Category: Scandinavia

MIL-OSI Global: Why has bisexual identity doubled in one European city – and what does it tell us about global trends?

Source: The Conversation – UK – By Willi Zhang, Postdoctoral Researcher, Department of Global Public Health, Karolinska Institutet

Shutterstock/Anna55555

Bisexuality has long been the subject of distinct forms of stigma compared to other sexual identities. People who identify as bisexual can be dismissed as “confused”, “indecisive” or as passing through a “transitional stage”. These stigmas circulate both among heterosexual and LGBTQ+ people.

But as social acceptance of diverse sexual identities continues to grow in many countries, more people are identifying as bisexual. My research in Stockholm reflects this trend.

With colleagues, I analysed data from over 75,000 participants in Stockholm, aged 16 and above between 2010 and 2021. Over this 12-year period, bisexual identity increased from 1.6% in 2010 to 2.5% in 2014, and by 2021 had doubled to 3.1%. In comparison, homosexual identity rose slightly from 1.7% to 2%.

This means that bisexual people have been the largest self-identifying sexual minority group in Stockholm since 2014.

Younger generations were more likely to identify as bisexual. Among those born between the mid-1990s and early 2010s, known as generation Z, 9.4% identified as bisexual in 2021, up from 6.2% in 2014. Among millennials, born between the early 1980s and mid-1990s, 4.6% identified as bisexual in 2021, a slight decrease from 5.1% in 2014. Meanwhile, the proportion of generation X, born between 1965 and 1980, who identified as bisexual fell from 2.1% in 2014 to 1.8% in 2021.

A similar trend has been seen in the US. Over the past 15 years, the bisexual population has steadily grown and has been the largest sexual minority since 2016. By 2020, 3.1% of US adults identified as bisexual. This increased to 4.4% by 2023.

Bisexual identity was, again, more common among younger generations. Among generation Z, 12% identified as bisexual in 2020, rising to 15% in 2023. Millennials saw a slight increase from 5% in 2020 to 6% in 2023. For generation X, it stayed at 2% in both years.

What could be driving the rise?

These generational differences suggest a shift in how people understand and define their sexual identities. There are several likely reasons for this. In recent decades, many countries have made significant progress in legal recognition and protections for LGBTQ+ people.

In Sweden, anti-discrimination and hate crime laws were progressively introduced from the late 1980s through the 2010s. During this period, gender-neutral marriage legislation was adopted in 2009.

Meanwhile, public support for same-sex marriage rose from 71% in 2006 to 90% in 2015. Since then, between 94% and 98% of Swedes have agreed that “gay, lesbian, and bisexual people should have the same rights as heterosexual people”.

Greater visibility of LGBTQ+ people in media and public life may also have played a role. Seeing people of diverse sexual identities featured in posts, stories, and shows, and as public figures, helps normalise these identities. They also provide relatable examples that can inspire others to feel more confident in being themselves.

The younger generation is leading the charge on celebrating sexual diversity.
Shutterstock

For example, pride parades have become influential cultural events in many countries. They create space for celebration and connection, both within the LGBTQ+ community and in society at large. They also contribute to greater visibility and public awareness.

Together, these legal and social changes, along with shifting cultural norms, have helped create safer and more supportive environments for LGBTQ+ people. Younger generations are likely experiencing greater social freedom to explore and express their sexual identities.

As more people feel safe and accepted in identifying as LGBTQ+, society becomes more inclusive and diverse. This, in turn, can encourage others to embrace their sexual identities openly, creating a positive cycle of acceptance and visibility.

This momentum suggests that the number of people who identify as LGBTQ+, particularly bisexual people, will likely continue to grow in the near future, especially in societies with stronger legal protections and social acceptance.

Looking ahead, as our understanding of sexuality continues to evolve, this growing visibility and awareness may suggest the potential for a society that becomes increasingly diverse and accepting.

Willi Zhang is affiliated with Region Stockholm.

– ref. Why has bisexual identity doubled in one European city – and what does it tell us about global trends? – https://theconversation.com/why-has-bisexual-identity-doubled-in-one-european-city-and-what-does-it-tell-us-about-global-trends-248200

MIL OSI – Global Reports –

March 4, 2025
MIL-Evening Report: We looked at what supermarkets in 97 countries are doing to our waistlines. Here’s what we found

Source: The Conversation (Au and NZ) – By Tailane Scapin, Postdoctoral Research Fellow, Deakin University

World Obesity Federation

In many countries, buying food at supermarkets, convenience stores and online has become the norm. But what’s the convenience of modern food shopping doing to our health?

Our study, published today with colleagues from UNICEF, looked at how people in 97 countries shopped for groceries over 15 years.

Globally, we found a huge increase in the number of supermarkets and convenience stores (which we’ll shorten to chain grocery stores in this article). We also found people are spending more money in these stores and on their online platforms.

But this has come at a cost to our health. People in countries with the most chain grocery stores per person buy more unhealthy food and are more likely to be obese.

Here’s why we’re so concerned about this public health disaster.

The rise of chain grocery stores

Our study analysed food industry data from a business database to understand how the food retail sector has changed worldwide over time. We looked at the kinds of stores, how much people spend there, and how much unhealthy processed food is sold. We linked these trends with changes in obesity rates using data from a large global initiative.

We found the density of chain grocery stores (number of stores per 10,000 people) has increased globally by 23.6% over 15 years (from 2009 to 2023).

We found far more of these stores per person in high-income countries, as you may expect. However, it’s in low- and middle-income countries where numbers are increasing the fastest.

Rapid urbanisation, rising incomes and customer demand mean large retail companies see these countries as new potential markets.

For example, the density of chain grocery stores increased by about 21% a year in Myanmar, about 18% a year in Vietnam and about 12% a year in Cambodia.

In Vietnam, the number of chain grocery stores increased by about 18% a year.
Nature-Andy/Shutterstock

We’re shopping online too

The data in our study also covers the rise of online food shopping. For instance, the worldwide spend on online grocery shopping was 325% more in 2023 compared with 2014.

Out of the 27 countries we looked at for online food shopping, people in the United Arab Emirates and the United States were the top spenders. In 2023, the average person in the United Arab Emirates spent about US$617 that year, 570% more than in 2014. In the US, the average person spent US$387 in 2023. That’s about 125% more than in 2014.

It seems many of us took to online shopping during the early days of the COVID pandemic, a habit that appears to have stuck.

More chain stores, more junk food, more obesity

The rise of chain grocery stores, including their online platforms, is also changing what we eat.

Over the 15 years of our study, there has been a 10.9% increase in the sales of unhealthy processed food from those chain grocery stores.

In South Asia, the increase has been particularly rapid. People in Pakistan have been buying 5% more unhealthy processed foods from chain grocery stores every year for the past 15 years. In India, it’s 4% more and in Bangladesh 3% more.

Over 15 years, our study also showed the percentage of people with obesity across all countries rose from 18.2% to 23.7%. It was the countries with the biggest increases in chain grocery stores where we saw the sharpest increases in obesity.

Laos is a good example. The number of chain grocery stores per person in the country has been increasing by 15% each year since 2009, while the percentage of people with obesity has doubled from 2009 to 2023.

In almost all countries, obesity is on the rise. In Australia, overweight and obesity have recently officially overtaken tobacco as the biggest burden on our health.

Over 15 years, there has been a 10.9% increase in the sales of unhealthy processed food globally.
Pratiwi Ambarwati/Shutterstock

Why do we think supermarkets are to blame?

Supermarkets and hypermarkets sell healthy foods, such as fruit and vegetables. Yet, there are good reasons to think our retail environment might be to blame for the rise in obesity.

Highly processed foods

Chain grocery stores typically sell an enormous array of highly processed packaged foods high in sugar, fat and salt that can harm our health. One study of the food and drinks available in supermarkets from 12 countries showed the majority are classified as unhealthy. Given our findings of rapid increases in chain grocery in low- and middle-income countries, it was alarming in this study that the least healthy products were typically seen in supermarkets from countries like India, China and Chile.

Heavy promotion

Chain grocery stores often aggressively promote unhealthy foods. This includes through price discounting; advertising in circulars, on TV and social media; and by being placed in prominent displays at checkouts and the ends of aisles. Studies have shown this to be true in Belgium, Ireland and another 12 countries.

Online, we see unhealthy foods promoted more often (with discounts and displayed more prominently) than healthy options. For instance, on average at least one-third of products prominently displayed on Australian supermarket websites are unhealthy.

More buying power

Compared to small independent grocers, large chain grocery stores globally have a far larger influence on decisions around product assortment and price. Because of this, they can control supply chains, often in partnership with national and multi-national food manufacturers of ultra processed, unhealthy packaged foods.

What can we do about it?

There are many social, political, cultural and economic factors that contribute to the rise in obesity globally. Many of these relate to the price, availability and promotion of food in retail settings and the way the retail industry is structured.

Because of this, we think it’s time for governments and retailers to step up and start making changes to where and how we shop for food.

Some countries are already beginning to act. In the United Kingdom for example, government legislation now prevents placing unhealthy foods in prominent places such as the checkout counter and at the ends of aisles close to checkouts. From October this year, further restrictions on the price promotion of unhealthy foods (such as “buy one, get one free”) will also come into force in the UK.

There is also plenty that retailers can do. In Norway, for example, one major grocery chain launched a comprehensive healthy eating campaign several years ago, including by increasing the size and prominence of healthy food displays and offering discounts on fruits and vegetables. This led to a 42% increase in vegetable sales and a 25% rise in fruit sales from 2012 until 2020.

But most grocery chains are still not doing enough to prioritise their customers’ health and nutrition. In the US, we see this in particular for supermarkets catering to people on low-incomes. And in the UK, although there has been some promising progress by some supermarket retailers, all those assessed have considerable scope for improvement.

Now more than ever, it is time to create healthier retail food environments that support nutritious diets and help reverse the rising rates of obesity.

Tailane Scapin receives funding from UNICEF.

Adrian Cameron receives funding from the National Heart Foundation of Australia, the Australian National Health and Medical Research Council (NHMRC) and UNICEF. He is affiliated with INFORMAS (International Network for Food and Obesity / Non-communicable Diseases Research, Monitoring and Action Support) and is the Director of the RE-FRESH: Next Generation NHMRC Centre of Research Excellence in Food Retail Environments for Health.

– ref. We looked at what supermarkets in 97 countries are doing to our waistlines. Here’s what we found – https://theconversation.com/we-looked-at-what-supermarkets-in-97-countries-are-doing-to-our-waistlines-heres-what-we-found-246412

MIL OSI Analysis – EveningReport.nz –

March 4, 2025
MIL-Evening Report: Democracy’s bad eggs: corruption, pork-barrelling and abuses of power

Source: The Conversation (Au and NZ) – By Yee-Fui Ng, Associate Professor, Faculty of Law, Monash University

The question of how best to eliminate corruption has exercised the minds of philosophers as much as the practical drafters of legislation from Ancient Greek and Roman times.

Within the political sphere, the notion of “corruption” has fluctuated between broad and narrow conceptions.

The broad conception relates to the decay of institutions or of the stature of the individuals who comprise them. On the other hand, the narrow conception focuses on the abuse of public office for private gain.

There is also “grey corruption” – which involves questionable behaviour involving a breach of integrity standards that does not necessarily amount to criminal conduct.

This could include where a person has undue influence over a politician, such as by essentially buying that power through making large donations or hiring expensive lobbyists, particularly where it causes public officials to behave in corrupt ways.

However the notion is defined, it is clear the fight against corruption is one of the basic tasks of a liberal democracy, perhaps even of an effectively functioning civil society.

Corruption control is a pressing issue worldwide: the United Nations estimated the economic cost of corruption at 5% of global domestic product or $3.6 trillion annually.

