Months Ended March 31,
	2025			2024
Net loss	$	(61,418	)	$	(9,613	)
Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA:
Equity in net (income) loss of investee, net of tax		—			(5,275	)
Distributions from investee, related to Nautilus		—			12,022
Income tax benefit		—			—
Interest income		(2,259	)		(500	)
Loss on extinguishment of debt		—			2,027
Interest expense		4,049			11,045
Depreciation		15,574			15,088
Amortization of right-of-use asset		685			252
Stock-based compensation expense		38,674			6,931
Non-GAAP Adjusted EBITDA	$	(4,695	)	$	31,977

¹ Excludes bitcoin earned from profit sharing associated with a hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf’s net share of bitcoin produced at the Nautilus Cryptomine Facility in Q1 2024.

² The Company’s share of the earnings or losses of operating results at the Nautilus Cryptomine Facility in Q1 2024 is reflected within “Equity in net income (loss) of investee, net of tax” in the condensed consolidated statements of operations. Accordingly, operating results of the Nautilus Cryptomine Facility are not reflected in revenue, cost of revenue or cost of operations lines in TeraWulf’s condensed consolidated statements of operations. The Company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies. All figures except Bitcoin Self-Mined are estimates.

³ Excludes bitcoin earned from profit sharing associated with a bitcoin miner hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf’s net share of bitcoin mined at the Nautilus Cryptomine Facility, based on the hashrate share attributed to the Company.

⁴ Computed as the weighted-average opening price of bitcoin on each respective day the self-mined bitcoin is earned.

⁵ While nameplate inventory for the Lake Mariner Facility was 12.2 EH/s and 8.0 EH/s as of Q1 2025 and Q1 2024, respectively, actual monthly hash rate performance depends on a variety of factors, including (but not limited to) performance tuning to increase efficiency and maximize margin, scheduled outages (scopes to improve reliability or performance), unscheduled outages, curtailment due to participation in various cash generating demand response programs, derate of ASICS due to adverse weather and ASIC maintenance and repair. Note the 8.0 EH/s in the table in Q1 2024 is nameplate capacity and average operating hashrate was 6.8 EH/s.

The MIL Network –

May 9, 2025

MIL-OSI Global: Missile strikes and drone attacks heighten South Asian crisis – 8 questions answered over the role of Pakistan’s military in responding

Source: The Conversation – Global Perspectives – By Ayesha Jalal, Professor of History, Tufts University

A mosque lies in ruins after an Indian airstrike in Muzaffarabad, the capital of Pakistan-administered Kashmir, on May 7, 2025. Zubair Abbasi/Middle East Images//AFP via Getty Images

Pakistan’s government has pledged to respond “at a time, place and manner of its choosing” following an air attack from India that killed 31 people in Pakistan on May 6, 2025.

The missile strike comes at a time of increased tension between the two South Asian neighbors following a terror attack in Indian-controlled Kashmir on April 22 that resulted in the deaths of 26 Indian tourists.

India blamed the assault on its neighbor although has yet to provide any solid proof of a link between the assailants and the Pakistani state.

To understand more about how Pakistan’s powerful military is viewing the incident, and weighing a response, The Conversation U.S. turned to Ayesha Jalal, an expert on South Asian history and politics who is the Mary Ricardson Professor of History at Tufts University.

Who will makes the decisions over how Pakistan responds?

This is clearly a defense issue, so the Pakistani military is going to take the lead. Any decision over how to respond to the Indian airstrikes will have to be done in consultation with the civilian government. But ultimately it will be the powerful Pakistani generals that will be making the decisions.

In Pakistan, this is the usual way of doing things. The military has dominated politics in Pakistan for decades. Partly, this is due to the very dynamic we are seeing now. From the creation of Pakistan onward, there has been tension with India, including over Kashmir. Indeed the two countries went to war over Kashmir within a year of the partition of India soon after the creation of Pakistan. So the military has always been seen as central to Pakistan’s view of itself as an independent nation.

Then in 1958, the Pakistani army toppled the civilian government in the country’s first of several military coup attempts, three of which have been successful.

Since that time onward, no civilian government has been able to govern successfully for long without the support of the army. Recent political developments in the country – the ouster and arrest of former Prime Minister Imran Khan and a 2024 election that resulted in a weak coalition government – have only strengthened the hand of Pakistan’s military.

What do we know about Pakistan’s army chief Gen. Syed Asim Munir?

Despite the Pakistani Army’s position of power, Gen. Syed Asim Munir, the Chief of Army Staff, is someone who has tried to keep out of the spotlight. He is known as a very religious character – he is a Hafiz, meaning he has memorized the Quran. And he is seen as a tough, fairly inaccessible soldier.

He is also a hawk when it comes to relations with India. Speaking after the Kashmir attack and before India’s airstrikes, Munir warned, “Let there be no ambiguity: Any military misadventure by India will be met with a swift, resolute, and notch-up response.”

Chief of Army Staff Syed Asim Munir on July 16, 2023.
Iranian Presidency/Anadolu Agency via Getty Images

This approach is somewhat of a departure from that of the man he replaced in 2022, former Army Chief Qamar Javed Bajwa. Bajwa was more inclined to look for a peaceful resolution with India over Kashmir and other issues.

Munir, by contrast, presents a a more belligerent front in the face of what many in Pakistan see as Indian aggression, while framing the rivalry between the two nations in religious terms.

What role has he and the Pakistani army played so far in the crisis?

A lot has been made, especially in India, of comments that Munir made a few days before the attack in Pahalgam.

Munir described Kashmir as Pakistan’s “jugular vein” and framed the long-running animosity between Pakistan and India in religious terms, invoking the “two-nation” theory that states that India is a homeland for Hindus; Pakistan is one for Muslims. The theory, conveyed by much of India’s media, is that Munir’s was an inflammatory statement that encouraged the Pahalgam attack.

But there is nothing in what he said that was entirely original or new: This has been the narrative of the Pakistani military for several decades. It is simply how they talk.

Is there evidence that Pakistan’s military played a role in the attack?

None that India has presented as yet.

India has blamed Pakistan for supporting the Kashmiri militants responsible – but hasn’t articulated what the actual relationship is between Pakistan and the militant group, The Resistance Front.

Certainly, Pakistan has in the past had ties to some of the many militant groups in Kashmir. For some groups, that has meant crossing over from Indian-controlled Kashmir to Pakistan for training.

But the argument that “Pakistan used to do it, so they must be doing it now” seems unsupported – certainly, Indian hasn’t presented solid evidence to any international body.

What has the reaction of the international community been?

India is not on as strong of ground as it was in 2019, when a suicide bomber in Pulwama, Indian-administerd Kashmir, killed 40 members of the Central Reserve Police Force. On that occasion, the international community swung behind India, with the U.S. offering counterterrorism support while calling on Pakistan to stop sheltering terrorists.

Without firm evidence of a link between the attack and Pakistan this time around, the international community has found it difficult to go with India’s narrative of the attack. The U.S. has called on both sides to find a “peaceful resolution.”

Meanwhile China has indicated that it is standing by Pakistan in a statement in which it expressed “regret over India’s military actions” while also calling on both India and Pakistan to “avoid taking actions that further complicate the situation.”

What pressures will the Pakistani army be under to respond?

In Pakistan, the view is this is India attempting to assert its dominance and create what analysts have called a “new normal” in relationships between the two countries – one in which India will retaliate to any perceived Pakistani-linked terror attack with missile strikes on Pakistan’s territory.

The theory here is that India doesn’t mind escalation, in fact it is seen as serving the Hindu nationalist aims of India’s Prime Minister Narendra Modi.

But I wouldn’t describe it as public pressure on Pakistan’s military to respond, it is more strategic pressure. Pakistan will need to prevent this “new normal” happening, and so will, in my view, very likely respond in kind to the Indian airstrikes.

What can Pakistan do in response?

Well, for starters it has, in theory, the capacity to hit over 200 Indian cities with its arsenal of missiles. But Pakistan Defense Minister Khawaja Muhammad Asif has already said that strikes would only target Indian military targets and not civilians. Pakistan also has to weigh how India may respond to any retaliatory strikes.

But India has expanded the usual terms of engagement when it comes to Kashmir. Typically in recent years, fighting has been contained along the “line of control” – the border between Indian- and Pakistani-controled Kashmir.

But the Indian airstrike was deep within Pakistan. India says that the targets were all terrorist, but civilians were killed in the process – and Pakistan’s military will not be able to just leave it at that. A response is very much expected, especially now that India has upped the ante by using Israeli made Harop drones in an attempt to target the Pakistani air defense system. Pakistan claims it has shot down 25 of these drones.

What are the risks of escalation for Pakistan?

Obviously the most pressing risk is that Pakistan and India are both nuclear states. If Pakistan retaliates in an escalatory way, and then India responds in a similar fashion, this gets to a point where the use of nuclear weapons is a very real risk.

War would also hit Pakistan’s economy at a time when it is seen to be improving after years of crisis. But that will likely be of secondary importance in the decision-making process for Pakistan’s military if it believes that the country’s integrity is being threatened.

In addition, Pakistan’s generals will likely be of the view that India, in attacking Pakistan, is trying to thwart any economic recovery in Pakistan – with the belief being that India’s government fears a powerful, more economically stable rival.

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

– ref. Missile strikes and drone attacks heighten South Asian crisis – 8 questions answered over the role of Pakistan’s military in responding – https://theconversation.com/missile-strikes-and-drone-attacks-heighten-south-asian-crisis-8-questions-answered-over-the-role-of-pakistans-military-in-responding-256185

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Global: The prospect of a US pope was once viewed with suspicion – but Leo XIV could prove an important counter to Trump

Source: The Conversation – UK – By Massimo D’Angelo, Research Associate in the Institute for Diplomacy and International Affairs, Loughborough University

Pope Leo XIV has been elected as the 267th pontiff, leader of the Catholic church and spiritual guide to more than 1.4 billion Catholics. He is the first pope in history to come from the United States.

Since the 19th century, the influence of the United States within the Catholic Church has steadily increased, mirroring the country’s global geopolitical rise. US bishops, institutions and donors have played a growing role in shaping church policy, appointments and international engagement, signalling a shift away from traditional European dominance.

This growing influence had long been accompanied by unease over the idea of entrusting the leadership of the global Catholic community to a figure from the world’s most powerful nation. In this sense, the election of Leo XIV is an unexpected and significant choice.

Robert Francis Prevost, born in Chicago in 1955, has spent much of his ecclesiastical life to date in Peru, where he became a respected figure within the local church. He had been sent to Peru on a missions after taking his solemn vows as an Augustinian and studying in Rome.

Once there, he served for many years as judicial vicar and professor of canon, patristic (early Christian), and moral theology in Trujillo. In 2014, he was appointed apostolic administrator of Chiclayo and became its bishop in 2015, a post he held until 2023.

Prevost gained Peruvian citizenship and was widely regarded as a stabilising, pastoral presence in a church often divided between liberation theology and ultra-traditionalism. Known for his humility and approachability, he was respected for his ability to foster dialogue among Peru’s diverse episcopate.

His longstanding commitment to Latin America helped shape his international reputation and proved key to his eventual election as the church’s first North American pope.

Continuity or rupture with Francis?

It is difficult to determine at this early stage whether the election of Leo XIV will mark a continuation of Pope Francis’s pontificate or a clear departure from it. More likely, it will represent something of a middle path.

The first image of the newly elected pope – appearing on the balcony in traditional white and red papal garments, adorned with a gold cross – was striking. It echoed the appearance of Benedict XVI in 2005, in contrast to Francis’s more austere choice of a plain white cassock and silver cross, which reflected a deliberate gesture of humility.

