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Category: Scandinavia

  • MIL-OSI United Kingdom: Brand Scotland backing for female entrepreneurs

    Source: United Kingdom – Executive Government & Departments

    News story

    Brand Scotland backing for female entrepreneurs

    Minister Kirsty McNeill champions all-women exporting power with female-led business roundtable hosted at Scotland Office Edinburgh HQ

    Scottish female entrepreneurs are getting direct access to the UK Government’s global trade expertise as Scotland Office Minister Kirsty McNeill urged women business leaders to join her on the first all-female Brand Scotland trade mission.

    The Scotland Office hosted a gathering of female business leaders from across Scotland on Thursday 1 May to identify and tackle any export challenges they face. Minister McNeill wanted to bring together business professionals to boost the success of women-led firms in the worldwide market.

    It’s part of the department’s Brand Scotland mission, to sell Scotland’s unique strengths around the world – promoting our goods and services to new markets, helping Scottish businesses export, and supporting trade missions to key global markets to unlock jobs and investment for the future.

    At the roundtable discussion event in Edinburgh Minister McNeill asked for the views of company leaders across the technology, sustainability, clean energy and beauty sectors, as well as from representatives of the Scottish Chambers of Commerce, the Confederation of British Industry and Women’s Enterprise Scotland.

    Minister McNeill said:

    From science and sustainability to culture and financial services, we’re amongst the best in the world – and by selling Scotland globally, we can unlock jobs and investment, an essential part of our Plan for Change.

    It’s crucial that I hear from Scottish businesswomen about the barriers they face, find out what we can do to help, and demonstrate how Scottish companies can really benefit from having direct informal access like this to the UK’s vast global network of trade expertise. By harnessing the combined resources of the Scotland Office, the Foreign Office and Department for Business and Trade, we can create significant opportunities for women entrepreneurs.

    We’re already seeing positive results from championing Brand Scotland internationally and I’m committed to unlocking more global opportunities for Scottish women in business.

    The roundtable discussion addressed three key challenges – how businesses can access finance and investment, overcoming export barriers, and tackling market access issues that disproportionately affect women-led businesses.

    Ideas and suggestions from the meeting will directly shape the Scotland Office’s all-women trade mission to Madrid in June where Minister McNeill will use diplomatic networks to expand markets for British exporters and meet with the Spanish business community to strengthen trade links. Representatives of Scottish female-led companies are being invited to join.

    Background

    • Brand Scotland is about selling Scotland’s unique strengths around the world – promoting our goods and services to new markets, helping Scottish businesses export, and funding and supporting trade missions to key global markets to unlock jobs and investment for the future. 

    • As part of this, the Scotland Office will lead trade missions to sell Scotland and its products to the world, encourage inward investment in Scotland and encourage Scottish firms to export to overseas markets – often for the first time. All this will drive growth and jobs here in Scotland. 

    • The Budget allocated an additional £750k for the Scottish Secretary and the Scotland Office to develop the Brand Scotland programme. 
    • The Scottish Secretary has already made trade trips to Norway, South East Asia and the US. Minister McNeill’s first trade trip will be to Madrid in June.

    Updates to this page

    Published 6 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Iceland: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 6, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC: An International Monetary Fund mission, led by Magnus Saxegaard and comprising Thomas Gade, Amit Kara, and Yurii Sholomytskyi, conducted discussions for the 2024 Article IV consultation with Iceland virtually during April 7-11, 2025, and in Reykjavik, Iceland, during April 28 to May 5, 2025. At the conclusion of the visit, the mission issued the following statement:

    A successful tightening of macroeconomic policies has slowed the economy and reduced imbalances accumulated after the pandemic. The challenges now are to fully return inflation back to target while ensuring a soft landing for the economy; to build resilience by gradually increasing fiscal buffers; and to strengthen productivity and further diversify the economy to support medium-term growth and reduce Iceland’s vulnerability to shocks.

    The economy slowed sharply in 2024, but growth is expected to pick up in 2025 and medium-term prospects remain favorable. Growth slowed to 0.5 percent in 2024 (from 5.6 percent in 2023) due largely to idiosyncratic factors (e.g., a disappointing fishing season and constraints on energy supply) that reduced exports, as well as subdued consumption growth. Growth is expected to rise to 1.8 percent in 2025 and 2.4 percent in 2026 supported by a recovery in exports, higher real wages, and continued monetary easing. The direct impact of escalating global trade tensions is projected to be limited given that most goods exports are destined for Europe; this projection assumes that the pharmaceutical sector, which is more reliant on the US market, remains exempt from tariffs. However, Iceland will be indirectly affected by lower growth in its trading partners. Inflation is projected to remain sticky due to elevated inflation expectations and still high wage growth, declining gradually to the Central Bank of Iceland’s (CBI’s) 2.5 percent inflation target in the second half of 2026. The medium-term growth outlook is positive, with the expansion of higher value-added export-oriented sectors expected to boost productivity growth, and migrant labor inflows facilitating a modest increase in employment.

    Risks to growth are tilted to the downside while risks to inflation are broadly balanced. The impact of rising trade tensions could be larger than projected if US tariffs are extended to pharmaceuticals products, or if Iceland is affected by potential EU retaliation. Also, a reduction in the number of tourists travelling to and from the US could negatively impact tourism. Inflation could rise if trade tensions trigger supply chain disruptions or capital flight weakens the exchange rate. Conversely, capital inflows could put upward pressure on the exchange rate and weaken competitiveness. On the domestic side, attacks on physical or digital infrastructure could disrupt payment flows and thus economic activity and financial stability. A continuation of recent years’ dry weather could curtail energy supply and weaken exports. Second-round effects from higher wage growth could keep inflation elevated, while a premature loosening of monetary policy could further de-anchor inflation expectations. Upside risk include a reduction in household savings that would bolster consumption, and a faster-than-anticipated expansion of activity in pharmaceuticals and aquaculture.

    Fiscal Policy: Building Buffers to Bolster Resilience

    The authorities’ fiscal targets are suitably ambitious. The Medium-Term Fiscal Strategy (MTFS) projects a general government deficit this year of 1.3 percent of GDP, close to staff’s projection of 1.2 percent of GDP and down from 3.5 percent of GDP in 2024. The resulting 0.6 percentage point contractionary fiscal impulse is appropriate given still elevated inflation. The authorities’ medium-term fiscal targets, which entail turning the fiscal deficit into a surplus by 2028, are suitably ambitious considering that Iceland’s public indebtedness is higher than that of most Nordic countries despite the economy being more shock prone.

    The consolidation measures in the MTFS will help the authorities achieve their fiscal targets. Staff welcomes that this year’s MTFS identifies all fiscal measures planned by the authorities to achieve their medium-term fiscal targets; this significantly increases the credibility of the consolidation. Measures appropriately include a combination of expenditure reductions (e.g., streamlining operations and merging of institutions) and revenue measures (e.g., expanding kilometer-based taxation to all vehicles and increasing natural resource rent taxation on tourism and fisheries). Staff projections that only include measures that have been presented to Parliament in a legislative proposal, indicate that about 0.5 percent of GDP in additional measures will be needed over the next five years to meet the authorities’ targets. The measures outlined in the MTFS would cover this gap, but additional fiscal effort could be necessary if spending increases more than anticipated or if the yield from revenue measures falls short of expectations (see below).

    Increasing infrastructure spending while safeguarding fiscal sustainability would bolster Iceland’s growth prospects. The government’s intention to scale up public investment is welcome given infrastructure gaps in transport and energy. However, the MTFS projects a medium-term decline in government investment as a share of GDP compared to recent years. Staff recommends to, at a minimum, maintain the current level of government investment within the MTFS deficit targets. As noted in the MTFS, identifying opportunities for Iceland’s pension funds to scale up their financing of infrastructure in a manner consistent with their fiduciary duties could help complement these efforts, though care should be taken to contain any increase in fiscal risks. Partnering with multilateral investment banks or international infrastructure funds could provide useful expertise with private financing of infrastructure projects. Streamlining permitting and licensing procedures would help speed up infrastructure deployment.

    Additional fiscal effort could be required if planned measures fall short of expectations, or to scale up government investment. In such a scenario, the authorities could consider: (i) increasing the preferential VAT rate and/or limiting the items that benefit from it; (ii) increasing housing taxation (see below); (iii) streamlining R&D incentives including by reassessing the 2020 increase in the ceiling on eligible business R&D expenditure (see below); and (iv) carrying out a comprehensive review of public expenditure to identify potential savings.

    Activation of revised fiscal rules in 2026 is welcome; however, their credibility would be enhanced by strengthening the Fiscal Council.

    • The revised fiscal framework—which broadly aligns with staff’s recommendations in the 2024 Article IV—includes a net expenditure growth rule instead of the previous budget balance rule. It preserves the 30 percent of GDP net debt ceiling though the speed at which this is to be achieved will be more flexible than in the past. The revised framework will allow the authorities to factor in the state of the economy in their consolidation plans and reduce procyclicality.
    • The Fiscal Council, which will be responsible for monitoring compliance with the fiscal rules, should be tasked with evaluating the macroeconomic and fiscal projections underpinning the MTFS. The intention is also that the Council will be responsible for monitoring productivity developments and for making proposals for reforms. This would require a significant increase in the capacity and resources of the Fiscal Council.
    • To bolster transparency and enable the Fiscal Council to monitor fiscal developments and compliance with the fiscal rules on an ongoing basis, the authorities should start publishing fiscal data corresponding to the coverage of the fiscal rules on a quarterly rather than annual basis as is currently the case, and ensure that these data are independently verifiable. Expanding the coverage of the budget and the fiscal rules to encompass the entirety of the central government would facilitate these efforts. This would also reduce incentives to shift spending and borrowing to parts of the government not covered by the fiscal rules.

    Monetary Policy: Calibrating the Pace of Monetary Easing

    As inflation declines toward the target, the policy rate should be reduced. The current monetary stance is appropriately tight given still elevated inflation and inflation expectations. Staff’s inflation forecast, which envisions reaching the 2.5 percent target in the second half of 2026, is in the IMF’s view consistent with a 250 basis points reduction in the policy rate over the next 4–5 quarters. This policy trajectory, which maintains a tight policy stance (but progressively less so) until inflation expectations become reanchored to the inflation target, would balance the trade-offs between bringing inflation sustainably to target and the risk to the economy from an overly restrictive policy stance. Persistent wage increases above productivity growth or a rise in imported inflation would warrant a more gradual easing of the monetary policy stance, while indications that inflation is likely to undershoot the target on a sustained basis would call for a more rapid reduction in the policy rate. The current elevated uncertainty suggests the pace of monetary easing should be guided more than usual by incoming data. As uncertainty declines the CBI should transition to a more forecast-based inflation targeting environment to increase predictability and reduce financial market volatility.

    The CBI’s decision to commence regular purchases of foreign exchange is opportune given current favorable market conditions and will strengthen its ability to stabilize the foreign exchange market during times of stress. The purchase program, which will be revised as conditions warrant, will help offset a projected decline in reserve coverage over the next two years. Staff agree that, given the current uncertain external environment and the shock prone nature of the economy, it is prudent to maintain a level of reserves well above the lower end of the 100-150 percent of the Fund’s Reserve Adequacy (ARA) range. As noted in the 2024 Article IV consultation, the authorities should also explore options to gradually deepen the foreign currency derivatives market when conditions allow, to encourage greater participation of foreign investors in the domestic bond market and to facilitate hedging of foreign currency risk.

    Financial Sector: Maintaining a Robust Financial System

    The banking system remains resilient and systemic risks are contained, but pockets of vulnerabilities remain that require continued vigilance. Financial institutions are well capitalized and have ample liquidity buffers, while non-performing loans remain low compared to their pre-pandemic average. The financial cycle has decelerated but remains somewhat elevated, while the CBI’s domestic systemic risk indicator has increased slightly although it is below its long-term average. These indicators suggest risks are primarily concentrated in the housing market. An abrupt fall in house prices combined with higher-for-longer interest rates and an economic slowdown could result in a deterioration in asset quality. Risks are partially mitigated by conservative loan-to-value ratios and the strong equity position of most borrowers. Corporate credit risk has increased modestly, including in the hospitality sector, and could rise further if rising trading tensions trigger a decline in tourist arrivals. Meanwhile, cybersecurity threats are an increasing concern, and staff welcomes the authorities’ efforts to enhance operational security and enhance the resilience of the domestic payment system.

    The current macroprudential stance is broadly appropriate, though there may be scope for some easing if financial conditions improve as anticipated. Overall capital requirements on Icelandic banks are relatively high compared to other European countries, bolstering banks’ resilience in a shock prone economy. While these requirements are broadly appropriate given still elevated risks in the housing market, there may be scope for some easing if systemic risks recede. It would be prudent to defer such a decision until the impact of the Capital Requirements Regulation (CRR) III—expected to take effect by mid-2025—is clear. Any easing of the macroprudential stance should take care to safeguard the availability of releasable capital under the countercyclical capital buffer (CCyB). Borrower-based measures (BBMs) have contributed to contain household credit risk and should remain on hold for now. The government’s plans to reduce the prevalence of CPI-indexed mortgage loans should be carefully timed given the beneficial impact indexation has had on borrower resilience and financial stability.

    Sustaining the momentum in implementing Financial Sector Assessment Program (FSAP) recommendations will require continued efforts. Staff welcomes the significant progress achieved in implementing the recommendations from the 2023 FSAP. Since the 2024 Article IV, progress has been made on operationalizing an Emergency Liquidity Assistance (ELA) framework, while efforts are ongoing with technical assistance from the Fund to enhance AML/CFT supervision of banks. Steps have been taken to strengthen the supervision of pension funds, but more progress is needed on legislative changes to enhance pension fund governance, internal risk controls, and risk management. Focusing on incremental changes rather than comprehensive reforms may facilitate progress moving forward. Further steps are also needed to safeguard the independence and effectiveness of the CBI’s supervisory activities, including through a streamlined and independent budgetary process for financial supervision and improved legal protection for supervisors. Lastly, efforts should continue to strengthen the CBI’s and the financial sector’s operational risk management capacity.

    Structural Policies to Boost Productivity and Diversify the Economy

    Investments in physical and human capital, along with continued efforts to promote innovation and improve allocative efficiency are needed to sustain productivity growth.