Australia has had a number of major corruption scandals throughout its history. Corruption was rife in the colonial era, where wealthy landholders sought to influence parliamentarians with monetary bribes.

This has been followed by several major corruption scandals, such as the Fitzgerald inquiry, which revealed widespread police corruption involving illegal gambling and prostitution.

What are anti-corruption commissions?

Anti-corruption commissions are arguably the most significant tool developed in liberal democracies to fight corruption in recent times.

The first anti-corruption commission in Australia, the Independent Commission Against Corruption (ICAC), was established in New South Wales in 1988 by then premier Nick Greiner.

Infamously, a few years later, Greiner became the first premier to resign due to an ICAC investigation.

Over the next few decades, all states and territories have set up their own anti-corruption or integrity commissions.

In 2023, the Commonwealth followed suit with the introduction of the National Anti-Corruption Commission (NACC), a promise made by Anthony Albanese in the lead-up to the 2022 election after considerable pressure from the public and from within parliament.

As a result, Australia now has a comprehensive network of broad-based public sector anti-corruption agencies covering all levels of government – a significant development nationally and internationally.

Anti-corruption commissions are tasked with investigating serious and systemic corrupt conduct in government. This includes not just members of the House and Senate, but their staff and public servants.

In performing their functions, these commissions have strong coercive powers, equivalent to the powers of a royal commission. This includes the power to compel documents and witnesses.

Some anti-corruption commissions such as the NACC and NSW’s ICAC have the power to conduct public hearings if they believe it’s in the public interest. This increases transparency in government. But concerns have been expressed about reputational damage for those subject to investigations.

Anti-corruption commissions also have corruption prevention functions. They are tasked with educating the public about the detrimental effects of corruption on public administration.

Reports of anti-corruption commissions are often attended by significant media publicity, leading to public awareness of corruption in government.

Why are anti-corruption commissions needed?

It has become well accepted that effective anti-corruption institutions play an important role as institutions supporting constitutional democracy.

The state anti-corruption bodies have brought to light many indiscretions by politicians that would have otherwise remained hidden.

Without these commissions, corruption in the public sector can take root without us knowing about it. An anti-corruption agency is a powerful deterrent against improper behaviour.

Yet anti-corruption commissions tend to be unpopular within governments because they scrutinise government action. This means the a commission may expose improper conduct or corruption within their ranks.

It is common for governments hostile to anti-corruption commissions to attack them, including by reducing their powers or funding.

This is despite their integral role in our democracy. Alongside other oversight bodies such as the ombudsman (who investigates maladministration within government) and auditor-general (who performs audits of government expenditure), anti-corruption commissions form part of an intricate, interlocking integrity framework that monitors executive action.

Who watches the watchdogs?

A big question is about how we ensure anti-corruption commissions do not overstep their bounds. Given their broad coercive powers, how do we hold them to account?

From their inception, concerns have been expressed about the potential for anti-corruption bodies to infringe on civil liberties, and the possibility they may exceed or abuse their powers.

In Australia, anti-corruption commissions are subject to a strong system of accountability through parliaments and the courts. They report to dedicated parliamentary committees who scrutinise their actions and decisions. Complaints against anti-corruption commissions can be made to a dedicated inspectorate – an independent statutory officer who oversees their actions.

Anti-corruption commissions are also subject to judicial review by the courts to ensure they don’t exceed their legal boundaries. Court scrutiny occurs when a person investigated by an anti-corruption commission takes their grievance to court.

To be effective, anti-corruption commissions require strong powers and institutional independence. But this needs to be balanced with accountability and the protection of individual rights.

What is pork barrelling and what are some recent examples?

Pork barrelling involves governments channelling public funds to seats they hold or seats they would like to win from an opponent, as a way of winning voters’ favour. This means the money is used for political purposes, rather than proper allocation according to merit.

We have been inundated with pork barrelling scandals in recent years. This includes the car park rorts scandal, where 77% of the commuter car park sites selected were in electorates held by the then Coalition government, rather than in areas of real need with congestion issues.

This followed close on the heels of the “sports rorts” scandal. Minister Bridget McKenzie resigned from cabinet following allegations she had intervened in the sport grants program to benefit the Coalition government while in a position of conflict of interest.

My research has shown that pork barrelling is an intractable problem across multiple governments over many decades. It takes different forms based on electoral systems.

Australia has a single member electorate parliamentary system, which makes it more susceptible to pork barrelling than multi-member electorates such as Norway or Spain. The belief is that politicians who “bring home the bacon” for their constituents are electorally rewarded for doing so.

This means there are incentives for the central cabinet to strategically apportion benefits to marginal electorates to increase prospects of electoral success. There is also an incentive to bias the apportionment of funds towards the party in power.

In short, rorts scandals keep happening because governments believe that channelling money to marginal and government electorates will win them elections.

Potentially the NACC could investigate rorts scandals, but only where it amounts to serious or systemic corrupt conduct.

How do we fix the grants system?

At the federal level, we have sophisticated financial management legislation that provides a framework for grant rules. The Commonwealth grant rules provide a detailed set of guidelines that ministers and government officials must follow on grant application and selection processes.

However, there are significant loopholes in the rules. For example, the “car park rorts” scandal is not covered by these rules because it involves money being channelled through the states.

Also, there are no sanctions for breaching the rules. So ministers and government officials can break the rules without any repercussions.

To fix the system, we need to reform the rules about grants allocation and close the loopholes. We also need to impose punishment for breaching the rules.

It is imperative our grants administration system be reformed to ensure that taxpayer funds are protected from governmental abuse. If the ministerial discretion available in grants processes is improperly used, this can give rise to political favouritism and corruption.

How corrupt is Australia compared to other countries?

There is a public perception that a small elite is reaping large benefits in Australian society in terms of political influence and its flow-on dividends.

In Australia, the “game of mates” is flourishing. There’s now a revolving door in politics with many politicians, advisers and senior government officials leaving the public sector to become well-paid lobbyists.

Add to that the appointments of political “mates” to commissions, tribunals and cushy ambassadorships and the blatant misuse of parliamentary entitlements such as helicopter trips on taxpayer funds.

Political parties are also accepting millions of dollars in donations from lobbyists and others interested in influencing policy outcomes.

All of this adds to the perception that the system is rigged – and not in favour of the person on the street.

Australia has fallen steadily in Transparency International’s global corruption index, from 8th place in 2012 to 14th in 2024. But even so, Australia is the 14th-least corrupt country in the world, which is still a respectable ranking.

More alarming is the fact that one in 30 Australian public servants said in a survey last year they had seen a colleague acting in a corrupt manner.

The types of corruption witnessed included cronyism or nepotism (favourable treatment of friends or family members without proper regard to merit). Fraud, forgery, embezzlement and conflicts of interest were also reported.

In the 1980s, there were incidences of large-scale corruption that rocked the country, culminating in the Fitzgerald Inquiry in Queensland and the WA Inc Royal Commission in Western Australia. These scandals led to the resignations and imprisonments of various former ministers and officials.

Although we have not sunk to such depths since then, state anti-corruption commissions, such as the NSW ICAC, have uncovered various instances of corruption in recent years. The NSW ICAC’s inquiries have led to the resignations of several politicians, as well as the conviction of former Labor MP Eric Obeid.

Another classic case of corruption exposed by the ICAC led to the downfall of former Newcastle lord mayor, Jeff McCloy. McCloy famously bragged that politicians treated him like a “walking ATM” and admitted to giving two MPs envelopes of cash amounting to $10,000.

In Victoria, the Independent Broad-Based Anti-Corruption Commission’s (IBAC) revealed that a lobbyist funnelled suitcases of cash totalling more than $100,000 from a property developer to a councillor, under the guise of sham transactions.

These explosive scandals involving corrupt conduct by public officials have eroded public trust in politicians. But the exposure of these scandals by anti-corruption commissions have an important deterrent and educative effect on public officials and the broader public.

Our faith in government has been eroded by a lack of transparency and the perception that those in power are enjoying unfair benefits. The active investigations by robust institutions such as anti-corruption commissions will act as checks and balances on governmental power – and are key to a vibrant democracy.

This is an edited extract from How Australian Democracy Works, a new book from leading authors at The Conversation on all aspects of our political system and its history, out March 4.

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

– ref. Democracy’s bad eggs: corruption, pork-barrelling and abuses of power – https://theconversation.com/democracys-bad-eggs-corruption-pork-barrelling-and-abuses-of-power-229888

MIL OSI Analysis – EveningReport.nz –

March 4, 2025
MIL-OSI Global: How gas keeps the UK’s electricity bills so high – despite lots of cheap wind power

Source: The Conversation – UK – By Michael Tamvakis, Professor of Commodity Economics and Finance, City St George’s, University of London

The UK has become a world leader in offshore wind power. iweta0077 / shutterstock

Gas and electricity bills will rise again for millions of UK households on April 1, when the latest energy price cap takes effect. A typical household will pay £111 more per year.

Though prices have fallen somewhat since their peak in 2022, bills are still considerably higher than they have been historically. That’s despite the construction over the past decade of vast wind farms in the North Sea – which, once built, provide electricity for very little extra cost.

So what explains the UK’s pricey gas and electricity?

Since the 1990s, the UK has been dependent on natural gas in more ways than one. In 2023 (the most recent year for which we have full statistics), gas accounted for 33% of the UK’s energy and almost as much of the electricity it generated. That year, wind contributed 29% to generation and solar an additional 5%, which is of some significance.

As nearly all households are connected to mains gas, most energy bills reflect the global price of gas.

The UK has to compete with demand for gas from other markets, especially, but not exclusively, the EU. The higher the demand, the higher the price. Before the Ukrainian crisis, many EU economies, especially Germany, were able to source abundant gas through pipelines from Russia.

The UK, like other big European countries such as Spain, Italy and France, was able to meet some of its gas supply via pipelines (from Norway in the case of the UK), but also in the form of more expensive liquefied natural gas (LNG) from as far afield as Qatar, Algeria, West Africa and, more recently, the US.

Since the Russian invasion of Ukraine in early 2022, the flow of pipeline gas has almost entirely stopped. Germany and western EU countries have to compete with everyone else to source their gas from Norway or international LNG markets. A few countries on the eastern side of the EU, such as Austria and Hungary, are still sourcing their gas from Russia but face western criticism for that continued dependence.

This all matters to UK consumers because most of a household’s average energy bill reflects the vagaries of the international gas market. A relatively harsh winter in Europe means they have purchased more gas and paid more for it. In a global market the UK consumer will have to pay this price as well. Even a harsh winter in Japan means that more LNG is directed there, increasing prices for UK and EU consumers.

We can’t suddenly turn on the wind

Even the growth in renewables, especially wind power, does not offer protection against the vagaries of the global gas markets. It is well known that wind energy is intermittent and therefore difficult to forecast and base generation plans on.

Wind energy is what people in the electricity industry call “non-dispatchable”. Because electricity is a universal good, which we expect to have whenever we ask for it, the national grid needs to be able to balance the randomness of wind generation with the immediate response of a reliable, quick-start, “dispatchable” source of generation. Gas fits the bill.

As a result, expensive gas which is called on to make up for the loss of wind or solar generation, ends up setting the electricity price (called the “system price”) most days. Other countries experience something similar. Germany, for instance, generates just 15% of its electricity from gas (albeit with a further 25% from coal) and gets a higher proportion from renewables (28% wind and 12% solar). Yet it still has to use gas frequently to balance the electrical system, with the same effect as in the UK.

Ultimately, the more variable renewable electricity we inject into the system, the more we need to plan for, and invest in, infrastructure that can support it. That means a smarter grid, fewer grid bottlenecks within the UK, more and bigger interconnections to other European countries and battery solutions which can store electricity both for short periods (minutes and hours) and for days and even weeks.

