Category: Scandinavia

  • MIL-OSI: OP Mortgage Bank: Interim Report 1 January–31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    OP Mortgage Bank
    Interim Report 1 January–31 March 2025
    Stock Exchange Release 7 May 2025 at 10.00 EEST

    OP Mortgage Bank: Interim Report 1 January–31 March 2025

    OP Mortgage Bank (OP MB) is the covered bond issuing entity of OP Financial Group. Together with OP Corporate Bank plc, its role is to raise funding for OP Financial Group from money and capital markets.

    Financial standing

    The intermediary loans of OP MB totalled EUR 14,800 million (14,800)* at the end of March. Bonds issued by OP MB totalled EUR 14,800 million (14,800) at the end of March.

    OP MB’s covered bonds after 8 July 2022 are issued under the Euro Medium Term Covered Bond (Premium) programme (EMTCB), pursuant to the Finnish Act on Mortgage Credit Banks and Covered Bonds (151/2022). The collateral is added to the EMTCB cover pool from the member cooperative banks’ balance sheets via the intermediary loan process on the issue date of a new covered bond.
     
    At the end of March, 79 OP cooperative banks had a total of EUR 14,800 million (14,800) in intermediary loans from OP MB. 

    Impairment loss on receivables related to loans in OP MB’s balance sheet totalled EUR 0.0 million (0.0). Loss allowance was EUR 0.0 million (0.0) following the sale of the loan portfolio.

    Operating profit was EUR 1.7 million (2.3). The company’s financial standing remained stable throughout the reporting period. 

    * The comparatives for 2024 are given in brackets. For income statement and other aggregated figures, January–March 2024 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous financial year (31 December 2024) serve as comparatives. 

    Collateralisation of bonds issued to the public

    The European covered bonds (premium) issued under the EMTCB programme worth EUR 25 billion established on 11 October 2022, in accordance with the Act on Mortgage Credit Banks and Covered Bonds (151/2022), totalled EUR 6,250 million. The cover pool included a total of EUR 6,882 million in loans serving as collateral at the end of March. Overcollateralisation exceeded the minimum requirement under the Act (151/2022).

    The covered bonds issued under the Euro Medium Term Covered Note programme worth EUR 20 billion established on 12 November 2010, in accordance with the Act on Mortgage Credit Banks (Laki kiinnitysluottopankkitoiminnasta, 688/2010), totalled EUR 8,550 million. The cover pool included a total of EUR 9,468 million in loans serving as collateral at the end of March. Overcollateralisation exceeded the minimum requirement under the Act (688/2010).

    Capital adequacy

    OP MB’s Common Equity Tier 1 (CET1) ratio stood at 372.0% (797.0) at the end of March. The ratio decreased due to an increase in total risk exposure amount based on a
    regulatory change. The changes in the EU Capital Requirements Regulation (CRR3), which entered into force on 1 January 2025, particularly affected the calculation of total risk exposure amount. The figures for the comparative period have been calculated based on the regulation in force in 2024. The minimum CET1 capital requirement is 4.5% and the requirement for the capital conservation buffer is 2.5%. The minimum total capital requirement is 8% (or 10.5% with the increased capital conservation buffer). OP MB fully covers its capital requirements with CET1 capital, which in practice means that it has a CET1 capital requirement of 10.5%. Estimated profit distribution has been subtracted from earnings for the reporting period.

    The capital adequacy requirement for credit risk is measured using the Standardised Approach (SA).

    OP MB belongs to OP Financial Group. As part of the Group, OP MB is supervised by the European Central Bank. OP Financial Group presents capital adequacy information in its financial statements bulletins and interim and half-year financial reports in accordance with the Act on the Amalgamation of Deposit Banks. OP Financial Group also publishes Pillar 3 disclosures.

    Own funds and capital adequacy, TEUR 31 Mar 2025 31 Dec 2024
    Equity capital 365,998 368,122
    Common Equity Tier 1 (CET1) before deductions 365,998 368,122
    Excess funding of pension liability    
    Proposed profit distribution -1,341 -3,466
    Share of unaudited profits    
    Insufficient coverage for non-performing exposures    
         
    CET1 capital 364,657 364,656
    Tier 1 capital (T1) 364,657 364,656
    Tier 2 capital (T2)    
    Total own funds 364,657 364,656
         
    Total risk exposure amount, TEUR 31 Mar 2025 31 Dec 2024
    Credit and counterparty risk 3,185 18,581
    Operational risk (Standardised Approach) 94,841 26,636
    Other risks* 7 538
    Total risk exposure amount 98,034 45,755
    * Risks not otherwise covered.
     
       
    Ratios, % 31 Mar 2025 31 Dec 2024
    CET1 capital ratio 372.0 797.0
    Tier 1 capital ratio 372.0 797.0
    Capital adequacy ratio 372.0 797.0
    Capital requirement, TEUR    
    Own funds 364,657 364,656
    Capital requirement 10,294 4,804
    Buffer for capital requirements 354,363 359,852

    Joint and several liability of amalgamation 

    Under the Act on the Amalgamation of Deposit Banks (599/2010), the amalgamation of cooperative banks comprises the organisation’s central cooperative (OP Cooperative), the central cooperative’s member credit institutions and the companies belonging to their consolidation groups, as well as credit and financial institutions and service companies in which the above together hold more than half of the total votes. This amalgamation is supervised on a consolidated basis. On 31 March 2025, OP Cooperative’s member credit institutions comprised 79 OP cooperative banks, OP Corporate Bank plc, OP Mortgage Bank and OP Retail Customers plc.

    The central cooperative is responsible for issuing instructions to its member credit institutions concerning their internal control and risk management, their procedures for securing liquidity and capital adequacy, and for compliance with harmonised accounting policies in the preparation of the amalgamation’s consolidated financial statements.

    As a support measure referred to in the Act on the Amalgamation of Deposit Banks, the central cooperative is liable to pay any of its member credit institutions the amount necessary to preventing the credit institution from being placed in liquidation. The central cooperative is also liable for the debts of a member credit institution which cannot be paid using the member credit institution’s assets.

    Each member bank is liable to pay a proportion of the amount which the central cooperative has paid to either another member bank as a support measure or to a creditor of such a member bank in payment of an overdue amount which the creditor has not received from the member bank. Furthermore, if the central cooperative defaults, a member bank has unlimited refinancing liability for the central cooperative’s debts as referred to in the Co-operatives Act.

    Each member bank’s liability for the amount the central cooperative has paid to the creditor on behalf of a member bank is divided between the member banks in proportion to their last adopted balance sheets. OP Financial Group’s insurance companies do not fall within the scope of joint and several liability.

    According to section 25 of the Act on Mortgage Credit Banks (688/2010), which was valid at that time, the creditors of covered bonds issued prior to 8 July 2022 have the right to receive payment, before other claims, for the entire term of the bond, in accordance with the terms and conditions of the bond, out of the funds entered as collateral, without this being prevented by OP MB’s liquidation or bankruptcy. A similar and equal priority also applies to derivative contracts entered in the register of bonds, and to marginal lending facilities referred to in section 26, subsection 4 of said Act. For mortgage-backed loans issued prior to 8 July 2022 and included in the total amount of collateral of covered bonds, the priority of the covered bond holders’ payment right is limited to the amount of loan that, with respect to home loans, corresponds to 70% of the value of shares or property serving as security for the loan and entered in the bond register at the time of the issuer’s liquidation or bankruptcy declaration.

    Under section 20 of the Act on Mortgage Credit Banks and Covered Bonds (151/2022), which entered into force on 8 July 2022, the creditors of bonds issued after 8 July 2022, including the related management and clearing costs, have the right to receive payment from the collateral included in the cover pool, before other creditors of OP MB or the OP cooperative bank which is the debtor of an intermediary loan. A similar priority also applies to creditors of derivative contracts related to covered bonds, including the related management and clearing costs. Interest and yield accruing on the collateral, and any substitute assets, fall within the scope of said priority.

    Section 44, subsection 3 of the Act on Mortgage Credit Banks and Covered Bonds includes provisions on the creditor’s priority claim regarding cover pool liquidity support. According to said subsection, the creditor has the right to receive payment against the funds contained in the cover pool after claims based on the principal and interest of covered bonds secured by the cover assets included in the cover pool, obligations based on derivatives contracts associated with covered bonds, as well as administration and liquidation costs.

    Sustainability and corporate responsibility

    As of 2024, OP Financial Group has reported on its sustainability and corporate responsibility in accordance with the European Sustainability Reporting Standards (ESRS) under the EU’s Corporate Sustainability Reporting Directive (CSRD).

    Responsible business is one of OP Financial Group’s strategic priorities. OP Financial Group’s sustainability programme guides the Group’s actions and is built around three themes: Climate and the environment, People and communities, and Corporate governance. Read more about the sustainability programme at www.op.fi/en/op-financialgroup/corporate-social-responsibility/corporate-social-responsibility-programme.

    At OP Financial Group, sustainability and corporate responsibility are guided by a number of principles and policies. OP Financial Group is committed to complying not only with all applicable laws and regulations, but also with a number of international initiatives that guide operations. The Group is committed to complying with the ten principles of the UN Global Compact initiative in the areas of human rights, labour rights, the environment and anti-corruption. OP Financial Group is a Founding Signatory of the Principles for Responsible Banking under the United Nations Environment Programme Finance Initiative (UNEP FI). Furthermore, OP Financial Group is committed to complying with the UN Principles for Responsible Investment and the UN Principles for Sustainable Insurance. OP Financial Group’s biodiversity roadmap includes measures to promote biodiversity. OP Financial Group aims to grow its nature positive handprint by 2030. ‘Nature positive’ means that OP Financial Group’s operations will have a net positive impact (NPI) on nature.

    OP Financial Group has drawn up a Human Rights Statement and Human Rights Policy. The Group respects all recognised human rights. The Human Rights Statement includes the requirements and expectations that OP Financial Group has set for itself and actors in its value chains. OP Financial Group is committed to perform remediation actions if its operations have adverse human rights impacts.

    In March 2025, OP MB published a Green Covered Bond Report on the allocation and impacts of Finland’s first green covered bonds issued in March 2021 and April 2022. Under OP MB’s Green Covered Bond Framework, proceeds from the bonds have been allocated to mortgages with energy-efficient residential buildings as collateral. The environmental impacts allocated to the green covered bonds in 2024 were 58,000 MWh of energy use avoided per year and 5,500 tonnes of CO2-equivalent emissions avoided per year.

    Personnel

    At the end of the reporting period, OP MB had six employees. OP MB has been digitising its operations and purchases all key support services from OP Cooperative and its subsidiaries, reducing the need for its own personnel.

    Governing body members 

    The Board composition is as follows: 

    Chair Mikko Timonen Chief Financial Officer, OP Cooperative
    Members Satu Nurmi Business Lead, SME Financing, OP Retail
    Customers plc
      Mari Heikkilä Head of Group Treasury & ALM, OP Corporate Bank plc

    OP MB’s Managing Director is Sanna Eriksson. The deputy Managing Director is Tuomas Ruotsalainen, Senior Covered Bonds Manager at OP MB.

    Risk profile

    OP MB has a strong capital base, capital buffers and risk-bearing capacity. OP MB’s most significant risks are related to the quality of collateral and to structural liquidity and interest rate risks on the balance sheet, for which limits have been set in the Banking Risk Policy. The key credit risk indicators in use show that OP MB’s credit risk exposure is stable. OP MB has used interest rate swaps to hedge against its interest rate
    risk. Interest rate swaps have been used to swap home loan interest, intermediary loan interest and interest on issued bonds onto the same basis rate. OP MB has concluded all derivative contracts for hedging purposes, applying fair value hedges which have OP Corporate Bank plc as their counterparty. OP MB’s interest risk exposure is under control and has been within the set limit.

    The liquidity buffer for OP Financial Group is centrally managed by OP Corporate Bank and therefore exploitable by OP MB. At the end of the reporting period, OP Financial Group’s Liquidity Coverage Ratio (LCR) was 202% and the Net Stable Funding Ratio (NSFR) was 129%. OP MB monitors its cash flows on a daily basis to secure funding liquidity and its structural funding risk on a regular basis as part of the company’s internal capital adequacy assessment process (ICAAP).

    An analysis of OP MB’s risk exposure should always take account of OP Financial Group’s risk exposure, which is based on the joint and several liability of all its member credit institutions. The member credit institutions are jointly liable for each other’s debts. All member banks must participate in support measures, as referred to in the Act on the Amalgamation of Deposit Banks, to support each other’s capital adequacy.

    OP Financial Group analyses the business environment as part of its ongoing risk assessment activities and strategy process. Megatrends and worldviews behind OP Financial Group’s strategy reflect driving forces that affect the daily activities, conditions and future of the Group and its customers. Factors currently shaping the business environment include climate, biodiversity loss, scientific and technological innovations, polarisation, demography and geopolitics. External business environment factors are considered thoroughly, so that their effects on customers’ future success are understood. OP Financial Group provides advice and makes business decisions that promote the sustainable financial success, security and wellbeing of its owner-customers and operating region while managing the Group’s risk profile on a longer-term basis. Advice for customers, risk-based service sizing, contract lifecycle management, decision-making, management and reporting are based on correct and comprehensive information.

    Outlook

    The global economic outlook has weakened due to increased tariffs and a higher level of uncertainty. The Finnish economy is likely to grow less than previously expected and the outlook is exceptionally uncertain. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment of OP Financial Group and its customers.

    OP MB’s capital adequacy is expected to remain strong and its risk exposure favourable. This enables issuance of covered bonds in the future.

    Schedule for Interim Reports in 2025

    Half-year Financial Report 1 January–30 June 2025 30 July 2025
    Interim Report 1 January–30 September 2025 28 October 2025

    Helsinki, 7 May 2025

    OP Mortgage Bank
    Board of Directors

    For more information, please contact:
    Sanna Eriksson, Managing Director, tel. +358 10 252 2517

    DISTRIBUTION
    LSE London Stock Exchange
    Euronext Dublin (Irish Stock Exchange)
    Officially Appointed Mechanism (OAM)
    Major media
    op.fi 

    The MIL Network

  • MIL-OSI: Elcogen and Casale SA sign Memorandum of Understanding

    Source: GlobeNewswire (MIL-OSI)

    TALLINN, Estonia, May 07, 2025 (GLOBE NEWSWIRE) — Elcogen, a leading European manufacturer of technology that enables the efficient production of affordable green hydrogen and emission-free electricity, today announced that it has entered into a Memorandum of Understanding (MoU) with Casale, a global provider of technologies and integrated engineering solutions to produce ammonia and other base chemicals. This is a non-exclusive Memorandum that will enable the parties to collaborate on green ammonia and other Power-to-X (P2X) projects.

    Under this MoU, the two companies will explore commercial projects of mutual interest, with a view to integrating Elcogen’s solid oxide electrolysis stack and stack module technology into Casale’s plants, and potentially other P2X applications globally. In turn, Elcogen can provide their technology platform and related technical services to support Casale in its process design efforts for developers on the international market.

    This partnership marks a significant milestone in the green energy transition, with the possibility of combining Casale’s proven, mature process design expertise with Elcogen’s cutting-edge Solid Oxide Electrolysis Cell (SOEC) technology for highly efficient green hydrogen production.

    Driving the future of sustainable solutions with green hydrogen

    Ammonia production, which today relies primarily on hydrogen derived from natural gas, has traditionally been dependent on fossil fuels, making it a significant source of CO2 emissions. However, by coupling green hydrogen technology into ammonia production and leveraging renewable energy sources, the new process can significantly reduce emissions, offering a cleaner and more sustainable solution for the industry. Combining Elcogen’s efficient SOEC technology with Casale’s high-performance ammonia solutions, the parties will be able to propose leading solutions to the green ammonia market. SOEC is ideally suited to integration with industrial processes, producing hydrogen directly where it is needed as feedstock.

    “Solid oxide technology is on track to reach cost parity with PEM and Alkaline systems soon, and once it does, it will offer even greater value. With a lower levelised cost of hydrogen, greater scalability, and a lack of reliance on precious materials like iridium and platinum, it’s a future-proof technology that’s expected to become a key player in the green ammonia space as it matures. This will provide a competitive advantage to both companies,” said Mikael Jansen, Director of Business Development at Elcogen, adding, “This MoU is an exciting step forward. With over 100 years of experience, Casale is a world-class player, and we are humbled that a major ammonia technology provider shares our same vision. Together, we are making a tangible contribution to world sustainability goals. We’re poised to set a new standard for sustainable ammonia production”.

    SOEC technology offers unparalleled advantages compared to water electrolysis. It requires less electricity to produce hydrogen due to faster and more efficient kinetics, and it can use steam generated from the waste heat of industrial processes – such as ammonia production – further reducing the electricity needed for hydrogen production. Unlike water electrolysis, it produces little to no waste heat itself. The elcoStack® technology platform operates at a lower temperature compared to many other solutions while retaining high efficiency and power densities, providing a simpler and more cost-efficient solution for integrating solid oxide technology into an electrolyser system.

    “Observing Elcogen’s achievements in solid oxide technology, we see a highly complementary fit with Casale’s deep expertise in process integration and plant design. This collaboration opens new possibilities for industrial applications of green hydrogen, particularly in ammonia production and also in other technologies. We believe this partnership will allow both companies to explore innovative solutions in the Power-to-X space, building on our shared commitment to accelerate the energy transition,” said Federico Zardi, CEO of Casale SA.

    Elcogen Contact: Laura Quinton, Communications Manager, Laura.Quinton@elcogen.com +358(0)456163133

    Casale Contact: Maria San Antonio Alonso, Marketing & Communications Manager, m.sanantonio@casale.ch +41 91 6419330

    About Casale

    Founded in 1921, Casale is a privately-owned Swiss company headquartered in Lugano, Switzerland, with over a century of expertise offering integrated technologies, engineering, contracting and construction solutions for the chemical and fertilizer industries. With more than 450 professionals across Switzerland, the Czech Republic, China, India, the United States, the United Arab Emirates and Brazil, Casale is a global leader in sustainable fertilizer production technologies.

    Casale is among the few licensors that can provide the entire fertilizer production chain of ammonia, urea, nitric acid, nitrates, phosphates, in addition to key chemicals such as melamine, methanol. Focused to build sustainable plants for a better planet, the portfolio of solutions also includes innovative technologies to produce green and blue ammonia, methanol, and hydrogen delivering thus a complete range of solutions for new plants and for plants retrofits (revamping).

    Casale delivers, both for plant revamping and new plants, a comprehensive range of services and products including:

    • know-how and licensing of core technologies
    • full range of engineering services, from feasibility studies to basic, FEED, and detail design
    • equipment and materials supply
    • EP/EPC project contracting
    • digital solutions for plant control and management
    • repair and maintenance services

    Casale offers a full range of services consistently prioritizing continuous innovation and operational excellence. Casale’s ability to weave its deep commitment to the research and development of clean technologies into every aspect of its design, construction and renovation projects underlines its leadership in energy transition and sustainability.

    www.Casale.ch

    About Elcogen

    Elcogen develops and supplies solid oxide fuel cell and electrolysis technologies, enabling the production of affordable green hydrogen and emission-free electricity across diverse sectors, from residential to large-scale industrial applications. Founded in 2001, the Company has its registered office in the UK, its main headquarters in Tallinn, Estonia, and R&D centres of excellence in both Estonia and Finland. Serving a growing global customer base, Elcogen’s fuel and electrolyser cells, stacks, and modules are integrated into third-party systems, delivering exceptional performance and reliability. In addition to the supply of components, Elcogen offers comprehensive services to support technology integration, ensuring seamless adoption and optimal functionality of its solutions in various applications. These systems are designed to unlock the full potential of renewable energy, offering superior efficiency compared to traditional technologies. Together with its partners, Elcogen is shaping a sustainable energy landscape and leading the way to a net-zero future.

    www.elcogen.com

    The MIL Network

  • MIL-OSI Europe: Sweden increases support to independent media by SEK 70 million

    Source: Government of Sweden

    Sweden is the world’s third-largest donor in support of free and independent media. This position is now being strengthened with its new SEK 70 million in support to one of the world’s foremost networks for investigative journalism, the Organized Crime and Corruption Reporting Project (OCCRP).

    MIL OSI Europe News

  • MIL-OSI USA: Kaine Statement on President Trump’s Threats to Use Military Force in Mexico and Greenland

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA), a member of the Senate Armed Services Committee and the lead Democrat on the Senate Foreign Relations Committee’s Western Hemisphere subcommittee, released the following statement regarding President Donald Trump’s statements threatening to use U.S. military force to violate Mexican sovereignty and invade a NATO ally:
    “Throughout my travels in Virginia, I’m hearing about the need to stabilize our economy and lower prices—not start new wars right across our southern border in Mexico, or with our NATO ally Denmark. Using U.S. military personnel in this manner would be a waste of taxpayer money and military resources at a time when we should be focusing on how to best counter real adversaries like China, Russia and Iran, and on serious law enforcement initiatives to tackle the threats posed by cartels.
    “The Constitution gives Congress the authority to declare wars and to authorize the use of military force; there is no authorization for military action within Mexican or Danish territory. Should Trump order unauthorized military action in Mexico or Greenland, I will immediately file legislation to force a vote to stop it. If we’re going to order our young men and women in uniform to risk their lives in conflict, we owe it to them to have a robust debate and vote.”
    For years, Kaine has been the leading voice in Congress raising concerns over Presidents’ efforts to expand the use of military force without congressional authorization. In September of 2017, Kaine wrote a piece in TIME warning of the consequences if Trump pulled out of the nuclear deal with Iran. In July of 2018, Kaine wrote a piece in The Atlantic warning that President Trump was blundering toward war with Iran. In 2020, Kaine’s bipartisan war powers resolution seeking to avoid a needless war with Iran passed both houses of Congress with bipartisan majorities. Kaine’s bipartisan legislation to repeal the 1991 and 2002 Authorizations of Military Force and formally end the Gulf and Iraq Wars was passed by the Senate in 2023.

    MIL OSI USA News

  • MIL-OSI: TGS Awarded 4D Streamer Contract

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (7 May 2025) – TGS, a leading provider of energy data and intelligence, is pleased to announce the award of a 4D streamer contract in the East Mediterranean. Acquisition is scheduled to commence in Q2 this year and the contract has a duration of approximately 90 days.

    Kristian Johansen, CEO of TGS, commented, “We are very pleased to secure this 4D streamer contract. By leveraging the Ramform acquisition platform, coupled with our proprietary GeoStreamer technology we are well equipped to deliver high quality 4D data to our client.”

    For more information, visit TGS.com or contact:

    Bård Stenberg
    VP IR & Communication
    Mobile: +47 992 45 235
    investor@tgs.com

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    Forward Looking Statement
    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

    The MIL Network

  • MIL-OSI: Sampo Group’s results for January-March 2025

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, interim statement, 7 May 2025 at 8:30 am EEST

    Sampo Group’s results for January-March 2025

    • Top-line growth stood at 9 per cent on a currency adjusted basis on the back of continued strong development in target growth areas within the private operations in the Nordics and the UK.
    • Underwriting margins benefited from a benign winter and large claims, and a continued positive underlying trend in the Nordics, leading the combined ratio to improve to 84.6 per cent.
    • The underwriting result increased by 30 per cent on a currency adjusted basis to EUR 336 million as a result of the strong growth and improvement in margins.
    • Operating EPS strengthened by 9 per cent to EUR 0.11, as the strong underwriting result more than offset softer investment returns and an increase in the share count.
    • Following a detailed assessment, estimated synergies from the Topdanmark integration have been raised to EUR 140 million in 2028 from EUR 95 million (pre-tax) on higher expected cost benefits.
    • After the strong first quarter performance, the outlook for 2025 underwriting result has been increased to EUR 1,400–1,500 million from EUR 1,350–1,450 million.
    • Solvency II coverage increased to 180 per cent from 177 per cent at year end, and financial leverage amounted to 25.8 per cent.

    “The first quarter of 2025 has provided a strong start to the year, underpinned by robust growth, disciplined pricing, and continued high retention from satisfied customers. We are confident in our ability to build on this positive momentum throughout the year and remain an attractive asset for shareholders who value stability and operational excellence”, says Torbjörn Magnusson, Sampo Group CEO.

    Key figures

    EURm 1–3/2025 1–3/2024 Change, %
    Gross written premiums 3,616 3,297 10
    Insurance revenue, net 2,188 2,020 8
    Underwriting result 336 260 29
    Net financial result 101 265 -62
    Profit before taxes 377 465 -19
    Net profit 285 343 -17
    Operating result 297 253 17
    Earnings per share (EUR) 0.11 0.14 -22
    Operating EPS (EUR) 0.11 0.10 9
           
      1–3/2025 1–3/2024 Change
    Risk ratio, % 58.9 62.4 -3.5
    Cost ratio, % 25.7 24.7 1.0
    Combined ratio, % 84.6 87.1 -2.5
    Solvency II ratio (incl. dividend accrual), % 180 180


    Gross written premiums and insurance revenue include broker revenues. Net profit for the comparison period refers to Net profit for the equity holders. Per share figures for the comparison period are adjusted for the share split in February 2025. The figures in this report have not been audited.

    GROUP CEO’S COMMENT

    Sampo delivered an excellent first quarter with growth of 9 per cent in the top-line and 30 per cent in underwriting profits on a currency adjusted basis, as we continued to capitalise on our strong positioning and rational markets conditions. We remain confident in the outlook for the year and have increased the estimated synergies from the integration of Topdanmark significantly.

    As a northern European P&C insurer, the first quarter is typically the reporting period most influenced by weather. This year, Norway saw a fairly cold and snowy winter with some flooding and storms, while conditions in the other Nordic countries and the UK were more benign. However, underlying margin development also remained good and in line with recent trend with a 20 basis point improvement in the Nordic underlying risk ratio.

    In the Private Nordic business, we kept our normal focus on customer value and on setting the right prices. Retention levels continued to increase slightly, and the combined ratio came down to 83.8 per cent, a very strong start of the year. We continued to observe a gradual but persistent movement of customers toward our digital tools with digital sales increasing by 20 per cent year on year. In Private UK, we negotiated with a competitive but rational market by finding pockets of attractively priced business in home, van, and bike insurance as well as in telematics. The latter has been transformed by new technology recently, enabling more accurate driving data to be collected and interpreted at a lower cost. With normal weather, we produced a combined ratio of 88.7 per cent.

    This solid development in the private business drove a 9 per cent top-line increase at group level, continuing the strong growth momentum from recent years with growth of 12 and 11 per cent in 2024 and 2023, respectively. Now and then, there are regulatory reviews of various aspects of our business. We always strive to achieve good long-term relationships with our customers, where high retentions, stability, customer satisfaction, and fair claims settlements are key. This has even meant that we have gained advantages from some previous regulatory reforms, like GIPP in the UK, and a focus on these aspects of stability for our customers is as important as sales.

    For modern P&C insurers, efficiency gains are primarily achieved through investments in digitalisation and technology, and the corresponding processes. With this in mind, the acquisition of Topdanmark enables us to supercharge our performance in Denmark. Since completing the deal in October last year, we have re-assessed the synergy potential available, now with full insight into the business, and increased our synergy estimate to EUR 140 million pre-tax in 2028, from the original EUR 95 million. All of the increase comes from cost synergies. The majority will derive from IT transformation, as we plan to overhaul our Danish operations with new, state-of-the-art core systems and applications, to the benefit of both customers and shareholders.

    Conditions in the Nordic and UK P&C insurance markets in which we operate have remained very healthy with rational competition. Demand for P&C insurance products has been stable as it tends to be through the economic cycle, particularly in our resilient Northern European economies and our balance sheet continues to be in excellent shape. Although no company is an island, I feel that we are as well positioned as one can be to weather the potential effects from the recent increase in political and economic uncertainty. Indeed, given our strong cash flow profile and solid balance sheet, capital returns remain a central discussion point with our investors. Sampo has a strong track-record of attractive shareholder returns that we intend to stay true to. As mentioned with our full-year 2024 results, we expect to launch a share buyback programme in 2025 and we will give an update on this no later than with our second quarter 2025 results, which will be roughly 12 months after the launch of our last programme. In the interim, I hope to gain additional clarity on potential holding company asset disposals.

    To conclude, the first quarter of 2025 has provided a strong start to the year, underpinned by robust growth, disciplined pricing, and continued high retention from satisfied customers. We are confident in our ability to build on this positive momentum throughout the year and remain an attractive asset for shareholders that value stability and operational excellence.

    Torbjörn Magnusson
    Group CEO

    OUTLOOK

    Operating environment and assumptions

    The operating environment in the markets in which Sampo operates remains broadly unchanged from the start of 2025, both in terms of competitive and claims cost development dynamics. The first quarter saw better than expected weather and large claims below budget but these do not change Sampo’s forward view of claims cost development.

    Outlook for 2025

    Following a favourable outcome on weather claims relative to normal levels, and, to a lesser degree, benign large claims and increased Topdanmark synergies, Sampo has decided to adjust its 2025 financial outlook to:

    • Group insurance revenue: EUR 8.8–9.1 billion (from EUR 8.7–9.0 billion), representing growth of 5–9 per cent year-on-year.
    • Group underwriting result: EUR 1,400–1,500 million (from EUR 1,350–1,450 million), representing growth of 6–14 per cent year-on-year.

    Any forecast of Sampo’s underwriting result is subject to estimates for weather claims, large claims, prior year development, and certain other items that may vary periodically and are out of Sampo’s control, meaning regular updates of the forecast are needed to reflect actual outcomes. Moderate deviations against normal and budget levels are typical on a quarterly basis and Sampo intends to broadly reflect these in the outlook statement in its quarterly reports. In addition to the underwriting result, Sampo derives a material share of its earnings from returns on its investment portfolio and insurance finance income and expense, meaning changes in the outlook cannot be assumed to translate one-for-one into net profit. Sampo does not provide an outlook for its net financial result.

    The outlook for 2025 is consistent with Sampo’s 2024–2026 financial targets of delivering a combined ratio below 85 per cent annually and operating EPS growth of more than 7 per cent annually on average.

    The outlook is subject to uncertainty related to occurrence and estimation of the cost of P&C claims, foreign exchange rates, and competitive dynamics. Revenue forecasts, in particular, are subject to competitive conditions, which may change rapidly in some areas, such as the UK motor insurance market. The revenue and underwriting profit figures in the outlook are based on currency exchange rates as of the latest reporting date.

    SAMPO PLC
    Board of Directors

    The Interim Statement for January-March 2025 in its entirety, the Investor Presentation and a video review with Group CEO Torbjörn Magnusson are available at www.sampo.com/result.

    A conference call for investors and analysts will be arranged today 7 May at 11:30 am Finnish time (9:30 am UK time). To ask questions, please join the teleconference by registering using the following link:  https://palvelu.flik.fi/teleconference/?id=50051475

    The conference call can also be followed live at www.sampo.com/result. A recorded version and a transcript will later be available at the same address.

