NewzIntel.com

Category: Politics

  • MIL-OSI Russia: About 760 Muscovites signed contracts for housing under the renovation program in a new building on Sovkhoznaya Street

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    In the Lyublino district, house 10a on Sovkhoznaya Street is being populated under the renovation program. Since the start of inspections of the apartments offered by the city, about 760 residents have completed documents for them. This was reported by the Minister of the Moscow Government, head of the capital’s Department of City Property Maxim Gaman.

    “The first to start inspecting apartments in the residential complex on Sovkhoznaya Street were more than 200 Muscovites from a five-story building on Sudakova Street in mid-January. A week later, they were joined by the same number of city residents from house 49/17 on Krasnodonskaya Street. In February, the resettlement information center began accepting residents of three five-story buildings on Armavirskaya Street. Of the approximately thousand people who started inspecting apartments, almost all have already decided on their choice of housing, and about 760 program participants have signed contracts with the city,” said Maxim Gaman.

    The housing is provided with improved finishing, made according to the standards of the renovation program. The apartments have a convenient layout, taking into account modern zoning principles, wide corridors and hallways, large kitchens and bathrooms. On the first floor there are rooms for strollers and a concierge.

    “The residential complex on Sovkhoznaya Street consists of two buildings and is designed for 466 apartments with a total area of over 27 thousand square meters. The new building was erected taking into account a barrier-free environment. The floors in the vestibules and elevator halls are located at the same level, without steps. In the courtyards, pedestrian passages are designed so that it is comfortable for both parents with strollers and residents with limited mobility to move around. The new building also provides six apartments for city residents with disabilities – the width of the corridors and doorways has been increased, special plumbing has been installed,” added the Minister of the Moscow Government, head of the capital’s Department of Urban Development Policy

    Vladislav Ovchinsky.

    The area around the house has been landscaped, and children’s playgrounds and a sports ground have been built nearby. Within a kilometer of the residential complex there are three parks and the “Alley of Young Families”.

    Earlier Sergei Sobyanin told on the use of prefab technologies in the construction of houses under the renovation program.

    Renovation program approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. Sergei Sobyanin instructed to double the pace of implementation of the renovation program.

    Moscow is one of the leaders among regions in terms of construction volumes. High rates of housing construction correspond to the goals and initiatives of the national project “Infrastructure for life”.

    Get the latest news quickly official telegram channel the city of Moscow.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/153102073/

    MIL OSI Russia News –

  • MIL-Evening Report: Grattan on Friday: Coalition’s campaign lacks good planning and enough elbow grease

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

    Whatever the result on May 3, even people within the Liberals think they have run a very poor national campaign. Not just poor, but odd.

    Nothing makes the point more strongly than this week’s release of the opposition’s defence policy.

    As events played out, its Wednesday launch in Perth was overshadowed by the death of Pope Francis on Monday. But regardless of that unforeseeable event, the timing was extraordinarily late. Early birds had started voting at pre-poll places on Tuesday. The popularity of pre-polling means that, for many voters, the tail end of the formal campaign is irrelevant.

    The Coalition regards defence and national security as its natural territory. It is pledging to boost defence spending to 2.5% of GDP within five years – $21 billion extra – and to 3% within a decade. The policy set up a contrast with Labor.

    So why leave its release until the campaign’s penultimate week? The opposition’s line is that it wanted to see what money was available. Dutton said, “It would have been imprudent for us to announce early on, without knowing the bottom line”. The explanation doesn’t wash. If defence is such a priority, it should have been towards the front of the queue for funds.

    That wasn’t the whole of the problem. The announcement consisted literally of only these two figures, wrapped in rhetoric. It didn’t come with any meat, any policy document setting out how a Coalition government would rethink or redo defence.

    Shadow minister Andrew Hastie was at the launch, but he has been hardly seen nationally in recent months. He says he’s been working behind the scenes, and also he has a highly marginal Western Australian seat (Canning) to defend.

    But Hastie, 42, has been underused. From the party’s conservative wing, he is regarded as one of the (few) bright young things in the Liberal parliamentary party. He has been touted as a possible future leader. Given the general weakness of the Coalition frontbench, wasting Hastie has been strange.

    A captain in the Special Air Service Regiment who served in Afghanistan, Hastie has seen his share of combat. In 2018, he expressed the view that women shouldn’t serve in combat roles, saying “my personal view is the fighting DNA of close combat units is best preserved when it’s exclusively male”.

    This week he was peppered with questions about his opinion (questioning triggered by a similar view being expressed by a disqualified Liberal candidate). But the issue is a red herring.

    Hastie, a former assistant minister for defence, says he accepts the Coalition’s position that all defence roles are and should be open to qualified women. In the Westminster system, the obligation is for ministers to adhere to the agreed policy – that doesn’t mean someone might not have a different personal view.

    Putting together an election campaign requires judgements at many levels, ranging from how big or small a target to be, and the balance between negative and positive campaigning, to candidate selection and which seats the leader visits.

    The length of the formal campaign is in the prime minister’s hands. Anthony Albanese has sensibly kept this one to the typical five weeks, but a couple of past PMs made bad decisions, by running very long campaigns: Bob Hawke in 1984 and Malcolm Turnbull in 2016. Both lost seats, while retaining power.

    While keeping the formal campaign short, Albanese was canny in hitting the road as the year started with a series of announcements. That gave him
    momentum and some clear air. This also became more important when Easter and the Anzac holiday weekend intruded on the formal campaign. The Coalition looked dozy in January.

    In the event of a Coalition loss, the nuclear policy will be seen as a drag. In campaigning terms, it has been a bold throw of the dice, although admittedly not nearly as bold as the Coalition’s sweeping Fightback blueprint for economic reform in the early 1990s. That looked for a while as if it might fly, but was eventually demolished by Labor Prime Minister Paul Keating.

    Elections are not conducted in vacuums. Context can be important, and it has been particularly so in this campaign.

    As has repeatedly been said, Donald Trump hovers over these weeks, and it’s the Coalition that is disadvantaged. This is not just because Dutton struggles to deal with the government’s barbs that he is Trump-like – more generally, some voters who might have been willing to change their vote appear to be thinking now is not the time.

    If the Coalition defies the current apparent trend to Labor and scores a win in minority government, critics of its campaign will be eating humble pie. Seasoned election watchers remember the salutary lessons of 1993 and 2019, when the polls were wrong. In those elections, the government was returned.

    Dutton and Nationals leader David Littleproud have both suggested the Coalition’s internal polling, which concentrates on marginal seats, is better for it than the media’s national polls.

    If Labor loses this election, it will be left wondering how an apparently textbook campaign failed to nail the votes.

    If the Liberals lose, their post-mortem reviewers will home in on various faults. One will be the policy lateness (not just the defence policy), meaning voters didn’t have time to absorb the offerings. Another will be the fact some policies were not fully thought through, or road tested. The consequences of the foray on working-from-home should have been anticipated. “Shadows” have often put policy preparedness behind going for a political hit on the day.



    Read more:
    Election Diary: Dutton backs down on working-from-home crackdown after outcry threatens to cost votes

    Even now, the opposition is struggling when quizzed about its plan to cut 41,000 from the public service. Dutton says the numbers will only go (by attrition or voluntary redundancy) from those working in Canberra. The Coalition also says frontline services and national security areas will be protected.

    A source familiar with the public service points out, “If you sacked 41,000 in Canberra, you would decimate the national security bureaucracy and if you exempted national security you would barely have 41,000 public servants to sack”.

    If the Coalition has a disastrous loss, with few or no net gains, the criticism of its campaign will be scarifying. If it loses by only a little, the critics will say that a better planned and organised campaign, preceded by a lot more policy work, might have pushed it across the line.

    To be successful, an opposition needs a great deal of elbow grease, and so far the Coalition doesn’t look as though it has used enough of that.

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

    – ref. Grattan on Friday: Coalition’s campaign lacks good planning and enough elbow grease – https://theconversation.com/grattan-on-friday-coalitions-campaign-lacks-good-planning-and-enough-elbow-grease-254992

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Gov. Kemp Announces New DDS Commissioner

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp today announced that the Georgia Department of Driver Services (DDS) Board of Directors has approved Angelique McClendon as the Commissioner of DDS, effective May 1. McClendon has been serving the department as General Counsel and Assistant Deputy Commissioner of Legal and Regulatory Affairs, where she has been a subject matter expert on all legal and regulatory issues relating to the agency’s statutory responsibilities. She will succeed Spencer Moore, who has dedicated over 30 years of service to the people of our state.

    “On behalf of hardworking Georgians, I want to congratulate Angelique McClendon on her promotion to Commissioner of the Department of Driver Services,” said Governor Brian Kemp. “With an extensive career serving both DDS and the people of our state, I know she will be a great asset in ensuring that those who interact with one of our most prominent state agencies have an efficient and smooth experience.”

    “Marty, the girls, and I also want to thank Spencer Moore for his many years of service to our state,” continued Governor Kemp. “His efforts as DDS Commissioner have helped grow our nationally-ranked logistics network, put state government’s best foot forward when serving the hardworking people of Georgia, and modernize operations at an agency that directly interacts with citizens in every community of our state.”

    Angelique McClendon will become Commissioner of the Georgia Department of Driver Services (DDS) on May 1, 2025. She first joined DDS as General Counsel in 2015 and was later promoted to Assistant Deputy Commissioner of Legal and Regulatory Affairs. Her legal career began in 2005 as an Assistant Solicitor in DeKalb County. From 2008 to 2015, McClendon served as an Assistant Attorney General for the State of Georgia. McClendon has provided legal guidance on several large-scale state initiatives and modernization efforts, including Georgia’s Digital Driver’s License. She has served in leadership roles with the American Association of Motor Vehicle Administrators, where she helped create national policy and track trends related to driver’s license administration and identity management.

    McClendon is a proud mother of two, a native of Decatur, and a Rockdale County resident. She graduated from Xavier University of Louisiana with a Bachelor of Science in Chemistry and earned her Juris Doctorate from Georgia State University College of Law.

    MIL OSI USA News –

  • MIL-OSI: MYT Netherlands Parent B.V. (“Mytheresa”) and Richemont announce the successful completion of Mytheresa’s acquisition of YOOX NET-A-PORTER (“YNAP”)

    Source: GlobeNewswire (MIL-OSI)

    MYT Netherlands Parent B.V. (“Mytheresa”) and Richemont announce the successful completion of Mytheresa’s acquisition of YOOX NET-A-PORTER (“YNAP”)

    24 April 2025 – Mytheresa (NYSE:MYTE) successfully closed its acquisition of YNAP from Richemont (SWX:CFR), through its subsidiary Richemont Italia Holding S.P.A., following the fulfillment of all conditions including receipt of all unconditional approvals from the relevant regulatory authorities.

    Mytheresa is now YNAP’s sole shareholder which it will fully consolidate under the MYT Netherlands Parent B.V. umbrella. The company will be renamed “LuxExperience B.V.” and will continue to be listed on the New York Stock Exchange (NYSE) with the trade name “LuxExperience” and a new ticker symbol of “LUXE”, effective 1 May 2025.

    In exchange for all shares of YNAP and a net cash position of €555m and no financial debt, Richemont has received 49,741,342 shares in Mytheresa, representing 33% of Mytheresa’s fully diluted share capital post issuance of the consideration shares.

    Nora Aufreiter, Chair of the Supervisory Board of MYT Netherlands Parent B.V., said: “The successful acquisition marks a milestone in the great success story of Mytheresa. Our company will become a group that includes some of the best retail banners in digital luxury. We will use our proven strength to execute on our strategic plans and create even more value for our shareholders, brand partners, customers and employees. We are confident that in the course of the integration and restructuring we will become one of the strongest and most resilient global players in the digital luxury sector.”

    The store brands Mytheresa, NET-A-PORTER, MR PORTER, YOOX and THE OUTNET will be strengthened in their differentiated and complementary profiles. Significant synergies will be achieved primarily through a shared infrastructure and technology platform as well as operational efficiency improvements. The off-price division – consisting of YOOX and THE OUTNET – will be separated from the luxury division to enable a much simpler and more efficient operating model under the new roof. YNAP’s white label service business will be discontinued as soon as the Richemont Maisons’ online stores powered by YNAP have been migrated to their own chosen platforms.

    Forward-looking statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward- looking statements. Forward-looking statements give Mytheresa’s current expectations and projections relating to the completed transaction and the operation of the combined companies; its financial condition, results of operations, plans, objectives, future performance and business, including statements relating to financing activities, future sales, expenses, and profitability; future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital spending. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements contained in this press release are based on assumptions that Mytheresa has made in light of its industry experience and perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond Mytheresa’s control) and assumptions. Although Mytheresa believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. Mytheresa believes these factors include, but are not limited to: the risk that the completed transaction and its announcement could have an adverse effect on the ability of YNAP to retain customers and retain and hire key personnel and maintain relationships with their brand partners and customers and on their operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of YNAP and Mytheresa, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve cost-cutting synergies or that it may take longer than expected to achieve those synergies; Mytheresa’s ability to effectively compete in a highly competitive industry; Mytheresa’s ability to respond to consumer demands, spending and tastes; general economic conditions, including economic conditions resulting from deteriorating geopolitical and macroeconomic conditions, such as the recent global trade war that escalated after the U.S. imposed tariffs on countries across the globe, and the adoption of retaliatory tariffs by those countries, that may adversely impact consumer demand; Mytheresa’s ability to acquire new customers and retain existing customers; consumers of luxury products may not choose to shop online in sufficient numbers; the volatility and difficulty in predicting the luxury fashion industry; Mytheresa’s reliance on consumer discretionary spending; and Mytheresa’s ability to maintain average order levels and other factors. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, Mytheresa’s actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements.

    Mytheresa undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

    The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Mytheresa’s results could differ materially from the results expressed or implied by the forward-looking statements it makes.

    You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent Mytheresa’s management’s beliefs and assumptions only as of the date such statements are made.

    Further information on these and other factors that could affect Mytheresa’s financial results is included in filings it makes with the U.S. Securities and Exchange Commission (“SEC”) from time to time, including the section titled “Risk Factors” in its annual report on Form 20-F and on Form 6-K (reporting its quarterly results). These documents are available on the SEC’s website at www.sec.gov and on the SEC Filings section of the Investor Relations section of our website at: https://investors.mytheresa.com.

    About Mytheresa

    Mytheresa is one of the leading luxury multi-brand digital platforms shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear, shoes, bags and accessories for womenswear, menswear, kidswear as well as lifestyle products and fine jewelry. The highly curated edit of up to 250 brands focuses on true luxury brands such as Bottega Veneta, Brunello Cucinelli, Dolce&Gabbana, Gucci, Loewe, Loro Piana, Moncler, Prada, Saint Laurent, The Row, Valentino, and many more. Mytheresa’s unique digital experience is based on a sharp focus on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms as well as high quality service operations. The NYSE listed company reported € 913.6 million GMV in fiscal year 2024 (+7% vs. FY23).
    For more information, please visit https://investors.mytheresa.com/.

    “LuxExperience” will be the trade name for LuxExperience B.V., a Dutch company with limited liability, upon completion of the renaming of MYT Netherlands Parent B.V.

    About Richemont

    At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

    Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as Watchfinder & Co. Find out more at https://www.richemont.com/.

    Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. The ‘A’ shares are also traded on the Johannesburg Stock Exchange (JSE), Richemont’s secondary listing.

    Investor Relations Contacts
    Mytheresa.com GmbH
    Stefanie Muenz
    phone: +49 89 127695-1919
    email: investors@mytheresa.com

    Media Contacts for public relations
    Mytheresa.com GmbH
    Sandra Romano
    mobile: +49 152 54725178
    email: sandra.romano@mytheresa.com

    Media Contacts for business press
    Mytheresa.com GmbH
    Lisa Schulz
    mobile: +49 151 11216490
    email: lisa.schulz@mytheresa.com

    Media Contacts for business press
    BOC Consult GmbH
    Ruediger Assion
    mobile: +49 176 2424 7691
    email: ruediger.assion@boc-consult.com

    Richemont Contacts
    Investor / analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
    Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

    Source: MYT Netherlands Parent B.V.

    Click here for a printer-friendly version in English (PDF)

    The MIL Network –

  • MIL-OSI Europe: Penitentiary professionals gain skills in medical standards of torture documentation

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

    Headline: Penitentiary professionals gain skills in medical standards of torture documentation

    A total of some 45 forensic experts and medical staff of penitentiary system from five regions of Uzbekistan learned about international mechanisms for documenting torture, as well as national laws governing the treatment of those in detention, during training events in Termez and Ferghana on 21-22 April and 24-25 April.
    The OSCE Project Co-Ordinator in Uzbekistan (PCUz), in co-operation with the National Center for Human Rights (NCHR), the Directorate for the Execution of Punishments under the Ministry of Internal Affairs of Uzbekistan and the Republican Scientific and Practical Center for Forensic Medicine, organized the two-day courses, which covered the Istanbul Protocol – the international standard for the medical documentation of torture.
    “Our main task in ending torture is to improve the skills of medical personnel, arming them with effective tools in accordance with international standards, one of which is the Istanbul Protocol. Protecting human dignity is not only a legal but also a moral duty. In this regard, together with our reliable partner, the OSCE PCUz, we are implementing important initiatives”, said Professor Akmal Saidov, Director of the NCHR.
    Ambassador Antti Karttunen, Head of Office of the PCUz, said, “Since 2017, Uzbekistan has demonstrated a serious commitment to identifying and addressing gaps in torture prevention and strengthening the protection of human rights. The OSCE PCUz is proud to support Uzbekistan’s initiatives that promote human rights within Uzbekistan’s penitentiary system. Over the years, our office has provided capacity-building support to governmental and civil society actors and conducted several trainings on torture prevention.”
    Participants in the training events, from Republican Scientific and Practical Centre for Forensic Medicine and Uzbekistan’s penitentiary system, were taught how to correctly identify and document both physical and psychological signs of torture, as well as how to comply with legal and ethical standards when conducting forensic examinations in detention facilities, such as pretrial detention centres and prisons. 
    This initiative reflects a continuing commitment by Uzbekistan to advance human rights protection mechanisms and support professionals in upholding legal and ethical standards in the treatment of individuals in detention.

    MIL OSI Europe News –

  • MIL-Evening Report: What is preferential voting and how does it work? Your guide to making your vote count

    Source: The Conversation (Au and NZ) – By Robert Hortle, Deputy Director, Tasmanian Policy Exchange, University of Tasmania

    For each Australian federal election, there are two different ways you get to vote.

    Whether you vote early, by post or on polling day on May 3, each eligible voter will be given two ballot papers: one for the House of Representatives (the “lower house”) and one for the Senate (the “upper house”). Each of these two ballots uses a slightly different system, so it’s worth understanding how your numbered boxes translate into real results.

    Knowing how preferences work is key to making your vote count, before you get to enjoy your hard-earned democracy sausage.

    The House of Representatives (lower house)

    Australia is divided into 150 electorates, each of which is represented by one member in the House of Representatives. To elect them, we use a system called full preferential voting.

    On your green lower house ballot paper, all the candidates will be listed in a random order. You write a “1” in the box beside the candidate who is your first choice. This is called your first preference. You then write a “2” beside your second-choice candidate (your “second preference”), and so on until every candidate has a number.

    To make sure your vote counts, you need to number every box. If you skip a number, use the same number twice, or leave a box blank, your vote becomes informal and won’t count. So, it’s important to double-check. If you do make a mistake, don’t worry – you can just ask for a new ballot paper from a polling official.

    Once voting closes, the counting part is where things get interesting.

    First, officials from the Australian Electoral Commission (AEC) – an independent and impartial body – sort the ballot papers into piles according to each ballot paper’s first preference, then count them. If any candidate receives more than 50% of the votes, they win and are declared elected.

    If no one gets over 50%, the candidate with the lowest number of first preferences is knocked out (the technical term is “excluded”). Their ballot papers are then “redistributed” to the second preference candidate marked. This continues – eliminating the lowest-polling candidates and redistributing their preferences – until someone crosses the 50% threshold. This preference distribution process helps ensure the winner has majority support.

    But what does this look like? You can find out by numbering your preferences in the great farm animal election.

    As you’ll see, your first pick may be knocked out during vote counting, but maybe your second or third preference will get across the line.

    The Senate (Upper House)

    There are 76 members of the Senate: 12 from each state and two from each territory. Voting for senators is a bit different from the lower house in that it is partial preferential, and you can vote either “above the line” or “below the line”.

    Your white senate ballot paper will have several columns listing parties and groups. Party names appear above the thick black line, and individual candidates appear below it.

    If you vote above the line, you must number at least six boxes. When it comes to counting the votes, your preferences will then be distributed to candidates in the party in the order that their party has listed them. Parties decide this order beforehand.

    So, say you put a 1 next to the Liberal Party, which has three candidates, a 2 next to Labor, which also has three candidates, then number four more boxes. Your first three preferences would be for the three Liberal candidates, then your fourth to sixth preferences would be for the Labor candidates because you put them second. This then continues for each of the six boxes you numbered.

    You can try voting above or below the line with this sample senate ballot. It will tell you to keep numbering boxes to ensure your vote is valid.

    If you vote below the line, for individual candidates, you must number at least 12 boxes. But you can number all of them if you want – it can be satisfying to put someone last!

    Just like in the House of Representatives, you put 1 beside your first choice, 2 beside your second, and so on. You don’t have to stay within the same column – you could have a Greens candidate as your first choice, a Liberal as your second, then another Greens candidate as your third, for example.

    Because the upper house elects multiple candidates per state, using a combination of voting methods and a quota system, the Senate count is more complex.

    One thing to be mindful of is the “exhausted” vote. If you only number the minimum (six above the line or 12 below) and all your preferred candidates are excluded, your vote can no longer be redistributed. But any of your preferences used to elect a candidate before that point still count.

    Make your vote count

    Australia’s voting system is designed to make sure your vote has an impact, even if your first-choice candidate doesn’t win. That’s why understanding how preferences flow is so important.

    For those of us who have grown up here, it’s easy to think of voting as a chore rather than a privilege. But we’re so lucky to be able to go to a polling place without fearing violence or intimidation.

    To be able to cast a vote in a system that – despite some flaws – is free and fair is a global rarity. So make sure you double-check your numbers, and think carefully about where your preferences are going – then enjoy that democracy sausage knowing you’ve made your vote count.

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

    – ref. What is preferential voting and how does it work? Your guide to making your vote count – https://theconversation.com/what-is-preferential-voting-and-how-does-it-work-your-guide-to-making-your-vote-count-254286

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Preference deals can decide the outcome of a seat in an election – but not always

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    Every election cycle the media becomes infatuated, even if temporarily, with preference deals between parties. The 2025 election is no exception, with many media reports about preference “deals” being made.

    However, it is important to remember that voters are not required to follow the how to vote cards of the parties they vote for, and only major party voters have a significant percentage who follow the cards.

    Other than the Greens and One Nation, minor parties lack resources to put people at every polling place who will give voters how to vote cards. As a result, how to vote follow rates for most minor parties are low.

    At the 2022 Victorian state election, for example, seven seats had preferences for all voters data entered into a computer system. The Poll Bludger said Sunday that in these seven seats, about 30% of Labor voters exactly followed their party’s how to vote card.

    In seats where the Liberals were making an effort by staffing polling places, over 50% of their voters followed the card. But in Preston, a Labor vs Greens contest, only 29% of Liberals followed the card.

    The major parties will usually be the final two candidates in a seat, so their preferences are not distributed.

    Despite all this, there may be political consequences of preference recommendations.

    At this election, Labor is recommending preferences to the Greens ahead of the Coalition in all seats except in the Victorian Labor-held seat of Macnamara (an “open” ticket without a recommendation between the Greens and Liberals owing to concerns about the Jewish vote in that seat).

    The Coalition is recommending preferences to One Nation ahead of anyone else in 139 of the 147 seats One Nation is contesting.

    Recommending preferences to the Greens may make Labor seem too left-wing to some voters, and recommending preferences to One Nation may make the Coalition seem too right-wing and pro-Trump. One Nation will recommend preferences to the Coalition ahead of Labor in all seats it contests, the same recommendation they used in 2022.