    • While the level of labor productivity is high, productivity growth has slowed since the global financial crisis due to lower total factor productivity (TFP) growth and decreasing capital intensity. Staff analysis suggests this is largely the result of a lower share of jobs in high productivity sectors (likely due to the financial sector shrinking to more sustainable levels and the expansion of the tourism sector) rather than a decline in within-sector productivity growth. Meanwhile, the share of fast-growing firms that can drive economy-wide productivity gains is below the EU average.
    • The authorities’ ambition to increase productivity growth is welcome. To achieve this they should: (i) focus on improving infrastructure to facilitate firms’ access to domestic and international markets; (ii) continue their efforts to promote innovation and the creation of more high-growth businesses; (iii) work with stakeholders in the labor market to strengthen incentives for pursuing higher education in fields where there is a shortage of skills; and (iv) streamline professional licensing requirements for foreign nationals.

    Incentives to promote innovation and diversification of the economy are bearing fruit, but there is scope to improve the efficiency of R&D support schemes. Generous tax incentives have made Iceland one of the most attractive jurisdictions in the OECD for R&D investment and contributed to the emergence of several fast-growing innovative firms. However, the sharp increase in public R&D spending has raised concerns about budgetary costs and efficiency. Plans to revise the R&D legislation provide an opportunity to clarify eligibility criteria and thus increase the predictability of the scheme. Also, as noted previously, there may be merit in reassessing the 2020 increase in the ceilings on eligible business R&D expenditures given that it primarily benefits medium and large firms where research suggests R&D support has less impact. Allowing businesses to deduct R&D expenses from payroll taxes could bolster the impact of the scheme given evidence that payroll tax offsets have a greater impact on firms’ R&D tax expenditure. This would also reduce administrative costs by eliminating the need for refunds to loss-making companies.

    Integration of Artificial Intelligence (AI) could bolster productivity growth. Iceland’s strong digital infrastructure, relatively high levels of human capital, and robust legal framework suggest that it is well placed to benefit from AI. Staff analysis indicates that the proportion of jobs that are well positioned to take advantage of productivity gains from AI is higher than in other advanced economies. Conversely, the share of jobs at risk of displacement from AI is smaller, though still significant. To mitigate potential disruptions to the labor market the authorities should provide opportunities for re-skilling and scale up active labor market policies to facilitate the movement of workers between sectors and provide support to the most vulnerable.

    Further efforts are needed to develop a housing strategy that meets the needs of Iceland’s growing population. The government’s plans to tighten control over short-term rentals and increase the supply of housing could help improve housing affordability. Targeted homeowner assistance programs can play a complementary role, though such programs would need to be designed in a way that minimizes fiscal risks and risks to macroeconomic and financial stability. Housing taxation can also play a supportive role in reducing housing market imbalances. For instance, increasing capital gains taxation on secondary homes and investment properties and raising the tax rate on vacant lots in urban areas could not only raise revenue but also play a supportive role in curbing speculative demand and incentivizing supply.

    The IMF team would like to thank the authorities and other interlocutors for their generous hospitality and constructive dialogue.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/05/mcs-iceland-staff-concluding-statement-of-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Economics: ASEAN and Norway Reaffirm Commitment to Advancing Relations to Greater Heights

    Source: ASEAN

    ASEAN and Norway convened the Tenth Meeting of the ASEAN-Norway Joint Sectoral Cooperation Committee (JSCC) Meeting today at the ASEAN Headquarters/ASEAN Secretariat. Both sides commemorated the tenth anniversary of the Sectoral Dialogue Partnership and reviewed progress made under the ASEAN-Norway Practical Cooperation Areas (2021-2025). They also reaffirmed their shared commitment to strengthening cooperation across areas of common interest.

    MIL OSI Economics –

  • MIL-OSI Economics: IMF‘s Article IV concluding statement on Iceland for 2025 published

    Source: Central Bank of Iceland

    The IM­F‘s an­nual Art­icle IV re­port on the Icelandic eco­nomy was pub­lished today. Reg­u­lar re­ports on the status and pro­spects of the eco­nom­ies of IMF mem­ber coun­tries are is­sued on the basis of Art­icle IV of the IM­F‘s Art­icles of Agree­ment. A mis­sion from the IMF vis­ited Ice­land last May for dis­cus­sions with the Icelandic au­thor­it­ies and other stake­hold­ers.

    MIL OSI Economics –

  • MIL-OSI United Nations: Greater attention to boreal forests needed, says UN Study

    Source: United Nations Economic Commission for Europe

    Representing 27% of all forests worldwide, boreal forests are the planet’s terrestrial “second lung” after tropical forests. Encircling the North Pole, they span North America, Europe, and Asia, playing a vital role in global carbon sequestration and storage, biodiversity, and supporting societies and economies. 

    Despite their importance, boreal forests do not receive the same visibility and attention among policymakers and the public as their tropical forest counterparts. A new study published by the United Nations Economic Commission for Europe (UNECE), presented today at the United Nations Forum on Forests in New York, highlights the urgent need to increase the understanding of this global “treasure trove” and to safeguard its important contributions.  

    The comprehensive study on boreal forests and accompanying series of national overviews (for Canada, Finland, Norway, Russian Federation, Sweden, USA) finds that despite the importance of the boreal biome, there are significant gaps in knowledge about its forests, their role in sustainable development, and their future. This can be attributed to fragmented research, based on national, site-specific conditions, and the lack of a harmonized and agreed definition and monitoring framework across the boreal region. 

    Call for Action 

    The study highlights the need to place greater focus on boreal forests in global discussions on sustainable development, biodiversity conservation, sustainability indicators and climate change adaptation and mitigation.  

    A commonly agreed definition of boreal forests would help to delineate the area they occupy as a precondition for a consistent monitoring of the boreal forest biome. This could be achieved through the development of a set of dedicated criteria and indicators for monitoring long-term effects of forest management activities, natural and human-caused landscape disturbance, as well as climate change, including fires and insect infestations. 

    Such assessment instruments, resulting from the joint efforts of countries with boreal forests, would generate evidence on the state of the biome for improved policymaking for the sustainable management of boreal forests and help raise their overall profile.  

    The UNECE Committee on Forests and the Forest Industry offers a platform and tools to facilitate the exchange of information and cooperation in this regard. 

    Key Facts

    • Carbon storage: These forests contain about 32% of global terrestrial carbon stocks, with boreal soils holding vast amounts of carbon, significantly impacting atmospheric carbon levels. 

    • Economic importance: They contribute substantially to sustainable livelihoods, including to rural, remote and Indigenous communities, and economic growth, providing 37% of the world’s stock of growing timber. Activities such as berry or mushroom picking, hunting, and recreation/tourism also make important contributions. 

    • Rising threats: Boreal forests face increasing threats from climate change, including wildfires, pest outbreaks, and thawing permafrost. 

    Boreal forests are characterized by short, moist, and moderately warm summers and long, cold, and dry winters. Their flora consists mostly of cold-tolerant evergreen conifer trees, such as spruce, larch, pine and fir, with some broadleaf species such as birch, poplar and alder. The world’s boreal regions are among the least densely populated on earth. 

    Boreal forests contain approximately 48% of global primary forests and are vital for the conservation of biodiversity and climate regulation. They play an important role in global carbon sequestration and storage, and therefore, are key to climate change mitigation. In addition to providing significant ecosystem services, for example, the protection of freshwater resources, boreal forests play a substantial role in contributing to the sustainable economic development of countries in the boreal zone, and provide a sustainable supply of wood and energy to world markets. 

    Boreal forests, like other forest biomes, are important to global goals such as the Sustainable Development Goals (SDGs) 8, 12, 13 and 15, the six Global Forest Goals and the Targets of the United Nations Strategic Plan for Forests 2030. 

    MIL OSI United Nations News –

  • MIL-OSI: Announcement concerning large shareholders under the Danish Capital Markets Act

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen
    Euronext Dublin
    London Stock Exchange        
    Other stakeholders

    Date    6 May 2025

    Announcement concerning large shareholders under the Danish Capital Markets Act

    In accordance with the Danish Capital Markets Act art. 31, it is hereby announced that Ringkjøbing Landbobank A/S, CVR no. 37536814, Torvet 1, 6950 Ringkøbing, Denmark, has, effective from 2 May 2025, reduced its ownership interest to below 5% of the share capital in Ringkjøbing Landbobank A/S in connection with the final implementation of the capital reduction, cf. company announcement if the 5 May 2025 “Implementation of capital reduction”.

    As of 5 May 2025, the bank held 334,100 of its own shares, corresponding to 1.32 % of the share capital in the bank.

    Kind regards

    Ringkjøbing Landbobank

    John Fisker
    CEO

    Attachment

    The MIL Network –

  • MIL-OSI: Municipality Finance issues SEK 500 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    6 May 2025 at 10:00 am (EEST)

    Municipality Finance issues SEK 500 million notes under its MTN programme

    Municipality Finance Plc issues SEK 500 million notes on 7 May 2025. The maturity date of the notes is 28 December 2027. The notes bear interest at a floating rate equal to 3-month Stibor plus 13 bps per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 7 May 2025.

    Danske Bank A/S act as the Dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.munifin.fi

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI: Nokia supplies private wireless to Maersk’s fleet for real-time cargo tracking

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia supplies private wireless to Maersk’s fleet for real-time cargo tracking

    • Nokia to support Maersk’s next-generation IoT connectivity platform with new mobile network to enhance operational efficiency.
    • Nokia supplied its private wireless network solution including Shikra small cell equipment and MantaRay NM for network management.

    6 May 2025
    Espoo, Finland – Nokia today announced that it has signed a contract with Danish global integrated logistics leader, Maersk, to equip 450 vessels in its fleet with Nokia’s industry-leading private wireless network solutions. This important deployment is part of Maersk’s IoT connectivity platform, OneWireless, which offers numerous benefits to its customers, including real-time cargo tracking, enhanced supply chain visibility, and improved operational efficiency.

    The evolving environment of logistics and maritime operations is uniquely complex and highly mobile, requiring resilient and flexible technology for real-time asset tracking and positioning. By transitioning to Nokia’s private wireless technology, Maersk will overcome the challenges of its current infrastructure onboard both its own and chartered vessels and gain access to increased scalability and future-proof connectivity.

    The new unified mobile network powered by Nokia’s radio portfolio is designed to support numerous IoT devices and secure interoperability between private and public networks, ensuring Maersk customers’ cargo is reliably monitored at sea, port, or land. This is especially important for tracking parameters such as temperature and humidity for fruit and other perishables.

    “With our next-generation connectivity platform, we will be able to offer our customers notable benefits, including real-time cargo tracking, enhanced supply chain visibility, and improved operational efficiency. This platform is designed to support thousands of IoT devices, ensuring optimal performance for reefer tracking and fleet IoT,” says Kjeld Dittmann, Head of Vessel & Cargo Connectivity at Maersk.

    “Nokia’s technology leadership in private wireless goes far beyond just connectivity, as demonstrated by this major new contract with Maersk. Our Radio Access portfolio and MantaRay network management solution will deliver reliable, real-time, and future-ready mobile networks that will optimize Maersk’s marine operations. We look forward to working collaboratively with them on this important project,” said Tommi Uitto, President of Mobile Networks at Nokia.

    The solution leverages Nokia’s small cells portfolio, including Nokia Shikra Remote Radio Heads (RRH) and compact baseband, along with custom-designed antennas. Each vessel has a small core connected to the radio, utilizing satellite communication for backhaul. Additionally, Nokia’s intelligent network management system, MantaRay NM, located in Maersk’s operations center, provides a consolidated network view for optimal monitoring and management.

    The deployment is underway and is expected to be completed in the first quarter of 2026.

    Multimedia, technical information, and related news
    Product Page: Shikra remote radio heads
    Product Page: MantaRay NM
    Web Page: Private networks

    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.

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

    Follow us on social media
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    The MIL Network –

  • MIL-OSI: Report for the three months ended 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    Highlights

    • Power generation amounted to 251 GWh for the first quarter 2025, being at the lower end of the outlook range, mainly as a result of weather impact and production curtailments related to the provision of ancillary services, for which the Company receives compensation.
    • Reached the ready-to-permit milestone and launched a sales process for a 98 MW solar project in Germany.
    • Reached the ready-to-permit milestone on a second solar and battery project in the UK, bringing the total volume of ready-to-permit projects to 2.5 GW, with the sales process awaiting the conclusion of the ongoing grid connections reform.

    Consolidated financials

    • Cash flows from operating activities amounted to MEUR 0.6.

    Proportionate financials

    • Achieved electricity price amounted to EUR 40 per MWh, which resulted in a proportionate EBITDA of MEUR 0.4.
    • Proportionate net debt of MEUR 68.6, with significant liquidity headroom available through the MEUR 170 revolving credit facility.

    Financial Summary

    Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials in addition to the consolidated financial reporting under IFRS to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results.

    Financial performance   Q1
    MEUR   2025 2024
    Revenue   9.3 12.3
    EBITDA   – 0.9 3.1
    Operating profit (EBIT)   – 5.2 – 1.0
    Net result   – 4.0 – 2.6
    Earnings per share – EUR   – 0.01 – 0.01
    Earnings per share diluted – EUR   – 0.01 – 0.01
    Alternative performance measures      
    Proportionate financials1      
    Power generation (GWh)   251 274
    Average price achieved per MWh – EUR   40 49
    Operating expenses per MWh – EUR   20 15
    Revenue   10.1 13.5
    EBITDA   0.4 5.1
    Operating profit (EBIT)   – 4.9 –
    1 Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures.
    For more details see section Key Financial Data in the Q1 Report 2025.

    Comment from Daniel Fitzgerald, CEO of Orrön Energy
    “Our greenfield platform is now well established after two years of investment, recruitment and project delivery. We have launched our first sales process in Germany for a 98 MW agri-PV project, and have around 2.5 GW of solar and battery projects in the UK at the ready-to-permit stage awaiting a final resolution from the ongoing grid connections reform. Over the course of 2025 and 2026, we expect to start monetising the first of these projects and I look forward to seeing the results of the hard work and dedication of the teams creating these opportunities. Our UK projects are amongst some of the largest solar projects in the country to date, and will make a significant contribution to the UK government’s ambition to reach net zero through renewable investment and decarbonisation of the power systems. The UK grid connections reform is still underway, and we expect to receive feedback during the fall of 2025, after which we expect to resume our sales process. It is unfortunate that the reform was launched mid-way through our sales process, and although we will see a delay, the value and interest from investors remains strong, as does the UK government’s support for projects such as ours. We expect to share more details on the outcome of the ongoing reform and our progress later this year.

    Our proportionate power generation in the first quarter amounted to 251 GWh, which was at the lower end of our outlook range, primarily due to weather conditions and curtailments linked to the ancillary services provided at our MLK windfarm. We are actively working to qualify additional sites for ancillary services, where we receive compensation when activated. This, alongside voluntary curtailments during periods of low electricity pricing, forms part of a broader set of measures we introduced last year to optimise our revenues and mitigate the ongoing volatility in power markets. Nordic electricity markets remain challenging with low prices and high volatility, and we are seeing that impact not only in our business, but across the sector with very few new renewable energy projects sanctioned.