    For more information, please contact

    Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
    Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030
    Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    FIN-FSA
    The principal media
    www.sampo.com

    Attachment

    The MIL Network

  • MIL-OSI: Interim Financial Report, Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    • Earnings per share DKK 19.4 (Q1 2024: DKK 19.0)
    • Core income DKK 3,229m (Q1 2024: DKK 3,430m)
    • Core expenses DKK 1,533m (Q1 2024: DKK 1,557m)
    • Loan impairment charges: DKK 66m (Q1 2024: DKK 82m)
    • Post-model adjustments relating to loan impairment charges was up to DKK 1,869m (end of 2024: DKK 1,782m).
    • Capital ratio at 20.9%, of which common equity tier 1 capital ratio of 15.7% (Q1 2024: 22.0% and 16.6%, respectively)

    Summary

    ”Jyske Bank has got off to a good start to the year with continued progress. In addition, we have boosted customer satisfaction, among personal as well as corporate customers, over the past year. We are in a strong financial position and well-equipped to support our customers,” says Lars Mørch, CEO and Member of the Group Executive Board.

    In Q1 2025, earnings per share rose by 2% compared with the year before despite the impact from considerably lower short-term interest rates. The business volumes showed sustained increase with increased momentum in the personal customer area.

    The Danish economy continues to show high employment and a slightly increasing level of activity. The future development of the economy is affected by higher geopolitical uncertainty and the ongoing trade war.

    Strategic progress
    Jyske Bank’s strategy builds on the Group’s strengths and aims to pave the way for a strong future market position. The strategy involves tight operations combined with higher investments in selected customer segments and ensuring a solid, secure and attractive platform.

    We have clear-cut targets for stronger customer focus, and it is our ambition to help customers in their sustainable transition and to use digitisation proactively to the benefit of customers and to raise efficiency in the Group.

    In the first quarter of 2025, we further enhanced the customer experience by making all relevant information about meetings with Jyske Bank available at the online and mobile banking platforms.  We introduced AI assistants and made artificial intelligence accessible to all employees.

    Corporate customers have also gained new opportunities at online banking through modules for financial and risk management, which can help them make informed decisions and effectively manage their risks. We also held business-oriented webinars focusing on the future of construction and climate accounts.

    Rising customer satisfaction
    Jyske Bank’s customer satisfaction surged over the past twelve months. Personal customer satisfaction shows one of the largest increases among Danish banks and is higher than that of comparable financial institutions. Jyske Bank has the most satisfied private banking customers in the country, and in addition, satisfaction among corporate customers is on the rise. This is the result of targeted efforts where we have to an even higher extent held meetings with our customers.

    New Executive Board member
    After nearly 38 years with Jyske Bank – of these almost 16 years on the Group Executive Board, Niels Erik Jakobsen, Head of Personal Banking and Wealth Management and Member of the Group Executive Board, has as previously announced decided to retire on 1 June 2025.

    At the same date, Ingjerd Blekeli Spiten will take office as Head of Personal Banking and Wealth Management and new member of the Group Executive Board. Ingjerd Blekeli Spiten was during the period 2018-2024 Group Executive Director of Retail Banking at DNB (Norway). Previously, she held leadership positions with responsibility for sales, development, and implementation at DNB and companies such as Ericsson, Microsoft and Telenor. 

    DKK 19.4 per share in Q1 2025
    Jyske Bank’s earnings per share were up by 2% to DKK 19.4, supported by a positive development in activity and fewer shares in circulation.

    Core income declined by 6% due to lower net interest income after Danmarks Nationalbank’s policy rate decreased to an average of 2.36% for the first quarter of 2025 from 3.60% a year before. Net fee and commission income, on the other hand, showed a continued positive development with an increase of 20%, driven by rising assets under management and customers’ adoption of our investment products.

    Core expenses decreased by 2%, driven by fewer employees and lower contributions to the Resolution Fund, partially offset by contractual wage increases of 3.7% and inflation. Additionally, the effect of DKK 22m lower non-recurring items relating to the acquisitions of Handelsbanken Danmark and PFA Bank after completed integration processes.

    Loan impairment charges remained at a low level of DKK 66m against DKK 82m in the preceding year. The continued low level includes the effect of an increase in management’s estimates regarding impairments by DKK 87m to DKK 1.9bn, in order to address the effects from higher macroeconomic uncertainty.

    The capital base remains solid after the implementation of Basel IV. The common equity tier 1 capital ratio was 15.7% at the end of the first quarter of 2025, with a total capital ratio of 20.9% in line with the targeted intervals.

    Webcast and conference call
    Jyske Bank will host a conference call in English targeting investors and analysts today at 12:00 p.m. CET (link). Conference call and presentation will be available via www.jyskebank.dk/ir.

    Yours faithfully,
    Jyske Bank

    Contact:
    Lars Mørch, CEO and Member of the Executive Board, tel. +45 89 89 20 01
    Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44

    Attachments

    The MIL Network

  • MIL-OSI: OP Financial Group’s Interim Report for 1 January–31 March 2025: OP Financial Group reports a good first quarter in an uncertain operating environment

    Source: GlobeNewswire (MIL-OSI)

    OP Financial Group
    Interim Report 1 January–31 March 2025
    Stock Exchange Release 7 May 2025 9.00 am EEST

    OP Financial Group’s Interim Report for 1 January–31 March 2025: OP Financial Group reports a good first quarter in an uncertain operating environment

    • Operating profit decreased by 31% to EUR 423 million (618).
    • Net interest income decreased by 11% to EUR 631 million (709). Insurance service result was EUR 2 million (-10) and net commissions and fees were EUR 206 million (205). Income from customer business, that is, net interest income, insurance service result and net commissions and fees, decreased by a total of 7% to EUR 839 million (904).
    • Impairment loss on receivables reversed came to EUR 24 million (-39), representing -0.10% of the loan and guarantee portfolio (0.15).
    • Investment income decreased by 88% to EUR 19 million (151).
    • Total expenses grew by 10% to EUR 590 million (537). The cost/income ratio weakened to 60% (45).
    • In the year to March, the loan portfolio grew by 1% to EUR 99.1 billion (98.4). Deposits increased by 5% to EUR 77.5 billion (73.6).
    • The CET1 ratio was 20.0% (21.5), which exceeds the minimum regulatory requirement by 6.9 percentage points. The changes in the collateral management process decreased capital adequacy. The changes in the EU Capital Requirements Regulation (CRR3), which took effect on 1 January 2025, caused a slight reduction in the capital adequacy of OP Financial Group.
    • The Retail Banking segment’s operating profit decreased by 23% to EUR 291 million (379). Net interest income decreased by 17% to EUR 464 million (558). Impairment loss on receivables reversed came to EUR 26 million (-27). Net commissions and fees increased by 2% to EUR 190 million (187). The cost/income ratio weakened to 60% (46). In the year to March, the loan portfolio grew by 0.4% to EUR 71.0 billion (70.6). Deposits increased by 4% to EUR 64.0 billion (61.8). Assets under management grew by 6% to EUR 94.4 billion (89.4).
    • Corporate Banking segment’s operating profit grew by 13% to EUR 145 million (129). Net interest income decreased by 0.5% to EUR 165 million (166). Impairment loss on receivables decreased by 89% to EUR 1 million (12). Net commissions and fees decreased by 10% to EUR 21 million (23). The cost/income ratio was 33% (32). In the year to March, the loan portfolio grew by 1% to EUR 28.2 billion (27.8). Deposits increased 14% by to EUR 14.2 billion (12.5). 
    • The Insurance segment’s operating loss was EUR -14 million (118). The insurance service result grew to EUR 2 million (-10). Investment income fell to EUR -17 million (129). The combined ratio reported by non-life insurance improved to 99.5% (108.9).
    • Group Functions’ operating profit was EUR 23 million (-5). Net interest income grew to EUR 2 million (-6).
    • OP Financial Group increased the OP bonuses to be earned by owner-customers for 2025 by 40% compared to the normal level of 2022. Additionally, owner-customers get daily banking services without monthly charges in 2025. Together, these benefits added up to EUR 104 million in value for owner-customers during the reporting period.
    • Outlook: OP Financial Group’s operating profit for 2025 is expected to be at a good level but lower than that for 2023 and 2024. For more detailed information on the outlook, see “Outlook”.

    OP Financial Group’s key indicators

    € million Q1/2025 Q1/2024 Change, % Q1–4/2024
    Operating profit, € million 423 618 -31.4 2,486
      Retail Banking*** 291 379 -23.4 1,328
      Corporate Banking*** 145 129 12.8 520
      Insurance -14 118 -111.5 578
      Group Functions 23 -5 19
    New OP bonuses accrued to owner-customers, € million -81 -75 7.6 -314
    Total income** 989 1,194 -17.1 4,844
    Total expenses -590 -537 10.0 -2,262
    Cost/income ratio, %*/** 59.7 45.0 14.7 46.7
    Return on equity (ROE), %* 7.5 12.1 -4.5 11.6
    Return on equity, excluding OP bonuses, %* 8.8 13.4 -4.6 13.0
    Return on assets (ROA), %* 0.85 1.25 -0.40 1.24
    Return on assets, excluding OP bonuses, %* 0.99 1.39 -0.39 1.39
      31 Mar 2025 31 Mar 2024 Change, % 31 Dec 2024
    CET1 ratio, %* 20.0 19.6 0.3 21.5
    Loan portfolio, € billion 99.1 98.4 0.7 98.9
    Deposits, € billion 77.5 73.6 5.4 77.7
    Assets under management, € billion**** 94.4 89.4 5.6 93.3
    Ratio of non-performing exposures to exposures, %* 2.48 3.04 -0.56 2.64
    Ratio of impairment loss on receivables to loan and guarantee portfolio, %* -0.10 0.15 -0.25 0.09
    Owner-customers (1,000) 2,121 2,095 1.3 2,115

    Comparatives for the income statement items are based on the corresponding figures in 2024. Unless otherwise specified, figures from 31 December 2024 are used as comparatives for balance-sheet and other cross-sectional items. 
    * Change in ratio, percentage point(s). 
    ** OP bonuses to owner-customers, which were previously shown on a separate line in the income statement, have been divided under the following items based on their accrual: interest income, interest expenses, and commission income from mutual funds. The line ‘OP bonuses to owner-customers’ is no longer shown in the income statement. Comparative information of Q1 2024 has been adjusted accordingly. For more detailed information on the change, see Note 1 to the Half-year Financial Report 1 January–30 June 2024, Accounting policies and changes in accounting policies and presentation.
    *** As of 1 January 2025, OP Asset Management Ltd, OP Fund Management Company Ltd and OP Real Estate Asset Management Ltd, including subsidiaries, are reported as part of the Retail Banking segment. Comparative information of 2024 has been adjusted accordingly. 
    **** The presentation of assets under management was changed at the beginning of 2025. Comparatives have been adjusted to correspond to the current definition.

    Comments by the President and Group Chief Executive Officer:

    Geopolitical tensions and the trade war are making the economic outlook uncertain

    In the first quarter of 2025, the business environment was marked by uncertainty and an exceptionally tense geopolitical situation. The war in Ukraine has continued for more than three years, no solution is in sight for the Middle-East conflict, and the trade war ignited by US tariff rises is creating exceptional uncertainty in the world economy. As the tectonic plates of geopolitics and world trade structures shift, it is difficult to see where they will settle. The golden age of globalisation, which began in the late nineties, already appears to be over for now; free global trade seems unlikely to return to its former course. Mounting trade barriers will slow global growth and increase inflationary pressures.

    Due to the uncertainty, the most recent analyses revise economic forecasts downwards: OP Financial Group’s latest projection envisages GDP growth of 1% in Finland this year. The world economy is expected to grow by only 2.5%, which is a relative slowdown in terms of global growth. However, given the exceptional uncertainty in growth prospects, positive changes in the outlook are also possible.

    Gloomy economic expectations have spurred cuts in interest rates and the markets expect short-term market rates to keep falling in the euro zone. Conversely, long-term rates have risen due to concerns that public debt will continue to rise in the euro zone.

    The uncertainty seems to be dampening consumer confidence and companies’ willingness to invest. Despite this, the housing market continues its gradual recovery.

    The trade war has magnified the unusual volatility in stock market prices. In many markets, the early-year rise in stock prices was wiped out as Q1 ended: in late March, the global equity index was 2.1% lower than at the end of 2024. European share markets defied this trend, rising by 5.2% after the year-end; the Nasdaq Helsinki closed 4.2% higher.

    OP Financial Group performed well, despite the turbulence in capital markets

    Regardless of the challenging business environment, OP Financial Group’s profitability remained high and its operating profit was EUR 423 million. This represents a decrease of 31% compared to the same period in 2024. Our strong profit performance will enable us to continue providing outstanding benefits for our more than 2.1 million owner-customers in 2025. This year again, we will use benefits to help ease the strain on households in economically challenging times. We will pay 40% extra (compared to the normal level of 2022) on OP bonuses earned in 2025 and will not charge our owner-customers monthly fees for daily services throughout the year. Together, these benefits will add up to more than EUR 400 million in value for our owner-customers. Being customer-owned, OP Financial Group will continue to share its financial success through a range of financial and other benefits for owner-customers.

    Strong capital adequacy and excellent liquidity provide security in the uncertain and often unpredictable business environment. At the end of March, OP Financial Group’s CET1 ratio was 20.0%, which exceeds the minimum regulatory requirement by 6.9 percentage points. OP Financial Group is one of the most financially solid large banks in Europe. Furthermore, our liquidity remained excellent. Strong capital adequacy, excellent liquidity and broad trust among customers and other stakeholders are vital for banks and insurance companies, particularly in these uncertain times. All of these are in excellent shape at OP Financial Group.

    Income from OP Financial Group’s business operations was EUR 989 million in January–March, which was 17% less year-on-year. In particular, net interest income fell by 11% due to decreases in market rates. Net commissions and fees were at the same level year-on-year.

    The insurance service result was a EUR 2 million profit, compared to a EUR 10 million loss for Q1 in 2024. This was due to a more favourable claims trend than a year earlier, although the insurance service result for this year’s Q1 was weighed down by growing operating expenses and the poor profitability of health insurance.

    Due to turbulence in the markets, income from investment activities was modest at EUR 19 million, compared to EUR 151 million at the end of March last year.

    Totalling EUR 590 million, OP Financial Group’s expenses were higher by 10% year-on-year, mainly due to rising personnel costs and higher investments in ICT development. At 60%, OP Financial Group’s cost-income ratio clearly deteriorated compared to Q1 2024.

    Of the three business segments, the best performer was Corporate Banking, which had an operating profit of EUR 145 million in January–March, a year-on-year increase of 13%. Despite a 23% decrease, Retail Banking’s operating profit of EUR 291 million was also a good performance. The segment was particularly affected by falling market rates: net interest income decreased by 17%. Due to a poor investment result, the Insurance segment recorded a EUR 14 million operating loss. This compares to the segment’s operating profit of EUR 118 million for Q1 in 2024.

    Both deposit and loan volumes are growing – impairment loss on receivables was exceptionally positive

    The deposit portfolio grew by 5% year-on-year, total deposits being EUR 77.5 billion at the end of March. OP Financial Group’s market share of deposits has been growing markedly over the last couple of years.

    Moreover, its loan portfolio, which grew by around 1% year-on-year, was EUR 99.1 billion: with this, the Group held onto its position as Finland’s leading provider of home loans. The home loan market has shown signs of recovery in recent months: for example, the euro amount of new home loans granted by OP Financial Group in March 2025 was 28% higher than in March 2024. OP’s home loan customers have continued to repay their loans diligently and on schedule. The number of loan modification applications was lower than in the same period in 2024. Year-on-year, the number of corporate loans under special monitoring declined.

    The ratio of non-performing exposures to the loan and guarantee portfolio decreased to 2.5%. Exceptionally, reversals of impairment loss on receivables totalled EUR 24 million in January–March, compared to EUR -39 million recognised for Q1 a year earlier.

    Savings and investments are growing strongly – OP First Investment for babies incentivises long-term investment

    Alongside our aim to coach our customers in making better financial choices, we have focused on making personal financial management easier for them, while enabling and supporting long-term saving and investing. Wealth management is one of our growth focus areas and we aim to make a clear growth leap in this business activity. Despite the volatility on stock markets, our customers retained a strong interest in securing their financial futures and accumulating wealth.

    Customers were interested in systematically investing in funds – they made almost 57,000 new systematic investment agreements with us, which is a 22% increase compared to Q1 in 2024. There are already more than 1.4 million OP mutual fund unitholders. In addition, the number of active equity investors grew by 34%. Reaching almost EUR 94 billion in value, investment assets managed by OP Financial Group grew by 6% compared to January–March 2024.

    OP Financial Group member cooperative banks will make an OP First Investment donation – a EUR 100 investment in the OP-World Index fund – to every baby born in Finland this year. The wellbeing of children and youths is one of OP’s values and part of its approach to corporate responsibility. With OP First Investment, we want to encourage families to engage in systematic, long-term saving and investment. Based on last year’s figures, the estimated aggregate value of OP First Investment donations may exceed EUR 4.3 million. OP First Investment can be received from May 2025, when it will become available for babies born in 2025 (including those born before May).

    The mild winter had a positive impact on claims, but health insurance claims expenditure continued to grow considerably

    Pohjola Insurance’s premiums written grew by 1% compared to the first quarter of last year. Premiums written grew by more than 8% regarding personal customers, but decreased by 2% in the case of corporate customers.

    Pohjola Insurance’s claims expenditure fell by 16% year-on-year. Due to the mild winter, building claims were 36% down and compensation paid for vehicle claims was 2% lower than for Q1 in 2024. On the other hand, health insurance compensation grew by 14% compared to the first three months of last year.

    Compensation was paid for a total of 94% of all claims, which was the same level as a year earlier.

    Use of digital services is still growing – phone number-based payment is becoming more versatile

    Use of digital services grew substantially again. Our personal and corporate customers increasingly use digital channels for banking and insurance. OP-mobile was logged into more than 60 million times in March. The app already has more than 1.7 million active users. Use of OP Aina – which was launched in June last year as a personal assistant for customers using OP-mobile – grew in the first quarter to 1.5 million service interactions. We use OP Aina to provide customers with services that are even more personalised than before and continuously available.

    Siirto Brand Oy, a joint venture between OP and Nordea, began operating: the company provides Finnish solutions for easy and secure payment. With just a phone number, users can make payments to friends or online stores, and a feature for ordering recurring or single e-invoices is planned. These services will expand opportunities to make account-based payments in Finland. Siirto already has 1.5 million registered users.

    A historically large structural change is underway among OP cooperative banks

    New plans were published during the first quarter for mergers between OP cooperative banks around Finland. The mergers announced and decided so far will reduce the number of OP cooperative banks from 93 at the end of 2024 to 54 by the end of 2025. In addition, several projects (both published and unpublished) for mergers between OP cooperative banks are being planned.

    Key drivers of mergers between OP cooperative banks include ensuring that they can provide the most comprehensive, highest quality banking services possible in their operating regions, while keeping pace with the increase in banking regulations.

    In uncertain times, we need pioneers that point the way to futures filled with hope

    OP Financial Group is in excellent shape to support customers in various ways in the uncertain business environment. We want to be a pioneer pointing the way to futures filled with hope in Finnish society – we will pursue this objective through a number of measures this year. An example is our new partnership with the Hive coding school, through which we aim to promote work-based immigration and the training of people from diverse backgrounds for high-level roles in IT. The future success and wellbeing of Finland and its people depend on stepping up work-based immigration and solving the challenges posed by the ageing of society, as Finland’s working-age population decreases.

    My warm thanks to all our customers for the trust they showed in OP Financial Group in early 2025. We aim to continue being worthy of the confidence you place in us. I would also like to thank our employees and governing bodies for their excellent work in the first quarter of 2025.

    Timo Ritakallio
    President and Group CEO


    January–March

    OP Financial Group’s operating profit was EUR 423 million (618), down by 31.4% or EUR 194 million year on year. Income from customer business (net interest income, net commissions and fees and insurance service result) decreased by a total of 7.2% to EUR 839 million (904). The cost/income ratio weakened to 59.7% (45.0). New OP bonuses accrued to owner-customers increased by 7.6% to EUR 81 million.

    As a result of lower market interest rates, net interest income decreased by 11.0% to EUR 631 million. Net interest income reported by the Retail Banking segment decreased by 16.9% to EUR 464 million and that by the Corporate Banking segment decreased by 0.5% to EUR 165 million. OP Financial Group’s loan portfolio grew by 0.7% to EUR 99.1 billion while deposits grew by 5.4% to EUR 77.5 billion, year on year. Household deposits increased by 4.1% year on year, to EUR 49.0 billion. New loans drawn down by customers during the reporting period totalled EUR 6.1 billion (4.5).

    Impairment loss on receivables reversed came to EUR 24 million (-39). Final credit losses totalled EUR 16 million (12). At the end of the reporting period, loss allowance was EUR 784 million (824), of which management overlay accounted for EUR 58 million (77). Non-performing exposures decreased, accounting for 2.5% (3.0) of total exposures. Impairment loss on loans and receivables accounted for -0.10% (0.15) of the loan and guarantee portfolio.

    Net commissions and fees grew by 0.4% to EUR 206 million. Owner-customers’ use of daily banking services has been free of monthly charges since October 2023. Net commissions and fees for payment transfer services increased by EUR 3 million to EUR 58 million, and those for mutual funds by EUR 2 million to EUR 46 million.

    The insurance service result was EUR 2 million (-10). Insurance service result includes EUR 142 million (129) in operating expenses. Non-life insurance net insurance revenue, including the reinsurer’s share, decreased by 1.1% to EUR 419 million. Net claims incurred after the reinsurer’s share decreased by 15.8% to EUR 287 million. The combined ratio reported by non-life insurance improved to 99.5% (108.9).

    Investment income (net investment income, net insurance finance expenses and income from financial assets held for trading) decreased by a total of 87.5% to EUR 19 million. Investment income decreased as a result of the decrease in the value of equity investments and notes and bonds in particular. Net investment income together with net finance income describe investment profitability in the insurance business. The combined return on investments at fair value of OP Financial Group’s insurance companies was -1.1% (2.0).

    Net income from financial assets recognised at fair value through profit or loss, or notes and bonds, shares and derivatives, totalled EUR -448 million (744). Net income from investment contract liabilities totalled EUR 184 million (-359). Net insurance finance expenses totalled EUR 229 million (-250).

    In banking, net income from financial assets held for trading came to EUR 53 million (8) as a result of changes in the value of derivatives.

    Other operating income totalled EUR -11 million (9). A EUR 23 million valuation adjustment in patient insurance policies with full risk for own account decreased other operating income.

    Total expenses grew by 10.0% to EUR 590 million. Personnel costs rose by 9.4% to EUR 280 million. The increase was affected by headcount growth and pay increases. OP Financial Group’s personnel increased by more than 800 year on year. The number of employees increased in areas such as sales, customer service, service development, risk management and compliance. Depreciation/amortisation and impairment loss on PPE and intangible assets decreased by 4.1% to EUR 32 million. Other operating expenses increased by 12.4% to EUR 278 million. ICT costs totalled EUR 139 million (123). Development costs were EUR 101 million (83) and capitalised development expenditure EUR 13 million (14). Charges of financial authorities were EUR 1 million (1). The EU’s Single Resolution Board (SRB) does not collect stability contributions from banks for 2025.

    At EUR 73 million (69), OP bonuses for owner-customers are included in earnings and are divided under the following items based on their accrual: EUR 33 million (35) under interest income, EUR 22 million (19) under interest expenses, EUR 13 million (11) under commission income from mutual funds, and EUR 4 million (4) under the insurance service result.

    Income tax amounted to EUR 85 million (125). The effective tax rate for the reporting period was 20.1% (20.3). Comprehensive income after tax totalled EUR 362 million (509).

    OP Financial Group’s equity amounted to EUR 18.2 billion (18.1). Equity included EUR 3.1 billion (3.3) in Profit Shares, terminated Profit Shares accounting for EUR 0.2 billion (0.4).

    OP Financial Group’s funding position and liquidity are strong. The Group’s LCR was 202% (193) and NSFR was 129% (129).


    OP Cooperative’s Annual Cooperative Meeting

    On 9 April 2025, OP Cooperative held its Annual Cooperative Meeting which elected members of the Supervisory Council, the auditor and the sustainability reporting assurer.

    The Supervisory Council comprises 36 members. The Annual Cooperative Meeting re-elected the following members to the Supervisory Council who were due to resign: Managing Director Jouni Hautala, Lawyer Taija Jurmu, Managing Director Pekka Lehtonen, Vicar Toivo Loikkanen, Managing Director Kari Mäkelä, Chair of the Board of Directors Annukka Nikola, Managing Director Ulf Nylund, Managing Director Teemu Sarhemaa and Managing Director Ari Väänänen.

    New Supervisory Council members elected were entrepreneur Erkki Haavisto, Managing Director Sanna Metsänranta, Managing Director Pertti Purola, Product Manager Sanna Tefke, Director of Rural Administration Hannu Tölli and Managing Director Mikko Vepsäläinen.

    At its reorganising meeting on 9 April 2025, the Supervisory Council elected the Chairs of the Supervisory Council. Chair of the Board of Directors Annukka Nikola was elected as Chair and Lawyer Taija Jurmu and Managing Director Ari Väänänen as Vice Chairs of the Supervisory Council.

    The Annual Cooperative Meeting elected PricewaterhouseCoopers Oy, an audit firm, to act as auditor for the financial year 2025, with APA Lauri Kallaskari as the chief auditor.

    The Annual Cooperative Meeting elected PricewaterhouseCoopers Oy, a sustainability audit firm, to assure OP Financial Group’s sustainability reporting for the financial year 2025, with Tiina Puukkoniemi, ASA, acting as the chief authorised sustainability auditor.


    Outlook

    The global economic outlook has weakened due to increased tariffs and a higher level of uncertainty. The Finnish economy is likely to grow less than previously expected and the outlook is exceptionally uncertain. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment of OP Financial Group and its customers.

    OP Financial Group’s operating profit for 2025 is expected to be at a good level but lower than that for 2023 and 2024.

    The most significant uncertainties affecting OP Financial Group’s earnings performance are associated with developments in the business environment, changes in the interest rate and investment environment, and developments in impairment loss on receivables. Forward-looking statements in this Interim Report expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view on developments in the economy, and actual results may differ materially from those expressed in the forward-looking statements.


    Press conference

    OP Financial Group’s financial performance will be presented to the media by the President and Group Chief Executive Officer Timo Ritakallio in a press conference on 7 May 2025 at 11am at Gebhardinaukio 1, Vallila, Helsinki. Media enquiries: OP Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

    OP Corporate Bank plc and OP Mortgage Bank plc will publish their own interim reports.

    Schedule for 2025 Interim Reports and Half-year Financial Report:

    Half-year Financial Report 1 January–30 June 2025 30 July 2025
    Interim Report 1 January–30 September 2025 28 October 2025
    OP Amalgamation Pillar 3 Disclosures 31 March 2025 Week 19
    OP Amalgamation Pillar 3 Disclosures 30 June 2025 Week 33
    OP Amalgamation Pillar 3 Disclosures 30 September 2025 Week 45

    Helsinki, 7 May 2025

    OP Cooperative
    Board of Directors


    Additional information:

    Timo Ritakallio, President and Group Chief Executive Officer, tel. +358 (0)10 252 4500
    Mikko Timonen, Chief Financial Officer, tel. +358 (0)10 252 1325
    Piia Kumpulainen, Chief Communications Officer, tel. +358 10 252 7317

    DISTRIBUTION

    Nasdaq Helsinki Ltd
    Euronext Dublin (Irish Stock Exchange)
    London Stock Exchange
    Major media
    op.fi

    OP Financial Group is Finland’s largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. www.op.fi

    The MIL Network

  • MIL-OSI: Cybernet and Nokia redefine Pakistan’s network landscape with 1.2T-per-lambda backbone

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Cybernet and Nokia redefine Pakistan’s network landscape with 1.2T-per-lambda backbone

    • Cybernet has selected Nokia’s innovative 1830 Global Express (GX) platform with integrated optical line system capabilities and ICE7 coherent optics.
    • Cybernet’s new network will provide connectivity services to over 25 cities across Pakistan.
    • The Nokia solution will help Cybernet meet growing customer bandwidth demands with high-capacity services at market-competitive cost and power per bit.

    7 May 2025

    Espoo, Finland – Nokia today announced that Cybernet, Pakistan’s leading fiber broadband provider, has chosen Nokia’s cutting-edge optical transport solution for its new long-haul Optical Fiber Cable (OFC) network. Designed to deliver 1.2 terabits per second (Tbps) per wavelength, this next-generation infrastructure will power Cybernet’s national backbone. The network will connect over 25 cities in its initial phase and deliver more than 50 Tbps of long-haul capacity.

    This deployment will support data center interconnect, enterprise and carrier networks, as well as Cybernet’s flagship consumer broadband service, StormFiber.

    Cybernet provides comprehensive connectivity solutions across Pakistan, serving enterprise, corporate, and residential customers, in addition to offering carrier and transit services to international telecom operators. To support its growing data demands and build a terabit-scale infrastructure, Cybernet is deploying Nokia’s 1830 GX platform, integrated with 1.2T ICE7 coherent optics. The new network will expand capacity along resilient, diverse routes and enable a high-speed, low-latency terrestrial backbone that spans the entire country.

    In addition to connecting cities and communities through Cybernet’s digital highways, the new backbone will also support cross-border transit services for carriers and internet service providers in Central Asia. By delivering scalable, high-capacity services at globally competitive rates, this initiative will ultimately accelerate Pakistan’s digital transformation and foster regional connectivity.

    “By enhancing our network with cutting-edge technology, we’re able to keep pace with our customers’ rapidly evolving connectivity needs and deliver a superior end-user experience. Nokia is a trusted technology leader with the expertise and innovation to support our modernization goals. The 1830 GX-based solution will form the foundation for high-capacity services connecting Pakistan—and the region—to the global digital economy,” said Maroof Ali Shahani, Chief Operating Officer of Cybernet.

    “Deploying state-of-the-art optical solutions ensures networks are not just keeping pace with, but even staying ahead in the race to meet surging bandwidth demands. As Cybernet prepares to modernize its network infrastructure, Nokia is proud to be helping transform Pakistan’s connectivity landscape with a 1.2T backbone, seamlessly interconnecting data centers, powering government networks, and delivering direct-to-home services,” said James Watt, Senior Vice President and General Manager, Optical Networks at Nokia.

    Multimedia, technical information and related news
    Product Page: ICE7 1.2Tb/s high-performance coherent optics

    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.

    About Cybernet

    Cybernet is a leading fixed-line telecommunications provider in Pakistan with over 25 years of experience delivering high-quality connectivity solutions. Operating the country’s largest and most resilient FTTX network, Cybernet serves enterprise, carrier, and residential customers nationwide. It has international points of presence in France, the UAE, Oman, Singapore, and Hong Kong. Its service portfolio includes Carrier Ethernet, IPLC, DIA, MPLS, IP Transit, Wholesale Voice, Peering, cross-border and submarine transit capacities, as well as cloud and carrier-grade hosting. Cybernet is also the parent company of StormFiber, a fast-growing fiber broadband provider active in over 25 cities across Pakistan. Through sustained investment in infrastructure and innovation, Cybernet is helping to shape the future of Pakistan’s digital ecosystem.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

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    The MIL Network

  • MIL-OSI: Agillic releases Q1 2025 financial results: YoY, ARR from subscriptions is up 4%, EBITDA is up DKK 0.2 million, and cash flow from operations improved by DKK 1.9 million

    Source: GlobeNewswire (MIL-OSI)

    Announcement no. 08 – Copenhagen, 7 May 2025 – Agillic A/S

    ARR from subscriptions increased by 4% in Q1 2025 vs. Q1 2024 due to new clients and stabilisation of churn. Agillic expects growth from both existing clients and new clients in 2025.