    The Poll Bludger said the Greens will be recommending preferences to Labor in all seats at this election. Occasionally, the Greens issue open tickets. The difference is worth about 5% of the Greens vote, so if the Greens had 10% in a seat, Labor’s two-party vote would be 0.5 points higher with a Greens recommendation to preference Labor than otherwise.

    Trumpet of Patriots will put the incumbent party last in seats they contest. The Poll Bludger said Clive Palmer’s previous United Australia Party did this in 2022. But in 2022, Labor had a higher share of UAP preferences in seats it held than in Coalition-held seats, the opposite of what would be expected if these recommendations had made a difference.

    Trumpet of Patriots is only getting 1% or 2% in current national polls, so their how to vote preference recommendations are not worth worrying about.

    In 2022, Greens preferences (that is, voters who put the Greens as 1 on their House of Representatives ballot) went to Labor over the Coalition by 86–14. One Nation preferences went to the Coalition over Labor by 64–36. These figures are national, and use the Labor vs Coalition two-party count in seats where one major party missed the final two.

    Both the Greens and One Nation are using the same preference recommendations between Labor and the Coalition as in 2022, so their voters’ preferences won’t change because of recommendations.

    Seat-specific recommendations

    The Liberals are recommending preferences to teal independent Kate Hullett in the Western Australian Labor-held seat of Fremantle, after they put her behind Labor in the WA state seat of Fremantle at the March 8 state election. This will increase Hullett’s chance of defeating Labor.

    If the final two in Macnamara are the Greens and the Liberals, The Poll Bludger said Labor’s decision to issue an open ticket will give the Liberals about 2% of the 10% swing they would need to gain Macnamara.

    The Liberals will recommend preferences to Labor in the Tasmanian Labor-held seat of Franklin ahead of an anti-salmon farming independent. They will also recommend preferences to Labor ahead of Muslim Vote-backed independents in the NSW Labor-held seats of Watson and Blaxland. These recommendations will make it difficult for any of these three independents.

    Adrian Beaumont 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. Preference deals can decide the outcome of a seat in an election – but not always – https://theconversation.com/preference-deals-can-decide-the-outcome-of-a-seat-in-an-election-but-not-always-255005

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: 5 ways to tackle Australia’s backlog of asylum cases

    Source: The Conversation (Au and NZ) – By Daniel Ghezelbash, Professor and Director, Kaldor Centre for International Refugee Law, UNSW Law & Justice, UNSW Sydney

    People who apply for asylum in Australia face significant delays in having their claims processed. These delays undermine the integrity of the asylum system, erode public confidence and cause significant distress to people seeking asylum.

    There are, at the time of writing, 28,691 applications for a protection visa awaiting a decision at the Department of Home Affairs. At least 43,308 applications await review at the Administrative Review Tribunal.

    For people seeking asylum who have their initial applications refused and seek review in the Administrative Review Tribunal and in the Federal Circuit and Family Court, the process can often take more than ten years.

    Whoever wins the upcoming election inherits the daunting task of addressing this issue.

    Our research evaluated data on Australia’s previous attempts to increase efficiency of asylum processing. We also examined international best practice for designing fair and fast procedures, including lessons from recent successful asylum reforms in Switzerland.

    Here are five ways to make Australia’s asylum process more efficient.

    1. Recognise fairness enhances efficiency

    In most countries with asylum systems, processing is neither fair nor fast.

    When trying to increase efficiency, many governments have limited the ability of a person seeking asylum to fairly put forward their case.

    Australia, the United States, and many countries across Europe have introduced accelerated or fast-track procedures that drop essential safeguards including:

    • the right to an interview
    • access to legal assistance, and
    • the opportunity to respond to information that undermines their claim for asylum.

    But these efforts don’t just undermine fairness. They also contribute to slower processing.

    Such measures tend to lead to more appeals, and more cases being overturned by courts and tribunals. This contributes to longer delays.

    Our research into Australia’s now-abolished fast-track procedures demonstrates this. This policy was introduced by the Coalition government in 2014, with the aim of speeding up processing and reducing the backlog of asylum applications.

    It included the creation of a new streamlined review process before the Immigration Assessment Authority. Applicants were generally not interviewed or allowed to put forward new information.

    The resulting system was not only unfair; it was also excruciatingly slow.

    Four in five cases were appealed to the court. About 37% of these were overturned. The delays created by increased litigation clearly counteracted any time saved.

    One of the best ways to improve the efficiency of asylum processing is to ensure applicants can present their cases effectively from the outset.

    2. Fund legal representation for those who can’t afford a lawyer

    Research shows legal assistance increases efficiency.

    Lawyers can help assist people to prepare and present their case properly, and ensure that they get a fair hearing (reducing the chance of a lengthy appeal).

    Promisingly, in 2023 the federal government announced A$48 million in funding for legal services for people seeking asylum.

    It’s crucial this funding is maintained, and is sufficient to meet demand.

    3. Invest in decision-makers

    Once a person lodges their claim for asylum, it’s first assessed by the Department of Home Affairs. If the application is denied, the applicant can seek review at the Administrative Review Tribunal, which reassesses the merits of the application.

    If the tribunal rejects the claim, the court can conduct a limited review focusing only on whether the decision was lawfully made.

    A fast process is only possible if we have enough of all these decision-makers across the system.

    This requires investment in training and hiring suitably qualified decision-makers who are equipped to handle the volume and complexity of asylum claims.

    This is underway. The federal government has invested $58 million in October 2023 towards hiring additional Administrative Review Tribunal members and Federal Circuit and Family Court judges for asylum cases. It’s also hiring more staff at the Department of Home Affairs.

    Australia’s next government should consider taking a data-driven approach to calculate the decision-making capacity required for existing and future caseload.

    4. Prioritise simple cases for faster processing

    Not all asylum cases are equally complex; some can be resolved relatively quickly.

    Australia needs a robust and transparent triaging system to identify and prioritise simpler cases for faster processing.

    This would significantly improve overall efficiency and allow decision-makers to focus on more complex cases.

    The Department of Home Affairs’ current approach to triaging is a “last in, first out” system that prioritises new asylum applications for rapid processing.

    However, this leads to substantial unfairness for applicants who lodged their claims earlier, who may face long processing delays.

    The department needs an approach to streaming based on case complexity, to ensure all cases are finalised as quickly as possible.

    5. Better coordination across decision-making bodies

    The various bodies involved in asylum processing – including the Administrative Review Tribunal, the Federal Circuit and Family Court and the Department of Home Affairs – need to coordinate to improve efficiency and cut delays.

    Any government reforms aimed at increasing the efficiency of asylum procedures must be system-wide.

    By taking a holistic view, we can ensure that increased efficiency at one stage does not inadvertently create bottlenecks or inefficiencies in another.

    A fundamental shift

    Overall, Australia needs a fundamental shift that recognises fairness contributes to, rather than detracts from efficiency.

    That shift is essential for developing a fair and fast asylum process that will serve the best interests of applicants, the government and the Australian public.

    Daniel Ghezelbash receives funding from the Australian Research Council and the Robert Bosch Foundation. He is a board member of Refugee Advice and Casework Services, Wallumatta Legal, and the Access to Justice and Technology Network. He is also a Special Counsel at the National Justice Project.

    Keyvan Dorostkar receives an Australian government Research Training Program (RTP) Scholarship.

    Mia Bridle receives an Australian government Research Training Program (RTP) Scholarship.

    – ref. 5 ways to tackle Australia’s backlog of asylum cases – https://theconversation.com/5-ways-to-tackle-australias-backlog-of-asylum-cases-254071

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Education Should be Led by Experts-Not Economists

    Source: Te Pati Maori

    Te Pāti Māori are appalled by Cabinet’s decision to agree to 15 recommendations to the Early Childhood Education (ECE) sector following the regulatory review by the Ministry of Regulation. We emphasise the need to prioritise tamariki Māori in Early Childhood Education, conducted by education experts- not economists.

    “Our mokopuna deserve an education system shaped by their needs – and that must be led by the total immersion Māori education sector,” said Te Pāti Māori spokesperson for education, Tākuta Ferris.

    “Research shows that a strong sense of identity is central to the success of tamariki Māori. Instead of defunding key programmes and continuing to allocate just 1% of total education funding to Māori education, the government should be investing in the Māori educational systems that are already delivering for our tamariki.

    “A government that develops education policy within David Seymour’s cost-cutting Ministry, shows a clear disregard for the future of our tamariki Māori.”

    “There is no table fit to make decisions about the education of mokopuna Māori without Kōhanga Reo and Te Rūnanga Nui o Ngā Kura Kaupapa Māori at it,” says Hana-Rawhiti Maipi-Clarke, Te Pāti Māori spokesperson for total immersion education.

    “They are more equipped than any government body to know what our tamariki need – not just in the classroom, but for their future.

    “The government must be held to account for its commitment to the recommendations made in Wai 2336. That means creating standalone legislation with policies specifically designed to support Māori education and to give whānau real, meaningful choices,” concluded Maipi-Clarke.

    Te Pāti Māori remains resolute in protecting the mana and mauri of Kōhanga Reo by ensuring all policies and regulations uphold and advance its kaupapa as a taonga tuku iho for our babies and mokopuna.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Hagerty, Kaine Urge Mexican Government to Cease Unfair Treatment of U.S.-Based Vulcan Materials Company

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    NEW YORK CITY—Today, United States Senators Bill Hagerty (R-TN) and Tim Kaine (D-VA), members of the Senate Foreign Relations Committee, sent a letter urging Mexican Minister of Economy Ebrard Casaubon to address the country’s unfair treatment of the U.S.-based Vulcan Materials Company, which has operated in Mexico for decades and supports thousands of jobs in both countries.
    The Mexican government has made efforts to expropriate property from Vulcan, which would both interfere with its ability to do business and undermine the crucial economic ties between the U.S. and Mexico.
    “As you know, Vulcan Materials Company, a global leader in construction materials based in Alabama, has been operating in Mexico for over three decades…supporting thousands of jobs in Mexico and across Virginia and Tennessee,” the Senators wrote. “However, recent efforts by the Mexican government to expropriate Vulcan property undermine efforts to strengthen these ties, as they create a perception of unpredictability toward foreign investments. The Mexican government’s actions against Vulcan are a critical blow to investor confidence under the U.S.-Mexico-Canada Agreement (USMCA).”
    “We strongly urge the Mexican government to reconsider its actions against Vulcan and to work with the company toward a resolution that respects the rights of foreign investors and Mexico’s commitments under international agreements,” the Senators continued. “By doing so, Mexico would demonstrate its commitment to honoring the principles of respect, transparency, and legal certainty that foster a stable and welcoming environment for all businesses. We understand Vulcan remains ready and willing to negotiate with you to reach an amicable solution. In the interest of reaching such a solution, we would encourage your Government to cease unfounded public accusations against the company as you work to resolve the issue. A balanced and fair approach to foreign investment will help ensure that both the U.S. and Mexico can continue to prosper.”
    Background:
    In May 2022, Mexican President Andrés Manuel López Obrador (AMLO) abruptly shut down Vulcan’s operations with false claims that the firm was violating its contract, and since then the Mexican Government, under AMLO’s direction, has waged an unceasing pressure campaign against Vulcan, including multiple lawsuits and at times sending military and law enforcement to its facilities. Last month, AMLO announced that he is pushing to designate the port and mine a “Protected Natural Area”.
    In May 2022, Hagerty urged President Joe Biden to take action against the Mexican government’s moves to expropriate the property of U.S. companies with investments and operations in Mexico.
    In March 2023, Hagerty pressed Secretary of State Antony Blinken on the seizure by Mexican military troops and civilian authorities of U.S.-based Vulcan Materials Company’s assets in Mexico.
    In December 2023, Hagerty and Kaine spoke on the Senate floor imploring President López Obrador to halt harmful actions against American companies’ lawfully owned assets in Mexico, noting that these unlawful actions violate agreements made between the two countries under the USMCA and jeopardize a key U.S. trade relationship.
    In September 2024, Hagerty and Kaine introduced legislation to impose retaliatory prohibitions that deter and punish any Western Hemisphere nation that unlawfully seizes American assets, responding to ongoing efforts by the Government of Mexico to seize a deep-water port owned by U.S.-based Vulcan Materials Company, which is a flagrant violation of the United Sates-Mexico-Canada Agreement (USMCA) governing trade between our two nations.
    In December 2024, Hagerty and Kaine condemned ongoing efforts by U.S. Trade Representative (USTR) Katherine Tai to weaken protections for American companies under the U.S.-Mexico-Canada Agreement (USMCA), which makes American companies vulnerable to Mexico seizing their property and assets.
    A copy of the letter can be found here and below.
    Dear Secretary Ebrard Casaubon:
    We are contacting your government to address the unfair treatment of Vulcan Materials Company (Vulcan) by the Government of Mexico.
    The United States and Mexico enjoy a strong economic partnership and benefit from deep economic integration. U.S. companies support growth and job creation throughout Mexico. We are committed to helping maintain and build this relationship.
    As you know, Vulcan Materials Company, a global leader in construction materials based in Alabama, has been operating in Mexico for over three decades. The firm has employed hundreds of people in Mexico and contributes to local economic development. Vulcan’s investment in Mexico highlights the mutual benefits of cross-border economic relations and plays a vital role in its broader business operations, supporting thousands of jobs in Mexico and across Virginia and Tennessee. However, recent efforts by the Mexican government to expropriate Vulcan property undermine efforts to strengthen these ties, as they create a perception of unpredictability toward foreign investments. The Mexican government’s actions against Vulcan are a critical blow to investor confidence under the U.S.-Mexico-Canada Agreement (USMCA).
    We strongly urge the Mexican government to reconsider its actions against Vulcan and to work with the company toward a resolution that respects the rights of foreign investors and Mexico’s commitments under international agreements. By doing so, Mexico would demonstrate its commitment to honoring the principles of respect, transparency, and legal certainty that foster a stable and welcoming environment for all businesses.
    We are ready to work with you to strengthen the bonds between our countries and sincerely hope that the Mexican government will take the necessary steps to address our bipartisan concerns. We understand Vulcan remains ready and willing to negotiate with you to reach an amicable solution. In the interest of reaching such a solution, we would encourage your government to cease unfounded public accusations against the company as you work to resolve the issue. A balanced and fair approach to foreign investment will help ensure that both the U.S. and Mexico can continue to prosper.
    We appreciate your time and attention to this urgent matter. We look forward to hearing your thoughts on how we can work together to resolve these concerns in a mutually beneficial manner.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI China: China cracks down on marine pollution, ecological damage

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

    BEIJING, April 24 — China will launch a nationwide campaign to strengthen oversight of its marine resources and environment, targeting pollution and ecological degradation in key coastal and offshore areas, the China Coast Guard (CCG) announced Thursday.

    The campaign, jointly initiated by the CCG and several other government departments, will run from April 25 to November 25 with a focus on emerging marine industries and critical environmental protection issues, according to the statement.

    Authorities will conduct targeted inspections across a broad range of activities — including shoreline modifications, new sea-use projects, offshore oil exploration, sea dumping, and undersea cable and pipeline construction, as well as conservation efforts concerning representative marine ecosystems and protected maritime zones.

    MIL OSI China News –

  • MIL-OSI Russia: Residents of the Technopolis Moscow SEZ have launched 37 new drugs on the market

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Pharmaceutical enterprises of the special economic zone (SEZ) Technopolis Moscow brought 37 new drugs to the market in 2024. Among them are drugs for the treatment of cancer, multiple sclerosis, chronic myelogenous leukemia and others. This was reported by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

    “The capital plays a key role in the development of the domestic pharmaceutical industry and strengthening the country’s medicinal sovereignty. On the instructions of Sergei Sobyanin, the city has created a set of effective tools to support the industry, which allows for the regular introduction of popular drugs to the market and an increase in production volumes. Today, eight resident enterprises produce vital drugs in the Technopolis Moscow special economic zone; during their operation, they have produced products worth over 74 billion rubles. In 2024, three companies from the capital’s SEZ brought 37 new drugs to the market for the treatment of socially significant diseases,” said Maxim Liksutov.

    The production facilities of pharmaceutical enterprises are located at two sites: Alabushevo and Pechatniki. In addition, they are participants in the largest pharmaceutical cluster in the country.

    “Offset contracts are concluded with pharmaceutical companies from the Moscow SEZ, under the terms of which the enterprises produce innovative drugs, and the city guarantees their purchase. The enterprises have high-tech production lines, modern laboratories, invest in research and development work. All this contributes to the creation of new effective drugs,” said the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy

    Anatoly Garbuzov.

    In March 2023, the Russian Ministry of Health registered the first Russian original drug for the treatment of multiple sclerosis, developed by scientists from the Russian biotechnology company Biocad and the Russian National Research Medical University named after N.I. Pirogov. The innovative drug reduces the immune-inflammatory process in the central nervous system, which reduces the number of exacerbations in patients with multiple sclerosis.

    The resident of the SEZ Technopolis Moscow invested more than one billion rubles in the development and research of the drug. Production successfully began last year on the territory of the Alabushevo site. Since then, the enterprise has produced more than seven thousand packages of the product.

    The company “R-Opra” (the group of companies “R-Pharm”) is also actively developing new types of drugs for the treatment of oncological, autoimmune, asthmatic and other diseases.

    The project to create a modern pharmaceutical production complex at the capital’s SEZ site became possible thanks to an offset contract, said Gennady Degtyarev, General Director of the Technopolis Moscow special economic zone. In 2024, the resident opened a production site for the production of drugs in the form of soft gelatin capsules, which are used in the treatment of oncological diseases. In addition, last year the company mastered more than 10 new medicinal products for the treatment of socially significant diseases.

    Another company, a resident of the Moscow SEZ, Amedart, opened import-substituting production of 26 new drugs at the Pechatniki site in 2024. Among them are, for example, drugs for the treatment of oncological diseases and the therapy of the human immunodeficiency virus (HIV). The start of production of these critically important drugs is a significant step in providing Russian patients with affordable and high-quality medicines.

    New modern equipment allows the resident to annually produce up to 10 million packages of antiretroviral drugs for HIV therapy and up to one million packages of antitumor drugs. The company’s portfolio includes a total of more than 100 items included in the list of vital drugs. Their production capacity reaches 15 million packages per year.

    Sobyanin opened the Kalashnikov concern complex in Technopolis MoscowSobyanin told what new industrial enterprises will open in Moscow

    SEZ Technopolis Moscow is a territory with a special legal status, where a preferential regime of entrepreneurial activity for investors operates. The area of the facilities where high-tech enterprises are located exceeds 390 hectares. SEZ Technopolis Moscow has been a leader in international and national industry ratings for several years.

    Get the latest news quickly official telegram channel the city of Moscow.

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    https: //vv.mos.ru/nevs/ite/153087073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Renovation program: in the first quarter of this year, all residents of 49 buildings completed the paperwork for new apartments

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    In the first quarter of this year, all residents of 49 old buildings completed the execution of contracts for new apartments under the renovation program. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “In the first quarter of 2025, Muscovites from 49 old buildings completed the paperwork for equivalent apartments under the renovation program, while 31 buildings have already been completely vacated, while residents of the remaining 18 are still in the process of moving. In total, about 8.2 thousand people lived in these houses being resettled. All of them became the owners of comfortable housing with improved finishing according to the standards of the renovation program,” said Vladimir Efimov.

    Apartments that city dwellers move into renovation program, more spacious than their previous ones due to the larger area of the corridors and kitchens. In addition, new buildings are being built taking into account the principles of a barrier-free environment.

    In January, residents of 16 old houses completed paperwork, in February – residents of 19. In March, Muscovites living in 14 old buildings completed paperwork.

    “The largest number of houses in which residents completed the paperwork in the first quarter are located in the east of the capital – there are 14 of them. They were home to 2.4 thousand city residents. In the southeast, all Muscovites from nine buildings being resettled signed contracts – more than 1.6 thousand people, in the northeast – from five five-story buildings and two four-story buildings, in which almost 1.2 thousand participants in the renovation program lived,” said the Minister of the Moscow Government, head of the capital’s Department of City Property

    Maxim Gaman.

    As part of the renovation program, residents can use the services of a super service “Moving under the renovation program”. You can order them on the mos.ru portal or at resettlement information centers.

    More than 100 thousand people have used the super service “Moving under the renovation program”

    Minister of the Moscow Government, Head of the Department of Urban Development Policy Vladislav Ovchinsky clarified that one of the most popular services within the super service is assistance in moving. The city provides residents with movers and a car free of charge to transport things from an old apartment to a new one. And developers and general contractors, thanks to the service, can monitor the quality of built residential complexes, the time frame for eliminating defects in new apartments, and also track changes at the sites.

    The capital’s Department of Information Technology added that general instructions available in the super service will help prepare for the planned move “Moving under the renovation program” on the mos.ru portal. With its help, you can find out how the move is organized, get information about the necessary documents for drawing up a contract, and also use links to useful services. If you configure the parameters of the move, the super service will provide the opportunity to read the instructions for a specific life situation.

    Earlier, Moscow Mayor Sergei Sobyanin told on resettlement under the renovation program in the Timiryazevsky district.

    The renovation program was approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. Sergei Sobyanin instructed to double the pace of implementation of the renovation program.

    Moscow is one of the leaders among regions in terms of construction volumes. High rates of housing construction correspond to the goals and initiatives of the national project “Infrastructure for life”.

    Get the latest news quickly official telegram channelthe city of Moscow.

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    https: //vv.mos.ru/nevs/ite/153079073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Sergei Sobyanin announced the launch of summer river navigation in Moscow

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Summer navigation on the Moscow River begins on April 24, says Sergei Sobyanin in his blog.

    “In honor of the opening of the navigation season on the Moscow River, we will hold a parade of ships. More than 20 pleasure boats operating in the capital, as well as an electric vessel and a crew of water transport of the Ministry of Internal Affairs of Russia will proceed from the Nagatinsky backwater to the Neskuchny Sad pier in the Central Administrative District. The nearest festive activities at the Northern and Southern river terminals in honor of the start of navigation are planned for April 27,” the Mayor of Moscow noted.

    By the opening of the season, city services washed the embankments, parapets and fences, tidied up the piers and approaches to the water where necessary, repaired granite and concrete foundations, replaced rubber bumpers, and updated the markings of the boundary lines and signs for boarding and disembarking.

    With the help of 500 outdoor surveillance cameras, the River Situation Center monitors the safety of the Moscow River water area around the clock. The Moscow River Police monitors order in the water area. Its employees patrol a section with a total length of 670 kilometers on water transport. During the navigation season, a special water patrol is also on duty. Passengers at the berths are assisted by employees of the TsODD passenger service, and the crews are assisted by shore sailors.

    Thanks to high-quality infrastructure and service, the popularity of river cruises and walks is growing every year.

    “Last season, the number of arrivals and departures of cruise ships from the berths of the Northern and Southern river terminals increased by 10 percent, and the number of passengers by 15 percent. This year, we expect growth of 15 percent – more than 2.5 thousand moorings,” said Sergei Sobyanin.

    The first cruise ship “Rus Velikaya” will depart from the Northern River Terminal to Tver. In total, this season the river service will cover dozens of cities, including St. Petersburg, Yaroslavl, Kazan, Perm, Plyos, Kostroma, Samara and others.

    One of the most famous routes, the Golden Ring of Rivers, will pass through the center of Moscow and along the Kremlin and the Cathedral of Christ the Savior. Two modern comfort-class ships, the Golden Ring and Aurum, will begin their route from the Northern River Terminal and end at the Southern.

    The river terminals themselves, after their renovation, have become not only key objects of Moscow’s transport infrastructure, but also popular public spaces. Citywide and local festivals are held here, and major holidays are celebrated.

    Since the beginning of 2025, the stations have welcomed more than 400 thousand guests and held 260 events: sports training, performances by artists, creative workshops, lectures, film screenings and others.

    The new season will feature a cruise on the new motor ship Nikolay Zharkov from the Vodohod company, launched in 2025. The comfortable five-deck vessel, over 130 meters long, takes on board almost 180 guests, who are served by about 100 crew members. The motor ship was named after the famous shipbuilder Nikolay Zharkov, under whose leadership more than 400 ships were built, including 24 submarines with nuclear power plants and 20 deep-sea rescue vehicles.