Yet, Leo XIV’s strong focus on the poor – rooted in his years as a missionary in Peru – and his warm greeting to the Peruvian community, one of the Church’s global peripheries, suggest a clear line of continuity with Francis’s pastoral priorities.

Even his choice of name evokes Leo XIII, pope from 1878 to 1903 and author of Rerum Novarum, the landmark encyclical on social justice and the rights of the poor. Leo XIV may, therefore, embody a papacy that maintains a firm commitment to the marginalised, while adopting a less confrontational, more measured style than that of his reformist predecessor, who sometimes adopted openly anti-curial stances.

A Counterweight to Trump?

Prior to becoming pope, Prevost has, on several occasions, openly criticised the current US administration – particularly on matters of migration policy. As a cardinal, he voiced concern over statements made by US vice president J.D Vance, who converted to Catholicism in 2019.

He shared an article challenging Vance’s interpretation of Christian love in relation to immigration. Prevost also shared posts critical of both Donald Trump and Salvadoran president Nayib Bukele regarding the deportation of Kilmar Abrego Garcia, a Salvadoran national living in Maryland.

In this light, the election of an American pope – once a prospect viewed with suspicion – could now represent one of the strongest moral voices against the hardline migration policies of his own country’s government and a counterbalance to Donald Trump’s influence.

The choice of the name Leo is also potentially significant here. Pope Leo XIII strongly opposed extreme nationalism, viewing it as a threat to the Church’s universal mission and moral authority.

While acknowledging the value of legitimate patriotism, he maintained that loyalty to God and the church must always take precedence over allegiance to the nation-state. In encyclicals such as Immortale Dei and Sapientiae Christianae, he defended the church’s supranational character and cautioned against subordinating faith to national interests.

For Leo XIII, true civic virtue could never conflict with divine law, and any form of nationalism that did so risked becoming a kind of idolatry. In an era of rising nationalism across the globe – particularly in the United States – connecting to this message would be a clear and powerful statement.

While the prospect of an American pope once caused concern, the choice of Leo XIV shows sensitivity to the world’s margins. Yet, in a Church where Catholic growth is most pronounced in Africa and Asia – while numbers continue to decline in Europe and the Americas – the election of another western pontiff is not without its challenges. Some regions may still feel overlooked or underrepresented.

A promising gesture was the decision to deliver a brief message in Spanish from the balcony of St Peter’s – the first time in papal history. At the same time, it is striking that the most globally diverse conclave ever convened has placed the church’s leadership in the hands of a cardinal from the world’s most powerful nation. The new pope will need to unify a church that is increasingly global and moving beyond its eurocentric past.

Massimo D’Angelo 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. The prospect of a US pope was once viewed with suspicion – but Leo XIV could prove an important counter to Trump – https://theconversation.com/the-prospect-of-a-us-pope-was-once-viewed-with-suspicion-but-leo-xiv-could-prove-an-important-counter-to-trump-256146

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Banking: Economic uncertainty and rising tariffs drag down US consumer confidence, says GlobalData

Source: GlobalData

Economic uncertainty and rising tariffs drag down US consumer confidence, says GlobalData

Posted in Consumer

In the 2025 World Happiness Report, the US fell to its lowest-ever ranking, 24th globally, continuing a downward trajectory from 15th in 2023 and 23rd in 2024. While happiness is shaped by a variety of factors, economic uncertainty and rising living costs have emerged as critical contributors to this decline. A key driver behind these pressures is the escalating trade tensions and widespread tariff policies impacting both businesses and households, says GlobalData, a leading data and analytics company.

Prerana Manral, Senior Consumer Analyst at GlobalData, comments: “Tariffs are no longer just a policy debate; they are a real-time input cost multiplier. Fast-moving consumer goods (FMCG) brands, especially those with global supply chains, now face a tough choice: absorb shrinking margins or pass costs on to consumers at the risk of demand deflation.”

According to the Guardian, major consumer goods companies such as Procter & Gamble, Nestlé, and Unilever have reported significant cost increases driven by tariffs, prompting price hikes on everyday essentials. For example, Kraft Heinz recently revised its financial outlook downward, citing a volatile business environment shaped by tariffs and inflation. PepsiCo and Procter & Gamble have also lowered their earnings forecasts, attributing reduced performance to tariff-driven inflation and softening consumer demand.

The broader macroeconomic outlook reflects this fragility. In April, the International Monetary Fund (IMF) downgraded the US growth forecast for 2025 from 2.7% in January to 1.8%, the steepest cut among major economies. These pressures have not gone unnoticed by the public. According to recent research by AP-NORC, three-quarters of Americans expect tariffs to drive up prices, and many express growing concerns about the risk of recession.

Manral adds: “This sentiment is echoed in the GlobalData 2025 Q1 survey* results. In the US, 56% of consumers say they are “extremely” or “quite concerned” about the impact of trade wars and import tariffs on product pricing. Similarly, the Michigan Consumer Sentiment Index sank to its lowest level since 2022, as Americans brace for higher inflation and continued economic strain. Persistent inflation, amplified by tariffs, is fueling consumer anxiety, curbing discretionary spending, and increasing price sensitivity and country-of-origin awareness.”

The ripple effects of tariffs extend beyond pricing. GlobalData’s survey* also revealed that 55% of consumers are now more attentive to the country of origin of the products they buy due to ongoing political events. This reflects a growing wave of political consumerism, where purchase decisions are increasingly influenced by ideology as well as affordability.

Prerana concludes: “Tariffs are not only inflating operational costs but also reshaping consumer expectations, trust, and purchasing behavior. The decline in the US happiness ranking is a multifaceted issue, but the correlation with economic factors, particularly those influenced by trade policies and tariffs, is evident. As consumers face higher prices and companies navigate increased costs and uncertainty, this impacts the collective sense of well-being.

“In this context, FMCG brands must prepare for more volatile policy environments and design strategies that address both the economic and emotional dimensions of consumer behavior. This includes resilient pricing models, localized sourcing, and transparent consumer engagement that builds trust and loyalty in uncertain times.”

*GlobalData 2025 Q1 US consumer survey, 22,000 respondents

MIL OSI Global Banks –

May 9, 2025
MIL-OSI Banking: Indonesia credit and charge card payments market to grow by 3.2% in 2025, forecasts GlobalData

Source: GlobalData

Indonesia credit and charge card payments market to grow by 3.2% in 2025, forecasts GlobalData

Posted in Banking

Indonesia’s credit and charge card payments market is expected to register a growth of 3.2% to reach IDR441.8 trillion ($27.9 billion) in 2025. This growth will be driven by the rising consumer spending and increasing consumer preference for cashless transactions. Enhanced by value-added incentives such as cashback offers, flexible repayment options, and installment facilities, the market is set to maintain an upward trajectory, despite the evolving global economic challenges, reveals GlobalData, a leading data and analytics company.

GlobalData’s Payment Cards Analytics reveals that credit and charge card payment value in Indonesia registered a growth of 7.8% in 2024, driven by the rise in consumer spending.

Kartik Challa, Senior Banking and Payments Analyst at GlobalData, comments: “Public awareness of the advantages associated with credit card usage is gradually rising in Indonesia. The launch of domestic credit card scheme like Kartu Kredit Indonesia (KKI) has also contributed to the rising adoption of credit cards. Consumers frequently utilize these cards to capitalize on benefits, including cashback offers and rewards programs.”

While credit and charge card penetration is low compared to debit cards, consumers are increasingly using credit and charge cards for payments, with the frequency of payments per card standing at 24.2 times in 2024 (compared to 3.9 for debit cards) and is anticipated to further rise to 30.9 in 2029. This is driven by banks offering flexible repayment options and value-added benefits such as cashback, reward points, discounts, and installment facilities.

Bank Mandiri offers an installment facility to Visa Credit Card Shopee and Mastercard Livin’ Everyday credit card holders. Likewise, Bank Negara Indonesia offers BNI installment plan allowing its credit card holders to convert purchases into three, six, nine, 12, 18, 24, and 36 monthly installments.

Meanwhile, to mitigate the risk of over-indebtedness, banks provide debt consolidation programs. HSBC Indonesia, for instance, presents a Debt Management service to clients who have utilized credit cards or personal loans. This service includes options to lower the amount of each installment, extend the repayment term, or decrease the total amount owed by waiving interest or fees. These measures are designed to assist customers in managing their financial obligations more effectively.

Gradual improvement in payment infrastructure is also contributing to the rise of credit and charge cards in the country, with the total number of POS terminals rising from 1.4 million in 2020 to 2.2 million in 2024. The figure is expected to reach 3 million by 2029. Overall, the number of POS terminals per million inhabitants in Indonesia stood at 7,793 in 2024, which is higher compared to some of its peers such as India (6,964), Vietnam (5,988), the Philippines (4,891), and Cambodia (2,477), though there is significant room for further expansion of POS infrastructure.

Challa concludes: “While the market size for credit and charge cards is smaller compared to debit cards, it is experiencing notable growth. This is due to growing consumer spending, and growth in e-commerce payments. However, challenges such as the ongoing global trade tariff dispute among major countries, and geopolitical uncertainties remain bottlenecks to the market. Overall, the value of credit and charge card payments is forecast to register a slower compound annual growth rate (CAGR) of 9.8% between 2025 and 2029 to reach IDR622.3 trillion ($39.2 billion) in 2029.”

MIL OSI Global Banks –

May 9, 2025
MIL-OSI United Kingdom: New reports examine impact of nuclear decommissioning in Scotland
Source: United Kingdom – Executive Government & Departments

Press release

New reports examine impact of nuclear decommissioning in Scotland

Research offers a positive outlook for communities impacted by the decommissioning process.
A new study has revealed that Scotland’s £25 billion nuclear decommissioning programme could deliver significant long-term economic and social benefits at both national and local levels over the next 90 years and beyond.

The research – led by the National Decommissioning Centre (NDC), in collaboration with the Nuclear Decommissioning Authority (NDA) – has highlighted potential economy-wide gains in employment, skills development, household income and consumption offering a positive outlook for communities impacted by the decommissioning process.

The study has helped inform politicians and key policy makers on the opportunities and has contributed to the formation of a cross-party committee on nuclear decommissioning in the Scottish Parliament.

As one of the UK’s key nuclear decommissioning sites, Dounreay plays a crucial role in the NDA’s long-term efforts to safely decommission early nuclear facilities. It has been a stable employer since it was established in the 1950s but the decommissioning process brings uncertainty for the surrounding communities about the future.

Interviews were carried out with residents and stakeholders in Caithness and North Sutherland directly impacted by decommissioning at Dounreay. The responses were that the issues are compounded by underinvestment in essential infrastructure, rural depopulation, and remoteness. At the same time, the presence of the skilled workforce as well as the increased interest in the region’s renewable energy resources means that decommissioning can be a driver for building future skills and capacities for economic diversification and local resilience.

Heather Barton, Cross Industry Learning Manager at the NDA, said:

It has been great to engage with another area of the University of Aberdeen, the Just Transition Lab, through our partnership with the NDC.

A real strength of working with the NDC is that there are numerous areas where we can collaborate to achieve our goals of decommissioning the UK’s nuclear sites safely, securely, sustainably and cost effectively.

This study will help inform politicians and policy makers on key economic development opportunities and enable discussions around support for communities including skills and training.

To view the full reports, visit:

Economic Impact of Nuclear Decommissioning in Scotland – October 2023

Just Transition Policy in the Context of Nuclear Decommissioning in Dounreay – October 2024

Just Transition and Nuclear Decommissioning in Dounreay: Stakeholder Perspectives – December 2024

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 9 May 2025
MIL OSI United Kingdom –
May 9, 2025
MIL-OSI United Kingdom: Perseverance pays off for fast streamer Folashade

Source: United Kingdom – Executive Government & Departments

Case study

Perseverance pays off for fast streamer Folashade

Meet the civil servant who secured a coveted spot on the Civil Service Fast Stream accelerated development programme at the fourth attempt.