    Total revenue decreased by 1% in Q1 2025 YoY due to lower revenue following last year’s high churn level. Total revenue is expected to increase in 2025 as per 2025 guidance.

    EBITDA increased by 20% in Q1 2025 vs. Q1 2024. The increase is driven by reduced employee costs following the organisational changes in Q4 2024.

    Cash flow from operations was DKK 1.9 million in Q1 2025, an increase of DKK 1.9 million YoY. The improved cash flow derives from a positive development in working capital.

    Key financial and SaaS highlights
    (DKK million)

    Income statement Q1 2025 Q1 2024 Change YTD 2025 YTD 2024 Change
    Revenue subscriptions 12.6 12.6 0% 12.6 12.6 0%
    Revenue transactions 2.1 2.2 -5% 2.1 2.2 -5%
    Total revenue 14.7 14.8 -1% 14.7 14.8 -1%
    Gross profit  12.0 12.3 -2% 12.0 12.3 -2%
    Gross margin 82% 83% 82% 83%
    Other operating income 0.0 0.2 -100% 0.0 0.2 -100%
    Employee costs -7.6 -8.6 12% -7.6 -8.6 12%
    Operational costs -3.6 -3.3 -9% -3.6 -3.3 -9%
    EBITDA 0.8 0.6 20% 0.8 0.6 20%
    Net profit -3.0 -3.4 11% -3.0 -3.4 11%
                 
    Financial position            
    Cash 5.2 7.2 -28% 5.2 7.2 -28%
    Cash flow from operations 1.9 0.0 1.9 0.0
                 
    ARR subscriptions            
    ARR 54.4 52.2 4% 54.4 52.2 4%
    Change in ARR 2.2 -2.0 2.2 -2.0
    Change in ARR % 4% -4% 4% -4%

    Financial guidance 2025 (announced on 6 February 2025, unchanged)

    Revenue DKK 60-63 million
    EBITDA DKK 5-8 million
    ARR subscriptions DKK 56-60 million

     
     
    For further information, please contact:
    Christian Samsø, CEO
    +45 24 88 24 24
    christian.samsoe@agillic.com

    Jack Sørensen, CFO
    +45 53 88 61 48
    jack.soerensen@agillic.com

    Certified Adviser
    HC Andersen Capital
    Pernille Friis Andersen

    Disclaimer
    The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk. which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.

    About Agillic A/S
    Agillic (Nasdaq First North Growth Market Denmark: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit www.agillic.com  

    Attachment

    The MIL Network

  • MIL-Evening Report: How maximum security prison inmates and officers worked together to create a farm behind bars

    Source: The Conversation (Au and NZ) – By Christian Tietz, Senior Lecturer in Industrial Design, UNSW Sydney

    Macquarie Correctional Centre Media Unit

    At Macquarie Correctional Centre in western New South Wales, a story of collaboration and persistence is unfolding. Inmates and prison officers are farming commercial quantities of fresh food in a purpose-built indoor facility.

    One of the 400 male offenders in maximum security at Macquarie contacted me with the idea about five years ago, proposing it would form the basis of a PhD. I agreed to supervise the project.

    Inmates at Macquarie Correctional Centre are encouraged to further their education and follow their interests. The approach is modelled on the Scandinavian prison system, which has the world’s lowest re-offending rates.

    The project shows food gardening provides a meaningful activity for inmates, some of whom never had the opportunity to learn how to plant and grow produce.

    The M Farm produces fresh produce for the on site café.
    Macquarie Correctional Centre Media Unit

    Why farm indoors?

    The project involved farming indoors because the environment can be more carefully controlled. Being isolated from the weather means there’s no need to worry about extremes such as frosts or heatwaves.

    This type of “controlled environment agriculture” is also more efficient. It requires less resources than traditional agriculture, mainly because there are fewer losses due to pests and diseases.

    By controlling the amount of light, water and nutrients each plant receives, it’s possible to optimise the growing system – making it more like a plant factory than a standard greenhouse.

    Inside M Farm, in the early days.
    PhD student

    From vision to reality

    Inmates studying in prison don’t have internet access. Emails are printed out or relayed. If information needs to be viewed online it is under supervision of an authorised officer.

    Despite the challenges, the student published his first conference paper in 2021 and his first academic journal article in 2023. A second article followed in 2024. The student also submitted his PhD 2024.

    The project began with a research plan. Then the PhD student ran focus groups with officers and inmates in mixed groups. A series of one-on-one interviews followed.

    Officers and inmates co-designed and developed the indoor farming facility. One group of inmates, trained in the in-house design office, used 3D computer aided design (CAD) software to produce technical drawings for the farm. Another group took these drawings and turned them into small-scale indoor farming prototypes.

    After extensive testing, the team selected the best prototype and developed the full-scale project, known as M Farm.

    The student won a competitive grant of A$50,000 from the NSW Department of Communities and Justice Innovation Fund. This funded construction of the farm.

    Another grant from the University of NSW supported a solar-powered food waste composting machine. The machine converts daily food waste from the entire prison into organic fertiliser. This means less food waste is sent to landfill, saving costs and reducing emissions.

    Produce from the farm is used in the prison café. Since November 2023, the farm has supplied about $3,500 worth of produce to the café.

    Last year, about 30 items were entered in the local agricultural show. M Farm won first place in the district for best fresh produce.

    M Farm has grown award-winning fresh produce.
    Macquarie Correctional Centre Media Unit

    Cooperation is key to success

    Inmates ran the project and enjoyed tangible benefits such as access to fresh produce and a sense of accomplishment and pride.

    The project proved inmates can be productive without constant oversight. Similar results were achieved in a community-based vegetable gardening initiative in Girona, Spain, where residents formed an intensive farming cooperative without local council administration.

    The prison officers also benefited from being part of the process and took pride in the results. They also shared the benefits in the on-site café, which is open to both inmates and prison staff.

    This experiment provides further evidence that engagement and collaboration through co-design can lead to social learning, or “informal mutual learning”.

    Empowering co-designers enables the development of solutions beyond initial expectations. The best approach is arming people with the skills they need to actively engage and co-lead in the decision-making processes.

    Tasty and nutritious leafy greens grow in the front garden at M Farm.
    Christian Tietz

    Make it grow

    The PhD thesis includes a co-design tool kit that other prisons worldwide can follow. Given the global prison population exceeds 11 million people, this presents an opportunity to develop a broad-scale sustainability initiative.

    Farming fresh produce in prisons has the potential to improve nutrition and wellbeing. It also offers environmental benefits such as producing compost, reducing waste and cutting greenhouse gas emissions.

    Such projects also have the potential to give inmates confidence and hope, and provides them with skills and knowledge that can benefit the community after their release.

    Christian Tietz 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. How maximum security prison inmates and officers worked together to create a farm behind bars – https://theconversation.com/how-maximum-security-prison-inmates-and-officers-worked-together-to-create-a-farm-behind-bars-244962

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Samoa down in RSF media freedom world ranking due to ‘authoritarian pressure’

    Talamua Online News

    Samoa has dropped in its media and information freedom world ranking from 22 in 2024 to 44 in 2025 in the latest World Press Freedom Index compiled annually by the Paris-based Reporters Without Borders (RSF).

    For the Pacific region, New Zealand is ranked highest at 16, Australia at 29, Fiji at 40, Samoa ranked 44 and Tonga at 46.

    And for some comfort, the United States is ranked 57 in media freedom.

    The 2025 World Press Freedom Index released in conjunction with the annual Media Freedom Day on May 3, says despite the vitality of some of its media groups, Samoa’s reputation as a regional model of press freedom has suffered in recent years due to “authoritarian pressure” from the previous prime minister and a political party that held power for four decades until 2021.

    Media landscape
    The report lists independent media outlets such as the Samoa Observer, “an independent daily founded in 1978, that has symbolised the fight for press freedom.”

    It also lists state-owned Savali newspaper “that focuses on providing positive coverage of the government’s activities.”

    TV1, is the product of the privatisation of the state-owned Samoa Broadcasting Corporation. The Talamua group operates Samoa FM and other media outlets, while the national radio station 2AP calls itself “the Voice of the Nation.”

    Political context
    Although Samoa is a parliamentary democracy with free elections, the Human Rights Protection Party (HRPP) held power for four decades until it was narrowly defeated in the April 2021 general election by Samoa United in Faith (Faʻatuatua i le Atua Samoa ua Tasi, or FAST).

    An Oceania quick check list on the 2025 RSF World Press Freedom rankings. While RSF surveys 180 countries each year, only Fiji, Papua New Guinea, Samoa, and Tonga are included so far. Image: PMW from RSF

    The report says part of the reason for the HRPP’s defeat was its plan to overhaul Samoa’s constitutional and customary law framework, which would have threatened freedom of the press.

    Championing media freedom
    The Journalists Association of (Western) Samoa (JAWS) is the national media association and is press freedom’s leading champion. JAWS spearheaded a media journalism studies programme based at the National University of Samoa in the effort to train journalists and promote media freedom but the course is not producing the quality journalism students needed as its focus, time and resources have been given the course.

    Meanwhile, the media standards continue to slide and there is fear that the standards will drop further in the face of rapid technological changes and misinformation via social media.

    A new deal for journalism
    The 2025 World Press Freedom Index by RSF revealed the dire state of the news economy and how it severely threatens newsrooms’ editorial independence and media pluralism.

    In light of this alarming situation, RSF has called on public authorities, private actors and regional institutions to commit to a “New Deal for Journalism” by following 11 key recommendations.

    Strengthen media literacy and journalism training
    Part of this deal is “supporting reliable information means that everyone should be trained from an early age to recognise trustworthy information and be involved in media education initiatives. University and higher education programmes in journalism must also be supported, on the condition that they are independent.”

    Finland (5th) is recognised worldwide for its media education, with media literacy programmes starting in primary school, contributing to greater resilience against disinformation.

    Republished from Talamua Online News.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Russia: “We are facing changes in sanctions and counter-sanctions procedures”

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Higher School of Economics launches new DPO program “The State and Business in the Age of Sanctions: Strategies for Successful Development”, where training is provided by leading experts in the field of analysis of sanctions risks and trends from relevant government agencies, businesses, and academies. Its students will be able to study in detail the risks for Russian companies and their foreign partners, including those related to export restrictions.

    The additional professional education program “State and Business in the Age of Sanctions: Strategies for Successful Development” was presented during the scientific and practical seminar “State and Business in the Age of Sanctions: Trends and Risks of 2025”, organized within the framework of the HSE Academic Personnel Reserve project “New World Order”.

    Seminar moderator, leading research fellow at the Centre for Comprehensive European and International Studies (CCEIS) at the National Research University Higher School of Economics Leo Sokolshchik said that it is intended for those who work with foreign counterparties and are interested in forming customized strategies for successful development. The program will study key sanctions trends and risks of 2025, their impact on business, the economy and political strategy of states.

    Leo Sokolshchik

    The training program includes a survival guide for Russian businesses, information on legal ways to work with foreign partners and the formation of sustainable international business partnerships in the context of sanctions risks. The sanctions policies of the US, EU and China, as well as Russia’s response measures, will be examined in detail.

    At the same time, the program is practice-oriented: the training structure involves immersion in real cases and situations that one may encounter in professional activities. Studying on the course will not only increase the level of professional competencies, but will also allow you to expand your network of professional contacts.

    The teachers of the continuing education program include leading experts and practitioners in the field of international restrictions and export control: Ivan Timofeev, Director General of the Russian International Affairs Council; Dmitry Kiku, Deputy Director of the Department for Control over External Restrictions of the Ministry of Finance of Russia; Maria Roskoshnaya, Head of Export Control and Support of Foreign Economic Activity at Yandex; Vladimir Morozov, Leading Advisor of the Department of International and Regional Cooperation of the Accounts Chamber; Vasily Kashin, Director of the Center for Cemistry and International Studies, an expert on China and its relations with foreign partners; Yegor Prokhin, a visiting lecturer at HSE and a practitioner who has worked in international business with China and the countries of Southeast Asia for over 10 years; Inna Yanikeyeva, a lecturer at the National Research University Higher School of Economics and a specialist in cyber sanctions.

    At the seminar, the program’s teachers held their master classes. RIAC Director General Ivan Timofeev presented a master class on the topic “Trends in Anti-Russian Sanctions in 2025: the Split of the West and New Risks.” He noted that it should be remembered that sanctions are a foreign policy instrument that is implemented non-linearly; escalation and normalization do not mean their immediate strengthening and weakening. Now, for the first time in three years, a window of opportunity has opened, allowing us to talk about a probable easing of sanctions, but risks remain. In his opinion, one should be cautious about forecasts about a possible agreement, since the negotiations are taking place behind closed doors. If they fail, escalation is possible.

    Ivan Timofeev noted: currently, most of the bills on sanctions in the US Congress are aimed against China and Iran, but if any of the initiatives against Russia is adopted, this will strengthen the regime of anti-Russian sanctions. Escalation is also possible along the EU line, but most likely, it will be accompanied by seizures and quotas on some types of products.

    At the same time, voluntary control or self-regulation in advanced industries is increasing. Thus, in recent years, there has been a noticeable rapprochement between representatives of the regulator and business. The Alliance of AI Companies, together with the FSTEC of Russia, created and signed the Declaration on the Responsible Export of Artificial Intelligence Technologies and Software Based on Them. The Declaration establishes ethical principles and standards of conduct that developers should follow when exporting their own civil AI solutions. The standards include general principles and rules and specific recommendations on interactions with foreign counterparties and authorized government agencies.

    Maria Roskoshnaya drew attention to changes in the work of specialists. Previously, it was enough for them to know their niche and work algorithm, but now, due to the frequent emergence of new challenges, they have to regularly monitor changes in the export control of key partners. For example, when implementing a deal with China or the UAE, it is mandatory for experts to analyze the export control legislation of these countries. In addition, it is important to monitor innovations in counter-sanction regulation, including bans on the purchase of certain products, as well as on making payments in certain countries.

    “We are facing changes in sanctions and counter-sanction procedures. It is important to expand the range of knowledge, not limited to technical details and knowledge of the final recipients and final destination of the goods. For businesses, this means finding optimal logistics routes, opportunities for making payments without restrictions, combining the interests of logisticians, lawyers and financiers,” the expert said.

    She noted that difficulties may arise when continuing to interact with companies that left Russia after 2022. These aspects are currently monitored by counter-sanction compliance services, when it is necessary to justify and argue for continued cooperation with companies from unfriendly jurisdictions.

    At the master class “EU Sanctions in 2025: Strategies for Russia”, Vladimir Morozov explained that the possibility of using sanctions as a tool for achieving foreign policy goals is embedded in the legal foundations of the EU. They can be used for a wide range of reasons – from accusations of violating international law to the goals of protecting human rights. He called an important feature of EU sanctions their adoption at the supranational level with national supervision of their implementation, which gives rise to contradictions and certain difficulties in their implementation. The diversity of regimes, as well as national legislation and law enforcement practices, makes it difficult to navigate EU sanctions.

    Europe often seeks to counteract secondary sanctions from other countries, including the United States, by allowing restrictions against third countries, individuals and companies to be ignored. However, European companies often seek to take into account sanctions risks and implement “overcompliance” in this area, not wanting to lose the American market and the ability to make payments in dollars.

    Photo: iStock

    Since 2022, the European Commission has been playing an increasingly important role in introducing restrictions, and national institutions are experiencing increasing pressure from supranational institutions, including in tightening penalties for violating sanctions. If administrative liability was previously possible, now it is regarded as a criminal offense. The expert drew attention to the difference in approaches to punishments and investigations. The largest number of them is noted in Poland. The largest number of prison sentences is in the Netherlands, but for a short or suspended term. In Germany, the number of sentences is small, but the terms reach 7 years, and in Finland there are many successful investigations, but the punishments are mainly limited to a fine of 11,000 to 15,000 euros.

    The current stage of the EU sanctions policy development is characterized by gradual de-targeting of sanctions, i.e. the desire to inflict maximum damage, as well as active coordination of its own measures with partners, primarily with the United States. If in 2014-16 the EU measures lagged behind the American ones, then since 2022 they have been mostly synchronized. Another trend in European policy has been the active use of the secondary sanctions mechanism. In particular, in 2024 an amendment was adopted, according to which restrictions are imposed against companies and individuals from third countries who worked with Russian sanctioned persons and companies.

    Vladimir Morozov named the EU’s readiness to maintain the priority of political goals over economic feasibility as key factors and risks of the continuation, strengthening and, on the contrary, easing of sanctions, given that Europe has suffered greater losses than the US during the sanctions war with Russia.

    Egor Prokhin, in his master class “Formation of Sustainable Business Partnerships in the Context of Sanction Risks,” noted that over the past decades, sanctions have achieved their goals in about one third of cases. According to him, the greatest success was achieved against small states with insufficiently diversified and import-dependent economies.

    Sanctions, along with challenges, also open up new opportunities, noted Yegor Prokhin. The loss of sales markets in Europe and other Western countries has become an incentive to reorient towards developing markets in Asia.

    In conclusion, he emphasized that in order to establish successful cooperation with foreign companies on the Russian market, it is necessary to adapt business strategies taking into account the current sanctions restrictions. In his opinion, such an approach should be comprehensive and include: analysis of companies, their beneficiaries and legal relations for sanctions risks; assessment of industry and territorial sanctions applicable to the planned cooperation; development of solutions and tools for optimizing commercial interactions under restrictions.

    Additionally, he recommended creating “road maps” for partners to manage sanctions risks and developing alternative action scenarios aimed at minimizing the potential negative impact on business partnerships.

    If the parties manage to reach a truce, American businesses will influence the administration to soften the sanctions, without officially lifting them, but introducing certain exceptions for transportation restrictions and bans on bank transactions.

    “For a number of industries, the easing of sanctions will have a positive effect on their development, while for others, on the contrary, it will have a negative effect,” Ivan Timofeev noted. He is confident that if the negotiations are successful, the process of easing sanctions will be long and may take more than a decade. Lev Sokolshchik emphasized that the lifting of sanctions may turn into a risk for certain sectors of the domestic economy.

    Maria Roskoshnaya held a master class “Export control: instructions for use. How not to break the rules and not lose markets.” She noted that export control is now considered more broadly than in the traditional sense – in particular, advanced industrial developments and even luxury goods are now subject to special supervision. The range of transactions subject to regulation is also growing – in addition to the usual tangible exports, experts often deal with supervision of the export of technology and software. The share of intangible exports is also growing, especially in high-tech industries, and the forms of transactions are also unusual. For example, it is often necessary to identify open source software or software, access to which is provided under the SaaS model. The state can regulate and restrict, and sometimes prohibit the export and international exchange of know-how, industrial products or raw materials, the lack of which can negatively affect the domestic market.

    Russia continues to participate in the development and modification of framework legislation at the international level, since it is a member state of all regimes except the Australian Group (our country has observer status there). It should be understood that each member state of the international export control regime forms a national control system, harmonizing it with the international base. Now we can observe a tendency to strengthen non-proliferation control precisely in the area of finalizing national legislative measures and initiatives.

    At the same time, voluntary control or self-regulation in advanced industries is increasing. Thus, in recent years, there has been a noticeable rapprochement between representatives of the regulator and business. The Alliance of AI Companies, together with the FSTEC of Russia, created and signed the Declaration on the Responsible Export of Artificial Intelligence Technologies and Software Based on Them. The Declaration establishes ethical principles and standards of conduct that developers should follow when exporting their own civil AI solutions. The standards include general principles and rules and specific recommendations on interactions with foreign counterparties and authorized government agencies.

    Photo: iStock

    Maria Roskoshnaya drew attention to changes in the work of specialists. Previously, it was enough for them to know their niche and work algorithm, but now, due to the frequent emergence of new challenges, they have to regularly monitor changes in the export control of key partners. For example, when implementing a deal with China or the UAE, it is mandatory for experts to analyze the export control legislation of these countries. In addition, it is important to monitor innovations in counter-sanction regulation, including bans on the purchase of certain products, as well as on making payments in certain countries.

    “We are facing changes in sanctions and counter-sanction procedures. It is important to expand the range of knowledge, not limited to technical details and knowledge of the final recipients and final destination of the goods. For businesses, this means finding optimal logistics routes, opportunities for making payments without restrictions, combining the interests of logisticians, lawyers and financiers,” the expert said.

    She noted that difficulties may arise when continuing to interact with companies that left Russia after 2022. These aspects are currently monitored by counter-sanction compliance services, when it is necessary to justify and argue for continued cooperation with companies from unfriendly jurisdictions.

    At the master class “EU Sanctions in 2025: Strategies for Russia”, Vladimir Morozov explained that the possibility of using sanctions as a tool for achieving foreign policy goals is embedded in the legal foundations of the EU. They can be used for a wide range of reasons – from accusations of violating international law to the goals of protecting human rights. He called an important feature of EU sanctions their adoption at the supranational level with national supervision of their implementation, which gives rise to contradictions and certain difficulties in their implementation. The diversity of regimes, as well as national legislation and law enforcement practices, makes it difficult to navigate EU sanctions.

    Europe often seeks to counteract secondary sanctions from other countries, including the United States, by allowing restrictions against third countries, individuals, and firms to be ignored. However, European companies often seek to take into account sanctions risks and implement “overcompliance” in this area, not wanting to lose the American market and the ability to make payments in dollars.

    Since 2022, the European Commission has been playing an increasingly important role in introducing restrictions, and national institutions are experiencing increasing pressure from supranational institutions, including in tightening penalties for violating sanctions. If administrative liability was previously possible, now it is regarded as a criminal offense. The expert drew attention to the difference in approaches to punishments and investigations. The largest number of them is noted in Poland. The largest number of prison sentences is in the Netherlands, but for a short or suspended term. In Germany, the number of sentences is small, but the terms reach 7 years, and in Finland there are many successful investigations, but the punishments are mainly limited to a fine of 11,000 to 15,000 euros.

    Photo: iStock

    The current stage of the EU sanctions policy development is characterized by gradual de-targeting of sanctions, i.e. the desire to inflict maximum damage, as well as active coordination of its own measures with partners, primarily with the United States. If in 2014-16 the EU measures lagged behind the American ones, then since 2022 they have been mostly synchronized. Another trend in European policy has been the active use of the secondary sanctions mechanism. In particular, in 2024 an amendment was adopted, according to which restrictions are imposed against companies and individuals from third countries who worked with Russian sanctioned persons and companies.

    Vladimir Morozov named the EU’s readiness to maintain the priority of political goals over economic feasibility as key factors and risks of the continuation, strengthening and, on the contrary, easing of sanctions, given that Europe has suffered greater losses than the US during the sanctions war with Russia.

    Egor Prokhin, in his master class “Formation of Sustainable Business Partnerships in the Context of Sanction Risks,” noted that over the past decades, sanctions have achieved their goals in about one-third of cases. According to him, the greatest success was achieved against small states with insufficiently diversified and import-dependent economies.

    Sanctions, along with challenges, also open up new opportunities, noted Yegor Prokhin. The loss of sales markets in Europe and other Western countries has become an incentive to reorient towards developing markets in Asia.

    In conclusion, he emphasized that in order to establish successful cooperation with foreign companies on the Russian market, it is necessary to adapt business strategies taking into account the current sanctions restrictions. In his opinion, such an approach should be comprehensive and include: analysis of companies, their beneficiaries and legal relations for sanctions risks; assessment of industry and territorial sanctions applicable to the planned cooperation; development of solutions and tools for optimizing commercial interaction in the context of restrictions.

    Additionally, he recommended creating “road maps” for partners to manage sanctions risks and developing alternative action scenarios aimed at minimizing the potential negative impact on business partnerships.

    All opinions presented in the material are exclusively the personal position of the seminar participants and the author.

    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.

    MIL OSI Russia News

  • MIL-OSI New Zealand: MSF – Israel’s New INGO Registration Measures Are a Grave Threat to Humanitarian Operations and International Law – 55 Organisations Say

     Source: Médecins Sans Frontières (MSF) – Doctors Without Borders

    The undersigned 55 organisations operating in Israel and the occupied Palestinian territory (oPt) call for urgent action from the international community against new Israeli registration rules for international NGOs. Based on vague, broad, politicised, and open-ended criteria, these rules appear designed to assert control over independent humanitarian, development and peacebuilding operations, silence advocacy grounded in international humanitarian and human rights law, and further entrench Israeli control and de facto annexation of the occupied Palestinian territory.

    For over a year and a half, humanitarian organisations have continued operating despite unprecedented constraints. In 2024, they reached millions of people across the oPt with essential services – from food and water to mobile clinics, legal aid, and education. The new registration rules now threaten to shut this work down. These measures go beyond routine policy. They mark a serious escalation in restrictions on humanitarian and civic space and risk setting a dangerous precedent.

    Under the new provisions, INGOs already registered in Israel may face de-registration, while new applicants risk rejection based on arbitrary, politicised allegations, such as “delegitimising Israel” or expressing support for accountability for Israeli violations of international law. Other disqualifiers include public support for a boycott of Israel within the past seven years (by staff, a partner, board member, or founder) or failure to meet exhaustive reporting requirements. By framing humanitarian and human rights advocacy as a threat to the state, Israeli authorities can shut out organisations merely for speaking out about conditions they witness on the ground, forcing INGOs to choose between delivering aid and promoting respect for the protections owed to affected people.

    INGOs are further required to submit complete staff lists and other sensitive information about staff and their families to Israel when applying for registration. In a context where humanitarian and healthcare workers are routinely subject to harassment, detention, and direct attacks, this raises serious protection concerns.

    These new rules are part of a broader, long-term crackdown on humanitarian and civic space, marked by heightened surveillance and attacks, and a series of actions that restrict humanitarian access, compromise staff safety, and undermine core principles of humanitarian action. They are not isolated but part of a wider pattern that includes:

    Blocking or delaying aid through arbitrary bureaucratic restrictions, logistical obstacles, and complete sieges, denying essential lifesaving supplies to Palestinians.
    Killing more than 400 humanitarian workers in Gaza, injuring and detaining countless others, and repeatedly attacking marked and notified humanitarian premises, facilities or convoys.
    Passing legislation aimed at curtailing the operations of UNRWA, the largest provider of essential services for Palestinians.
    Advancing legislation to impose a tax of up to 80 per cent on foreign government funding to Israeli NGOs, while barring them from seeking recourse through the Israeli court system – including organisations that serve as partners for INGOs to deliver assistance and uphold protections in communities facing displacement, demolitions, or settler violence.
    Suspending work visas for international staff and revoking permits for Palestinians residing in the West Bank to access Jerusalem, severely disrupting operations.

    And now, making INGO registration conditional on political and ideological alignment, undermining the neutrality, impartiality and independence of humanitarian actors.

    Under international humanitarian law, occupying powers are obligated to facilitate impartial humanitarian assistance and ensure the welfare of the protected population. Any attempt to condition humanitarian access on political alignment or penalise organisations for fulfilling their mandate risks breaching this framework. The International Court of Justice (ICJ) ordered Israel to allow unimpeded delivery of humanitarian aid to Gaza in three legally binding provisional measures orders in 2024. Yet, these new rules expand and institutionalise existing barriers to aid.

    We call on States, donors, and the international community to:

    • Use all possible means to protect humanitarian operations from measures that compromise neutrality, independence, and access – including staff list requirements, political vetting, and vague revocation clauses.
    • Take concrete political and diplomatic action beyond statements of concern to ensure unhindered humanitarian access and prevent the erosion of principled aid delivery.
    • Support INGOs and Palestinian and Israeli civil society organisations through legal assistance, diplomatic support, and flexible funding to help mitigate legal, financial, and reputational risks. Donors must defend principled humanitarian and human rights work.

    The undersigned 55 organisations stress that engagement with the registration process to preserve critical humanitarian operations should not be misinterpreted as endorsement of these measures.

    These 55 organisations remain committed to the delivery of humanitarian aid, along with development and peacebuilding services and activities that are independent, impartial, and based on need, in full accordance with international law and the humanitarian principles derived from it. INGOs stand ready to engage with Israeli authorities in good faith on administrative processes but cannot accept measures that penalise principled humanitarian work or expose staff to retaliation. These measures not only undermine assistance in the oPt but also set a dangerous precedent for humanitarian operations globally.

    1. Act Church of Sweden
    2. ActionAid
    3. Alianza / ActionAid Spain (ApS/AAS)
    4. American Friends Service Committee (AFSC)
    5. Anera
    6. Asamblea de Cooperación Por la Paz (ACPP)
    7. Asociación Paz con Dignidad
    8. CARE International
    9. CESVI
    10. Children Not Numbers
    11. Christian Aid
    12. CIDSE – International family of Catholic social justice organisations
    13. Cooperazione Internazionale Sud Sud (CISS)
    14. COSPE
    15. DanChurchAid (DCA)
    16. Danish House in Palestine
    17. Diakonia
    18. Diakonie Katastrophenhilfe
    19. forumZFD
    20. Global Communities
    21. HEKS/EPER
    22. Humanity First UK
    23. Humanity & Inclusion – Handicap International
    24. IM Swedish Development Partner
    25. International Media Support (IMS)
    26. Islamic Relief Worldwide
    27. Japan International Volunteer Center (JVC)
    28. KURVE Wustrow
    29. MedGlobal
    30. Mennonite Central Committee (MCC)
    31. Médecins du Monde (MdM) France
    32. Médecins du Monde (MdM) Spain
    33. Médecins du Monde (MdM) Switzerland
    34. Médecins Sans Frontières (MSF)
    35. medico international
    36. Middle East Children’s Alliance (MECA)
    37. Movement for Peace (MPDL)
    38. Muslim Aid
    39. Norwegian Church Aid (NCA)
    40. Norwegian People’s Aid (NPA)
    41. Norwegian Refugee Council (NRC)
    42. Oxfam
    43. Pax Christi International
    44. Plan International
    45. Polish Medical Mission Association (PMM)
    46. Première Urgence Internationale (PUI)
    47. Relief International (RI)
    48. Save the Children International (SCI)
    49. Secours Islamique France (SIF)
    50. Terre des Hommes (Tdh) Italia
    51. Terre des Hommes (Tdh) Lausanne
    52. The Center for Mind-Body Medicine
    53. War Child
    54. Weltfriedensdienst e.V. (world peace service)
    55. West Bank Protection Consortium (WBPC).

    MSF is an international, medical, humanitarian organisation that delivers medical care to people in need, regardless of their origin, religion, or political affiliation. MSF has been working in Haiti for over 30 years, offering general healthcare, trauma care, burn wound care, maternity care, and care for survivors of sexual violence. MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au  

    MIL OSI New Zealand News

  • MIL-OSI Global: Tove Jansson: lessons in life from her beloved Moomin characters

    Source: The Conversation – UK – By Barbara Tesio-Ryan, ECDS Postdoctoral Fellow in European Languages, University of Edinburgh

    This year marks the 80th anniversary of The Moomins, the Finnish/Swedish trolls that have delighted generations of children, becoming a cultural phenomenon in their own right. While posterity will likely remember her as the inventor of Moomins, Tove Jansson was in fact a strikingly multi-talented creative force.