Putting all these elements in place is a Herculean task. Gas fills the gap, but in a way which is more expensive (for now) and continues emitting greenhouse gases, albeit at half the rate that coal did.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

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

– ref. How gas keeps the UK’s electricity bills so high – despite lots of cheap wind power – https://theconversation.com/how-gas-keeps-the-uks-electricity-bills-so-high-despite-lots-of-cheap-wind-power-251136

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI: CoinShares Announces Exercise of Employee Incentive Plan Options

Source: GlobeNewswire (MIL-OSI)

Monday, 3 March 2025 | SAINT HELIER, Jersey – CoinShares International Limited (“CoinShares” or the “Company“) (Nasdaq Stockholm Market: CS; US OTCQX: CNSRF), a global investment firm specializing in digital assets, today announced that a total of 52,241 options in the Company’s Employee Incentive Plan – November 2020 Tranche have been exercised for the corresponding number of shares, at an exercise price of GBP 1.43 (SEK 19.29) per share. Through the exercise of the employee share options, the Company receives a total of GBP 74,705 (SEK 1,007,566.36).

The exercise request will be settled from the current balance of own shares held by the Company. After the issuance of these shares, the total number of shares in issue in CoinShares will be 66,678,210 and the Company will hold a total of 147,759 own shares.

About CoinShares

CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

The MIL Network –

March 4, 2025
MIL-OSI: The BANK of Greenland’s Annual Report 2024
Source: GlobeNewswire (MIL-OSI)

Lending growth and fine results
The BANK of Greenland achieved a profit before tax of DKK 245.7 million in 2024, compared with DKK 244.6 million in 2023. The result is at the level of the revised guidance from October 2024 of a profit at the level of DKK 225-250 million but exceeds the expectations at the start of the year of a profit of DKK 180-230 million.

Return on opening equity before tax and dividend was 17.5 % compared to 18.9 % in 2023.

The Bank recommends to the Annual General Meeting that the dividend payment is DKK 100 per share.

Profit before value adjustments and write-downs amounts to DKK 236 million compared to DKK 218.7 million in 2023.

Net interest and fee income increased by DKK 35.3 million compared to 2023, amounting to DKK 470.3 million.

For the overall year, value adjustment of securities and currencies resulted in a gain of DKK 28.6 million compared to a gain of DKK 40.1 million in 2023.

In 2024, impairment of loans etc. amounted to DKK 18.9 million, which is DKK 4.7 million higher than in 2023.

Lending increased by DKK 218 million to DKK 5,031 million at the close of 2024, which is the highest level in the Bank’s history. At the same time, the guarantee volume declined in 2024 to DKK 1,423 million, compared with DKK 1,774 million in 2023. The decrease is primarily due to a change in the guarantee scheme with DLR Kredit in 2024.

The BANK of Greenland’s capital ratio amounted to 26.9 at end of 2024, and the Bank has calculated the individual solvency requirement at 11.1%.

Outlook for 2025
Short-term yields are expected to fall in 2025 as inflation comes under control in Europe. It is expected that this in turn will reduce costs and increase the Bank’s customers’ investment appetite. The lower interest rates will have a significant negative effect on core earnings, however.

Uncertainty in the capital markets will affect the Bank’s value adjustments. We nonetheless expect losses and write-downs to remain at a low level, and derived risks related to inflation and cyclical uncertainty in 2025 are assessed to be addressed by the current level of impairment write-downs.

In both the short and longer term, the considerable focus on Greenland, which escalated at the beginning of 2025, can affect the economic development and the framework conditions in Greenland. However, the BANK of Greenland has no basis to assess that this will be of any material significance in the short term in 2025, so that it is the circumstances described in this report – the macroeconomic and local conditions – that are generally expected to influence the Bank’s operations.

The Bank expects a profit before tax of DKK 150-185 million for 2025. There is thus no change in the expected profit for the year, which is in line with the notification in the stock exchange announcement of 11 December 2024.

Attachments
- 02.Årsrapport 2024_UK
- 02.Årsrapport 2024_UK
The MIL Network –
March 4, 2025
MIL-OSI Global: We need to switch to heat pumps fast – but can they overcome this problem?

Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

StockMediaSeller/Shutterstock

People in the UK need to adopt heat pumps and electric vehicles as fast as they once embraced refrigerators, mobile phones and internet connection according to a new report by the Climate Change Committee (CCC).

This government watchdog says the next 15 years will be critical for decarbonising the UK, one of the world’s largest (and earliest) carbon polluters. Eighty-seven percent of its climate-heating emissions must be eliminated by 2040 to keep the country on track for net zero emissions by mid-century, per the report. The majority (60%) of these cuts are expected to come via a single source: electricity.

This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.

Out of possible alternatives to a fossil fuelled economy, electrification has emerged as the favoured solution of experts at the CCC.

Ran Boydell, an associate professor in sustainable development at Heriot-Watt University, agrees. “Home boilers will very soon move into the realm of nostalgia,” he says.

Read more:
UK ban on boilers in new homes rules out hydrogen as a heating source

The reason why heat pumps are increasingly touted as the future of home heating – and not retooled boilers that burn hydrogen instead of methane – is efficiency.

Boydell points out that green hydrogen fuel is made using electricity from solar and wind farms. We could eliminate emissions a lot quicker, he argues, if that electricity went directly to heat pumps instead.

Electricity can be turned into a fuel – or power appliances directly.
Piyaset/Shutterstock

“This is because you end up with only two-thirds of the energy in the hydrogen that you started with from the electricity,” he says.

Likewise, battery-powered vehicles have an advantage that has allowed them to race ahead of hydrogen fuel cells to comprise almost a fifth of all new vehicles sold in the UK in 2024.

“An electric vehicle can be recharged wherever there is access to a plug socket,” say Tom Stacey and Chris Ivory, supply chain experts at Anglia Ruskin University. “The infrastructure that exists to support hydrogen vehicles is limited in comparison and will require extensive investment to introduce.”

Read more:
The days of the hydrogen car are already over

If the route to zero emissions is largely settled, we need to travel it quickly.

Electric dreams

One of the fastest energy transitions in history occurred over a decade in South Korea, according to energy system researchers James Price and Steve Pye (UCL). Between 1977 and 1987, the generation of electricity from oil in the east Asian country collapsed – from roughly 7 million gigawatt-hours to nearly 7,000 – and was replaced with, among other sources, nuclear power.

There are historic analogues for the rapid shift necessary to arrest climate change. But a zero-carbon power sector, which the UK government aims to achieve by 2030, is just the start.

Read more:
For developing world to quit coal, rich countries must eliminate oil and gas faster – new study

“Wind and solar, which provide more than 28% of the UK’s electricity, will soon overtake gas as the main generation source as more wind farms come online,” say energy system modeller Andrew Crossland and engineer Jon Gluyas, both of Durham University.

“But successive governments have failed to achieve the same result in homes and communities where so much high-carbon gas is burned, despite their decarbonisation being critical to net zero.”

Read more:
Is Britain on track for a zero-carbon power sector in six years?

Crossland and Gluyas note that solar panels, batteries and heat pumps can be installed “in days” to rapidly cut emissions, and that doing so would create “skilled jobs across the country”. As things stand, however, it would also present a severe challenge to the grid.

Mechanical engineer Florimond Gueniat of Birmingham City University predicts that converting UK transport to battery power wholesale would require expanding grid capacity by 46% – the equivalent of erecting 5,800 skyscraper-sized wind turbines. And that’s even accounting for the greater efficiency of electric vehicles, which waste less of the energy we put into them compared with oil-powered cars.

Read more:
Switching to electric vehicles will push the power grid to the brink

A massive upgrade to the electricity network is needed, and ordinary people have a part to play. Charging cars could serve as batteries that grid operators draw from during a supply pinch. The same goes for the power generated by solar panels on top of houses.

“Such policies in Germany have … already offset 10% of the national demand,” says Gueniat.

Getting to net zero requires the public’s involvement. But some of the CCC’s advice may be difficult to swallow. Not least the implication that people will have to eat 35% less meat and dairy in 2050 compared with 2019.

Read more:
The UK must make big changes to its diets, farming and land use to hit net zero – official climate advisers

So are people ready for a world that runs on electrons alone? Aimee Ambrose, a professor of energy policy at Sheffield Hallam University, thinks heat pumps will struggle to compete with the inviting warmth of wood stoves and coal fires. Over three years she spoke with hundreds of people in the UK, Finland, Sweden and Romania and found strong attachments to high-carbon fuels even among people committed to solving climate change.

The allure of the wood stove is hard to ignore.
Jaromir Chalabala/Shutterstock

Read more:
Heat pumps have a cosiness problem

Human behaviour is the most difficult variable for experts who study climate change to model. There will certainly be drawbacks to abandoning fossil fuelled conveniences at breakneck speed. Yet, there are bound to be benefits too – some of which might only materialise once we get going.

In mid-April 2020, while much of humanity was under some form of lockdown to halt the spread of COVID-19, atmospheric chemist Paul Monks of the University of Leicester was marvelling at the sudden drop in air pollution, which kills millions of people each year and is predominantly caused by burning coal, oil and gas.

“If there is something positive to take from this terrible crisis, it could be that it’s offered a taste of the air we might breathe in a low-carbon future,” he said.

Read more:
Coronavirus: lockdown’s effect on air pollution provides rare glimpse of low-carbon future

– ref. We need to switch to heat pumps fast – but can they overcome this problem? – https://theconversation.com/we-need-to-switch-to-heat-pumps-fast-but-can-they-overcome-this-problem-249658

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI Submissions: University Research – Melting Antarctic ice sheets will slow Earth’s strongest ocean current – Melbourne University

Source: University of Melbourne

Melting ice sheets are slowing the Antarctic Circumpolar Current (ACC), the world’s strongest ocean current, researchers have found.

This melting has implications for global climate indicators, including sea level rise, ocean warming and viability of marine ecosystems.

The researchers, from the University of Melbourne and NORCE Norway Research Centre, have shown the current slowing by around 20 per cent by 2050 in a high carbon emissions scenario.

This influx of fresh water into the Southern Ocean is expected to change the properties, such as density (salinity), of the ocean and its circulation patterns.

University of Melbourne researchers, fluid mechanist Associate Professor Bishakhdatta Gayen and climate scientist Dr Taimoor Sohail, and oceanographer Dr Andreas Klocker from the NORCE Norwegian Research Centre, undertook the research. They analysed a high-resolution ocean and sea ice simulation of ocean currents, heat transport and other factors to diagnose the impact of changing temperature, saltiness and wind conditions. (ref. https://www.norceresearch.no/en/ )

Associate Professor Gayen said: “The ocean is extremely complex and finely balanced. If this current ‘engine’ breaks down, there could be severe consequences. These could include more climate variability, with greater extremes in certain regions, and accelerated global warming due to a reduction in the ocean’s capacity to act as a carbon sink.”

The ACC works as a barrier to invasive species, like rafts of southern bull kelp that ride the currents, or marine-borne animals like shrimp or molluscs, from other continents reaching Antarctica.

As the ACC slows and weakens, there is a higher likelihood such species will make their way onto the fragile Antarctic continent. This will potentially have a severe impact on the food web, which may, for example, change the available diet of Antarctic penguins.

The ACC is a crucial part of the world’s “ocean conveyor belt” and is more than four times stronger than the gulf stream. It moves water around the globe – linking the Atlantic, Pacific and Indian Oceans. The ACC is the main mechanism for the exchange of heat, carbon dioxide, chemicals and biology across these ocean basins.