    A regular route to Khimki and a ferry to the Zakharkovo pier have resumed operation from the Northern River Terminal. This is a convenient way to travel for residents of five Moscow districts and Khimki near Moscow. Last year, the ships Moskva-1 and 850 Years of Moscow carried more than 260,000 passengers.

    Regular electric transport runs along the Moscow River all year round and in any weather. Since the opening of the service, there has not been a single day when electric vessels have stopped running along the Moscow River. During their operation, more than 1.7 million trips have been made along the Kyiv – Fili Park and ZIL – Pechatniki routes.

    Testing of the first unmanned surface boat is also beginning. It should become a universal assistant to the transport police: it will automatically record violations in the water area and help rescue people who find themselves in the water.

    The unmanned boat is equipped with a camera, lidar and modern navigation tools, and its movement is controlled by artificial intelligence. The equipment operates reliably and safely in all weather conditions.

    The technology for controlling the boat was created by specialists from the Center for Research and Development of Unmanned Transport of the State Unitary Enterprise Moscow Metro, and the project itself is the result of joint work between the Main Directorate for Transport of the Ministry of Internal Affairs of Russia and the team from the Center for Advanced Development of Moscow Transport, which opened in May last year.

    “This season, we plan to launch the third regular river route Novospassky – ZIL, which will connect four districts: Danilovsky, Tagansky, Yuzhnoportovy and Zamoskvorechye. There will be four new berths on the route: Simonovsky, Torpedo, Derbenevskaya Embankment and Novospassky. The fleet of innovative river transport will be replenished with 10 new electric vessels. Some will go on the third route, and the rest will strengthen the first two routes,” the Moscow Mayor added.

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    https: //vv.mos.ru/mayor/tkhemes/12634050/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: New Director General of the Bureau of Industrial Parks, MOEA, Mr. Chih-Ching Yang, outlines three core visions to drive park optimization and innovation.

    Source: Republic of China Taiwan

    The Bureau of Industrial Parks (BIP) under the Ministry of Economic Affairs (MOEA) held an inauguration and oath-taking ceremony for BIP’s new Director General on March 26. The ceremony was presided over by MOEA Vice Minister Chien-Hsin Lai, during which outgoing Acting Director General Chi-Chuan Liu handed over the official seal to incoming Director General Chih-Ching Yang. Director General Yang will continue to lead efforts in upgrading and transforming technology industrial parks and industrial parks, with a strong focus on sustainable operations and effective management.
    Director General Yang holds a master’s degree in business administration from the National Taiwan University of Science and Technology. He began his public service career at the grassroots level in industrial services. He has served as Division Director and Deputy Director General of the Industrial Development Bureau, Chief Secretary of the MOEA, and most recently as Director-General of the Industrial Development Administration. Known for his solid academic background, strong execution skills, and proactive leadership, Director General Yang has led the Industrial Development Administration team of MOEA’s renowned “steel battalion” in advancing key initiatives such as amendments to the Industrial Innovation Act, industrial value enhancement, medical supply preparedness during the pandemic, and the dual transformation toward smart and low-carbon development. He is widely recognized in the industry as a key force in promoting sustainable park development.
    The Bureau of Industrial Parks oversees 80 parks across Taiwan. Vice Minister Lai encouraged the bureau to continue pursuing three major tasks: providing high-quality industrial spaces to support the “Five Trusted Industries”; advancing the “Extraterritorial Equivalent to Domestic” policy to expand Taiwan’s industrial reach; and implementing the “Balanced Taiwan” strategy to deepen local industrial clusters, thereby accelerating economic policy implementation.
    Director General Yang stated that building on existing foundations, he will drive optimization and innovation in park development through three core visions:
    Smart – Promoting AI integration across industries
    Safe – Creating secure and high-quality investment environments
    Sustainable – Developing low-carbon, green, and sustainable parks
    He emphasized the importance of public-private collaboration, listening to industry voices, and leveraging government support resources to create industrial bases aligned with the needs of emerging technologies. These efforts aim to accelerate industrial development and ensure the long-term sustainability of the parks.

    Spokesman: Mr. Liu Chi-Chuan (Deputy Director General, BIP)
    Contact Number: 886-7-3613349, 0911363680
    Email: lcc12@bip.gov.tw

    Contact Person: Hsiao, Yi-Chen (Personnel Office, BIP)
    Contact Number: 886-7-3611212 ext. 639
    Email: hs0218@bip.gov.tw

    MIL OSI Asia Pacific News –

  • MIL-OSI: Flow Traders Leadership Update

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders Leadership Update

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces that Mike Kuehnel has conveyed to the Board of Flow Traders Ltd. his intention not to seek re-election as Chief Executive Officer (CEO) for another full term at the 2025 Annual General Meeting (AGM). He will leave Flow Traders at the end of August to pursue a new opportunity. To ensure a seamless leadership transition, Mike has agreed to be nominated for re-election as CEO at the upcoming AGM on 13 June 2025, with his renewed term extending until 31 August 2025. The Board has initiated a search for his successor.

    Furthermore, Marc Jansen will be nominated for election as Executive Director of Flow Traders Ltd. at the forthcoming AGM. Marc has played an instrumental role in developing and expanding Flow Traders’ trading footprint. He is also a current member of the Management Board of Flow Traders B.V., the firm’s largest operating entity. In addition, Marc Jansen and Alex Kieft will be appointed as Co-Chief Trading Officers, effective immediately. They will jointly manage the Global Trading Division, focusing on expanding the Company’s trading operations across multiple asset classes and geographies.

    Mike Kuehnel
    Mike joined Flow Traders in August 2021 and was elected as Chief Financial Officer (CFO) in September 2021 and subsequently appointed to the role of CEO in February 2023. During his term, Mike has been instrumental in systematically strengthening the firm by enhancing its position as a leading globally diversified trading firm. Specifically, in 2024, he initiated Flow Traders’ Trading Capital Expansion Plan, which successfully contributed to the firm’s second-best financial year in its 20-year history.

    Under Mike’s leadership, and in collaboration with the entire leadership team, the firm has launched several strategic initiatives aimed at enhancing efficiency through automation as well as enhancing the firm’s structure with the objective of building a fully scalable organization. As part of the firm’s strategy, Mike has played a pivotal role in developing Flow Traders’ global leadership team and in attracting key talent to enhance the firm’s capability set. Subsequently, Mike has facilitated new strategic partnerships across global financial markets, allowing the firm to capitalize on new revenue opportunities to accelerate the growth of the Flow Traders.

    Marc Jansen
    Marc joined Flow Traders in 2013 as a Trader and became Head of Trading EMEA in 2018. He continued playing a pivotal role in building out the firm’s trading operations, when he moved to the Americas, where he assumed the role of Managing Director, before being appointed Head of Trading with a focus on Digital Assets in 2021. He became Global Head of Trading and Management Board Member of Flow Traders B.V. in January 2024. Effective immediately, Marc will be appointed as Co-Chief Trading Officer.

    Alex Kieft
    Alex joined Flow Traders in 2014 as a Trader and was appointed Head of Trading EMEA in 2019, followed by Global Head of Trading with a focus on equities in 2022. Effective immediately, Alex will be appointed as Co-Chief Trading Officer and will lead the firm’s Global Trading Division alongside Marc Jansen.

    Rudolf Ferscha, Chairman of the Board, stated:
    “Flow Traders has evolved beyond its foundational trading focus, marking a significant transition that enables us to capitalize on new opportunities and forge strategic partnerships, thereby advancing our long-term strategic ambitions. This transformation has been successfully initiated and managed under Mike’s leadership, and on behalf of the entire Board, I would like to express our deepest appreciation for his numerous contributions to the firm. 

    We fully respect his decision to pursue another opportunity outside the firm and wish him every success in his future endeavors. We also thank him for his dedication to developing this strengthened leadership team. Under Mike’s guidance, the leadership team has driven the firm’s growth and expansion in recent years, notably with the successful launch of the Trading Capital Expansion Plan last year, leading to the second-best financial year in our 20-year history.

    Additionally, we are thrilled to appoint Marc and Alex as Co-Chief Trading Officers. Both Marc and Alex are esteemed leaders with a proven track record of shaping and accelerating our trading strategies across various asset classes and geographies. Their promotion reflects our dedication to strengthening our leadership and accelerating growth within our Trading Division. With a long-term focus on both talent and capital, we aim to intensify efforts in both traditional and digital asset markets, marking Flow Traders’ next phase of growth.”

    Mike Kuehnel, CEO of Flow Traders, added:
    “Throughout my tenure at Flow Traders, I have witnessed firsthand the transformative impact of technology and innovation on global financial markets. These experiences have reinforced my conviction to engage more broadly in the field of artificial intelligence, prompting my decision not to seek another full term as CEO.

    I am immensely proud of what we have collectively achieved, as evidenced by our strengthened position as a globally diversified trading firm. Equally, I take pride in the development and growth of our global leadership team. Cultivating and attracting talent has been a pivotal focus during my four years, and I am thrilled about the current standing of this team. I have full confidence in Flow Traders’ future, and its ability to grow and become an even more significant force in promoting transparency, efficiency, and resilience within global financial markets.

    I would like to extend my heartfelt gratitude to the Board and all my colleagues at Flow Traders, it has been an exceptionally rewarding privilege to work alongside you. Serving as your CFO and CEO over the past four years has been an honor, and I am genuinely excited about the firm’s future.”

    Notes

    • Following shareholder approval at the 2025 AGM, Mike’s re-election as CEO and Executive Director will run until 31 August 2025
    • Following shareholder approval at the 2025 AGM and regulatory vetting, Marc’s election as Executive Director of Flow Traders Ltd. will be effective for a term of four years
    • In the notice for the 2025 Annual General Meeting, scheduled to be published on 2 May, all necessary information will be included in accordance with the nominations outlined in this press release

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders
    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Important Legal Information

    This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

    Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

    Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

    By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

    Market Abuse Regulation
    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Attachments

    The MIL Network –

  • MIL-OSI: Flow Traders 1Q 2025 Trading Update

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders 1Q 2025 Trading Update

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 1Q 2025 trading update.

    Highlights

    • Flow Traders recorded Net Trading Income of €140.2m and Total Income of €135.1m in 1Q25, an increase of 10% and 4% when compared to €127.1m and €129.6m in 1Q24, respectively.
    • Flow Traders’ ETP Value Traded increased by 24% in 1Q25 to €507bn from €409bn in 1Q24.
    • Fixed Operating Expenses were €50.8m in the quarter, an increase of 15% when compared to the €44.1m in 1Q24, due mostly to increased employee and technology expenses.
    • Total Operating Expenses were €72.7m in 1Q25, an increase of 7% when compared to the €67.9m in 1Q24, due to higher Fixed Operating Expenses.
    • EBITDA was €62.3m in the quarter, an increase of 1% when compared to €61.6m in 1Q24. EBITDA margin was 46% in 1Q25 vs. 48% in 1Q24.
    • Net Profit came in at €36.3m in 1Q25, yielding a basic EPS of €0.84 and diluted EPS of €0.82, a 21% decrease compared to a Net Profit of €45.9m, basic EPS of €1.05, and diluted EPS of €1.04 in 1Q24.
    • Trading Capital stood at €803m at the end of 1Q25, a 32% and 4% increase from €609m and €775m at the end of 1Q24 and 4Q24, respectively, and generated a 68% return on average trading capital1.
    • Shareholders’ equity was €787m at the end of 1Q25, compared to €631m at the end of 1Q24 and €767m at the end of 4Q24.
    • Flow Traders employed 619 FTEs at the end of 1Q25, compared to 601 at the end of 1Q24 and 609 at the end of 4Q24.

    Leadership Update

    In a separate release today, Flow Traders announced that Mike Kuehnel has conveyed to the Board his intention not to seek re-election as CEO for another full term at the 2025 AGM. He will leave Flow Traders at the end of August of this year, to pursue a new opportunity. To ensure a seamless leadership transition, Mike has agreed to be nominated for re-election as CEO at the upcoming AGM on 13 June 2025, his renewed term extending until 31 August 2025. The Board has initiated a search for his successor.

    Furthermore, Marc Jansen will be nominated for election as Executive Director of Flow Traders Ltd. and in addition, Marc Jansen and Alex Kieft will be appointed as Co-Chief Trading Officers, effective immediately.

    Financial Overview

    €million 1Q25 1Q24 Change YTD25 YTD24 Change
    Net trading income 140.2 127.1 10% 140.2 127.1 10%
    Other income (5.1) 2.5 NM (5.1) 2.5 NM
    Total income 135.1 129.6 4% 135.1 129.6 4%
    Revenue by region2            
    Europe 79.9 68.5 17% 79.9 68.5 17%
    Americas 11.4 41.3 (72%) 11.4 41.3 (72%)
    Asia 43.7 19.9 120% 43.7 19.9 120%
    Fixed employee expenses 24.3 20.7 18% 24.3 20.7 18%
    Technology expenses 17.4 15.8 10% 17.4 15.8 10%
    Other expenses 9.1 7.7 19% 9.1 7.7 19%
    Fixed operating expenses 50.8 44.1 15% 50.8 44.1 15%
    Variable employee expenses 22.0 23.8 (8%) 22.0 23.8 (8%)
    Total operating expenses 72.7 67.9 7% 72.7 67.9 7%
    EBITDA 62.3 61.6 1% 62.3 61.6 1%
    Interest expenses 0.4 – NM 0.4 – NM
    Lease expenses 0.5 0.6 (8%) 0.5 0.6 (8%)
    Depreciation & amortisation 4.7 4.3 11% 4.7 4.3 11%
    Impairment of intangible assets 10.5 – NM 10.5 – NM
    Profit/(loss) on equity-accounted investments (1.8) (0.4) 375% (1.8) (0.4) 375%
    Profit before tax 44.3 56.4 (21%) 44.3 56.4 (21%)
    Tax expense 8.0 10.6 (24%) 8.0 10.6 (24%)
    Net profit 36.3 45.9 (21%) 36.3 45.9 (21%)
    Basic EPS3 (€) 0.84 1.05 (21%) 0.84 1.05 (21%)
    Fully diluted EPS4 (€) 0.82 1.04 (21%) 0.82 1.04 (21%)
    EBITDA margin 46% 48%   46% 48%  

    Revenue by Region

    €million 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
    Europe 58.5 33.1 33.6 42.6 68.4 48.6 70.2 86.9 79.9
    Americas 32.8 9.3 22.0 18.1 41.3 13.4 20.8 18.2 11.4
    Asia 19.2 9.0 12.1 13.6 19.9 14.2 23.6 53.8 43.7

    Value Traded Overview

    €billion 1Q25 1Q24 Change YTD25 YTD24 Change
    Flow Traders ETP Value Traded 507 409 24% 507 409 24%
    Europe 245 152 61% 245 152 61%
    Americas 213 229 (7%) 213 229 (7%)
    Asia 49 27 81% 49 27 81%
    Flow Traders non-ETP Value Traded 1,217 1,146 6% 1,217 1,146 6%
    Flow Traders Value Traded 1,724 1,555 11% 1,724 1,555 11%
    Equity 861 819 5% 861 819 5%
    FICC 774 691 12% 774 691 12%
    Other 89 45 100% 89 45 100%
    Market ETP Value Traded5 14,425 11,981 20% 14,425 11,981 20%
    Europe 882 597 48% 882 597 48%
    Americas 11,065 9,965 11% 11,065 9,965 11%
    Asia 2,478 1,419 75% 2,478 1,419 75%
    Asia ex China 645 439 47% 645 439 47%

    Trading Capital

      1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
    Trading Capital (€m) 647 574 585 584 609 624 668 775 803
    Return on Avg Trading Capital1 67% 65% 56% 49% 50% 58% 62% 69% 68%
    Average VIX7 21.0 16.7 15.1 15.4 13.9 14.2 17.1 17.3 18.5

    Market Environment

    Europe

    Equity trading volumes in the quarter across major exchanges saw meaningful increases when compared to the same period a year ago, while market volatility also increased . Fixed Income trading volumes on MTFs increased slightly compared to the same period a year ago.

    Americas

    Equity trading volumes in the U.S. increased compared to the same period a year ago, but at a much lower level when compared to the other regions, while market volatility increased. Fixed Income trading volumes in the U.S. also increased slightly when compared to the same period a year ago, while volatility declined.

    Asia

    Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases while Japan experienced declines when compared to the same period a year ago. Market volatility increased across the board in Hong Kong, China and Japan when compared to the same period a year ago.

    Digital Assets

    Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes in cryptocurrencies increased when compared to the same period a year ago. However, net fund flows into cryptocurrency ETFs declined significantly compared to a year ago given the spot Bitcoin ETF launches in the U.S. in January 2024.

    Outlook

    Fixed operating expenses guidance for the year remains unchanged and is expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

    CEO Statement

    Mike Kuehnel, CEO
    “Flow Traders posted a strong set of results in the first quarter, with the strength in the Equity segment in Europe and Asia in the quarter offsetting the lower contribution from Digital Assets when compared to the first quarter of 2024. The results serve as further confirmation of our diversification strategy and our ability to capture opportunities as they arise. The 68% return on average trading capital in the quarter also further validates our strategic decision to retain more profits to reinvest back into the company under the Trading Capital Expansion Plan, announced in July last year.

    During the quarter, market trading volumes increased meaningfully across Europe and Asia given the macroeconomic uncertainty raised by the prospect of tariffs from the U.S. and the potential impact to the global economy. Volumes were particularly elevated in Hong Kong and China given the continued investor interest in China following the stimulus unveiled by the government in the fourth quarter of last year. Similarly, volumes increased meaningfully in Europe given the market outperformance, as investors looked to rotate their investments given the seismic geopolitical shift in the U.S. and its ramifications on Europe. The Americas had a more muted quarter when compared with the other regions as we allocated more of our capital to regions with greater dislocations. Regardless of where the activities were in the quarter, Flow Traders continued to provide liquidity to our counterparty base and was able to leverage trading opportunities given the breadth of our global trading operation.

    In Digital Assets, while the value of cryptocurrencies pulled back post the U.S. presidential inauguration, we continue to see positive sentiment shifts by regulators in not only the U.S. but also in places like Hong Kong, Japan and Korea. The first Consensus conference in Asia, held in Hong Kong in February, demonstrated the increasing institutional interest and adoption of digital assets and the underlying technology in the region. As one of the earliest adopters, Flow Traders remains instrumental in providing liquidity to this asset class on a 24/7 basis and bridging the gap between traditional finance and digital assets ecosystems.

    Looking forward to the rest of 2025, we remain committed to enhancing our trading capabilities by strategically investing in cutting-edge technology and talent. This approach aligns seamlessly with our growth and diversification strategy. We anticipate that these investments, coupled with our Trading Capital Expansion Plan, will drive top-line growth for the firm over time.”

    Preliminary Financial Calendar

    13 June 2025                AGM
    31 July 2025                1H25 Results

    Analyst Conference Call and Webcast

    The 1Q25 trading update analyst conference call will be held at 10:00 am CEST on Thursday 24 April 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders

    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Notes

    1. Return on average trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
    2. Revenue by region includes NTI, Other Income, and inter-company revenue.
    3. Weighted average shares outstanding: 1Q25 – 43,394,080; 4Q24 – 43,066,302; 1Q24 – 43,515,359.
    4. Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
    5. Source – Flow Traders analysis.
    6. Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

    Important Legal Information

    This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

    Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

    Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

    By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

    All results published in this release are unaudited.

    Market Abuse Regulation

    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Attachment

    The MIL Network –

  • MIL-Evening Report: Many experienced tradies don’t have formal qualifications. Could fast-tracked recognition ease the housing crisis?

    Source: The Conversation (Au and NZ) – By Pi-Shen Seet, Professor of Entrepreneurship and Innovation, Edith Cowan University

    Once again, housing affordability is at the forefront of an Australian federal election.

    Both major parties have put housing policies at the centre of their respective campaigns. But there are still concerns too little is being done to address supply.

    One of the biggest hurdles is an ongoing shortage of skilled tradespeople, and difficulties attracting new workers. The construction industry accounts for 9% of Australia’s workforce. Yet an estimated 35% of workers lack formal qualifications.

    On Wednesday, Labor announced an election promise to fast-track formal trade qualifications for about 6,000 experienced but unqualified tradies.

    The Advanced Entry Trades Training program would start in 2026 and cost A$78 million.

    This program should help address some of the skills shortages in the sector. But it will be a long time before these benefits begin flowing through the system. And Australia is still likely to fall short of the government’s ambitious new home targets.

    Recognising skills we already have

    The Advanced Entry Trades Training program is intended to partly bridge the gap in construction skills shortages through a process called “recognition of prior learning” – and by offering free training to fill any skill gaps.

    In principle, recognition of prior learning allows individuals with substantial and relevant industry experience to attain formal qualifications without lengthy training programs.

    A similar approach was adopted in the healthcare sector as an emergency response to the pandemic, to boost the number of qualified workers.

    For the construction industry, it will encompass workers currently in the industry who have not completed an apprenticeship, as well as skilled migrants in Australia whose abilities remain unverified.

    This process can improve pay and conditions for participants. But it can also potentially fast-track their entry into the qualified workforce, addressing immediate skills shortages.



    Read more:
    A grab bag of campaign housing policies. But will they fix the affordability crisis beyond the election?

    Will it work?

    Labor’s new initiative mirrors an existing program at the state level, the New South Wales government’s Trade Pathways for Experienced Workers Program.

    According to Labor, this program saw 1,200 students earn their qualifications in an average time of seven months (as opposed to several years).

    It’s important to note this includes trades from all sectors of the NSW economy. But it is much faster than the traditional process of skill recognition. The Parkinson Review of Australia’s migration system found this process can take up to 18 months for a skilled migrant and cost over $9,000.



    Read more:
    Australia has a new National Skills Agreement. What does this mean for vocational education?

    Increased housing supply? Not soon

    Combined with other initiatives such as incentive payments for construction apprentices, the new Advanced Entry Trades Training program should help address some skills shortages in the sector.

    Australia’s peak construction industry body, Master Builders Australia, praised the proposal, citing its own analysis suggesting for every new qualified tradie, an extra 2.4 homes can be built.

    Even with these initiatives, the sector will likely fall short of the 83,000 additional skilled tradespeople needed to meet the Albanese government’s target to build 1.2 million new homes over five years.

    And it may mainly solve a categorisation issue. Currently, only about 80% of employers in the construction sector in Australia require all job applicants to hold a formal qualification.

    Crucially, it doesn’t address the core problem of attracting higher numbers of suitable people to a very traditional industry and helping them finish their qualifications. Almost half of construction sector apprentices do not complete their training.

    Other challenges

    There are other challenges for recognition of prior learning schemes more broadly.

    Research into recognition of prior learning for construction sector apprentices suggests some Australian employers and training providers may be averse to fast-tracking training. About 64% of assessed apprentices had prior experience and skills, but only 30% had their training shortened.

    These issues are even more complex when considering accelerated pathways for skilled migrants from a range of countries. There are some significant, well-documented challenges in transferring or recognising vocational qualifications across international boundaries.

    More to be done

    The Advanced Entry Trades Training program may go some way to alleviating a skills shortage in construction. But it will only partially address the broader issues of supply.

    Australia’s vocational education and training systems are complex, making it difficult to predict the outcomes.

    The proposed program does not address the problem of rising construction material costs and shortages. This problem is worsened by the declining productivity of the housing construction sector, which has halved over the last 30 years.

    Declining productivity isn’t just down to skilled labour shortages. It has also been attributed to other factors such as complex planning approvals, limited innovation, and a predominance of small firms.

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

    – ref. Many experienced tradies don’t have formal qualifications. Could fast-tracked recognition ease the housing crisis? – https://theconversation.com/many-experienced-tradies-dont-have-formal-qualifications-could-fast-tracked-recognition-ease-the-housing-crisis-255108

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Back to the fuel guzzlers? Coalition plans to end EV tax breaks would hobble the clean transport transition

    Source: The Conversation (Au and NZ) – By Anna Mortimore, Lecturer, Griffith Business School, Griffith University

    wedmoment.stock/Shutterstock

    If elected, the Coalition has pledged to end Labor’s substantial tax break for new zero- or low-emissions vehicles.