Folashade Atiko

If you’d told Folashade Atiko five years ago she’d be working right at the heart of government and beginning to help shape policies that could impact on all our lives, she simply wouldn’t have believed you.

But it’s the 28-year-old civil servant’s own tenacity, talent and resilience that secured her a spot on the coveted Fast Stream accelerated development programme at the fourth attempt – and she’s already seizing the opportunities that it brings.

Since joining the programme’s policy scheme, the strategy adviser at the Ministry for Housing, Communities and Local Government has met senior ministers, provided support in a House of Lords debate and is helping to deliver a UK-wide strategy on social cohesion.

Best of all, she is helping to bring the changes she could only dream about whilst studying for a Masters degree in International Development and Public Health at the University of Sheffield.

“If you’d have told the ‘university me’ who was writing about these things, that one day I might be advising the government on it, I wouldn’t have believed it – but I actually am,” she said.

Fast Stream

The Fast Stream is regarded as one of the UK’s top employers for graduates, blending workplace learning with formal training and, depending on the scheme, the chance to work towards professional qualifications. One in nine of those who gained a coveted place in 2024 were existing civil servants and they have the chance to become a Grade 7 within three years.

Folashade, who lists two-plus years’ supermarket work and a role as a car parking attendant on her pre Civil Service CV, first applied for the programme back in 2020. Whilst two attempts for the Fast Stream were unsuccessful, Folashade did secure a Summer Internship which was extended before joining the Civil Service at the DWP as a policy graduate It was from this role that she applied to the Fast Stream another two times, finally winning a coveted place on her fourth go.

“I did it with a lot of perseverance,” she said. “I kept trying until they realised I was the sort of person who should be on the Fast Stream.“

And actually gaining that hands-on experience has proved invaluable to Folashade.

“I knew I wanted to be a fast streamer, but I didn’t know what they wanted from me to be able to help me get there,” she explained.

“But having been in the Civil Service for a bit longer and gaining institutional knowledge, I was more able to put it into practice. It gave me a great foundation. I really would recommend it to existing civil servants.”

Broadening horizons

Folashade is driven to make a difference to the lives of others and believes the Fast Stream is helping achieve that goal.

So whilst being involved in meetings that include the highest ministers of state and taking up new opportunities (Folashade even developed a debating pack for minister Lord Khan of Burnley and sat in on his debate at the House of Lords) might add a touch of glamour to her role, she remains firmly grounded.

“As exciting as that really was, I still love the day to day of coming into work, working on really important issues and finding ways to tackle loneliness and loss of community,” she said.

A bright future

As well as completing her Masters degree (she joined the Civil Service during that period), Folashade is open to the many varied opportunities open to fast streamers.

“I would definitely like to be in the sort of space where I am now, where the policies I’m helping to design,develop and deliver are almost immediate,” she said.

“I definitely want a role where I’m going to work every day to make where I live or where other people live better.”

Find out more about the Fast Stream.

Updates to this page

Published 9 May 2025

MIL OSI United Kingdom –

May 9, 2025
MIL-OSI United Kingdom: ‘Digital Excellence Programme helped me connect the dots on AI’

Source: United Kingdom – Executive Government & Departments

Case study

‘Digital Excellence Programme helped me connect the dots on AI’

Julie Fitzpatrick is putting her learning into action and sharing best practice with others.

Julie Fitzpatrick, Programme Director, DWP

As programme director at the Department for Work and Pensions, Julie Fitzpatrick is tasked with helping to implement the Government’s Fraud Error and Debt Bill.

The bill, which is expected to become law later this year, will introduce a raft of new powers – all with the aim of recouping funds for the taxpayer.

But Julie also believes there are efficiencies and cost savings to be gained within the Civil Service too – through increased use of digital technology and AI.

This was one of the reasons behind her decision to sign up for Government Skills’ Digital Excellence Programme.

“As a government department you have to keep moving forward, be innovative and create efficiencies and I wanted to have the skills and knowledge to do that,” said Julie.

“Every time we come up with a proposal, my goal now, more than ever, is to ask- how can we create efficiencies? where can we use AI? which manual processes can we digitise?”

Connecting the dots

The Digital Excellence Programme is designed for senior civil servants as well as Grade 6s and Grade 7s and can be completed in 22 hours, although Julie opted to stagger her learning over a number of weeks. The programme also signposts learners to further reading and learning opportunities.

“It’s good to link up to that expertise and knowledge,” said Julie.

“People think AI is brand new but it has been around forever and the course really made me think about that fact. For years we have had digital programmes assessing our risk potential when we apply for insurance, which is similar – but before I did the course I hadn’t connected the dots.

“I found the course easy to follow and you can pick it up and put it down. Being given examples of how long it has been around and how to use it yourself, is really useful. I went on to do two further courses and join the discussion groups to be a part of the conversation.”

Spreading the word

As a result of the programme, Julie is keen to spread the word about the scale of the impact that tech can achieve. She runs a community practice within DWP for the Portfolio Management Office for grades from AO to Grade 6. The use of Copilot has been particularly beneficial for staff as it reduces the admin burden, Julie believes.

“Last week I ran a session and got one of my Copilot experts to come along,” she said. “We discussed how we can incorporate Copilot into our ways of working. The more we can educate people the better.

“It’s the kind of small-scale efficiency that, when rolled out across government, creates efficiencies and gives people much more fulfilling roles.”

Julie, who has helped drive a number of key projects across multiple government departments, including at Defra and the Home Office, added: “As a result of what I know now, I’m convinced better use of digital applications is going to give us better jobs

“We have to embrace the possibilities, work more efficiently and use the tools that are available.”

Full details of the Digital Excellence Programme

Updates to this page

Published 9 May 2025

MIL OSI United Kingdom –

May 9, 2025
MIL-OSI United Kingdom: £25 billion powered Wales Pension Partnership pool to deliver growth and jobs for Wales
Source: United Kingdom – Executive Government & Departments

Press release

£25 billion powered Wales Pension Partnership pool to deliver growth and jobs for Wales

People from Cardiff to Carmarthen will see a boost to their local communities and job opportunities, thanks to the Wales Pension Partnership (WPP) launching a new investment company that pools £25 billion of assets.
Biggest ever Welsh pension fund to be established with £25 billion pooled into a new investment company that can deliver growth as part of our Plan for Change

The Wales Pension Partnership is being transformed – by pooling the pension funds of 22 Local Authorities it will unleash the full potential of the Local Government Pension Scheme to act as an engine for growth in Wales

Success of the Partnership is reflected in schemes like Uskmouth Power Station in Newport – supporting 300 jobs with benefits to the local community and economy

The WPP is being transformed so that the Local Government Pension Scheme (LGPS) pool, which will consolidate the assets of 22 Local Authorities’ schemes representing 412,000 members, will be the biggest pension fund in Welsh history, capable of delivering huge investments felt first-hand by businesses and communities in Wales.

By setting up this investment company in Wales, the investment decisions the fund makes can reflect the unique cultural and economic climate of Wales, collaborating with local businesses to invest in communities and delivering growth – making sure the LGPS is delivering for those whose hard-earned money it guards, and their communities.

To see an example of this, Minister for Pensions Torsten Bell today visited Uskmouth Power Station which has benefited from £6.5 million of investment from the WPP for its redevelopment from a coal fired power station into a sustainable energy site –supporting 300 new full-time jobs during construction driving economic growth and prosperity for the community.

UK Minister for Pensions Torsten Bell MP said:

Pensions are a massive part of the economy – and we’re seeing this brought to life here in Wales, where a successful Local Government Pension Scheme is investing in the right places to drive opportunity and growth for the local community.

I’m delighted to visit Uskmouth Power Station in Newport, which has had a £6 million boost from the Wales Pension Partnership, creating 300 jobs which mean opportunity and prosperity at a local level.

Making sure everyone can benefit from the potential of larger pension pools ties into the ambitions of our Plan for Change to boost investment in communities across the country, bringing long-term economic benefits.

The Wales Pension Partnership said:

The Wales Pension Partnership investment in Uskmouth Battery Energy Storage Systems demonstrates our ambitions to attract investment into crucial Welsh infrastructure and secure national energy supplies.

This investment shows our commitment to working with Quinbrook and our strategic partner GCM Grosvenor to: deliver strong investment returns for our pensioners, ensure long-term energy security, reduce carbon emissions, provide jobs and regeneration opportunities across Wales. This is one of many projects that we have in our investment pipeline and will be unveiling over the next 12 months.

Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans MS said:

We have long recognised the benefits of a strong single Welsh Local Government Pension Scheme pool. We want to see the Wales Pensions Partnership continue to go from strength to strength delivering returns for members and able to invest in economic growth for Wales and the UK.

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

We are determined to get the best value out of taxpayers’ money, which is why we are reforming the Local Government Pensions Scheme pools in Wales and England to be more efficient, fit-for-purpose and deliver for public servants and their communities.

The scheme plays a vital role in boosting investment and growth across Wales and ultimately putting more money in working people’s pockets as part of our Plan for Change.

The site, once a coal fired power station, is being repurposed to provide up to 460 megawatt hours of electricity storage capacity for the National Grid and bring a retired rail line back into service to deliver materials, saving nearly 8,400 heavy good vehicles from the local road network.

The investment embraces the spirit of change the government has asked to see from LGPS pools with the wider pooling process for the UK’s world-class LGPS set to conclude in March 2026. Reforms will see the LGPS punching its weight globally, while bringing benefits to local communities through dedicated investment strategies and improving transparency for its members.

These reforms will ensure the Local Government Pension Scheme is fit for the future, and boost investment to drive the economic growth and prosperity promised by the Plan for Change.

Additional Information

More information on our plan to reform Local Government Pension Schemes can be found here: Local Government Pension Scheme (England and Wales): Fit for the future – GOV.UK

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 9 May 2025
MIL OSI United Kingdom –
May 9, 2025
MIL-OSI Europe: President Meloni’s letter to His Holiness Pope Leo XIV

Source: Government of Italy (English)

A courtesy translation of President of the Council of Ministers Giorgia Meloni’s letter to His Holiness Pope Leo XIV is provided below.

***

Holy Father,

I offer my personal congratulations and those of the Italian Government on your election to the See of Peter.

Guided by the Holy Spirit, the esteemed Cardinals have found in you the leader of the universal Church. They have done so aware of the fact that the world is facing a “difficult and complex turning point in history”, as the Cardinal Dean reminded us in the homily he gave during the ‘pro eligendo Romano Pontifice’ Mass, marked by epochal challenges that bring our certainties into question and call for anyone in a position of responsibility to make courageous choices for the good of the peoples.

Italy has an indissoluble bond with the Vicar of Christ. It would not be possible to understand the identity, history and culture of our nation without what Saint John Paul II, in his historic address to the Italian Parliament, defined as its “life-blood”, its faith in Christ.

Our home is founded on the extraordinary synthesis between faith and reason. This synthesis has enabled the Italian and European civilisation to conceive of a people-centred world in which life is sacred, men are free and of equal dignity, and the State and the Church are separate but respect each other, and grow together. A civilisation that respects the identities of others, without, however, denying its own, and that builds peace where others sow death and destruction.

The peace the world so desperately needs and which you invoked several times from the Loggia of Blessings, recalling the relentless and tireless work carried out by the late Pope Francis.