    Financially resilient
    We remain in a strong financial position, with MEUR 100 of liquidity headroom, and have the ability to manage the pace of our investments as markets evolve. Proportionate revenues and other income for the quarter amounted to MEUR 10.2, and proportionate EBITDA was MEUR 0.4, reflecting the impact of electricity prices during the quarter. Project sales from our greenfield portfolio are expected to commence during the course of this year which should lead to a positive impact on our financial results and EBITDA. Our cost base will further reduce following the conclusion of the Sudan trial in the second quarter of 2026, strengthening our financial position going forward. Electricity prices are set to remain volatile, and future revenues from power sales will remain subject to the underlying Nordic electricity prices, which have been at sustained low levels for the last quarters. I expect to see this improve in the medium term given the lack of new power generation being built, especially in Sweden.

    Looking ahead
    The Company is continuing to deliver in line with our strategy to build a portfolio of producing assets and a pipeline of large-scale greenfield projects. We are making good progress on all fronts with optimisation and consolidation in our producing asset base and continued maturation in our project pipeline. We are supported by a highly skilled and committed team in the Nordics, and a dynamic development team driving our greenfield growth in the UK, Germany and France.

    The long-term outlook for renewable energy remains robust, underpinned by strong policy support, increasing electrification, and growing demand for low-carbon solutions across Europe. As we are investing in onshore technologies with the lowest breakeven price, I am confident that our portfolio is well positioned to deliver long-term value in this space and provide a much-needed new supply of low-cost energy to society. European electricity prices, especially in Germany and the UK, remain at elevated levels, well above the breakeven cost for new renewable projects to be sanctioned, which stands our greenfield portfolio in good shape for delivering long-term returns.

    I would like to once again thank our shareholders for your continued support, and look forward to further updates during 2025.”

    Webcast
    Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orrön Energy and its future growth strategy at a webcast today at 14.00 CEST. The presentation will be followed by a question-and-answer session.

    Follow the presentation live on the below webcast link:
    https://orron-energy.events.inderes.com/q1-report-2025

    For further information, please contact:

    Robert Eriksson
    Corporate Affairs and Investor Relations
    Tel: +46 701 11 26 15
    robert.eriksson@orron.com

    Jenny Sandström
    Communications Lead
    Tel: +41 79 431 63 68
    jenny.sandstrom@orron.com

    Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany, and France. With financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

    Forward-looking statements
    Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

    Attachment

    The MIL Network –

  • MIL-OSI: KH Group Plc’s Business Review January–March 2025: Moderate growth and improving profitability

    Source: GlobeNewswire (MIL-OSI)

    KH Group Plc
    Stock Exchange Release 6 May 2025 at 8:00 am EEST

    KH Group Plc’s Business Review January–March 2025: Moderate growth and improving profitability

    This is the summary of the Business Review for January–March 2025. The full Half-Year Report is attached to this release and is also available on the company’s website at www.khgroup.com.

    KH Group, January–March 2025 IFRS

    • Net sales amounted to EUR 41.8 (40.4) million. HTJ and Indoor have been retrospectively classified as discontinued operations.
    • Comparable operating profit was EUR 0.2 (-0.1) million.
    • Operating profit was EUR -0.1 (-0.5) million.
    • Net profit for the period from continuing operations was EUR -0.4 (-1.7) million.
    • Earnings per share (undiluted and diluted) from continuing operations were EUR -0.01 (-0.03).
    • Equity per share at the end of the review period was EUR 0.85 (1.30).
    • Return on equity for rolling 12 months was -43.4% (-19.2%).
    • The Group’s cash and cash equivalents amounted to EUR 4.5 million at the end of the review period.
    • Gearing at the end of the review period was 291.3% (225.3%).
    • Gearing excluding lease liabilities was 187.9% (141.6%).

    CEO Ville Nikulainen:

    “The Group’s net sales and operating profit from continuing operations increased moderately year-on-year during the January–March review period. KH-Koneet’s net sales and operating profit increased in both Finland and Sweden in spite of the weakened market situation. Sales of heavy crawler excavators in Finland, in particular, grew significantly year-on-year. Nordic Rescue Group’s net sales declined, but operating profit for the first quarter was on a par with the comparison period. The financial situation of the wellbeing services counties became clearer after the turn of the year and, as a result, the order book for Nordic Rescue Group’s operations in Finland strengthened during the review period. In Sweden, the demand for rescue vehicles has remained at a good level.

    In Indoor Group, the general uncertainty in the market continued to have a negative impact on net sales and operating profit. The extensive operating model reform programme to improve Indoor Group’s profitability targets an annual improvement in operating profit of at least EUR 10 million by the end of 2026. A significant part of the targeted profitability improvement is estimated to be realised already during 2025. The change negotiations concluded in December 2024 will generate annual savings in wage costs of approximately EUR 6–7 million, which will improve the company’s result significantly already during the second quarter.

    As a strategic measure, KH Group announced in March 2024 that it had initiated a sale process for Indoor Group. KH Group has engaged a financial advisor to explore various options for its Indoor Group shareholding. No final decision has been made on the sale of Indoor Group holdings and there is no certainty as to the timing, terms or completion of any such transaction. KH Group aims to complete the process during 2025. Another strategic step was completed in March 2025 as KH Group acquired the remaining KH-Koneet Group Oy minority shares in accordance with the shareholder agreement and KH-Koneet is now a fully-owned subsidiary of KH Group. The purchase price of the shares was EUR 2.0 million.

    In 2025, the business areas will focus on securing net sales and operating profit as well as improving the efficiency of working capital. KH Group’s change in strategy is being advanced according to plan.”

    Events after the review period

    The Board of Directors of KH Group Plc decided to establish a performance-based share scheme for key employees of KH-Koneet. The plan replaces the performance-based matching share plan announced on 31 May 2024. The purpose of the new scheme is to align the goals of shareholders and key employees in order to increase the company’s shareholder value in the long term, guide the key employees to achieve the company’s strategic objectives, engage their commitment to the company and offer them a competitive incentive scheme based on the earning and accrual of KH Group shares. The performance-based share scheme has one (1) performance period of two (2) years, corresponding to the financial periods 2025–2026. The scheme provides key employees with the opportunity to earn KH Group shares based on performance

    Financial objectives and future outlook

    KH Group’s objective is to become an industrial group built around the KH-Koneet business and to divest other business areas in line with the Group’s strategy. At the same time, active developments will continue regarding other business areas. Exit planning and the assessment of exit opportunities for the other business areas will also continue.

    During the next few years, the aim is to invest in the growth of the core business and pay dividends after significant exits within the limits established by the balance sheet structure and financing agreements.

    The guidance with the current Group structure of continuing operations for 2025 is as follows: the company estimates that both the net sales (EUR 194.0 million) and the comparable operating profit (EUR 7.2 million) will remain approximately at the same level year-on-year.

    KH GROUP PLC

    Ville Nikulainen
    CEO

    FURTHER INFORMATION:
    CEO Ville Nikulainen, tel. +358 400 459 343

    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.

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    The MIL Network –

  • MIL-OSI: 26/2025・Trifork Group: Interim report for the quarter ending 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    Trifork Group AG
    Company announcement no. 26/2025
    Schindellegi, Switzerland – 6 May 2025
    Interim Financial Report for the first quarter ending 31 March 2025

    Trifork Group reports revenue growth of 14.1% and EBITDA growth of 29.4% in Q1 2025

    CEO Jørn Larsen comments on the first quarter:
    “Q1 showed good progress toward our strategic ambition of becoming a more product- and solutions-led business. To support this direction, we revamped Trifork.com in Q1 to highlight our full range of products and platforms, and I invite you to explore our current offering. AI continues to break new ground, and we now discuss AI with most of our customers in one form or another. Our platforms Corax and AI Assist are seeing strong interest as they bring significant value to our customers very fast, in a very flexible, scalable, and secure way without customers needing to employ large data science teams.

    In Q1, we began to see the impact of several larger deals initiated in 2024. In Denmark, the good trend from Q4 continued in Q1, with the activities in the public sector increasing the most. The US business doubled its revenue and became the second-largest in the Group in Q1, proving that our IP-anchored strategy, executed in close collaboration with our Labs companies and global tech partners, can unlock new avenues of growth in revenue and profits.

    We have now completed most of the organizational changes announced last year and have identified cost-saving measures expected to deliver annual savings of EUR 10 million based on 2024 activity levels. For the remainder of 2025, we will continue to focus on further optimization and cost-efficiency across the Group, and I am encouraged by the strong and constructive cost savings efforts of our entire organization.”

    First quarter 2025

    • Trifork Group
      • In Q1 2025, Trifork Group revenue amounted to EURm 57.5, a net increase of 14.1% from Q1 2024, the combined result of an organic growth of 10.8% and an inorganic growth of 3.5%. In the quarter, Trifork had EURm 4.2 more revenue from hardware and third-party licenses compared to Q1 2024. Excluding these revenues, Group revenue growth was 5.9% in Q1 2025.
      • Trifork Group adjusted EBITDA amounted to EURm 6.9, corresponding to growth of 29.4% compared to Q1 2024. The margin was 11.9% (Q1 2024: 10.5%). No special items were recorded.
      • Trifork Group EBIT amounted to EURm 2.8, corresponding to growth of 95.5% compared to Q1 2024. The margin was 4.9% (Q1 2024: 2.8%).
    • Trifork Segment
      • In Q1 2025, adjusted EBITDA in the Trifork Segment amounted to EURm 7.4 (Q1 2024: EURm 5.8), corresponding to growth of 26.3%. The margin was 12.8% (Q1 2024: 11.6%).
      • Sub-segments
        • Inspire revenue increased by 25.0% to EURm 0.7 and realized an adjusted EBITDA of EURm -0.8 (Q1 2024: EURm -1.0).
        • Build revenue declined by -1.2% to EURm 38.3 and realized an adjusted EBITDA margin of 15.2% (Q1 2024: 15.7%).
        • Run revenue increased by 68.5% to EURm 18.5. Adjusted for hardware and third-party licenses, revenue growth was 33.9%. The adjusted EBITDA margin was 15.0% (Q1 2024: 13.1%).
    • Trifork Labs
      • In Q1 2025, fair value adjustment of Trifork Labs investments was EURm -0.1 (Q1 2024: EURm 2.0).
      • At 31 March 2025, the book value of active Labs investments amounted to EURm 82.7 (31 March 2024: EURm 73.4).

    The financial outlook for full-year 2025 provided on 28 February is maintained:

    • Revenue is expected to be in the range of EURm 215-225, equal to 4.4-9.3% total growth
    • Organic revenue growth is expected in the range of 2.9-7.8%
    • Adjusted EBITDA in Trifork Segment is expected in the range of EURm 32.0-37.0
    • EBIT in Trifork Group is expected to be in the range of EURm 14.5-19.5.

    The guidance does not include potential effects from new acquisitions or divestments.

    Main events in the first quarter of 2025

    • Inspire
      Q1 is seasonally a quarter with low conference activity. With more than 2 million views in Q1, the online GOTO universe have reached 83 million video views in total. At the end of the quarter, we had 1.1 million video subscribers. We are continuously sharpening our planning of events and have optimized our cost structure. Our business development efforts are anchored in technology partnerships, where workshop and conference presentations are central to the efforts. We hosted multiple events, including our Observability day in Copenhagen, and attended NVIDIA GTC together with Lenovo, who also co-attended an industrial conference in Germany with us. We held multiple events focusing on SAP.
    • Build
      Build revenue accounted for 66.6% of Group revenue in Q1 and declined by 1.2% compared to the same quarter last year. We spent the quarter focusing our Build activities closer to our own product offerings so that focus is more on implementation, integration, and customization of these and building individual extensions on top. Generally, corporates continued to take a cautious approach to IT spending in light of the global economic and geopolitical uncertainty, but our business development efforts made up for some of the private market weakness. Our public sector customer base primarily consists of Danish engagements. Danish public revenue grew 23.4% in Q1 compared to the same quarter last year and accounted for 47% of revenue in Denmark. In Q1, we announced new engagements with SBSYS (41 municipalities and two regions) and Aalborg University, and a new partnership with Cognizant focused on testing-as-a-service for implementation with KOMBIT (all Danish municipalities).
    • Run
      Run revenue accounted for 32.2% of Group revenue in Q1 and increased by 68.5% in Q1 compared to the same quarter last year (33.9% growth excluding revenues from third-party licenses and hardware, which can be volatile on a quarterly basis). In Q1, we revamped our website Trifork.com to increase focus on our products and platforms, which are central to our growth strategy and which provide more stability to our revenues as the licenses are sold on a recurring basis. Our Cloud Operations business has built a good pipeline supported by our Contain product offering, and it seems that the interest in cloud hosting in our Danish data centers increased in Q1. This was driven by both public and private customers. Our managed services security business continues to be in discussion with potential strategic partners to accelerate growth and market share, and we look forward to updating the market on the progress. Any potential deconsolidation is not included in the current financial guidance for the year. Overall, revenue within Hosting and Security operations increased by 23.2% in Q1.
    • Trifork Labs
      No new investments or exits were completed in Trifork Labs in Q1. Activities in the quarter primarily included reviewing investment proposals from new or existing investors in individual Labs companies in relation to upcoming financing rounds, including the announced EURm 11.5 financing round in Dawn Health led by existing investors Chr. Augustinus Fabrikker and the Export and Investment Fund of Denmark (EIFO). We see this as a testament to continued strong belief in the company’s potential after showing significant progress with large pharma partners such as Merck and Novartis. The investment is aimed at supporting Dawn Health’s strategy to deliver its platform and product suite through a SaaS model, while continuing to invest in further offerings within the Dawn Product Suite.

    Results presentation
    Trifork will host a results presentation and Q&A session with CEO Jørn Larsen and CFO Kristian Wulf-Andersen today, 6 May 2025 at 11:00 CEST in a live webcast that can be accessed via the following link, or via the investor website:

    https://trifork.zoom.us/j/96719631909?pwd=sI6nAeNybYebaVXxyFn3Wp8tpU5BOL.1#success

    A recording will be made available on our investor website. More information can be found at https://investor.trifork.com/events/.

    Investor & Media contact
    Frederik Svanholm, Group Investment Director
    frsv@trifork.com, +41 79 357 7317


    About Trifork Group
    Trifork is a pioneering and global technology partner, empowering enterprise and public sector customers with innovative digital solutions. With 1,215 professionals across 71 business units in 16 countries, Trifork specializes in designing, building, and operating advanced software across sectors such as public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. The Group’s R&D arm, Trifork Labs, drives innovation by investing in and developing synergistic, high-potential technology companies. Trifork also owns GOTO, which inspires the global tech community through conferences and an online video channel with over 1.1 million subscribers and 83 million views. Trifork Group AG is publicly listed on Nasdaq Copenhagen. Learn more at trifork.com.