    This, combined with an earlier promise to roll back new fuel efficiency standards, would successfully slow the transition to hybrid and battery electric vehicles (EVs).

    The Albanese government pitched these tax breaks as a way to make EVs cheaper to buy and more competitive with internal combustion engine cars. Since the tax break came in, EV popularity has surged. Almost 100,000 people have taken out a novated lease on an EV between mid-2022, when the scheme began, and February 2025.

    The Coalition has been consistently critical of the tax breaks on cost grounds. The scheme has been far more popular than government forecasts envisaged, leading to concerns about a cost blowout. Rather than the A$55 million forecast for 2024-25, the scheme has cost ten times that – $560 million. EV buyers are much more likely to be wealthy, meaning the tax break has been snapped up by people who need it less. The policy is, however, encouraging car suppliers to import more affordable EVs.

    These concerns don’t mean Labor’s policy is bad. Far from it – this tax break is currently the only policy working to drive down transport emissions, now the second-largest source of emissions in Australia. The Coalition has given no indication it would replace the EV tax break with other ways to cut transport emissions.

    Electric vehicles still cost more than their internal combustion engine counterparts.
    meowKa/Shutterstock

    What is this tax break – and did it work?

    In mid-2022, the Albanese government introduced a tax break to encourage uptake of electric vehicles. The measure initially covered hydrogen fuel-cell, battery-electric and plug-in hybrid vehicles, but plug-in hybrids are no longer eligible as of April 1.

    The tax break works by giving EV buyers who are current employees a fringe benefits tax exemption for low- or zero-emissions vehicles both held and used for private use. The fringe benefits tax is a flat tax of 47% levied on the car benefit provided by the employer. For the exemption to apply, the retail price of the car has to be under the threshold for the luxury car tax of $91,387.

    People in high incomes brackets often like to negotiate with their employer to have a car included as part of their salary package so they can reduce their taxable income. The fringe benefits tax is levied on these types of benefits.

    The scheme works by exempting purchasers of new EVs from fringe benefits tax. A battery electric Hyundai Kona retailed for around $60,000 last year – 32% more in price than its internal combustion engine equivalent. The fringe benefits tax of around $11,700 annually ends up being larger because of the EV’s high sale price. Without this exemption, the tax acts as a major disincentive for the uptake of EVs.
    By and large, electric vehicles cost significantly more than their traditional counterparts. This price gap is dropping as new manufacturers enter the market, but it’s still there. While EVs have lower fuel costs, the higher upfront cost has put off many prospective buyers. This is the issue Labor’s tax exemption was intended to fix.

    Has the scheme worked? Overall, yes. In 2022, EVs accounted for just 3.3% of all new cars sold in Australia. By 2023, almost two-thirds of battery electric, vehicles were sold to private buyers, a 145% increase. And in 2024, the figure had almost tripled to 9.6%. Without this tax incentive, Australia’s uptake of EVs would most likely be much lower.

    If a future Coalition government ended the tax break, Australia would return to the pre-2022 era, where fringe benefits tax acted as a significant disincentive for EVs.

    The tax break isn’t perfect – but it’s better than nothing

    Australia’s main power grid now runs on an average of 40% clean energy. As a result, emissions have been tracking downward in these sectors. But transport emissions are still rising. Transport is now Australia’s second-largest source of emissions – almost 100 million tonnes (Mt) out of our total emissions of 434 Mt. By 2030, transport is projected to be the largest source of domestic emissions.

    Under the 2015 Paris Agreement, nations agreed at least 20% of light vehicles on their roads would be low- or zero-emissions by 2030. But Australia is lagging well behind the pack on the shift to cleaner transport.

    At present, just 1% of Australia’s car fleet is electric. Even EVs make up close to 10% of new sales, changing the makeup of the entire fleet (16.8 million) will take years.

    By contrast, almost 90% of new cars sold in Norway are electric, according to a 2024 report from the International Energy Agency. In China it’s just under 60%, Sweden it’s 60%, Netherlands 30%, the UK 25% and the United States 10%.

    These countries have used a combination of tax incentives and fuel efficiency regulations to drive rapid uptake. While Labor has moved to introduce both of these, progress hasn’t been as fast.

    Back to the fuel guzzlers?

    Australians rely heavily on cars. But the long lack of fuel efficiency standards mean many models sold here emit much more than in other OECD countries – 150 grams per kilometre versus 107 across 29 European Union nations as of 2023. Put another way, a new car in Australia uses 40% more fuel than its equivalent in the EU. Many drivers prefer big cars, such as the top-selling Ford Ranger.

    If the Coalition ends the tax break and pulls the teeth of new emissions standards, it would bring recent modest progress to a halt.

    The Coalition has rightly pointed out the inequity of the tax break as it stands. My research has shown this could be fixed. Throwing the scheme out without proposing another way to cut transport emissions is disheartening.

    Anna Mortimore receives funding from Reliable Affordable Clean Energy Cooperative Research Centre for 2030 (RACE for 2030).

    – ref. Back to the fuel guzzlers? Coalition plans to end EV tax breaks would hobble the clean transport transition – https://theconversation.com/back-to-the-fuel-guzzlers-coalition-plans-to-end-ev-tax-breaks-would-hobble-the-clean-transport-transition-255211

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Congressmen Auchincloss, Krishnamoorthi Request Investigation into Possible Sanctions Violations by Yantai iRay Technology Co.

    Source: United States House of Representatives – Representative Jake Auchincloss (Massachusetts, 4)

    April 01, 2025

    WASHINGTON, D.C. – Today, Congressman Jake Auchincloss (D-MA) and Ranking Member Raja Krishnamoorthi (D-IL) of the House Select Committee on the Strategic Competition Between the U.S. and the CCP sent a letter to Secretary of the Treasury Scott Bessent and Secretary of Commerce Howard Lutnick, requesting both departments investigate whether Yantai iRay Technology Co., Ltd. (“iRay”), a company in the People’s Republic of China (PRC) sanctioned by the Treasury Department, may be committing sanctions violations via a network of subsidiaries and directly related companies in the United States.

    Among these subsidiaries is iRayUSA, who after iRay’s sanctioning in May 2024 for supplying Russia-based end users with controlled, dual-use technology claimed to its U.S. distributors that “iRayUSA’s manufacturing partner is a separate entity” from iRay. However, government filings along with other publicly available information strongly suggest that iRayUSA’s contention is false and that it, along with InfiRay Outdoor, Visir Inc. (brand name RIX Optics), and Inlumen Technologies (brand name Nocpix) may be violating U.S. sanctions by continuing to sell and distribute iRay products in the United States. 

    Reps .Auchincloss and Krishnamoorthi write in the letter, “Given their subsidiary or other close relationship with iRay, InfiRay Outdoor, iRayUSA, Visir Inc., and Inlumen Technologies appear to potentially be in violation of U.S. sanctions. Your agencies should also consider whether the operations of these entities pose a national security risk to the United States given the dual-use nature of their products and the sensitive data obtained through them. Thermal technology is a critical enabler of lethality and capability on the modern battlefield, and PLA access to U.S. thermal sensor data could allow it to refine its own capabilities while degrading U.S. leadership in this field.”

    The Treasury Department imposed sanctions on iRay on May 1, 2024 for operating in the technology sector of the Russian Federation, including by supplying Russia-based end users with items like telescopic thermal sights and military thermal imagers controlled by the Department of Commerce’s Bureau of Industry and Security Common High Priority List. 

    “It is highly concerning that iRay, a company sanctioned for supporting Russia’s brutal and illegal invasion of Ukraine, appears to still be peddling its products in the United States through a shell game of U.S.-based subsidiaries,” said Ranking Member Krishnamoorthi. “In addition, iRay’s potential access to data from American users of its advanced targeting technologies could allow China’s military to dominate these capabilities at U.S. expense. We urge the Treasury and Commerce Departments to investigate this activity and appropriate enforcement actions.”

    “Federal authorities must enforce sanctions against Chinese & Russian military cooperation,” said Congressman Auchincloss. “Appeasement of one is weakness to another.”

    The members request the Treasury Department and Commerce Department provide them with a briefing on any information available to the departments regarding iRay and its subsidiaries by no later than April 11, 2025.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Jake Auchincloss Announces Guest for President Trump’s Joint Address to Congress

    Source: United States House of Representatives – Representative Jake Auchincloss (Massachusetts, 4)

    March 03, 2025

    Washington, D.C. – Congressman Jake Auchincloss (D, MA-04) is announcing former Assistant Administrator for Global Health at the U.S. Agency for International Development (USAID), Dr. Atul Gawande, MD, MPH, as his guest for President Trump’s address to a Joint Session of Congress on Tuesday, March 4th. 

    Dr. Gawande is a renowned surgeon, writer, and public health leader. Prior to leading global health at USAID, he was a practicing general and endocrine surgeon at Brigham and Women’s Hospital and a professor at Harvard Medical School and the Harvard T.H. Chan School of Public Health. He was the founder and chair of Ariadne Labs, a joint center for health systems innovation, and of Lifebox, a nonprofit organization working to make surgery safer globally.

    At USAID, Dr. Gawande oversaw global health efforts, providing access to preventative treatment and care. Since taking office on January 20, Trump has dismantled USAID and eliminated over ninety percent of 6,300 USAID awards, including health programs that help millions battling diseases such as malaria, tuberculosis, and HIV.

    “The global vaccination efforts of Dr. Gawande and the public health officials at USAID have saved millions of lives and prevented unnecessary suffering. For the first time since 2003, a child in the U.S. has died from measles. Trump’s dismantling of USAID and his promotion of anti-vaccine conspiracy theorist Robert F. Kennedy Jr. – who refuses to unequivocally recommend the measles vaccine – as our nation’s top health officer is reversing decades of progress in eradicating the world’s deadliest diseases,” said Congressman Jake Auchincloss

    “The experience of USAID shows what doing surgery with a chainsaw on the US government looks like. It is a bloodbath. The dismantling of USAID is costing tens of thousands of American jobs, massive loss of life, and mismanagement of billions of taxpayer dollars — the exact opposite of addressing fraud, waste, and abuse. The American people deserve to hear an explanation for why he’s firing public servants who keep America secure and cutting programs that save lives,” said Dr. Atul Gawande.

    ###

    MIL OSI USA News –

  • MIL-OSI: Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — April 24, 2025

    Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the first quarter 2025 ended March 31, 2025. The Group’s Board of Directors approved these estimated results on April 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 1Q25: Software revenue increased by 5% driven by recurring revenue up 7%;
    • 1Q25: Strong subscription growth of 14%, bringing New business up 7%;
    • 1Q25: 3DEXPERIENCE software revenue growth of 17%;
    • 1Q25: Diluted EPS up 5% (6% as reported) to €0.32;
    • 1Q25: Cash flow from operations grew 21%, as reported, to €813 million (IFRS);
    • FY25: Full year objectives unchanged, total revenue growth of 6-8% and diluted EPS of €1.36-€1.39.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “In February this year we announced Gen 7, the new generation of representation of our customers’ virtual universes – we call it 3D UNIV+RSES. This seventh generation of MODSIM data, powered by AI and spatial computing, makes the 3DEXPERIENCE the next-generation platform for knowledge and know-how, establishing it as a global IP management platform. Early customer feedback confirms that platform-based AI leveraging virtual twins creates competitive advantage. 

    We’ve had a solid start to the year. In the first quarter, the Manufacturing Industries sector performed well led by Aerospace & Defense and High Tech, along with Transportation & Mobility in China, Japan and US. At the same time, we’re accelerating in Sovereign Infrastructure, where energy, security, and AI capabilities – through high-performance data centers – are becoming strategic imperatives for nations and territories.

    We are committed to being the trusted partner for our customers – helping them stay ahead, while strengthening our leadership position for the long term and raising barriers to entry.”

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “In the first quarter, our revenue is driven by strong subscription growth of 14%. As a result, recurring revenue now represents 86% of software revenue, highlighting the resilience of our business model. Regarding operational efficiency, we reached the upper end of our EPS guidance and saw strong growth in operating cash flow, increasing by 21% as reported.

    Entering 2025, our approach was to provide a risk-adjusted financial outlook. Since then, the introduction of new tariffs has created a more volatile market environment, which could lead to longer decision-making cycles. That said, our pipeline remains solid, and our current visibility aligns with the midpoint of our full year guidance.

    Therefore, we keep our 2025 outlook of 6-8% total revenue growth and 7-10% EPS growth unchanged. In addition, we are slightly adjusting our operating margin target, expecting a year-over-year expansion of 50-70 basis points, versus 70-100 basis points prior, to gain additional flexibility and invest in Gen 7 to support our long-term growth.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   Non-IFRS
      Q1 2025 Q1 2024 Change Change in constant currencies   Q1 2025 Q1 2024 Change Change in constant currencies
    Total Revenue   1,573.0 1,499.7 5% 4%   1,573.0 1,499.7 5% 4%
    Software Revenue   1,432.7 1,352.8 6% 5%   1,432.7 1,352.8 6% 5%
    Operating Margin   19.4% 21.6% (2.3)pts     30.9% 31.1% (0.2)pt  
    Diluted EPS   0.20 0.21 (9)%     0.32 0.30 6% 5%

    First Quarter 2025 Versus 2024 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the first quarter grew by 4% to €1.57 billion, and software revenue increased by 5% to €1.43 billion. Subscription & support revenue rose by 7%; recurring revenue represented 86% of software revenue, up 2 basis points versus last year. Licenses and other software revenue declined by 10% to €198 million. Services revenue was down 6% to €140 million, during the quarter.
    • Software Revenue by Geography: Revenue in the Americas increased by 7% to represent 43% of software revenue. This growth acceleration is driven by Aerospace & Defense, Transport & Mobility and High-Tech. Despite tariff uncertainty, Europe increased by 1%, led by good growth in Aerospace & Defense. Europe represented 36% of software revenue. In Asia, revenue increased by 5%, driven by India, Southeast Asia and Korea. Asia represented 22% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue increased by 8% to €793 million. This strong broad-based performance was led by CATIA, ENOVIA, DELMIA and NETVIBES. Industrial Innovation software represented 55% of software revenue.
    • Life Sciences software revenue was stable at €293 million, accounting for 20% of software revenue. MEDIDATA was impacted by continued CRO2 headwinds, while benefiting from the steady dynamic with Large Pharma and Mid-Market.
    • Mainstream Innovation software revenue increased by 2% to €347 million. SOLIDWORKS had a slow start to the year, but saw solid bookings and good momentum in 3DEXPERIENCE adoption. CENTRIC PLM was impacted by timing of renewals, after an exceptional year of growth in 2024. Mainstream Innovation represented 24% of software revenue, during the period.
    • Software Revenue by Industry: Aerospace & Defense, High Tech and Industrial Equipment were among the best performers during the quarter.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 17%, driven by Aerospace & Defense, High Tech and Transportation & Mobility, along with opportunities in the sovereign infrastructure domain. 3DEXPERIENCE software revenue represented 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased by 41%.
    • Operating Income and Margin: IFRS operating income declined by 6% to €304 million, as reported. Non-IFRS operating income increased by 3% in constant currencies to €486 million (up 4% as reported). The IFRS operating margin stood at 19.4% compared to 21.6% in the first quarter of 2024. The non-IFRS operating margin totaled 30.9% versus 31.1% during the same period last year.
    • Earnings per Share: IFRS diluted EPS was €0.20, down 9% as reported. Non-IFRS diluted EPS grew to €0.32, up 6% as reported, or 5% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €813 million, an increase of 21% relative to the same period last year with strong cash collection. Cash flow from operations was principally used for the acquisition of ContentServ for €191 million (net of €11 million of cash acquired), repurchase of Treasury Shares for €80 million, repayment of debt for €59 million and €56 million for investments in CAPEX.
    • Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.79 billion as of March 31, 2025, an increase of €0.33 billion, compared to €1.46 billion for the year ending December 31, 2024. Cash and cash equivalents totaled €4.24 billion at the end of March 2025.

    Financial Objectives for 2025

    Dassault Systèmes’ second quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q2 2025 FY 2025  
      Total Revenue (billion) €1.520 – €1.580 €6.567 – €6.667  
      Growth 2 – 6% 6 – 7%  
      Growth ex FX 3 – 7% 6 – 8%  
               
      Software revenue growth * 3 – 7% 6 – 8%  
        Of which licenses and other software revenue growth * (6) – 1% 2 – 6%  
        Of which recurring revenue growth * 5 – 8% 7 – 8%  
     

    Services revenue growth *

    3 – 7%

    		 4 – 6%  
               
      Operating Margin 29.8% – 29.9% 32.3% – 32.6%  
               
      EPS Diluted €0.30 – €0.31 €1.36 – €1.39  
      Growth (1) – 3% 7 – 9%  
      Growth ex FX 1 – 5% 7 – 10%  
               
      US dollar $1.10 per Euro $1.09 per Euro  
      Japanese yen (before hedging) JPY 155.0 per Euro JPY 156.4 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €213 million (these estimates do not include any new stock option or share grants issued after March 31, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €353 million, largely impacted by the acquisition of MEDIDATA and lease incentives of acquired companies at approximately €1 million.

    The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after March 31, 2025.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Thursday, April 24, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • Capital Markets Day: June 6, 2025
    • Second Quarter 2025 Earnings Release: July 24, 2025
    • Third Quarter 2025 Earnings Release: October 23, 2025
    • Fourth Quarter 2025 Earnings Release: February 11, 2026

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the second quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY156.4 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.   

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.
    With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
    For more information, visit www.3ds.com

    Dassault Systèmes Investor Relations Team                        FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s product lines financial reporting include the following financial information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue which includes SOLIDWORKS, as well as its CENTRIC PLM and 3DVIA brands.

    Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEOs

    Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEOs;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
    • the “Asia” group, comprising Asia and Oceania and made of five GEOs.

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

    New business

    New business is the combination of subscription revenue and licenses & other software revenue.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended
    March 31,

    2025

    		 March 31,

    2024

    		 Change Change in constant currencies
    Total Revenue € 1,573.0 € 1,499.7 5% 4%
             
    Revenue breakdown by activity        
    Software revenue 1,432.7 1,352.8 6% 5%
    Of which licenses and other software revenue 198.1 218.5 (9)% (10)%
    Of which subscription and support revenue 1,234.6 1,134.3 9% 7%
    Services revenue 140.2 146.8 (4)% (6)%
             
    Software revenue breakdown by product line        
    Industrial Innovation 793.1 731.4 8% 8%
    Life Sciences 292.6 284.7 3% 0%
    Mainstream Innovation 347.1 336.7 3% 2%
             
    Software Revenue breakdown by geography        
    Americas 611.1 553.6 10% 7%
    Europe 513.2 503.2 2% 1%
    Asia 308.4 296.0 4% 5%
             
    Operating income € 486.1 € 466.5 4%  
    Operating margin 30.9% 31.1%    
             
    Net income attributable to shareholders € 420.1 € 397.2 6%  
    Diluted earnings per share € 0.32 € 0.30 6% 5%
             
    Closing headcount 26,225 25,780 2%  
             
    Average Rate USD per Euro 1.05 1.09 (3)%  
    Average Rate JPY per Euro 160.45 161.15 (0)%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    March 31,

    2025

    		 March 31,

    2024

    		 Change
    Revenue QTD 1,573.0 1,499.7 73.3 52.6 0.9 19.8

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended
    March 31, March 31,
    2025 2024
    Licenses and other software revenue 198.1 218.5
    Subscription and Support revenue 1,234.6 1,134.3
    Software revenue 1,432.7 1,352.8
    Services revenue 140.2 146.8
    Total Revenue € 1,573.0 € 1,499.7
    Cost of software revenue (1) (129.2) (111.9)
    Cost of services revenue (131.1) (131.8)
    Research and development expenses (348.6) (311.4)
    Marketing and sales expenses (446.5) (420.3)
    General and administrative expenses (120.4) (105.1)
    Amortization of acquired intangible assets and of tangible assets revaluation (88.3) (93.3)
    Other operating income and expense, net (4.4) (1.8)
    Total Operating Expenses (1,268.5) (1,175.6)
    Operating Income € 304.5 € 324.1
    Financial income (loss), net 30.3 30.2
    Income before income taxes € 334.8 € 354.2
    Income tax expense (75.5) (68.3)
    Net Income € 259.4 € 286.0
    Non-controlling interest 1.2 (0.3)
    Net Income attributable to equity holders of the parent € 260.5 € 285.7
    Basic earnings per share 0.20 0.22
    Diluted earnings per share € 0.20 € 0.21
    Basic weighted average shares outstanding (in millions) 1,312.3 1,313.6
    Diluted weighted average shares outstanding (in millions) 1,332.2 1,331.1

            (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended March 31, 2025
    Change (2) Change in constant currencies
    Total Revenue 5% 4%
    Revenue by activity    
    Software revenue 6% 5%
    Services revenue (4)% (6)%
    Software Revenue by product line    
    Industrial Innovation 8% 8%
    Life Sciences 3% 0%
    Mainstream Innovation 3% 2%
    Software Revenue by geography    
    Americas 10% 7%
    Europe 2% 1%
    Asia 4% 5%

                    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    March 31, December 31,
    2025 2024
    ASSETS    
    Cash and cash equivalents 4,242.9 3,952.6
    Trade accounts receivable, net 1,709.5 2,120.9
    Contract assets 34.3 30.1
    Other current assets 464.8 464.0
    Total current assets 6,451.5 6,567.6
    Property and equipment, net 928.7 945.8
    Goodwill and Intangible assets, net 7,597.6 7,687.1
    Other non-current assets 358.9 345.5
    Total non-current assets 8,885.2 8,978.3
    Total Assets € 15,336.7 € 15,545.9
    LIABILITIES    
    Trade accounts payable 199.5 259.9
    Contract liabilities 1,716.0 1,663.4
    Borrowings, current 411.4 450.8
    Other current liabilities 1,109.7 1,147.4
    Total current liabilities 3,436.6 3,521.5
    Borrowings, non-current 2,043.3 2,042.8
    Other non-current liabilities 887.9 900.9
    Total non-current liabilities 2,931.3 2,943.7
    Non-controlling interests 14.3 14.1
    Parent shareholders’ equity 8,954.5 9,066.6
    Total Liabilities € 15,336.7 € 15,545.9

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended
    March 31, March 31, Change
    2025 2024
    Net income attributable to equity holders of the parent 260.5 285.7 (25.2)
    Non-controlling interest (1.2) 0.3 (1.4)
    Net income 259.4 286.0 (26.6)
    Depreciation of property and equipment 50.5 47.6 2.8
    Amortization of intangible assets 89.6 95.2 (5.6)
    Adjustments for other non-cash items 16.1 37.7 (21.6)
    Changes in working capital 397.4 204.4 193.0
    Net Cash From Operating Activities € 813.0 € 670.9 € 142.1
           
    Additions to property, equipment and intangibles assets (55.9) (57.2) 1.2
    Payment for acquisition of businesses, net of cash acquired (193.8) (4.5) (189.2)
    Other (37.8) 22.3 (60.1)
    Net Cash Provided by (Used in) Investing Activities € (287.5) € (39.4) € (248.1)
           
    Proceeds from exercise of stock options 22.2 21.3 0.8
    Repurchase and sale of treasury stock (80.1) (131.1) 51.0
    Acquisition of non-controlling interests (0.2) (2.6) 2.5
    Repayment of borrowings (58.9) (0.1) (58.8)
    Repayment of lease liabilities (22.6) (24.0) 1.4
    Net Cash Provided by (Used in) Financing Activities € (139.6) € (136.5) € (3.0)
           
    Effect of exchange rate changes on cash and cash equivalents (95.7) 32.7 (128.4)
           
    Increase (decrease) in cash and cash equivalents € 290.3 € 527.7 € (237.4)
           
           
    Cash and cash equivalents at beginning of period € 3,952.6 € 3,568.3  
    Cash and cash equivalents at end of period € 4,242.9 € 4,095.9  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended March 31, Change
    2025 Adjustment(1) 2025 2024 Adjustment(1) 2024 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,573.0 – € 1,573.0 € 1,499.7 – € 1,499.7 5% 5%
    Revenue breakdown by activity                
    Software revenue 1,432.7 – 1,432.7 1,352.8 – 1,352.8 6% 6%
    Licenses and other software revenue 198.1 – 198.1 218.5 – 218.5 (9)% (9)%
    Subscription and Support revenue 1,234.6 – 1,234.6 1,134.3 – 1,134.3 9% 9%
    Recurring portion of Software revenue 86%   86% 84%   84%    
    Services revenue 140.2 – 140.2 146.8 – 146.8 (4)% (4)%
    Software Revenue breakdown by product line                
    Industrial Innovation 793.1 – 793.1 731.4 – 731.4 8% 8%
    Life Sciences 292.6 – 292.6 284.7 – 284.7 3% 3%
    Mainstream Innovation 347.1 – 347.1 336.7 – 336.7 3% 3%
    Software Revenue breakdown by geography                
    Americas 611.1 – 611.1 553.6 – 553.6 10% 10%
    Europe 513.2 – 513.2 503.2 – 503.2 2% 2%
    Asia 308.4 – 308.4 296.0 – 296.0 4% 4%
    Total Operating Expenses € (1,268.5) € 181.6 € (1,086.9) € (1,175.6) € 142.4 € (1,033.2) 8% 5%
    Share-based compensation expense and related social charges (88.5) 88.5 – (46.7) 46.7 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (88.3) 88.3 – (93.3) 93.3 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.7) 0.7 –    
    Other operating income and expense, net (4.4) 4.4 – (1.8) 1.8 –    
    Operating Income € 304.5 € 181.6 € 486.1 € 324.1 € 142.4 € 466.5 (6)% 4%
    Operating Margin 19.4%   30.9% 21.6%   31.1%    
    Financial income (loss), net 30.3 0.6 30.9 30.2 1.0 31.2 1% (1)%
    Income tax expense (75.5) (21.6) (97.1) (68.3) (31.6) (99.9) 11% (3)%
    Non-controlling interest 1.2 (0.9) 0.2 (0.3) (0.3) (0.5) N/A (141)%
    Net Income attributable to shareholders € 260.5 € 159.6 € 420.1 € 285.7 € 111.5 € 397.2 (9)% 6%
    Diluted Earnings Per Share (3) € 0.20 € 0.12 € 0.32 € 0.21 € 0.08 € 0.30 (9)% 6%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended March 31, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (260.3) 4.9 0.1 (255.2) (243.8) 2.9 0.2 (240.6) 7% 6%
    Research and development expenses (348.6) 32.5 0.1 (316.0) (311.4) 17.9 0.3 (293.2) 12% 8%
    Marketing and sales expenses (446.5) 24.5 0.1 (421.9) (420.3) 13.7 0.1 (406.5) 6% 4%
    General and administrative expenses (120.4) 26.6 0.0 (93.8) (105.1) 12.3 0.0 (92.7) 15% 1%
    Total   € 88.5 € 0.4     € 46.7 € 0.7      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,332.2 million diluted shares for Q1 2025 and 1,331.1 million diluted shares for Q1 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 260.5 million for Q1 2025 (€ 285.7 million for Q1 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    1 IFRS figures for 1Q25: total revenue at €1.57 billion, operating margin of 19.4% and diluted EPS at €0.20.