The researchers used Australia’s fastest supercomputer and climate simulator, GADI, located at Access National Research Infrastructure in Canberra. The underlying model (ACCESS-OM2-01) has been developed over a number of years by Australian researchers from various universities. (ref. https://www.access-nri.org.au/ )

The projections explored in this analysis were conducted by a research team based at UNSW, who found that the transport of ocean water from the surface to the deep may also slow in the future. (ref. https://www.nature.com/articles/s41586-023-05762-w )

Dr Sohail said it is predicted the slow-down will be similar under the lower emissions scenario, provided ice melting accelerates as predicted in other studies.

“The 2015 Paris Agreement aimed to limit global warming to 1.5 degrees Celsius above pre-industrial levels. Many scientists agree we have already reached this 1.5 degree target, and it is likely to get hotter, with flow-on impacts on Antarctic ice melting,” Dr Sohail said.(ref. https://theconversation.com/earth-is-already-shooting-through-the-1-5-c-global-warming-limit-two-major-studies-show-249133 )

“Concerted efforts to limit global warming (by reducing carbon emissions) will limit Antarctic ice melting, averting the projected ACC slowdown.”

Published in Environmental Research Letters today, the research reveals the impact of ice melting and ocean warming on the ACC is more complex than previously thought.

“The melting ice sheets dump vast quantities of fresh water into the salty ocean. This sudden change in ocean ‘salinity’ has a series of consequences. These include the weakening of the sinking of surface ocean water to the deep (called the Antarctic Bottom Water), and, based on this study, a weakening of the strong ocean jet that surrounds Antarctica,” Associate Professor Gayen said.

Associate Professor Gayen said this new research contrasts with previous studies, which suggested the ACC may be accelerating.

“Ocean models have historically been unable to adequately resolve the small-scale processes that control current strength. This model resolves such processes, and shows a mechanism through which the ACC is projected to actually slow-down in the future. However, further observational and modelling studies of this poorly-observed region are necessary to definitively discern the current’s response to climate change,” he said.

MIL OSI – Submitted News –

March 3, 2025
MIL-OSI: Nokia partners with Carrix to introduce private wireless solutions in key U.S. container terminals #MWC25
Source: GlobeNewswire (MIL-OSI)

Press Release
Nokia partners with Carrix to introduce private wireless solutions in key U.S. container terminals #MWC25
- Nokia DAC helps Carrix enhance operations at several leading marine terminals in the United States.
3 March 2025
Espoo, Finland – Carrix, one of the world’s leading independent marine terminal and rail yard operators, is partnering with Nokia to introduce Nokia DAC, a private wireless solution to help enhance the company’s operations at several leading marine terminals in the United States, including in Jacksonville, Florida; Long Beach, California; Oakland, California; and Seattle, Washington.

Founded in 1949, Carrix operates more than 250 terminal facilities and rail yards in the United States, Canada, Mexico, Central America, South America, and Asia.

Nokia DAC underpins Carrix’s operations providing highly reliable wireless connectivity built for the company’s industrial marine terminal environments, while enhancing security, providing greater scalability, and building a foundation for future digital innovations.

Nokia is the leading global vendor of private wireless solutions to enterprises, with 850 customers in asset-intensive industries such as mining, manufacturing, and ports.

Hugh Gallagher, Director of IT Services at Carrix, said: “Nokia DAC has greatly improved our network security, performance, and reliability while also simplifying the maintenance and support needed to sustain technical operations effectively. Simply put, the reliability provided by Nokia DAC has enhanced our efficiency and advanced our technology initiatives.”

Harsha Bhat, Head of Enterprise Campus Edge Global Accounts at Nokia, said: “The marine terminals industry faces complex challenges to improving connectivity and security in asset-intensive industries. Nokia Edge Compute and AI platform for industrial sites provides private wireless connectivity as a digital foundation to quickly introduce new use cases and applications, driving innovation and collaboration in the port while ensuring data sovereignty and security.”

Multimedia, technical information and related news
Web Page: Port terminal operations | Nokia DAC
Product Page: DAC private wireless | Nokia DAC

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

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

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

About Carrix
Carrix and its subsidiary SSA Marine are among the world’s leading independent, privately held marine terminal operators, with activities at more than 250 terminal facilities and rail yards in the U.S., Canada, Mexico, Central America, South America, and Asia. Its subsidiary, Tideworks Technology, offers innovative technology solutions for the transportation industry. Founded in 1949, Carrix has continuously expanded its global footprint while always prioritizing customer interests, and now employs more than 20,000 people worldwide.

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

Follow Nokia on social media
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The MIL Network –
March 3, 2025
MIL-OSI: Boost Mobile becomes first mobile operator in world to deploy Nokia cloud-native 5G Voice Core on Public Cloud to accelerate new 5G services #MWC25
Source: GlobeNewswire (MIL-OSI)

Press Release
Boost Mobile becomes first mobile operator in world to deploy Nokia cloud-native 5G Voice Core on Public Cloud to accelerate new 5G services #MWC25
- Boost Mobile utilizes Nokia’s fully cloud-native 5G Voice Core to enable faster deployment of new 5G services, enhanced network automation, and more efficient cloud utilization.
3 March 2025
Espoo, Finland – Boost Mobile, the newest U.S. nationwide carrier, has deployed Nokia’s fully cloud-native 5G Voice Core to enable even faster delivery of advanced services, enhanced network automation, and more efficient cloud utilization than its Open RAN cloud-native network could before.

The deployment includes the consolidation of several IMS voice 3GPP functionalities into a single cloud-native network function (CNF), called Nokia Cloud Native Communication Suite (CNCS). This migration, from Boost Mobile’s previous distributed IMS voice core by Nokia, provides automated deployment and configuration, reduced infrastructure and carbon footprint, and lower operational costs through streamlined life cycle management.

“We anticipate Nokia’s 5G Voice Core to help reduce our network infrastructure costs by about 70 percent in addition to delivering new 5G services faster, with significantly streamlined network operations,” said Dawood Shahdad, Vice President of Core Engineering at Boost Mobile. “Boost Mobile continues to push boundaries with our Open RAN 5G network and the successful nationwide deployment of Nokia’s cloud-native next-generation voice core marks a pivotal moment in our network evolution, as this new network element advances our vision of end-to-end orchestration and dynamic scaling on our path toward 6G.”

CNCS improves energy efficiency by about 10 percent to 20 percent, relative to a standard IMS Voice Core, according to Nokia data.

“As the sole 5G Voice Core provider for Boost Mobile in the US, Nokia is extremely pleased to support Boost in this modernization project and the close partnering that enabled it. This is another demonstration of Nokia’s technology leadership in helping our customers solve problems, address their customer needs, and generate new revenue streams,” said Marcelo Madruga, Head of Technology and Platforms, Products & Engineering, Cloud and Network Services at Nokia.

Nokia had the most 5G Standalone Core operator customers, with 123 in total, at the end of 2024.

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

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

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

About Boost Mobile
Boost Mobile offers the best value in wireless with simple, flexible and transparent plans starting at $25/mo. for unlimited 5G. Boost Mobile’s nationwide cloud-native O-RAN 5G network delivers lightning-fast speeds, reliability, and coverage on the latest 5G devices. Customers enjoy no annual service contracts and the freedom to upgrade their devices anytime without a trade-in. Experience Boost Mobile’s risk-free 30-day money-back guarantee and learn more about our services on Facebook, Instagram and YouTube. Boost Mobile is the nation’s newest nationwide mobile carrier in the U.S. and a brand under EchoStar Corporation (NASDAQ: SATS).

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

Follow us on social media
LinkedIn X Instagram Facebook YouTube

The MIL Network –
March 3, 2025

MIL-OSI: Exosens delivers very strong full-year 2024 results, overperforming on its IPO guidance; Sustained growth dynamic anticipated for 2025-2026

Source: GlobeNewswire (MIL-OSI)

EXOSENS DELIVERS VERY STRONG FULL-YEAR 2024 RESULTS, OVERPERFORMING ON ITS IPO GUIDANCE

SUSTAINED GROWTH DYNAMIC ANTICIPATED FOR 2025-2026

FY 2024 HIGHLIGHTS

Strong revenue growth of +35.0%, above IPO guidance, to €394.1m in 2024, reflecting dynamic like-for-like growth (+24.9%) and successful integration of bolt-on acquisitions
Significant increase in profitability, with adjusted EBITDA of €118.5m in 2024 (+37.8%), representing a best-in-class margin of 30.1% (vs. 29.5% in 2023), above IPO guidance and above top range of estimated landing given in January 2025
Net profit of €30.7m in 2024, recording a strong growth of +66.7% over 2023
Robust balance sheet with a net leverage of 1.2x at year-end 2024, enabling the execution of our growth strategy
Proposed payment of a €0.10 cash dividend per share for the 2024 fiscal year, for the first time since Exosens’ IPO

OUTLOOK FOR 2025 AND THE 2024-2026 PERIOD: SUSTAINED GROWTH DYNAMIC DRIVEN BY DEFENSE TAILWINDS

Continued strong performance expected in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties
Global market demand is higher than initially expected, with NATO and Tier-1 allies continuing to ramp up their procurement of night vision systems further improving the perspectives, which implies a high-teens 2024-2026 adjusted EBITDA CAGR
In order to meet this demand Exosens decided to invest €20m to expand its production capacity not only in Europe but also in the US with, for the first time, a new production plant in the US, which will give us additional market opportunities

Mérignac (France), 3 March 2025 – Exosens (EXENS; FR001400Q9V2), a high-tech company focused on providing mission and performance-critical amplification, detection and imaging technology, today publishes its results for the fiscal year ended 31 December 2024. At its 28 February 2025 meeting, Exosens’ Board of Directors approved the consolidated financial statements for 2024.

“We are pleased to announce our first results as a publicly-listed company, with 2024 performance exceeding our IPO guidance. In a dynamic defense market, driven by rising geopolitical tensions and increasing defense budgets across NATO countries and Tier-1 allies, Exosens fully benefited from these structural trends and is well-positioned to continue doing so. 2024 was a pivotal year, we flawlessly executed our strategy, reinforcing our leadership in mission-critical technologies, surpassing expectations, and further enhancing our best-in-class margins, that set us apart from our peers.

Amplification remains a key driver of our growth with higher-than-expected market demand, necessitating capacity expansion. As a result, we have decided to scale up capacity in Europe and enter the US market, anticipating sustained mid-term demand and emerging opportunities.

We are also accelerating the growth of D&I segment, which achieved +7% like-for-like growth in 2024, driven by an improved product mix, market share gains, and successful acquisitions. These markets are benefiting from AI-driven advancements in industrial control, nuclear energy, and healthcare research.

With a focus on sustainable growth, we remain committed to customer satisfaction, innovation, operational excellence, and disciplined acquisitions. Backed by a strong balance sheet and a dynamic market environment, we are well-positioned to accelerate expansion and create value for both customers and shareholders, including our first dividend payment.”, commented Jérôme Cerisier, CEO of Exosens.

Key financial indicators

In € millions	FY 2023	FY 2024	Change (%)	LFL¹(%)
Revenue	291.8	394.1	+35.0%	+24.9%

Adjusted gross margin	131.1	189.6	+44.7%	–
As a % of revenue	44.9%	48.1%	+320bps	–

Adjusted EBITDA	86.0	118.5	+37.8%	–
As a % of revenue	29.5%	30.1%	+60bps	–

Adjusted EBIT	66.1	95.3	+44.1%	–
As a % of revenue	22.7%	24.2%	+150bps	–

Operating income	48.3	73.0	+51.2%	–
As a % of revenue	16.5%	18.5%	+200bps	–

Net profit	18.4	30.7	+66.7%	–
Net profit ex. PPA amortization	27.8	41.5	+49.2%	–

Free cash flow	20.5	55.4	+170.0%	–
Cash conversion (%)	69.3%	74.1%	+480bps	–

Net debt	302.3	144.1	(47.7)%	–
Leverage ratio (x)	3.3x	1.2x	(2.1)x	–
¹Like-for-like.