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    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – Countermeasures in response to the unjustified Chinese suspension of graphite exports to Sweden – E-000670/2025(ASW)

    Source: European Parliament

    The Commission registered China’s apparent refusal to issue export licenses for the export of artificial graphite to Sweden as an official trade barrier in 2023 following an internal investigation.

    The Commission has thereafter been in close contact with Sweden and has raised the issue with China on multiple occasions, during both bilateral contacts with China and at the World Trade Organisation.

    On these occasions, the Commission has also expressed its deep concern regarding the overall increase in Chinese licensing requirements targeting critical raw materials in recent years, and the negative effects these measures have on the perception of China as a reliable trading partner.

    To ensure secure, resilient and sustainable supply of strategic raw materials, the Critical Raw Materials Act (CRMA)[1] sets out benchmarks for extraction, processing, recycling and diversification and introduces measures to achieve these.

    Regarding the long-term availability of graphite, designated as a strategic raw material under the CRMA, the Commission inter alia maps with Member States the projects in the EU; calls for strategic projects; develops and implements strategic partnerships on raw materials; invests in innovative raw material production projects under Horizon Europe[2]; and concludes EU bilateral trade agreements for fair and unrestricted trade in raw materials.

    Further improvements on recycling can equally increase the availability of critical raw materials. The first list of strategic projects was published on 25 March 2025[3]. three of them are located in Sweden, and two concern graphite.

    Regarding overall availability of raw materials, the Geological Surveys of Europe provide a detailed overview of minerals deposits in the EU[4].

    • [1] Regulation (EU) 2024/1252, https://eur-lex.europa.eu/eli/reg/2024/1252/oj/eng
    • [2] https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe_en
    • [3] https://single-market-economy.ec.europa.eu/sectors/raw-materials/areas-specific-interest/critical-raw-materials/strategic-projects-under-crma_en
    • [4] https://maps.europe-geology.eu/
    Last updated: 5 May 2025

    MIL OSI Europe News –

  • MIL-OSI Economics: Transparency remains a central focus at subsidies committee discussions

    Source: WTO

    Headline: Transparency remains a central focus at subsidies committee discussions

    The Chair referred to the most recent WTO Secretariat update, noting that 82 members have yet to submit their 2023 and 2021 subsidy notifications, and that  72 members have still not submitted their 2019 notifications. He reiterated his call for members to submit their notifications promptly, emphasizing that all members benefit from the collective effort of timely and complete notifications. Eight members echoed these calls and commended the Secretariat’s continued efforts to support members in preparing and submitting their notifications, including through targeted technical assistance.
    Review of members’ subsidy notifications
    During the special meeting, the Committee examined 2023 new and full subsidy notifications submitted by Albania, Bahrain, Ecuador, India, Kazakhstan and Montenegro. Additionally, it reviewed outstanding notifications from earlier cycles, notably from Madagascar (2019). The Committee also continued its review of 2023 subsidy notifications from Australia, Brazil, China, Eswatini, Nepal, Norway, Türkiye, the United States and Vanuatu. It also continued its review of a 2019 notification from the Russian Federation.
    National legislation
    The Committee reviewed legislative notifications submitted by Armenia, Cambodia, Kazakhstan, the Kyrgyz Republic, the Russian Federation, the United Kingdom and the United States. It also continued its review of the legislative notifications of the European Union, Ghana, the Kyrgyz Republic, Saint Kitts and Nevis, and the Solomon Islands.
    Reports of members on countervailing duty actions
    Members reviewed semi-annual reports on countervailing duty actions submitted by Australia, Brazil, Canada, China, Colombia, the European Union, India, Mexico, Peru, Chinese Taipei, Türkiye,  the United States and Viet Nam for the period July to December 2024.
    The Committee also considered notifications on preliminary and final countervailing duty actions from members including Australia, Brazil, Canada, China, the European Union, Mexico, the United Kingdom and the United States.
    The Chair emphasized the need for regular and timely submissions of these reports to ensure ongoing transparency and effective oversight by the Committee.
    Other matters
    The Chair recalled the 31 December 2015 deadline for the elimination of export subsidies by members that received “fast track” extensions under Article 27.4 of the SCM Agreement. He noted that only 15 of the 19 members that had received extensions have provided the final required notifications. He called on the remaining members to comply without delay.
    The Committee reviewed the updated GNI per capita calculations for members listed in Annex VII(b) of the SCM Agreement. According to the latest figures, Senegal graduated from Annex VII(b) while the following members did not: Congo, Ghana, Honduras, Kenya, Nicaragua, Nigeria, Pakistan and Zimbabwe. They therefore remain on the list until their GNP per capita exceeds US$ 1,000 (in constant 1990 dollars) for three consecutive years.
    The Committee also discussed, and members exchanged views on, a range of issues under the following separate agenda items: “discriminatory subsidies policies and measures of the United States” (item sponsored by China); “France’s electric vehicle subsidies programme” (sponsored by the Republic of Korea); and “subsidies and overcapacity” (sponsored by the European Union, Japan, the United Kingdom and the United States).
    The Committee elected Mr Kazumochi Kometani from Japan as the new member of the Permanent Group of Experts replacing Ms Tomoko Ota, also from Japan. 
    The Committee conducted a scheduled review of its trial use of the e-Agenda platform, originally agreed in October 2023, to streamline meeting procedures by enabling the upload of delegations’ statements. The Committee agreed to extend the current trial arrangement for an additional two years. A formal review will take place at the Committee’s spring 2027 meeting.
    Next meeting
    The Chair reminded members that the autumn 2025 meetings of the SCM Committee are scheduled to take place in the week of 27 October 2025.

    Share

    MIL OSI Economics –

  • MIL-OSI Europe: Answer to a written question – Beneficiaries and amounts invested under the MediaInvest instrument? – E-000858/2025(ASW)

    Source: European Parliament

    MediaInvest[1], a part of the InvestEU[2] programme, is a dedicated equity investment vehicle aimed at stimulating private investment in the audiovisual and gaming sectors. It is implemented by the European Investment Fund[3] (EIF) on behalf of the Commission.

    To date, the EIF has signed four deals under MediaInvest ( Logical Content Ventures (France), focusing on content production; Behold Ventures (Sweden) focusing on video games sector; IPR.VC (Finland) focusing on European films and TV series; Together S.L.P (France), focusing on audiovisual small and medium enterprises).

    The EIF publishes once a year on its website a list of (i) financial intermediaries[4] being supported via InvestEU, including MediaInvest; and (ii) final beneficiaries[5] that have received financial support via InvestEU for an amount of at least EUR 500 000.

    As announced in the communication ‘The Road to the next multiannual financial framework’[6], the Commission intends to present its proposal for the next multiannual financial framework in July 2025.

    InvestEU aim at ensuring that financial intermediaries commit to invest a minimum amount into EU eligible companies. In addition, MediaInvest requires that a significant percentage of the investments targets audiovisual projects based in the EU.

    • [1] https://digital-strategy.ec.europa.eu/en/policies/mediainvest
    • [2] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=LEGISSUM:4516649
    • [3] eif.org/index.htm
    • [4] www.eif.org
    • [5] https://www.eif.org/InvestEU/equity_products/ieu-equity-visibility-report-final-recipients.pdf
    • [6] COM(2025) 46 final.
    Last updated: 5 May 2025

    MIL OSI Europe News –

  • MIL-OSI Video: India/Pakistan & other topics – Daily Press Briefing | United Nations

    Source: United Nations (Video News)

    Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.

    Highlights:

    – India/Pakistan
    – Secretary-General/Trip Announcement
    – Sudan
    – Sudan/Humanitarian
    – South Sudan
    – Gaza
    – Occupied Palestinian Territory
    – Lebanon
    – Ukraine
    – Senior Personnel Appointment – Cyprus
    – Cyprus
    – Portuguese Language Day

    INDIA/PAKISTAN 
    The Secretary-General spoke to reporters just an hour ago to say that, with tensions between India and Pakistan at their highest in years, he once again strongly condemns the attack in Pahalgam on 22 April and extends his condolences to the families of the victims. He said that those responsible must be brought to justice through transparent, credible, and lawful means. 
    The Secretary-General said that it is also essential – especially at this critical hour — to avoid a military confrontation that could easily spin out of control. Now is the time for maximum restraint and stepping back from the brink. 
    He once more offered his good offices to both governments in the service of peace.  

    SECRETARY-GENERAL/ TRIP ANNOUNCEMENT 
    The Secretary-General will be travelling to Copenhagen, in Denmark, tonight, where he will chair the biannual session of the UN System Chief Executives Board for Coordination, also known as the CEB, which brings together the heads of the UN system organizations. 
    The Secretary-General is scheduled to meet the Prime Minister of Denmark, Mette Frederiksen. He will also take part in a dinner, hosted by Their Majesties, the King and Queen of Denmark, in honour of the gathered leaders of the Chief Executives Board for Coordination.  
    The Secretary-General will also engage with UN staff based in Copenhagen, as well as with Danish media and he will have a number of meetings with UN senior officials, ahead of the CEB session.  
    During their biannual session, the Chief Executives Board Members will reflect on current world affairs as they affect and are related to the UN system. They will also engage in deliberations on ‘Adapting to New Realities: Leveraging the UN80 Initiative’ and ‘Upholding Respect for International Law’. 
    The Secretary-General will be back in New York on Friday evening. 

    Full Highlights: https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=05%20May%202025

    https://www.youtube.com/watch?v=irQjqaS5q20

    MIL OSI Video –

  • MIL-OSI: Kvika banki hf.: Publication of Q1 financial results on Wednesday 7 May

    Source: GlobeNewswire (MIL-OSI)

    The Board of Directors of Kvika banki hf. is set to approve the financial statements of the Group for the first quarter of 2025 at a board meeting on Wednesday 7 May. The financial statements will subsequently be published after the domestic market has closed.

    A meeting to present the results to shareholders and market participants will be held the next day, at 08:30 on Thursday 8 May, at the bank’s headquarters on the 9th floor at Katrínartún 2, where Ármann Þorvaldsson, CEO of Kvika, and Eiríkur Magnús Jensson, CFO, will present the company’s financial results.

    The presentation will be conducted in Icelandic and will be streamed live. Further, a recording of the meeting with English subtitles will later be made available on Kvika’s website.

    Meeting participants will be able to send questions before or during the meeting via ir@kvika.is

    The investor presentation will be made public before the meeting.

    The MIL Network –

  • MIL-OSI Security: Defense News: U.S. 6th Fleet and STRIKFORNATO kick off Exercise Formidable Shield 2025

    Source: United States Navy

    BODØ, Norway — Eleven Allied nations kick off exercise At Sea Demonstration (ASD) / Formidable Shield (FS) 25, led by U.S. 6th Fleet and executed by Naval Striking and Support Forces NATO (STRIKFORNATO), in the North and Norwegian Seas and North Atlantic Ocean, May 3, 2025.

    MIL Security OSI –

  • MIL-OSI: NNIT A/S: NNIT adjusts 2025 outlook and publishes Q1 figures

    Source: GlobeNewswire (MIL-OSI)

    The first quarter financial performance was expected to be moderate, but the increased macroeconomic and geopolitical uncertainty has impacted NNIT to a larger extent than expected. Based on the realized results and the continued uncertainty, NNIT adjusts the 2025 financial outlook.

    Given the current uncertainty, organic revenue growth is expected to be 0% to 5% (previously 7% to 10%), which is due to postponement of projects and the sales pipeline materializing at a slower pace than planned as customers are hesitating to engage in new contracts, especially within Life Science. Expectations for the Group operating profit margin excluding special items are maintained at 7% to 9% as NNIT is significantly reducing its cost base by adjusting capacity and lowering general spending across regions and on corporate level. Special items are expected to be up to last year’s level of DKK 69m (previously expected to be below the 2024 level) mainly driven by further restructuring costs.

    NNIT generated Q1 2025 Group revenue of DKK 464m (Q1 2024: DKK 463m). The organic growth was negative by 0.8% (Q1 2024: 8.0%) due to Region Europe and Region US. Group operating profit excl. special items was DKK 18m (Q1 2024: 24m), equal to a margin of 3.9% (Q1 2024: 5.2%). Profit and margin were mainly impacted by Region Europe and a decrease in Region Denmark driven by overcapacity following the postponement of a large contract, which has been signed in Q2, and the loss of a large public tender. Special items for the Group amounted to DKK 25m (Q1 2024: income DKK 11.3m) primarily driven by restructuring costs.

    Financial figures, DKK million Q1 2025 Q1 2024 FY 2024
    GROUP      
    Revenue 464 463  1,851
    Group operating profit excl. special items 18 24 117
    Group operating profit margin excl. special items 3.9% 5.2% 6.3%
    Special items 25 -11 69
           
    REGION EUROPE      
    Revenue 119 126 512
    Regional operating profit 12 14 67
    Regional operating profit margin 10.0% 11.2% 13.0%
           
    REGION US      
    Revenue 87 93 346
    Regional operating profit 26 18 73
    Regional operating profit margin 30.4% 19.0% 21.2%
           
    REGION ASIA      
    Revenue 37 32 149
    Regional operating profit 3 -2 8
    Regional operating profit margin 7.6% -5.3% 5.2%
           
    REGION DENMARK      
    Revenue 221 212 844
    Regional operating profit 33 48 151
    Regional operating profit margin 15.1% 22.6% 17.9%

    Despite the adjustment of expectations for organic growth, NNIT maintains expectations for the Group operating profit margin excl. special items to reach 7% to 9%. NNIT has executed several cost reducing initiatives, which include capacity adjustments across the group, to minimize the impact on profitability.

    NNIT will publish the Q1 2025 trading statement on May 5, 2025, one day earlier than planned.

    For more information, please contact:

    Investor Relations
    Carsten Ringius            
    EVP & CFO
    Tel: +45 3077 8888
    carr@nnit.com

    Media Relations
    Thomas Stensbøl
    Press & Communications Manager
    Tel: +45 3077 8800
    tmts@nnit.com 

    ABOUT NNIT

    NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and private sectors in Denmark.

    We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.

    We advise on and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.

    We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies, but always driven by business needs rather than technology.

    NNIT consists of group company NNIT A/S and the subsidiary SCALES. Together, these companies employ more than 1,700 people in Europe, Asia and USA.