    2 Contract Research Organizations

    Attachment

    The MIL Network –

  • MIL-OSI: Nokia Corporation Interim Report for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation

    Interim report
    24 April 2025 at 08:00 EEST

    Nokia Corporation Interim Report for Q1 2025

    Network Infrastructure delivers strong net sales growth to start 2025

    • Infinera acquisition completed during Q1, increasing Nokia’s scale in Optical Networks and with hyperscalers. Integration underway with many portfolio decisions already taken. Positive momentum with customers, with Q1 seeing strong order intake for Infinera driven by growth in hyperscalers.
    • Q1 net sales declined 3% y-o-y on a constant currency and portfolio basis (-1% reported) due to a challenging prior year comparison in Nokia Technologies. Network Infrastructure grew 11% on a constant currency and portfolio basis while Cloud and Network Services grew 8%. Mobile Networks grew 2%.
    • Comparable gross margin in Q1 decreased 820bps y-o-y to 42.3% (reported decreased 820bps to 41.5%), half of which is related to lower net sales in Nokia Technologies. It was also impacted by a contract settlement charge with net impact of EUR 120 million in Mobile Networks.
    • Q1 comparable operating margin decreased 990bps y-o-y to 3.6% (reported up 1 020bps to -1.1%), mainly due to lower gross margin and increased operating expenses resulting from targeted investments for long-term growth.
    • Q1 comparable diluted EPS for the period of EUR 0.03; reported diluted EPS for the period of EUR -0.01.
    • Q1 free cash flow of EUR 0.7 billion, net cash balance of EUR 3.0 billion.
    • Full year 2025 outlook unchanged with comparable operating profit of between EUR 1.9 billion and 2.4 billion and free cash flow conversion from comparable operating profit of between 50% and 80%.

    This is a summary of the Nokia Corporation Interim Report for Q1 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. A video interview summarizing the key points of our Q1 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    JUSTIN HOTARD, PRESIDENT AND CEO, ON Q1 2025 RESULTS

    In the following quote, net sales growth rates are on a constant currency and portfolio basis.
    Since joining Nokia as President and CEO three weeks ago, I’ve had great engagements with some of our customers, partners and employees. I see great potential for Nokia, and my early focus is on capital allocation to ensure we both drive efficiency and invest sufficiently in the right growth segments for long-term value creation. I am impressed with our core technology base across our portfolio including in RAN and core as well as in IP, Optical and Fiber technologies. In speaking with customers, it is clear we play a critical role as a trusted partner operating their mobile and fixed networks and have the potential to expand our presence in hyperscale, enterprise and defense markets. Spending the time with our employees I’ve been excited by their innovative spirit, energy and drive to unlock Nokia’s full potential.

    Our first quarter financial performance saw a net sales decline of 3%. However, excluding the catch-up element of licensing deals signed in the prior year, sales grew 7%. Our operating margin declined year-on-year due to the challenging prior year comparison in Nokia Technologies and a one-time charge in Mobile Networks, while profitability improved in both Network Infrastructure and Cloud and Network Services.

    Network Infrastructure net sales grew 11% with all units contributing to growth and its backlog increased. The highlight of the first quarter was the completion of the Infinera acquisition. Our expanded Optical Networks business had a strong first quarter with 15% net sales growth along with several important design wins, particularly with hyperscalers. We have initiated the integration of Infinera and made many important roadmap decisions which we communicated to customers in early April. We are on track to deliver our synergy targets and I believe this acquisition has significant value creation potential for Nokia.

    In Mobile Networks we continue to see positive signs of stabilization with further wins in addition to those we discussed last quarter. Today we have announced an important contract extension with T-Mobile US. Regarding our financial performance, net sales grew 2% but profitability was impacted by an unexpected one-time contract settlement with a net impact of EUR 120 million. The settlement related to a project for a single customer that started shipping in 2019 and the settlement fully resolves the situation.

    Cloud and Network Services delivered net sales growth of 8% and we continue to see strong demand in the market for our 5G Core offers with additional footprint won at AT&T, Boost Mobile, Ooredoo Qatar and Telefónica. Nokia Technologies continued its execution with further deals signed in the quarter that increased the contracted annual net sales run-rate to approximately EUR 1.4 billion.

    Looking forward, we are not immune to the rapidly evolving global trade landscape however based on early customer feedback, I believe our markets should prove to be relatively resilient. In 2025, we continue to expect strong net sales growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales for Mobile Networks. In Nokia Technologies we expect approximately EUR 1.1 billion of operating profit.

    Regarding the tariff situation, there could be some short-term disruption. We will continue to utilize the flexibility of our global manufacturing network to minimize impact of the evolving tariff landscape. Based on what we see today, we currently expect a EUR 20 to 30 million impact to our comparable operating profit in the second quarter from the current tariffs. Given the lack of visibility, we have not taken an assumption related to tariffs in the second half of 2025.

    In terms of our outlook for the financial year 2025, we will continue to focus on investing in future growth opportunities and we now have an unexpected charge impacting Mobile Networks. Considering these factors, while achieving the top-end of the range will now be more challenging, our comparable operating profit guidance remains between EUR 1.9 and 2.4 billion. Our free cash flow guidance remains between 50% and 80% of comparable operating profit.

    In the coming months I will continue to listen and learn from customers, employees, shareholders and other stakeholders. I will provide an update with our Q2 results and I look forward to presenting our complete value creation vision for Nokia at our capital markets day which we now expect to hold in November.

    Justin Hotard
    President and CEO

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q1’25 Q1’24 YoY change
    Reported results      
    Net sales 4 390 4 444 (1)%
    Gross margin % 41.5% 49.7% (820)bps
    Research and development expenses (1 145) (1 125) 2%
    Selling, general and administrative expenses (728) (693) 5%
    Operating (loss)/profit (48) 405 (112)%
    Operating margin % (1.1)% 9.1% (1 020)bps
    (Loss)/profit from continuing operations (60) 451  
    Profit/(loss) from discontinued operations — (13)  
    (Loss)/profit for the period (60) 438  
    EPS for the period, diluted (0.01) 0.08  
    Net cash and interest-bearing financial investments 2 988 5 137 (42)%
    Comparable results      
    Net sales 4 390 4 444 (1)%
    Constant currency and portfolio YoY change(1)             (3%)
    Gross margin % 42.3% 50.5% (820)bps
    Research and development expenses (1 115) (1 076) 4%
    Selling, general and administrative expenses (587) (584) 1%
    Operating profit 156 600 (74)%
    Operating margin % 3.6% 13.5% (990)bps
    Profit for the period 153 512 (70)%
    EPS for the period, diluted 0.03 0.09 (67)%
    Business group results Network
    Infrastructure    		 Mobile
    Networks    		 Cloud and Network Services Nokia
    Technologies    		 Group Common and Other
    EUR million Q1’25 Q1’24 Q1’25 Q1’24 Q1’25 Q1’24 Q1’25 Q1’24 Q1’25 Q1’24
    Net sales 1 722 1 439 1 729 1 682 567 546 369 757 4 23
    YoY change 20%   3%   4%   (51)%   (83)%  
    Constant currency and portfolio YoY change(1) 11%   2%   8%   (52)%   (83)%  
    Gross margin % 40.6% 40.8% 30.9% 40.9% 45.9% 39.4% 100.0% 100.0%    
    Operating profit/(loss) 135 85 (152) (32) 14 (37) 259 658 (99) (75)
    Operating margin % 7.8% 5.9% (8.8)% (1.9)% 2.5% (6.8)% 70.2% 86.9%    

    (1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Interim Report for Q1 2025.

    SHAREHOLDER DISTRIBUTION

    Dividend

    The Board of Directors proposes that the Annual General Meeting 2025 to be held on 29 April 2025 authorizes the Board to resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of the financial year 2024. The authorization would be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason. Subject to approval by the Annual General Meeting, the Board is expected to resolve on the amount and timing of each distribution so that the preliminary record and payment dates will be as set out in the Board’s proposal to the Annual General Meeting. Accordingly, the first expected record date would be 5 May 2025 and the expected payment date would be 12 May 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    Share buyback program

    On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares, depending on the elections of Infinera shareholders. To offset the dilution from the transaction to Nokia shareholders, on 22 November 2024 Nokia announced a share buyback program targeting to repurchase 150 million shares. This share buyback program was completed on 2 April 2025. Under this program, Nokia repurchased 150 million of its own shares at an average price per share of approximately EUR 4.69. The repurchases reduced the company’s unrestricted equity by approximately EUR 703 million and the repurchased shares were cancelled on 23 April 2025.

    OUTLOOK

    The outlook provided below reflects the acquisition of Infinera.

      Full Year 2025
    Comparable operating profit(1) EUR 1.9 billion to EUR 2.4 billion
    Free cash flow(1) 50% to 80% conversion from comparable operating profit

    1Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q1 2025 for a full explanation of how these terms are defined.

    The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

    Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

      Full year 2025 Comment
    Group Common and Other operating expenses approximately EUR 400 million  
    Comparable financial income and expenses Positive EUR 50 to 150 million  
    Comparable income tax rate ~25%  
    Cash outflows related to income taxes EUR 500 million (update) Mainly reflecting evolving regional mix and the inclusion of Infinera
    Capital Expenditures EUR 650 million (update) Reflecting the inclusion of Infinera
    Recurring gross cost savings EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies
    Restructuring and associated charges related to cost savings programs EUR 250 million Related to ongoing cost savings program and not including Infinera-related synergies
    Restructuring and associated cash outflows EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies

    ADDITIONAL TOPICS

    Completion of Infinera acquisition

    On 28 February 2025, Nokia announced the completion of the acquisition of Infinera Corporation, pursuant to the definitive agreement announced on 27 June 2024. Infinera, the San Jose based global supplier of innovative open optical networking solutions and advanced optical semiconductors, has become part of the Nokia group effective as of the closing with Nokia holding 100% of its equity and voting rights. The total purchase consideration was EUR 2.5 billion, consisting of cash proceeds, Nokia shares in the form of American Depositary Shares, the fair value of the portion of Infinera’s performance and restricted shares attributable to pre-combination services that were replaced with Nokia’s share-based payment awards and the fair value of Infinera’s convertible senior notes in line with relevant bond indentures. For more information regarding the acquisition, refer to Note 3. Acquisitions in Nokia Corporation Interim Report for Q1 2025.

    “Constant currency and portfolio net sales growth” alternative performance metric

    In Q1 2025, Nokia has introduced a new alternative performance metric (APM), “constant currency and portfolio net sales growth”. Constant currency and portfolio net sales growth is presented on a constant currency basis and also assumes certain specific acquisitions had already been owned during both periods and as if disposals had already occurred in both comparison periods. This has been added to mainly consider the acquisition of Infinera and is an evolution of the constant currency APM that had been previously used.

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

    as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 24 April 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
    • A link to the webcast will be available at www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia’s Annual General Meeting 2025 is planned to be held on 29 April 2025.
    • Nokia plans to publish its second quarter and half year 2025 results on 24 July 2025.
    • Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

    About Nokia

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia
    Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia

    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Operation SyncHole: Lazarus APT goes back to the well

    Source: Securelist – Kaspersky

    Headline: Operation SyncHole: Lazarus APT goes back to the well

    We have been tracking the latest attack campaign by the Lazarus group since last November, as it targeted organizations in South Korea with a sophisticated combination of a watering hole strategy and vulnerability exploitation within South Korean software. The campaign, dubbed “Operation SyncHole”, has impacted at least six organizations in South Korea’s software, IT, financial, semiconductor manufacturing, and telecommunications industries, and we are confident that many more companies have actually been compromised. We immediately took action by communicating meaningful information to the Korea Internet & Security Agency (KrCERT/CC) for rapid action upon detection, and we have now confirmed that the software exploited in this campaign has all been updated to patched versions.

    Timeline of the operation

    Our findings in a nutshell:

    • At least six South Korean organizations were compromised by a watering hole attack combined with exploitation of vulnerabilities by the Lazarus group.
    • A one-day vulnerability in Innorix Agent was also used for lateral movement.
    • Variants of Lazarus’ malicious tools, such as ThreatNeedle, Agamemnon downloader, wAgent, SIGNBT, and COPPERHEDGE, were discovered with new features.

    Background

    The initial infection was discovered in November of last year when we detected a variant of the ThreatNeedle backdoor, one of the Lazarus group’s flagship malicious tools, used against a South Korean software company. We found that the malware was running in the memory of a legitimate SyncHost.exe process, and was created as a subprocess of Cross EX, legitimate software developed in South Korea. This potentially was the starting point for the compromise of further five organizations in South Korea. Additionally, according to a recent security advisory posted on the KrCERT website, there appear to be recently patched vulnerabilities in Cross EX, which were addressed during the timeframe of our research.

    In the South Korean internet environment, the online banking and government websites require the installation of particular security software to support functions such as anti-keylogging and certificate-based digital signatures. However, due to the nature of these software packages, they constantly run in the background to interact with the browser. The Lazarus group shows a strong grasp of these specifics and is using a South Korea-targeted strategy that combines vulnerabilities in such software with watering hole attacks. The South Korean National Cyber Security Center published its own security advisory in 2023 against such incidents, and also published additional joint security advisories in cooperation with the UK government.

    Cross EX is designed to enable the use of such security software in various browser environments, and is executed with user-level privileges except immediately after installation. Although the exact method by which Cross EX was exploited to deliver malware remains unclear, we believe that the attackers escalated their privileges during the exploitation process as we confirmed the process was executed with high integrity level in most cases. The facts below led us to conclude that a vulnerability in the Cross EX software was most likely leveraged in this operation.

    • The most recent version of Cross EX at the time of the incidents was installed on the infected PCs.
    • Execution chains originating from the Cross EX process that we observed across the targeted organizations were all identical.
    • The incidents that saw the Synchost process abused to inject malware were concentrated within a short period of time: between November 2024 and February 2025.

    In the earliest attack of this operation, the Lazarus group also exploited another South Korean software product, Innorix Agent, leveraging a vulnerability to facilitate lateral movement, enabling the installation of additional malware on a targeted host of their choice. They even developed malware to exploit this, avoiding repetitive tasks and streamlining processes. The exploited software, Innorix Agent (version 9.2.18.450 and earlier), was previously abused by the Andariel group, while the malware we obtained targeted the more recent version 9.2.18.496.

    While analyzing the malware’s behavior, we discovered an additional arbitrary file download zero-day vulnerability in Innorix Agent, which we managed to detect before any threat actors used it in their attacks. We reported the issues to the Korea Internet & Security Agency (KrCERT) and the vendor. The software has since been updated with patched versions.

    Installing malware through vulnerabilities in software exclusively developed in South Korea is a key part of the Lazarus group’s strategy to target South Korean entities, and we previously disclosed a similar case in 2023, as did ESET and KrCERT.

    Initial vector

    The infection began when the user of a targeted system accessed several South Korean online media sites. Shortly after visiting one particular site, the machine was compromised by the ThreatNeedle malware, suggesting that the site played a key role in the initial delivery of the backdoor. During the analysis, it was discovered that the infected system was communicating with a suspicious IP address. Further examination revealed that this IP hosted two domains (T1583.001), both of which appeared to be hastily created car rental websites using publicly available HTML templates.

    Appearance of www.smartmanagerex[.]com

    The first domain, www.smartmanagerex[.]com, seemed to be masquerading as software provided by the same vendor that distributes Cross EX. Based on these findings, we reconstructed the following attack scenario.

    Attack flow during initial compromise

    Given that online media sites are typically visited quite frequently by a wealth of users, the Lazarus group filters visitors with a server-side script and redirects desired targets to an attacker-controlled website (T1608.004). We assess with medium confidence that the redirected site may have executed a malicious script (T1189), targeting a potential flaw in Cross EX (T1190) installed on the target PC, and launching malware. The script then ultimately executed the legitimate SyncHost.exe and injected a shellcode that loaded a variant of ThreatNeedle into that process. This chain, which ends with the malware being injected into SyncHost.exe, was common to all of the affected organizations we identified, meaning that the Lazarus group has conducted extensive operations against South Korea over the past few months with the same vulnerability and the same exploit.

    Execution flow

    We have divided this operation into two phases based on the malware used. The first phase focused primarily on the execution chain involving ThreatNeedle and wAgent. It was then followed by the second phase which involved the use of SIGNBT and COPPERHEDGE.

    We derived a total of four different malware execution chains based on these phases from at least six affected organizations. In the first infection case, we found a variant of the ThreatNeedle malware, but in subsequent attacks, the SIGNBT malware took its place, thus launching the second phase. We believe this is due to the quick and aggressive action we took with the first victim. In subsequent attacks, the Lazarus group introduced three updated infection chains including SIGNBT, and we observed a wider range of targets and more frequent attacks. This suggests that the group may have realized that their carefully prepared attacks had been exposed, and extensively leveraged the vulnerability from then on.

    Chains of infection across the operation

    First-phase malware

    In the first infection chain, many updated versions of the malware previously used by the Lazarus group were used.

    Variant of ThreatNeedle

    The ThreatNeedle sample used in this campaign was also referred to as “ThreatNeedleTea” in a research paper published by ESET; we believe this is an updated version of the early ThreatNeedle. However, the ThreatNeedle seen in this attack had been modified with additional features.

    This version of ThreatNeedle is divided into a Loader and Core samples. The Core version retrieves five configuration files from C_27098.NLS to C_27102.NLS, and contains a total of 37 commands. The Loader version, meanwhile, references only two configuration files and implements only four commands.

    The Core component receives a specific command from the C2, resulting in an additional loader file being created for the purpose of persistence. This file can be disguised as the ServiceDLL value of a legitimate service in the netsvcs group (T1543.003), the IKEEXT service (T1574.001), or registered as a Security Service Provider (SSP) (T1547.005). It ultimately loads the ThreatNeedle Loader component.

    Behavior flow to load ThreatNeedle Loader by target service

    The updated ThreatNeedle generates a random key pair based on the Curve25519 algorithm (T1573.002), sends the public key to the C2 server, and then receives the attacker’s public key. Finally, the generated private key and the attacker’s public key are scalar-operated to create a shared key, which is then used as the key for the ChaCha20 algorithm to encrypt the data (T1573.001). The data is sent and received in JSON format.

    LPEClient

    LPEClient is a tool known for victim profiling and payload delivery (T1105) that has previously been observed in attacks on defense contractors and the cryptocurrency industry. We disclosed that this tool had been loaded by SIGNBT when we first documented SIGNBT malware. However, we did not observe LPEClient being loaded by SIGNBT in this campaign. It was only loaded by the variant of ThreatNeedle.

    Variant of wAgent

    In addition to the variant of ThreatNeedle, a variant of the wAgent malware was also discovered in the first affected organization. wAgent is a malicious tool that we documented in 2020, and a similar version was mentioned in Operation GoldGoblin by KrCERT. The origin of its creation is still shrouded in mystery, but we discovered that the wAgent loader was disguised as liblzma.dll and executed via the command line rundll32.exe c:Programdataintelutil.dat, afunix 1W2–UUE–ZNO–B99Z (T1218.011). The export function retrieves the given filename 1W2–UUE–ZNO–B99Z in C:ProgramData, which also serves as the decryption key. After converting this filename into wide bytes, it uses the highest 16 bytes of the resulting value as the key for the AES-128-CBC algorithm and decrypts (T1140) the contents of the file located in C:ProgramData (T1027.013). The upper four bytes of the decrypted data subsequently represent the size of the payload (T1027.009), which we identified as an updated version of the wAgent malware.

    The variant of wAgent has the ability to receive data in both form-data and JSON formats, depending on the C2 server it succeeds in reaching. Notably, it includes the __Host–next–auth–token key within the Cookie field in the request header during the communication (T1071.001), carrying the sequence of communication appended by random digits. In this version, the new observed change is that an open-source GNU Multiple-Precision (GMP) library is employed to carry out RSA encryption computations, which is a previously unseen library in malware used by the Lazarus group. According to the wAgent configuration file, it is identified as the x64_2.1 version. This version manages payloads using a C++ STL map, with emphasis on receiving additional payloads from the C2 and loading them directly into memory, along with creating a shared object. With this object, the main module is able to exchange command parameters and execution results with the delivered plugins.

    Operational structure of the wAgent variant

    Variant of the Agamemnon downloader

    The Agamemnon downloader is also responsible for downloading and executing additional payloads received from the C2 server. Although we did not obtain the configuration file of Agamemnon, it receives commands from the C2 and executes the payload by parsing the commands and parameters based on ;; characters, which serve as command and parameter delimiters. The value of the mode in response passed with a 2 command determines how to execute the additional payload, which is delivered along with a 3 command. There are two methods of execution: the first one is to load the payload reflectively (T1620), which is commonly used in malware, whereas the second one is to utilize the open-source Tartarus-TpAllocInject technique, which we have not previously seen in malware from the Lazarus group.

    Structure of the commands where additional data is passed

    The open-source loader is built on top of another open-source loader named Tartarus’ Gate. Tartarus’ Gate is based on Halo’s Gate, which is in turn based on Hell’s Gate. All of these techniques are designed to bypass security products such as antivirus and EDR solutions, but they load the payload in different ways.