Strong revenue performance in FY 2024 in a dynamic market environment, outperforming our IPO guidance

In € millions	FY 2023	FY 2024	Change (%)	Like-for-like (%)
Amplification	209.9	280.2	+33.5%	+33.5%
Detection & Imaging	82.5	117.5	+42.5%	+6.8%
Eliminations & Other	(0.6)	(3.7)	n/a	n/a
Total revenue	291.8	394.1	+35.0%	+24.9%

Exosens posted a strong performance in FY 2024, outperforming its IPO guidance and continuing its strong growth trajectory, with consolidated revenue totaling €394.1 million, which represented a significant growth of +35.0% (or +€102.3 million) compared to FY 2023, of which+24.9% year-on-year on a like-for-like basis, mainly driven by a strong demand in Defense end-markets.

Amplification revenue reached €280.2 million in FY 2024, reflecting a significant growth of +33.5% compared to FY 2023, driven by stronger sales volumes and increased share of higher-performance image intensifier tubes for Defense’s night vision applications.

The global night vision market is benefiting from growing demand, driven by increasing defense budgets and the need for armies worldwide to enhance their night fighting capabilities, including the ongoing shift from monocular to binocular goggles. The return of high-density combat has underscored the critical importance of night operation abilities as a key tactical advantage. NATO and Tier-1 allies continued to ramp up their procurement of night vision systems in 2024, though they are still far from reaching the targeted equipment rate.

Reflecting this increasing market demand, Exosens, worldwide leader, has benefited from its position as the strategic supplier of NATO and Tier-1 allies for night vision image intensifier tubes with a number of major business wins in markets such as Germany, the UK, Poland, Belgium, Finland, France or Australia, among others.

On the M&A front, the Group announced agreement to acquire NVLS, a specialist in man-portable night vision and thermal devices, in October 2024, which will accelerate Exosens’ mid-term capability to develop next gen googles with innovative solutions combining night vision and thermal devices. Closing is expected to occur in the coming months, pending customary clearances and approvals.

Detection & Imaging revenue totaled €117.5 million in FY 2024, representing an increase of +42.5% compared to FY 2023, mainly driven by a positive product mix and accelerated growth from 2023 bolt-on acquisitions (Telops, El-Mul, and Photonis Germany¹).

Like-for-like growth reached +6.8% in FY 2024, accelerating from the +6.0% recorded in 9M 2024. This strong performance was driven by market share gains following new product launches, as well as growing demand in our key high-growth end markets (Life Sciences, Nuclear and Defense). These factors more than offset the softness in Industrial Control markets (China, machine vision).

Throughout the year, Exosens continued to execute on its disciplined bolt-on strategy with two synergistic acquisitions: Centronic (radiation detection solutions), in July, reinforcing our position as the key European leader in nuclear instrumentation, and LR Tech (FTIR spectrometry) in September, complementing Telops’ products to strengthen our position in high-end spectroscopy instruments. Additionally, in November, Exosens announced the acquisition of Noxant, a specialist in high-performance cooled infrared cameras, set to close in Q1 2025.

Significant improvement in adjusted gross margin in FY 2024

	FY 2023		FY 2024		Change
	In €m	% of sales	In €m	% of sales	In %
Amplification	93.3	44.4%	132.4	47.3%	+42.0%
Detection & Imaging	37.7	45.7%	57.1	48.6%	+51.6%
Eliminations & Other	0.1	n/a	0.1	n/a	n/a
Adjusted gross margin	131.1	44.9%	189.6	48.1%	+44.7%

Exosens posted a strong increase in adjusted gross margin at Group level and across both segments in FY 2024, mainly due to higher sales volumes, improved yields and a favorable product mix. The Group’s adjusted gross margin stood at €189.6 million in FY 2024, reflecting a growth of +44.7% compared to FY 2023. Adjusted gross margin rate reached 48.1% in FY 2024, marking a significant improvement of 320 basis points year-on-year.

Adjusted gross margin of the Amplification segment totaled €132.4 million in FY 2024 (+42.0% vs. FY 2023), representing a margin of 47.3% (vs. 44.4% in FY 2023). This strong increase in margin rate mainly reflected higher sales volumes, improved yields and a favorable product mix.

Adjusted gross margin of the Detection & Imaging segment amounted to €57.1 million in FY 2024 (+51.6% vs. FY 2023), representing a margin of 48.6% (vs. 45.7% in FY 2023). This improved margin rate was mainly driven by a positive product mix, improved yields and supply-chain cost synergies.

Continued strong operational execution driving further profitability increase in FY 2024

Exosens reported a further increase of its profitability at Group level in FY 2024, reinforcing best-in-class margin, driven by strong business momentum and continued operational excellence.

Adjusted EBITDA amounted to €118.5 million in FY 2024, representing a sharp growth of +37.8% (or +€32.5 million) compared to €86.0 million in FY 2023. As a result, adjusted EBITDA margin improved by 60 basis points to reach 30.1% in FY 2024 (vs. 29.5% in FY 2023).

Adjusted EBIT totaled €95.3 million in FY 2024, posting a strong growth of +44.1% (or +€29.2 million) compared to €66.1 million in FY 2023. As a result, adjusted EBIT margin increased by 150 basis points to reach 24.2% in FY 2024 (vs. 22.7% in FY 2023).

The Group’s recorded an operating income of €73.0 million in FY 2024, representing a significant increase of +51.2% (or €24.7 million) compared to €48.3 million in FY 2023. As a percentage of sales, operating margin improved by 200 basis points to reach 18.5% (vs. 16.5% in FY 2023).

Significant growth in net income, up +67% in FY 2024

Exosens recorded a significant increase in net profit, reaching €30.7 million in FY 2024, up by +66.7% (or €12.3 million) compared to FY 2023. Adjusted for PPA amortization, net profit was €41.5 million in FY 2024, representing a growth of +49.2% (or €13.6 million) compared to FY 2023.

Strong increase in free cash flow, up +€35 million in FY 2024

Exosens recorded a significant increase in free cash flow to €55.4 million in FY 2024 (vs. €20.5 million in FY 2023). This strong increase was achieved despite one-off expenses related to IPO consulting fees. In addition, the Group achieved a higher cash conversion rate of 74.1% in FY 2024 compared to 69.3% in FY 2023, with increased investment towards the end of the year to support future growth.

Sustained R&D efforts in FY 2024 to support long-term growth and market leadership

R&D expenses grew by +35.0% to €30.4 million (7.7% of sales) in FY 2024 compared to €22.5 million (7.7% of sales) in FY 2023. Continued efforts in R&D like the development of 5G image intensifier tubes for Defense’s night vision applications, or next gen detectors for Life Sciences and Nuclear will sustain the group’s future growth and maintain its leading positions.

Completion of the first phase of capacity expansion

Capital expenditure reached €27.9 million in FY 2024 compared to €23.7 million in FY 2023, marking a reduction in capex to sales ratio to 7.1% (vs. 8.1% in FY 2023) following the completion of capacity expansion resulting from investments started in 2022-2023.

Strengthened capital structure, fully supporting our growth strategy

Following Exosens’ successful IPO in June 2024, which included a capital increase of €180 million and a full debt refinancing (securing two new credit facilities of a total amount of €350 million), the Group has significantly deleveraged, with its net debt more than halving to €144.1 million as at 31 December 2024 compared to €302.3 million as at 31 December 2023. Accordingly, the leverage ratio decreased significantly to 1.2x as at 31 December 2024, as compared to a ratio of 3.3x as at 31 December 2023, providing the Group with ample capacity to pursue its investments in growth.

Dividend

The Company’s Board of Directors decided, during its meeting on 28 February 2025, to propose the payment of a €0.10 cash dividend per share for the 2024 fiscal year. This amount will be subject to the approval of the Annual General Shareholders’ Meeting, which will take place on 23 May 2025.

Outlook for 2025 and the 2024-2026 period: Sustained growth dynamic driven by defense tailwinds

Exosens expects a continued strong performance in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties compared to 2024.

The Group expects a high-teens 2024-2026 adjusted EBITDA CAGR and a cash conversion²ratio in the range of 70%-75% over the period, taking into account capacity investment in Europe and in the US.

Furthermore, the Group intends to pursue its growth strategy, at a pace consistent with historical trend, while maintaining a leverage ratio³of around 2x.

Webcast

Jérôme Cerisier, CEO and Quynh-Boi Demey, CFO will hold a conference call and webcast to discuss Exosens’ full-year 2024 results on Monday, 3 March 2025 at 9:00am CET. This presentation will be followed by a Q&A session and can be accessed via the following link:
https://channel.royalcast.com/landingpage/exosens-en/20250303_1/

The press release and the presentation will be available in the Investor Relations section on Exosens’ website at https://www.exosens.com/investors.

Audit procedures in respect of the consolidated financial statements are complete and the corresponding audit report of the auditors is in the process of being delivered.

Financial Calendar

28/04/2025: Q1 2025 revenue & adj. gross margin (publication before market opening);
29/04/2025: Publication of 2024 Universal Registration Document;
23/05/2025: Annual general meeting;
31/07/2025: H1 2025 results (publication before market opening);
27/10/2025: Q3 2025 revenue & adj. gross margin (publication before market opening).

About Exosens

Exosens is a high‐tech company, with more than 85 years of experience in the innovation, development, manufacturing and sale of high‐end electro‐optical technologies in the field of amplification, detection and imaging. Today, it offers its customers detection components and solutions such as travelling wave tubes, advanced cameras, neutron & gamma detectors, instrument detectors and light intensifier tubes. This allows Exosens to respond to complex issues in extremely demanding environments by offering tailor‐made solutions to its customers. Thanks to its sustained investments, Exosens is internationally recognized as a major innovator in optoelectronics, with production and R&D carried out on 12 sites, in Europe and North America and with over 1,700 employees. Exosens is listed on compartment A of the regulated market of Euronext Paris ﴾Ticker: EXENS – ISIN: FR001400Q9V2﴿. Exosens is a member of Euronext Tech Leaders segment and is also included in several indices, including CAC All-Tradable, CAC Mid & Small, FTSE Total Cap and MSCI France Small Cap. For more information: www.exosens.com.