    Attachment

    The MIL Network –

  • MIL-OSI: NNIT A/S: Business performance impacted by market undercetainty expected to continue. Mitigating actions taken to protect profitability

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 key highlights

    • Financial performance for the first quarter was expected to be moderate, but macroeconomic and geopolitical uncertainty increased, which impacted NNIT. The uncertainty has influenced customer behavior, especially in the three regions focusing on IT Life Science solutions, where several projects have been postponed, most predominantly in Region Europe. Group revenue amounted to DKK 464.1m, entailing flat revenue growth compared with last year.
    • Despite improving utilization and capacity adjustments made across regions during the quarter as well as tight cost focus across business areas, the group operating profit excl. special items declined to DKK 18.0m in Q1 2025 compared with DKK 23.9m in the same quarter last year. The decline was due to the lower profit generation in Region Europe and Region Denmark, partly offset by improved profitability performance in Region US and Region Asia. Group operating profit margin excl. special items was 3.9% in Q1 2025 compared with 5.2% in the same quarter last year.
    • Region Denmark growth around 4% where selected solution areas focusing on the Public sector in Denmark, is showing growth upwards at 8%. SCALES also contributed to the growth in region Denmark solidifying its position as a leader within D365 solutions.
    • Special items amounted to DKK 25.3m in Q1 2025 covering restructuring costs of DKK 20m impacting all regions, earn-out payments of DKK 3m, and IT systems and integration costs amounting to around DKK 2m.
    • The financial outlook for 2025 was adjusted on May 5, 2025 cf. company announcement 04/2025 as the current macroeconomic and geopolitical landscape has deteriorated materially since the full-year outlook communicated in February. NNIT expects to be further affected by current uncertainty why the organic growth range was adjusted to 0% to 5% (previously 7% to 10%). Group operating profit margin excl. special items was maintained at 7% to 9% due to significant cost reducing initiatives with most already having been executed. As a result of lower revenue generation caused mainly by external factors, NNIT expects to incur additional restructuring costs as special items. Special items are expected to be at up to last year’s level of DKK 69m (previously expected to be significantly below the 2024 level).

    The first quarter was more severely affected by uncertainty than expected at the beginning of the year. Hesitance among several customers of NNIT has resulted in less revenue and sales as projects are being postponed. In general, NNIT has taken action to adjust capacity to fit the current demand with several reductions completed in 2024 and leaving NNIT in a stronger position going into 2025. However, it has been necessary to take further actions to mitigate the business impact from lower revenue generation with a reduction of around 100 employees in Q1 2025. Furthermore, NNIT has carried out several cost-reducing initiatives such as putting new employments on hold and limiting all discretionary spending to a minimum with full impact from the second quarter.

    Given the current macroeconomic environment and geopolitical unrest, NNIT continues to expect that its customers will be affected, which is reflected in the adjusted full-year financial outlook.

    Pär Fors, CEO of NNIT, comments: “The business environment of NNIT has deteriorated in the first quarter of the year as especially our Life Science customers are being negatively impacted by the macroeconomic unrest. Customers are hesitant to engage in new contracts before things are stabilizing, and we are navigating this environment to continue our strategic journey at NNIT. However, the impact from the uncertainty is more severe than initially expected, why the full-year outlook has been adjusted.”

    Financial overview – Selected key figures

    NNIT A/S, DKK million Q1 2025 Q1 2024 FY 2024
    Revenue 464.1 463.4 1,851
    Revenue growth, % 0.2% 12.2% 23.4%
    Revenue growth, organic % -0.8% 8.0% 10.8%
    Group operating profit excl. special items 18.0 23.9 117
    Group operating profit margin excl. special items, % 3.9% 5.2% 6.3%
    Special items .25.3 11.3 -69
    Group operating profit incl. special items -7.3 35.2 48
    Group operating profit margin incl. special items, % -1.6% 7.6% 2.6%
           
    Free cash flow -73 -166 -40

    Conference call

    May 6, 2025, at 3:00 PM CEST: Webcast link 

    Dial in information:
    DK: +45 78 76 84 90
    SE: +46 31-311 50 03
    UK: +44 20 3769 6819
    US: +1 646 787 0157
    Participant Access code: 472855

    For more information, please contact:

    Investor Relations
    Carsten Ringius            
    EVP & CFO
    Tel: +45 3077 8888
    carr@nnit.com

    Media Relations
    Thomas Stensbøl
    Press & Communications Manager
    Tel: +45 3077 8800
    tmts@nnit.com 

    ABOUT NNIT

    NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and private sectors in Denmark.

    We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.

    We advise on and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.

    We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies but always driven by business needs rather than technology.

    NNIT consists of group company NNIT A/S and the subsidiary SCALES. Together, these companies employ more than 1,700 people in Europe, Asia and the USA.

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: Universal Periodic Review 49: UK Statement on Sweden

    Source: United Kingdom – Government Statements

    World news story

    Universal Periodic Review 49: UK Statement on Sweden

    UK Statement on Sweden, delivered at Sweden’s Universal Periodic Review at the Human Rights Council in Geneva.

    Thank you, Mr Vice President.

    The United Kingdom welcomes Sweden’s long-standing commitment to promoting and protecting human rights. The creation of the Swedish Institute for Human Rights is an important and positive development. We commend Sweden’s steadfast contribution to human rights internationally.

    We recommend that Sweden:

    1. Ensures the institutional independence and provision of sustainable resourcing for the Swedish Institute for Human Rights, so that it delivers on its mandate to promote and protect human rights in Sweden.
       

    2. Works with The Truth Commission for the Sami People to ensure its forthcoming proposals to redress and promote reconciliation are considered in good faith and fairly implemented.  

    3. Continues to combat gender-based violence and oppression, including through implementation of the government action plan.

    The UK thanks the delegation for their participation in this review meeting.

    Thank you.

    Updates to this page

    Published 5 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: CORRECTION: Oma Savings Bank Plc’s Interim Report 1.1.-31.3.2025: High costs and declining market interest rates weighed on the result, work to strengthen OmaSp continues

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 5 MAY 2025 AT 13.00 A.M. EET, INTERIM REPORT Q1


    CORRECTION: Oma Savings Bank Plc’s Interim Report 1.1.-31.3.2025: High costs and declining market interest rates weighed on the result, work to strengthen OmaSp continues

    This release corrects the January-March interim report published today at 9.45 a.m. EET. The CEO’s review contained an incorrect figure regarding the total investments in the Noste project. The corrected sentence reads: Total investments in the Noste project reached EUR 11.6 million over its duration.

    Below the corrected stock exchange release and the interim report January-March 2025 attached.

    Oma Savings Bank Plc’s Interim Report 1.1.-31.3.2025: High costs and declining market interest rates weighed on the result, work to strengthen OmaSp continues

    This release is a summary of Oma Savings Bank’s (OmaSp) January-March 2025 Interim Report, which can be read from the pdf file attached to this stock exchange release and on the Company’s web pages www.omasp.fi

    CEO Karri Alameri: High costs and declining market interest rates weighed on the result, work to strengthen OmaSp continues

    ”I had the honour of starting as the CEO of Oma Savings Bank at the end of March. In recent weeks, I have engaged with the bank’s personnel, customers, and stakeholders across Finland. These discussions have underscored OmaSp’s strong customer relationships, employee commitment, as well as comprehensive range of services, and personalised service model. These elements provide a solid foundation for OmaSp’s next phase. It is clear that we must continue refining our policies and evolving our ways of working. Trust in the Company is rebuilt through actions.

    The comparable profit before taxes for the first quarter was EUR 4.6 million and the comparable cost/income ratio of 54.4%. Profit and profitability were burdened by increased operating and personnel expenses, as well as lower net interest income due to declining market interest rates.

    The increase in costs is primarily attributed to the implementation of the risk management action plan (the “Noste”) initiated in summer 2024. The final investments in the project were made as planned in the first quarter, and new operating models are being integrated into daily operations. Total investments in the Noste project reached EUR 11.6 million over its duration. What is more, we continue to act on the findings of the supervisory assessment.

    Net interest income decreased by 18.3% compared to the comparison period, totalling EUR 46.9 million. The decline is due to fallen market interest rates. The volumes transferred from Handelsbanken have contributed to the development of net interest income as market interest rates have declined.

    Fee and commission income and expenses (net) remained nearly at the level of the comparison period, amounting to EUR 14.7 million.

    The mortgage loan portfolio increased by 3.0%, the corporate loan portfolio by 0.4%, and the deposit base by 2.7% from the level of the previous year.

    Impairment losses on financial assets totalled EUR -22.3 million in January–March. Approximately one-third was related to the update of the calculation model for expected credit losses (ECL), another third to increased allowances in the portfolio, which is being wound down in a controlled manner, and the remaining third to other impairment losses on the loan portfolio due to the general uncertain economic situation.

    Additionally, a provision of EUR 3.0 million was made for the first quarter to prepare for potential sanctions from the Finnish Financial Supervisory Authority (FIN-FSA) due to deficiencies identified in the final inspection report on the prevention of money laundering and terrorist financing. The FIN-FSA’s audit covered the period prior to December 2023. Measures to rectify the deficiencies were initiated while the audit was underway last year.

    Customer and employee satisfaction at an excellent level

    Following the Handelsbanken acquisition, we gained 10,000 new customers last autumn, and the integration has progressed smoothly. We have 48 branches covering all key growth and regional centres in Finland. In January–March, approximately 800 new customer relationships were established organically per month. OmaSp has a strong customer base of over 200,000. We are committed to offering services to households and SMEs across our network.

    Our customer and employee surveys indicated that satisfaction has remained at the excellent level of previous years. I want to extend my gratitude to our personnel for their exemplary work. Committed and motivated personnel are crucial to OmaSp’s future success.

    OmaSp’s financial position is stable, with a good solvency and liquidity position. The total capital (TC) ratio further strengthened to 17.7% at the end of March. The accumulated equity exceeds EUR 583 million.

    I look to the future with confidence. We will continue to develop our operations, invest in our core business, and strengthen the customer experience for both existing and new customers. Our strategy aims for profitable growth.”

    January–March 2025

    • In January–March, net interest income decreased by 18.3% compared with the same period last year. Net interest income totalled EUR 46.9 (57.4) million.
    • Mortgage portfolio increased by 3.0% during the previous 12 months. Corporate loan portfolio increased by 0.4% during the previous 12 months.
    • Deposit base increased by 2.7% over the past 12 months.
    • From January to March, fee and commission income and expenses (net) decreased mainly due to lower lending commissions compared to the comparison period, 2.6%.
    • From January to March, total operating income decreased by 18.9% compared to the comparison period. In the first quarter, comparable total operating income decreased by 19.8% and was EUR 59.5 (74.3) million.
    • From January to March, total operating expenses grew in total by 31.9%. The growth is mainly explained by the costs of the Company’s ongoing extensive risk management development projects, the authority processes and the promotion of a controlled winding down plan related to the non-compliance with the guidelines. In addition, the number of personnel increased compared to the comparison period due to business arrangements, the opening of new branches and the strengthening of the risk management processes. Other operating expenses were in total EUR 22.2 (16.4) million, of which the development costs of the risk management action plan and investigation costs amounted to EUR 5.3 million.
    • Comparable total operating expenses grew by 27.9% in the first quarter and were EUR 32.2 (25.2) million. Of this amount the risk management action plan (the ”Noste”) amounted to EUR 3.3 million. The measures implemented in the first quarter completed the action plan initiated in the summer of 2024.
    • For January-March, the impairment losses on financial assets were in total EUR -22.3 (-23.1) million. During the reporting period, the Company updated the calculation model for expected credit losses (ECL) as part of a larger operational programme and development of risk control. The total impact of the updated model increased the ECL by approximately EUR 8.5 million. In addition, the amount of impairment losses was impacted by an increase in allowances in the controlled winding down of the portfolio, which had an impact of approximately EUR 5.7 million. In other credit portfolio, impairment losses amounted to approximately EUR 8.1 million, and the development was particularly affected by the overall economic uncertainty.
    • For January-March, profit before taxes was EUR 3.1 (24.7) million and comparable profit before taxes was EUR 4.6 (25.6) million.
    • In the first quarter, cost/income ratio was 57.4 (35.2)% and comparable cost/income ratio was 54.4 (34.1)%.
    • In the first quarter, comparable return on equity (ROE) was 2.5 (15.5)%.
    • Total capital (TC) ratio was 17.7 (15.6)%.
    The Group’s key figures (1,000 euros) 1.3.2025 1.3.2024 Δ % 1.12.2024
    Net interest income 46,88 57,369 -18 % 213,097
    Fee and commission income and expenses, net 12,439 12,766 -3 % 50,745
    Total operating income 60,074 74,08 -19 % 270,068
    Total operating expenses -34,24 -25,958 32 % -111,004
    Impairment losses on financial assets, net -22,322 -23,112 -3 % -83,379
    Profit before taxes 3,111 24,668 -87 % 74,589
    Cost/income ratio, % 57.4% 35.2% 63 % 41.3%
    Balance sheet total 7,517,814 7,531,291 0 % 7,709,090
    Equity 583,026 527,426 11 % 576,143
    Return on assets (ROA) % 0.1% 1.0% -88 % 0.8%
    Return on equity (ROE) % 1.7% 14.9% -89 % 10.7%
    Earnings per share (EPS), EUR 0.07 0.60 -88 % 1.80
    Total capital (TC) ratio % 17.7% 16.9% 5 % 15.6%
    Common Equity Tier 1 (CET1) capital ratio % 16.5% 15.4% 8 % 14.4%
             
    Comparable profit before taxes 4,617 25,626 -82 % 86,656
    Comparable cost/income ratio, % 54.4% 34.1% 60 % 37.8%
    Comparable return on equity (ROE) % 2.5% 15.5% -84 % 12.4%

    Outlook for the financial year 2025 adjusted

    OmaSp updated its expected credit loss (ECL) calculation model in the first quarter and made a provision to prepare for possible sanctions following the final inspection report from the FIN-FSA on anti-money laundering and terrorist financing. These had a total one-off impact of approximately EUR -11 million on the results. Overall economic uncertainly has further increased. Therefore, OmaSp maintains its earnings guidance on the Group’s comparable profit before taxes to be EUR 65–80 million for the financial year 2025, with a clarification that the figure is expected to be below the mid-point of the range.

    Business outlook and earnings guidance are as follows:

    The outlook for the Company’s business for the financial year 2025 is affected by the decline in market interest rates and the continued high level of costs due to IT investments and system improvements required by risk management and quality processes. In addition, the Company continues to invest in customer experience on different channels. The uncertainty of the operating environment and economic situation affects the development of balance sheet items and comparable profit for the financial year 2025.

    Oma Savings Bank Plc provides earnings guidance on comparable profit before taxes for 2025. Earnings guidance is based on the forecast for the entire year, which takes into account the current market and business situation. Forecasts are based on the management’s insight into the Group’s business development.