    Born in Helsinki in 1914, the daughter of artists, Jansson grew up surrounded by creativity, allowing her to develop her own in many different ways. During a career that spanned over 70 years, her work included illustrations, cartoons, paintings, murals, theatre productions, children’s books and beautifully crafted novels.

    The main thing in life is to know your own mind.

    Snufkin, Moominsummer Madness

    In 1929, aged 15, Jansson began her career as a cartoonist. Her illustrations were first published in Garm, the Finnish satirical magazine for which she later became the in-house illustrator.

    Her work as a cartoonist, before and during the war, gave her an outlet to be outspoken and express her militant anti-fascism and opposition to the war. For a woman at that time to assert her views so boldly and publicly was an act of defiance in itself, and she later recalled how liberating it had been to be able to be “so beastly to Hitler and Stalin” through her daring cartoons.


    This is part of a series of articles celebrating the 80th anniversary of the Moomins. Want to celebrate their birthday with us? Join The Conversation and a group of experts on May 23 in Bradford for a screening of Moomins on the Riviera and a discussion of the refugee experience in Tove Jansson’s work. Click here for more information and tickets.


    No one was spared, and her cartoons captured the megalomania of the main political figures of the time, as well as the impact of the war on everyday life. During the strenuous war years, Jansson refined her craft as an illustrator, and also, crucially, learned the importance of laughter in ushering light into the darkness. This is a skill that would characterise her entire output, both as an artist and as a writer.

    Everything looks worse in the dark, you know.

    Moominmama, The Moomins and the Great Flood

    She used humour as a tool to both critique and understand life and the world around her. Through the act of making art, Jansson brought light and lightness when life got darker.

    While Jansson had been sketching some variation of Moomintrolls her whole life, it was during the war that she began creating their Moominvalley world and imagining stories for them.

    In 1991, she wrote that the Moomins had come to her as an escape from the horrors of the war: “Perhaps it was understandable that I suddenly felt an urge to write something that was to begin with ‘once upon a time’.”

    When her first Moomin book, Småtrollen och den stora översvämningen (The Moomins and the Great Flood), was published in 1945, Finland had been through the second world war, as well as the “winter war” and the “continuation war” with Russia. So, while it was published during a time of peace, darkness surrounded the origin of the Moomins.

    This dichotomy of light and darkness pervades all the Moomin books. Often a catastrophe is waiting to happen, or has just happened, and how the Moomins react to those events is central to the story itself. This is what makes those books so universal and so timeless.

    The Moomins are so special because they are normal. Not everyone is a hero and not every day is great. There is space for both sadness and joy in Jansson’s tales, and this is why we keep reading them, because they are just like life itself.

    It would be awful if the world exploded. It is so wonderfully splendid.

    Snufkin, Comet in Moominland

    In the first two Moomin books, Moomins and the Great Flood, and Comet in Moominland, natural catastrophes mirror the horrors of the war and postwar era (such as the atomic bomb). Environmental disasters are also ongoing threats to the the creatures of Moominvalley.

    These are often, and mainly, brought by the sea, and can be fully appreciated only by someone like Jansson who lived between coastal and island landscapes most of her life. The natural landscape of Finland and Sweden, Jansson’s two homelands, are an essential part of her art.

    Moominvalley in particular is a decidedly Nordic landscape, and was in fact inspired by her grandparents’ house on the island of Blidö, and by the Pellinki archipelago. It was here that Jansson spent many happy summers with her family, and later, with her partner Tuulikki Pietilä.

    There is a humbleness to be learned in living by the sea, and a respect for the power of nature that Jansson captured beautifully in so many of her creations, such as The Summer Book.

    In Moominpappa at Sea, where Moominpappa goes on an existential journey to find his purpose in life again, the relationship to the sea also becomes pivotal to his personal development: “There was the sea – his sea – going past, wave after wave, foaming recklessly, raging furiously, but, somehow, tranquil at the same time. All Moominpappa’s thoughts and speculations vanished. He felt completely alive from the tips of his ears to the tip of his tail. This was a moment to live to the full.”

    The Moomins’ unconditional love and respect for nature also translates beautifully into an acceptance of all of life’s diversity. The Moomin’s universe is one where everyone is welcomed and loved for whoever they are and however they feel.

    One of the biggest teachings of Jansson’s work for any reader at any age, is that all feelings are valid, and learning to accept this simple and profound truth makes life so much easier. As Moominpappa says: “For if you’re not afraid, how can you really be brave?”

    You seem to be yourself again. Actually, you’re nicer that way.

    Mymble, Moominvalley in November

    Jansson’s motto, labora et amare (work and love), did indeed mark her existence. She worked incessantly and loved fiercely. Well ahead of her time, Jansson lived her sexuality with a freedom that was truly revolutionary for her time (Finland, like many other countries, decriminalised homosexuality only in 1971).

    What characterised this artist’s life and career was the ambition and the courage to live differently. To create and to love without boundaries and without fear. And this is perhaps Jansson and her Moomins’ most important legacy.

    Barbara Tesio-Ryan 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. Tove Jansson: lessons in life from her beloved Moomin characters – https://theconversation.com/tove-jansson-lessons-in-life-from-her-beloved-moomin-characters-255280

    MIL OSI – Global Reports

  • MIL-OSI: Decisions of KH Group’s Annual General Meeting and the constitutive meeting of the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    KH Group Plc
    Stock exchange release 6 May 2025 at 6:15 pm EEST

    Decisions of KH Group’s Annual General Meeting and the constitutive meeting of the Board of Directors

    KH Group Plc’s Annual General Meeting was held on 6 May 2025 at Sanomatalo, Flik Event Studio Eliel, at the address Töölönlahdenkatu 2, 00100 Helsinki, Finland. The Annual General Meeting supported all the proposals included in the notice of the Annual General Meeting. The General Meeting adopted the financial statements for the financial period 2024, discharged the members of the Board of Directors and the persons who had acted as CEO from liability for the financial period 2024, and adopted, through an advisory decision, the company’s Governing Bodies’ Remuneration Report for the year 2024.

    Use of profit shown on the balance sheet

    As proposed by the Board of Directors, the General Meeting decided that no dividend be distributed for the financial period ended on 31 December 2024.

    Remuneration of the members of the Board of Directors

    The General Meeting decided that the remuneration of the Board of Directors remain unchanged, so that the Chairman of the Board of Directors be paid as remuneration EUR 3,550 per month and each member of the Board of Directors EUR 2,300 per month. The travel expenses of the members of the Board of Directors are compensated in accordance with the company’s travel policy. Earnings-related pension insurance contributions are paid voluntarily for the paid remuneration.

    Composition of the Board of Directors

    The General Meeting confirmed the number of members of the Board of Directors at six (6). Juha Karttunen, Taru Narvanmaa, Jon Unnérus, Christoffer Landtman, Jari Rautjärvi and Carl Haglund were elected to the Board of Directors until the closing of the Annual General Meeting of 2026.

    Election of the auditor and the sustainability reporting assurance provider

    The General Meeting elected Ernst & Young Oy, Authorised Public Accountant firm, as the company’s auditor. Ernst & Young Oy has notified that Timo Eerola, APA, acts as the principally responsible auditor for the company.

    The General Meeting elected Ernst & Young Oy, Authorised Sustainability Audit Firm, as the company’s sustainability reporting assurance provider. Ernst & Young Oy has notified that Timo Eerola, ASA (Authorised Sustainability Auditor), acts as the principally responsible sustainability auditor for the company.

    The General Meeting decided that the remuneration of the auditor shall be paid according to the auditor’s reasonable invoice approved by the company, and that the remuneration of the sustainability reporting assurance provider shall be paid according to the sustainability reporting assurance provider’s reasonable invoice approved by the company.

    Authorising the Board of Directors to decide on the issuance of shares and special rights entitling to shares

    As proposed by the Board of Directors, the General Meeting authorised the Board of Directors to decide on the issuance of shares and/or the granting of special rights entitling to shares as referred to in Chapter 10, Section 1 of the Finnish Limited Liability Companies Act, in one or several instalments. The total number of shares to be issued under the authorisation may be at the most 11,400,000 shares, and the authorisation concerns both the issuance of new shares as well as the conveyance of shares held by the company. The authorisation may be used to finance or carry out possible acquisitions or other arrangements or investments related to the company’s business, to implement the company’s incentive program, or for other purposes decided by the Board of Directors. The Board of Directors decides on all terms and conditions of a share issue and the issuance of special rights referred to in Chapter 10, Section 1 of the Finnish Limited Liability Companies Act, and the authorisation therefore includes the right of the Board of Directors to deviate from the shareholders’ pre-emptive subscription right (directed issue), the right to issue shares against consideration or without payment, and the right to decide on a free issuance of shares to the company itself.

    The authorisation is effective until 30 June 2026, and it cancels the corresponding authorisation given to the Board of Directors by the Annual General Meeting on 7 May 2024.

    Authorising the Board of Directors to decide on the repurchase of the company’s own shares

    As proposed by the Board of Directors, the General Meeting authorised the Board of Directors to decide to repurchase a maximum of 5,700,000 shares in the company in one or several instalments by using funds in the company’s unrestricted equity, however, taking into account the provisions of the Finnish Limited Liability Companies Act concerning the maximum number of own shares held by the company. The company’s own shares may be repurchased to be used as consideration in possible acquisitions or in other arrangements related to the company’s business, to finance investments, as a part of the company’s incentive program, to develop the company’s capital structure as well as to be conveyed for other purposes, to be held by the company or to be cancelled. The authorisation also includes the right to pledge the company’s own shares. The company’s own shares may be repurchased in public trading organised by Nasdaq Helsinki Ltd otherwise than in proportion to the shareholdings of the shareholders, at the market price at the time of repurchase. The shares will be repurchased and paid in accordance with the rules of Nasdaq Helsinki Ltd and Euroclear Finland Oy. The Board of Directors decides in all other respects on the terms and conditions of the repurchase of own shares.

    The authorisation is effective until 30 June 2026, and it cancels the corresponding authorisation given to the Board of Directors by the Annual General Meeting on 7 May 2024.

    Minutes of the General Meeting

    The minutes of the General Meeting will be available on the company’s website on 20 May 2025, at the latest.

    Decisions of the constitutive meeting of the Board of Directors

    In its constitutive meeting held after the Annual General Meeting, the Board of Directors elected Juha Karttunen as its Chairman.

    Additionally, the Board of Directors resolved to establish an Audit Committee and elected Taru Narvanmaa as Chair and Juha Karttunen and Jari Rautjärvi as members of the Audit Committee.

    The Board of Directors considered all members of the Board of Directors to be independent of the company and of the significant shareholders of the company.

    KH GROUP PLC

    Ville Nikulainen
    CEO

    FURTHER INFORMATION:
    CEO Ville Nikulainen, tel. +358 40 045 9343

    DISTRIBUTION:
    Nasdaq Helsinki Ltd
    Major media
    www.khgroup.com

    KH Group Plc is a Nordic conglomerate operating in the business areas of KH-Koneet, Nordic Rescue Group and Indoor Group. We are a leading supplier of construction and earth-moving equipment, rescue vehicle manufacturer as well as furniture and interior decoration retailer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki.

    The MIL Network

  • MIL-OSI Russia: The winners of the term paper competition were awarded as part of the Architectural Seasons

    Translation. Region: Russian Federal

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Yulia Kolmykova, “Historical Environment”

    The SPbGASU summed up the results of the term paper competition, which took place within the framework of the International Creative Forum “Architectural Seasons”. This year, the Grand Prix went to the creative group consisting of: Ye Zijian, Zhao Yongkang, Wu Zongda and Tian Hongxu, under the direction of Chen and Lu Honggui (Zhengzhou University, China).

    A total of 800 works were submitted to the competition. Students from the first to fifth years of the bachelor’s degree and the first year of the master’s degree participated. The winners were determined in two stages by voting, in which more than two thousand people took part.

    200 people reached the final. 42 students were awarded the title of laureate in 14 nominations. We asked the laureates from SPbGASU to tell us about their works.

    Religious building

    Arina Tereshchenko, fourth-year student of the Faculty of Architecture, first-degree laureate in the nomination “Religious Building” (supervised by Associate Professor of the Department of Architectural and Urban Heritage Elena Baulina and Senior Lecturer of this department Galina Fedotova):

    – The project is a temple complex inspired by traditional Armenian church architecture. The project uses natural materials that are resistant to climatic conditions and time – stone, basalt, tuff, which emphasizes the connection with the historical context. In addition to the main temple, the complex includes a chapel, a church clergy house, an educational center, and a baptistery. All elements are combined into a harmonious composition with a single architectural style. The project seeks not only to recreate the architectural appearance of the Armenian church, but also to create a living spiritual space that is relevant to the modern parish and open to dialogue between cultures.

    Blocked residential building

    Anna Kasyanova, a third-year student of the Faculty of Architecture, first-degree laureate in the nomination “Blocked Residential Building” (supervised by Associate Professor of the Department of Architectural and Urban Heritage Natalia Dubrovina, assistants of the department Gleb Bagayev and Ksenia Kakunets):

    – My main task in this project is to create a clear, pleasant image of a residential building, without unnecessary details, which would organically fit into the natural environment. The image is the most difficult part of my project. I spent more than three months selecting analogs, coming up with and drawing different versions of the house, architectural details. Over time, my experience increased, and I managed to create the final image of the house.

    Individual residential building

    Veronika Merkul, a second-year student of the Faculty of Architecture, first-degree laureate in the Individual Residential Building nomination (supervisors: Professor of the Department of Architectural Design Oleg Romanov; Deputy Dean for Academic Affairs, Associate Professor of the Department of Architectural Design Elena Voitsehovskaya; Senior Lecturer of the Department of Architectural Design Varvara Khmeleva):

    – In my project, I decided to follow such an architectural trend as dacha constructivism. It seemed to me that it could fully reflect the features of the design location, without claiming historicism. It was important to preserve the culture of the area, avoiding obvious remake. My decisions were influenced by the features of the site, which is located at the end of the street, due to which the house is visible from three sides and should form a dominant feature. Such elements as round or narrow rectangular windows, non-standard volumes on the roof (a reference to the surrounding pine trees) and other decor, according to my idea, should make each facade unique (so that you want to look at it), and spacious terraces encircling the main volume will allow you to fully enjoy the views of the Gulf of Finland. Under the roof, away from the household part of the building, there is an art studio, illuminated by two dormer windows. It was important that the style of the building reflect the creative interests of the owner.

    Public interior

    Gasan Abasov, fifth-year student of the Faculty of Architecture, first-degree laureate in the nomination “Public Interior” (supervised by associate professors of the Department of Architectural Design Igor Ivanov and Maria Yakunenkova):

    – The interior of the engineering center is a multifunctional space, including an entrance group with a cloakroom, a coffee shop, an exhibition space, an auditorium and a block with toilets, technical rooms and a warehouse. The dominant role in the interior of the main building of the engineering center is played by a reinforced concrete cube, as if hovering in the center of the space. It houses another exhibition area. The cube is crossed by a strip of ceiling, connecting the central building with the rest of the complex. The main source of natural light is a large-span wooden structure with stained glass glazing. Sunlight, passing through it, creates an interesting light and shadow pattern, which, in contrast to the minimalist interior, sets a bright rhythm.

    Residential interior

    Ekaterina Sokolova, third-year undergraduate student at the Faculty of Architecture, first-degree laureate in the Residential Interior category (supervised by Associate Professor of the Department of Architectural Design Fyodor Perov, Associate Professor and Academic Secretary of the Department of Architectural Design Olga Kokorina):

    – The main goal of the residential interior design project is to create functional and comfortable housing that is not only beautiful and convenient, but also meets the needs and preferences of its inhabitants. To do this, I studied the regulatory requirements for the design of residential buildings, as well as the expected life scenarios of people, their possible needs. When creating the project, I also took into account the features of the premises and its location.

    Historical environment

    Yulia Kolmykova, first-year student of the Master’s program at the Faculty of Architecture, first-degree laureate in the Historical Environment nomination (supervised by Associate Professor of the Department of Architectural and Urban Heritage Evgeniya Shuvaeva and Senior Lecturer of the Department of Architectural and Urban Heritage Darya Bobrova):

    – The cultural heritage site of regional significance – the Zapolye estate is located in the Luzhsky district of the Leningrad region. Before starting the work, I studied archival and bibliographic materials, identified the current problems of the territory. The objectives of the project were to increase the tourist potential of the territory, restore historical functions, and draw attention to the importance of preserving old Russian estates.

    To solve the tasks set, it is proposed to adapt this territory for a children’s agronomic camp and restore the preserved historical buildings. It is also planned to restore the parterre garden and historical alleys according to archival drawings. It is supposed to locate housing for pupils and employees, as well as sports grounds and parking lots on the unguarded territory.

    Hand-drawn graphics

    Nadezhda Nikolaeva, a second-year undergraduate student at the Faculty of Architecture, first-degree laureate in the Hand-drawn Graphics category (supervised by senior lecturers from the Department of History and Theory of Architecture Igor Khramov and Leonid Krupnik):

    – The Rostov Kremlin is depicted here, but despite its dominant position, it is not the main character. The Kremlin here is not just architecture: it is, first of all, an environment that creates an atmosphere and determines the laws of existence. The key characters are people and cows. Cows are a symbol of timelessness, well-being and tranquility, and people are the personification of progress and the change of eras. The essence of life is revealed in their interaction. Thus, the picture raises the question of the dialogue between architecture and time: something is eternal, and something changes, adapting to new realities.

    Architectural photography

    Artem Titov, a second-year master’s student at the Faculty of Architecture at St. Petersburg State University of Architecture and Civil Engineering, and a first-degree laureate in the Architectural Photography category, spoke about his series of works, Bosnian Patches:

    – Every year at the end of January, my friends and I go skiing. In search of ski resorts that we had not yet tried, we came across a little-known to Russian tourists complex in Bosnia and Herzegovina – the Jahorina ski resort, where the Winter Olympics were held in 1984. But going to another country with an interesting history just for skiing is pointless. So my friends and I put together a long route around the country, visiting several cities and architectural landmarks. Traditional wooden buildings, medieval stone structures and panel houses from the socialist period coexist here. I tried to capture all this diversity in my photos.

    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.

    MIL OSI Russia News

  • MIL-OSI USA: Pingree Reintroduces Bipartisan Legislation to Boost Trade and Deepen US-Iceland Economic Partnership

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    Today, Congresswoman Chellie Pingree (D-Maine) and Congressman Greg Murphy (R-N.C.) reintroduced the Iceland Commercial and Economic Leadership for Arctic and National Development (ICELAND) Act. This bipartisan legislation would add Iceland to the list of nations eligible for investment and trade in the U.S—provided that U.S. nationals are treated similarly by the government of Iceland.

    The bill would also make Icelanders eligible for E-1 and E-2 nonimmigrant work visas, which are reserved for nationals of countries with which the U.S. has a treaty of commerce, a qualifying international agreement, or has granted eligibility by statute. Iceland is currently one of the few European countries excluded from these visas.

    “Iceland has long been an important trade partner of the United States—and especially for Maine, where our longstanding shipping and seafood trade with Iceland has fostered deep economic and cultural ties,” said Pingree. “My bipartisan ICELAND Act would strengthen that partnership for generations to come, creating greater economic opportunities for both countries at a time when the global economic order is rapidly shifting. By extending E-1 and E-2 visa eligibility to Icelanders, we’re not only honoring our shared commitments; we’re also investing in the kind of bilateral cooperation that fuels innovation, entrepreneurship, and long-term growth in America and in the Arctic region. The ICELAND Act would bring our two countries into closer strategic alignment at a time when such partnerships are more critical than ever.” 

    “As co-chair of the Iceland Caucus, I know the importance of having a strong relationship between the United States and Iceland,” said Murphy. “Iceland serves as an important ally in our common pursuit of democracy and economic security, and this legislation would be a critical step in strengthening the ties between our two nations. The ICELAND Act would increase trade and expand economic opportunities, while also injecting capital into both of our economies.”

    Background:

    In 1944, the United States was the first country to recognize the independent Republic of Iceland. As NATO members, Iceland and the United States share strategic interests in the Arctic region, as well as many political and cultural values, including mutual respect for human rights, democracy, and the rule of law. The U.S. and Iceland have a longstanding history of trade. As an export powerhouse in seafood ($247 million), optical and medical instruments ($75 million), beverages ($31 million), special other ($29 million), and machinery ($16 million), Iceland contributes to the commercial and trading interests of the U.S. economy. The U.S.

    E-1 and E-2 visas allow foreign nationals to enter the U.S. for a period of up to two years (with an option to renew on a rolling basis) to engage in substantial trade and investment activities. Nationals of 84 countries are eligible for E-1 and/or E-2 visa status. Iceland is one of only four European countries (Russia, Hungary, and Belarus) and of a small handful of NATO and Organization for Economic Co-operation and Development member states that do not currently hold this status. Traditionally, E-1 and E-2 visas were extended to foreign citizens under “treaties of navigation”, however in recent years legislation is typically required to add nations to the list of eligible countries. In 2018, the KIWI Act was signed into law, granting citizens of New Zealand access to E visas. In 2022, the AMIGOS Act was signed into law, granting E visa eligibility to citizens of Portugal.

    ###

    MIL OSI USA News

  • MIL-OSI NGOs: Global CEO pay increased by 50 percent since 2019, 56 times more than worker wages

    Source: Oxfam –

    • Average CEO pay surged by 50 percent in real terms since 2019, while average worker wages increased by just 0.9 percent.
    • Every hour, billionaires pocket more wealth than the average worker earns in an entire year.  
    • The average gender pay gap in 11,366 corporations worldwide narrowed slightly from 27 percent to 22 percent between 2022 and 2023 ―yet their average female employee still effectively works for free on Fridays, while their average male employee is paid through the week.
    • Oxfam and the International Trade Union Confederation (ITUC) are calling for higher taxes on the super-rich to invest in people and planet.

    Average global CEO pay hit $4.3 million in 2024, reveals new analysis from Oxfam ahead of International Workers’ Day (1 May). This is a 50 percent real-term increase from $2.9 million in 2019 (adjusted for inflation) —a rise that far outpaces the real wage growth of the average worker, who saw a 0.9 percent increase over the same five-year period in the countries where CEO pay data is available.

    The figures are median averages, based on full executive pay packages, including bonuses and stock options, from nearly 2,000 corporations across 35 countries where CEOs were paid more than $1 million in 2024. The data, analyzed by Oxfam, was sourced from the S&P Capital IQ database, which uses publicly reported company financials.

    • Ireland and Germany have some of the highest-paid CEOs, earning an average of $6.7 million and $4.7 million a year in 2024 respectively.
    • Average CEO pay in South Africa was $1.6 million in 2024, while in India, it reached $2 million.

    “Year after year, we see the same grotesque spectacle: CEO pay explodes while workers’ wages barely budge. This isn’t a glitch in the system —it’s the system working exactly as designed, funnelling wealth ever upwards while millions of working people struggle to afford rent, food, and healthcare,” said Oxfam International Executive Director Amitabh Behar.

    Boosts to global CEO pay come as warnings grow that wages are failing to keep pace with the cost of living. While the International Labor Organization (ILO) global reports real wages grew by 2.7 percent in 2024, many workers have seen their wages stagnate. In France, South Africa and Spain for example, real wage growth was just 0.6 percent last year. While wage inequality had decreased globally, it remains very high, particularly in low-income countries, where the share of income of the richest 10 percent is 3.4 times higher than the poorest 40 percent.

    Billionaires —who often fully, or in part, own large corporations— pocketed on average $206 billion in new wealth over the last year. This is equivalent to $23,500 an hour, more than the global average income in 2023 ($21,000).
    Beyond runaway CEO pay, the global working class is now facing a new threat: sweeping US tariffs. These policies pose significant risks for workers worldwide, including job losses and rising costs for basic goods that would stoke extreme inequality everywhere. 

    “For so many workers worldwide, President Trump’s reckless use of tariffs means a push from one cruel order to another: from the frying pan of destructive neoliberal trade policy to the fire of weaponized tariffs. These policies will not only hurt working families in the US, but especially harm workers trying to escape poverty in some of the world’s poorest countries,” said Behar.   

    Increasingly, corporations are being required by law to report their gender pay gaps ―the average difference in earnings between women and men. Oxfam’s analysis of the S&P Capital IQ database found that among 11,366 corporations across 82 countries that reported gender pay gap data, the average gap narrowed slightly from 27 percent to 22 percent between 2022 and 2023. Yet, on average, women in these corporations still effectively work without pay on Fridays, while their male counterparts are paid for the full week.

    Corporations in Japan and South Korea reported some of the highest average gender pay gaps in 2023 (around 40 percent). The average gap in Latin America was 36 percent in 2023, up from 34 percent the previous year. Corporations in Canada, Denmark, Ireland, and the UK reported average pay gaps of 16 percent.

    Oxfam’s analysis also found that out of 45,501 corporations across 168 countries where the CEO is paid more than $10 million and their gender is reported, fewer than 7 percent have a female CEO.

    “The outrageous pay inequality between CEOs and workers confirms that we lack democracy where it is needed most: at work. Around the world, workers are being denied the basics of life while corporations pocket record profits, dodge taxes and lobby to evade responsibility,” said Luc Triangle, General Secretary of the International Trade Union Confederation (ITUC).

    “Workers are demanding a New Social Contract that works for them —not the billionaires undermining democracy. Fair taxation, strong public services, living wages and a just transition are not radical demands —they are the foundation of a just society. It’s time to end the billionaire coup against democracy and put people and planet first.”

    Oxfam and the ITUC are calling on governments to sustain and accelerate momentum on taxing the super-rich, both nationally and globally. This includes introducing top marginal rates of tax of at least 75 percent on all personal income for the highest earners to discourage sky-high executive pay. Governments must also ensure minimum wages keep up with inflation, and that everyone has the right to unionize, strike and bargain collectively.
     

    MIL OSI NGO

  • MIL-OSI: IntelliTrans Recognized as a Top 100 Logistics & Supply Chain Technology Provider for 2025

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, May 06, 2025 (GLOBE NEWSWIRE) — IntelliTrans, a leader in software and services for transportation management in bulk and break-bulk shipping, announces its inclusion in the Inbound Logistics Top 100 Logistics & Supply Chain Technology Providers for 2025. This honor reinforces IntelliTrans’ continued commitment to innovation and excellence in addressing the evolving challenges of modern supply chains.

    Selected from more than 400 technology leaders, IntelliTrans joins an elite group of solution providers whose services empower businesses to overcome logistics hurdles with data-driven insights and cutting-edge tools. The prestigious list, curated by Inbound Logistics editors, highlights those providers whose solutions enable Fortune 1000 enterprises, as well as small and medium-sized businesses, to thrive in complex, competitive markets.

    “With technology in the logistics and supply chain space evolving rapidly, it’s crucial to recognize and celebrate the companies driving innovation for shippers,” says Felecia Stratton, Editor of Inbound Logistics. “We are excited to uncover the supply chain and logistics tech industry trailblazers whose solutions are transforming the landscape. This recognition honors excellence and provides valuable insights into the evolving technological trends within the supply chain industry.”

    IntelliTrans’ recognition is not just a testament to its technology but also its unwavering dedication to customer success. By listening to industry pain points and delivering tailored solutions, IntelliTrans positions its customers as leaders in their fields, consistently enabling them to unlock new opportunities for expansion and efficiency.

    “We are incredibly honored to once again be recognized as a Top 100 Logistics & Supply Chain Technology Provider by Inbound Logistics,” said Chad Raube, President and CEO of IntelliTrans. “This achievement reflects our ongoing mission to empower our customers with innovative software that makes supply chains more visible, efficient, and resilient. Our solutions are purpose-built to tackle the challenges of an unpredictable market, and we are motivated every day by the success of our customers.”

    The Top 100 Logistics IT Providers list is published in all the April Inbound Logistics magazine editions and apps.

    About IntelliTrans Multimodal Transportation Solutions
    IntelliTrans, a Roper Technologies business (Nasdaq: ROP), empowers businesses to optimize their supply chains with seamless freight management and shipment execution across all modes of transportation, including rail, truck, ocean, and barge. IntelliTrans’ trusted transportation management solutions enable customers to solve complex business challenges and help achieve a holistic digital strategy by incorporating multimodal solutions backed by extensive industry knowledge. Recognized as a top transportation management provider, IntelliTrans has recently received the Inbound Logistics Top 100 Logistics IT Provider Award, the 2023 BIG Innovation Award, the Cloud Computing Product of the Year Award, and the Food Logistics/SDCE Top Software and Technology Award. The company is headquartered in Atlanta, GA, with offices in Conway, AR, and internationally in Sweden and the UK. Unlock hidden efficiencies in your supply chain. Visit our website to see how IntelliTrans can help.

    Media Contact for IntelliTrans:
    Becky Boyd
    MediaFirst PR (M1PR.com)
    404.421.8497
    becky@mediafirst.net

    The MIL Network

  • MIL-OSI Europe: Latest news – Ordinary Delegation meeting (in camera) – 7 May 2025, Strasbourg – Delegation for Northern cooperation and for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee

    Source: European Parliament

    The Delegation for Northern Cooperation and for Relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area Joint Parliamentary Committee will meet ion Wednesday, 7 May from 16.30 until 18.00 in room WEISS N3.2, Strasbourg.

    The purpose of the meeting will be to prepare for the upcoming 44th EU-Switzerland Inter-Parliamentary meeting which is scheduled in Brussels on 12 May 2025 from 14.30 – 17.30.

    MIL OSI Europe News

  • MIL-OSI: Smackover Lithium Submits Royalty Application to Arkansas Oil and Gas Commission for South West Arkansas Project

    Source: GlobeNewswire (MIL-OSI)

    LEWISVILLE, Ark., May 06, 2025 (GLOBE NEWSWIRE) — Smackover Lithium, a Joint Venture (“JV”) between Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE:A:SLI) and Equinor, announced that SWA Lithium LLC has submitted an application to the Arkansas Oil and Gas Commission (“AOGC”) to establish a fair and equitable lithium royalty for the Reynolds Unit for Phase I of its South West Arkansas (“SWA”) Project in Lafayette and Columbia Counties, Arkansas. The hearing is scheduled for Wednesday, May 28th, 2025, at 9:00 am CDT and is to be held at the Donald W. Reynolds Community Center Grand Hall at South Arkansas University (100 East University) in Magnolia, Arkansas.

    The application proposes a quarterly gross royalty of 2.5% that will be based on the total amount of lithium produced and the average FastMarkets North American Index Price for technical grade lithium carbonate, which is higher than comparable projects globally on a lithium carbonate equivalent (“LCE”) basis. The lithium royalty will be paid to brine owners in addition to the brine fee, also referred to as the “in lieu bromine royalty,” of $65.05 per acre per year, making the total proposed royalty compensation approximately 3% based on current lithium prices.

    “Working with landowners and the AOGC to establish a fair and equitable royalty is key to the SWA Project’s success,” said Standard Lithium’s CEO, David Park, “The proposed royalty generously compensates brine owners, is fair for industry, and encourages development of the Smackover resource. The royalty is only the beginning of the economic impact this project will have for South Arkansas and the rest of the state.”