Investor Relations

Laurent Sfaxi, l.sfaxi@exosens.com

Media Relations

Brunswick Group, exosens@brunswickgroup.com
Laetitia Quignon, + 33 6 83 17 89 13
Nicolas Buffenoir, + 33 6 31 89 36 78

APPENDICES

Reconciliation of adjusted EBITDA and adjusted EBIT

In € millions	FY 2023	FY 2024
Operating profit	48.3	73.0
Depreciation, amortization and impairment – net	29.2	34.1
Other income and expenses	4.6	3.9
EBITDA	82.0	111.0
Share-based payments	1.6	2.9
One-off costs	2.4	4.5
Adjusted EBITDA	86.0	118.5
Depreciation, amortization and impairment ex. PPA amortization	(19.9)	(23.3)
Adjusted EBIT	66.1	95.3

Reconciliation of free cash flow and cash conversion

In € millions	FY 2023	FY 2024
Adjusted EBITDA	86.0	118.5
Capitalized research and development costs	(8.6)	(11.0)
Adjusted EBITDA after capitalized R&D costs	77.4	107.5
Change in working capital⁴	(21.4)	(10.7)
Tax paid	(6.9)	(6.7)
Maintenance capital expenditure⁴	(6.4)	(12.5)
Others	(4.9)	(7.0)
Free cash flow before growth	37.8	70.7
Growth capital expenditure⁴	(17.3)	(15.3)
Free cash flow after growth	20.5	55.4

Adjusted EBITDA after capitalized R&D costs and capital expenditure ^(A)	53.7	79.6
Adjusted EBITDA after capitalized R&D costs ^(B)	77.4	107.5
Cash conversion (%) ^{(A) / (B)}	69.3%	74.1%

Consolidated statement of income

In € millions	FY 2023	FY 2024
Revenue	291.8	394.1
Cost of sales	(76.0)	(103.0)
Other purchases and external expenses	(54.1)	(65.5)
Taxes and duties other than income tax	(1.6)	(1.6)
Employee benefits expenses	(81.3)	(110.8)
Other operating income / (expenses)	4.4	2.0
Depreciation, amortization and additions to provisions	(30.4)	(38.2)
o/w PPA amortization	(9.5)	(10.8)
Current operating profit / (loss)	52.8	76.9
*Current operating profit / (loss) ex. PPA amortization*	*62.3*	*87.8*
Other income / (expenses)	(4.5)	(3.9)
Operating profit / (loss)	48.3	73.0
*Operating profit / (loss) ex. PPA amortization*	*57.7*	*83.8*
Net financial result	(28.0)	(31.2)
Profit / (loss) before tax	20.2	41.8
*Profit / (loss) before tax ex. PPA amortization*	*29.7*	*52.6*
Income tax	(1.8)	(11.1)
Net profit / (loss)	18.4	30.7
*Net profit / (loss) ex. PPA amortization*	*27.8*	*41.5*

Consolidated statement of cash flows

In € millions	FY 2023	FY 2024
Net profit / (loss)	18.4	30.7
Net financial results	28.0	31.2
Income tax	1.8	11.1
Charges net of reversals to depreciation and amortization	30.9	36.9
Other income / (expenses)	(0.2)	2.5
Income tax received / (paid)	(6.9)	(6.7)
Change in net working capital	(21.7)	(9.5)
Net cash flow from / (used in) operating activities	50.5	96.2
Net investments in assets	(31.4)	(41.3)
Net acquisition of equity investments	(69.3)	(31.4)
Investment grant received and other flows	1.1	(0.0)
Net cash flow from / (used in) investment activities	(99.6)	(72.7)
Capital increases / (decreases)	0.0	180.0
Acquisitions and disposals of treasury shares	0.0	(0.3)
Change in financial liabilities and IFRS 16 leases	57.6	(65.1)
Interest payments (including IFRS 16 leases)	(24.4)	(24.2)
Other	2.3	(14.1)
Net cash flow from / (used in) financing activities	35.5	76.3
Effect of changes in exchange rates	0.2	0.4
Increase / (decrease) in cash and cash equivalents	(13.5)	100.2
Cash and cash equivalents at the beginning of the period	29.0	15.5
Cash and cash equivalents at the end of the period	15.5	115.6

Consolidated balance sheet – Assets

In € millions	31-Dec-2023	31-Dec-2024
Goodwill	174.3	189.5
Intangible assets	202.4	204.9
Tangible assets	72.1	93.6
Right-of-use of leases	10.8	10.6
Investment in associates	3.4	3.4
Financial assets and other long-term investments	0.7	0.9
Deferred tax assets	0.0	(0.0)
Non-current assets	463.7	502.8
Inventory	78.5	93.0
Accounts receivable	69.2	71.0
Derivative financial instruments	0.2	0.0
Financial assets and other short-term investments	29.4	33.0
Cash and cash equivalents⁵	15.5	117.2
Current assets	192.7	314.2

Total assets	656.4	817.0

Consolidated balance sheet – Equity and liabilities

In € millions	31-Dec-2023	31-Dec-2024
Share capital	1.9	21.6
Additional paid-in capital	188.1	342.5
Reserves	14.1	48.5
Total equity	204.1	412.6
Long-term financial debt	300.8	247.8
Long-term lease liabilities	7.7	8.2
Pension liabilities	7.6	7.5
Provisions and other long-term liabilities	8.6	13.4
Deferred tax liabilities	17.6	20.6
Non-current liabilities	342.3	297.4
Short-term financial debt	7.0	2.5
Short-term lease liabilities	2.4	2.7
Derivative financial instruments	–	0.1
Accounts payable	32.3	26.0
Provisions and other short-term liabilities	68.4	75.6
Current liabilities	110.1	107.0

Total equity and liabilities	656.4	817.0

Definitions

Like-for-like growth is the revenue growth achieved by the Group excluding currency impact and scope effect, which corresponds to revenue recorded during period “n” by all the companies included in the Group’s scope of consolidation at the end of period “n-1” (excluding any contribution from the companies acquired after the end of period “n-1”), compared with revenue achieved during period “n-1” by the same companies. Like-for-like growth for the fiscal year ended 31 December 2024 therefore excludes the contribution of Telops, El-Mul and Photonis Germany (formerly ProxiVision), acquired by the Group in October 2023, July 2023 and June 2023, respectively, as well as Centronic and LR Tech, acquired by the Group in July 2024 and September 2024, respectively.

Adjusted gross margin is equal to the difference between the selling price and the cost price of products and services (including notably employee benefits).

Adjusted EBITDA is defined as operating profit, less (i) additions net of reversals to depreciation, amortization and impairment of non-current assets; (ii) non-recurring income and expenses as presented in the Group’s consolidated income statement within “Other income” and “Other expenses”, and (iii) the impact of items that do not reflect ordinary operating performance (in particular business reorganization and adaption costs, costs relating to acquisition and external growth transactions, as well as the IFRS 2 share-based payment expense).

Adjusted EBIT is defined as operating profit, less (i) non-recurring income and expenses as presented in the Group’s consolidated income statement within “Other income” and “Other expenses”, and (ii) the impact of items that do not reflect ordinary operating performance (in particular business reorganization and adaption costs, costs relating to acquisition and external growth transactions, as well as the IFRS 2 share-based payment expense). Depreciation, amortization and reversal of impairment losses on non-current assets, included in adjusted EBIT, exclude the amortization of the part of non-current assets corresponding to purchase price allocation.

Cash conversion is calculated as follows: (adjusted EBITDA – capitalized research and development costs – capital expenditure) / adjusted EBITDA – capitalized research and development costs).

Leverage ratio is calculated as net debt / adjusted EBITDA as defined in the Group’s New Senior Credit Facilities Agreement entered into as part of the refinancing executed in the frame of the IPO.

Forward-looking statements

Certain information included in this press release are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which Exosens operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from the forward-looking statements included in this press release. These risks and uncertainties include those set out and detailed in Chapter 3 “Risk Factors” of the registration document approved on 22 May 2024 by the French financial markets’ authority (“Autorité des marchés financiers”) under number I. 24-010. Forward-looking statements speak only as of the date of this press release and the Group expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements included in this press release to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Forward-looking information and statements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group. Actual results could differ materially from those expressed in, or implied or projected by, forward-looking information and statements. This press release is provided for information purposes only. It does not constitute and should not be deemed to constitute an offer to the public of securities.

1 Formerly ProxiVision.
2 Cash conversion is defined as (adjusted EBITDA – capitalized R&D – capex) / (adjusted EBITDA – capitalized R&D).
3 Leverage ratio is defined as net financial debt / adjusted EBITDA.
4 Capital expenditures not paid at year-end 2024 were reclassified in working capital.
5 As at 31 December 2024, cash and cash equivalents balance sheet position amounts to €117.2 million. Adjusted for bank overdrafts for €0.3 million and interests to be received for €1.2 million, cash and cash equivalents amount to €115.6 million as reported in the cash flow statement.

Attachment

Exosens_Press Release_FY 2024_VA_FINAL

The MIL Network –

March 3, 2025

MIL-OSI China: Legacy carved in stone

Source: China State Council Information Office 3

The recent Chongqing premiere of For an Eternal Homeland — Dazu Rock Carvers’ Legacy has been hailed by the audiences and critics as a spectacle that brings the ancient figures of the Dazu Rock Carvings, a UNESCO World Heritage Site, to life.

Through a blend of artistry and narrative, this dance drama has been recognized by many as a successful reimagining and revitalization that allows the historical treasure to shine anew.

Zhang Yaqi, artistic director of the dance drama, says that the collaboration between the municipality of Chongqing and the China Oriental Performing Arts Group, a national performing arts institution, was developed over a two-year period and pays tribute to Dazu’s stone carvers.

The performance is themed on celebrating the ancient philosophical vision of an ideal society: renjian xiaoman; tianxia dazu, (literally “small satisfaction in human life; grand prosperity and abundance in the world”).

The Dazu Rock Carvings include the 144 grottoes, 50,000 statues and 100,000 inscriptions found in Chongqing’s Dazu district.

Begun during the early Tang Dynasty (618-907) and reaching its peak during the Song Dynasty (960-1279), these extensive carvings amalgamate Confucian, Buddhist and Taoist sculptures.

The UNESCO designation was awarded in 1999. Along with the Mogao Caves in Gansu province, the Longmen Grottoes in Henan province, and the Yungang Grottoes in Shanxi province — all similarly designated — the Dazu Rock Carvings are considered an essential part of the history of cave art in China.

The 10-chapter, 100-minute dance drama is the tale of a young refugee named Xiao Fu. Fleeing to Dazu during the Southern Song Dynasty (1127-1279), he seeks sanctuary among local rock carvers, embracing their simple joys and aspirations for a brighter tomorrow. However, when a rockslide occurs, he pledges to immortalize the names of his departed family members by carving them on the cliffs, ensuring their memory lasts forever.

“The stage presentation was challenging, with a deep sense of reverence. We drew inspiration from the details of the carvings, capturing their lifelike appearances,” Zhang says.

She adds that every aspect, from characters and costumes to design, movements and props, was created to reflect the poetic essence of these portrayals of everyday rural life.

For instance, figures such as the flute-playing woman, the chicken-raising woman, the cattle herder, and the woman wine seller, as well as Graceful Guanyin (Avalokitesvara, or the Goddess of Mercy), Water-moon Guanyin, and the Buddhist monk Zhigong (418-514) are brought to life in the drama.

The 40 performers, 18 women and 22 men, radiate an ancient charm that encapsulates the aesthetics of the Song Dynasty, according to Zhang, who adds that the production included some core members of the team behind another hit, Poetic Dance: The Journey of a Legendary Landscape Painting.

A large mirror onstage was used as a backdrop, according to Gao Guangjian, the drama’s visual director and set designer.

A variety of multimedia techniques was used to create a distinct realm, enabling the exploration of the dynamic interplay between reality and faith.

“The Dazu Rock Carvings are a priceless treasure, and belong to humanity,” says Li Fangyin, former director of Dazu Rock Carvings Research Institute.

“Their deep content, such as philosophical ideas, humanistic principles, values and morals, helped us to further tap their worth through creative efforts,” Li adds.

Since the 18th National Congress of the Communist Party of China in 2012, the country has increasingly focused on the conservation and use of cultural heritage and grotto temples.

According to Li, more than 30 protection projects have been carried out at the Dazu Rock Carvings over the past two decades, resulting in marked progress on the protection, research, and use of the site.

The Qianshou Guanyin (Thousand-hand Avalokitesvara) statue, carved during the Southern Song Dynasty, is a treasure of Baoding Mountain, one of the sites part of Dazu. In June 2015, after an 8-year national project to conserve its stone relics, aided by technology, salvage efforts were completed. That year, the Art Museum of Dazu Rock Carvings was opened.

After 16 years of surveys and research by experts at the research institute, Dazu Shike Quanji (A Collection of Dazu Rock Carvings) was published by Chongqing Publishing Group in 2019, the first Chinese archaeological report about large grotto temple sites.

In recent years, several international academic symposiums have been held in Chongqing and Ziyang, Sichuan province, to integrate cultural tourism and preservation.