    Innorix Agent exploit for lateral movement

    Unlike the previously mentioned tools, the Innorix abuser is used for lateral movement. It is downloaded by the Agamemnon downloader (T1105) and exploits a specific version of a file transfer software tool developed in South Korea, Innorix Agent, to fetch additional malware on internal hosts (T1570). Innorix Agent is another software product that is mandatory for some financial and administrative tasks in the South Korean internet environment, meaning that it is likely to be installed on many PCs of both corporations and individuals in South Korea, and any user with a vulnerable version is potentially a target. The malware embeds a license key allegedly bound to version 9.2.18.496, which allows it to perform lateral movement by generating malicious traffic disguised as legitimate traffic against targeted network PCs.

    The Innorix abuser is given parameters from the Agamemnon downloader: the target IP, URL to download a file, and file size. It then delivers a request to that target IP to check if Innorix Agent is installed and running. If a successful response is returned, the malware assumes that the software is running properly on the targeted host and transmits traffic that allows the target to download the additional files from the given URL due to a lack of traffic validation.

    Steps to deploy additional malware via the Innorix abuser

    The actor created a legitimate AppVShNotify.exe and a malicious USERENV.dll file in the same path via the Innorix abuser, and then executed the former using a legitimate feature of the software. The USERENV.dll was sideloaded (T1574.002) as a result, which ultimately led to the execution of ThreatNeedle and LPEClient on the targeted hosts, thus launching the infection chain on previously unaffected machines.

    We reported this vulnerability to KrCERT due to the potentially dangerous impact of the Innorix abuser, but were informed that the vulnerability has been exploited and reported in the past. We have confirmed that this malware does not work effectively in environments with Innorix Agent versions other than 9.2.18.496.

    In addition, while digging into the malware’s behavior, we identified another additional arbitrary file download vulnerability that applies to versions up to 9.2.18.538. It is tracked as KVE-2025-0014 and we have not yet found any evidence of its use in the wild. KVE is a vulnerability identification number issued exclusively by KrCERT. We successfully contacted Innorix to share our findings containing the vulnerabilities via KrCERT, and they managed to release a patched version in March with both vulnerabilities fixed.

    Second phase malware

    The second phase of the operation also introduces newer versions of malicious tools previously seen in Lazarus attacks.

    SIGNBT

    The SIGNBT we documented in 2023 was version 1.0, but in this attack, version 0.0.1 was used at the forefront. In addition, we identified a more recent version, SIGNBT 1.2. Unlike versions 1.0 and 0.0.1, the 1.2 version had minimal remote control capabilities and was focused on executing additional payloads. The malware developers named this version “Hijacking”.

    In the second phase of this operation, SIGNBT 0.0.1 was the initial implant executed in memory in SyncHost.exe to fetch additional malware. In this version, the C2 server was hardcoded without reference to any configuration files. During this investigation, we found a credential dumping tool that was fetched by SIGNBT 0.0.1, identical to what we have seen in previous attacks.

    As for version 1.2, it fetches the path to the configuration file from its resources and retrieves the file to obtain C2 server addresses. We were able to extract two configuration file paths from each identified SIGNBT 1.2 sample, which are shown below. Another change in SIGNBT 1.2 is that the number of prefixes starting with SIGN are reduced to only three: SIGNBTLG, SIGNBTRC, and SIGNBTSR. The malware receives an RSA public key from the C2 and encrypts a randomly generated AES key using the public key. All traffic is encrypted with the generated AES key.

    • Configuration file path 1: C:ProgramDataSamsungSamsungSettingssettings.dat
    • Configuration file path 2: C:ProgramDataMicrosoftDRMServerdrm.ver

    COPPERHEDGE

    COPPERHEDGE is a malicious tool that was named by US-CERT in 2020. It is a Manuscrypt variant and was primarily used in the DeathNote cluster attacks. Unlike the other malware used in this operation, COPPERHEDGE has not changed dramatically, with only several commands being slightly changed compared to the older versions. This version, however, retrieves configuration information such as the C2 server address from the ADS %appdata%MicrosoftInternet Explorerbrndlog.txt:loginfo (T1564.004). The malware then sends HTTP traffic to C2 with three or four parameters for each request, where the parameter name is chosen randomly out of three names in any order.

    • First HTTP parameter name: bih, aqs, org
    • Second HTTP parameter name: wib, rlz, uid
    • Third HTTP parameter name: tib, hash, lang
    • Fourth HTTP parameter name: ei, ie, oq

    The actor primarily used the COPPERHEDGE malware to conduct internal reconnaissance in this operation. There are a total of 30 commands from 0x2003 to 0x2032, and 11 response codes from 0x2040 to 0x2050 inside the COPPERHEDGE backdoor.

    The evolution of Lazarus malware

    In recent years, the malware used by the Lazarus group has been rapidly evolving to include lightweighting and modularization. This applies not only to newly added tools, but also to malware that has been used in the past. We have observed such changes for a few years, and we believe there are more on the way.

    Use of asymmetric encryption Load plugins Divided into core and loader version
    MISTPEN – O –
    CookiePlus O (RSA) O –
    ThreatNeedle O (Curve25519) O O
    wAgent (downloader) O (RSA) O –
    Agamemnon downloader – – –
    SIGNBT O (RSA) O O
    COPPERHEDGE O (RSA) – O

    Discoveries

    During our investigation into this campaign, we gained extensive insight into the Lazarus group’s post-exploitation strategy. After installing the COPPERHEDGE malware, the actor executed numerous Windows commands to gather basic system information (T1082, T1083, T1057, T1049, T1016, T1087.001), create a malicious service (T1569.002, T1007) and attempt to find valuable hosts to perform lateral movement (T1087.002, T1135).

    While analyzing the commands executed by the actor, we were able to identify the actor’s mistake when using the taskkill command: the /im parameter when using taskkill means imagename, which should specify the image name of the process, not the process id. This shows that the actor is still performing internal reconnaissance by manually entering commands.

    Infrastructure

    Throughout this operation, most of the C2 servers were legitimate but compromised websites in South Korea (T1584.001), further indicating that this operation was highly focused on South Korea. In the first phase, other media sites were utilized as C2 servers to avoid detection of media-initiated watering hole attacks. However, as the infection chain turned to the second phase, legitimate sites in various other industries were additionally exploited.

    Unlike other cases, LPEClient’s C2 server was hosted by the same hosting company as www.smartmanagerex[.]com, which was deliberately created for initial compromise. Given that LPEClient is heavily relied upon by the Lazarus group for delivering additional payloads, it is likely that the attackers deliberately rented and configured the server (T1583.003), assigning a domain under their control to maintain full operational flexibility. In addition to this, we also found that two domains that were exploited as C2 servers for SIGNBT 0.0.1 resolved to the same hosting company’s IP range.

    We confirmed that the domain thek–portal[.]com belonged to a South Korean ISP until 2020 and was the legitimate domain of an insurance company that was acquired by another company. Since then, the domain had been parked and its status was changed in February 2025, indicating that the Lazarus group re-registered the domain to leverage it in this operation.

    Attribution

    Throughout this campaign, several malware samples were used that we managed to attribute to the Lazarus group through our ongoing and dedicated research conducted for a long time. Our attribution is supported by the historical use of the malware strains, as well as their TTPs, all of which have been well documented by numerous security solutions vendors and governments. Furthermore, we have analyzed the execution time of the Windows commands delivered by the COPPERHEDGE malware, the build timestamps of all malicious samples we described above, and the time of initial compromise per host, demonstrating that the timeframes were mostly concentrated between GMT 00:00 and 09:00. Based on our knowledge of normal working hours in various time zones, we can infer that the actor is located in the GMT+09 time zone.

    Timeline of malicious activity

    Victims

    We identified at least six software, IT, financial, semiconductor manufacturing and telecommunication organizations in South Korea that fell victim to “Operation SyncHole”. However, we are confident that there are many more affected organizations across a broader range of industries, given the popularity of the software exploited by Lazarus in this campaign.

    Conclusion

    This is not the first time that the Lazarus group exploited supply chains with a full understanding of the software ecosystem in South Korea. We have already described similar attacks in our analysis reports on the Bookcode cluster in 2020, the DeathNote cluster in 2022, and the SIGNBT malware in 2023. All of these cases targeted software developed by South Korean vendors that required installation for online banking and government services. Both of the software products exploited in this case are in line with past cases, meaning that the Lazarus group is endlessly adopting an effective strategy based on cascading supply chain attacks.

    The Lazarus group’s specialized attacks targeting supply chains in South Korea are expected to continue in the future. Our research over the past few years provided evidence that many software development vendors in Korea have already been attacked, and if the source code of a product has been compromised, other zero-day vulnerabilities may continue to be discovered. The attackers are also making efforts to minimize detection by developing new malware or enhancing existing malware. In particular, they introduce enhancements to the communication with the C2, command structure, and the way they send and receive data.

    We have proven that accurate detection and quick response can effectively deter their tactics, and in the meantime, we were able to remediate vulnerabilities and mitigate attacks to minimize damage. We will continue to monitor the activity of this group and remain agile in responding to their changes. We also recommend using reliable security solutions to stay alert and mitigate potential risks. Our product line for businesses helps identify and prevent attacks of any complexity at an early stage.

    Kaspersky products detect the exploits and malware used in this attack with the following verdicts: Trojan.Win64.Lazarus.*, Trojan.Win32.Lazarus.*, MEM:Trojan.Win32.Cometer.gen, MEM:Trojan.Win32.SEPEH.gen, Trojan.Win32.Manuscrypt.*, Trojan.Win64.Manuscrypt.*, Trojan.Win32.Zenpak.*.

    Indicators of Compromise

    More IoCs are available to customers of the Kaspersky Intelligence Reporting Service. Contact: intelreports@kaspersky.com.

    Variant of the ThreatNeedle loader
    f1bcb4c5aa35220757d09fc5feea193b C:System32PCAuditex.dll

    Variant of the wAgent loader
    dc0e17879d66ea9409cdf679bfea388c C:ProgramDataintelutil.dat

    COPPERHEDGE dropper
    2d47ef0089010d9b699cd1bbbc66f10a %AppData%hnc_net.tmp

    C2 servers
    www[.]smartmanagerex[.]com
    hxxps://thek-portal[.]com/eng/career/index.asp
    hxxps://builsf[.]com/inc/left.php
    hxxps://www[.]rsdf[.]kr/wp-content/uploads/2024/01/index.php
    hxxp://www[.]shcpump[.]com/admin/form/skin/formBasic/style.php
    hxxps://htns[.]com/eng/skin/member/basic/skin.php
    hxxps://kadsm[.]org/skin/board/basic/write_comment_skin.php
    hxxp://bluekostec[.]com/eng/community/write.asp
    hxxp://dream.bluit.gethompy[.]com/mobile/skin/board/gallery/index.skin.php

    MIL OSI Economics –

  • MIL-OSI Banking: Operation SyncHole: Lazarus APT goes back to the well

    Source: Securelist – Kaspersky

    Headline: Operation SyncHole: Lazarus APT goes back to the well

    We have been tracking the latest attack campaign by the Lazarus group since last November, as it targeted organizations in South Korea with a sophisticated combination of a watering hole strategy and vulnerability exploitation within South Korean software. The campaign, dubbed “Operation SyncHole”, has impacted at least six organizations in South Korea’s software, IT, financial, semiconductor manufacturing, and telecommunications industries, and we are confident that many more companies have actually been compromised. We immediately took action by communicating meaningful information to the Korea Internet & Security Agency (KrCERT/CC) for rapid action upon detection, and we have now confirmed that the software exploited in this campaign has all been updated to patched versions.

    Timeline of the operation

    Our findings in a nutshell:

    • At least six South Korean organizations were compromised by a watering hole attack combined with exploitation of vulnerabilities by the Lazarus group.
    • A one-day vulnerability in Innorix Agent was also used for lateral movement.
    • Variants of Lazarus’ malicious tools, such as ThreatNeedle, Agamemnon downloader, wAgent, SIGNBT, and COPPERHEDGE, were discovered with new features.

    Background

    The initial infection was discovered in November of last year when we detected a variant of the ThreatNeedle backdoor, one of the Lazarus group’s flagship malicious tools, used against a South Korean software company. We found that the malware was running in the memory of a legitimate SyncHost.exe process, and was created as a subprocess of Cross EX, legitimate software developed in South Korea. This potentially was the starting point for the compromise of further five organizations in South Korea. Additionally, according to a recent security advisory posted on the KrCERT website, there appear to be recently patched vulnerabilities in Cross EX, which were addressed during the timeframe of our research.

    In the South Korean internet environment, the online banking and government websites require the installation of particular security software to support functions such as anti-keylogging and certificate-based digital signatures. However, due to the nature of these software packages, they constantly run in the background to interact with the browser. The Lazarus group shows a strong grasp of these specifics and is using a South Korea-targeted strategy that combines vulnerabilities in such software with watering hole attacks. The South Korean National Cyber Security Center published its own security advisory in 2023 against such incidents, and also published additional joint security advisories in cooperation with the UK government.

    Cross EX is designed to enable the use of such security software in various browser environments, and is executed with user-level privileges except immediately after installation. Although the exact method by which Cross EX was exploited to deliver malware remains unclear, we believe that the attackers escalated their privileges during the exploitation process as we confirmed the process was executed with high integrity level in most cases. The facts below led us to conclude that a vulnerability in the Cross EX software was most likely leveraged in this operation.

    • The most recent version of Cross EX at the time of the incidents was installed on the infected PCs.
    • Execution chains originating from the Cross EX process that we observed across the targeted organizations were all identical.
    • The incidents that saw the Synchost process abused to inject malware were concentrated within a short period of time: between November 2024 and February 2025.

    In the earliest attack of this operation, the Lazarus group also exploited another South Korean software product, Innorix Agent, leveraging a vulnerability to facilitate lateral movement, enabling the installation of additional malware on a targeted host of their choice. They even developed malware to exploit this, avoiding repetitive tasks and streamlining processes. The exploited software, Innorix Agent (version 9.2.18.450 and earlier), was previously abused by the Andariel group, while the malware we obtained targeted the more recent version 9.2.18.496.

    While analyzing the malware’s behavior, we discovered an additional arbitrary file download zero-day vulnerability in Innorix Agent, which we managed to detect before any threat actors used it in their attacks. We reported the issues to the Korea Internet & Security Agency (KrCERT) and the vendor. The software has since been updated with patched versions.

    Installing malware through vulnerabilities in software exclusively developed in South Korea is a key part of the Lazarus group’s strategy to target South Korean entities, and we previously disclosed a similar case in 2023, as did ESET and KrCERT.

    Initial vector

    The infection began when the user of a targeted system accessed several South Korean online media sites. Shortly after visiting one particular site, the machine was compromised by the ThreatNeedle malware, suggesting that the site played a key role in the initial delivery of the backdoor. During the analysis, it was discovered that the infected system was communicating with a suspicious IP address. Further examination revealed that this IP hosted two domains (T1583.001), both of which appeared to be hastily created car rental websites using publicly available HTML templates.

    Appearance of www.smartmanagerex[.]com

    The first domain, www.smartmanagerex[.]com, seemed to be masquerading as software provided by the same vendor that distributes Cross EX. Based on these findings, we reconstructed the following attack scenario.

    Attack flow during initial compromise

    Given that online media sites are typically visited quite frequently by a wealth of users, the Lazarus group filters visitors with a server-side script and redirects desired targets to an attacker-controlled website (T1608.004). We assess with medium confidence that the redirected site may have executed a malicious script (T1189), targeting a potential flaw in Cross EX (T1190) installed on the target PC, and launching malware. The script then ultimately executed the legitimate SyncHost.exe and injected a shellcode that loaded a variant of ThreatNeedle into that process. This chain, which ends with the malware being injected into SyncHost.exe, was common to all of the affected organizations we identified, meaning that the Lazarus group has conducted extensive operations against South Korea over the past few months with the same vulnerability and the same exploit.

    Execution flow

    We have divided this operation into two phases based on the malware used. The first phase focused primarily on the execution chain involving ThreatNeedle and wAgent. It was then followed by the second phase which involved the use of SIGNBT and COPPERHEDGE.

    We derived a total of four different malware execution chains based on these phases from at least six affected organizations. In the first infection case, we found a variant of the ThreatNeedle malware, but in subsequent attacks, the SIGNBT malware took its place, thus launching the second phase. We believe this is due to the quick and aggressive action we took with the first victim. In subsequent attacks, the Lazarus group introduced three updated infection chains including SIGNBT, and we observed a wider range of targets and more frequent attacks. This suggests that the group may have realized that their carefully prepared attacks had been exposed, and extensively leveraged the vulnerability from then on.

    Chains of infection across the operation

    First-phase malware

    In the first infection chain, many updated versions of the malware previously used by the Lazarus group were used.

    Variant of ThreatNeedle

    The ThreatNeedle sample used in this campaign was also referred to as “ThreatNeedleTea” in a research paper published by ESET; we believe this is an updated version of the early ThreatNeedle. However, the ThreatNeedle seen in this attack had been modified with additional features.

    This version of ThreatNeedle is divided into a Loader and Core samples. The Core version retrieves five configuration files from C_27098.NLS to C_27102.NLS, and contains a total of 37 commands. The Loader version, meanwhile, references only two configuration files and implements only four commands.

    The Core component receives a specific command from the C2, resulting in an additional loader file being created for the purpose of persistence. This file can be disguised as the ServiceDLL value of a legitimate service in the netsvcs group (T1543.003), the IKEEXT service (T1574.001), or registered as a Security Service Provider (SSP) (T1547.005). It ultimately loads the ThreatNeedle Loader component.

    Behavior flow to load ThreatNeedle Loader by target service

    The updated ThreatNeedle generates a random key pair based on the Curve25519 algorithm (T1573.002), sends the public key to the C2 server, and then receives the attacker’s public key. Finally, the generated private key and the attacker’s public key are scalar-operated to create a shared key, which is then used as the key for the ChaCha20 algorithm to encrypt the data (T1573.001). The data is sent and received in JSON format.

    LPEClient

    LPEClient is a tool known for victim profiling and payload delivery (T1105) that has previously been observed in attacks on defense contractors and the cryptocurrency industry. We disclosed that this tool had been loaded by SIGNBT when we first documented SIGNBT malware. However, we did not observe LPEClient being loaded by SIGNBT in this campaign. It was only loaded by the variant of ThreatNeedle.

    Variant of wAgent

    In addition to the variant of ThreatNeedle, a variant of the wAgent malware was also discovered in the first affected organization. wAgent is a malicious tool that we documented in 2020, and a similar version was mentioned in Operation GoldGoblin by KrCERT. The origin of its creation is still shrouded in mystery, but we discovered that the wAgent loader was disguised as liblzma.dll and executed via the command line rundll32.exe c:Programdataintelutil.dat, afunix 1W2–UUE–ZNO–B99Z (T1218.011). The export function retrieves the given filename 1W2–UUE–ZNO–B99Z in C:ProgramData, which also serves as the decryption key. After converting this filename into wide bytes, it uses the highest 16 bytes of the resulting value as the key for the AES-128-CBC algorithm and decrypts (T1140) the contents of the file located in C:ProgramData (T1027.013). The upper four bytes of the decrypted data subsequently represent the size of the payload (T1027.009), which we identified as an updated version of the wAgent malware.

    The variant of wAgent has the ability to receive data in both form-data and JSON formats, depending on the C2 server it succeeds in reaching. Notably, it includes the __Host–next–auth–token key within the Cookie field in the request header during the communication (T1071.001), carrying the sequence of communication appended by random digits. In this version, the new observed change is that an open-source GNU Multiple-Precision (GMP) library is employed to carry out RSA encryption computations, which is a previously unseen library in malware used by the Lazarus group. According to the wAgent configuration file, it is identified as the x64_2.1 version. This version manages payloads using a C++ STL map, with emphasis on receiving additional payloads from the C2 and loading them directly into memory, along with creating a shared object. With this object, the main module is able to exchange command parameters and execution results with the delivered plugins.

    Operational structure of the wAgent variant

    Variant of the Agamemnon downloader

    The Agamemnon downloader is also responsible for downloading and executing additional payloads received from the C2 server. Although we did not obtain the configuration file of Agamemnon, it receives commands from the C2 and executes the payload by parsing the commands and parameters based on ;; characters, which serve as command and parameter delimiters. The value of the mode in response passed with a 2 command determines how to execute the additional payload, which is delivered along with a 3 command. There are two methods of execution: the first one is to load the payload reflectively (T1620), which is commonly used in malware, whereas the second one is to utilize the open-source Tartarus-TpAllocInject technique, which we have not previously seen in malware from the Lazarus group.

    Structure of the commands where additional data is passed

    The open-source loader is built on top of another open-source loader named Tartarus’ Gate. Tartarus’ Gate is based on Halo’s Gate, which is in turn based on Hell’s Gate. All of these techniques are designed to bypass security products such as antivirus and EDR solutions, but they load the payload in different ways.

    Innorix Agent exploit for lateral movement

    Unlike the previously mentioned tools, the Innorix abuser is used for lateral movement. It is downloaded by the Agamemnon downloader (T1105) and exploits a specific version of a file transfer software tool developed in South Korea, Innorix Agent, to fetch additional malware on internal hosts (T1570). Innorix Agent is another software product that is mandatory for some financial and administrative tasks in the South Korean internet environment, meaning that it is likely to be installed on many PCs of both corporations and individuals in South Korea, and any user with a vulnerable version is potentially a target. The malware embeds a license key allegedly bound to version 9.2.18.496, which allows it to perform lateral movement by generating malicious traffic disguised as legitimate traffic against targeted network PCs.

    The Innorix abuser is given parameters from the Agamemnon downloader: the target IP, URL to download a file, and file size. It then delivers a request to that target IP to check if Innorix Agent is installed and running. If a successful response is returned, the malware assumes that the software is running properly on the targeted host and transmits traffic that allows the target to download the additional files from the given URL due to a lack of traffic validation.

    Steps to deploy additional malware via the Innorix abuser

    The actor created a legitimate AppVShNotify.exe and a malicious USERENV.dll file in the same path via the Innorix abuser, and then executed the former using a legitimate feature of the software. The USERENV.dll was sideloaded (T1574.002) as a result, which ultimately led to the execution of ThreatNeedle and LPEClient on the targeted hosts, thus launching the infection chain on previously unaffected machines.

    We reported this vulnerability to KrCERT due to the potentially dangerous impact of the Innorix abuser, but were informed that the vulnerability has been exploited and reported in the past. We have confirmed that this malware does not work effectively in environments with Innorix Agent versions other than 9.2.18.496.

    In addition, while digging into the malware’s behavior, we identified another additional arbitrary file download vulnerability that applies to versions up to 9.2.18.538. It is tracked as KVE-2025-0014 and we have not yet found any evidence of its use in the wild. KVE is a vulnerability identification number issued exclusively by KrCERT. We successfully contacted Innorix to share our findings containing the vulnerabilities via KrCERT, and they managed to release a patched version in March with both vulnerabilities fixed.

    Second phase malware

    The second phase of the operation also introduces newer versions of malicious tools previously seen in Lazarus attacks.

    SIGNBT

    The SIGNBT we documented in 2023 was version 1.0, but in this attack, version 0.0.1 was used at the forefront. In addition, we identified a more recent version, SIGNBT 1.2. Unlike versions 1.0 and 0.0.1, the 1.2 version had minimal remote control capabilities and was focused on executing additional payloads. The malware developers named this version “Hijacking”.

    In the second phase of this operation, SIGNBT 0.0.1 was the initial implant executed in memory in SyncHost.exe to fetch additional malware. In this version, the C2 server was hardcoded without reference to any configuration files. During this investigation, we found a credential dumping tool that was fetched by SIGNBT 0.0.1, identical to what we have seen in previous attacks.

    As for version 1.2, it fetches the path to the configuration file from its resources and retrieves the file to obtain C2 server addresses. We were able to extract two configuration file paths from each identified SIGNBT 1.2 sample, which are shown below. Another change in SIGNBT 1.2 is that the number of prefixes starting with SIGN are reduced to only three: SIGNBTLG, SIGNBTRC, and SIGNBTSR. The malware receives an RSA public key from the C2 and encrypts a randomly generated AES key using the public key. All traffic is encrypted with the generated AES key.