Italians will look to you as a guide and point of reference, recognising in the Pope and in the Church that spiritual and moral authority coming from the inexhaustible message of love, charity and hope, which flows from the Word of God.

With filial affection,
Giorgia Meloni

[Courtesy translation]

MIL OSI Europe News –

May 9, 2025
MIL-OSI: Castellum, Inc. Reports First Year-Over-Year Organic Revenue Growth with Q1 2025 Results

Source: GlobeNewswire (MIL-OSI)

VIENNA, Va., May 09, 2025 (GLOBE NEWSWIRE) — Castellum, Inc. (“Castellum” or the “Company”) (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces certain highlights of its operating results for its first quarter ended March 31, 2025.

Revenue for the first quarter of 2025 was $11.7 million, an increase from $10.3 million in the fourth quarter of 2024 and up from $11.3 million in the first quarter of 2024. This marks the Company’s first year-over-year organic revenue growth as a listed company, signaling a significant turning point in its operational trajectory.

The Company reported a smaller operating loss of $(1.1) million, including non-cash and non-recurring charges, compared to $(1.6) million in Q4 2024 and $(4.0) million in Q1 2024 – reflecting both improved cost discipline and enhanced operating leverage.

In addition to the top-line growth, Castellum ended the quarter with a record cash balance of $13.3 million as of March 31, 2025, up from $12.3 million at December 31, 2024, reinforcing its commitment to financial strength and operational efficiency.

“I’m very encouraged by the momentum in Q1,” said Glen Ives, President and Chief Executive Officer. “Posting our first year-over-year organic revenue growth is a milestone for Castellum. It reflects stronger execution, increased customer confidence, and a more focused approach to delivering results.”

During the quarter, the Company began executing on the previously announced contract supporting the U.S. Navy’s PMA-290 program, a strategic win aligned with Castellum’s long-term growth objectives.

“This five-year, $103 million contract win was a key achievement for our team and is already contributing to our 2025 performance,” said Ives. “It fortifies our rock-solid business base and underscores the strength and unmatched talents and professionalism of our people, our in-demand world-class capabilities, the trust our customers place in us, and the strong and steady progress we’re making in building a more resilient, opportunity-rich business for the long term.”

Castellum’s full financial results for the three months ending March 31, 2025, are expected to be filed later today on Form 10-Q, which will be available at www.sec.gov.

About Castellum, Inc. (NYSE-American: CTM):

Castellum, Inc. (NYSE-American: CTM) is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government – http://castellumus.com/

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 2lE of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “in a position,” “looking to,” “pursue,” “positioned,” “will,” “likely,” “would,” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth, new customer opportunities, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ (sometimes materially) from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget; and the Company’s ability to maintain the listing of its common stock on the NYSE American LLC. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or the future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

Contact:

Glen Ives
President and Chief Executive Officer
Phone: (703) 752-6157
info@castellumus.com
http://castellumus.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/565801af-f40f-4c42-8d0b-d2b74f7e74f6

The MIL Network –

May 9, 2025

MIL-OSI: Outbrain Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 09, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (Nasdaq: OB), which is operating under the new Teads brand following Outbrain’s acquisition of Teads in February 2025, announced today financial results for the quarter ended March 31, 2025.

First Quarter 2025 Key Financial Metrics¹:

	Three Months Ended March 31,
(in millions USD)		2025			2024		% Change
Revenue	$	286.4		$	217.0		32	%
Gross profit		82.7			41.6		99	%
Net loss		(54.8	)		(5.0	)	NM
Net cash (used in) provided by operating activities		(1.0	)		8.6		(111	)%

Non-GAAP Financial Data*
Ex-TAC gross profit		103.1			52.2		98	%
Adjusted EBITDA		10.7			1.4		665	%
Adjusted net loss		(15.3	)		(4.9	)	(211	)%
Free cash flow		(6.6	)		4.6		(242	)%

_____________________________

¹ Incorporates the results of operations for legacy Teads from February 3, 2025 through March 31, 2025
* See non-GAAP reconciliations below
NM Not meaningful

“We are off to a strong start following the completion of the combination with Teads. In the first quarter, we delivered financial results above the mid-range of our guidance, while closing the acquisition, issuing five-year senior secured notes, and reaching many major milestones of integration and synergy realization. We are in the early days, but the feedback to our brandformance platform strategy from the hundreds of advertisers and media owners we have met has been highly encouraging,” said David Kostman, CEO of Teads.

First Quarter 2025 Business Highlights:

Completed the acquisition of Teads, for total consideration of approximately $900 million, comprised of $625 million in cash and 43.75 million shares of Outbrain common stock. The combined company is operating under the name Teads.
Expect to realize approximately $65 million to $75 million of synergies in 2026 with further opportunities for expanded synergies. Of this amount, approximately $60 million relates to cost synergies, including approximately $45 million of compensation-related expenses, with approximately 90% of the estimated compensation-related synergies already actioned. For 2025, expect to realize a benefit from cost synergies of approximately $40 million, which represents an increase from initial expectations.
Initial cross-selling of legacy Outbrain performance solutions to legacy Teads enterprise brand customers launched in Q2 with several campaigns sold.
New strategic Joint Business Partnerships (JBPs) with Ferrero, Haleon, Philip Morris International, and Beiersdorf.
~500 advertisers spending at least a half a million dollars on a rolling 12 month basis, with an average spend of over $2 million annually, which represents approximately 70% of total customer spend.
CTV experienced more than 100% year-over-year growth in Q1 2025, and now represents approximately 5% of total ad spend.
Continued strong adoption of Moments vertical video offering launched in Q3 2024 and is now live on over 70 publishers, including Axel Springer, Fox News, and Webedia.
Premium supply competitive wins include Godo (Spain) WWS (Japan), and renewals include Conde Nast and TMZ (US), Ansa (Italy), Webedia (France) and Sankei (Japan).

First Quarter 2025 Financial Highlights:

Revenue of $286.4 million, an increase of $69.4 million, or 32%, compared to $217.0 million in the prior year period primarily due to the acquisition, including net unfavorable foreign currency effects of approximately $2.6 million.
Gross profit of $82.7 million, an increase of $41.1 million, or 99%, compared to $41.6 million in the prior year period. Gross margin increased to 28.9%, compared to 19.2% in the prior year period, reflecting the higher gross margin profile of the acquired business.
Ex-TAC gross profit of $103.1 million, an increase of $50.9 million, or 98%, compared to $52.2 million in the prior year period, primarily due to the acquisition. Our Ex-TAC gross margin increased to 36.0%, compared to 24.0% in the prior year period, reflecting the higher margin profile of the acquired business.
Net loss of $54.8 million, compared to net loss of $5.0 million in the prior year period. Net loss in the current period includes pre-tax acquisition-related costs of $16.4 million, impairment charges of $15.6 million primarily related to the discontinuance of the vi product offering, restructuring charges of $7.3 million related to our previously announced restructuring plan to streamline operations and reduce duplicative roles post-acquisition, and bridge facility related costs of $12.0 million.
Adjusted net loss of $15.3 million, compared to adjusted net loss of $4.9 million in the prior year period.
Adjusted EBITDA of $10.7 million, compared to Adjusted EBITDA of $1.4 million in the prior year period.
Net cash used in operating activities of $1.0 million, compared to net cash provided by operating activities of $8.6 million in the prior year period. Free cash flow was $(6.6) million, as compared to $4.6 million in the prior year period, primarily related to cash outflows related to transaction costs and restructuring charges of $16.2 million.
Cash, cash equivalents and investments in marketable securities were $155.9 million, comprised of cash and cash equivalents of $136.3 million and short-term investments in marketable securities of $19.6 million as of March 31, 2025.
Total debt obligations were $627.0 million, including the $610.8 million carrying value of the 10% senior secured notes due 2030 issued in February 2025 (principal amount of $637.5 million, net of unamortized discount and deferred financing costs) and $16.2 million outstanding under a short-term overdraft facility assumed in the acquisition.
Entered into a credit agreement with Goldman Sachs Bank, U.S. Bank Trust Company, and certain other lenders, which provided, among other things, for a new $100.0 million super senior secured revolving credit facility, which expires on February 3, 2030, which may be used for working capital and other general corporate purposes. The prior revolving credit facility with Silicon Valley Bank, a division of First Citizens Bank & Trust Company, dated as of November 2, 2021 was terminated.

Second Quarter Guidance

The following forward-looking statements reflect our expectations for the second quarter and full year of 2025.

For the second quarter ending June 30, 2025, we expect:

Ex-TAC gross profit of $141 million to $150 million
Adjusted EBITDA of $26 million to $34 million

For the full year ending December 31, 2025, we continue to expect:

Adjusted EBITDA of at least $180 million

The above measures are forward-looking non-GAAP financial measures for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See “Non-GAAP Financial Measures” below. In addition, our guidance is subject to risks and uncertainties, as outlined below in this release.

Conference Call and Webcast Information

Outbrain will host an investor conference call this morning, Friday, May 9 at 8:30 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13753068. The replay will be available until May 23, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.

Non-GAAP Financial Measures

In addition to GAAP performance measures, we use the following supplemental non-GAAP financial measures to evaluate our business, measure our performance, identify trends, and allocate our resources: Ex-TAC gross profit, Ex-TAC gross margin, Adjusted EBITDA, free cash flow, adjusted net income (loss), and adjusted diluted EPS. These non-GAAP financial measures are defined and reconciled to the corresponding GAAP measures below. These non-GAAP financial measures are subject to significant limitations, including those we identify below. In addition, other companies in our industry may define these measures differently, which may reduce their usefulness as comparative measures. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue, gross profit, net income (loss), diluted EPS, or cash flows from operating activities presented in accordance with GAAP.

Because we are a global company, the comparability of our operating results is affected by foreign exchange fluctuations. We calculate certain constant currency measures and foreign currency impacts by translating the current year’s reported amounts into comparable amounts using the prior year’s exchange rates. All constant currency financial information that may be presented is non-GAAP and should be used as a supplement to our reported operating results. We believe that this information is helpful to our management and investors to assess our operating performance on a comparable basis. However, these measures are not intended to replace amounts presented in accordance with GAAP and may be different from similar measures calculated by other companies.

The Company is also providing second quarter and full year guidance. These forward-looking non-GAAP financial measures are calculated based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. The Company has not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures because it is unable, without unreasonable effort, to predict with reasonable certainty the occurrence or amount of all excluded items that may arise during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Such excluded items could be material to the reported results individually or in the aggregate.

Ex-TAC Gross Profit

Ex-TAC gross profit is a non-GAAP financial measure. Gross profit is the most comparable GAAP measure. In calculating Ex-TAC gross profit, we add back other cost of revenue to gross profit. Ex-TAC gross profit may fluctuate in the future due to various factors, including, but not limited to, seasonality and changes in the number of media partners and advertisers, advertiser demand or user engagements.

We present Ex-TAC gross profit, Ex-TAC gross margin (calculated as Ex-TAC gross profit as a percentage of revenue), and Adjusted EBITDA as a percentage of Ex-TAC gross profit, because they are key profitability measures used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans, and make strategic decisions regarding the allocation of capital. Accordingly, we believe that these measures provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors. There are limitations on the use of Ex-TAC gross profit in that traffic acquisition cost is a significant component of our total cost of revenue but not the only component and, by definition, Ex-TAC gross profit presented for any period will be higher than gross profit for that period. A potential limitation of this non-GAAP financial measure is that other companies, including companies in our industry, which have a similar business, may define Ex-TAC gross profit differently, which may make comparisons difficult. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue or gross profit presented in accordance with GAAP.