    “Establishing a royalty for the SWA Project allows us to continue the path towards a final investment decision,” said Allison Kennedy Thurmond, VP for US Lithium at Equinor. “The proposed royalty rate enables capital investment, infrastructure improvements, jobs, tax revenue and brings tremendous benefits to the Smackover region.”

    For more information about the SWA Project and Smackover Lithium, please visit www.smackoverlithium.com

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by high-grade resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”. Please visit the Company’s website at www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Norway, Equinor is the leading operator on the Norwegian continental shelf and is present in around 30 countries worldwide. Equinor’s partnership with Standard Lithium to mature DLE projects builds on its broad US energy portfolio of oil and gas, offshore wind, low carbon solutions and battery storage projects.

    For more information on Equinor in the US, please visit: Equinor in the US – Equinor

    Investor and Media Inquiries

    Chris Lang
    Standard Lithium Ltd.
    +1 604 409 8154
    investors@standardlithium.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, including approval of the royalty application submitted to the AOGC, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such forward-looking statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    The MIL Network

  • MIL-OSI Global: The growing threat to U.S. democracy will literally cost lives

    Source: The Conversation – Canada – By Andrew C. Patterson, Assistant Professor of Sociology, MacEwan University

    According to a recent survey, most political scientists agree that President Donald Trump is turning the United States government into an autocracy, all too quickly.

    As political scholars Steven Levitsky and Lucan Way explain, a competitive-authoritarian country is one where elections are held and election results carry, but incumbents alter the game so as to tilt the odds of winning heavily in their favour. This effectively makes it an autocratic regime, with one person holding the lion’s share of power.

    Politicians tilt these odds by doing exactly the sorts of things Trump is doing. He is replacing civil servants with loyalists, and then repurposing the long-standing institutions they serve. This is so he can use those institutions for political gain — to punish dissenters and reward allies. All to support his staying in power.

    As just one recent example, Levistky and Way predicted in February that the Internal Revenue Service would become one of the many departments that Trump would weaponize. On April 15, Trump called for the IRS to revoke Harvard University’s tax-exempt status in response to the university’s refusal to acquiesce. Trump had previously withheld billions of dollars in grant funding.




    Read more:
    Harvard is suing the White House: here’s what Trump hopes to achieve by targeting universities


    Is there any case in which Trump has still acted in the service of the American public? Arguably, no, not by a long shot. Even the Jeff Bezos-owned Washington Post describes his first 100 days as a remarkable failure across multiple fronts.

    The headlines have been blistering, calling those first 100 days “horrifying” and “inept.” Nor is the American public impressed: most give his performance a grade of D or F, according to a recent poll.

    The biggest threat of all may be permanent damage to government institutions.

    Democracy and population health

    As research shows, these trends cannot possibly be good for the lives and livelihoods of American citizens. We have known for over a decade that the recruitment of civil servants based on their political affiliations or loyalties, rather than credentials, is a recipe for political corruption. Corruption, in turn, harms population health.

    My own recent study affirms these findings. It also concludes that the impact of civil service hiring on population health is surprisingly direct. All of this suggests more corruption and worse health as Trump tightens his control over the civil service.

    Democracy, too, matters for population health. In another study, we found that democracies have as much as 11 years of added life expectancy, and 75 per cent lower rates of infant mortality, compared to autocratic countries. For someone focused on cross-national differences in health, these were huge differences.

    Economic impacts

    Trump’s actions will soon affect American wallets as well if they haven’t already, as research on both civil service hiring and democratization would suggest.

    It’s not difficult to demonstrate the threat, which continues to evolve in real time. Tourism in the U.S. has taken a serious hit in recent weeks, with airline bookings from Canada down 70 per cent.




    Read more:
    Does cancelling a trip to the U.S. really send a political message, or is it just hurting local tourism?


    People from other countries first started boycotting American goods and services in response to Trump’s tariff campaign. In the meantime, Congress has done little to curtail the detainment of migrants without just cause, or their deportation to a Salvadorean mega-prison without due process. And now tourists are afraid to travel to the U.S.

    It is fair to say that both economic prosperity and population health require investment in the same government infrastructures that the Trump administration is now downsizing.

    Yet the damage does not stop at the border. Trump’s decisions will have ripple effects on global health. Programs focused on containing infectious disease in the developing world are bearing the brunt of huge cuts to USAID.

    Speed and volume

    Trump’s approach is not informed by any kind of economic expertise. He is shooting the American economy in both feet by waging a tariff war against other countries as he simultaneously decimates tourism and upends a low-cost workforce with his immigration policy.

    Americans who voted for him will not get the price control they were hoping for, with supply-chain disruptions coming quickly down the pipeline.

    Nor can Americans count on the court system to preserve democracy. This is for two reasons.

    First, Trump’s executive actions are happening far too quickly. He has had a record number of executive orders since taking office only three months ago. It may take months if not years for challenges to these decisions to work their way through courts.

    Second, courts will not necessarily rule on the side of democracy, as in the Supreme Court’s decision to assure legal immunity for Trump.

    None of this bodes well. According to one watchdog based in Sweden, the U.S. could lose its status as a democratic nation in just a few months — well before the midterm elections.

    CNN reports on President Trump’s statement that he doesn’t know if he needs to uphold the U.S. Constitution.

    Starting a movement

    All of this has one common denominator: Trump’s unhinged executive power. A decidedly meek U.S. Congress needs to wake from its stupor and constrain that power.

    But at the time of this writing, the House judiciary committee plans to slip provisions into a budget megabill that will grant Trump ever more sweeping power over regulations.

    One solution may be what we sociologists refer to as a social movement. This is where as many people as possible choose to act. Small interactions — like sharing an article with friends and family — can make a big difference, according to one prominent perspective in sociology.

    Other means are more direct, like joining a protest or writing to members of Congress. And then there are decisions about what not to do. Universities and law firms are encouraged not to participate in the fraying of American democracy by making a “deal” with the Trump administration.

    The take-home message is that the threat to American democracy is real and it is imminent. The impact on human health and well-being will be global. If the collapse of American democracy affects all of us, inside and outside of U.S. borders, then we can all agree to do something about it.

    Andrew C. Patterson 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 growing threat to U.S. democracy will literally cost lives – https://theconversation.com/the-growing-threat-to-u-s-democracy-will-literally-cost-lives-254170

    MIL OSI – Global Reports

  • MIL-OSI: Apollo Funds to Acquire Hav Energy from HitecVision

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and STAVANGER, Norway, May 06, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and HitecVision, a leading investor in the European energy industry, today announced that Apollo-managed funds (the “Apollo Funds”) have agreed to acquire maritime liquefied natural gas carrier (“LNGC”) infrastructure platform Hav Energy LNG Holding AS (“Hav Energy”) from HitecVision. Financial terms were not disclosed.

    Established by HitecVision in 2022, Hav Energy invests in LNGC infrastructure projects in partnership with Knutsen LNG, a large owner-operator of LNGCs globally, and jointly owns a portfolio of 10 newbuild LNGCs which are 100% contracted on long-term charters with investment grade counterparties. The portfolio includes two modern operating vessels and eight under construction at the Hyundai Heavy Industries shipyard in Korea due to be delivered in 2025 and 2026.

    Global LNG imports are forecast to reach over 600 million metric tons annually by 2040, driven by growth in Asia and Europe as well as efforts to cut emissions in heavy industries and transportation, and expectations for robust new liquification capacity coupled with limited newbuild LNG vessel supply also provide strong tailwinds supporting Hav Energy’s future growth trajectory.

    Apollo Partner Joseph Romeo said, “Hav Energy has quickly scaled into a top platform facilitating the global transport of LNG, which we view as a bridge fuel capable of reducing emissions for rapidly growing power demand. We are excited to work with the Hav Energy team and their aligned, well-regarded partners in Knutsen to accelerate growth of the platform, which we believe can serve as a vital infrastructure link supporting enhanced energy resiliency for customers around the world.”

    Hav Energy CEO Randi Vestbø said, “This transaction represents a critical juncture for Hav Energy as we continue to build a next-generation fleet of LNG infrastructure carriers and pursue attractive growth opportunities to expand our capabilities alongside our new partners at Apollo. We are grateful for the guidance, backing and strategic support from HitecVision, which has been instrumental in our development and positions us for our next phase of growth as industry tailwinds continue to drive long-term LNG demand globally.”

    HitecVision Senior Partner Jan H. Solstad said, “We are proud that we in partnership with Knutsen LNG and the Hav management team have been able to develop Hav LNG into a differentiated, highly scalable platform, leveraging HitecVision’s significant expertise in building companies within the energy space. With a leading management team, strong institutional partners and clear strategy, we believe Hav Energy is well positioned for future success.”

    Thommessen, Stephenson Harwood LLP and Vinson & Elkins LLP served as legal counsel to the Apollo Funds. HitecVision has been advised by DNB Markets and law firm BAHR.

    About Apollo

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit www.apollo.com.

    About Hav Energy

    Hav Energy is a Norway-based energy infrastructure company established by HitecVision in 2022. The current asset portfolio has 10 state-of-the-art newbuild LNG vessels co-owned and operated by Knutsen LNG. 

    About HitecVision

    HitecVision is a Norwegian private equity firm and a leading provider of institutional capital to Europe’s energy industry. For almost four decades, we have been investing in the energy sector, starting out in the oil and gas industry before turning to the current focus on decarbonisation and energy transition. We have about EUR 9 billion in assets under management, and is headquartered in Stavanger, with offices and investment professionals in Oslo, London and Milan. Our 65-person team focuses on developing profitable and sustainable companies, working closely with our management teams and boards.

    Contacts

    For Apollo:

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    212-822-0540
    IR@apollo.com.

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    212-822-0491
    Communications@apollo.com.

    For HitecVision:

    Birgitte Kolstad
    Director Investor Relations
    Birgitte.Kolstad@hitecvision.com

    The MIL Network

  • MIL-OSI: Change of share capital

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement No 19/2025

    Peberlyk 4
    6200 Aabenraa
    Denmark

    Tel +45 74 37 37 37
    Fax +45 74 37 35 36

    Sydbank A/S
    CVR No DK 12626509, Aabenraa
    sydbank.dk

    6 May 2025  

    Dear Sirs

    Change of share capital

    At the AGM of Sydbank A/S held on 20 March 2025 it was resolved to
    reduce the Bank’s share capital by nominally DKK 33,839,600 by
    cancelling 3,383,960 shares which were purchased under the Bank’s
    share buyback programme in 2024.

    The creditors’ time limit for filing claims has expired and the Board of
    Directors has subsequently decided to implement the capital reduction.

    The capital reduction will be registered with the Danish Business
    Authority.

    Sydbank’s total share capital represents nominally DKK 512,044,600,
    equal to 51,204,460 shares of DKK 10 each (51,204,460 voting rights).
    As a result of the capital reduction the Bank’s Articles of Association have
    been amended with respect to the size of the share capital. The revised
    Articles of Association are available at sydbank.dk and sydbank.com.

    Yours sincerely

            
    Sydbank A/S

    Attachment

    The MIL Network

  • MIL-OSI Europe: REPORT on the deliberations of the Committee on Petitions in 2023 – A10-0063/2025

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on the deliberations of the Committee on Petitions in 2023

    (2025/2027(INI))

    The European Parliament,

     having regard to its previous resolutions on the outcome of the Committee on Petitions’ deliberations,

     having regard to Articles 10 and 11 of the Treaty on European Union (TEU),

     having regard to Articles 20, 24 and 227 of the Treaty on the Functioning of the European Union (TFEU) on the right of EU citizens and residents to bring their concerns to the attention of Parliament,

     having regard to Article 228 TFEU on the role and functions of the European Ombudsman,

     having regard to Article 44 of the Charter of Fundamental Rights of the European Union concerning the right to petition the European Parliament,

     having regard to the provisions of the TFEU relating to the infringement procedure and, in particular, to Articles 258 and 260 thereof,

     having regard to Rules 55 and 233(7) of its Rules of Procedure,

     having regard to the report of the Committee on Petitions (A10-0063/2025),

    A. whereas the purpose of the annual report on the outcome of the Committee on Petitions’ deliberations is to present an analysis of the petitions received in 2023 and of relations with other institutions, as well as to present an accurate picture of the objectives achieved in 2023;

    B. whereas in 2023, Parliament received 1 452 petitions, which represents an increase of 16.2 % compared to the 1 217 petitions submitted in 2022 and of 4.0 % compared to the 1 392 petitions registered in 2021; whereas the total amount of petitions received continues to be significantly lower than the peak reached in 2013 and 2014, when Parliament received 2 891 and 2 715 petitions, respectively;

    C. whereas in 2023, the number of users supporting one or more petitions on Parliament’s Petitions Web Portal was 26 331, which represents a considerable increase compared to the 22 441 users recorded in 2022 (both numbers are considerably lower than the 209 272 supporters recorded in 2021); whereas the number of clicks in support of petitions also increased slightly in 2023, reaching a total of 29 287 (compared with 27 927 in 2022 and 217 876 in 2021);

    D. whereas however, the overall number of petitions remains modest in relation to the total population of the EU, revealing that efforts still need to be stepped up to increase citizens’ awareness of their right to petition and the possible usefulness of petitions as a means of drawing the attention of the institutions and the Member States to matters that affect and concern citizens directly; whereas in exercising the right to petition, citizens expect the EU institutions to provide added value in finding a solution to their problems;

    E. whereas the criteria for the admissibility of petitions are laid down in Article 227 TFEU and Rule 232(1) of Parliament’s Rules of Procedure, which require that petitions must be submitted by an EU citizen or by a natural or legal person who is resident or has a registered office in a Member State and is directly affected by matters falling within the EU’s fields of activity;

    F. whereas of the 1 452 petitions submitted in 2023, 429 were declared inadmissible and 13 were withdrawn; whereas the high percentage (29.55 %) of inadmissible petitions in 2023 confirms that there is still a widespread lack of clarity about the scope of the EU’s areas of responsibility; whereas in order to reduce the number of inadmissible petitions, efforts still need to be made to clarify further the scope of the EU’s fields of activity;

    G. whereas the right to petition Parliament is a fundamental right of EU citizens, offering both citizens and residents an open, democratic and transparent mechanism to address their elected representatives directly; whereas this essential tool empowers citizens to actively and effectively participate in the life of the Union; whereas through petitions, EU citizens can complain about failures to implement EU law and help detect breaches of EU law;

    H. whereas Parliament is the only EU institution directly elected by EU citizens; whereas the right to petition the European Parliament is one of the fundamental rights of EU citizens and residents and it allows them to address their elected representatives directly; whereas Parliament has long been at the forefront of the development of the petitions process internationally and has the most open, democratic and transparent petitions process in Europe, allowing petitioners to participate actively and effectively in its activities, whereas in exercising the right to petitions, citizens expect the EU institutions provide added value, cooperating with the Commission and Member State authorities, in solving their problems;

    I. whereas the information submitted by petitioners in their petitions and during committee meetings, along with the Commission’s assessments and the replies from the Member States and other bodies, also provide valuable input for the work of other parliamentary committees, given that admissible petitions are forwarded to the relevant committee for an opinion or for information; whereas, therefore, petitions can also play a role in the legislative process, providing concrete feedback on the impact of EU policies and enabling policies to address emerging needs;

    J. whereas the activities of the Committee on Petitions are based on the input provided by petitioners, enabling Parliament to enhance its responsiveness to complaints and concerns relating to respect for fundamental EU rights and compliance with EU legislation in the Member States; whereas petitions are therefore a useful source of information on instances of misapplication or breaches of EU law, enabling an assessment of the application of EU law and its impact on the rights of EU citizens and residents; whereas in 2023 fundamental rights were one of the three most important concerns of all petitioners; whereas, in the context of the structured dialogue with the Commission, the Committee on Petitions called on the Commission to fight discrimination in the European Union, including through initiatives to guarantee equal rights and to strengthen measures against all forms of discrimination, including those based on sex, racial or ethnic origin, disability, age, religion or belief and sexual orientation;

    K. whereas according to Article 17 TEU the Commission should ensure the correct application of the Treaties and of measures adopted pursuant to them; whereas the Commission’s strategic approach to addressing issues raised in petitions must be fully consistent with the Treaties in order to ensure the most effective follow-up of petitions, aiming at guaranteeing full and timely protection of citizens’ rights arising from EU law;

    L. whereas each petition must be considered and examined carefully, efficiently, impartially, fairly and transparently, in line with the standards set in Article 41 of the Charter of Fundamental Rights of the European Union on the Right to good administration; whereas all petitioners have the right to receive a reply informing them about the decision on admissibility and follow-up actions taken by the committee within a reasonable period of time, in their own language or in the language used in the petition; whereas timely and effective responses by the Commission and Member States to the issues raised in the petitions, along with solutions for redress, where appropriate, contribute to strengthening the trust citizens place in the Union and its policies;

    M. whereas the Committee on Petitions attaches the utmost importance to the examination and public discussion of petitions at its meetings; whereas petitioners have the right to present their petitions and frequently take the floor in the discussion, thereby actively contributing to the work of the committee; whereas in 2023, the Committee on Petitions held 10 committee meetings, at which 191 petitions were discussed with 114 petitioners present and actively participating by taking the floor;

    N. whereas the main subjects of concern raised in petitions submitted in 2023 related to the environment, fundamental rights, personal matters and justice;

    O.  whereas when adopting its meeting agenda, the Committee on Petitions pays attention to petitions and topics with a high degree of relevance for discussion at EU level and to the need to maintain a balanced geographical coverage of topics according to the petitions received;

    P. whereas 82.4 % of the petitions received in 2023 were submitted via Parliament’s Petitions Web Portal, which is a slight increase compared to 2022 (79.05 %), thus reconfirming it as by far the most used channel for citizens to submit petitions to Parliament;

    Q. whereas in February 2023, the Petitions Web Portal was revamped and relaunched to align it with current expectations and make it easier for residents of the Member States to exercise their right to submit petitions to Parliament; whereas the updated Petitions Portal 2.0 integrated seamlessly with Parliament’s web publishing tool, enabling faster and simpler content updates and new features (including seven ‘Quick Start Guides’ that provide clear, step-by-step instructions for submitting, tracking and supporting petitions); whereas a new search engine powered by elastic search technology enhanced the user experience by delivering more accurate results efficiently leading to the new portal’s prioritising a truly citizen-centred approach; whereas during 2023 all petitions were prepared and published in a timely manner, within a few days of their adoption, and all internal and external requests for support on the use and content of the Petitions Portal were replied to successfully, in a timely manner and in all languages;

    R. Whereas in 2023, the Committee on Petitions (PETI) held four fact-finding visits, during which Members travelled to Romania to examine the management and the protection of the brown bear population and illegal logging, to Donegal (Ireland) to investigate the use of defective mica blocks in construction in Ireland and to Catalonia (Spain) to assess in situ the language immersion model in Catalonia; whereas PETI members were also part of a joint delegation from the Committee on Employment and Social Affairs, the Committee on Civil Liberties, Justice and Home Affairs and PETI that travelled to New York to attend the 16th session of the Conference of States Parties to the Convention on the Rights of Persons with Disabilities (CRPD COSP);

    S. whereas under Parliament’s Rules of Procedure, the Committee on Petitions is also responsible for relations with the European Ombudsman, who investigates complaints about maladministration within the institutions and bodies of the EU; whereas the previous European Ombudsman, Emily O’Reilly, presented her annual report for 2022 to the Committee on Petitions at its meeting of 27 June 2023;

    T. whereas the Committee on Petitions is a member of the European Network of Ombudsmen, which also includes the European Ombudsman, national and regional ombudsmen and similar bodies in the Member States, the candidate countries and other European Economic Area countries, and which aims to promote the exchange of information about EU law and policy, and to share best practice;

    1. Emphasises Committee on Petition’s fundamental role in protecting and promoting the rights of EU citizens and residents by ensuring that petitioners’ concerns and complaints are examined in a timely, effective and appropriate manner and that petitioners are informed about the actions taken and progress made on their petitions; recalls that all petitions are treated through an open, democratic and transparent petition process;

    2. Welcomes the successful contribution the Committee on Petitions made to dealing with the case of the repatriation of children, together with their mothers, who were detained for years in dire conditions in Syrian refugee camps and suffering from serious illness, malnutrition, severe psychological pressure and whose health conditions were worsening day by day; appreciates that the main legal arguments supported unanimously in PETI were substantially backed by the Danish Supreme Court in its order to offer repatriation and support by the Danish foreign ministry to both the children concerned and their mothers;

    3. Reiterates the importance of a continuous public debate on the EU’s fields of activity in order to ensure that citizens are properly informed about the scope of the Union’s competences and the different levels of decision-making; calls for an EU-wide enhanced structured information and communication campaign in all EU official languages in collaboration with national and regional ombudsmen, NGOs, and educational institutions to increase awareness of petition rights among citizens from all Member States, particularly addressing rural and disadvantaged communities and marginalised groups, as well as, remote islands and regions; proposes an expansion of outreach efforts through social media and local community events, emphasises the need for broader awareness-raising campaigns, through the active involvement of communications services, to help increase citizens’ knowledge about their right to petition, as well as the scope of the EU’s responsibilities and the competences of the Committee on Petitions, with a view to reducing the number of inadmissible petitions and enhancing citizen engagement in the decision-making process; recommends improving the digital accessibility of the Petitions Portal, including through adaptations for people with disabilities and higher quality translations into all official EU languages; recommends exploring the potential of the existing IT tools in order to increase citizens’ support on the portal, including through redirecting options to relevant complaint mechanisms;

    4. Recalls the European dimension of the Committee on Petitions, which can be addressed by citizens from all 27 Member States on issues that fall within the scope of the EU Treaties and EU law; believes that the Committee has a special responsibility to uphold this European dimension and to demonstrate the added value of European unity and integration to citizens;

    5. Points out that petitions constitute a unique opportunity for Parliament and the other EU institutions to directly connect with EU citizens and maintain a regular dialogue with them, particularly in cases where they are affected by the misapplication or breach of EU law; stresses the need for enhanced cooperation between the EU institutions and national, regional and local authorities on inquiries regarding the implementation of, and compliance with, EU law; believes that such cooperation is crucial to address and resolve citizens’ concerns over the application of EU law and that it contributes to strengthening the democratic legitimacy and accountability of the Union; calls, therefore, for the participation of Member States’ representatives in committee meetings and for timely and detailed responses to requests for clarification or information sent by the Committee on Petitions to national authorities;

    6. Recalls that petitions contribute considerably to the exercise of the Commission’s role as the guardian of the Treaties by providing citizens with an additional tool to report alleged breaches of EU law; stresses that constructive cooperation between the Committee on Petitions and the Commission through timely and detailed answers from the Commission, which are based on thorough examinations of the issues raised in petitions, is essential to ensure the successful treatment of petitions;

    7. Reiterates its call on the Commission to provide legal clarifications on the key criteria underpinning its strategic approach to enforcing EU law and to regularly update the Committee on Petitions on developments in infringement proceedings and to ensure that the Committee on Petitions gets access to the all relevant documents on EU Pilot and infringement procedures and legislative initiatives that were launched based on petitions received; is of the opinion that increased transparency and regular feedback on the handling of ongoing infringement procedures by the Commission would be beneficial for the Committee’s follow-up of open petitions; welcomes the recent Commission initiative to include petitions in the search system of the infringement register of the Commission; stresses that it is important for the Commission to conduct timely investigations into petitions, highlighting violations of rights affecting a large number of citizens and residents within the EU and to consult, where appropriate, the relevant national ombudsman; expresses its concerns about the way the Commission is handling some infringement procedures launched against Member States, including those related to issues raised in many petitions; encourages the Commission to put in place all necessary measures to improve transparency and effectiveness of its management of infringement procedures, which can be perceived as opaque by citizens;

    8. Calls on the Commission to assess whether the national authorities are taking the necessary measures to respond to citizens’ concerns, as expressed in their petitions, where cases of failure to comply with EU law occur, and to launch infringement procedures where necessary; emphasises that timely and proactive action by the Commission in cases of breaches of EU law is crucial to prevent such breaches, which could undermine citizens’ trust in European institutions, becoming systemic in nature;

    9. Emphasises the need for enhanced and more active cooperation between Member States and the Committee on petitions in order to unblock those petitions requiring prompt responses and reactions from the national authorities; recalls that the delayed responses of the Member States could have an impact on the timely resolution of issues raised by citizens and negative consequences for the solution of breaches of Union law; notes that the Member States should guarantee responses to petitions within the three-month deadline requested; stresses that improved coordination and dialogue would facilitate a more efficient handling of citizens’ concerns, prevent unnecessary delays and strengthen the effectiveness of the petition process;

    10. Strongly condemns the harassment and intimidation to which the official members of the Delegation of the Committee on Petitions were subjected during their fact-finding visit to Barcelona from 18 to 20 December 2023, with the aim of assessing in situ the language immersion model in Catalonia, its effects on families moving to and residing in the Autonomous Community, as well as on multilingualism and non-discrimination and the principle of the rule of law;

    11. Condemns the attempted ‘escraches’ (public shaming through doorstep demonstrations), violence and intimidation by separatist entities and groups in Catalonia that were intended to prevent the smooth running of the mission and with which they sought to coerce MEPs so that the outcome of the mission would favour their interests;

    12. Regrets that the competent education authorities in the region have not implemented the recommendations issued by the Committee on Petitions in its report of 19 March 2024 following the mission, aimed at protecting the linguistic rights of students and their families;

    13. Recalls that the e-Petition database is an essential internal tool that allows the members of the Committee on Petitions to access all necessary information in order to follow up on the state of play of each petition and to be able to make informed decisions on the treatment of the petitions; notes that the e-Petition database also plays an important role in communication with petitioners;

    14. Recalls the Commission’s commitment to create an interinstitutional IT tool, together with Parliament, with which to share information and documents on all follow-up actions taken on petitions, such as infringement procedures, legislative proposals or replies by national authorities, thus enhancing the transparency and efficiency of the treatment of petitions, which, in a wider context, would contribute to increasing citizens’ trust in the EU institutions and the European project;

    15. Recalls that cooperation with other committees in Parliament is essential for the comprehensive treatment of petitions; notes that in 2023, 34 requests for opinion (corresponding to 31 petitions) and 223 requests for information were sent to other committees; notes that of the 34 opinions requested, only 25 answers were received by the end of 2023 (in 14 cases an opinion was provided, while in 10 cases the committee decided not to draft an opinion and on four occasions no official decision has been communicated); recalls that petitioners are informed of decisions to request opinions from other committees for the treatment of their petitions; underlines that parliamentary committees should step up their efforts to actively contribute to the examination of petitions by providing their expertise so as to enable Parliament to respond more swiftly and comprehensively to citizens’ concerns;

    16. Believes that the petitions network is a useful tool for facilitating the follow-up of petitions in parliamentary and legislative work; trusts that regular meetings of the petitions network are crucial in order to ensure more visibility for the Committee on Petition’s activities and a better understanding of its work and mission, as well as to strengthen cooperation with the other parliamentary committees;

    17. Underlines that the Committee on Petitions expressed its position on important issues raised in petitions by adopting its report on the outcome of the Committee on Petitions’ deliberations during 2022[1];

    18. Highlights a slight decrease in the number of petitions submitted on external relations issues compared to 2022; notes that this could be explained by the new geopolitical context in 2023 and in particular a decrease in the number of petitions on the war in Ukraine and a significant increase in petitions dealing with the new conflicts in the Middle East; notes that the Committee on Petitions took account of citizens’ concerns about sanctions, security, conflict resolution, visa policy, progress of EU candidate countries, among other issues, putting on its agenda a number of petitions dealing in particular with questions related to the situation of refugees, in particular of children and on the situation of Venezuelan refugees in the EU; acknowledges the efforts of the committees already actively addressing these issues and emphasises that the Committee on Foreign Affairs and the Committee on Civil Liberties, Justice, and Home Affairs should take note of these petitions in their deliberations;

    19. Takes note that health, which was one of the main areas of concern for petitioners in 2022, appeared to continue to play an important role in 2023; notes, in particular, that the Committee on Petitions examined and discussed petitions on the ban on chemicals and heavy metals in children’s toys, on support for healthy and environmentally friendly food systems and lifestyles and on the implementation of EU regulations on added sugars in foods intended for infants and young children;

    20. Draws attention to the significant number of petitions submitted and discussed in relation to citizens’ concerns over the reintroduction of border checks between some Member States raising the problematic aspect of limitation of the free movement of persons within the EU and other aspects such as the strengths and the weaknesses of the extension of the Schengen area, as well as the costs of not belonging to the Schengen area; appreciates the significant role played by the Committee on Petitions, in particular the host of activities carried out, the adoption in committee of a short motion for a resolution on the accession to the Schengen area on 27 June 2023 and the related Parliament resolution, to strongly support the enlargement of the Schengen area to include Romania and Bulgaria the organisation of the public hearing on Schengen Borders on 18 July 2023 in association with the Committee on Civil Liberties, Justice and Home Affairs; welcomes the unanimous decision by the Council for the full membership of both countries of the Schengen area as of 1 January 2025 allowing the full exercise of the fundamental freedoms of the EU Single Market; 

    21. Takes note of the sudden increase in petitions of Spanish origin in the second half of 2023 concerning the risks to the rule of law in Spain as a result of the Spanish Government’s intention to adopt an Amnesty Law contrary to constitutional and European law;

    22. Underlines the work of the Committee on Petitions in connection with petitions relating to common rules on a single standard for hand luggage dimensions, highlighting citizens’ concerns about the inconvenience and discomfort caused by inconsistent rules on airline carry-on luggage and the resulting hidden costs; emphasises its call for compliance with a relevant European Court of Justice ruling in the context of the revision of EU air services legislation; points, in this regard, to the short motion for a resolution on standardised dimensions for carry-on luggage adopted by the Committee on Petitions on 20 September 2023 followed by the adoption of a resolution by single vote of the European Parliament on 4 October 2023; welcomes the fact that in November 2023 the Commission put forward a review of the passenger rights framework and a series of proposals designed to improve the experience of passengers and travellers, including the requirement of a limited number of common sizes and weights to reduce the confusion; notes with regret that passengers with disabilities are still facing too many barriers while travelling, especially in case of multimodal journeys; regrets that the public transport systems of many Member States do not comply with the requirements of United Nations Convention on the Rights for Persons with Disabilities (UNCRPD);

    23. Notes that environmental issues remained an area of serious concern for petitioners in 2023 with more than 21 % of petitions dedicated to environmental issues; regrets that some of these petitions allege incorrect implementation of EU legislation by the Member States, with some Member States already facing infringement procedures for the breach of EU environmental laws; notes that numerous petitions describe complaints about air quality, noise pollution, waste management/treatment, the deterioration of natural ecosystems and violation of the Habitats Directive in different Member States; highlights the public hearing on the state of implementation of the Habitats Directive organised on 24 May 2023; notes the work the Committee on Petitions continued to carry out in 2023 on the impact of climate change in different fields, not only in the environmental area, but also in the use of land, putting a number of petitions received on these topics on the agenda; points to the workshop on the impact of climate change on social security and the most vulnerable groups organised on 22 March 2023 and also to the presentation of the study on compensation for victims of climate change disasters on 18 July 2023;