    We estimate the Group’s comparable profit before taxes to be EUR 65–80 million for the financial year 2025, with a clarification that the figure is expected to be below the mid-point of the range (comparable profit before taxes was EUR 86.7 million in the financial year 2024).

    Oma Savings Bank Plc

    Additional information:
    Karri Alameri, CEO, tel. +358 45 656 5250, karri.alameri@omasp.fi

    DISTRIBUTION: 
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    Attachment

    The MIL Network –

  • MIL-OSI Europe: Written question – Weaponisation of migration by Russia and implications for EU security and border policy – E-001633/2025

    Source: European Parliament

    Question for written answer  E-001633/2025
    to the Commission
    Rule 144
    Christine Anderson (ESN)

    Multiple credible sources confirm that foreign state actors, among them the Russian Federation and Belarus, have deliberately weaponised illegal migration as part of their hybrid warfare strategy, targeting EU Member States such as Finland, Poland, Lithuania and Latvia, as well as Norway. These operations reportedly involve the facilitation of third-country migrants through Russian territory using official visas, coercive tactics by Belarusian border authorities, and involvement by Russian intelligence and trafficking networks[1][2][3][4][5][6][7].

    Given the evidence of this threat, can the Commission respond to the following:

    • 1.Does the Commission recognise Russia’s (and Belarus’s) deliberate facilitation of irregular migration as a component of state-directed hybrid warfare? If so, what assessments or designations has it made in cooperation with relevant EU agencies (e.g. Frontex or the European External Action Service)?
    • 2.What specific legal instruments or coordinated EU measures are currently in place or under consideration to address the use of migration as a geopolitical weapon, including in terms of border control, visa policy and sanctions?
    • 3.How is the Commission supporting frontline Member States in returning migrants that have been taking part in hybrid attacks on EU external borders, and how many of them have been returned thus far?

    Submitted: 23.4.2025

    • [1] https://www.csis.org/analysis/russias-shadow-war-against-west.
    • [2] https://www.heritage.org/global-politics/commentary/russias-weaponization-migrants-hasnt-gone-away.
    • [3] https://etias.com/articles/eu-border-measures-target-migrant-weaponization-by-russia,-belarus.
    • [4] https://ukandeu.ac.uk/border-and-migration-politics-and-the-kremlins-hybrid-war/.
    • [5] https://www.hoover.org/research/weaponization-migration-powerful-instrument-russias-hybrid-toolbox.
    • [6] https://www.washingtontimes.com/news/2022/nov/16/russias-weaponization-of-migrants-hasnt-gone-away/.
    • [7] https://mwi.westpoint.edu/weaponized-migration-in-eastern-europes-frozen-north-do-not-overlook-russian-hybrid-warfare/.
    Last updated: 5 May 2025

    MIL OSI Europe News –

  • MIL-OSI: Sydbank share buyback programme: transactions in week 18

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement No 18/2025

    		 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
    5 May 2025  

    Dear Sirs

    Sydbank share buyback programme: transactions in week 18
    On 26 February 2025 Sydbank announced a share buyback programme of DKK 1,350m. The share buyback programme commenced on 3 March 2025 and will be completed by 31 January 2026.

    The purpose of the share buyback programme is to reduce the share capital of Sydbank and the programme is executed in compliance with the provisions of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 and Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016, collectively referred to as the Safe Harbour rules.

    The following transactions have been made under the share buyback programme:

      Number of shares VWAP Gross value (DKK)
    Accumulated, most recent
    Announcement    		 627,000   260,162,910.00
    28 April 2025
    29 April 2025
    30 April 2025
    01 May 2025
    02 May 2025    		 14,000
    15,000
    15,000
    13,000
    12,000    		 412.31
    414.63
    417.09
    421.22
    428.72    		 5,772,340.00
    6,219,450.00
    6,256,350.00
    5,475,860.00
    5,144,640.00
    Total over week 18 69,000   28,868,640.00
    Total accumulated during the
    share buyback programme

    696,000

    		  

    289,031,550.00

    All transactions were made under ISIN DK 0010311471 and effected by Danske Bank A/S on behalf of Sydbank A/S.

    Further information about the transactions, cf Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse and Commission delegated regulation, is available in the attachment.

    Following the above transactions, Sydbank holds a total of 4,080,435 own shares, equal to 7.47% of the Bank’s share capital.

    Yours sincerely
            
    Mark Luscombe        Jørn Adam Møller
    CEO        Deputy Group Chief Executive

    Attachment

    The MIL Network –

  • MIL-OSI Europe: To safeguard human rights we must protect civic space and the right to peaceful assembly, OSCE leaders say

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

    Headline: To safeguard human rights we must protect civic space and the right to peaceful assembly, OSCE leaders say

    Youth protesting (Shutterstock/Eugenio Marongiu)

    VIENNA, 5 May 2025 – A vibrant civic space in which everyone contributes to public and political life is increasingly challenged by growing threats to freedom of peaceful assembly and severe challenges faced by human rights defenders through discreditation, criminalization, and direct attacks, OSCE leaders said as a two-day conference began today. 
    Almost 300 participants from across the OSCE region registered for the meeting in Vienna, which brings together representatives of OSCE states, international organizations, civil society and human rights defenders to discuss current trends and challenges as well as good practices and lessons learnt in ensuring respect for the freedom of peaceful assembly and the protection of human rights defenders.
    “Human rights defenders speak out for those who are most vulnerable, under attack, or unable to speak for themselves. They do this despite the risks to their lives and personal safety,” said Ambassador Vesa Häkkinen, Finland’s Permanent Representative to the OSCE and Chair of the Permanent Council. “In this tense security environment, independent and steadfast work for democracy and human rights is especially needed, and it is important that the OSCE provides space for civil society to speak up and be heard.”
    While the work of human rights defenders and full enjoyment of the right to freedom of peaceful assembly are widely recognized as essential in a democratic society, practice shows that civic space is shrinking in numerous countries across the OSCE region. Human rights defenders face serious challenges to their work and their personal safety, both those working in their home countries and those in exile. At the same time, restrictions to freedom of peaceful assembly are increasing, and authorities fail to recognize or safeguard this fundamental right.
    “Ensuring respect for every individual’s right to freedom of peaceful assembly is a commitment made by all OSCE countries,” said ODIHR Director Maria Telalian. “And yet the growing restrictions on peaceful protests are a visible trend across the region, while civil society and human rights defenders face numerous and increasing obstacles in carrying out their important work.”
    For too many human rights defenders, intimidation and sometimes physical violence are an everyday occurrence. The number of so‑called “foreign agent” laws, both in force and in the making, has surged in the OSCE region, adding to the discreditation and stigmatization of human rights defenders, and putting them at further risk. Human rights defenders are increasingly finding themselves and their activities criminalized and censored and their rights to freedom of expression, assembly and association unlawfully restricted, massively impacting their ability to work.
    Key topics of the discussions will therefore be to explore effective ways of safeguarding civic space for the future, how to strengthen respect for the rights of peaceful protestors, independent monitors of assemblies, and human rights defenders, as well as how to better respond to the challenges they face in their work and how to strengthen support and protection of human rights defenders in practice.
    Freedom of peaceful assembly is a cornerstone of democratic societies and a fundamental human freedom, which OSCE participating States have committed to guarantee without discrimination. The right to defend human rights is also firmly anchored in the commitments made by all OSCE states to uphold democratic principles, including the right of every individual to seek assistance and assist others in defending human rights, and the need to protect human rights defenders and their important work.
    Supplementary Human Dimension Meetings are a platform for the OSCE’s participating States and OSCE institutions, as well as international organizations and civil society, to exchange views and good practices in order to find common solutions for the challenges facing societies across the OSCE region. Today’s discussion is the second SHDM of 2025, following a first meeting to discuss the role of media in conflict and humanitarian crises against the background of international humanitarian and human rights law. There is one more SHDM planned for this year.

    MIL OSI Europe News –

  • MIL-OSI: Municipality Finance issues a GBP 50 million tap under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    5 May 2025 at 10:00 am (EEST)

    Municipality Finance issues a GBP 50 million tap under its MTN programme

    On 6 May 2025 Municipality Finance Plc issues a new tranche in an amount of GBP 50 million to an existing benchmark issued on 7 March 2024. With the new tranche, the aggregate nominal amount of the benchmark is GBP 550 million. The maturity date of the benchmark is 2 October 2028. The benchmark bears interest at a fixed rate of 4.375 % per annum.

    The new tranche is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 6 May 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

    UBS Europe SE acts as the Dealer for the issue of the new tranche.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. Our customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI: Oma Savings Bank Plc’s Interim Report 1.1.-31.3.2025: High costs and declining market interest rates weighed on the result, work to strengthen OmaSp continues

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 5 MAY 2025 AT 9.45 A.M. EET, INTERIM REPORT Q1

    Oma Savings Bank Plc’s Interim Report 1.1.-31.3.2025: High costs and declining market interest rates weighed on the result, work to strengthen OmaSp continues

    This release is a summary of Oma Savings Bank’s (OmaSp) January-March 2025 Interim Report, which can be read from the pdf file attached to this stock exchange release and on the Company’s web pages www.omasp.fi

    CEO Karri Alameri: High costs and declining market interest rates weighed on the result, work to strengthen OmaSp continues

    ”I had the honour of starting as the CEO of Oma Savings Bank at the end of March. In recent weeks, I have engaged with the bank’s personnel, customers, and stakeholders across Finland. These discussions have underscored OmaSp’s strong customer relationships, employee commitment, as well as comprehensive range of services, and personalised service model. These elements provide a solid foundation for OmaSp’s next phase. It is clear that we must continue refining our policies and evolving our ways of working. Trust in the Company is rebuilt through actions.

    The comparable profit before taxes for the first quarter was EUR 4.6 million and the comparable cost/income ratio of 54.4%. Profit and profitability were burdened by increased operating and personnel expenses, as well as lower net interest income due to declining market interest rates.

    The increase in costs is primarily attributed to the implementation of the risk management action plan (the “Noste”) initiated in summer 2024. The final investments in the project were made as planned in the first quarter, and new operating models are being integrated into daily operations. Total investments in the Noste project reached EUR 9.1 million over its duration. What is more, we continue to act on the findings of the supervisory assessment.

    Net interest income decreased by 18.3% compared to the comparison period, totalling EUR 46.9 million. The decline is due to fallen market interest rates. The volumes transferred from Handelsbanken have contributed to the development of net interest income as market interest rates have declined.

    Fee and commission income and expenses (net) remained nearly at the level of the comparison period, amounting to EUR 14.7 million.

    The mortgage loan portfolio increased by 3.0%, the corporate loan portfolio by 0.4%, and the deposit base by 2.7% from the level of the previous year.

    Impairment losses on financial assets totalled EUR -22.3 million in January–March. Approximately one-third was related to the update of the calculation model for expected credit losses (ECL), another third to increased allowances in the portfolio, which is being wound down in a controlled manner, and the remaining third to other impairment losses on the loan portfolio due to the general uncertain economic situation.

    Additionally, a provision of EUR 3.0 million was made for the first quarter to prepare for potential sanctions from the Finnish Financial Supervisory Authority (FIN-FSA) due to deficiencies identified in the final inspection report on the prevention of money laundering and terrorist financing. The FIN-FSA’s audit covered the period prior to December 2023. Measures to rectify the deficiencies were initiated while the audit was underway last year.

    Customer and employee satisfaction at an excellent level

    Following the Handelsbanken acquisition, we gained 10,000 new customers last autumn, and the integration has progressed smoothly. We have 48 branches covering all key growth and regional centres in Finland. In January–March, approximately 800 new customer relationships were established organically per month. OmaSp has a strong customer base of over 200,000. We are committed to offering services to households and SMEs across our network.

    Our customer and employee surveys indicated that satisfaction has remained at the excellent level of previous years. I want to extend my gratitude to our personnel for their exemplary work. Committed and motivated personnel are crucial to OmaSp’s future success.

    OmaSp’s financial position is stable, with a good solvency and liquidity position. The total capital (TC) ratio further strengthened to 17.7% at the end of March. The accumulated equity exceeds EUR 583 million.

    I look to the future with confidence. We will continue to develop our operations, invest in our core business, and strengthen the customer experience for both existing and new customers. Our strategy aims for profitable growth.”

    January–March 2025

    • In January–March, net interest income decreased by 18.3% compared with the same period last year. Net interest income totalled EUR 46.9 (57.4) million.
    • Mortgage portfolio increased by 3.0% during the previous 12 months. Corporate loan portfolio increased by 0.4% during the previous 12 months.
    • Deposit base increased by 2.7% over the past 12 months.
    • From January to March, fee and commission income and expenses (net) decreased mainly due to lower lending commissions compared to the comparison period, 2.6%.
    • From January to March, total operating income decreased by 18.9% compared to the comparison period. In the first quarter, comparable total operating income decreased by 19.8% and was EUR 59.5 (74.3) million.
    • From January to March, total operating expenses grew in total by 31.9%. The growth is mainly explained by the costs of the Company’s ongoing extensive risk management development projects, the authority processes and the promotion of a controlled winding down plan related to the non-compliance with the guidelines. In addition, the number of personnel increased compared to the comparison period due to business arrangements, the opening of new branches and the strengthening of the risk management processes. Other operating expenses were in total EUR 22.2 (16.4) million, of which the development costs of the risk management action plan and investigation costs amounted to EUR 5.3 million.
    • Comparable total operating expenses grew by 27.9% in the first quarter and were EUR 32.2 (25.2) million. Of this amount the risk management action plan (the ”Noste”) amounted to EUR 3.3 million. The measures implemented in the first quarter completed the action plan initiated in the summer of 2024.
    • For January-March, the impairment losses on financial assets were in total EUR -22.3 (-23.1) million. During the reporting period, the Company updated the calculation model for expected credit losses (ECL) as part of a larger operational programme and development of risk control. The total impact of the updated model increased the ECL by approximately EUR 8.5 million. In addition, the amount of impairment losses was impacted by an increase in allowances in the controlled winding down of the portfolio, which had an impact of approximately EUR 5.7 million. In other credit portfolio, impairment losses amounted to approximately EUR 8.1 million, and the development was particularly affected by the overall economic uncertainty.
    • For January-March, profit before taxes was EUR 3.1 (24.7) million and comparable profit before taxes was EUR 4.6 (25.6) million.
    • In the first quarter, cost/income ratio was 57.4 (35.2)% and comparable cost/income ratio was 54.4 (34.1)%.
    • In the first quarter, comparable return on equity (ROE) was 2.5 (15.5)%.
    • Total capital (TC) ratio was 17.7 (15.6)%.
    The Group’s key figures (1,000 euros) 1–3/2025 1–3/2024 Δ % 1–12/2024
    Net interest income 46,880 57,369 -18 % 213,097
    Fee and commission income and expenses, net 12,439 12,766 -3 % 50,745
    Total operating income 60,074 74,080 -19 % 270,068
    Total operating expenses -34,240 -25,958 32 % -111,004
    Impairment losses and financial assets, net -22,322 -23,112 -3% -83,379
    Profit before taxes 3,111 24,668 -87% 74,589
    Cost/income ratio, % 57.4% 35.2% 63% 41.3%
    Balance sheet total 7,517,814 7,531,291 0% 7,709,090
    Equity 583 026 527 426 11% 576,143
    Return on assets, ROA % 0.1 % 1.0 % -88 % 0.8%
    Return on equity, ROE % 1.7 % 14.9 % -89% 10.7%
    Earnings per share (EPS), EUR 0.07 0.60 -88% 1.80
    Total capital (TC), % 17.7% 16.9% 5% 15.6%
    Common equity Tier 1 (CET1), capital ratio % 16.5% 15.4% 8% 14.4%
    Comparable profit before taxes 4,617 25,626 -82% 86,656
    Comparable cost/incme ratio, % 54.4% 34.1% 60% 37.8%
    Comparable return on equity, ROE % 2.5% 15.5% -84% 12.4%


    Outlook for the financial year 2025 adjusted

    OmaSp updated its expected credit loss (ECL) calculation model in the first quarter and made a provision to prepare for possible sanctions following the final inspection report from the FIN-FSA on anti-money laundering and terrorist financing. These had a total one-off impact of approximately EUR -11 million on the results. Overall economic uncertainly has further increased. Therefore, OmaSp maintains its earnings guidance on the Group’s comparable profit before taxes to be EUR 65–80 million for the financial year 2025, with a clarification that the figure is expected to be below the mid-point of the range.