Adjusted EBITDA

We define Adjusted EBITDA as net income (loss) before gain on convertible debt; interest expense; interest income and other income (expense), net; provision for income taxes; depreciation and amortization; stock-based compensation; and other income or expenses that we do not consider indicative of our core operating performance, including but not limited to, acquisition-related costs, restructuring, and impairment charges. We present Adjusted EBITDA as a supplemental performance measure because it is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans and make strategic decisions regarding the allocation of capital, and we believe it facilitates operating performance comparisons from period to period.

We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. However, our calculation of Adjusted EBITDA is not necessarily comparable to non-GAAP information of other companies. Adjusted EBITDA should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with GAAP.

Adjusted Net Income (Loss) and Adjusted Diluted EPS

Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding items that we do not consider indicative of our core operating performance, including but not limited to gain on convertible debt, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. Adjusted net income (loss), as defined above, is also presented on a per diluted share basis. We present adjusted net income (loss) and adjusted diluted EPS as supplemental performance measures because we believe they facilitate performance comparisons from period to period. However, adjusted net income (loss) or adjusted diluted EPS should not be considered in isolation or as a substitute for net income (loss) or diluted earnings per share reported in accordance with GAAP.

Free Cash Flow

Free cash flow is defined as cash flow provided by (used in) operating activities, less capital expenditures and capitalized software development costs. Free cash flow is a supplementary measure used by our management and board of directors to evaluate our ability to generate cash and we believe it allows for a more complete analysis of our available cash flows. Free cash flow should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with GAAP.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition (the “Acquisition”) of TEADS, a private limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the Acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the Acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; our ability to attract and retain customers, management and other key personnel; the volatility of the market price of the Common Stock, $.001 par value per share (the “Common Stock”); overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, tariffs and trade wars and other events or factors outside of our control, such as U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in the U.S., and other factors that have and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the potential impact of artificial intelligence (“AI”) on our industry and our need to invest in AI-based solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the ongoing conflict between Israel and Hamas and any conflicts with other terrorist organizations or other countries; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements, including with respect to privacy; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2024. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

About The Combined Company

Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, New York, with a global team of nearly 1,800 people in 36 countries.

Media Contact
press@outbrain.com

Investor Relations Contact
IR@outbrain.com
(332) 205-8999

OUTBRAIN INC. Condensed Consolidated Statements of Operations *(In thousands, except for share and per share data)*

	Three Months Ended March 31,
		2025			2024
	(Unaudited)
Revenue	$	286,357		$	216,964
Cost of revenue:
Traffic acquisition costs		183,235			164,810
Other cost of revenue		20,472			10,559
Total cost of revenue		203,707			175,369
Gross profit		82,650			41,595
Operating expenses:
Research and development		13,979			9,193
Sales and marketing		53,737			23,617
General and administrative		36,477			15,215
Impairment charges		15,614			—
Restructuring charges		7,279			167
Total operating expenses		127,086			48,192
Loss from operations		(44,436	)		(6,597	)
Other (expense) income:
Interest expense		(23,124	)		(937	)
Other (expense) income and interest income, net		(484	)		1,405
Total other (expense) income, net		(23,608	)		468
Loss before income taxes		(68,044	)		(6,129	)
Benefit from income taxes		(13,201	)		(1,088	)
Net loss	$	(54,843	)	$	(5,041	)

Weighted average shares outstanding:
Basic		77,954,579			49,265,012
Diluted		77,954,579			49,265,012

Net loss per common share:
Basic	$	(0.70	)	$	(0.10	)
Diluted	$	(0.70	)	$	(0.10	)

OUTBRAIN INC. Condensed Consolidated Balance Sheets *(In thousands, except for number of shares and par value)*

	March 31, 2025			December 31, 2024
	(Unaudited)
ASSETS:
Current assets:
Cash and cash equivalents	$	136,312		$	89,094
Short-term investments in marketable securities		19,567			77,035
Accounts receivable, net of allowances		328,386			149,167
Prepaid expenses and other current assets		49,817			27,835
Total current assets		534,082			343,131
Non-current assets:
Property, equipment and capitalized software, net		47,879			45,250
Operating lease right-of-use assets, net		26,874			15,047
Intangible assets, net		391,022			16,928
Goodwill		587,494			63,063
Deferred tax assets		49,957			40,825
Indemnification asset		26,556			—
Other assets		24,176			24,969
TOTAL ASSETS	$	1,688,040		$	549,213

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	274,060		$	206,920
Accrued compensation and benefits		50,760			19,430
Deferred revenue		13,066			6,932
Short-term debt		16,202			—
Accrued and other current liabilities		118,457			56,189
Total current liabilities		472,545			289,471
Non-current liabilities:
Long-term debt		610,816			—
Operating lease liabilities, non-current		20,356			11,783
Deferred tax liabilities		62,099			1,554
Contingent tax liabilities		36,632			9,343
Other liabilities		10,927			5,719
TOTAL LIABILITIES	$	1,213,375		$	317,870

STOCKHOLDERS’ EQUITY:
Common stock, par value of $0.001 per share − one billion shares authorized; 94,349,511 shares issued and 94,293,190 shares outstanding as of March 31, 2025; 63,503,274 shares issued and 50,090,114 shares outstanding as of December 31, 2024		94			64
Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of March 31, 2025 and December 31, 2024		—			—
Additional paid-in capital		674,442			484,541
Treasury stock, at cost − 56,321 shares as of March 31, 2025 and 13,413,160 shares as of December 31, 2024		(242	)		(74,289	)
Accumulated other comprehensive income (loss)		24,707			(9,480	)
Accumulated deficit		(224,336	)		(169,493	)
TOTAL STOCKHOLDERS’ EQUITY		474,665			231,343
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,688,040		$	549,213

OUTBRAIN INC. Condensed Consolidated Statements of Cash Flows *(In thousands)*

	Three Months Ended March 31,
		2025			2024
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(54,843	)	$	(5,041	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization of property and equipment		1,935			1,639
Amortization of capitalized software development costs		2,472			2,409
Amortization of intangible assets		8,466			852
Amortization of discount on marketable securities		(425	)		(642	)
Stock-based compensation		2,941			2,927
Non-cash operating lease expense		2,307			1,195
Provision for credit losses		298			1,693
Amortization of debt issuance costs		12,843			—
Deferred income taxes		(17,786	)		(174	)
Impairment of assets		15,614			—
Unrealized foreign currency transaction (gains) losses		1,688			312
Other		30			26
Changes in operating assets and liabilities:
Accounts receivable		37,605			30,398
Prepaid expenses and other current assets		5,901			7,262
Accounts payable and other current liabilities		(22,374	)		(31,875	)
Operating lease liabilities		(2,614	)		(1,205	)
Deferred revenue		(830	)		(1,471	)
Other non-current assets and liabilities		5,806			300
Net cash (used in) provided by operating activities		(966	)		8,605

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of a business, net of cash acquired		(598,319	)		(181	)
Purchases of property and equipment		(2,921	)		(1,335	)
Capitalized software development costs		(2,699	)		(2,627	)
Purchases of marketable securities		(16,602	)		(31,578	)
Proceeds from sales and maturities of marketable securities		74,221			31,492
Net cash used in investing activities		(546,320	)		(4,229	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the Bridge Facility		625,000			—
Repayments of borrowings under the Bridge Facility		(625,000	)		—
Proceeds from senior secured notes		625,305			—
Payment of deferred financing costs		(28,155	)		—
Payment of stock issuance costs		(775	)		—
Treasury stock repurchases and share withholdings on vested awards		(355	)		(4,015	)
Principal payments on finance lease obligations		—			(255	)
Proceeds from bank overdrafts, net		74			—
Net cash provided by (used in) financing activities		596,094			(4,270	)
Effect of exchange rate changes		(57	)		363
Net increase in cash, cash equivalents and restricted cash	$	48,751		$	469
Cash, cash equivalents and restricted cash — Beginning		89,725			71,079
Cash, cash equivalents and restricted cash — Ending	$	138,476		$	71,548

OUTBRAIN INC. Non-GAAP Reconciliations *(In thousands)* (Unaudited)

The following table presents the reconciliation of Gross profit to Ex-TAC gross profit and Ex-TAC gross margin, for the periods presented:

	Three Months Ended March 31,
		2025			2024
Revenue	$	286,357		$	216,964
Traffic acquisition costs		(183,235	)		(164,810	)
Other cost of revenue		(20,472	)		(10,559	)
Gross profit		82,650			41,595
Other cost of revenue		20,472			10,559
Ex-TAC gross profit	$	103,122		$	52,154

Gross margin (gross profit as % of revenue)		28.9	%		19.2	%
Ex-TAC gross margin (Ex-TAC gross profit as % of revenue)		36.0	%		24.0	%


The following table presents the reconciliation of net loss to Adjusted EBITDA, for the periods presented:

	Three Months Ended March 31,
		2025			2024
Net loss	$	(54,843	)	$	(5,041	)
Interest expense		23,124			937
Other expense (income) and interest income, net		484			(1,405	)
Benefit from income taxes		(13,201	)		(1,088	)
Depreciation and amortization		12,873			4,900
Stock-based compensation		2,941			2,927
Acquisition-related costs		16,418			—
Restructuring charges		7,279			167
Impairment charges		15,614			—
Adjusted EBITDA	$	10,689		$	1,397

Net loss as % of gross profit	(66.4		)%	(12.1		)%
Adjusted EBITDA as % of Ex-TAC Gross Profit		10.4	%		2.7	%

OUTBRAIN INC. Non-GAAP Reconciliations *(In thousands)* (Unaudited)

The following table presents the reconciliation of net loss and diluted EPS to adjusted net loss and adjusted diluted EPS, respectively, for the periods presented:

	Three Months Ended March 31,
		2024			2023
Net loss	$	(54,843	)	$	(5,041	)
Adjustments:
Acquisition-related costs		16,418			—
Restructuring charges		7,279			167
Impairment charges		15,614			—
Bridge facility costs		11,996			—
Total adjustments, before tax		51,307			167
Income tax effect		(11,759	)		(41	)
Total adjustments, after tax		39,548			126
Adjusted net loss	$	(15,295	)	$	(4,915	)

Basic and diluted weighted-average shares		77,954,579			49,265,012

Diluted net loss per share – reported	$	(0.70	)	$	(0.10	)
Adjustments, after tax		0.50			—
Diluted loss per share – adjusted	$	(0.20	)	$	(0.10	)

The following table presents the reconciliation of net cash provided by (used in) operating activities to free cash flow, for the periods presented:

	Three Months Ended March 31,
		2025			2024
Net cash (used in) provided by operating activities	$	(966	)	$	8,605
Purchases of property and equipment		(2,921	)		(1,335	)
Capitalized software development costs		(2,699	)		(2,627	)
Free cash flow	$	(6,586	)	$	4,643

The MIL Network –

May 9, 2025

MIL-OSI Africa: Is Kenya’s president safe in a crowd? Security expert scans VIP protection checklist
Source: The Conversation – Africa – By Douglas Lucas Kivoi, Principal Policy Analyst, Governance Department, The Kenya Institute for Public Policy Research and Analysis (KIPPRA)

Protecting any president requires multiple layers of intelligence, physical security and rapid response security protocols. Exact operational details are classified, but there are global best practices in VIP protection.

The issue of presidential protection in Kenya has become particularly relevant following an incident in early May 2025 when someone in a crowd threw a shoe at President William Ruto during a public event, hitting his hand.

I have studied policing and security policies in Kenya for over 15 years, interacting closely with the country’s security protocols. In my view this incident exposed several critical security lapses around the elite officers tasked with protecting the president.

The security of the president is a critical issue in Kenya. The country is exposed to terror groups like the Somalia-based Al-Shabaab and other criminal networks in the region.