    24. Draws attention to the workshop organised by the Committee on Petitions on 25 January 2023 on transparency of pricing and reimbursement of medicinal products, which discussed transparency from the perspectives of patients and consumers, producers of medicinal products, and academic research; notes that the discussions focused on research and development costs of companies and information available on the prices paid for medicines, underlining the importance of transparency on these issues;

    25. Stresses the importance of delivering on EU citizens’ expectations regarding the protection of the environment and urges the Commission, together with the Member States, to ensure the correct implementation of EU legislation in the environmental field, in particular in the field of illegal logging; points to the petitions on environmental issues, which reflect a growing public concern about the implications of climate change, requiring consistent enforcement of the existing EU environmental legislation by both the Commission and the Member States;

    26. Acknowledges the positive effects of the fact-finding visit to Romania from 15 to 18 May 2023 on the management and protection of the brown bear population; notes with regret, however, that there are still too many fatal accidents caused by brown bears in connection with humans and livestock, making further monitoring and cooperation with the national authorities necessary;

    27. Following the fact-finding visit to Romania, stresses the need for a balance between wildlife protection and the citizens’ safety; underlines that each Member State should be allowed to take measures, including population control of the species, in order to prevent threats to the lives and property of its citizens;

    28. Stresses the commitment of the Committee on Petitions to protect the rights of persons with disabilities; recalls the annual workshop of held by the Committee on Petitions on 29 November 2023 on the rights of persons with disabilities; recalls that its first part focused on how persons with disabilities dealt with the recent crises (energy costs, war, high inflation, etc.) and how EU measures helped to overcome these obstacles while the second part addressed the issue of how the European institutions have built inclusive communication with citizens with disabilities; also highlights, in this context, the adoption by the Committee of an opinion in the form of a letter on establishing the European Disability Card and the European Parking Card for persons with disabilities on 29 November 2023; reiterates that the Commission should address the cases where the national authorities refuse to recognise the rights for social security benefits for person with disabilities, thus leaving them without the necessary means to cover their basic needs; underlines as well in this context the imperative need for a full and consistent transposition of the European Accessibility Act and calls on the Member States to avoid further delays that hinder the rights of persons with disabilities; recalls that the Accessibility Act aims at improving the life of at least 87 million persons with disabilities, facilitating their access to, inter alia, public transport, banking services, computers, TVs, e-books and online shops;

    29. Stresses the important contribution made by the Committee on Petitions to the protection of the rights of persons with disabilities, as revealed by its treatment of a number of petitions on this sensitive topic; acknowledges, in this context, the efforts of Parliament’s services and notes that not just the best technical but the most accessible solution for deaf citizens must be found in order to communicate with them in their own mother tongue, in national sign languages; requests the modification of the Rules of Procedures in close cooperation with the Committee on Constitutional Affairs (AFCO) committee in order to eliminate the written communication with deaf citizens; also highlights, in this context, the adoption by the Committee of an opinion in the form of a letter on establishing the European Disability Card and the European Parking Card for persons with disabilities on 29 November 2023;

    30. Underlines, furthermore, the specific protection role played by the Committee on Petitions within the EU in the framework of the UN Convention on the Rights of Persons with Disabilities through its capacity to hear petitions and highlights the committee’s important ongoing work on petitions concerning disability-related issues; while noting a slight decrease in the number of petitions on disability in 2023 compared to 2022, stresses that the number nearly doubled compared to 2021; further points out that discrimination and access to public transport and employment, continue to be major challenges faced by persons with disabilities and emphasises the Committee’s special attention to the request for the European Disability Statute to recognise the rights of people with autism; welcomes the adoption of a short motion for a resolution on harmonising the rights of autistic people, emphasising the need to improve access to diagnosis, healthcare, education, employment, accessibility and provision of reasonable accommodation, legal capacity and lifelong community support including as regards culture and sport; draws attention, furthermore, to the particular role of the Committee on Petitions in safeguarding the rights of children and their parents, acknowledging numerous petitions received on children’s rights, which require special attention and action; recalls, in this context the provisions of the EU Charter of Fundamental Rights, in particular the Article 24 thereof on the rights of the child, to allow every child to maintain a personal relationship and direct contact with both of his/her parents, unless that is contrary to the child’s interests; reiterates as well the risk that families with autistic children are being targeted by offers of unproven, potentially harmful and illegal therapies and interventions which may amount to serious physical abuse of children;

    31. Recalls the fact that relations with the European Ombudsman represent one of the responsibilities conferred on the Committee on Petitions by Parliament’s Rules of Procedure; welcomes Parliament’s constructive cooperation with the European Ombudsman, with whom the Committee on Petitions shares the objectives of ensuring the transparency, professionalism and integrity of the EU institutions vis-à-vis European citizens, as well as its involvement in the European Network of Ombudsmen;

    32. Underlines the key work performed by the Committee on Petitions on the protection of workers’ rights; underlines that several petitions received in this area were followed up by further actions such as the debate on the use of fixed-term contracts, as well as that on the European citizens’ initiative-turned petition ‘Good Clothes, Fair Pay’ focusing on the harmful situation of workers in the global garment and footwear industry, or the Parliamentary Question for Oral Answer on the Working conditions of teachers in the European Union, also having as its basis a petition received on this subject; reiterates the importance of ensuring fair working conditions and greater protection of workers in the EU, calling on the Member States and the Commission to effectively address concerns raised in petitions related to labour rights and trade unions; 

    33. Recalls the European Parliament study on Homelessness in the EU which was commissioned by the Committee on Petitions and presented at its meeting in November 2023; notes that this study made an important contribution on this pressing social and economic challenge, which represents one of the most severe forms of societal exclusion, highlighting the need for a public policy change towards preventing homelessness in the first place, inter alia by providing secure and affordable housing;

    34. Acknowledges the European Ombudsman’s regular contributions to the work of the Committee on Petitions throughout the year; firmly believes that the Union’s institutions, bodies and agencies must ensure consistent and effective follow-up to the recommendations of the Ombudsman;

    35. Stresses that European citizens’ initiatives (ECIs) represent an important instrument for active citizenship and public participation; welcomes the discussion in some meetings of unsuccessful ECIs, which were sometimes subsequently reformulated as petitions, giving citizens the opportunity to present their ideas and hold a constructive debate, while contributing to their participation in the EU’s democratic processes; takes note of the significant number of new ECIs registered by the Commission in 2023, which shows that citizens are seizing the opportunity to use participatory instruments to have a say in policy and lawmaking processes; calls on the Commission to better engage with citizens and give adequate follow-up to successful ECIs; welcomes the important effort put in place to organise, in association with other committees, four public hearings on successful ECIs, which allowed the organisers to present the initiative’s objectives and engage with Members of the European Parliament and representatives of the European Commission; underlines that the Commission’s commitment to responding to valid ECIs is essential to maintaining citizens’ trust in the ECI as the most significant instrument of participatory democracy;

    36. Urges the Commission to give due consideration to the parliamentary resolutions adopted on European Citizens’ Initiatives (ECIs) and to enhance its engagement with citizens, particularly by ensuring appropriate and effective follow-up to successful ECIs, thereby reinforcing the democratic process and ensuring that citizens’ voices are adequately reflected in EU policymaking;

    37. Underlines that the Petitions Web Portal is an essential tool for ensuring a smooth, efficient and transparent petitions process; welcomes, in this regard, the improvements to data protection and security features that have made the portal more user-friendly and secure for citizens; stresses that efforts to make the portal more accessible must be continued, including making it more accessible for sign-language users and persons with disabilities; notes that the Petitions Web Portal has been one of the European Parliament’s most visited websites, thus serving as a first point of contact with Parliament for many EU citizens;

    38. Recalls the European dimension of the Committee on Petitions, which can be addressed by citizens from all 27 Member States on issues that fall within the scope of the Union’s activities; believes that the Committee has a special responsibility to uphold this European dimension and to demonstrate the added value of European unity and integration to citizens and continue addressing issues related to violations of EU law, as well as loopholes and shortcomings in the provisions of existing EU law; believes that timely avoidance of petitions with clear national competences along with comprehensive explanations and instructions about alternative courses of action, where appropriate, could contribute to a constructive approach and an enhanced citizens engagement considers, in this context, that the European Parliament should increase its efforts to promote the role and work of its Committee on Petitions and raise awareness among all EU citizens of the possibility to address a petition to the European Parliament; recalls that due to the limited time allotted to committee meetings, most petitions are treated through written procedure; recalls, in this context, that all petitions received, including those in the area of international affairs, should be handled with the necessary transparency and impartiality; is of the opinion that the selection of petitions for discussion in committee should reflect a geographical and political balance of submissions received; believes, moreover, that geographical balance should also be sought when organising the committee’s fact-finding visits, yearly and over the course of each legislative term;

    39. Welcomes the adoption of the short motion for a resolution on the creation of a European Capital of Local Trade[2] at the plenary session of January 2023; underlines that this achievement is an excellent result for the Committee on Petitions, noting that this project has been successfully included as a preparatory action in the 2024 budget, with a total budget of EUR 3 million; recalls that the project to create a European Capital of Small Retail (ECSR) was officially presented by the Commission in Barcelona in December 2023;

    40. Instructs its President to forward this resolution and the report of the Committee on Petitions to the Council, the Commission, the European Ombudsman, and the governments and parliaments of the Member States, their petitions committees and their national ombudsmen or similar competent bodies.

     

    EXPLANATORY STATEMENT

    Pursuant to Rule 233(7) of the Rules of Procedure of the European Parliament, the Committee on Petitions shall report annually on the outcome of its deliberations. The report aims to provide a comprehensive overview of the work carried out by the committee in 2023 and includes a statistical analysis of the petitions received and processed as well as a stocktaking of other parliamentary activities such as the adoption of reports and opinions, the organisation of hearings and the committee’s relations with other EU institutions. It is worth recalling that the core work of the Committee on Petitions generates from the right to petition the European Parliament exercised by EU citizens and residents under Article 227 TFEU and is not directly linked to the work programme of the Commission.

     

    In 2023, following the decision taken in 2022, all the measures put in place in the European Parliament in the context of the COVID-19 pandemic aiming at ensuring Parliament’s core functions were confirmed. All committee meetings in 2023 took place in Parliament’s premises, with the participation of MEPs, as well as of Commission’s representatives, in person. Petitioners have had the possibility to participate remotely or in person.

     

    Statistical analysis of petitions received in 2023 compared to 2022

     

    According to the statistics, the European Parliament received 1 452 petitions in 2023, which represents an increase by 16.0 % compared to the 1217 petitions submitted in 2022 and by 4.0 % compared to the 1392 petitions registered in 2021. The number of petitions on COVID-19 has significantly decreased compared to the two previous years: 12 petitions on 2023 compared to 45 petitions in 2022 and 242 petitions in 2021.

     

    Users of the Petitions Web Portal have the possibility to support petitions. In 2023, 26331 users acted as supporters as compared to 2022, 22441 and 209272 in 2021. It follows, that in 2023 the number of users supporting petitions in the web portal slightly increased in comparison with the previous year. The number of supports increased in 2023, reaching 29287 compared to 27927 in 2022 but incomparably lower compared to the 217876 in 2021;

     

    In 2023, 11 petitions were co-signed by more than one citizen. Of the 11 petitions signed by more than one citizen, only 1 was signed by more than 100 citizens; of those 11 petitions, only 1 was signed by more than 500 citizens and none by more than 5000 citizens;

     

    Format of petitions

    In 2023, 82.4 % of petitions were submitted via the Petitions Web Portal, while almost 17.6 % of petitions were submitted by post. The figures in the two tables reveal that in 2023 the proportion of petitions submitted via the Petitions Web Portal slightly increased in comparison with 2022, the Petitions Web Portal remaining by far the most used channel for submitting citizens’ petitions to the European Parliament.

     

     

     

     

    2023

     

     

     

    2022

    Petition Format

    Number of petitions

    %

    Petition format

    Number of petitions

    %

     

     

    Petition Portal

     

    1186

    82.4

    Petitions Portal

    962

    79.05

    Letter

     

    254

    17.6

    Letter

    255

    20.95

    The following table shows the status of petitions from 2003 to 2023. It can be noted that in 2023, a very large majority (⅔) of petitions were closed within a year after being received and examined by the committee. As a result of the comparison with the data on the status of petitions included in the annual reports from 2010 to 2022, it can be concluded that a significantly majority of petitions are closed within a year after being received and examined. Except for the year 2023 and partially for year 2016, less than 11% of the petitions received each year since 2003 and very small percentages (from 0.2% to 1.5%) of petitions from 2004 to 2014 remain open. Most of these open petitions relate to environmental issues and ongoing infringement proceedings before the Court of Justice of the European Union or to issues that members of the committee want to follow closely. An important number of petitions on the beach concessions in Italy (in total 450) have been submitted from 2012 to 2023, with a high number in 2016 and 2023 and are still open with a relevant impact on the statistics.

    Status of petitions

     

    Year

     

    Number of petitions

     

    Open petitions

     

     

    Closed petitions

    2023

    1 452

    334

    23.2%

    1 106

    76.8%

    2022

    1 210

    142

    11.7%

    1 068

    88.3%

    2021

    1 388

    154

    11.1%

    1 234

    88.9%

    2020

    1 570

    141

    9.0%

    1 429

    91.0%

    2019

    1 355

    113

    8.3%

    1 242

    91.7%

    2018

    1 219

    110

    9.0%

    1 109

    91.0%

    2017

    1 270

    57

    4.5%

    1 213

    95.5%

    2016

    1 568

    249

    15.9%

    1 319

    84.1%

    2015

    1 431

    64

    4.5%

    1 367

    95.5%

    2014

    2 715

    38

    1.4%

    2 677

    98.6%

    2013

    2 891

    33

    1.1%

    2 858

    98.9%

    2012

    1 986

    26

    1.3%

    1 960

    98.7%

    2011

    1 414

    14

    1.0%

    1 400

    99.0%

    2010

    1 656

    14

    0.8%

    1 642

    99.2%

    2009

    1 924

    5

    0.3%

    1 919

    99.7%

    2008

    1 886

    12

    0.6%

    1 874

    99.4%

    2007

    1 506

    15

    1.0%

    1 491

    99.0%

    2006

    1 021

    2

    0.2%

    1 019

    99.8%

    2005

    1 016

    2

    0.2%

    1 014

    99.8%

    2004

    1 002

    2

    0.2%

    1 000

    99.8%

    2003

    1 315

    0

    0.0%

    1 315

    100.0%

     

    Outcome of petitions[3]

     

    2023

     

     

     

    2022

    Outcome of petitions

    Number

    %

    Outcome of petitions

    Number

    %

     

     

    Admissible and Closed

    677

    46.65

    Admissible and Closed

    527

    43.48

    Admissible and Open

    334

    23.00

    Admissible and Open

    327

    26.98

    Inadmissible

    429

    29.55

    Inadmissible

    357

    29.46

    Withdrawn

    13

    0.8

    Withdrawn

    5

    0.08

    Sent to EC for opinion

    572

    55.21

    Sent to EC for opinion

    482

    37.57

    Sent for opinion to other bodies

    12

    1.16

    Sent for opinion to other bodies

    12

    0.94

    Sent for information to other bodies

    452

    43.63

    Sent for information to other bodies

    789

    61.5

     

    The tables show that the petitions declared inadmissible in 2023 vs 2022 is significantly higher in terms of number but as percentage, the petitions declared inadmissible in 2023 remained stable as compared to 2022.

    The percentage of admissible petitions (46.65%), which were closed immediately by providing information to the petitioner in 2023, is slightly higher as compared to 2022. The percentage of petitions that have been kept open in 2023 (23.00%) have slightly decreased compared to 2022 (26.98%).

    It is also to be noted that in 2023, more than the half (55.21 %) of the admissible petitions were sent to the Commission for opinion.

    Finally, the percentage of petitions sent to other bodies for opinion remained the same in 2023 as compared to 2022.

    Number of petitions by country

    The following two tables illustrate in numbers and in percentage terms changes of petitions by country from 2022 to 2023. A large number of petitions submitted in both years concern the EU. It means that these petitions either raise EU-wide issues or call for common measures to be implemented throughout the EU. Petitions concerning the EU may also relate to one or more Member States and are therefore registered under both the EU and the concerned Member State(s). This explains why the sum of the petitions concerning the EU and of those only related to Member States exceeds the total number of petitions submitted in 2022 and 2023.

    Additionally, it is worth stressing that the six countries mostly concerned by petitions remained the same in both years although the order of the most concerned countries has changed in 2023 compared to 2022, (Italy in 2023 takes the second seat occupied by Germany in 2022 and Greece takes the sixth seat in 2023 occupied by Poland in 2022). The majority of petitions submitted in 2023 concern Spain, with a relevant increase in terms of numbers in comparison with 2022. It is interesting to note the very significant increase in the number of petitions concerning Italy (from 101 to 202) and Portugal (from 17 to 38), and an opposite flow of the number of petitions related to Greece, with a decrease from 71 to 53. A relevant aspect to underline is that the number of petitions related to France, increased (from 39 to 53) in comparison with 2022.

    By contrast, petitions concerning non-EU countries decreased significantly in 2023 compared to petitions submitted in 2022 (from 226 to 176).

    As regards the countries featuring at the bottom of the list, Slovakia, Cyprus and Luxembourg, are the least concerned countries in 2023, while in 2022 it was the case for Czechia, Estonia and Slovakia.

     

     

    2023

     

     

     

     

    2022

     

    Concerned Country

    Petitions

    %

     

    Concerned Country

    Petitions

    %

    European Union

    660

    45.8

     

    European Union

    566

    46.7

    Spain

    267

    18.5

     

    Spain

    199

    16.4

    Italy

    202

    14.0

     

    Germany

    139

    11.5

    Germany

    120

    8.3

     

    Italy

    101

    8.3

    Romania

    65

    4.5

     

    Greece

    71

    5.9

    France

    53

    3.7

     

    Romania

    59

    4.9

    Greece

    53

    3.7

     

    Poland

    54

    4.5

    Poland

    53

    3.7

     

    France

    39

    3.2

    Portugal

    38

    2.6

     

    Hungary

    20

    1.7

    Hungary

    24

    1.7

     

    Ireland

    19

    1.6

    Other EU countries

    193

    13.3

     

    Other EU countries

    143

    11.9

    Non-EU countries

    176

    12.2

     

    Non-EU countries

    226

    18.6

     

    Languages of petitions

    In 2023 and in 2022, petitions were submitted in 22 of the official languages of the European Union. English and Spanish were the most used languages in both 2022 and 2023, with Spanish re-confirmed as the second most used language, after English. Italian gained a position and became the third most used language in 2023, to the detriment of German which is the fourth in 2023. The tables illustrate that English continued to account for more than ¼ of the total of petitions submitted and that English, Spanish, Italian and German languages account for more than ¾ of the petitions received in 2023 and 2022 (77.5% and 76.2% respectively). Slovak, Estonian and Croatian were the least used languages in 2023 while in 2022 it was the case of Slovenian, Czech and Croatian.

     

     

     

     

    2023

     

     

     

    2022

     

    Petition Language

    Number of petitions

    %

     

    Petition Language

    Number of petitions

    %

    English

    382

    26.5

     

    English

    325

    26.7

    Spanish

    301

    20.9

     

    Spanish

    251

    20.6

    Italian

    224

    15.6

     

    German

    215

    17.6

    German

    209

    14.5

     

    Italian

    138

    11.3

    French

    74

    5.1

     

    French

    58

    4.8

    Polish

    49

    3.4

     

    Polish

    56

    4.6

    Greek

    47

    3.3

     

    Greek

    43

    3.5

    Romanian

    44

    3.1

     

    Romanian

    42

    3.5

    Others

    110

    7.6

     

    Others

    89

    7.3

    Total

    1440

    100

     

    Total

    1217

    100

     

    Nationality of petitioners

    As regards nationality, while petitions submitted by Spanish citizens represented the highest number in 2023 confirming not only the first place of the 2022 but also registering an important increase (from 266 to 330), Italian citizens exceeded German petitioners and became the second nationality in submitting petitions in 2023 with a significant increase (from 159 to 254).

     

    In addition, the tables below show a slight rise in the number of petitions submitted by Portuguese nationals in 2023 in comparison with the previous year. By contrast, the number of petitions by Hungarian citizens sensibly decreased in 2023, from 33 submitted in 2022 to 21 in 2023.

     

    Two additional observations: in 2023, the number of petitions submitted by other EU nationalities increased significantly compared to 2022, from 170 to 209, and petitions submitted by non-EU nationalities slightly decreased, accounting for 3% of the total.

     

     

    2023

     

     

     

    2022

     

    Prime petitioner nationality

    Number of petitions

    %

     

    Prime petitioner nationality

    Number of petitions

    %

    Spain

    330

    22.9

     

    Spain

    266

    21.9

    Italy

    254

    17.6

     

    Germany

    251

    20.7

    Germany

    246

    17.1

     

    Italy

    159

    13.1

    Romania

    93

    6.5

     

    Romania

    78

    6.4

    France

    71

    4.9

     

    Poland

    73

    6.0

    Poland

    64

    4.4

     

    France

    60

    5.0

    Greece

    62

    4.3

     

    Greece

    60

    5.0

    Portugal

    39

    2.7

     

    Hungary

    33

    2.7

    Belgium

    29

    2.0

     

    Portugal

    26

    2.1

    Other EU nationalities

     

    209

     

    14.6

     

    Other EU nationalities

     

     

    170

     

    13.9

    Non-EU nationalities

    43

    3.0

     

    Non-EU nationalities

    49

    4.0

     

    Main subjects of petitions

     

    The tables below include the top ten petition themes. From the tables, it appears that the main themes did not differ from one year to another. While in 2022 environment, fundamental rights and justice were the top three petition themes, in 2023 environment, internal market as well as fundamental rights ranked the highest.

    In 2023 the number of petitions raising concerns over the internal market had a significant increase compared to 2022 (194 vs 84), which represent more than the double. This could be explained by the high number of petitions related to the beach concessions in Italy submitted in 2023.

    As regard petitions on health, their number in 2023 (119) remained stable compared to the 115 petitions registered under the same theme in 2022. In the field of the external relations, a slight decrease can be noted, explained by a decrease of the number of petitions on the Ukraine’s war and a significant increase of petitions dealing with the new conflict in the Middle East.

    As far as fundamental rights theme is concerned, the number of petitions on this topic is stable in 2023 compared to 2022. This might be due to the fact that in 2023, an important number of petitions (40) registered under the theme of fundamental rights raised concerns over the respect of the rule of law in Spain.

    2023

     

    2022

    Top 10 Petition themes

    Number of petitions

    %

    Environment

    308

    21.5

    Internal Market

    194

    13.4

    Fundamental Rights

    193

    13.4

    Personal Matter

    179

    12.4

    Justice

    167

    11.6

    Health

    119

    8.3

    External Relations

    96

    6.7

    Consumer’s Right

    93

    6.5

    Transport

    93

    6.5

    Constitutional Affairs

    68

    4.7

    Top 10 Petition themes

    Number of petitions

    %

    Environment

    258

    21.2

    Fundamental Rights

    211

    17.4

    Justice

    189

    15.6

    External Relations

    126

    10.4

    Personal Matter

    126

    10.4

    Health

    115

    9.5

    Employment

    73

    6.0

    Consumer’s right

    66

    5.4

    Institutions

    63

    5.2

    Energy

    61

    5.0

     

    Petitions Web Portal

    In 2023, the Petitions Web Portal, launched in late 2014, was further improved to make it more user-friendly, more secure and more accessible to petitioners.

    The Petitions Web Portal was revamped and relaunched in February 2023 to align with modern expectations and make it easier for EU27 residents to exercise their right to submit petitions to the European Parliament. The updated PETI Portal 2.0 integrated seamlessly with the EP’s web publishing tool, enabling faster and simpler content updates. Its responsive design ensured compatibility with all devices and screen sizes. New features included four ‘Quick Start Guides’ – available in all 24 EU official languages – that provide clear, step-by-step instructions for submitting, tracking and supporting petitions. Additionally, a new search engine powered by elastic search technology enhanced user experience by delivering more accurate results efficiently. The new portal prioritises a truly citizen-centred approach.

     

    In April 2023, the PETI Portal 2.0 was presented to an extended Steering Committee (comprising group advisers and DG IPOL Strategy and Innovation representatives). Updates on releases, petition statistics and a communication strategy to boost the portal’s visibility were also discussed. Moreover, the portal was actively promoted through various media channels, including Europarl, Twitter, the Director-General’s newsletter and events such as the Open Doors Day.

     

    The automatic notification system has been extended and improved to inform petitioners and supporters by email – if they have opted in – when a reply from the European Commission (“Communication to Members” or “CM”) has been published and translated into the petition’s original language and the other languages of the Committee.

     

    The PETI Portal team ensured that all petitions were published within days of their adoption and promptly responded to numerous petitioner queries – across all EU languages – received through the chatbot and Smart Helpdesk.

     

    Relations with the Commission

    The Commission remains the natural partner of the Committee on Petitions in processing petitions as the responsible EU institution for ensuring the implementation of and compliance with EU law. The committee and the Commission have a well-established and consistently maintained level of cooperation. The main contact point in the Commission is the Secretariat-General, which coordinates the distribution of petitions to the relevant Commission’s services and transmits the Commission’s replies to the secretariat of the committee. The Commission’s services participate in the meetings of the Committee of Petitions when petitions are discussed in committee on the basis of the Commission’s written reply or of other documents received. While the Commission has stepped up its efforts to provide timely responses to requests for information made by the Committee on Petitions, the committee believes that the Commission should be more actively involved in the work of the Committee on Petitions in order to ensure that petitioners receive a precise response to their requests and complaints regarding the implementation of EU law.

    Additionally, the committee reiterated its calls for regular updates on developments in infringement proceedings and EU pilot procedures, which relate to open petitions. Finally, the committee remains critical as regards the Commission’s new enforcement policy based on in its 2016 communication entitled ‘EU Law: Better Results through Better Application’ (C(2016)8600), which aims to direct citizens to the national level when complaints or petitions do not raise issues of wider principle or systematic failure to comply with EU law. In this regard, the committee considers that the Commission should check whether national authorities take the necessary steps to respond to citizens’ concerns as expressed in their petitions.

    Pursuing to the Annex IV of the Framework Agreement on relations between the European Parliament and the European Commission on the Timetable for the Commission’s Work Programme and as part of the annual cycle of the structured dialogue, the Committee on Petition welcomed the remote participation of Vice-President of the European Commission for Interinstitutional Relations and Foresight Maroš Šefčovič at its meeting on 28 February 2023. The exchanges of views focused on the state of implementation of the Commission Work Programme as well as on the cooperation between the Petitions Committee and the European Commission on improving relations in the handling of petitions.

    It is also worth noting the Commission’s intervention in the Committee on Petitions’ events throughout the year. In particular the intervention of representatives of the Commission during the presentation of the following studies: study on ‘The boundaries of the Commission’s discretionary powers when handling petitions and potential infringements of EU law’ (Implementation & Enforcement of EU Law) on 26 April 2023; study on “Cross-Border Legal Recognition of Parenthood in the EU” (DG JUST) on 17 July 2023; study on “Compensation for Victims of climate change disasters” (DG CLIMA) on 18 July 2023; study on “Homelessness in the European Union” (DG EMPL) on 30 November 2023.

    Representatives of the Commission also participated in several PETI hearings in 2023: public hearing on “The impact of climate change on social security and the most vulnerable groups” organised on 22 March (DG EMPL), hearing on “The state of implementation of the Habitats Directive” on 24 May 2023 (DG ENV.E – implementation and relations with Member States) with a focus on the infringement actions brought in the context of the Habitat Directive; hearing in association with Committee on Liberties, Justice and Home Affairs on “Schengen Borders – issues raised by petitioners” (DG HOME – Unit of Schengen and External Borders) with a focus on “Historical overview: establishment of the Schengen agreement, its progressive extension and the transfer of the Schengen acquis to the EU competence” on 18 July 2023; hearing on “A reflection on the European Parliament’s Committee on Petitions and the petitions’ systems of third countries” on 24 October 2023.

    Finally, on 29 November 2023, in the annual workshop on the rights of persons with disabilities focusing on “Coping with the cost-of-living crisis and Inclusive communication”, Helena DALLI, the former European Commissioner for Equality intervened via a recorded video statement followed by representatives of DG Communication.

    ECI

    The European Citizens’ Initiative (ECI) is a European Union (EU) mechanism aimed at increasing direct democracy by enabling “EU citizens to participate directly in the development of EU policies”. The initiative enables one million citizens of the European Union, who are nationals of at least seven member states, to call directly on the European Commission to propose a legal act in an area where the member states have conferred powers onto the EU level. If at the end of the procedure, the ECI initiative reaches the threshold, organisers are invited to a hearing organised by the committee for petitions, to present their initiative, and afterwards, Parliament may decide to debate further and adopt a resolution on plenary on the topic.

     

    On 24 January 2023, the Committee on Agriculture and Rural Development (AGRI) jointly with the Committee on Environment, Public Health and Food Safety (ENVI) and with the association of the PETI Committee, held a public hearing on the European Citizens’ Initiative (ECI) “Save bees and farmers! Towards a bee-friendly agriculture for a healthy environment”. The initiative requests the phasing out of synthetic pesticides by 2035, a broader support to farmers and the development of the agriculture by prioritising small scale, diverse and sustainable farming, supporting a rapid increase in agro-ecological and organic practice, and enabling independent farmer-based training and research into pesticide. The former Commissioner for the Environment, Oceans and Fisheries Virginijus Sinkevicius and the former Commissioner for agriculture Janusz Wojiechowski presented their points of view on the different topics, showing the need for legislators to work together with all the stakeholder groups.

     

    On 27 March 2023, the Committee on Fisheries (PECH) organised, in association with the Committee on Petitions and the Committee on the Environment, Public Health and Food Safety (ENVI), a public hearing on the ECI “Stop Finning – Stop the Trade”. The initiative requests to the Commission to propose legal measures to end the trade of shark and ray fins in the EU, including the import, export and transit of fins, other than if naturally attached to the animal’s body, notably by extending the scope of Regulation (EU) No 605/2013. Former Commissioner for the Environment, Oceans and Fisheries Virginijus Sinkevicius intervened stressing that ECI raises important issues that are relevant to the EU’s policy of protecting the marine environment, protecting and conserving fisheries resources and ensuring sustainable fishing in the EU and globally.

     

    On 25 May 2023, Committee on Environment, Public Health and Food Safety (ENVI) organised in association with the Committee on Petitions and the Committee on Agriculture and Rural Development (AGRI), a public hearing on the ECI “Save cruelty-free cosmetics – Commit to a Europe without animal testing”. The initiative requests three main objectives: protect and strengthen the cosmetics animal testing ban, transform EU chemicals regulation, ensuring human health and the environment by managing chemicals without the addition of new animal testing requirements and modernise science in the EU.