    • Configuration file path 1: C:ProgramDataSamsungSamsungSettingssettings.dat
    • Configuration file path 2: C:ProgramDataMicrosoftDRMServerdrm.ver

    COPPERHEDGE

    COPPERHEDGE is a malicious tool that was named by US-CERT in 2020. It is a Manuscrypt variant and was primarily used in the DeathNote cluster attacks. Unlike the other malware used in this operation, COPPERHEDGE has not changed dramatically, with only several commands being slightly changed compared to the older versions. This version, however, retrieves configuration information such as the C2 server address from the ADS %appdata%MicrosoftInternet Explorerbrndlog.txt:loginfo (T1564.004). The malware then sends HTTP traffic to C2 with three or four parameters for each request, where the parameter name is chosen randomly out of three names in any order.

    • First HTTP parameter name: bih, aqs, org
    • Second HTTP parameter name: wib, rlz, uid
    • Third HTTP parameter name: tib, hash, lang
    • Fourth HTTP parameter name: ei, ie, oq

    The actor primarily used the COPPERHEDGE malware to conduct internal reconnaissance in this operation. There are a total of 30 commands from 0x2003 to 0x2032, and 11 response codes from 0x2040 to 0x2050 inside the COPPERHEDGE backdoor.

    The evolution of Lazarus malware

    In recent years, the malware used by the Lazarus group has been rapidly evolving to include lightweighting and modularization. This applies not only to newly added tools, but also to malware that has been used in the past. We have observed such changes for a few years, and we believe there are more on the way.

    Use of asymmetric encryption Load plugins Divided into core and loader version
    MISTPEN – O –
    CookiePlus O (RSA) O –
    ThreatNeedle O (Curve25519) O O
    wAgent (downloader) O (RSA) O –
    Agamemnon downloader – – –
    SIGNBT O (RSA) O O
    COPPERHEDGE O (RSA) – O

    Discoveries

    During our investigation into this campaign, we gained extensive insight into the Lazarus group’s post-exploitation strategy. After installing the COPPERHEDGE malware, the actor executed numerous Windows commands to gather basic system information (T1082, T1083, T1057, T1049, T1016, T1087.001), create a malicious service (T1569.002, T1007) and attempt to find valuable hosts to perform lateral movement (T1087.002, T1135).

    While analyzing the commands executed by the actor, we were able to identify the actor’s mistake when using the taskkill command: the /im parameter when using taskkill means imagename, which should specify the image name of the process, not the process id. This shows that the actor is still performing internal reconnaissance by manually entering commands.

    Infrastructure

    Throughout this operation, most of the C2 servers were legitimate but compromised websites in South Korea (T1584.001), further indicating that this operation was highly focused on South Korea. In the first phase, other media sites were utilized as C2 servers to avoid detection of media-initiated watering hole attacks. However, as the infection chain turned to the second phase, legitimate sites in various other industries were additionally exploited.

    Unlike other cases, LPEClient’s C2 server was hosted by the same hosting company as www.smartmanagerex[.]com, which was deliberately created for initial compromise. Given that LPEClient is heavily relied upon by the Lazarus group for delivering additional payloads, it is likely that the attackers deliberately rented and configured the server (T1583.003), assigning a domain under their control to maintain full operational flexibility. In addition to this, we also found that two domains that were exploited as C2 servers for SIGNBT 0.0.1 resolved to the same hosting company’s IP range.

    We confirmed that the domain thek–portal[.]com belonged to a South Korean ISP until 2020 and was the legitimate domain of an insurance company that was acquired by another company. Since then, the domain had been parked and its status was changed in February 2025, indicating that the Lazarus group re-registered the domain to leverage it in this operation.

    Attribution

    Throughout this campaign, several malware samples were used that we managed to attribute to the Lazarus group through our ongoing and dedicated research conducted for a long time. Our attribution is supported by the historical use of the malware strains, as well as their TTPs, all of which have been well documented by numerous security solutions vendors and governments. Furthermore, we have analyzed the execution time of the Windows commands delivered by the COPPERHEDGE malware, the build timestamps of all malicious samples we described above, and the time of initial compromise per host, demonstrating that the timeframes were mostly concentrated between GMT 00:00 and 09:00. Based on our knowledge of normal working hours in various time zones, we can infer that the actor is located in the GMT+09 time zone.

    Timeline of malicious activity

    Victims

    We identified at least six software, IT, financial, semiconductor manufacturing and telecommunication organizations in South Korea that fell victim to “Operation SyncHole”. However, we are confident that there are many more affected organizations across a broader range of industries, given the popularity of the software exploited by Lazarus in this campaign.

    Conclusion

    This is not the first time that the Lazarus group exploited supply chains with a full understanding of the software ecosystem in South Korea. We have already described similar attacks in our analysis reports on the Bookcode cluster in 2020, the DeathNote cluster in 2022, and the SIGNBT malware in 2023. All of these cases targeted software developed by South Korean vendors that required installation for online banking and government services. Both of the software products exploited in this case are in line with past cases, meaning that the Lazarus group is endlessly adopting an effective strategy based on cascading supply chain attacks.

    The Lazarus group’s specialized attacks targeting supply chains in South Korea are expected to continue in the future. Our research over the past few years provided evidence that many software development vendors in Korea have already been attacked, and if the source code of a product has been compromised, other zero-day vulnerabilities may continue to be discovered. The attackers are also making efforts to minimize detection by developing new malware or enhancing existing malware. In particular, they introduce enhancements to the communication with the C2, command structure, and the way they send and receive data.

    We have proven that accurate detection and quick response can effectively deter their tactics, and in the meantime, we were able to remediate vulnerabilities and mitigate attacks to minimize damage. We will continue to monitor the activity of this group and remain agile in responding to their changes. We also recommend using reliable security solutions to stay alert and mitigate potential risks. Our product line for businesses helps identify and prevent attacks of any complexity at an early stage.

    Kaspersky products detect the exploits and malware used in this attack with the following verdicts: Trojan.Win64.Lazarus.*, Trojan.Win32.Lazarus.*, MEM:Trojan.Win32.Cometer.gen, MEM:Trojan.Win32.SEPEH.gen, Trojan.Win32.Manuscrypt.*, Trojan.Win64.Manuscrypt.*, Trojan.Win32.Zenpak.*.

    Indicators of Compromise

    More IoCs are available to customers of the Kaspersky Intelligence Reporting Service. Contact: intelreports@kaspersky.com.

    Variant of the ThreatNeedle loader
    f1bcb4c5aa35220757d09fc5feea193b C:System32PCAuditex.dll

    Variant of the wAgent loader
    dc0e17879d66ea9409cdf679bfea388c C:ProgramDataintelutil.dat

    COPPERHEDGE dropper
    2d47ef0089010d9b699cd1bbbc66f10a %AppData%hnc_net.tmp

    C2 servers
    www[.]smartmanagerex[.]com
    hxxps://thek-portal[.]com/eng/career/index.asp
    hxxps://builsf[.]com/inc/left.php
    hxxps://www[.]rsdf[.]kr/wp-content/uploads/2024/01/index.php
    hxxp://www[.]shcpump[.]com/admin/form/skin/formBasic/style.php
    hxxps://htns[.]com/eng/skin/member/basic/skin.php
    hxxps://kadsm[.]org/skin/board/basic/write_comment_skin.php
    hxxp://bluekostec[.]com/eng/community/write.asp
    hxxp://dream.bluit.gethompy[.]com/mobile/skin/board/gallery/index.skin.php

    MIL OSI Global Banks –

  • MIL-OSI: STMicroelectronics Reports 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    PR No: C3332C 

    STMicroelectronics Reports 2025 First Quarter Financial Results

    • Q1 net revenues $2.52 billion; gross margin 33.4%; operating income $3 million; net income $56 million
    • Business outlook at mid-point: Q2 net revenues of $2.71 billion and gross margin of 33.4%
    • Company-wide program to reshape manufacturing footprint and resize global cost base on track; annual cost savings target in the high triple-digit million-dollar range exiting 2027 confirmed.

    Geneva, April 24, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the first quarter ended March 29, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

    ST reported first quarter net revenues of $2.52 billion, gross margin of 33.4%, operating income of $3 million and net income of $56 million or $0.06 diluted earnings per share.

    Jean-Marc Chery, ST President & CEO, commented:

    • “Q1 net revenues came in line with the midpoint of our business outlook range, driven by higher revenues in Personal Electronics offset by lower-than-expected revenues in Automotive and Industrial. Gross margin was slightly below the mid-point of our business outlook range mainly due to product mix.”
    • “On a year-over-year basis, Q1 net revenues decreased 27.3%, operating margin decreased to 0.1% from 15.9% and net income decreased 89.1% to $56 million.”
    • “In the first quarter, our book-to-bill ratio improved with both Automotive and Industrial above parity.”
    • “Our second quarter business outlook, at the mid-point, is for net revenues of $2.71 billion, decreasing year-over-year by 16.2% and increasing sequentially by 7.7%; gross margin is expected to be about 33.4%, impacted by about 420 basis points of unused capacity charges.”
    • “We plan to maintain our Net Capex (non-U.S. GAAP1) plan for 2025 between $2.0 billion and $2.3 billion mainly to execute the reshaping of our manufacturing footprint.”
    • “While we see Q1 2025 as the bottom, in the current uncertain environment we are focusing on what we can control: keep on innovating to continuously improve and accelerate the competitiveness of our product and technology portfolio, focus on advanced manufacturing and tightly manage our costs. In this respect our company-wide program to reshape ST manufacturing footprint and resize our global cost base is on track and we confirm the annual cost savings target in the high triple-digit million-dollar range exiting 2027.”

    Quarterly Financial Summary

    U.S. GAAP
    (US$ m, except per share data)    		 Q1 2025 Q4 2024 Q1 2024 Q/Q Y/Y
    Net Revenues $2,517 $3,321 $3,465 -24.2% -27.3%
    Gross Profit $841 $1,253 $1,444 -32.9% -41.7%
    Gross Margin 33.4% 37.7% 41.7% -430 bps -830 bps
    Operating Income $3 $369 $551 -99.2% -99.5%
    Operating Margin 0.1% 11.1% 15.9% -1,100 bps -1,580 bps
    Net Income $56 $341 $513 -83.6% -89.1%
    Diluted Earnings Per Share $0.06 $0.37 $0.54 -83.8% -88.9%

    First Quarter 2025 Summary Review
    ST made some adjustments to its segment reporting effective starting January 1, 2025. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

    Net Revenues by Reportable Segment2 (US$ m) Q1 2025 Q4 2024 Q1 2024 Q/Q Y/Y
    Analog products, MEMS and Sensors (AM&S) segment 1,069 1,348 1,406 -20.7% -23.9%
    Power and discrete products (P&D) segment 397 602 631 -34.1% -37.1%
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 1,466 1,950 2,037 -24.8% -28.0%
    Embedded Processing (EMP) segment 742 1,002 1,047 -26.0% -29.1%
    RF & Optical Communications (RF&OC) segment 306 366 378 -16.5% -19.2%
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group 1,048 1,368 1,425 -23.4% -26.5%
    Others 3 3 3 – –
    Total Net Revenues $2,517 $3,321 $3,465 -24.2% -27.3%

    Net revenues totaled $2.52 billion, representing a year-over-year decrease of 27.3%. Year-over-year net sales to OEMs and Distribution decreased 25.7% and 31.2%, respectively. On a sequential basis, net revenues decreased 24.2%, 20 basis points better than the mid-point of ST’s guidance.

    Gross profit totaled $841 million, representing a year-over-year decrease of 41.7%. Gross margin of 33.4%, 40 basis points below the mid-point of ST’s guidance, decreased 830 basis points year-over-year, mainly due to product mix and, to a lesser extent, higher unused capacity charges and lower sales price.

    Operating income decreased 99.5% to $3 million, compared to $551 million in the year-ago quarter. ST’s operating margin decreased 1,580 basis points on a year-over-year basis to 0.1% of net revenues, compared to 15.9% in the first quarter of 2024. Excluding Impairment, restructuring charges and other related phase-out costs3, operating income stood at $11 million in the first quarter.

    By reportable segment, compared with the year-ago quarter:

    In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

    Analog products, MEMS and Sensors (AM&S) segment:

    • Revenue decreased 23.9% mainly due to a decrease in Analog.   
    • Operating profit decreased by 66.7% to $82 million. Operating margin was 7.7% compared to 17.5%.

    Power and Discrete products (P&D) segment:

    • Revenue decreased 37.1%.
    • Operating profit decreased from a positive $77 million to a negative $28 million. Operating margin was -6.9% compared to 12.1%.

    In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

    Embedded Processing (EMP) segment:

    • Revenue decreased 29.1% mainly due to a decrease in GPAM.
    • Operating profit decreased by 71.5% to $66 million. Operating margin was 8.9% compared to 22.2%.

    RF & Optical Communications (RF&OC) segment:

    • Revenue decreased 19.2%.
    • Operating profit decreased by 59.0% to $43 million. Operating margin was 13.9% compared to 27.4%.

    Net income and diluted Earnings Per Share decreased to $56 million and $0.06 respectively compared to $513 million and $0.54 respectively in the year-ago quarter. Excluding Impairment, restructuring charges and other related phase-out costs net of the relevant tax impact, Net income and diluted Earnings Per Share2 stood at $63 million and $0.07 respectively in the first quarter of 2025.

    Cash Flow and Balance Sheet Highlights

            Trailing 12 Months
    (US$ m) Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q1 2024 TTM Change
    Net cash from operating activities 574 681 859 2,680 5,531 – 51.5%
    Free cash flow (non-U.S. GAAP1) 30 128 (134) 453 1,434 – 68.4%

    Net cash from operating activities was $574 million in the first quarter compared to $859 million in the year-ago quarter.

    Net Capex (non-U.S. GAAP), was $530 million in the first quarter compared to $967 million in the year-ago quarter.

    Free cash flow (non-U.S. GAAP) was positive at $30 million in the first quarter, compared to negative $134 million in the year-ago quarter.

    Inventory at the end of the first quarter was $3.01 billion, compared to $2.79 billion in the previous quarter and $2.69 billion in the year-ago quarter. Days sales of inventory at quarter-end was 167 days, compared to 122 days for both the previous quarter and the year-ago quarter.

    In the first quarter, ST paid cash dividends to its stockholders totaling $72 million and executed a $92 million share buy-back, as part of its current share repurchase program.

    ST’s net financial position (non-U.S. GAAP4) remained strong at $3.08 billion as of March 29, 2025, compared to $3.23 billion as of December 31, 2024 and reflected total liquidity of $5.96 billion and total financial debt of $2.88 billion. Adjusted net financial position (non-U.S. GAAP1), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.71 billion as of March 29, 2025.

    Corporate developments

    On April 10, 2025, ST detailed its company-wide program to reshape manufacturing footprint and resize global cost base and confirmed the annual cost savings target in the high triple-digit million-dollar range exiting 2027. Specifically, ST disclosed further elements of its program to reshape its global manufacturing footprint.

    Business Outlook

    ST’s guidance, at the mid-point, for the 2025 second quarter is:

    • Net revenues are expected to be $2.71 billion, an increase of 7.7% sequentially, plus or minus 350 basis points.
    • Gross margin of 33.4%, plus or minus 200 basis points.
    • This outlook is based on an assumed effective currency exchange rate of approximately $1.08 = €1.00 for the 2025 second quarter and includes the impact of existing hedging contracts.
    • The second quarter will close on June 28, 2025.

    This business outlook does not include any impact for potential further changes to global trade tariffs compared to the current situation.

    Conference Call and Webcast Information

    ST will conduct a conference call with analysts, investors and reporters to discuss its first quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until May 9, 2025.

    Use of Supplemental Non-U.S. GAAP Financial Information

    This press release contains supplemental non-U.S. GAAP financial information.

    Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

    See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

    Forward-looking Information

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors: 

    • changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for our products;
    • uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
    • customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
    • the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
    • changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
    • unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
    • financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
    • the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
    • availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
    • the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
    • theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
    • the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
    • changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
    • variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
    • the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
    • product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
    • natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
    • increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
    • epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
    • industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
    • the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
    • individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

    Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

    Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

    Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

    About STMicroelectronics

    At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

    For further information, please contact:

    INVESTOR RELATIONS:
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41 22 929 59 20
    jerome.ramel@st.com

    MEDIA RELATIONS:
    Alexis Breton
    Group VP Corporate External Communications
    Tel: + 33 6 59 16 79 08
    alexis.breton@st.com

    STMicroelectronics N.V.      
    CONSOLIDATED STATEMENTS OF INCOME      
    (in millions of U.S. dollars, except per share data ($))      
           
      Three months ended  
      March 29, March 30,  
      2025 2024  
      (Unaudited) (Unaudited)  
           
    Net sales 2,513 3,444  
    Other revenues 4 21  
    NET REVENUES 2,517 3,465  
    Cost of sales (1,676) (2,021)  
    GROSS PROFIT 841 1,444  
    Selling, general and administrative expenses (390) (425)  
    Research and development expenses (489) (528)  
    Other income and expenses, net 49 60  
    Impairment, restructuring charges and other related phase-out costs (8) –  
    Total operating expenses (838) (893)  
    OPERATING INCOME 3 551  
    Interest income, net 48 59  
    Other components of pension benefit costs (4) (4)  
    Gain (loss) on financial instruments, net 25 –  
    INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST 72 606  
    Income tax expense (13) (92)  
    NET INCOME 59 514  
    Net income attributable to noncontrolling interest (3) (1)  
    NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 56 513  
           
    EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 0.06 0.57  
    EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 0.06 0.54  
           
    NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 933.6 942.3  
           
           
    STMicroelectronics N.V.      
    CONSOLIDATED BALANCE SHEETS      
    As at March 29, December 31, March 30,
    In millions of U.S. dollars 2025 2024 2024
      (Unaudited) (Audited) (Unaudited)
    ASSETS      
    Current assets:      
    Cash and cash equivalents 1,781 2,282 3,133
    Short-term deposits 1,650 1,450 1,226
    Marketable securities 2,528 2,452 1,880
    Trade accounts receivable, net 1,385 1,749 1,787
    Inventories 3,014 2,794 2,685
    Other current assets 1,050 1,007 1,183
    Total current assets 11,408 11,734 11,894
    Goodwill 299 290 298
    Other intangible assets, net 338 346 366
    Property, plant and equipment, net 11,178 10,877 10,866
    Non-current deferred tax assets 490 464 585
    Long-term investments 96 71 22
    Other non-current assets 1,114 961 942
      13,515 13,009 13,079
    Total assets 24,923 24,743 24,973
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Short-term debt 988 990 238
    Trade accounts payable 1,373 1,323 1,642
    Other payables and accrued liabilities 1,290 1,306 1,547
    Dividends payable to stockholders 16 88 6
    Accrued income tax 72 66 133
    Total current liabilities 3,739 3,773 3,566
    Long-term debt 1,889 1,963 2,875
    Post-employment benefit obligations 392 377 372
    Long-term deferred tax liabilities 48 47 49
    Other long-term liabilities 896 904 912
      3,225 3,291 4,208
    Total liabilities 6,964 7,064 7,774
    Commitment and contingencies      
    Equity      
    Parent company stockholders’ equity      
    Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,410,472 shares outstanding as of March 29, 2025) 1,157 1,157 1,157
    Additional Paid-in Capital 3,142 3,088 2,931
    Retained earnings 13,514 13,459 12,982
    Accumulated other comprehensive income 495 236 468
    Treasury stock (582) (491) (463)
    Total parent company stockholders’ equity 17,726 17,449 17,075
    Noncontrolling interest 233 230 124
    Total equity 17,959 17,679 17,199
    Total liabilities and equity 24,923 24,743 24,973
           
           
           
    STMicroelectronics N.V.      
           
    SELECTED CASH FLOW DATA      
           
    Cash Flow Data (in US$ millions) Q1 2025 Q4 2024 Q1 2024
           
    Net Cash from operating activities 574 681 859
    Net Cash used in investing activities (796) (1,259) (1,254)
    Net Cash from (used in) financing activities (282) (209) 308
    Net Cash decrease (501) (795) (89)
           
    Selected Cash Flow Data (in US$ millions) Q1 2025 Q4 2024 Q1 2024
           
    Depreciation & amortization 428 451 430
    Net payment for Capital expenditures (538) (501) (994)
    Dividends paid to stockholders (72) (88) (48)
    Change in inventories, net (172) (2) (12)
           

    Appendix
    ST
    Changes to reportable segments

    Following ST’s reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • The transfer of VIPower products from Power and Discrete products (“P&D”) reportable segment to Analog products, MEMS and Sensors (“AM&S”) reportable segment.    
    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • the newly created ‘Embedded Processing’ (“EMP”) reportable segment includes the former ‘MCU’ segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products).
      • the newly created ‘RF & Optical Communications’ (“RF&OC”) reportable segment includes the former ‘D&RF’ segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former ‘MCU’ segment.

    We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization.

    Our four reportable segments – within each Product Group – are now as follows: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • Analog products, MEMS and Sensors (“AM&S”) reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions.
      • Power and Discrete products (“P&D”) reportable segment, comprised of discrete and power transistor products (now excluding VIPower products).

    In this Press Release, “Analog” refers to analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • Embedded Processing (“EMP”) reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS)
      • RF & Optical Communications (“RF&OC”) reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT.

    In this Press release, “GPAM” refers to General purpose & automotive microcontrollers, “Connected Security” to connected security products, “Custom Processing” to automotive ADAS products.

    Prior year comparative periods have been adjusted accordingly.

    (Appendix – continued)
    ST Supplemental Financial Information

      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Net Revenues By Market Channel (%)          
    Total OEM 71% 73% 76% 73% 70%
    Distribution 29% 27% 24% 27% 30%
               
    €/$ Effective Rate 1.06 1.09 1.08 1.08 1.09
               
    Reportable Segment Data (US$ m)          
    Analog products, MEMS and Sensors (AM&S) segment          
    – Net Revenues 1,069 1,348 1,340 1,336 1,406
    – Operating Income 82 220 216 193 246
    Power and Discrete products (P&D) segment          
    – Net Revenues 397 602 652 576 631
    – Operating Income (28) 45 80 61 77
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group          
    – Net Revenues 1,466 1,950 1,992 1,912 2,037
    – Operating Income 54 265 296 254 323
    Embedded Processing (EMP) segment          
    – Net Revenues 742 1,002 898 906 1,047
    – Operating Income 66 181 146 126 232
    RF & Optical Communications (RF&OC) segment          
    – Net Revenues 306 366 357 410 378
    – Operating Income 43 95 84 96 103
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group          
    – Net Revenues 1,048 1,368 1,255 1,316 1,425
    – Operating Income 109 276 230 222 335
    Others (a)          
    – Net Revenues 3 3 4 4 3
    – Operating Income (Loss) (160) (172) (145) (101) (107)
    Total          
    – Net Revenues 2,517 3,321 3,251 3,232 3,465
    – Operating Income 3 369 381 375 551

    (a)   Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment and restructuring charges, management reorganization costs, start-up and phase out costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

    (US$ m) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Unused capacity charges 123 118 104 84 63

    (Appendix – continued)
    ST Supplemental Non-U.S. GAAP Financial Information
    U.S. GAAP – Non-U.S. GAAP Reconciliation

    The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

    ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

    Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures)

    Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact.

    Q1 2025
    (US$ m, except per share data)    		 Gross Profit Operating Income Net Earnings Corresponding Diluted EPS
    U.S. GAAP 841 3 56 0.06
    Impairment, restructuring charges and other related phase-out costs – 8 8 0.01
    Estimated income tax effect – – (1) –
    Non-U.S. GAAP 841 11 63 0.07

    (Appendix – continued)

    Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

    Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet.

    ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

    (US$ m) Mar 29
    2025    		 Dec 31
    2024    		 Sep 28
    2024    		 June 29
    2024    		 Mar 30
    2024
    Cash and cash equivalents 1,781 2,282 3,077 3,092 3,133
    Short term deposits 1,650 1,450 977 975 1,226
    Marketable securities 2,528 2,452 2,242 2,218 1,880
    Total liquidity 5,959 6,184 6,296 6,285 6,239
    Short-term debt (988) (990) (1,003) (236) (238)
    Long-term debt (a) (1,889) (1,963) (2,112) (2,850) (2,875)
    Total financial debt (2,877) (2,953) (3,115) (3,086) (3,113)
    Net Financial Position (non-U.S. GAAP) 3,082 3,231 3,181 3,199 3,126
    Advances received on capital grants (377) (385) (366) (402) (351)
    Adjusted Net Financial Position (non-U.S. GAAP) 2,705 2,846 2,815 2,797 2,775

    (a)  Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $618 million equivalent, are currently undrawn.

    (Appendix – continued)

    Net Capex and Free Cash Flow (non-U.S. GAAP measures)

    ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

    Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

    ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

    (US$ m) Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024    		 Q1
    2024
    Payment for purchase of tangible assets, as reported (587) (584) (669) (690) (1,145)
    Proceeds from sale of tangible assets, as reported 2 – 2 1 2
    Proceeds from capital grants and other contributions, as reported 47 83 66 143 149
    Advances from capital grants allocated to property, plant and equipment 8 31 36 18 27
    Net Capex (non-U.S. GAAP) (530) (470) (565) (528) (967)

    Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

    ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

    Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

    (US$ m) Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024    		 Q1
    2024
    Net cash from operating activities 574 681 723 702 859
    Net Capex (530) (470) (565) (528) (967)
    Payment for purchase of intangible assets, net of proceeds from sale (14) (32) (20) (15) (26)
    Payment for purchase of financial assets, net of proceeds from sale – (51) (2) – –
    Free Cash Flow (non-U.S. GAAP) 30 128 136 159 (134)

    (Appendix – continued)
    Financial Calendar

    The financial calendar for 2025 is as follows:

    March 16, 2025 – April 24,2025: Quiet period
     

    April 24,2025:

    		  

    Q1 2025 Financial Results
     

    June 16, 2025 – July 24,2025:

    		  

    Quiet period
     

    July 24,2025:

    		  

    Q2 2025 Financial Results
     

    September 16, 2025 – October 23,2025:

    		  

    Quiet period
     

    October 23,2025:

    		  

    Q3 2025 Financial Results

    These dates are preliminary and are subject to final confirmation.

    1Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    2See Appendix for the definition of reportable segments.
    3Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    4Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

    Attachment

    The MIL Network –

  • MIL-OSI China: Modernization in motion as China’s ‘city of the future’ takes shape rapidly

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

    XIONG’AN, Hebei Province, April 24 — At the end of March, a new sports center with a seating capacity of over 40,000 opened in Xiong’an New Area in northern China’s Hebei Province, filling a key gap in the region’s capacity to host large-scale sports and cultural events.

    The Xiong’an New Area, located about 100 kilometers southwest of Beijing, was established on April 1, 2017. It aims to relieve Beijing of non-essential functions related to its status as the nation’s capital, while also advancing the coordinated development of the Beijing-Tianjin-Hebei region. The process explores a new model of development in densely populated areas.

    According to Chinese authorities, Xiong’an has entered a pivotal stage, where large-scale infrastructure projects are advancing in tandem with accelerated relocation efforts. The focus has now shifted toward promoting high-quality development, high-standard management, and coordinated, efficient resettlement. As the much-anticipated “city of the future,” Xiong’an is taking shape at remarkable speed.

    MAJOR BREAKTHROUGHS

    At the end of 2021, Jia Mengshuang relocated from Beijing to Xiong’an for work. Her company is based in an internet industry park in the new area, which now accommodates more than 600 on-site employees.

    From the terrace of Jia’s office building, the view offers a striking glimpse of Xiong’an’s remarkable transformation. Just next door, the headquarters of China Satellite Network Group Co., Ltd. (CSCN) — the first centrally-administered state-owned enterprise (SOE) to establish a presence in the new area — officially began operations late last year. Meanwhile, the gleaming facades of two other centrally-administered SOEs’ nearly completed headquarters now rise prominently on the emerging skyline.

    As more SOEs establish a presence in Xiong’an, a series of emerging industrial clusters are driving the development of this futuristic city. Having lived and worked in Xiong’an for over half a year, Li Maofan, an employee at CSCN, is increasingly convinced that “dreams can be realized here.”

    Leveraging the presence of the satellite company and an innovation alliance for aerospace information and satellite internet, Xiong’an is developing an industrial ecosystem that spans satellite internet, spatiotemporal information, aerospace vehicles, and the intelligent manufacturing of commercial satellites. So far, it has attracted around 60 enterprises in the aerospace information sector.

    Driven by its commitment to becoming an innovation hub, the new area is also rapidly consolidating scientific and technological resources across industries such as next-generation information technology, artificial intelligence (AI), and new materials.

    Since its establishment, Xiong’an has seen the successful implementation of a series of landmark relocation projects. Four headquarters of centrally-administered SOEs, including CSCN, have already settled in the new area. Four others, including China Datang Corporation Ltd., are set to begin construction this year.

    Currently, over 4,000 Beijing-based enterprises have established operations in Xiong’an, and centrally-administered SOEs have opened over 300 branches and subsidiaries in the area.

    Supportive projects in education and healthcare are also progressing rapidly in the new area. Construction is accelerating on campus buildings for four Beijing-based universities, as well as the site for Peking University People’s Hospital, one of Beijing’s leading hospitals. Meanwhile, the Xiong’an branch of Peking Union Medical College Hospital, one of China’s most prestigious medical institutions, is set to begin construction soon.

    According to the reform and development bureau of Xiong’an, total completed investments in the new area had surpassed 860 billion yuan (about 119.25 billion U.S. dollars) by the end of February. Liu Jia, deputy director of the bureau, said that the implementation of the second batch of relocation projects is being expedited.

    SUSTAINABLE DEVELOPMENT

    Xiong’an is focusing not only on rapid development but also on prioritizing people in its approach to modernization, ensuring that ecological sustainability is integrated throughout the entire process.

    Huang Yuqiang, general manager of a tech firm, relocated his company from Beijing to Xiong’an four years ago. Huang’s company — now a national high-tech enterprise — has secured several invention patents. Its autonomous UAV inspection platform has been applied to various scenarios, including road defect inspections and park security.

    Benefiting from the local government’s robust talent attraction initiatives, Huang now enjoys a refreshingly carefree life after work. Not only did he move into a subsidized rental apartment at a 30-percent discount, but he also received a “Xiong’an talent card,” which grants him benefits related to business ventures, household registration, transportation, healthcare and children’s education.

    Content with the present and optimistic about the future, Huang transferred his family’s household registration to Xiong’an, where they now live. “We feel extremely comfortable, and our sense of happiness has greatly improved,” he said.

    Huang’s story reflects Xiong’an’s remarkable population growth. Since 2017, the new area has seen a consistent influx of residents, with its permanent population reaching 1.36 million by 2024, highlighting its increasing appeal as a hub for talent and opportunities.

    Much like Huang, Jia has gradually relocated her family to Xiong’an over two years. “Every morning, it’s just a five-minute walk to drop my child off at the kindergarten near home, followed by another 10-minute walk to the office,” said Jia, noting that it’s a simple pleasure she could never have imagined during her years in Beijing.

    Spanning an area of 1,770 square kilometers, the new area aims to create favorable living conditions for residents, with parks, recreational facilities, schools and convenience stores all within a 15-minute walk. The plan is to dedicate only 30 percent of the city’s space to urban development, leaving the rest for water and greenery, an exceptionally rare approach in China’s urban development history.

    Since 2017, Xiong’an has added a total of 481,000 mu (about 32,067 hectares) of trees, raising its forest coverage rate from 11 to 35 percent. Notably, the local country park, with a total area of approximately 18 square kilometers, is about five times the size of New York City’s Central Park.

    Baiyangdian Lake, one of northern China’s major wetlands, has undergone its largest systematic ecological restoration in history, with water quality reaching the highest level since monitoring began in 1988 after water replenishment. The lake is now home to 295 wild bird species, an increase of 89 species compared to the period before the new area was established.

    Designed to be smart, sustainable and free from “urban ills,” Xiong’an is China’s first city to achieve the synchronized development of both its digital and physical urban spaces on a citywide scale.

    One feature that consistently impresses nearly all visitors to Xiong’an is its cutting-edge smart mobility solutions. It has developed 153 kilometers of digital roads equipped with smart lampposts that integrate traffic lights and various sensors. By analyzing real-time traffic flow data, the intelligent system automatically adjusts signal timing to minimize red-light stops, significantly enhancing traffic efficiency, explained Song Laiqiang, product manager at China Telecom Digital City Technology Co., Ltd.

    Smart technology is also being used to tackle common urban challenges. According to Wang Kun, deputy director of the Rongdong administrative committee’s urban operations center, over 1,000 AI-equipped cameras across roads and neighborhoods in Rongdong district of Xiong’an can automatically detect 19 types of municipal issues, from overflowing trash bins to illegal parking. The center’s management platform then reports these issues to community workers, who resolve them promptly.

    At the heart of these smart systems is the Xiong’an urban computing center, often referred to as the city’s “brain,” which drives the construction and management of this smart city. “It integrates technologies such as the Internet of Things, big data, AI and cloud computing to enable real-time, refined and intelligent urban management,” said Li Nan, a supervisor at Xiong’an Cloud Network Technology Co., Ltd.

    “All these innovations have enabled residents to enjoy a higher quality of life in a smarter city,” Li added.

    MIL OSI China News –

  • MIL-Evening Report: The phrase ‘fuzzy wuzzy angels’ is far from affectionate – it reflects 500 years of racism

    Source: The Conversation (Au and NZ) – By Erika K. Smith, Associate Lecturer, School of Social Sciences, Western Sydney University

    This article contains mention of racist terms in historical context.

    Every Anzac Day, Australians are presented with narratives that re-inscribe particular versions of our national story.

    One such narrative persistently claims “fuzzy wuzzy angel” was used as an “affectionate” name for local stretcher-bearers of sick and wounded Australian soldiers during the New Guinea campaign of 1942 to 1945.

    Papua New Guineans called Australian soldiers masta (master), taubada (big man), and bos (boss). Australian soldiers called Papua New Guinean people by racist phrases including boong, nigger, kanaka, coon, boi, boy and wog.

    Our new research shows that, far from being “affectionate”, the phrase fuzzy wuzzy angel is best understood in this context – and in the context of 500 years of anti-Black racism.

    These other offensive terms used by soldiers are largely gone from the public domain, yet fuzzy wuzzy angel persists. We decided to explore this apparently acceptable form of contemporary racism.

    Power relations across the centuries

    In 1526 the Portuguese explorer Jorge de Menezes named islands in the west of what is now West Papua Ilhas dos Papuas.

    “Papuas” was a borrowed word by the Portuguese of Malay/Indonesian origin, meaning “frizzled” or “curly-haired”. The islands were therefore known as the “islands of the frizzy-haired people”.

    In 1545, the Spanish explorer Yñigo Ortiz de Retez named the east mainland Nueva Guinea (New Guinea). As historian J.H.F. Sollewijn Gelpke describes it, Ortiz de Retez saw a physical resemblance to the “frizzy haired inhabitants […] of the Guinea Coast in West Africa”.

    The first usage we found of the phrase fuzzy wuzzy angels relating to the New Guinea campaign was in an article in the Sydney’s The Daily Mirror in 1942. A war correspondent reported troops along the Track were reciting a “catchy verse with a swing in it”.

    The “catchy verse” appears to borrow directly from the 1892 poem Fuzzy Wuzzy, by English writer Rudyard Kipling. Kipling borrowed the phrase from how British soldiers referred to the Beja warriors of north-east Africa during the Mahdist (Anglo–Sudan) War of 1881–99.

    Shortly after the poem was published in The Daily Mirror, the image of the “fuzzy wuzzy angel” was immortalised in a photograph. George Silk’s image shows Raphael Oimbari (Hanau village, Oro Province) walking with injured Australian soldier Private George “Dick” Whittington (2/10th Battalion) on Christmas Day, 1942.

    While Whittington was identified as the injured soldier, it wasn’t until the 1970s that Oimbari was identified and named as the Papua New Guinean guide.

    The cultural journey of Kipling’s poem in Africa to Australian infantry on the Kokoda follows the same route as Spanish and Portuguese sailors from African Guinea to Papua New Guinea.

    This focus on frizzy or fuzzy hair homogenised Blackness under the colonial gaze.

    Continuing racial relations

    Far from being just stretcher bearers, local people during the Kokoda Campaign were often forced to support the Australian war effort in roles including cooks, cleaners, labourers, construction workers, farm hands and carriers of ammunition.

    These roles have also disappeared from our national narrative, along with the more racist forms of address.

    In place of historically accurate accounts is a distilled national narrative: iconic stretcher bearers “affectionately” known as fuzzy wuzzy angels.

    New Guinea native carriers meet Australian officers at a rest spot on the Kokoda Trail, August 1942.
    Australian War Memorial

    There was little interest in the Australian war story in Papua New Guinea and the Kokoda Track between the end of the war and the early 1990s. Then, in 1992, Prime Minister Paul Keating kissed the foot of the Kokoda Memorial.

    Attention by subsequent prime ministers and an increased number of books and films propelled the Kokoda Track into mainstream Australian consciousness.

    Prime Minister John Howard made the “affectionate” usage claim in a speech to Papua New Guinea Prime Minister Bill Skate in 1998.

    Papua New Guinean scholar Regis Tove Stella wrote in 2007 that fuzzy wuzzy angel is “belittling and consistent with the discourse of paternalism that largely characterised colonial administrative policy”.

    Yet we continue to see Indigenous perspectives erased in favour of the “affectionate” account.

    When Malcolm Turnbull laid a 75th anniversary wreath in April 2017, the Australian Associated Press included this explanatory paragraph:

    Local Papua New Guinean men, dubbed affectionately the ‘Fuzzy Wuzzy Angels’, assisted and escorted wounded and injured Australian soldiers along the trail.

    In 2024, “affectionate” was reinscribed by Peter Dutton in an address to parliament to honour Papua New Guinea Prime Minister James Marape.

    500 years of a racist phrase

    Australia’s northernmost island, Saibai Island of Zenadh Kes/Torres Strait Islands, is less than 4 kilometres from Papua New Guinea – yet most Australians know little about our closest neighbours.

    This year marks the 50th anniversary of Papua New Guinea’s independence from Australia, mobilised by the Whitlam government, some 25 years behind the post-war decolonisation movement.

    Yet official decolonisation has not stopped Australians from insisting that it is affectionate – and, by implication, not racist – to use colonial naming practices that date back some 500 years.

    This article draws on research conducted during Erika K. Smith’s doctoral candidature which was financially supported by an Australian Postgraduate Award and a Western Sydney University Postgraduate Research Scholarship.

    Ingrid Matthews 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 phrase ‘fuzzy wuzzy angels’ is far from affectionate – it reflects 500 years of racism – https://theconversation.com/the-phrase-fuzzy-wuzzy-angels-is-far-from-affectionate-it-reflects-500-years-of-racism-253953

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: This may be as good as it gets: NZ and Australia face a complicated puzzle when it comes to supermarket prices

    Source: The Conversation (Au and NZ) – By Richard Meade, Adjunct Associate Professor, Centre for Applied Energy Economics and Policy Research, Griffith University

    Daria Nipot/Shutterstock

    With ongoing cost of living pressures, the Australian and New Zealand supermarket sectors are attracting renewed political attention on both sides of the Tasman.

    Allegations of price gouging have become a political issue in the Australian federal election. At the same time, the New Zealand government has announced that “all options” are on the table to address a lack of competition in the sector – including possible breakup of the existing players.

    But it is not clear breaking up the supermarkets or other government interventions will improve the sector for shoppers and suppliers.

    In 2022, I co-authored a government-commissioned analysis looking at whether New Zealand’s two main supermarket groups should be forced to sell some of their stores to create a third competing chain.

    We found it was possible under some scenarios that breakup could benefit consumers. But key uncertainties and implementation risks meant consumers could lose overall.

    A lot hinges on whether breakup causes supermarkets’ input costs to rise or product variety to fall. Even in more positive scenarios at least some consumers could be left worse off.

    Watchdog concerns

    Competition authorities – the Australian Competition and Consumer Commission (ACCC) and New Zealand’s Commerce Commission – have conducted supermarket sector studies. They each expressed concern at significant barriers to entry and expansion in the sector and supermarkets’ resulting high levels of profitability.

    This year, the ACCC concluded margins earned by Australia’s main supermarkets are among the highest of supermarket businesses in comparable countries. Similarly, in 2022 the Commerce Commission found New Zealand’s supermarkets were earning excess profits of around NZ$430m a year.

    While high profits might mean that market power is being abused, it could also mean managers are doing a good job. Or have had a great run of luck. Alternative explanations for high profits would need to be ruled out before putting fingers on regulatory triggers.

    New Zealand’s Finance Minister Nicola Willis says everything is on the table when it comes to addressing the concentration of the supermarket sector.
    Hagen Hopkins/Getty Images

    Barriers to entry

    The starting point is to acknowledge that high profits and prices go hand in hand with barriers to entry and challenges in achieving economies of scale.

    In other words, some sectors are less competitive than others simply because a lack of demand or high costs make it unprofitable for additional competitors to either enter or remain in the market.

    Countries like Australia and New Zealand, with low population densities and large service areas, face high costs of nationwide supply. They also face significant shipping distances from other countries. This limits the ability of overseas entrants using their existing buying and supply infrastructures.

    That said, some barriers to entry might be artificial or caused by existing firms stifling new competitors.

    Existing supermarkets in both countries have gained controlling stakes in the land needed to set up new supermarkets – something regulatory settings can prevent.

    Another challenge for new chains is the process of getting planning and land use consents – something policymakers can address.

    This points to key elements of a test for whether supermarkets are charging too much. One is a recognition that there can be natural reasons for limited competition, and unless technologies or consumer preferences change that will remain the case.

    Another is a focus on the things that can be changed – whether at the firm or policy level – in a way that benefits consumers and suppliers. Finally, policymakers need to consider whether the benefits of implementing them outweigh the costs.

    Testing the market

    Building on work developed by Nobel economist Oliver Williamson, a “three-limb test” was used in the 2017 government-commissioned assessment of fuel pricing in New Zealand that I co-authored. The same could be used to assess the supermarket sector.

    That three-limb test asks

    • are there features of the existing industry structure and conduct giving cause for concern
    • can those causes for concern be remedied
    • would the benefits of remedying those concerns outweigh the costs of doing so?

    If the answer to all three limbs is yes, that suggests suppliers are charging too much (or delivering too little) since there are practical ways to improve on the status quo.

    A virtue of such a test is that is can be applied in any sector where there are high firm concentration, barriers to entry and high profit margins.

    Importantly, the test looks beyond just what firms are (or are not) doing and asks whether policy and regulatory settings are ripe for improvements too.

    The test is also pragmatic – it shouldn’t trigger changes unless they are clearly expected to do more good than harm. This is important if interventions are risky, costly or irreversible, especially in sectors that are important to all of us.

    Politicians on both sides of the Tasman are floating the possibility of supermarket breakup, among other possible interventions. The three-limb test helps to identify whether any proposed interventions are a good idea and whether supermarket prices are higher than they need to be.

    Richard Meade co-authored a 2022 study funded by the Ministry of Business, Innovation and Employment examining the costs and benefits of breaking up New Zealand’s major supermarkets. The views expressed in this article are his own, and do not purport to represent those of any other party or organisation.

    – ref. This may be as good as it gets: NZ and Australia face a complicated puzzle when it comes to supermarket prices – https://theconversation.com/this-may-be-as-good-as-it-gets-nz-and-australia-face-a-complicated-puzzle-when-it-comes-to-supermarket-prices-254987

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Kaine & Hagerty Urge Mexican Government to Cease Unfair Treatment of U.S.-Based Vulcan Materials Company

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine, the Ranking Member of the Senate Foreign Relations Subcommittee on the Western Hemisphere, (D-VA) and U.S. Senator Bill Hagerty (R-TN) pressed Mexican Secretary of Economy Ebrard Casaubon to address the country’s unfair treatment of the U.S.-based Vulcan Materials Company, which has operated in Mexico for decades and supports thousands of jobs in both countries. The Mexican government has made efforts to expropriate property from Vulcan, which would both interfere with its ability to do business and undermine the crucial economic ties between the U.S. and Mexico.
    “As you know, Vulcan Materials Company, a global leader in construction materials based in Alabama, has been operating in Mexico for over three decades … supporting thousands of jobs in Mexico and across Virginia and Tennessee,” wrote the senators in a letter to Secretary Casaubon. “However, recent efforts by the Mexican government to expropriate Vulcan property undermine efforts to strengthen these ties, as they create a perception of unpredictability toward foreign investments. The Mexican government’s actions against Vulcan are a critical blow to investor confidence under the U.S.-Mexico-Canada Agreement (USMCA).”
    “We strongly urge the Mexican government to reconsider its actions against Vulcan and to work with the company toward a resolution that respects the rights of foreign investors and Mexico’s commitments under international agreements. By doing so, Mexico would demonstrate its commitment to honoring the principles of respect, transparency, and legal certainty that foster a stable and welcoming environment for all businesses,” the senators continued. “We understand Vulcan remains ready and willing to negotiate with you to reach an amicable solution. In the interest of reaching such a solution, we would encourage your Government to cease unfounded public accusations against the company as you work to resolve the issue. A balanced and fair approach to foreign investment will help ensure that both the U.S. and Mexico can continue to prosper.”
    Kaine and Hagerty have long advocated for protecting American businesses abroad from having their lawful activity encroached upon by foreign governments. In May 2024, Kaine and Hagerty, alongside Senators Tommy Tuberville and Katie Britt (both R-AL), penned a letter to Mexico’s then-foreign minister Alicia Bárcena to first raise their concerns over the Mexican government’s attempts to forcibly take over Vulcan’s port and limestone quarry. In September 2024, Kaine, Hagerty, and several of their Senate colleagues introduced the Defending American Property Abroad Act to impose penalties on countries within the U.S.-Mexico-Canada Agreement (USMCA) that seize American companies’ property, ignore lawful contracts, or engage in other behavior that interferes with land owned by U.S. companies. In December 2024, Kaine and Hagerty participated in a colloquy on the Senate floor to discuss the importance of preventing the Mexican government from expropriating Vulcan’s lawful assets.
    Full text of the letter can be found here and below.
    Dear Secretary Ebrard Casaubon,
    We are contacting your government to address the unfair treatment of Vulcan Materials Company (Vulcan) by the Government of Mexico.
    The United States and Mexico enjoy a strong economic partnership and benefit from deep economic integration. U.S. companies support growth and job creation throughout Mexico. We are committed to helping maintain and build this relationship.
    As you know, Vulcan Materials Company, a global leader in construction materials based in Alabama, has been operating in Mexico for over three decades. The firm has employed hundreds of people in Mexico and contributes to local economic development. Vulcan’s investment in Mexico highlights the mutual benefits of cross-border economic relations and plays a vital role in its broader business operations, supporting thousands of jobs in Mexico and across Virginia and Tennessee. However, recent efforts by the Mexican government to expropriate Vulcan property undermine efforts to strengthen these ties, as they create a perception of unpredictability toward foreign investments. The Mexican government’s actions against Vulcan are a critical blow to investor confidence under the U.S.-Mexico-Canada Agreement (USMCA).
    We strongly urge the Mexican government to reconsider its actions against Vulcan and to work with the company toward a resolution that respects the rights of foreign investors and Mexico’s commitments under international agreements. By doing so, Mexico would demonstrate its commitment to honoring the principles of respect, transparency, and legal certainty that foster a stable and welcoming environment for all businesses.
    We are ready to work with you to strengthen the bonds between our countries and sincerely hope that the Mexican government will take the necessary steps to address our bipartisan concerns. We understand Vulcan remains ready and willing to negotiate with you to reach an amicable solution. In the interest of reaching such a solution, we would encourage your government to cease unfounded public accusations against the company as you work to resolve the issue. A balanced and fair approach to foreign investment will help ensure that both the U.S. and Mexico can continue to prosper.
    We appreciate your time and attention to this urgent matter. We look forward to hearing your thoughts on how we can work together to resolve these concerns in a mutually beneficial manner.
    Sincerely,

    MIL OSI USA News –