    Business outlook and earnings guidance are as follows:

    The outlook for the Company’s business for the financial year 2025 is affected by the decline in market interest rates and the continued high level of costs due to IT investments and system improvements required by risk management and quality processes. In addition, the Company continues to invest in customer experience on different channels. The uncertainty of the operating environment and economic situation affects the development of balance sheet items and comparable profit for the financial year 2025.

    Oma Savings Bank Plc provides earnings guidance on comparable profit before taxes for 2025. Earnings guidance is based on the forecast for the entire year, which takes into account the current market and business situation. Forecasts are based on the management’s insight into the Group’s business development.

    We estimate the Group’s comparable profit before taxes to be EUR 65–80 million for the financial year 2025, with a clarification that the figure is expected to be below the mid-point of the range (comparable profit before taxes was EUR 86.7 million in the financial year 2024).

    Oma Savings Bank Plc

    Additional information:
    Karri Alameri, CEO, tel. +358 45 656 5250, karri.alameri@omasp.fi

    DISTRIBUTION: 
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

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    The MIL Network –

  • MIL-OSI: Karolinska Development’s portfolio company Umecrine Cognition receives grant from The Michael J. Fox Foundation

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM, SWEDEN – May 5, 2025. Karolinska Development AB (Nasdaq Stockholm: KDEV) today announces that its portfolio company Umecrine Cognition has been awarded a research grant by The Michael J. Fox Foundation (MJFF) amounting to USD 420,000. The grant will finance preclinical studies to evaluate the potential treatment effect of golexanolone in Parkinson’s disease.

    Umecrine Cognition is developing a new class of drugs to alleviate cognitive symptoms. The company’s drug candidate golexanolone has demonstrated a positive impact on non-motor symptoms, such as sleep disorders and cognitive impairments, in preclinical models of Parkinson’s disease. The grant from The Michael J. Fox Foundation will support further preclinical studies to confirm golexanolone’s treatment effect on Parkinson’s-related sleep dysfunction and cognitive impairments, as well as evaluate the drug candidate’s effect on disease progression in several disease models.

    The grant is awarded to the collaboration between Umecrine Cognition and the principal investigator, Professor Gilberto Fisone Head of the Laboratory of Molecular and Circuit Neuropharmacology, and Chair of the Department of Neuroscience, at Karolinska Institutet, Solna, Sweden.

    Parkinson’s disease is a progressive neurodegenerative disease most noticeably characterized by deteriorating motor functions. However, non-motor symptoms, such as sleep disorders and cognitive impairments, emerge before the onset of physical symptoms and have, historically, been overlooked due to a lack of scientific and clinical insights. While current treatments target motor dysfunction, there are no approved pharmaceutical therapies for non-motor symptoms.

    “The Michael J. Fox Foundation is the world’s largest non-profit funder of Parkinson’s research, and the grant represents a significant acknowledgment and validation of golexanolone’s potential in treating this progressive and life-restricting disease. The funding enables further research on golexanolone as a novel treatment option for non-motor symptoms in Parkinson’s Disease, an area with high medical need,” says Johan Dighed, General Counsel and Deputy CEO, Karolinska Development.

    Karolinska Development’s ownership in Umecrine Cognition amounts to 73%.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com 

    Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
    Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

    TO THE EDITORS

    About Karolinska Development AB

    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patient’s lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit www.karolinskadevelopment.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Aktsiaselts Infortar interim report for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Aktsiaselts Infortar interim report for Q1 2025

    Infortar will arrange a webinar for investors today 5 May 2025.Please join the webinar via the following links:

    Estonia’s largest investment holding company, Infortar, increased its turnover by 20% in the first quarter of the year compared to the same period last year, reaching €447 million. The group’s total assets nearly doubled to €2.6 billion, while investments tripled to €22 million. In recent years, Infortar has nearly doubled the size of its real estate portfolio and is actively expanding across multiple sectors.

    Since August 1st of last year, the results of Tallink, a group company, have been consolidated into Infortar’s financial statements. Due to the highly seasonal nature of the maritime transport business, Tallink’s first-quarter loss of €33 million was reflected in Infortar’s own results. An additional impact came from a €1.7 million income tax expense, resulting in a total net loss of €14.6 million for Infortar in the first quarter, of which €4.5 million was attributable to Infortar’s shareholders. The energy business was affected by an exceptionally warm winter and lower consumption, but remained profitable overall. The real estate segment, meanwhile, showed significant year-on-year growth in volumes. 

    “The economy stands on three pillars – agriculture, industry, and services. In recent years, Infortar has expanded its presence across all three to achieve its goals and diversify risk. Moreover, we have grown into a market leader in each,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.

    “The performance of Tallink had the biggest impact on Infortar’s first-quarter profitability. In addition to typical seasonality, passenger numbers in the first quarter reflected the state of the core markets’ economies and low consumer confidence. Still, it is important to note that the most challenging period of the year is now behind Tallink, and the outlook is more optimistic,” Hanschmidt added.

    “The energy business was affected by an exceptionally mild winter, lower consumption, and a gas surplus. Nevertheless, the segment remained profitable, primarily due to well-placed investments in gas distribution networks in Latvia and Poland. In real estate, we continued rapid growth – over the past year, we have expanded our portfolio by nearly 50%, becoming one of the largest property owners in the Baltics,” said Hanschmidt.

    “Despite a turbulent environment, Infortar continues to grow as one of the largest investment companies on the eastern coast of the Baltic Sea, actively seeking new investment opportunities. Our balance sheet strength is the key indicator of resilience – Infortar’s financial position and liquidity remain solid, free liquidity is €153 million enabling us to generate cash and invest. We can also confirm our continued commitment to the stated dividend policy. Diversification across sectors and countries has created a strong platform that provides confidence even in volatile times,” Hanschmidt concluded.

    Major Event

    Maritime transport

    Tallink´s first quarter of 2025 was impacted by low consumer and business confidence levels, the economic challenges in the Group’s core markets and global geopolitical tensions. As at the end of the quarter, the Group operated 14 vessels including 2 shuttle vessels, 6 passenger vessels, 2 vessels that were chartered out and 4 vessels that were in lay-up.

    During the quarter Tallink´s total investments amounted to EUR 13.3 million majority of which were made to upgrading the cruise ferries Baltic Princess and Silja Serenade. The planned maintenance works totalling 68 days in the first quarter of 2025 affected the passenger and cargo levels in Finland-Sweden routes.

    Energy

    In the first quarter, natural gas consumption in the Finnish-Baltic region totalled 15,0 TWh, decreasing by 19% compared with the previous year (16,5 TWh). Energy sales were negatively impacted by higher-than-average temperatures, which reduced the demand for natural gas.

    In the first quarter of 2025, Elenger Grupp sold a total of 4.6 TWh of energy (compared to 6,1 TWh in Q1 2024). Sales in Estonia accounted for 17% of the energy sales in Q1 2025. The company´s market share decreased in Q1 2025 to 20,0% in the Finland-Baltic gas market.

    Real estate

    At the end of last year, the Rimi logistics center in Saue municipality received its usage permit; this summer, the new bridge in Pärnu will be completed, and next year, DEPO will open its second store in Estonia, located in Lasnamäe.

    Key financial figures

    Key figures Q1 2025 Q1 2024 12 months 2024
    Sales revenue. m€ 447.357 372.584 1 371.775
    Gross profit. m€ 26.068 50.004 128.628
    EBITDA. m€ 27.661 74.004 145.275
    EBITDA margin (%) 6.2% 19.9% 10.6%
    Net profit. EBIT. m€ -0.655 67.624 77.024
    Total profit(-loss). m€ -14.561 62.062 193.670
    Net profit (-loss) holders of the Parent m€ -4.479 62.167 191.253
    EPS (euros)* -0.2 3.1 9.6
    Total equity m€ 1 181.002 820.210 1 166.222
    Total liabilities m€ 1 105.305 852.690 1 223.287
    Net debt m€ 952.397 195.799 1 055.708
    Investment loans to EBITDA (ratio)** 3.3x 1.5x 3.0x

    Notes:*For the earnings per share (EPS) calculation, the number of shares as of 31.03.35 has been used for comparability. Formula: profit/loss attributable to Infortar shareholders divided by the number of shares, excluding own shares issued under the stock option program. Example calculation based on the end of Q1 2024: (191 x 1,000,000) / (20,443,629 – 722,610).**Investment loans / EBITDA, annualized. For comparability,actualEBITDA of Tallink Grupp for the relevant period has been used, based on Tallink Grupp quarterly report.

    Revenue

    In the first quarter of the 2025 financial year, the Group’s consolidated revenue increased by EUR 74.7 million to EUR 447.4 million (Q1 2024 consolidated revenue: EUR 372.6 million). A significant impact came from the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements as of 1 August 2024.

    EBITDA and Segment Reporting
    In the first quarter of the 2025 financial year, the EBITDA of the maritime transport segment amounted to EUR -3.8 million (Q1 2024: EUR 34.5 million).
    The energy segment’s EBITDA was EUR 31.8 million (Q1 2024: EUR 73.9 million).
    In the real estate segment, profitability is assessed based on the EBITDA of individual real estate entities.

    Based on separate real-estate companies results, the real estate segment’s EBITDA was EUR 3.4 million in Q1 2025 (Q1 2024: EUR 3.8 million).

    Net Profit (Loss)
    The consolidated net loss for the first quarter of the 2025 financial year was EUR -14.6 million, including a loss attributable to Infortar’s owners of EUR -4.5million (Q1 2024 net profit: EUR 62.1 million, including EUR 62.2 million attributable to Infortar’s owners).

    Investments
    In the spring of 2024, Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began construction of a biomethane plant next to the farm to produce local green gas. Today, on 5 May, Infortar announced an additional investment plan in Estonia Farmid OÜ.
    In the first quarter of 2025, the total amount of investments made by the Infortar Group was approximately EUR 22 million.

    Financing
    As of the first quarter of the 2025 financial year, the Group’s total loan and lease liabilities amounted to EUR 1 105.3million (compared to EUR 1 223.3 million at the end of the 2024 financial year). Infortar’s net debt stood at EUR 952.397 million. The net debt to EBITDA ratio was 3.4.

    Dividends

    According to the dividend policy, the objective is to pay dividends of at least 1 euro per share per financial year. Dividend payments are made semi-annually. Infortar Group’s management proposes to pay a dividend of 3 euros per share for the 2024 financial year results. According to the proposal, the first payout is planned to be made no later than July, and the second payout in December 2025. 

    Consolidated Statement of Profit or Loss

    (in thousands of EUR) Q1 2025 Q1 2024 12 months 2024
    Revenue 447 357 372 584 1 371 775
    Cost of goods (goods and services) sold -421 173 -322 573 -1 243 034
    Write-down of receivables -116 -7 -113
    Gross profit 26 068 50 004 128 628
    Marketing expenses -10 976 -415 -21 086
    General administrative expenses -20 965 -7 238 -50 438
    Profit (loss) from derivatives 0   26 672
    Profit (loss) from biological assets -33 0 -139
    Profit (loss) from the change in the fair value of the investment property 0 156 -949
    Profit (loss) from the change in the fair value of the investment property 3 939 24 659 -8 691
    Other operating revenue 1 956 600 4 682
    Other operating expenses -644 -142 -1 655
    Operating profit -655 67 624 77 024
           
    (in thousands of EUR) Q1 2025 Q1 2024 12 months 2024
    Profit (loss) from investments accounted for by equity method 955 2 000 22 974
    Financial income and expenses:      
    Other financial investments -333 0 13 342
    Interest expense -12 896 -6 745 -38 274
    Interest income 842 1 244 4 979
    Profit (loss) from changes in exchange rates -315 -2 100
    Other financial income and expenses -451 4 93 659
    Total financial income and expenses -13 153 -5 499 73 806
    Profit before tax -12 853 64 125 173 804
    Corporate income tax -1 708 -2 063 19 866
    Profit for the financial year -14 561 62 062 193 670
    including:      
    Profit attributable to the owners of the parent company -4 479 62 167 191 253
    Profit attributable to non-controlling interest -10 082 -105 2 417
           
    Other comprehensive income Q1 2025 Q1 2024 12 months 2024
    tems that will not be reclassified to profit or loss      
    Revaluation of post-employment benefit obligations     -141
    Items that may be subsequently reclassified to the income statement:  
    Revaluation of risk hedging instruments     -45 792
    Exchange rate differences attributable to foreign subsidiaries     53
    Total of other comprehensive income     -45 880
    Total income, including:     147 790
    including:      
    Comprehensive profit attributable to the owners of the parent company     145 514
    Comprehensive profit attributable to non-controlling interest     2 417
    Ordinary earnings per share (in euros per share) -0,22 14,62 9
    Diluted earnings per share (in euros per share) -0,21 14,15 14,15