     

    On 12 October 2023, the Committee on Agriculture and Rural Development (AGRI) and the Committee on the Internal Market and Consumer Protection (IMCO) organised, in association with the Committee on Petitions, a public hearing on the ECI “Fur-Free Europe”. The initiative calls on the EU to ban the rearing and killing of animals for the purpose of fur production. It also asked for a ban on the placing on the Union market of both fur from animals farmed for their fur, as well as products containing such fur. Former Commissioner for Health and Food safety Stella Kyriakides recalled that after a deep technical analysis, the Commission will eventually evaluate the necessity and justification of the bans requested by the ECI’ organisers in pursuing objectives of environmental and public health, of animal health and welfare objectives, in ensuring that consumer concerns can be addressed in practice, as well as in ensuring a smooth operation of the internal market.

     

    Article 230 of the Rules of Procedures of the European Parliament allows the Committee on Petitions, if it considers appropriate, to examine proposed citizens’ initiatives which have been registered in accordance with Article 4 of Regulation (EU) No 211/2011, but which cannot be submitted to the Commission in accordance with Article 9 of that Regulation, since not all the relevant procedures and conditions laid down have been complied with. On that basis, the Committee held on 27 April 2023 a debate on the European Citizens’ Initiative (ECI) “Ensuring Common Commercial Policy conformity with EU Treaties and compliance with international law” with the participation of the organisers and a representative of the Commission and members of the committee. The ECI representatives’ main objective was to invite the Commission to propose a legal acts based on the Common Commercial Policy to prevent EU legal entities from both importing products originating in illegal settlements in occupied territories and exporting to such territories, in order to preserve the integrity of the internal market and to not aid or assist the maintenance of such unlawful situations. Although the ECI ended without reaching the threshold of 1 million signatures, the Committee on Petitions could shed light on it and decide to send the petition to the Committee on International Trade for opinion and to ask the European Commission for an update on this topic.

     

    In accordance with the same article, the Committee held on 24 October 2023 a debate on the European Citizens’ Initiative (ECI) “Good Clothes, Fair Pay”, with the participation of the organisers and a representative of the Commission and members of the committee. The ECI representatives’ main objectives were to invite the Commission to propose legislation, requiring undertakings active in the garment and footwear sector to conduct due diligence in respect of living wages in their supply chain achieving the following objectives: (a) complement and build on the ‘EU’s Sustainable Corporate Governance framework’, and the ‘EU Adequate Minimum Wage Directive’; (b) require undertakings to identify, prevent and mitigate adverse impacts on the human right to a living wage and freedom of association and collective bargaining rights; (c) reduce poverty in the Union and worldwide, paying particular attention to the circumstances of women, migrants and workers with precarious contracts and the need to combat child labour; (d) prohibit unfair trading practices which cause, or contribute to, actual and potential harms to workers in the garment and footwear sector and promote fair purchasing practices; (e) provide a right to information for consumers regarding undertakings in the garment and footwear sector; (f) improve transparency and accountability of undertakings in the garment and footwear sector. Although the ECI ended without reaching the threshold of 1 million signatures, the Committee on Petitions could shed light on it and decide to send the petition to the Committee on Employment and Social Affairs for opinion and to ask the European Commission for an update on this topic.

     

    Relations with the Council

    Members of the Council’s Secretariat may attend the meetings of the Committee on Petitions. Regrettably, in 2023, the committee did not observe Council’s participation in the debates. Nevertheless, the committee notes the participation by some local or regional authorities in the discussion on petitions in committee meetings, which in 2023 concerned mainly Spanish-related topics. Also on 30 November 2023, the committee acknowledges the participation of the Head of the Diversity and Inclusion Office of the Council of the EU at the annual workshop on the rights of persons with disabilities.

     

    Relations with the European Ombudsman

    The Committee on Petitions continued its constructive, long-standing working relations with the office of the European Ombudsman, contributing to the increase of the democratic accountability of the EU institutions.

     

    On 27 June 2023, the committee heard the presentation of the European Ombudsman’s Annual Report 2022, delivered by Ms Emily O’Reilly. The report documented the Ombudsman’s work on transparency and accountability (e.g. access to information and documents), culture and service, respect of fundamental rights, the proper use of discretion (including in infringement procedures), recruitment, good management of personnel issues, respect of procedural rights, sound financial management, ethics and public participation in EU decision-making. In 2022, the Ombudsman opened 348 inquiries, of which four were on her own initiative, while closing 330 inquiries. The largest percentage of inquiries concerned the European Commission (57.1%), followed by the European Personnel Selection Office (6.3%), the European Parliament (5.5%) and the European External Action Service (4.6%). The remaining enquires concerned other EU institutions, agencies and bodies with the European Border and Coast Guard Agency (Frontex) totalling 4.3% and the European Union Aviation Safety Agency 2%.

     

    It is also worth noting the intervention by inquiries Officer in the Ombudsman’s Strategic Inquiries Team at the committee’s annual workshop on the rights of persons with disabilities which took place on 29 November 2023.

    Relations with the European Court of Auditors

    Over recent years, the Committee on Petitions has built constructive working relations with the European Court of Auditors (ECA) and has actively contributed to its annual work programmes.

    Relations with other EU bodies

    On 22 March 2023 in the frame of the workshop organised by the Committee on Petition on “The impact of climate change on social security and the most vulnerable groups’, the Head of Climate Change Impacts and Adaptation of the European Environment Agency spoke on “Social preparedness for current and future climate risks”.

    On 24 May 2023 in the frame of the workshop organised by the Committee on Petition on “The state of implementation of the Habitats Directive”, a nature and biodiversity expert at the European Environment Agency intervened in the session “How to promote full compliance by Member States of the Habitats Directive?”.

    On 20 September 2023, the Committee on Petitions organised an Interparliamentary Committee Meeting with a focus on the Cooperation with the Committees on Petitions in national Parliaments – Exchanging best practices and reflecting on new approaches and in the Panel 1 on “The right to petitions, Parliaments rules, procedures and practices” several Members of National Parliaments took the floor, in particular a Member of Spanish Senate, a member of Belgian Federal Parliament. In the second Panel titled “Best Practices And New Approaches To The Right To Petition National Parliaments’ Point Of View” some National Members intervened, among others, one Member of Italian Chamber, one Member of German Bundestag, one member of the French Senate and one Member of the Polish Sejm.

    On 24 October 2023, the Committee on Petitions organised a public hearing on “A reflection on the European Parliament’s Committee on Petitions and the petitions’ systems of third countries” and in this frame several Members of the extra EU National Parliaments intervened. In particular, two representatives of the House of Commons of Canada presented “An analysis of the legal, institutional and procedural framework governing the petitions’ system in Canada”, followed by a member of Federal Senate of Brazil who analysed ‘the legal, institutional and procedural framework governing the petitions’ system in Brazil’. In the second panel of the hearing, one member of the Norwegian Parliament analysed ‘The legal, institutional and procedural framework governing the petitions’ system in Norway”.

    On 29 November 2023, a representative of the Fundamental Rights Agency took the floor in the first panel of the annual workshop on the rights of persons with disabilities.

    Fact-finding visits

    In 2023, the Committee on Petitions organised four fact-finding visits.

     

    The committee organised a fact-finding visit to Romania (Bucharest, Sfântu Gheorghe and Suceava), from 15 to 18 May 2023, on the management and the protection of the brown bear population as raised in Petitions Nos 1188/2019, 1214/2019, 0685/2020, 0534/2021, 0410/2022 and the illegal logging in the country, petitions Nos. 1248/2019, 0408/2020, 0722/2020 and1056/2021. The aim of the mission was to collect as much information as possible on the two subjects of interest, to establish facts and to seek solutions. In this regard, the delegation met various interlocutors, such as national and regional authorities, petitioners, NGOs, environmental activists, as well as representatives of academia and. Following rich exchanges, Members acquired first-hand information and knowledge about the challenges related to the management and the protection of the brown bear population and to the illegal logging and the fight against it in Romania.

     

    From 13 June to 15 June 2023, two Members of the Committee on Petitions participated in a joint ad hoc EMPL, LIBE and PETI delegation to the 16th session of the Conference of States Parties to the Convention on the Rights of Persons with Disabilities (CRPD COSP), which took place at the United Nations Headquarters, New York. Members participating in the delegation took part in several official sessions of the Conference, side events (including one organised by the EP), as well as in a series of bilateral meetings with UN officials, European and non-European governmental and non-governmental organisations, working for the realisation of the rights of persons with disabilities. The main purpose of the delegation was to build on the well-established contacts of the previous year and to highlight and guarantee Parliament’s oversight in the implementation and monitoring of the UN CRPD, within the “Team Europe” cooperation.

     

    A fact-finding visit was organised to the region of Donegal (Ireland) from 30 October to 1 November 2023 on the use of defective mica blocks in construction in Ireland, an alleged non-compliance with the EU Construction Products Regulation (CPR) and on the protection of homeowners as raised on Petitions Nos. 0789/2021, 0790/2021, 0799/2021, 0800/2021, 0801/2021, 0813/2021, 0814/2021 and 0837/2021.During the mission, the delegation was made aware of the large scale and complexity of the challenges related to the use of defective building blocks in construction in Ireland, with significant health, financial and social consequences.

    Between 18 and 20 December 2023, the Committee on Petitions conducted a fact-finding visit to Catalonia (Spain) with the aim of assessing in situ the language immersion model in Catalonia, its impact on families moving to and residing in the region as well as on multilingualism and non-discrimination and the principle of the Rule of Law as raised on petitions Nos. 0858/2017, 0650/2022 and 0826/2022. The objective of this fact-finding visit was to investigate the claims made in the petitions, establish facts, seek solutions and establish a dialogue with regional authorities to obtain a better insight into various aspects concerning the language immersion model in Catalonia. The mission has enabled the Committee to gain a better understanding of the model’s impact on families moving to and residing in the region as well as on multilingualism, non-discrimination and compliance with international and EU law.

    Public Hearings

    In 2023, the Committee on Petitions organised four public hearings, partly jointly with other parliamentary committees. The public hearings covered a wide range of subject raised in petitions.

     

    On 28 February 2023, the Committee on Petitions hosted a public hearing on the “language immersion model in Catalonia, Spain”. The hearing was organised as follow up on several petitions (Nos. 0858/2017and 0650/2022) on the impact of full immersion in Catalan at schools and covered four main themes: the compatibility between European regulations and case law and the linguistic model in Catalonia, the impact of linguistic immersion in Catalonia on the school performance of students whose mother tongue is Spanish, the Catalan linguistic-cultural model and the linguistic immersion in Catalonia, respect for secular bilingualism in Catalonia and compatibility with the linguistic conjunction model.

     

    On 24 May 2023, the Committee on Petitions held, in association with the Committee on the Environment, Public Health and Food Safety, a public hearing entitled “The state of implementation of the Habitats Directive”. Following a significant number of petitions received alleging the breach of the Habitats Directive, the hearing aimed to take a closer look at how the Habitats Directive has being implemented and enforced in the Member States. It was organised in two sessions, and the experts invited, focused, in particular, on the following topics: implementation and infringement overview, implementation challenges and the infringement procedure as an efficient tool for the enforcement of the Habitats Directive. Furthermore, the speakers identified possible best practices to promote full compliance of Member States with the Habitats Directive.

     

    On 18 July 2023, the Committee on Petitions held, in association with the Committee on Civil Liberties, Justice and Home Affairs, a public hearing on: ‘Schengen Borders: – issues raised by petitioners’. On the basis of several petitions Nos. 0428/2020, 0653/2020, 0227/2022, 0719/2022, 0004/2023 and 0037/2023 the hearing aimed at giving voice to citizens’ concerns over the reintroduction of border checks between some Member States (e.g. Denmark and Sweden, Denmark and Germany), thus limiting the free movement of persons within the EU. It also touched upon other aspects such as the strengths and the weaknesses, the extension of the Schengen area, as well as the costs of Non-Schengen. The exchanges were organised in two panels, with the first focusing on the historical background and the current state of play of the Schengen area and the second on the issue of reintroduced border controls within the Schengen area. The Commission pointed out the ongoing dialogue with the Member States and the review of the Schengen Borders Code and stressed that the enlargement of the Schengen area remains a priority.

     

    On 24 October 2023, the Committee held the public hearing ‘A reflection on the EP Committee on Petitions and the petitions’ systems of third countries’. The hearing focused on the analysis and comparison of the EU petitions’ system and the petitions’ systems of selected non-European countries with shared democratic values, namely Canada, Brazil and Norway. The aim was to exchange best practices that could inspire the EU petitions’ system to become more efficient and closer to the citizens and to gather evidence on how citizens can bring forward their concerns through petitions. The experts analysed the legal, procedural and institutional framework governing the Canadian, Brazilian and Norwegian petitions’ systems, as well as the differences with the EU system concerning the submission, admissibility, examination and closure of petitions.

    Workshops

    In 2023, the Committee on Petitions organised three workshops covering subject-matters raised in petitions.

     

    On 25 January 2023, the Committee on Petitions held a workshop on “Transparency of pricing and reimbursement of medicinal products”. The workshop discussed transparency from the perspective of patients/consumers, producers of medicinal products, and academic research. The discussions focused on research and development costs of companies and information available on the actual prices paid for medicines. The exchanges concluded that without full transparency on these issues, any discussion on fair medicine prices and access to medicinal products remains highly difficult.

     

    On 22 March 2023, the Committee on Petitions hosted a workshop on “The impact of climate change on social security and the most vulnerable groups”. The workshop focused on the effects of climate change on vulnerable groups in society, such as the elderly, low-income families, and people with disabilities. It also looked into the role attribution science – an area of science that aims to determine which extreme weather events can be explained by or linked to climate change – can play in helping develop (social) policies for the future.

     

    On 29 November 2023, the Committee on Petitions held its “Annual Workshop on the Rights of Persons with Disabilities”, during the first European Parliament’s Disability Rights Week. The workshop focused on two themes: coping with the cost-of-living crisis and on inclusive communication. The first panel looked into the situation of persons with disabilities in the context of recent crises (COVID-19 pandemic, energy crisis and rising inflation) and discussed proposals for measures to overcome obstacles. The second panel debated the European institutions’ efforts to ensure effective communication with and about persons with disabilities, both internally and in their relations with citizens.

    Studies

    In 2023, the committee heard the presentations of the following studies commissioned by the Policy Department for Citizens’ Rights and Constitutional Affairs at its request:

    – Study on ‘FATCA legislation and its application at international and EU level: – An Update’ on 25 January 2023. Professor C. Garbarino described the most relevant developments in the period 2018-2022 in chronological order and drew conclusions, which include a systemic view of the institutional dynamics, a provisional legal analysis on the basis of existing rules and policy suggestions.

    – Study on “Environmental Crime affecting EU financial interest, the economic recovery and the EU’s green deal objectives”, presented by Prof. Dr Michael G. Faure (Professor of comparative and international environmental law at Maastricht University and Professor of comparative private law and economics at Erasmus School of Law in Rotterdam) and Dr. Kévine Kindji, (Research fellow at at the Maastricht European Institute for Transnational Legal Research (METRO) at Maastricht University) on 25 January 2023. The study suggested that despite commendable efforts, the transnational nature of environmental crime and its convergence with organised crime, money laundering and corruption, have not been adequately integrated into current reforms. It concluded that a proper categorization of environmental crime as a ‘serious crime’ was needed as an essential basis for policy reforms;

     

    – Study on ‘The boundaries of the Commission’s discretionary powers when handling petitions and potential infringements of EU law’, presented by Prof. Armin Cuyvers (Leiden University) on 26 April 2023. The study analysed the legal limits on the discretion of the Commission when deciding to launch, or not to launch, an infringement action, especially in response to a petition. In addition, it assessed how the Commission uses this discretion in practice, and formulates recommendations on improved political collaboration between the European Parliament and the Commission, in the interest of EU citizens;

     

    – Study on “Cross-Border Legal Recognition of Parenthood in the EU”, presented by Professor Alina Tryfonidou (Neapolis University) on 17 July 2023. It examined the problem of non-recognition of parenthood between Member States and its causes, the current legal framework and the (partial) solutions it offers to this problem, the background of the Commission proposal, and the text of the proposal. It also provides for a critical assessment of the proposal and issues policy recommendations for its improvement;

     

    – Study on “Compensation for Victims of climate change disasters”, presented by Professor Michael Faure (Maastricht University and Erasmus Universit), on 18 July 2023. The study outlined the dangers and effects of climate change in the EU, as well as the EU policies and mechanisms to deal with climate change disasters. It also analysed the types of compensation available to victims of climate change disasters in the EU and in a representative selection of Member States and formulated several policy recommendations;

     

    – Study on “Homelessness in the European Union” presented by Professor Eoin O’Sullivan, (Trinity College) on 30 November 2023. The study insisted on the need to change systems that respond to homelessness as an issue of individual dysfunction and inadequacy, to systems that actually end homelessness. Public policy should aim to prevent homelessness in the first instance. It highlighted that the duration of homelessness should be minimised by rapidly providing secure, affordable housing, in order to reduce further experiences of homelessness, decrease costly emergency accommodation, and alleviate trauma associated with homelessness.

     

    In addition, in the frame of the Annual Workshop on the Rights of Persons with Disabilities on 29 November 2023, the following study has been presented by Magdi Birtha (European Centre for Social Welfare Policy and Research):

    – Study on “Targeted measures for persons with disabilities to cope with the cost-of-living crisis”. The study analysed the impact of the ongoing cost-of-living and energy crises on the standard of living for persons with disabilities. Based on available evidence, it provided for an overview on legislation, policy measures and schemes that support persons with disabilities and their families to cope with the rising cost of living at EU level and in selected Member States.

    Key issues

    Internal Market

    It is worth noting the high increase in 2023 in the number of petitions on internal market issues. This rise is in large part due to a high number of petitions submitted on the situation of the beach concessions in Italy in particular on alleged non-compliance with Directive 2006/123/EC on liberalisation of services (‘Bolkestein Directive’). A second major topic is related to the citizens’ concerns over the reintroduction of border checks between some Member States (e.g. Denmark and Sweden, Denmark and Germany), thus limiting the free movement of persons within the EU and other aspects such as the strengths and the weaknesses, the extension of the Schengen area, as well as the costs of Non-Schengen in particular for Romania and Bulgaria.

    The Committee adopted a short motion of resolution on the Accession to the Schengen area on 27 June 2023 and organised a public hearing on Schengen Borders: – issues raised by petitioners on 18 July 2023.

    Fundamental Rights

    Still in 2023, the committee received a high number of petitions on fundamental rights, including alleged breaches of the General Data Protection Regulation in different EU countries and on the respect of the rule of law and democracy.

    In addition, the Committee continued to receive petitions on the violation of the human rights in several third countries and a series of petitions on the fundamental rights of LGBT-EU citizens.

    Other relevant topic concerned the homelessness in the EU, how to deal with this sensitive issue and a study has been presented on November 2023, insisting on the need to change systems that respond to homelessness as an issue of individual dysfunction and inadequacy, to systems that actually end homelessness, with a new role of the public sectors.

    Environmental issues

    In 2023, environmental issues remained high in citizens’ concerns and the committee paid paramount attention to them. The protection of the environment was discussed in almost all committee meetings, on the basis of petitions. Topics such as protection of wildlife and forest policy within the EU have been discussed as well as alleged breaches of the Habitats Directive in some Member States.

    The Committee exanimated also petitions on the protection of the quality of groundwater resources against chemical environmental pollution and on control of the air pollution and air quality safeguarding of the health of the population concerned.

    In addition, the committee held fact-finding visit to Romania (Bucharest, Sfântu Gheorghe and Suceava), in relation to several petitions that raised some issues as the management and the protection of the brown bear population and the illegal logging in the country.

    Other topics submitted to the attention of the PETI committee have concerned alleged breaches of EU environmental law and the new dimension of the climate change. In this frame, the Committee on Petitions held a workshop on the impact of climate change on social security and the most vulnerable groups on March 2023 and in its meeting of July 2023, a study on Compensation for victims of climate change disasters has been presented and discussed.

    The animal welfare became a relevant topic in 2023, with a series of petitions calling for a revision of the legislation on animal welfare and a specific legislation for the protection and management of companion, domestic and stray animals inside the EU. The Committee examined petitions against the cruel treatment of animals in different Member States and proposed to have a Commissioner specifically competent for the animal welfare issues.

    Disability issues

    The Committee on Petitions plays a specific protection role as regards compliance with the United Nations Convention on the Rights for Persons with Disabilities (UNCRPD) within the policymaking and legislative actions at EU level. Within this responsibility, the committee deals with petitions on disability issues. It is worth stressing that in 2023 the number of petitions on disability (22) slightly decreased in comparison with 2022 but almost doubled as compared to 2021 (28 in 2022 and 13 in 2021). In 2023, the committee continued examining petitions on disability revealing that the main challenges remain discrimination, access to education and employment as well as inclusion. Special attention was given by the committee to Petition No 0822/2022 asking for the European Disability Statute to contemplate the rights of people with autism followed by the approval of a short motion of resolution on the same topic, Petition No 0756/2019 on an EU-wide disability card, Petition No 1056/2016 requesting the European Parliament allow for the tabling of petitions in national sign languages used in the EU as well as Petition No 0569/2023 on the accessibility of public transport for wheelchair users in Belgium.

    From 13 June to 15 June 2023, the Committee on Petitions participated in a joint ad hoc EMPL, LIBE and PETI delegation to the 16th session of the Conference of States Parties to the Convention on the Rights of Persons with Disabilities (CRPD COSP), which took place at the United Nations Headquarters, New York. The main purpose of the delegation was to build on the well-established contacts of the previous year and to highlight and guarantee Parliament’s oversight in the implementation and monitoring of the UN CRPD, within the “Team Europe” cooperation. It gave the delegation the opportunity to exchange views and discussed how ensuring equal access to and accessibility of sexual and reproductive health services for persons with disabilities and improve their digital accessibility.

     

    Finally, on 29 November 2023, the Committee hosted the Annual Workshop on the Rights of Persons with Disabilities, focusing in the first part on ‘Coping with the cost-of-living crisis’. where the situation of persons with disabilities in the face of recent crises has been presented (the energy crisis following the Russian invasion of Ukraine, together with rising inflation) and some proposals for targeted measures to overcome obstacles have been discussed (EU funds, the European Social Fund Plus and temporary instruments, the Recovery and Resilience Funds (RRF)). In the second panel on ‘Inclusive communication’ the focus was on the efforts made by the European Institutions to ensure effective communication with and about persons with disabilities, both internally and in their relations with citizens.

    Reports, Motions for Resolutions and Opinions

    The Committee on Petitions worked intensely to adopt a considerable number of parliamentary files.

     

    In 2023, the Committee on Petitions adopted three own initiative reports as follows:

     

    – Report on the Activities of the European Ombudsman – Annual Report 2021” (2022/2141(INI)) PETI/9/10044 – Rapporteur: Anne Sophie Pelletier (GUE) – adopted on 28 February 2023;

    Report under Rule 227(7) on the Deliberations of the Committee on Petitions in 2022” (2023/2047(INI)) PETI/9/11741 – Rapporteur: Alex AGIUS SALIBA (S&D) – adopted on 24 October 2023;

    – Report on the Activities of the European Ombudsman – Annual Report 2022” (2023/2120(INI)) PETI/9/12602 – Rapporteur: Peter JAHR (EPP) – adopted on 29 November 2023;

     

    The Committee also adopted the following fact-finding visits mission reports:

     

    – Report of the fact-finding visit to Poland 19-21 September 2022 PETI/9/11016 – adopted on 22 March 2023;

    – Report of the fact-finding visit to Washington D.C. 18-22 July 2022 PETI/9/11015 adopted on 22 March 2023;

    – Report of fact-finding visit to Germany from 3 to 4 November 2022 on the functioning of the “Jugendamt” (Youth Welfare Office) PETI/9/11343 adopted on 26 April 2023;

    – Report of Fact-Finding Visit to Romania from 15 to 18 May 2023 on the management and the protection of the brown bear population and the illegal logging in Romania, as raised in Petitions Nos: 1188/2019, 1214/2019, 0685/2020, 0534/2021, 0410/2022 (the brown bear population), as well as 1248/2019, 0408/2020, 0722/2020, 1056/2021 (the illegal logging) PETI/9/13165 – adopted on 29 November 2023;

     

    In addition, the committee adopted the following Motions for Resolutions:

     

    – Short motion for resolution on the Accession to the Schengen area 2023/2668(RSP), PETI/9/11832 – Rapporteur: Dolors Montserrat (Chair) – adopted on 27 June 2023;

    – Short motion for resolution on Standardised dimensions for carry-on luggage 2023/2774(RSP) PETI/9/12441 – Rapporteur: Dolors Montserrat (Chair) – adopted on 20 September 2023;

    – Short motion for resolution on Harmonising the rights of autistic persons, 2023/2768 (RSP) PETI/9/12151 – Rapporteur: Dolors Montserrat (Chair) – adopted on 20 September 2023;

     

    In 2023, the Committee on Petitions also adopted two opinions, as follows:

     

    – Opinion in form of a letter on Monitoring the application of European Union Law 2020, 2021 and 2022, 2023/2080(INI) PETI/9/12224 – Rapporteur: Loránt Vincze (EPP) – adopted on 20 September 2023;

    – Opinion in form of a letter on Establishing the European Disability Card and the European Parking Card for persons with disabilities, 2023/0311(COD) PETI/9/13175 – Rapporteur: Dolors Montserrat (EPP) – adopted on 29 November 2023;

     

    Finally, the committee adopted the following texts:

     

    – Amendments to the Budget 2024 – adopted on 18 July 2023.

    – Oral Question on Improving the strategic approach on the enforcement of EU Law 2023/2886(RSP) PETI/9/13266 – Rapporteur: Dolors Montserrat (Chair) – adopted on 24 October 2023.

     

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    The rapporteur declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

    INFORMATION ON ADOPTION IN COMMITTEE RESPONSIBLE

    Date adopted

    8.4.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    16

    13

    4

    Members present for the final vote

    Peter Agius, Alexander Bernhuber, Damien Carême, Alma Ezcurra Almansa, Gheorghe Falcă, Chiara Gemma, Isilda Gomes, Sandra Gómez López, Cristina Guarda, Paolo Inselvini, Michał Kobosko, Sebastian Kruis, Murielle Laurent, Dolors Montserrat, Valentina Palmisano, Pina Picierno, Bogdan Rzońca, Pál Szekeres, Jana Toom, Nils Ušakovs, Ivaylo Valchev, Anders Vistisen, Maria Zacharia

    Substitutes present for the final vote

    Gordan Bosanac, Hana Jalloul Muro, Elena Nevado del Campo

    Members under Rule 216(7) present for the final vote

    Maravillas Abadía Jover, Adrian-George Axinia, Marieke Ehlers, Tomasz Froelich, Eleonora Meleti, Elena Sancho Murillo, Marion Walsmann

     

     

     

    FINAL VOTE BY ROLL CALL BY THE COMMITTEE RESPONSIBLE

    16

    +

    ECR

    Bogdan Rzońca

    PPE

    Maravillas Abadía Jover, Peter Agius, Alexander Bernhuber, Alma Ezcurra Almansa, Gheorghe Falcă, Eleonora Meleti, Dolors Montserrat, Elena Nevado del Campo, Marion Walsmann

    PfE

    Marieke Ehlers, Sebastian Kruis, Pál Szekeres, Anders Vistisen

    Renew

    Michał Kobosko, Jana Toom

     

    13

    ESN

    Tomasz Froelich

    NI

    Maria Zacharia

    S&D

    Isilda Gomes, Sandra Gómez López, Hana Jalloul Muro, Murielle Laurent, Pina Picierno, Elena Sancho Murillo, Nils Ušakovs

    The Left

    Damien Carême, Valentina Palmisano

    Verts/ALE

    Gordan Bosanac, Cristina Guarda

     

    4

    0

    ECR

    Adrian‑George Axinia, Chiara Gemma, Paolo Inselvini, Ivaylo Valchev

     

    Key to symbols:

    + : in favour

     : against

    0 : abstention

    MIL OSI Europe News

  • MIL-OSI Europe: Europe’s burgeoning aerospace and defence companies to get stock- listings support under EIB accord with Euronext

    Source: European Investment Bank

    • EIB teams up with bourse Euronext to help European aerospace and defence entrepreneurs raise finance publicly
    • EIB Advisory accord covers Euronext stock-listings programme planned for later this year   
    • Deal to empower next generation of European innovators

    The European Investment Bank (EIB) is joining forces with bourse Euronext to bolster small and Mid-Cap companies in Europe’s aerospace and defence industries.  Under an advisory agreement, the EIB will support Euronext in setting up a programme to ensure scale-up companies in the two sectors are able to navigate financial markets and access European capital.

    The goal is to help aerospace and defence entrepreneurs understand their financing options and the steps needed to prepare for stock-market listings, also known as initial public offerings or IPOs. The planned Euronext programme, called IPOready Defence, is due to begin between 1 July and 30 September this year.

    “Our collaboration with Euronext is important in empowering European innovators,” said EIB Vice-President Robert de Groot. “By combining our resources and expertise, we aim to support companies in the defence and aerospace sectors, helping them grow and maintain their strategic independence. This initiative focuses on enhancing autonomy in security and defence, steering Europe towards a stronger growth model that ensures European companies born in Europe to stay in Europe.”

    In March, the EIB further expanded the eligibilities for security and defence investments. The accord involving the EIB’s advisory services marks the bank’s latest move to step up support for European Union security and defence.

     “This partnership will enhance our IPOready programme,” said Euronext Chief Executive Officer Stéphane Boujnah. ”The programme aims to give innovative and high-growth small and mid-sized companies that contribute to the European continent’s strategic autonomy increased visibility and access to capital markets.”

    In addition to facilitating innovation in the security and defence fields, the EIB support for the Euronext programme  advances with a concrete step towards the improvement of the EU Capital Markets Union by filling a gap for European companies’ competitiveness.

    The initiative is part of the EIB Action Plan to help European innovators scale up their businesses, getting listed on the stock market, and channel savings into productive investments.

    Euronext  

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

    As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow Euronext on X and LinkedIn.

    Background information

    EIB   

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. We finance investments in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.    The EIB Group stepped up its support to Europe’s security and defence industry in 2024 by enlarging the scope of projects eligible for financing and setting up a one-stop shop to streamline processes, doubling investment to €1 billion. The EIB expects to double this amount in 2025.

    The Board of Directors approved in March a series of additional measures to further contribute to European peace, and included peace and security as a cross-cutting PPG to finance large-scale strategic projects in areas such as land border protection, military mobility, critical infrastructures, military transport, space, cybersecurity, anti-jamming technologies, radar systems, military equipment and facilities, drones, bio-hazard and seabed infrastructure protection, critical raw materials and research. 

    By fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union targets cohesion regions, where income per capita is below the EU average.  

    In addition to financing, the EIB offers advisory services that help public and private partners develop and implement high-quality, investment-ready projects. In 2024 alone, our advisory teams helped mobilise over €200 billion of investment across Europe and beyond.

    High-quality, up-to-date photos of our headquarters for media use are available here

    MIL OSI Europe News

  • MIL-OSI Europe: Press release – EP TODAY – Tuesday, 6 May

    Source: European Parliament

    EU response to US tariffs

    From 9:00, MEPs, Commissioner Šefčovič and Polish Minister for EU Affairs Szłapka will discuss how the EU should respond to the tariffs imposed by the US Administration. MEPs will consider the countermeasures adopted by the EU – which were later suspended – and review EU trade opportunities elsewhere in the world.