Last August, the first International Forum on Cave Temple Conservation kicked off in Dazu. Experts from countries, including Norway, the United Kingdom, Japan, Pakistan, Iran, Afghanistan and Nepal, convened to share insights and address common challenges in the global conservation of grotto temples.

Chongqing’s Dazu and Ziyang city in Sichuan are known for their stone carvings — 150,000 in all — among which the Anyue Grottoes in Ziyang’s Anyue county have been included in the provisional list of UNESCO’s World Cultural Heritage Sites.

The Sichuan-Chongqing Grotto Protection and Research Center has been established and has organized 20 international forums and academic exchange studies in Dazu. It is also responsible for publishing the academic journal Cave Temple Research and Conservation.

“The fusion of traditional art and modern technology has led to many changes,” Li says, citing the example of Black Myth: Wukong.

The game’s production team explored the Dazu Rock Carvings three years ago, and set many scenes in the hit game there.

After its three-day premiere from Feb. 21 to 23 in Chongqing, the drama will travel to 10 more cities, including Chengdu, Hangzhou in Zhejiang province, Nanchang in Jiangxi province, Shenzhen in Guangdong province, Fuzhou and Xiamen in Fujian province, as well as Changsha in Hunan province. A total of 100 performances are planned for the year.

MIL OSI China News –

March 3, 2025
MIL-OSI: Nokia and industry partners accelerate AI-RAN development #MWC25
Source: GlobeNewswire (MIL-OSI)

Press Release
Nokia and industry partners accelerate AI-RAN development #MWC25
- Nokia’s ecosystem of industry partnerships is driving advancements in AI-RAN architecture and the deployment and optimization of AI-powered Radio Access Networks.
- Collaboration helps lay the foundations for platform-as-a-service business models for operators offering scalable computing infrastructure and capabilities for AI and other services in addition to connectivity.
- Nokia opens AI-RAN Center in Dallas, U.S to accelerate development of AI-RAN with partners.
- AI-RAN will have a transformative impact on the future of telecommunications infrastructure and services.
2 March 2025
Espoo, Finland – At Mobile World Congress 2025, Nokia and its ecosystem of industry partners, KDDI, SoftBank Corp., T-Mobile US, and NVIDIA today outlined the advances made in the deployment and optimization of revolutionary AI-powered Radio Access Networks (RAN) as well as the future architecture for AI-RAN. These joint efforts will lay the foundations for developing platform-as-a-service (PaaS) business models for CSPs, which helps them unlock new monetization opportunities by offering scalable computing infrastructure and capabilities for processing AI and other services. Under its anyRAN approach, Nokia is evolving Cloud RAN solutions to include AI computing in the shared infrastructure to maximize resource efficiency for operators.

Nokia has taken a leadership role in exploring how AI will transform the future of telecommunications infrastructure and services. To accelerate the innovation and development of AI-RAN, Nokia is establishing an AI-RAN Center at its offices in Dallas, U.S. The center will enable Nokia’s partners to develop and test AI-RAN solutions in real-world network conditions with a focus on creating innovative use cases, prototypes, and to validate AI-RAN reference architecture. Nokia is also working with its industry partners across a range of initiatives including:

Nokia and NVIDIA
Over the past year, Nokia has worked closely with NVIDIA to assess and evaluate multi-purpose NVIDIA accelerated computing infrastructure to enable the transformative power of AI-RAN.

Nokia and KDDI
Nokia has also formed a strategic partnership with KDDI to research the practical applications of AI-RAN, including use cases and architectures, to make it commercially viable in the future. The companies will explore how AI applications can enhance the user experience, enhance network quality, reduce 5G network-related costs and power consumption through automation, and create monetization opportunities that leverage GPUs and Generative AI. The companies will conduct a commercial trial using AI-enabled RAN hardware and research AI utilization to optimize network performance.

Nokia and SoftBank
Nokia and SoftBank’s innovative partnership has successfully showcased the powerful integration of multi-purpose, optimized AI workloads within the AI and RAN platform based on Red Hat OpenShift, the industry’s leading hybrid cloud application platform powered by Kubernetes. This is managed through Nokia’s MantaRay NM solution for network management and SoftBank’s AITRAS Orchestrator. This collaboration illustrates how both RAN and non-RAN AI workloads can efficiently share the computing resources, significantly enhancing resource utilization. This not only leads to improved operational efficiencies but also accelerates the return on investment for network operators.

Nokia and T-Mobile U.S.
Nokia and T-Mobile are redefining the future of network connectivity by exploring innovative architectures for a multi-purpose cloud infrastructure. Since the announcement of the AI-RAN collaboration last year, both companies are working together to evaluate AI-RAN network architecture, the feasibility of using accelerated computing for L1, and to understand the co-existence of AI and RAN on the shared infrastructure using Nokia Cloud RAN and NVIDIA platforms. The companies are also exploring monetization opportunities and techno-economics of the AI-RAN multi-purpose cloud infrastructure.

“To fully harness the transformative power of AI-RAN, Nokia is working hand-in-hand with an ecosystem of leading industry partners. We enable the evolution of 5G networks toward a multi-purpose cloud platform that unlocks new revenue models and infrastructure synergies for AI and RAN while already today enhancing RAN performance and efficiency with AI-powered products and services,” commented Tommi Uitto, President of Mobile Networks at Nokia.

“Alongside AI-RAN Alliance co-founders Softbank and T-Mobile US, it is encouraging to see new operators such as KDDI collaborating with Nokia to explore AI-RAN technologies, use cases and business models. This growing industry participation shows the strong appetite for AI integration with radio access networks,” said Rémy Pascal, Senior Research Manager for Mobile Infrastructure at Omdia.

“We are thrilled to have signed a Memorandum of Understanding with Nokia to collaborate on the research and development of AI-RAN. This collaboration will accelerate the path to commercial viability by exploring practical applications of AI-powered networks. We anticipate that AI-RAN will unlock significant network optimization, enhance user experiences, reduce costs, and generating new services and revenue, leading to a more efficient and intelligent 5G ecosystem,” noted Kazuhiro Furuhata, Executive Officer & General Manager, Network Node Technical Development Division Core Technology Sector at KDDI.

“Through the monitoring of hardware resources by the AITRAS Orchestrator, we have successfully enabled the coexistence of vRAN and AI applications. This advancement facilitates the more efficient utilization of base station equipment,” said Hideyuki Tsukuda, Executive Vice President & CTO, SoftBank Corp

“T-Mobile’s collaboration with Nokia on AI-RAN is driving the future of network innovation. By exploring AI-driven architectures and leveraging multi-purpose cloud infrastructure, we’re evaluating how accelerated compute for Layer 1 (L1) and the seamless integration of AI and RAN on shared platforms with our industry partners will enhance network performance and efficiency. Beyond technical advancements, we’re also exploring new monetization opportunities and the broader techno-economics of AI-RAN, paving the way for smarter, intent-based networks,” added John Saw, Executive Vice President, Chief Technology Officer, T-Mobile.

AI-RAN at Mobile World Congress 2025
Nokia will demonstrate its innovative AI-powered solutions at its stand in Hall 3 Stand #3B20 at this year’s Mobile World Congress 2025. Visitors will experience a range of demonstrations including how networks can manage RAN and AI workloads on the same infrastructure as well as how AI is built into Nokia’s AirScale base stations to optimize RAN performance by intelligently adapting to varying radio conditions. Nokia will also demonstrate MantaRay AutoPilot, an AI-powered solution for autonomous RAN operations and optimization including the results of a live customer deployment. Nokia will also showcase the breadth of its AI-based services portfolio, including the new extended reality visualization for the AI-powered Digital Network Twin, and other extensive AI capabilities.

Multimedia, technical information and related news
Web Page: Nokia at MWC25
Web Page: Nokia AI-RAN
Web Page: Nokia Cloud RAN
Product Page: Nokia anyRAN
Product Page: Nokia AirScale Baseband
Product Page: MantaRay NM
Whitepaper: AI for Radio Access Networks
Solution Brief: MantaRay AutoPilot: Powering AI-driven Autonomous RAN Operations

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.

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Nokia Press Office
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The MIL Network –
March 3, 2025
MIL-OSI USA: Transcript: Consent Award to End Prison Work Stoppage

Source: US State of New York

arlier today, Governor Kathy Hochul addressed the consent award to end work stoppage at state correctional facilities. Last night, mediator Martin Scheinman released a statement outlining the terms agreed to by DOCCS and NYSCOPBA.

VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

AUDIO: The Governor’s remarks are available in audio form here.

PHOTOS: The Governor’s Flickr page will post photos of the event here.

A rush transcript of the Governor’s remarks is available below:

I’d like to make a statement about the situation with our Department of Corrections and the ongoing unauthorized prison strike. Throughout this entire crisis, my top priority has been public safety. The safety of the incarcerated population, the safety of the workers there, the safety of the correction officers and the safety of the community.

Every single decision we have made has gone through that lens of what’s best and what’s safest for these communities. And I deployed every single resource to deal with this crisis, mobilizing the National Guard. And let me say how grateful I am to the National Guard. We have National Guardsmen in Guantanamo Bay, on battlefields, we have them in Greenland, on really important missions — but right now they’ve been pulled out of protecting critical assets, even our airports and subway systems, to have to be up here to deal with this situation. I’m grateful they have made that sacrifice.

We also wanted to bring together people for mediation. The union representing the correction officers requested a mediator — requested a specific individual — and that person has been working really hard, and I appreciate his work as well: Mediator Marty Scheinman. And working with him, we’ve reached a consent award. Now this addresses many, many of the concerns raised by the correction officers. And I’ll go through them.

This will put the conditions back on safe operations. It respects the rights of incarcerated individuals and it prevents future unsanctioned work stoppages. We also share the goal with the union that 24-hour work shifts are too long. I understand this. These individuals work in tough, tough conditions. I know that, and I appreciate it. This is a lot of time away from their families. There’s a lot of unpredictability. This is not an ideal situation. No one wants this. And we want to make sure that we are striving toward the goal of eliminating those shifts. This will take some time. Our ranks are down. We have many, many people out on workers comp on any given day. We need to get people back to work. We need to hire more people, and we’re going to continue toward those goals.

So this agreement that we came together with last evening, represents our commitment to creating safer work environments, which the correction officers absolutely deserve, ensures proper staffing and management of facilities and creates a framework going forward to address concerns as they arise.

This resolution is just the beginning. We want to continue addressing systemic issues and make sure that the entire environment is safe for everyone involved, and protect the staff and incarcerated individuals. Now I have a lot of respect for the correction officers who dedicate themselves and their lives to public safety.

This is a critical, critical function for all of us, and I’m grateful for those who have remained at work. And looking forward to the return of others who have taken the position they have over the last number of days. But we want them back at work and we hope that they will look very seriously at what, I believe, is a real win for the correction officers.

So, I appreciate everybody involved.

MIL OSI USA News –

March 2, 2025
MIL-OSI United Kingdom: Prime Minister Keir Starmer to host leaders summit on Ukraine
Source: United Kingdom – Executive Government & Departments

Press release

Prime Minister Keir Starmer to host leaders summit on Ukraine

The Prime Minister will intensify his efforts in pursuit of a just and lasting peace in Ukraine by convening international leaders at a summit in London today [2 March 2025].
The Prime Minister will intensify his efforts in pursuit of a just and lasting peace in Ukraine by convening international leaders at a summit in London today.

The Prime Minister has this weekend reiterated his unwavering support for Ukraine and is determined to find a way forward that brings an end to Russia’s illegal war and guarantees Ukraine a lasting peace based on sovereignty and security.

The summit rounds off a week of intense diplomacy for the Prime Minister, which has seen him raise UK defence spending and travel to Washington D.C. for productive talks with President Trump in support of UK and European security. The Prime Minister spoke again with both President Trump and President Zelenskyy on Friday evening following the events of yesterday at the Presidents’ meeting in Washington D.C.