    Consolidated Statement of Financial Position

    (in thousands of EUR) 31.03.25 31.12.24
    Current assets    
    Cash and cash equivalents 152 908 167 579
    Short term financial investments 0 0
    Derivative financial assets 16 968 8 333
    Settled derivative receivables 2 448 676
    Other prepayments and receivables 153 040 155 351
    Prepayments for taxes 3 650 3 831
    Trade and other receivables 51 379 38 517
    Prepayments for inventories 1 953 2 498
    Inventories 124 636 215 914
    Biological assets 941 941
    Total current assets 507 923 593 640
         
    Non-current assets 31.03.25 31.12.24
    Investments to associates 17 559 16 603
    Long-term derivative instruments 340 3 214
    Other long term obligations 34 685 35 163
    Property, plant and equipment at fair value 1 309 599 1 315 167
    Investment property 68 175 67 931
    Property, plant and equipment 598 280 594 291
    Intangible assets 38 008 38 874
    Right-of-use assets 46 043 47 598
    Biological assets 2 720 2 753
    Total non-current assets 2 115 409 2 121 594
    TOTAL ASSETS 2 623 332 2 715 234
         
    (in thousands of EUR) 31.03.25 31.12.24
    Current liabilities    
    Loan liabilities 396 801 497 162
    Rental liabilities 8 755 9 020
    Payables to suppliers 104 664 87 941
    Tax obligations 48 861 49 354
    Buyers’ advances 40 946 31 126
    Settled derivatives 9 706 8 728
    Other current liabilities 68 409 63 431
    Short term derivatives 8 285 27 704
    Total current liabilities 686 427 774 466
         
    Non-current liabilities 31.03.25 31.12.24
    Long-term provisions 8 455 9 946
    Deferred taxes 3 039 2 816
    Other long-term liabilities 43 412 43 209
    Long-term derivatives 1 248 1 471
    Loan-liabilities 661 602 676 670
    Rental liabilities 38 147 40 435
    Total non-current liabilities 755 903 774 547
    TOTAL LIABILITIES 1 442 330 1 549 013
         
    (in thousands of EUR) 31.03.25 31.12.24
    Equity    
    Share capital 2 117 2 117
    Own shares -72 -72
    Share premium 32 484 32 484
    Reserve capital 212 212
    Option reserve 7 431 6 223
    Hedging reserve* 3 510 -21 674
    Unrealised currency translation differences 2 854 45
    Employment benefit reserve -44 -185
    Retained earnings 885 688 890 167
    Net profit of the financial year    
    Total equity attributable to equity holders of the Parent 934 180 909 317
    Minority interests 246 822 256 904
    Total equity 1 181 002 1 166 221
         
    TOTAL LIABILITIES AND EQUITY 2 623 332 2 715 234

    Consolidated Statement of Cash Flows

    Cash flows from operating activities    
    (in thousands of EUR) 3 months
    2024    		 12 months
    2024
    Profit for the financial year -14 561 193 670
    Adjustments:    
    Depreciation, amortisation, and impairment of non-current assets 28 316 68 251
    Change in the fair value of the investment property 0 0
    Equity profits/losses -956 -22 974
    Change in the value of derivatives -79 -1 483
    Other financial income/expenses 2 300 -112 030
    Calculated interest expenses 12 896 38 274
    Profit/loss from non-current assets sold -116 -955
    Income from grants recognised as revenue -385 -643
    Corporate income tax expense 1 708 -19 866
    Income tax paid -1 485 -10 551
    Change in receivables and prepayments related to operating activities -12 184 52 023
    Change in inventories 91 823 -12 831
    Change in payables and prepayments relating to operating activities 29 780 -81 275
    Change in biological assets 33 -322
    Total cash flows from operating activities 137 090 89 288
         
    Cash flows from investing activities 3 months
    2024    		 12 months
    2024
    Purchases of subsidiaries -333 -111 684
    Proceeds from the sale of other financial investments 0 0
    Received dividends 0 20 862
    Given loans 607 1 918
    Interest gain 755 4 953
    Purchases Investment property -244 -10 352
    Purchases of property, plant and equipment -23 305 -27 835
    Proceeds from sale of property 139 1 561
    Total cash flows used in investing activities -22 381 -120 577
         
    Cash flows used in financing activities 3 months
    2024    		 12 months
    2024
    Gain from goverment grants 394 225
    Changes in overdraft -43 343 12 863
    Proceeds from borrowings 94 276 358 731
    Repayments of borrowings -166 362 -151 790
    Repayment of finance lease liabilities -3 591 -11 300
    Interest paid -10 754 -39 153
    Dividends paid 0 -60 997
    Gain from share emission 0 3 174
    Total cash flows used in financing activities -129 380 111 753
      0 0
    TOTAL NET CASH FLOW -14 671 80 464
    Cash at the beginning of the year 167 579 87 115
    Cash at the end of the period 152 908 167 579
    Net (decrease)/increase in cash -14 671 80 464

    Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,296 people.

    Additional information:

    Kadri Laanvee
    Investor Relations Manager
    Phone: +372 5156662
    e-mail: kadri.laanvee@infortar.ee
    www.infortar.ee/en/investor

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  • MIL-OSI: Dawn Health Secures EURm 11.5 to Scale Platform & Product Suite for Next-Gen Pharma Digital Health Solutions

    Source: GlobeNewswire (MIL-OSI)

    Press release

    Dawn Health Secures EURm 11.5 to Scale Platform & Product Suite for Next-Gen Pharma Digital Health Solutions

    Copenhagen, Denmark – 5th of May, 2025

    Dawn Health – a global leader in digital health, co-founded by Trifork and held as a minority investment in Trifork Labs – today announced that the company has secured a funding round of EURm 11.5 from its existing investors: Chr. Augustinus Fabrikker, the Export and Investment Fund of Denmark (EIFO), and Trifork Labs. The investment is aimed at supporting the company’s strategy to deliver its platform and product suite to global pharma companies through a SaaS model, while continuing to invest in further offerings within the Dawn Product Suite.

    Since 2021, Dawn Health has been dedicated to developing a best-in-class platform designed specifically to accommodate the needs and use cases of the pharmaceutical industry. The Dawn Platform and Product Suite have already been widely adopted by five global industry leaders, including Merck and Novartis. The Dawn Platform is currently used in areas such as oncology, multiple sclerosis, and rare pediatric conditions like growth disorders. It helps patients manage their treatment, report symptoms, and stay in close contact with their healthcare team.

    The Dawn Platform and Product Suite empower pharma companies, patients, and healthcare professionals to improve outcomes and patient care by leveraging advanced capabilities in AI, data, evidence generation, clinical integrations, personalization, and connected health. By improving both data collection and analytics, these capabilities ultimately benefit patients and pharma companies alike, positioning the Dawn Platform as the foundation for therapy companions, disease management programs, and real-world evidence (RWE) solutions that enable the next generation of digital health.

    “Our ambition is to be the global leader in digital health, powering pharma’s next-generation products – and ultimately improving the lives of patients worldwide,” said Alexander Mandix Hansen, CEO of Dawn Health. “This funding allows us to bring our proven platform to more markets and deepen our impact.”

    This next phase reinforces Dawn Health’s position as a trusted partner to pharma companies, delivering valuable, scalable, regulatory-grade digital health products that evolve with the needs of modern medicine.

    “Since the major investment in December 2021, Dawn Health has grown its revenue significantly and expanded its footprint in global pharma. With more than 100 employees, unique solutions, and a strong regulatory infrastructure, we are prepared to further accelerate our growth,” said Lars Marcher, Chairman of Dawn Health.

     

    About Dawn Health
    Dawn Health is a global leader in digital health, specializing in the development of Software as a Medical Device (SaMD), Digital Therapeutics (DTx), and connected health solutions. Accelerating the launch of digital solutions to market, the Dawn Health product suite drives innovation to change the lives of people with chronic conditions. Through close partnerships with the life sciences industry, Dawn Health creates digital health products that transform patient care through an empathetic and human-centric approach. Learn more at dawnhealth.com.

    Contact: Christopher Kold, Marketing Manager, cko@dawnhealth.com, +45 41 58 60 88

    About Trifork Group
    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Contact: Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 7317

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  • MIL-OSI: BW Energy: First quarter results 2025 

    Source: GlobeNewswire (MIL-OSI)

     BW Energy First quarter results 2025 

    HIGHLIGHTS 

    • Record Q1 EBITDA of USD 182.1 million, net profit of USD 83 million 
    • Operational cash-flow of USD 154.7 million in the quarter 
    • Q1 gross production of 4.2 mmbbls with 3.2 mmbbls net to BW Energy  
    • Highest quarterly production since inception from the Dussafu licence  
    • Maintained a strong balance sheet with cash position of USD 286.9 million 
    • Substantial oil discovery in the Bourdon prospect 
    • Maromba development FID unlocking path to more than doubling production and potential for future dividends 

    BW Energy, operator of the Dussafu Marin licence in Gabon and the Golfinho cluster offshore Brazil, reported a record quarterly EBITDA of USD 182.1 million for the first quarter of 2025. This was up 31% from USD 141.6 million in the previous quarter on increased oil sales following all-time-high production in Gabon and higher output in Brazil. The net production was ~36,000 bbls/day, including the Tortue, Hibiscus, and Hibiscus South fields in the Dussafu licence (73.5% working interest or “WI”) and the Golfinho field (100% WI).  

    “BW Energy delivers a strong first quarter with record production and EBITDA on the back of sustained stable operations across our asset portfolio in Gabon and Brazil,” said Carl K. Arnet, the CEO of BW Energy. “The accretive start to 2025 is further underpinned by the Bourdon discovery growing our Dussafu reserves, FID on the Golfinho Boost adding to production and reducing OPEX, and finally the Maromba FID. This transformative project is set to unlock industry-leading production growth and position BW Energy for future shareholder distributions.”  


    DUSSAFU

    BW Energy completed three liftings in the first quarter at an average realised price of USD 74.8/bbl. Net production was approximately 2.6 mmbbls of oil and the net sold volume, the basis for revenue recognition, was approximately 3.2 mmbbls including 65,000 bbls of DMO deliveries and 320,889 bbls of state profit oil with an over-lift position of 350,893 bbls at period-end.  

    Net production from the Dussafu licence averaged ~28,700 bbls/day, an increase of 5% from the previous quarter. Operating cost (excluding royalties) decreased to USD 9.9/bbl from USD 11.7/bbl in the fourth quarter due to operational efficiencies and increased production. Further cost savings are expected as BW Energy is preparing to take over the operations of the BW Adolo FPSO during the current quarter.  

    On 2 January 2025, Phase 1 of the Hibiscus / Ruche development was completed with eight producing wells, two more than planned at project sanction.   


    GOLFINHO

    Net production from the Golfinho field averaged ~7,300 bbls/day equivalent to a total production of 657,000 bbls in the quarter, up 12% from the previous quarter as gaslift resumed after completion of Petrobras maintenance. One lifting was carried out of ~500,000 bbls at a realised price of USD 75/bbl. Remaining inventory was approximately 597,750 bbls at the end of the period. Operating cost (excluding royalties) averaged USD 42.2/bbl barrel, down from 56.4/bbl in the fourth quarter, primarily due to higher production. In early April, the Brazilian oil and gas regulator ANP extended the production phase under the Golfinho concession contract, which has been extended to 2042 from previously 2031. 

    OTHER ITEMS

    On 28 March, BW Energy entered into an up to USD 500 million Reserve Based Lending (RBL) facility, replacing the 2022 facility which was increased to USD 300 million in 2023. The facility has an initial commitment of USD 400 million, which can be expanded with an additional USD 100 million subject to mutual agreement and satisfaction of customary conditions precedent. The senior secured long-term debt facility matures on 1 October 2030. 

    At 31 March 2024, BW Energy had a cash balance of USD 286.9 million, compared to USD 221.8 million at end-December. The increase reflects cash flow from operations less debt repayment and investments in the period. The Company had a total drawn debt balance of USD 599 million including the MaBoMo lease, the Dussafu RBL, the Golfinho prepayment facility and bond debt. 

    Production guidance for 2025 is unchanged at between 11 and 12 mmbbls net to BW Energy. Expected full-year operating cost is maintained at USD 18 to 22/bbl (the basis for calculating unit operating cost has been revised from 2025 onwards to exclude royalties, tariffs, workovers, domestic market obligation purchases, production sharing costs, and incorporates the impact of IFRS 16 adjustments, primarily impacting Gabon operations). Net capital expenditures for 2025 are expected at USD 650-700 million, up from USD 260 to 285 million previously. The increased follows the FIDs for the Maromba development and the Golfinho Boost project.  

    DEVELOPMENT PLANS 

    BW Energy confirmed a substantial oil discovery with good reservoir and fluid quality in the Bourdon prospect offshore Gabon. Management estimates indicate 56 million barrels oil in place, of which approximately 25 million barrels are considered recoverable, potentially through a future development cluster following the MaBoMo blueprint. The discovery will enable the Company to book additional reserves not included in its 2024 Statement of Reserves.  

    Work on optimising Golfinho production continued to focus on stabilising FPSO performance and selected future well workovers. In mid-April, BW Energy made FID on the Golfinho Boost project with planned investments of USD 107 million. The project is set to add 3 kbbls/day of incremental production and 12 mmboe of further reserves, while also increasing production uptime and reducing OPEX with first oil planned in the second half of 2027.   

    BW Energy has also made FID for the Maromba development offshore Brazil based on a capex-efficient, phased development with a wellhead platform (WHP) and FPSO. The development targets 500 million barrels of oil in place in the highly delineated Maastrichtian sands. First oil is planned in the second half of 2027 with expected plateau production of 60,000 barrels of oil per day, enabling short pay-back time and more than doubling BW Energy’s total net production by 2028.    

    In Namibia, BW Energy continued to prepare for an appraisal well targeting the Kharas Prospect northwest in the Kudu licence with planned start-up drilling operations in the second half of 2025. Long-lead items have been procured and the Company is reviewing offers for rig capacity.  

    REPORTS AND PRESENTATION 

    Please find the first-quarter earnings presentation attached. The reports are also available at: 

    www.bwenergy.no/investors/reports-and-presentations 

    BW Energy will today hold a live presentation at Hotel Continental, Oslo, Norway, and conference call followed by a Q&A hosted by CEO Carl K. Arnet, CFO Brice Morlot, CSO Thomas Young, CTO Jerome Bertheau and CCO Thomas Kolanski at 09:30 CEST. 

    You can follow the presentation via webcast with supporting slides, available on: 

    VIEWER REGISTRATION • Q1 2025   

    Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The Web page works best in an updated browser – Chrome is recommended. 


    For further information, please contact: 

    Brice Morlot, CFO BW Energy

    +33.7.81.11.41.16, ir@bwenergy.no
     

    About BW Energy: 

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025. 

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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