    Lieven COSIJN

    (+32) 473 86 41 41

    EPTrade

    MEPs’ priorities for the EU’s next long-term budget

    From around 13:00, Parliament will outline its demands and priorities for the EU’s next long-term budget (2028-2034), in a debate with Commissioner Serafin. MEPs are expected to call for a significantly more ambitious long-term budget to reflect EU citizens’ expectations amidst an increasingly complex global landscape. A resolution will be put to a vote by MEPs on Wednesday, followed by a press conference with the co-rapporteurs. An off-the-record technical briefing for journalists will take place on Tuesday after the debate, from 15:30 to16:30.

    Eszter ZALÁN

    (+32) 477 99 20 73

    EP Trade

    EP_Budgets

    Fast-tracking CO2 flexibility measures for car manufacturers: vote

    In a vote at noon, plenary will decide whether to apply its “urgent procedure” to proposed legislation giving car manufacturers more flexibility to comply with C02 emissions requirements. Ahead of the vote, there will be one round of statements from the political group representatives. If MEPs agree to fast-track the proposal, they will vote on its substance on Thursday.

    Dana POPP

    (+32) 470 95 17 07

    EP_Environment

    EP_PublicHealth

    Wolves: MEPs to vote on changing EU protection status

    At noon, MEPs will also decide on whether to apply the “urgent procedure” to draft legislation that would change the EU’s wolf protection status from ‘strictly protected’ to ‘protected’, aligning it with the Bern Convention. If the vote goes through, MEPs will vote on the substance of the proposal on Thursday.

    Thomas HAAHR

    (+32) 470 88 09 87

    EP_Environment

    MEPs to assess EU-Türkiye relations

    In the evening, MEPs and Commissioner Kos will review Türkiye’s accession progress and relations with the EU. The draft text – on which plenary will vote on Wednesday – states that Türkiye’s EU accession process cannot resume under the current circumstances, given the widening values gap between Türkiye and the EU. The rapporteur will hold a press conference on Wednesday morning ahead of the plenary vote.

    Snjezana KOBESCAK SMODIS

    (+32) 470 96 08 19

    EP_Democracy

    EP_ForeignAff

    Viktor ALMQVIST

    (+32) 470 88 29 42

    EP_ForeignAff

    EP_Defence

    EP_HumanRights

    In brief

    Kosovo and Serbia. In the evening, MEPs and Commissioner Kos will evaluate Kosovo and Serbia’s progress towards EU membership. The vote will take place on Wednesday, followed by a press conference.

    Water resilience strategy. In the early evening, Parliament and Commissioner Roswall will debate MEPs’ views on water resilience ahead of the European Commission’s strategy, due in July 2025. The vote is on Wednesday.

    Greenland. In a late afternoon debate with EU foreign policy chief Kaja Kallas, MEPs are expected to call for the protection of Greenland’s right to decide its own future.

    Budget discharge. From around 15:00, MEPs and Commissioner Serafin will assess the EU’s budget management for 2023, followed by votes on Wednesday.

    Votes

    At noon, MEPs will also vote, among other things, on

    • protecting the EU’s financial interests and combating fraud (2023 annual report);
    • the financial activities of the European Investment Bank (2023 annual report), and
    • EU aid worth €8 million for 2,400 dismissed workers in Belgium.

    Live coverage of the plenary session can be found on Parliament’s webstreaming site and on EbS+.

    For detailed information on the session, please also see our newsletter.

    Find more information regarding plenary.

    MIL OSI Europe News

  • MIL-OSI Global: Valentin-Yves Mudimbe: the philosopher who reshaped how the world thinks about Africa

    Source: The Conversation – Africa – By Christophe Premat, Associate Professor in French Studies (cultural studies), head of the Centre for Canadian Studies, Stockholm University

    Valentin-Yves Mudimbe. Wikimedia Commons, CC BY-SA

    Congolese thinker, philosopher and linguist Valentin-Yves Mudimbe died on 21 April 2025 at the age of 83. He was in the US, where he had lived for many years.

    A towering figure in African critical thought, Mudimbe’s work – translated and studied worldwide – has profoundly shaped postcolonial studies. He leaves a groundbreaking intellectual legacy on the colonisation of knowledge and the condition of Africans.

    At a time when debates on decolonising knowledge are gaining ground, Mudimbe’s passing invites us to revisit the work of a thinker who, since the 1980s, paved the way for a radical critique of imposed “categories”. He wanted to help rebuild intellectual frameworks which imagined and defined Africa on its own terms, not through the labels or categories imposed by colonial powers.

    As a specialist in postmodern and postcolonial theories, I think he had considerable influence on the field of postcolonial studies.

    He was one of the most influential African thinkers of the 20th century. His impact did not come from activism, but from careful, sustained intellectual work. With his seminal work The Invention of Africa (1988) he profoundly disrupted African and postcolonial studies. His work went far beyond the usual east-west divide.

    A journey between Africa and exile

    Valentin-Yves Mudimbe was born in 1941 in Jadotville (now Likasi), in the Democratic Republic of Congo. His early education took place in a Benedictine monastery. Later, he pursued further studies at Louvain in Belgium.

    His religious education left a lasting mark on his thinking. It shaped his critical approach to knowledge. His work often explored the connections between language, power, and how ideas become institutionalised.

    In 1970, Mudimbe returned to the newly independent Congo. He began teaching at the National University of Zaïre. The country was then caught between postcolonial hope and growing disillusionment.

    Under Mobutu Sese Seko’s regime, the political atmosphere grew stifling for independent thinkers. The state had adopted the rhetoric of “authenticity”, turning it into a tool of control. Faced with this ideological stranglehold, Mudimbe chose exile in 1979.

    He relocated to the US, where he taught at Stanford and later Duke University. There, he continued his work of critical deconstruction. Yet, despite his physical distance, he remained deeply committed to Africa’s future.

    Deconstructing the ‘colonial library’

    First published in English in 1988 as the The Invention of Africa, the book was translated into French in 2021 under the title L’Invention de l’Afrique, (Présence africaine).

    Mudimbe offers much more than a critique of colonial representations. He examined the “colonial library”. It refers to the vast collection of religious, anthropological and administrative texts that, for centuries, framed Africa as an object to be studied, dominated and “saved”. Mudimbe was always careful not to accept ideas just because they were passed down. Instead, he was always looking for new ways to think freely and independently.

    Unlike Edward Said, the Palestinian-American literary theorist and critic who exposed how the west constructed a mythologised “Orient”, Mudimbe revealed something more insidious. He showed that Africa was often imagined as a void to be filled. It was cast as a cultural blank slate, which helped justify the colonial mission.

    This radical deconstruction raised a crucial question: how can we produce knowledge that does not, even through critique, reproduce the very colonial frameworks it seeks to challenge?

    The book’s impact was profound, resonating across Africa, Europe and North America. It created an intellectual foundation for thinkers like Achille Mbembe, Souleymane Bachir Diagne and Felwine Sarr, who, in turn, continued to explore what truly decolonised African thought might look like.

    Building something new

    Mudimbe was never satisfied with existing structures. He aimed to build something new from the ground up. For him, liberating Africa required a rebuilding of knowledge systems. He rejected the assumption that western intellectual frameworks alone could define Africa. He also warned against essentialist temptations – the trap of creating new conceptual prisons in the name of authenticity.

    His thinking followed a rigorous method: analysing discourse, questioning inherited categories, and dismantling false assumptions.

    This demanding work aimed to empower Africa to think for itself without cutting itself off from the rest of the world.

    His fiction – Between Tides (in French, Entre les eaux. Dieu, un prêtre, la révolution), Before the Birth of the Moon (Le Bel Immonde in French), Shaba Deux : les carnets de mère Marie Gertrude – embodies the same refusal to be stereotyped.

    His characters navigate colonial legacies, state nationalism and rigid identity politics through stories of displacement and fragmented memory.

    Language itself becomes a battleground for creativity in his novels. Sharply crafted, his prose captures the diversity of contemporary African experience. Through both his literary and philosophical works, Mudimbe consistently insisted that identity is never a given. It is always a construct to be questioned.

    A living legacy

    As Africa navigates complex geopolitical transformations and redefines its cultural identities, Mudimbe’s intellectual legacy proves more vital than ever. His work challenges us to recognise that true liberation extends beyond political sovereignty or cultural revival. It requires the radical work of reinventing how knowledge itself is produced and validated.

    Mudimbe’s lasting legacy urges us to remain intellectually vigilant in a world where knowledge is constantly shifting. He challenges us to reject rigid categories, embrace complexity with care, and make room for uncertainty instead of rushing to resolve it.

    For Mudimbe, to decolonise knowledge means relentless critique paired with creative reconstruction. It means building pluralistic and open frameworks that honour Africa’s diverse experiences without nostalgia or complacency.

    Christophe Premat is a lecturer and researcher in Francophone cultural studies at the Department of Romance and Classical Studies at Stockholm University. In 2018, he published the book For a Critical Genealogy of the Francophonie, released by Stockholm University Press. He states that he worked at the French Institute of Sweden / French Embassy in Stockholm from 2008 to 2013, dealing, among other things, with issues related to the Francophonie. He is currently a member of CISE (Confédération Internationale Solidaire Écologiste), an association of French citizens abroad founded in 2018 (https://cise-francaisdeletranger.net/). He is the head of the Centre for Canadian Studies at Stockholm University.

    ref. Valentin-Yves Mudimbe: the philosopher who reshaped how the world thinks about Africa – https://theconversation.com/valentin-yves-mudimbe-the-philosopher-who-reshaped-how-the-world-thinks-about-africa-255902

    MIL OSI – Global Reports

  • MIL-OSI: Enlight Renewable Energy Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

    TEL AVIV, Israel, May 06, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the first quarter of 2025 ending March 31, 2025. Registration links for the Company’s earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.

    Financial Highlights

    3 months ending March 31, 2025

    • Revenues and income of $130m, up 39% year over year
    • Adjusted EBITDA1 of $132m, up 84% year over year
    • Net income of $102m, up 316% year over year
    • Cash flow from operations of $44m, up 24% year over year
      For the three months ended
     ($ millions) 31/03/2025 31/03/2024 % change
    Revenues and Income 130 94 39%
    Net Income 102 24 316%
    Adjusted EBITDA 132 72 84%
    Cash Flow from Operating Activities 44 35 24%

    ________________________
    1 The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2

    • In January 2025, the Company announced the sale of 44% of the Sunlight cluster of renewable energy projects in Israel for a consideration of $52m at a valuation of $119m, and deconsolidated the cluster from its balance sheet. The transaction added $42m to Adjusted EBITDA (actual consideration received less the book value of the associated assets) and $80m to net profit in the 1Q25 results.
    • A detailed analysis of financial results appears below

    Impact of U.S. Tariffs on the Company’s Operations

    Enlight’s procurement strategy has effectively mitigated significant exposure to increased U.S. import tariffs. The agreements and good relationships we have with our supply chain partners allow for a significant distribution of the impact of tariffs.

    Costs

    • Solar panels for projects under construction are either domestically constructed or sourced from outside China and carry no tariff exposure
    • 80% of battery capacity for projects under construction is supplied by Tesla, a supplier with high levels of domestic U.S. manufacturing

    Revenues

    • Negotiations for PPA price adjustments are now underway to account for higher tariff-related construction costs

    “Enlight showed strong financial results for 1Q25, including 84% growth in Adjusted EBITDA and a 316% rise in net profit,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

    “The introduction of U.S. tariffs underscores how Enlight’s diversified procurement strategy in this market over the past two years has proven itself, effectively shielding us from cost increases. As a result, our U.S. projects now under construction, with total capex of $1.7bn, have no solar panel exposure under the current tariff policy. Selecting Tesla as our primary storage supplier further strengthens this position – its substantial levels of U.S. manufacturing offer greater tariff protection than other battery suppliers.

    “Securing $1.8bn in financing over recent months marks a significant milestone, and was achieved through three financial closings, a sale of a stake in the Sunlight cluster to institutional investors, and a successful bond issuance. This funding will enable the launch of our aggressive plan to begin construction on 4.7 FGW of capacity in 2025. Combined with our existing operating portfolio, these projects represent 90% of the capacity required to reach an annual revenue and income run rate of $1.4bn by 2027.”

    Portfolio Review

    • Enlight’s total portfolio is comprised of 19.2 GW of generation capacity and 49.8 GWh storage (33.4 FGW2)
    • Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.1 GW generation capacity and 8.8 GWh of storage (8.6 FGW)
    • Within the Mature portfolio component, the operating component has 2.5 GW of generation capacity and 1.9 GWh of storage (3.0 FGW)

    The full composition of the portfolio appears in the following table:

    Component Status FGW2 Annual revenues &
    income run rate ($m)
    Operating Commercial operation 3.0 ~5003
    Under Construction Under construction 1.8 ~305
    Pre-Construction 0-12 months to start of construction 3.8 ~615
    Total Mature Portfolio Mature 8.6 1,420~
    Advanced Development 13-24 months to start of construction 7
    Development 2+ years to start of construction 17.8
    Total Portfolio   33.4

    ________________________
    2 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5
    3 Based on the midpoint of 2025 guidance.

    • Operating component of the portfolio: 3 FGW
      • The operational portfolio totals 3 GW of capacity is spread over three regions: 44% of the capacity is located in 7 European countries, 29% is located in Israel, and 27% in the U.S.
      • 81% of the operational capacity sells electricity under PPA agreements, with 29% of the power sold under inflation-linked PPAs.
      • The operational portfolio generates annualized revenues and income of approximately $500 million.
         
    • Under Construction component of the portfolio: 1.8 FGW
      • Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; the solar and storage cluster in Israel; and the addition of storage capacity at project Bjornberget in Sweden. Approximately half of the cluster is expected to reach COD in 2025, with the rest expected to commission in 2026.
      • Projects under construction are expected to contribute $305m to the annual revenues and income run rate during their first full year of operation
         
    • Pre-construction component of the portfolio: 3.8 FGW
       
      • Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute $455m to revenues and income on an annualized basis.
      • Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25. The Pre-construction portion of the Mature portfolio includes additional projects in Israel, Hungary, and the US with a combined capacity of 0.9 FGW.
      • Pre-construction projects are expected to contribute $615m in revenues and income in their first full year of operations.

        The under construction and pre-construction projects are expected to reach COD by the end of 2027, which is expected to boost operating capacity to 8.6 FGW and the annualized revenue and income run rate to $1.4bn.

    • Advanced Development component of the portfolio component: 7 FGW
      • 5.7 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process, significantly de-risking the portfolio.
      • The U.S. pipeline includes several mega-projects, including the 1.4 FGW Cedar Island facility in Oregon and the 1.1 FGW Blackwater project in Virginia.
      • The U.S. portfolio includes several follow-ons to Mature projects, such as Atrisco 2 (0.7 FGW), the energy storage expansion at CO-Bar (0.9 FGW), and Snowflake B (1.3 FGW).
      • These projects reflect the Company’s “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducing construction costs and project risks while improving project returns.
      • 0.7 FGW in Europe, focused on Italy, Spain, and Croatia.
      • 0.6 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.4 FGW that won availability tariffs as part of the Israel Electricity Authority’s first high voltage storage availability tariff tender.
         
    • Development component of the portfolio: 17.8 FGW
      • 12 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions. The storage portion of the US portfolio has grown by 5.6 FGW to reflect greater demand for energy storage in this region.
      • 3 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland.
      • 2.8 FGW in MENA, focused on solar combined storage projects and stand-alone storage facilities.

    Mature Portfolio Components Expected to Generate Annualized Revenues and Income of ~$1.4bn4,5

    ________________________
    4 Projection based on 2025 guidance, adding on total revenues and income (sales of electricity and tax benefits) of under construction and pre-construction projects
    5 The company’s revenues from tax benefits are estimated at approximately 20-24% of the total revenue run rate for December 2025; approximately 22-26% of the total revenue run rate for December 2026, and approximately 26-30% of the total revenue run rate for December 2027

    Financing Activities

    • During the quarter, the Company secured $1bn in financial closings for the Country Acres and Quail Ranch projects, representing 830 FMW of combined capacity.
    • Along with the financial close on the 560 FMW Roadrunner project in December 2024, the financing for the second wave of U.S. projects in now complete, with a total of $1.5bn raised.
    • Raising $245m through the sale of Series G and H bonds to finance the Company’s growth.
    • Sale of 44% of the Sunlight cluster for $52m cash at a valuation of $119m, generating Adjusted EBITDA of $42m (actual consideration received less associated book value of assets) and a pre-tax profit of $97m.
    • As of the balance sheet date, the Company maintained $350m of revolving credit facilities, of which none have been drawn.

    2025 Guidance

    Construction and commissioning

    • Expected commissioning of 0.9 FGW of capacity, which is expected to add approximately $148-152m to annualized revenues and income and $129-133m annualized EBITDA, starting in 2026.
    • Starting construction on 2.9 FGW of capacity, which is expected to add approximately $487-495m in annualized revenues and income and approximately $428-436m in annualized EBITDA gradually through 2026-2027.

    Financial guidance

    • Total revenues and income6 for 2025 are expected to range between $490m and $510m. Of the projected revenues and income, 38% are expected to be denominated in ILS, 35% in EUR, and 27% in USD.
    • Adjusted EBITDA7 for 2025 is expected to range between $360m and $380m.
    • Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.

    ________________________
    6 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $60m-80m.
    7 EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.

    Financial Results Analysis

    Revenues & Income by Segment
    ($ millions) For the three months ended  
    Segment 31/03/2025 31/03/2024 % change
    MENA 42,867 28,474 51%
    Europe 51,384 59,160 (13%)
    U.S. 34,789 4,495 674%
    Other 829 1,532 (46%)
    Total Revenues & Income 129,869 93,661 39%


    Revenues & Income

    In the first quarter of 2025, the Company’s total revenues and income increased to $130m, up from $94m last year, a growth rate of 39% year over year. This was composed of revenues from the sale of electricity, which rose 21% to $110m compared to $90m in the same period of 2024, as well as recognition of $20m in income from tax benefits, up 516% compared to $3m in 1Q24.

    The Company benefited from the revenues and income contribution of newly operational projects. Since the first quarter of last year, 576 MW and 1,526 MWh of new projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at Atrisco, which added $13m, followed by the Israel Solar and Storage Cluster, with $11m, while Pupin contributed $6m. In total, new projects contributed $30m to revenues from the sale of electricity.

    Offsetting this growth, the amount of electricity generated at our wind projects operating in Europe was lower compared to the same period last year mainly due to weaker wind volumes. In addition, generation at project Bjornberget in Sweden this quarter fell compared to last year due to a blade malfunction experienced at one of the site’s turbines. This prompted a complete shutdown of the wind farm, which is now in the process of gradually resuming operations. The Company recognized compensation of $4m from Bjornberget’s operating contractor in lieu of the lost revenues, which is recorded in other income.

    Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 39% in Euros, and 27% denominated in US Dollars.

    Net Income

    In the first quarter of 2025, the Company’s net income amounted to $102m compared to $24m last year, an increase of 316% year over year. This increase stems from the $28m increase in revenues and income and $80m profit from the partial sale of the Sunlight cluster. This was offset by higher total operating expenses of $17m and net financial expenses of $10m (all after tax).

    Adjusted EBITDA8

    The Company’s Adjusted EBITDA grew by 84% to $132m in the first quarter of 2025, compared to $72m for the same period in 2024. Of this increase, $36m was driven by the factors described in the Revenues and Income section. The partial sale of the Sunlight cluster contributed $42m, representing the actual consideration received less the book value of the associated assets. Offsetting this growth was an increase of $11m in COGS linked to the addition of new projects, and an increase of $4m in operating expenses. Adjusting for the effects of this transaction, 1Q25 Adjusted EBITDA grew by 25% year-on-year to $90m.

    ________________________
    8 Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income

    Conference Call Information

    Enlight plans to hold its First Quarter 2025 Conference Call and Webcasts on Tuesday, May 6, 2025 to review its financial results and business outlook in both English and Hebrew. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

    Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.

    The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.

    Supplemental Financial and Other Information

    We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

    Non-IFRS Financial Measures

    This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

    We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

    Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

    Special Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

    These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    About Enlight

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

    Company Contacts

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Appendix 1 – Financial information

    Consolidated Statements of Income    
        For the three months ended at
    March 31
        2025   2024(*)
        USD in   USD in 
        Thousands   Thousands
             
    Revenues   109,758   90,397
    Tax benefits   20,111   3,264
    Total revenues and income   129,869   93,661
             
    Cost of sales (**)   (26,638)   (15,436)
    Depreciation and amortization   (33,789)   (25,604)
    General and administrative expenses   (11,846)   (8,859)
    Development expenses   (2,564)   (2,418)
    Total operating expenses   (74,837)   (52,317)
    Gains from projects disposals   97,262   27
    Other income (expenses), net   (1,105)   1,517
    Operating profit   151,189   42,888
             
    Finance income   6,695   8,065
    Finance expenses   (30,203)   (19,493)
    Total finance expenses, net   (23,508)   (11,428)
             
    Profit before tax and equity loss   127,681   31,460
    Share of losses of equity accounted investees   (1,227)   (144)
    Profit before income taxes   126,454   31,316
    Taxes on income   (24,651)   (6,831)
    Profit for the period   101,803   24,485
             
    Profit for the period attributed to:        
    Owners of the Company   94,458   16,763
    Non-controlling interests   7,345   7,722
        101,803   24,485
    Earnings per ordinary share (in USD) with a par value of        
    NIS 0.1, attributable to owners of the parent Company:        
    Basic earnings per share   0.80   0.14
    Diluted earnings per share   0.75   0.14
    Weighted average of share capital used in the        
    calculation of earnings:        
    Basic per share   118,783,541   117,963,310
    Diluted per share   125,316,177   122,889,909
             

    (*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous period. For additional details please see Appendix 8.
    (**) Excluding depreciation and amortization.

    Consolidated Statements of Financial Position as of        
             
        March 31   December 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
    Assets        
             
    Current assets        
    Cash and cash equivalents   449,530   387,427
    Restricted cash   82,692   87,539
    Trade receivables   73,125   50,692
    Other receivables   71,475   99,651
    Other financial assets   405   975
    Assets of disposal groups classified as held for sale     81,661
    Total current assets   677,227   707,945
             
    Non-current assets        
    Restricted cash   59,964   60,802
    Other long-term receivables   62,092   61,045
    Deferred costs in respect of projects   392,119   357,358
    Deferred borrowing costs   61   276
    Loans to investee entities   32,329   18,112
    Investments in equity accounted investees   49,303  
    Fixed assets, net   3,961,021   3,699,192
    Intangible assets, net   293,035   291,442
    Deferred taxes assets   8,023   10,744
    Right-of-use asset, net   210,739   210,941
    Financial assets at fair value through profit or loss   74,555   69,216
    Other financial assets   63,903   59,812
    Total non-current assets   5,207,144   4,838,940
             
    Total assets   5,884,371   5,546,885
             
    Consolidated Statements of Financial Position as of (Cont.)        
             
        March 31   December 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
    Liabilities and equity        
             
    Current liabilities        
    Credit and current maturities of loans from banks and other financial institutions   207,662   212,246
    Trade payables   167,765   161,991
    Other payables   101,928   107,825
    Current maturities of debentures   23,049   44,962
    Current maturities of lease liability   10,192   10,240
    Other financial liabilities   5,777   8,141
    Liabilities of disposal groups classified as held for sale     46,635
    Total current liabilities   516,373   592,040
             
    Non-current liabilities        
    Debentures   549,517   433,994
    Other financial liabilities   118,891   107,865
    Convertible debentures   232,536   133,056
    Loans from banks and other financial institutions   2,024,315   1,996,137
    Loans from non-controlling interests   79,081   75,598
    Financial liabilities through profit or loss   25,985   25,844
    Deferred taxes liabilities   62,310   41,792
    Employee benefits   1,092   1,215
    Lease liability   209,958   211,941
    Deferred income related to tax equity   387,943   403,384
    Asset retirement obligation   85,141   83,085
    Total non-current liabilities   3,776,769   3,513,911
             
    Total liabilities   4,293,142   4,105,951
             
    Equity        
    Ordinary share capital   3,323   3,308
    Share premium   1,028,528   1,028,532
    Capital reserves   49,890   25,273
    Proceeds on account of convertible options   25,083   15,494
    Accumulated profit   202,377   107,919
    Equity attributable to shareholders of the Company   1,309,201   1,180,526
    Non-controlling interests   282,028   260,408
    Total equity   1,591,229   1,440,934
    Total liabilities and equity   5,884,371   5,546,885
             
    Consolidated Statements of Cash Flows        
             
        For the three months ended
    at March 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
             
    Cash flows for operating activities        
    Profit for the period   101,803   24,485
             
    Income and expenses not associated with cash flows:        
    Depreciation and amortization   33,789   25,604
    Finance expenses, net   22,388   11,486
    Share-based compensation   1,710   3,117
    Taxes on income   24,651   6,831
    Tax benefits   (20,111)   (3,264)
    Other income (expenses), net   1,105   (134)
    Company’s share in losses of investee partnerships   1,227   144
    Gains from projects disposals   (97,262)   (27)
        (32,503)   43,757
             
    Changes in assets and liabilities items:        
    Change in other receivables   (856)   (2,142)
    Change in trade receivables   (20,376)   (16,909)
    Change in other payables   8,604   (539)
    Change in trade payables   7,802   71
        (4,826)   (19,519)
             
    Interest receipts   2,512   2,928
    Interest paid   (22,298)   (15,624)
    Income Tax paid   (1,075)   (798)
             
    Net cash from operating activities   43,613   35,229
             
    Cash flows for investing activities        
    Sale (Acquisition) of consolidated entities, net   36,223   (1,388)
    Changes in restricted cash and bank deposits, net   8,176   (4,988)
    Purchase, development, and construction in respect of projects   (255,862)   (199,733)
    Loans provided and Investment in investees   (7,430)   (11,284)
    Repayments of loans from investees   30,815  
    Payments on account of acquisition of consolidated entity   (7,447)   (10,851)
    Purchase of financial assets measured at fair value through profit or loss, net   (3,040)   (8,409)
    Net cash used in investing activities   (198,565)   (236,653)
             
    Consolidated Statements of Cash Flows (Cont.)      
        For the three months ended at March 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
             
    Cash flows from financing activities        
    Receipt of loans from banks and other financial institutions   143,578   71,371
    Repayment of loans from banks and other financial institutions   (108,922)   (10,448)
    Issuance of debentures   125,838  
    Issuance of convertible debentures   114,685  
    Repayment of debentures   (21,994)   (1,284)
    Dividends and distributions by subsidiaries to non-controlling interests     (108)
    Deferred borrowing costs   (35,199)   (2,682)
    Repayment of loans from non-controlling interests     (955)
    Increase in holding rights of consolidated entity   (1,392)  
    Exercise of share options   11  
    Repayment of lease liability   (4,058)   (3,671)
    Proceeds from investment in entities by non-controlling interest   7,732   152
             
    Net cash from financing activities   220,279   52,375
             
    Increase (Decrease) in cash and cash equivalents   65,327   (149,049)
             
    Balance of cash and cash equivalents at beginning of period   387,427   403,805
             
    Effect of exchange rate fluctuations on cash and cash equivalents   (3,224)   (4,905)
             
    Cash and cash equivalents at end of period   449,530   249,851
             


    Information related to Segmental Reporting

      For the three months ended at March 31, 2025
      MENA(**)   Europe(**)  

    USA

      Total reportable segments   Others   Total
      USD in thousands
    Revenues 42,867   51,384   14,678   108,929   829   109,758
    Tax benefits     20,111   20,111     20,111
    Total revenues and income 42,867   51,384   34,789   129,040   829   129,869
                           
    Segment adjusted EBITDA 68,017   44,663   30,549   143,229   81   143,310
         
    Reconciliations of unallocated amounts:    
    Headquarter costs (*)   (11,701)
    Intersegment profit   106
    Gains from projects disposals   54,973
    Depreciation and amortization and share-based compensation   (35,499)
    Operating profit   151,189
    Finance income   6,695
    Finance expenses   (30,203)
    Share in the losses of equity accounted investees   (1,227)
    Profit before income taxes   126,454
         

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    (**) Due to the Company’s organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into three business units: MENA (Middle East and North Africa), Europe, and the US. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the “Europe” segment, the Israel segment has been incorporated into the MENA segment, and the Management and Construction segment has been excluded. The comparative figures for the three months ended March 31, 2024, have been updated accordingly.

    Information related to Segmental Reporting

      For the three months ended at March 31, 2024
      MENA   Europe  

    USA

      Total reportable segments   Others   Total
      USD in thousands
    Revenues 28,474   59,160   1,231   88,865   1,532   90,397
    Tax benefits     3,264   3,264     3,264
    Total revenues and income 28,474   59,160   4,495   92,129   1,532   93,661
                           
    Segment adjusted EBITDA 24,528   50,707   3,122   78,357   668   79,025
         
    Reconciliations of unallocated amounts:    
    Headquarter costs (*)   (7,606)
    Intersegment profit   190
    Depreciation and amortization and share-based compensation   (28,721)
    Operating profit   42,888
    Finance income   8,065
    Finance expenses   (19,493)
    Share in the losses of equity accounted investees   (144)
    Profit before income taxes   31,316
         

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    Appendix 2 – Reconciliations between Net Income to Adjusted EBITDA

     
    ($ thousands)   For the three months ended at
        March 31, 2025   March 31, 2024
    Net Income   101,803   24,485
    Depreciation and amortization   33,789   25,604
    Share based compensation   1,710   3,117
    Finance income   (6,695)   (8,065)
    Finance expenses   30,203   19,493
    Gains from projects disposals (*)   (54,973)  
    Share of losses of equity accounted investees   1,227   144
    Taxes on income   24,651   6,831
    Adjusted EBITDA   131,715   71,609
             
    * Profit from revaluation linked to partial sale of asset.
       

    Appendix 3 – Debentures Covenants

    Debentures Covenants

    As of March 31, 2025, the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, F, G and H Debentures, based on having achieved the following in its consolidated financial results:

    Minimum equity

    The company’s equity shall be maintained at no less than NIS 375 million so long as debentures F remain outstanding, NIS 1,250 million so long as debentures C and D remain outstanding, and USD 600 million so long as debentures G and H remain outstanding.

    As of March 31, 2025, the company’s equity amounted to NIS 5,916 million (USD 1,591 million).

    Net financial debt to net CAP

    The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures F remain outstanding and shall not exceed 65% for two consecutive financial periods so long as debentures C, D, G and H remain outstanding.

    As of March 31, 2025, the net financial debt to net CAP ratio, as defined above, stands at 36%.

    Net financial debt to EBITDA

    So long as debentures F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.

    For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.

    For as long as debentures G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial periods.

    As of March 31, 2025, the net financial debt to EBITDA ratio, as defined above, stands at 8.

    Equity to balance sheet

    The standalone equity to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods for as long as debentures F, debentures C and D and debentures G and H remain outstanding.

    As of March 31, 2025, the equity to balance sheet ratio, as defined above, stands at 55%.

    An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/94346603-d361-4e84-aabc-62db3e22c10c

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