In 2021, a businessman embedded himself into the presidential motorcade and drove into then president Uhuru Kenyatta’s official residence. In 2017, an unidentified man who was said to have illegally accessed the highly protected state house grounds was shot dead by presidential guards.

There are multiple layers to Kenya’s protection protocols. They include National Intelligence Service officers, the Kenya Defence Force, Presidential Escort Police officers drawn from the highly trained General Service Unit, bomb disposal experts and regular police officers. Their deployment depends on the nature of the presidential engagement.

While the shoe incident may be passed off as simply embarrassing, it should serve as a wake-up call to tighten security protocols around the president without necessarily compromising his public engagement with citizens.

What’s in place

Prior to any presidential visit across the country, security teams conduct a thorough reconnaissance of the destination. This includes coordinating with local policing agencies, clearing airspace, mapping secure transport routes and identifying nearby medical facilities in case of emergencies.

Presidential motorcade routes are pre-planned and a dry run is made. This often includes mapping alternative routes to avoid predictability should there be assailants along a presidential route. It is common to see some roads temporarily closed and security officers conducting sweeps for any threats or explosives. In areas deemed high risk, counter security sniper teams are covertly deployed in strategic areas.

Cases of attacks on presidential motorcades are rare in Kenya. However, in 2002 during presidential campaigns, angry opposition supporters stoned then president Daniel Moi’s motorcade. In November 2021, an angry mob hurled rocks at then deputy president Ruto’s motorcade.

The National Intelligence Service and Presidential Escort Unit covertly scout locations in advance, assessing potential security vulnerabilities. Crowd sizes, and entry and exit points for the head of state are mapped out in advance.

In cases where meetings are held in town halls or huge tents, attendees are screened using metal detectors and/or physical searches. Uniformed and plainclothes security officers embed themselves in the crowd to monitor any threats.

The president and any dignitaries accompanying him have at least three layers of security.

The inner ring consists of close protection officers who are always within an arm’s length of the president to physically thwart any threats. The middle ring has armed security guards who watch for, among others, sudden movements and abnormal behaviour within the crowd. The outer ring consists of regular police and paramilitary units from the General Service Unit who secure the outside perimeter.

The presidential motorcade is a coordinated convoy of heavily armoured vehicles. It includes lead and chase cars, communication units and emergency response teams. Traffic is managed by local traffic police officers to ensure unobstructed movement. Routes are kept confidential until necessary.

The president’s security may opt to use a decoy vehicle if there is a security threat, to confuse and derail potential risk sources. In all these cases, there is a contingent of specialised General Service Unit officers, called the Recce unit, that always accompanies the president.

Kenya’s presidential security precautions follow standard VIP security protection like those for heads of state across the world. However, in some neighbouring countries, for instance, presidents move in heavily armed military convoys. This has not been seen in Kenya.

If a potential threat is detected, the president is immediately shielded and whisked away to a secure vehicle or evacuated by air in high-risk events. In such cases, the Kenya Defence Forces secures the president.

Despite stringent security measures, incidents can occur. For instance, in March 2025, a British tourist was fatally hit by a vehicle in Ruto’s motorcade. This prompted investigations and reviews on motorcade safety protocols.

Such events highlight the challenges of balancing presidential security with public safety, especially in densely populated urban areas.

Security failures

The shoe-throwing incident targeting Ruto highlighted five major failures in presidential protection protocols.

First, crowd screening and access control failures. The alleged assailant was very close to the president, suggesting an inadequate distance between the crowds and the president. The inner ring of security also failed to spot the perpetrator raising a shoe in the air to use as a projectile. This indicates weak front-row eye sweeps and scans by the president’s security.

Second, there was an apparent delay in security response. The elite officers around the president should have subdued the alleged attacker within seconds. It could mean most had their eyes on the president or cameras, as opposed to scanning the crowds for any sudden movements.

Third, security allowed the president to stand too close to a crowd that hadn’t been screened. Best practices require a no-go zone of three to five metres for individuals who have not been scanned or screened.

Fourth, there was an apparent gap in intelligence and threat assessment. Aggressive or agitated people next to the president should draw the attention of security officers. Plainclothes security officers are usually deployed to monitor crowd behaviour. It isn’t enough to rely on uniformed officers.

Undercover agents are critical for flagging pre-attack signals, such as nervousness or repeated adjustments of positions.

Fifth, there was no clear evacuation plan for the president. After the incident, the president continued speaking. In high-risk scenarios, protocols often demand instant relocation of the president to a secure vehicle or helicopter, where the military takes over and airlifts him to safety.

What should change

Kenya’s presidential security detail may be forced to:
- increase standoff distance between the president and crowds
- deploy more plainclothes officers to blend in and monitor crowds around the president
- mandate stricter screening of those in close proximity to the president
- conduct more frequent security risks drills for rapid neutralisation of potential threats.
The exact details of presidential security in Kenya are confidential. However, the overarching structure aims to provide comprehensive protection to the president while maintaining public safety and order during official engagements. No security protocol is 100% foolproof. But a balance needs to be struck between overly aggressive crowd control and accessibility.

– Is Kenya’s president safe in a crowd? Security expert scans VIP protection checklist
– https://theconversation.com/is-kenyas-president-safe-in-a-crowd-security-expert-scans-vip-protection-checklist-256268

MIL OSI Africa –
May 9, 2025
MIL-OSI Global: The prospect of an American pope was once viewed with suspicion – but Leo XIV could prove an important counter to Trump

Source: The Conversation – UK – By Massimo D’Angelo, Research Associate in the Institute for Diplomacy and International Affairs, Loughborough University

Pope Leo XIV has been elected as the 267th pontiff, leader of the Catholic church and spiritual guide to more than 1.4 billion Catholics. He is the first pope in history to come from the United States.

Since the 19th century, the influence of the United States within the Catholic Church has steadily increased, mirroring the country’s global geopolitical rise. American bishops, institutions and donors have played a growing role in shaping church policy, appointments and international engagement, signalling a shift away from traditional European dominance.

This growing influence had long been accompanied by unease over the idea of entrusting the leadership of the global Catholic community to a figure from the world’s most powerful nation. In this sense, the election of Leo XIV is an unexpected and significant choice.

Robert Francis Prevost, born in Chicago in 1955, has spent much of his ecclesiastical life to date in Peru, where he became a respected figure within the local church. He had been sent to Peru on a missions after taking his solemn vows as an Augustinian and studying in Rome.

Once there, he served for many years as judicial vicar and professor of canon, patristic (early Christian), and moral theology in Trujillo. In 2014, he was appointed apostolic administrator of Chiclayo and became its bishop in 2015, a post he held until 2023.

Prevost gained Peruvian citizenship and was widely regarded as a stabilising, pastoral presence in a church often divided between liberation theology and ultra-traditionalism. Known for his humility and approachability, he was respected for his ability to foster dialogue among Peru’s diverse episcopate.

His longstanding commitment to Latin America helped shape his international reputation and proved key to his eventual election as the church’s first North American pope.

Continuity or rupture with Francis?

It is difficult to determine at this early stage whether the election of Leo XIV will mark a continuation of Pope Francis’s pontificate or a clear departure from it. More likely, it will represent something of a middle path.

The first image of the newly elected pope – appearing on the balcony in traditional white and red papal garments, adorned with a gold cross – was striking. It echoed the appearance of Benedict XVI in 2005, in contrast to Francis’s more austere choice of a plain white cassock and silver cross, which reflected a deliberate gesture of humility.

Yet, Leo XIV’s strong focus on the poor – rooted in his years as a missionary in Peru – and his warm greeting to the Peruvian community, one of the Church’s global peripheries, suggest a clear line of continuity with Francis’s pastoral priorities.

Even his choice of name evokes Leo XIII, pope from 1878 to 1903 and author of Rerum Novarum, the landmark encyclical on social justice and the rights of the poor. Leo XIV may, therefore, embody a papacy that maintains a firm commitment to the marginalised, while adopting a less confrontational, more measured style than that of his reformist predecessor, who sometimes adopted openly anti-curial stances.

A Counterweight to Trump?

Prior to becoming pope, Prevost has, on several occasions, openly criticised the current US administration – particularly on matters of migration policy. As a cardinal, he voiced concern over statements made by US vice president J.D Vance, who converted to Catholicism in 2019.

He shared an article challenging Vance’s interpretation of Christian love in relation to immigration. Prevost also shared posts critical of both Donald Trump and Salvadoran president Nayib Bukele regarding the deportation of Kilmar Abrego Garcia, a Salvadoran national living in Maryland.

In this light, the election of an American pope – once a prospect viewed with suspicion – could now represent one of the strongest moral voices against the hardline migration policies of his own country’s government and a counterbalance to Donald Trump’s influence.

The choice of the name Leo is also potentially significant here. Pope Leo XIII strongly opposed extreme nationalism, viewing it as a threat to the Church’s universal mission and moral authority.

While acknowledging the value of legitimate patriotism, he maintained that loyalty to God and the church must always take precedence over allegiance to the nation-state. In encyclicals such as Immortale Dei and Sapientiae Christianae, he defended the church’s supranational character and cautioned against subordinating faith to national interests.

For Leo XIII, true civic virtue could never conflict with divine law, and any form of nationalism that did so risked becoming a kind of idolatry. In an era of rising nationalism across the globe – particularly in the United States – connecting to this message would be a clear and powerful statement.

While the prospect of an American pope once caused concern, the choice of Leo XIV shows sensitivity to the world’s margins. Yet, in a Church where Catholic growth is most pronounced in Africa and Asia – while numbers continue to decline in Europe and the Americas – the election of another western pontiff is not without its challenges. Some regions may still feel overlooked or underrepresented.

A promising gesture was the decision to deliver a brief message in Spanish from the balcony of St Peter’s – the first time in papal history. At the same time, it is striking that the most globally diverse conclave ever convened has placed the church’s leadership in the hands of a cardinal from the world’s most powerful nation. The new pope will need to unify a church that is increasingly global and moving beyond its eurocentric past.

Massimo D’Angelo 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. The prospect of an American pope was once viewed with suspicion – but Leo XIV could prove an important counter to Trump – https://theconversation.com/the-prospect-of-an-american-pope-was-once-viewed-with-suspicion-but-leo-xiv-could-prove-an-important-counter-to-trump-256146

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI United Kingdom: Funding boost for Clean Industry Bonus as bids smash expectations
Source: United Kingdom – Executive Government & Departments 2

Press release

Funding boost for Clean Industry Bonus as bids smash expectations

Industrial communities set to benefit from new jobs and growth in their towns and cities, as funding is more than doubled for the Clean Industry Bonus.
Industry backs government’s clean energy superpower mission with double the number of bids expected for the Clean Industry Bonus

Energy Secretary increases budget to £544 million, backing clean energy growth in UK’s industrial heartlands and coastal communities

Follows the Prime Minister’s £300 million announcement to support offshore wind supply chains, building Britain’s clean energy future through Plan for Change

Hundreds of bids have come through from the UK’s offshore wind sector, in a strong signal that industry supports the government’s clean power by 2030 mission. Following higher than expected demand, the Energy Secretary has increased the bonus from an initial £200 million to £544 million.

The Clean Industry Bonus will provide financial rewards for offshore wind developers, on the condition they prioritise investment in regions that need it most or in cleaner supply chains, including traditional oil and gas communities, ex-industrial areas and ports and coastal towns.

It will support cleaner manufacturers, new upgraded factories, port infrastructure and more business for UK supply chains, whilst supporting highly skilled jobs such as engineers, electricians and welders on the clean energy transition.

It is expected that for every £1 spent on the bonus, it could leverage up to £17 of private sector investment, mainly into some of the UK’s most deprived communities – providing a huge return for communities from clean energy projects.

This comes after the Prime Minister’s announcement last month to bring forward a £300 million investment through Great British Energy to win global offshore wind investment for the UK, building Britain’s clean energy future through the Plan for Change.

Government support is expected to leverage up to £9.3 billion in private sector investment over the next four years, creating economic growth by backing the clean energy supply chain that make offshore wind blades and cables and develop low carbon factories.

Energy Secretary Ed Miliband said:

Industry have backed our clean energy superpower mission, and we are helping them to deliver it.

This is the type of muscular industrial policy Britain needs to create jobs, drive growth and transform the fortunes of industrial towns and cities, delivering our Plan for Change.

Claire Mack, Chief Executive at Scottish Renewables, said:

This announcement makes clear that clean energy offers a strong return on investment for the country. It also demonstrates that Scotland’s offshore wind sector has the potential to deliver transformational benefits for our supply chains, skilled workforces and coastal communities.

Now is the time to go further and faster to capture this unrivalled opportunity for green industrial growth. Scottish Renewables will work closely with the UK government to ensure funding from the Clean Industry Bonus can be maximised through the successful deployment of Scotland’s offshore wind pipeline in the years ahead.

RenewableUK’s Executive Director of Policy Ana Musat said:

This additional funding has the potential to help secure billions in private investment in new factories manufacturing components for the offshore wind industry across the UK. Importantly for the country, these investments will create new jobs in coastal communities which need fresh opportunities.

The expansion of the offshore wind supply chain will, in turn, enable us to deliver the massive pipeline of offshore wind projects planned for installation in UK waters at the lowest cost for billpayers in the years ahead.

The Clean Industry Bonus is a good starting point as part of a wider industrial strategy which the government is due to unveil in full this summer, and which we hope will be complimented by new policies to support the expansion of UK ports. With larger ports, we could secure even more investment in offshore wind manufacturing and turbine assembly”.

Adam Berman, Director of Policy and Advocacy at Energy UK, said:

The UK’s continued growth in offshore wind is delivering jobs and business opportunities up and down the country.

Every new, large offshore wind farm adds £2-3 billion to the UK’s economy and – if deployment is accelerated – the sector could boost it by a further £25 billion between now and 2035.

Ensuring that the people and businesses located near to projects benefit is as important as ensuring wider economic growth. The transformation of regions like the Humber demonstrates the positive impact these projects can have.

We welcome the government’s focus and support in making sure that communities reap the rewards of this burgeoning sector. Industry is fully aligned with government on the need to capture the full benefits of clean power for both local communities and British businesses building the supply chain that underpins these projects.

Funding comes ahead of the government’s modern Industrial Strategy, which will turbocharge growth in the UK’s key sectors including clean energy.

The application window for the Clean Industry Bonus is now closed, with the winners expected to be announced after the final budget in May.

Notes to editors

The budget is expressed in 2025 prices. All CIB payments will be indexed using the Consumer Price Index. Funding is allocated competitively through an auction: proposals that unlock the biggest investments, for the cheapest amount of revenue support, score the highest.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 9 May 2025
MIL OSI United Kingdom –
May 9, 2025
MIL-OSI Russia: Russian Sinologist: Building Language Bridges to Chinese Culture

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

At the invitation of Russian President Vladimir Putin, Chinese President Xi Jinping will pay a state visit to Russia from May 7 to 10 and take part in the celebrations in Moscow dedicated to the 80th anniversary of Victory in the Great Patriotic War. Russian sinologist, director of the Confucius Institute at the Russian State University for the Humanities (RSUH) Taras Ivchenko (Chinese name – Yi Fucheng) is looking forward to this event with great interest.

“To deepen cooperation between countries, we must first build a bridge of communication, and language is such a bridge,” Yi Fucheng said figuratively in an exclusive interview with Zhongxin News Agency, speaking about the importance of teaching Chinese for humanitarian exchanges between the two countries. “Our task is to make this bridge even stronger and more reliable.”

As the director of the first Confucius Institute in Moscow, Yi Fucheng has witnessed the entire process of its development since its founding in 2007. He said that at RSUH, about 400 students study Chinese in various departments, including such specialties as philosophy, linguistics, international relations, political science, cultural studies, and others. In his teaching practice, Yi Fucheng always pays attention to how to help students truly understand the culture behind the Chinese language.

“It is not enough for cultural promoters to simply talk about China. They cannot limit themselves to talking about dumplings, calligraphy, or poetry from the Tang (618-907) and Song (960-1279) dynasties. They must explain the culinary traditions, aesthetic tastes, and deep meanings of poetry behind them. Only in this way can the charm of culture be truly revealed,” Yi Fucheng emphasized.

In September 2023, the first Orchid Award ceremony was held in Beijing, where Yi Fucheng was awarded the Friendship Ambassador Award. The award is a recognition of his long-standing efforts to promote cultural exchanges between China and Russia, as well as a reflection of his love for the Chinese language.

Today, more and more young Russians are “discovering” the world of Chinese through social media. Short videos and real-time comments make communication between the youth of the two countries more intense. And Fucheng is happy about this: “Expanding exchange is good.” However, he also reminds that language learning should delve into the culture itself.

In his classes, he tries to instill this in-depth approach in his students. Not only does he encourage them to participate in cultural activities, but he also recommends books with philosophical depth. “For example, Qian Mu’s Public Lectures on Chinese Thought or Feng Youlan’s A Brief History of Chinese Philosophy. I often suggest that students try reading them, although they say it’s difficult,” he smiles. “But I always tell them, ‘If you get down to it, difficult things will become easy.’ The more difficult it is, the more interesting and valuable it is to learn.” In his opinion, interest is the starting point in learning a language, but only a constant desire for knowledge allows a person to move forward.

In addition to traditional culture, Yi Fucheng emphasizes the importance of understanding modern China. Speeches by Chinese leaders and government reports are required reading in his classes. “You need to learn to feel the precision of expression and the way of thinking of the country’s political language hidden behind the words.”

In March 2013, during President Xi Jinping’s visit to Russia, a meeting was held with Russian sinologists, students studying Chinese, and media representatives. Yi Fucheng was invited to the meeting and acted as one of the representatives. He still remembers the event well.

As a Sinologist, Yi Fucheng hopes that in the future the two countries can deepen cooperation in education and people-to-people exchanges by implementing more educational projects.

MIL OSI Russia News –

May 9, 2025
MIL-OSI Russia: Russian officials: Chairman Xi Jinping’s visit will give new impetus to bilateral relations

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

At the invitation of Russian President Vladimir Putin, Chinese President Xi Jinping will pay a state visit to Russia from May 7 to 10 and take part in the ceremonial events in Moscow dedicated to the 80th anniversary of Victory in the Great Patriotic War. Russian representatives are confident that this visit is of great importance, demonstrates the high level of trust and mutual support between the two countries, and will contribute to the further development of Russian-Chinese relations.

As reported by the TASS news agency on May 7, the Chairperson of the Federation Council Valentina Matviyenko emphasized that the state visit of Chairman Xi Jinping to Russia and his participation in the celebration of the 80th anniversary of Victory have “important historical significance.”

Matviyenko noted that some countries are trying to distort the historical memory of the victory over fascism and militarism, and Russia and China are jointly opposing these attempts, playing a decisive role in preserving the historical truth for future generations.

On May 6, Russian presidential aide Yuri Ushakov told RIA Novosti, TASS and other leading Russian media outlets that Russian-Chinese relations were at an “unprecedentedly high level” and both sides viewed them as “an example of genuine relations between great powers.” He stressed that President Xi Jinping’s visit was of particular importance and would contribute to the further development of bilateral relations based on “complete mutual trust, equality, mutual benefit and non-targeting of third countries.”

Russian Foreign Ministry spokesperson Maria Zakharova said at a briefing on May 6 that Chairman Xi Jinping’s state visit to Russia and his participation in the celebration of the 80th anniversary of Victory “once again confirm the unprecedentedly high level of trust, mutual understanding and support that characterizes current Russian-Chinese relations.”

Zakharova added that Russian-Chinese relations “are comprehensive in nature, are constantly enriched with new constructive content, meet the fundamental interests of the peoples of both countries and enjoy their comprehensive support.” According to her, under the leadership of the leaders of the two countries, Russian-Chinese cooperation will develop steadily in the long term.

Zakharova also noted that Russia and China are committed to protecting international justice, promoting the central role of the UN, and building a truly equal and fair multipolar world order at various multilateral venues.

Director of the Institute of China and Modern Asia of the Russian Academy of Sciences Kirill Babayev expressed confidence in an interview with the Xinhua news agency that Russian-Chinese cooperation will maintain its positive dynamics, becoming a global example of mutually beneficial cooperation between great powers in all areas. Deputy Director of the IMEMO RAS Alexander Lomanov noted that the level of political trust, close ties and deep mutual understanding between Russia and China are unique in relations between the world’s largest powers.

MIL OSI Russia News –

May 9, 2025
MIL-OSI Video: UK VE Day Procession to Westminster Abbey

Source: United Kingdom UK Parliament (video statements)

The Speakers of both Houses met in Central Lobby and processed with the maces, echoing the House of Commons and House of Lords #VEDay procession of 1945.

They made their way to Westminster Abbey for a service to honour and pay tribute to the Second World War generation.

The joint procession reflected the unity of UK Parliament and the nation in marking 80 years since victory was declared in Europe.

#VEDay80 #VEDay

Find out what Parliament is doing to mark the 80th anniversary of the end of World War Two: https://www.parliament.uk/visiting/remembering-parliaments-world-war-two-contributions/

https://www.youtube.com/watch?v=WtGAu1ZYA0w

MIL OSI Video –

May 9, 2025
MIL-OSI Video: UK Watch live: Lords marks the 80th Anniversary of victory in Europe and victory over Japan

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

On Friday in the House of Lords, members hold a debate to mark the 80th anniversary of victory in Europe and victory over Japan.

Find out more and see who’s taking part https://www.parliament.uk/business/news/2025/april/house-of-lords-80th-anniversary-ve-day-vj-day/

Catch-up on House of Lords business:

Watch live events: https://parliamentlive.tv/Lords
Read the latest news: https://www.parliament.uk/lords/

Stay up to date with the House of Lords on social media:

• X: https://twitter.com/UKHouseofLords
• Bluesky: https://bsky.app/profile/houseoflords.parliament.uk
• Instagram: https://www.instagram.com/UKHouseofLords/
• Facebook: https://www.facebook.com/UKHouseofLords
• Flickr: https://flickr.com/photos/ukhouseoflords/albums
• LinkedIn: https://www.linkedin.com/company/the-house-of-lords
• Threads: https://www.threads.net/@UKHouseOfLords

#HouseOfLords #UKParliament #VEDay

https://www.youtube.com/watch?v=6hbOnGfWvEA

MIL OSI Video –

May 9, 2025
MIL-OSI Video: Deputy President Paul Mashatile National Assembly oral reply session.

Source: Republic of South Africa (video statements)

Deputy President Paul Mashatile briefs members of the National Assembly, in Parliament, Cape Town, on government efforts to address structural constraints in the local government sector, which is critical for providing essential services, promoting economic development, and ensuring a safe and healthy environment.

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

MIL OSI Video –

May 9, 2025
MIL-OSI United Kingdom: Your City Needs You: Birmingham Launches Drive to Inspire New Local Leaders
Source: City of Birmingham

Published: Friday, 9th May 2025

Birmingham City Council, in partnership with the Local Government Association (LGA), is launching a citywide campaign to encourage residents from all backgrounds to consider standing as a councillor.
The Be a Councillor Birmingham campaign aims to raise awareness of what councillors do, demystify the role, and support a new wave of local leaders who reflect Birmingham’s rich diversity. With all 101 seats across 69 wards up for election, this creates an opportunity to strengthen democratic representation and support the Council’s improvement journey.

As part of the campaign, a tailored programme of events and resources — including community workshops, a dedicated webpage, mentoring support and outreach to under-represented groups — will help residents explore whether local leadership could be their next step. Alongside this, residents are invited to attend one of four free taster sessions at the Council House to inspire and support them in creating change in their communities and to understand more about the role of a councillor. Interest for taster sessions can be registered here.

Councillor John Cotton, Leader of Birmingham City Council, said: “Birmingham is a diverse city — vibrant, youthful and rich in talent. We want our council chambers to reflect the people who live here and understand their lived experiences. Through this campaign, we’re inviting residents to see themselves as local leaders — whether they’ve been active in their communities for years or are just beginning to think about public service. We want to open the door wider, remove the myths, and support people from all backgrounds to step forward and help shape the future of our city.”

The Be A Councillor campaign also offers insight into key areas like council finance, community advocacy, legal responsibilities, and how to campaign — making it easier than ever for residents to get informed, get involved, and take action.

The Council will work with political parties, independents, and community organisations to ensure the campaign reaches every corner of the city.

For more information about the campaign visit: https://www.local.gov.uk/be-councillor.

NOTES TO EDITORS:

The campaign officially begins in Spring 2025 and will run up to the 2026 local elections.

Birmingham is home to 187 nationalities and over 50% of the population are from ethnically diverse backgrounds.

The current cabinet is 60% female, reflecting a commitment to diverse leadership.

Further information, event listings, and resources will be available via the campaign webpage at https://www.local.gov.uk/be-councillor.
Useful links
MIL OSI United Kingdom –
May 9, 2025
MIL-OSI Europe: Government meets with trade unions on workplace health and safety

Source: Government of Italy (English)

Vai al Contenuto Raggiungi il piè di pagina

8 Maggio 2025

The President of the Council of Ministers, Giorgia Meloni, chaired a meeting between the Government and trade union organisations at Palazzo Chigi today, held to outline proposals and initiatives regarding workplace health and safety.

MIL OSI Europe News –

May 9, 2025
MIL-Evening Report: USP World Press Freedom Day warnings over AI, legal reform and media safety
World Press Freedom Day is not just a celebration of the vital role journalism plays — it is also a moment to reflect on the pressures facing the profession and Pacific governments’ responsibility to protect it.

This was one of the key messages delivered by two guest speakers at The University of the South Pacific (USP) Journalism’s 2025 World Press Freedom Day celebrations this week, the UN Human Rights Adviser for the Pacific, Heike Alefsen, and Fiji Media Association’s general secretary, Stanley Simpson.

In her address to journalism students and other attendees on Monday, chief guest Alefsen emphasised that press freedom is a fundamental pillar of democracy, a human right, and essential for sustainable development and the rule of law.

“Media freedom is a prerequisite for inclusive, rights-respecting societies,” Alefsen said, warning of rising threats such as censorship, harassment, and surveillance of journalists — especially with the spread of AI tools used to manipulate information and monitor media workers.

UN Human Rights Adviser for the Pacific Heike Alefsen (from left), USP Journalism programme head Dr Shailendra Singh, and Fiji Media Association’s general secretary Stanley Simpson . . . reflecting on pressures facing the profession of journalism. Image: Mele Tu’uakitau

AI and human rights
She stressed that AI must serve human rights — not undermine them — and that it must be used transparently, accountably, and in accordance with international human rights law.

“Some political actors exploit AI to spread disinformation and manipulate narratives for personal or political gain,” she said.

She added that these risks were compounded by the fact that a handful of powerful corporations and individuals now controlled much of the AI infrastructure and influenced the global media environment — able to amplify preferred messages or suppress dissenting voices.

“Innovation cannot come at the expense of press freedom, privacy, or journalist safety,” she said.

Regarding Fiji, Alefsen praised the 2023 repeal of the Media Industry Development Act (MIDA) as a “critical turning point,” noting its positive impact on Fiji’s ranking in the RSF World Press Freedom Index.

World Press Freedom Day at The University of the South Pacific on Monday. Image: USP — the country rose four places to 40th in the 2025 survey.

However, she emphasised that legal reforms must continue, especially regarding sedition laws, and she highlighted ongoing challenges across the Pacific, including financial precarity, political pressure, and threats to women journalists.

According to Alefsen, the media landscape in the Pacific was evolving for the better in some countries but concerns remained. She highlighted the working conditions of most journalists in the region, where financial insecurity, political interference, and lack of institutional support were prevalent.

“Independent journalism ensures transparency, combats disinformation, amplifies marginalised voices, and enables people to make informed decisions about their lives and governance. In too many countries around the world, journalists face censorship, detention, and in some cases, death — simply for doing their jobs,” she said.

Strengthening media independence and sustainability
Keynote speaker Stanley Simpson, echoed these concerns, adding that “the era where the Fiji media could survive out of sheer will and guts is over.”

“Now, it’s about technology, sustainability, and mental health support,” he said.

Speaking on the theme, Strengthening Media Independence and Sustainability, Simpson emphasised the need for the media to remain independent, noting that journalists are often expected to make greater sacrifices than professionals in other industries.

“Independence — while difficult and challenging — is a must in the media industry for it to maintain credibility. We must be able to think, speak, write, and report freely on any matter or anyone,” Simpson said.

According to Simpson, there was a misconception in Fiji that being independent meant avoiding relationships or contacts.

“There is a need to build your networks — to access and get information from a wide variety of sources. In fact, strengthening media independence means being able to talk to everyone and hear all sides. Gather all views and present them in a fair, balanced and accurate manner.”

He argued that media could only be sustainable if it was independent — and that independence was only possible if sustainability was achieved. Simpson recalled the events of the 2006 political upheaval, which he said contributed to the decline of media freedom and the collapse of some media organisations in Fiji.

“Today, as we mark World Press Freedom Day, we gather at this great institution to reflect on a simple yet profound truth: media can only be truly sustainable if it is genuinely free.

“We need democratic, political, and governance structures in place, along with a culture of responsible free speech — believed in and practised by our leaders and the people of Fiji,” he said.

USP students and guests at the 2025 World Press Freedom Day event. Picture: Mele Tu’uakitau

The new media landscape
Simpson also spoke about the evolving media landscape, noting the rise of social media influencers and AI generated content. He urged journalists to verify sources and ensure fairness, balance and accuracy — something most social media platforms were not bound by.

While some influencers have been accused of being clickbait-driven, Simpson acknowledged their role. “I think they are important new voices in our democracy and changing landscape,” he said.

He criticised AI-generated news platforms that republished content without editorial oversight, warning that they further eroded public trust in the media.

“Sites are popping up overnight claiming to be news platforms, but their content is just AI-regurgitated media releases,” he said. “This puts the entire credibility of journalism at risk.”

Fiji media challenges
Simpson outlined several challenges facing the Fiji media, including financial constraints, journalist mental health, lack of investment in equipment, low salaries, and staff retention. He emphasised the importance of building strong democratic and governance structures and fostering a culture that respects and values free speech.

“Many fail to appreciate the full scale of the damage to the media industry landscape from the last 16 years. If there had not been a change in government, I believe there would have been no Mai TV, Fiji TV, or a few other local media organisations today. We would not have survived another four years,” he said.

According to Simpson, some media organisations in Fiji were only one or two months away from shutting down.

“We barely survived the last 16 years, while many media organisations in places like New Zealand — TV3’s NewsHub — have already closed down. The era where the Fiji media would survive out of sheer will and guts is over. We need to be more adaptive and respond quickly to changing realities — digital, social media, and artificial intelligence,” he said.

Dr Singh (left) moderates the student panel discussion with Riya Bhagwan, Maniesse Ikuinen-Perman and Vahefonua Tupola. Image: Mele Tu’uakitau

Young journalists respond
During a panel discussion, second-year USP journalism student Vahefonua Tupola of Tonga highlighted the connection between the media and ethical journalism, sharing a personal experience to illustrate his point.

He said that while journalists should enjoy media freedom, they must also apply professional ethics, especially in challenging situations.

Tupola noted that the insights shared by the speakers and fellow students had a profound impact on his perspective.

Another panelist, third-year student and Journalism Students Association president Riya Bhagwan, addressed the intersection of artificial intelligence and journalism.

She said that in this era of rapid technological advancement, responsibility was more critical than ever — with the rise of AI, social media, and a constant stream of information.

“It’s no longer just professional journalists reporting the news — we also have citizen journalism, where members of the public create and share content that can significantly influence public opinion.

“With this shift, responsible journalism becomes essential. Journalists must uphold professional standards, especially in terms of accuracy and credibility,” she said.

The third panelist, second-year student Maniesse Ikuinen-Perman from the Federated States of Micronesia, acknowledged the challenges facing media organisations and journalists in the Pacific.

She shared that young and aspiring journalists like herself were only now beginning to understand the scope of difficulties journalists face in Fiji and across the region.

Maniesse emphasised the importance of not just studying journalism but also putting it into practice after graduation, particularly when returning to work in media organisations in their home countries.

The panel discussion, featuring journalism students responding to keynote addresses, was moderated by USP Journalism head of programme Dr Shailendra Singh.

Dr Singh concluded by noting that while Fiji had made significant progress with the repeal of the Media Industry Development Act (MIDA), global experience demonstrated that media freedom must never be taken for granted.

He stressed that maintaining media freedom was an ongoing struggle and always a work in progress.

“As far as media organisations are concerned, there is always a new challenge on the horizon,” he said, pointing to the complications brought about by digital disruption and, more recently, artificial intelligence.
- Fiji rose four places to 40th (out of 180 nations) in the RSF 2025 World Press Freedom Index to make the country the Oceania media freedom leader outside of Australia (29) and New Zealand (16).
Niko Ratumaimuri is a second-year journalism student at The University of the South Pacific’s Laucala Campus. This article was first published by the student online news site Wansolwara and is republished in collaboration with Asia Pacific Report.

USP Journalism students, staff and guests at the 2025 World Press Freedom Day celebrations at Laucala campus on Monday. Image: Mele Tu’uakitau

Article by AsiaPacificReport.nz
MIL OSI Analysis – EveningReport.nz –
May 9, 2025

Category: Politics

£7m beach management scheme reduces flood risk in Lincolnshire

Share this page

Updates to this page

A new beginning for HTAP

Note to editors

Who will makes the decisions over how Pakistan responds?

What do we know about Pakistan’s army chief Gen. Syed Asim Munir?

What role has he and the Pakistani army played so far in the crisis?

Is there evidence that Pakistan’s military played a role in the attack?

What has the reaction of the international community been?

What pressures will the Pakistani army be under to respond?

What can Pakistan do in response?

What are the risks of escalation for Pakistan?

Continuity or rupture with Francis?

A Counterweight to Trump?

New reports examine impact of nuclear decommissioning in Scotland

Share this page

Updates to this page

Perseverance pays off for fast streamer Folashade

Fast Stream

Broadening horizons

A bright future

Updates to this page

‘Digital Excellence Programme helped me connect the dots on AI’

Connecting the dots

Spreading the word

Updates to this page

£25 billion powered Wales Pension Partnership pool to deliver growth and jobs for Wales

UK Minister for Pensions Torsten Bell MP said:

The Wales Pension Partnership said:

Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans MS said:

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

Additional Information

Share this page

Updates to this page

What’s in place

Security failures

What should change

Continuity or rupture with Francis?

A Counterweight to Trump?

Funding boost for Clean Industry Bonus as bids smash expectations

Notes to editors

Share this page

Updates to this page