The Prime Minister will welcome Italy’s Prime Minister Giorgia Meloni to Downing Street this morning, before being joined at the summit in central London by the leaders of Ukraine, France, Germany, Denmark, Italy, Netherlands, Norway, Poland, Spain, Canada, Finland, Sweden, Czechia and Romania. The Turkish Foreign Minister, NATO Secretary General and the Presidents of the European Commission and European Council will also attend.

The Prime Minister has been clear that there can be no negotiations about Ukraine without Ukraine, a determination he reiterated when he warmly welcomed President Zelenskyy to Downing Street on Saturday evening ahead of the summit.

Discussions at the summit will focus on:

Strengthening Ukraine’s position now – including ongoing military support and increased economic pressure on Russia.

The need for a strong lasting deal that delivers a permanent peace in Ukraine and ensures that Ukraine is able to deter and defend against future Russian attack.

Next steps on planning for strong security guarantees.

Following the announcement earlier this week that the UK will spend 2.5% of its GDP on defence by 2027, the Prime Minister will be clear on the need for Europe to play its part on defence and step up for the good of collective security.

The UK has already been clear it is willing to support Ukraine’s future security with troops on the ground.

Prime Minister Keir Starmer said:

Three years on from Russia’s brutal invasion of Ukraine, we are at a turning point. Today I will reaffirm my unwavering support for Ukraine and double down on my commitment to provide capacity, training and aid to Ukraine, putting it in the strongest possible position.

In partnership with our allies, we must intensify our preparations for the European element of security guarantees, alongside continued discussions with the United States.

We have an opportunity to come together to ensure a just and lasting peace in Ukraine that secures their sovereignty and security.

Now is the time for us to unite in order to guarantee the best outcome for Ukraine, protect European security, and secure our collective future.

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Published 1 March 2025
MIL OSI United Kingdom –
March 2, 2025

MIL-OSI United Nations: Workshop on the utilisation and integration of new data sources for the Consumer Price Index

Source: United Nations Economic Commission for Europe

Report	PDF
Agenda	PDF
Session 1. New data sources and collection methods for CPI
From survey to multiple source-based CPI, Carsten Boldsen, UNECE	PDF
Development of the CPI in Norway, Randi Johannessen, Norway	PDF
Practices and experiences from the development of the CPI in Switzerland (data sources), Corinne Becker, Switzerland	PDF
Session 2. Scanner data
Scanner data, Corinne Becker, Switzerland	PDF
Country practices scanner data, Randi Johannessen, Norway	PDF
Ways of using scanner data for CPI, Randi Johannessen, Norway	PDF
Scanner data: challenges, Corinne Becker, Federal Statistical Office of Switzerland	PDF
Alternative data sources used in Türkiye’s CPI, Hasan ÇİĞ, Turkstat	PDF
Product relaunches, shrinkflation and quality adjustment in scanner data, Ken van Loon, Belgium	PDF
Multilateral Methods in the HICP, Vanda Guerreiro, Eurostat	PDF
Session 3. Web prices and web scraping
Web scraping for the CPI: ways of implementation and challenges, Corinne Becker, Switzerland	PDF
Session 4. Administrative data sources
Results of the survey on country practices on administrative data sources for CPI, Randi Johannessen, Norway	PDF
Practices and challenges in using administrative data sources for CPI, Randi Johannessen, Norway	PDF
Administrative data source, Corinne Becker, Switzerland	PDF
Session 5. Methodological issues
Treatment of seasonal products, Randi Johannessen, Norway	PDF
Aggregation of higher-level price indice, Carsten Boldsen, UNECE	PDF
Session 6. Classification of goods and services in the CPI – changeover to COICOP-18
Implementation of ECOICOP ver. 2 in the HICP, Vanda Guerreiro, Eurostat	PDF
Changes in the classification of goods and services in the CPI. Carsten Boldsen, UNECE	PDF
Classification of goods and services in the CPI. Practical part, Corinne Becker, Switzerland	PDF
Session 7. Communication of CPI
Disseminating the Consumer Price Index in Georgia, Giorgi Tetrauli, Georgia	PDF
Communication of the CPI in Kazakhstan, Tokbayeva Zhairan, Kazakhstan	PDF
Communication of the CPI, Randi Johannessen, Norway	PDF

MIL OSI United Nations News –

March 1, 2025

MIL-OSI Video: Finnish Skiing in Finland

Source: United States Department of Defense (video statements)

—————
@usarmy soldiers with @10thMountainDivision and 11th Airborne Division train on Finnish skis to enhance warfighting readiness, tactical proficiency and integration during Arctic Forge 25 in Finland.

For more on the Department of Defense, visit: http://www.defense.gov
—————
Keep up with the Department of Defense on social media!

Like the DoD on Facebook: http://facebook.com/DeptofDefense
Follow the DoD on Twitter: http://twitter.com/DeptofDefense
Follow the DoD on Instagram: http://instagram.com/DeptofDefense
Follow the DoD on LinkedIn: https://www.linkedin.com/company/DeptofDefense

https://www.youtube.com/watch?v=s-ATGWfl5-s

MIL OSI Video –

March 1, 2025
MIL-OSI: Nokia Corporation: Repurchase of own shares
Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
28 February 2025 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 28.02.2025

Espoo, Finland – On 28 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*

XHEL 1,400,000 4.65

CEUX – –

BATE – –

AQEU – –

TQEX – –

Total 1,400,000 4.65

* Rounded to two decimals

On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

Total cost of transactions executed on 28 February 2025 was EUR 6,507,900. After the disclosed transactions, Nokia Corporation holds 135,282,828 treasury shares.

Details of transactions are included as an appendix to this announcement.

On behalf of Nokia Corporation

BofA Securities Europe SA

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

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

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

Inquiries:

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

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

Attachment
- Daily Report 2025-02-28
The MIL Network –
March 1, 2025
MIL-OSI Europe: Written question – Inconsistencies in published occupational-accident statistics – P-000848/2025
Source: European Parliament
Priority question for written answer P-000848/2025
to the Commission
Rule 144
Alexander Bernhuber (PPE)

Referencing by the Commission in its reporting focuses on the United Nations’ Sustainable Development Goals, in particular in the area of ‘safety and health at work’. The questioner has noticed inconsistencies in published occupational-accident statistics, however, which raise questions as to quality assurance relating to the underlying data, as there are also extreme fluctuations in values within the EU. With regard to United Nations data, information is needed on verification, on quality (about which there are doubts) and on how discrepancies are dealt with.

1.Does the Commission, in particular Eurostat, independently verify the data provided by the United Nations and, if so, are the verification results made publicly available?

2.In the specific case of ‘Occupational Accident Statistics’, has the Commission ever identified discrepancies or voiced the suspicion that the published data may be incorrect or incomplete, and how can the Commission explain the fact that in Romania, for instance, there are only 71 ‘non-fatal occupational injuries per 100 000 workers’ and in France 2 800 and in Denmark over 3 000 ‘non-fatal occupational injuries per 100 000 workers’?

3.How does the Commission intend to proceed in this case in order to ensure the quality and plausibility of the data, and what measures are in place for verification or for coordination with data providers, e.g. with national statistical offices, the ILO or the United Nations?

Submitted: 26.2.2025
Last updated: 28 February 2025
MIL OSI Europe News –
March 1, 2025
MIL-OSI Video: Monday Briefings, Secretary-General & other topics – Daily Press Briefing

Source: United Nations (Video News)

Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

– Monday Briefings
– Secretary-General
– Occupied Palestinian Territory
– Syria
– Democratic Republic of the Congo/Peacekeeping
– Democratic Republic of the Congo
– South Sudan
– Biodiversity
– International Days
– Jane

MONDAY BRIEFINGS
On Monday there will be a briefing here by Ambassador Christina Markus Lassen, whom as you know is the Permanent Representative of Denmark, but she will be here in her capacity as President of the Security Council for the month of March. She will of course brief on the Council’s programme for the month. The briefing will be in person only, so if you want to ask questions you will need to have your backside in the seats. You can obviously follow it on the webcast.
Then, at 2:15 p.m., there will be a briefing here on the Third Meeting of States Parties to the Treaty on the Prohibition of Nuclear Weapons. Speakers will include Akan Rakhmetullin, the First Deputy Foreign Minister of Kazakhstan and President of the Meeting, and he will be joined by Melissa Parke, the Executive Director of the International Campaign to Abolish Nuclear Weapons.

SECRETARY-GENERAL
You will have seen that early this morning, the Secretary-General in his remarks expressed his deep concern about information received in the last 48 hours by UN agencies — as well as many humanitarian and development NGOs — regarding severe cuts in funding by the United States. The consequences, he said, will be especially devastating for vulnerable people around the world.
The Secretary-General expressed his hope that these decisions can be reversed based on more careful reviews, adding that in the meantime, every United Nations agency stands ready to provide the necessary information and justification for its projects.
The Secretary-General also announced that next Tuesday, he will be in Cairo to join the Extraordinary Summit of the League of Arab States to discuss the issue of the reconstruction of Gaza.

OCCUPIED PALESTINIAN TERRITORY
And turning to Gaza, the Office for the Coordination of Humanitarian Affairs tells us that since last month, our humanitarian partners have screened more than 100,000 children under the age of five for malnutrition, enrolling those who need it for treatment. They also continue to distribute nutrient supplements to infants and young children.
For its part, UNRWA [the Relief and Works Agency] tells us that more than half a million people across the five governorates of the Gaza Strip have received blankets, mattresses, floor mats, clothes, and other items including tarpaulins for rain protection.
Turning to the West Bank, our colleagues at OCHA remind us that the ongoing Israeli forces’ operation has entered its sixth week. Tens of thousands of people remain displaced in Jenin and Tulkarm.
On 25 and 26 of this month, OCHA and its partners led a mission to assess the needs of people displaced in Jenin and Tulkarm. Many of these families have been displaced multiple times. They lost their livelihoods and are no longer able to cover the basic needs of their families. Access to food is limited, with some displaced people reporting a reduction in meals consumed each day.
Children in schools have lost more than one month of learning and have been subjected to high levels of anxiety and distress.
In a report published yesterday, partners called for the protection of children and their right to live and access education, healthcare and other basic services.
Meanwhile, Israeli settlers continue to attack Palestinian communities across the West Bank. Since 2020, settler-related incidents targeting Palestinian Bedouin and herding communities have increased almost sevenfold.
Documented incidents rose to 330 in 2024 – compared to just 50 in 2020.

Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=28%20February%202025

https://www.youtube.com/watch?v=cw4yCJbG0vw

MIL OSI Video –

March 1, 2025
MIL-OSI Europe: Answer to a written question – The environmental hazard posed to the Baltic Sea by Russia’s shadow fleet – E-002971/2024(ASW)
Source: European Parliament

The Commission highlights that the United Nations Convention on the Law of the Sea (Unclos) sets out the legal framework within which all activities in the oceans and seas must be carried out.

Coastal and flag States have to exercise their rights and fulfil their obligations in accordance with Unclos. The international legal regime regulating the passage of ships through straits is embodied in Unclos.

While exercising rights of transit passage, ships must, inter alia, comply with generally accepted international regulations, procedures and practices for the prevention, reduction, and control of pollution from ships.

Moreover, according to Articles 192 and 210 et seq., States have the obligation to protect and preserve the marine environment and cooperate on a global and regional basis for the same purpose.

Moreover, under Unclos, flag States are responsible for ensuring that vessels, including shadow fleets, sailing under their flag comply with international insurance and certification requirements, vital for accountability and preventing environmental risks in the particularly sensitive sea are of the Baltic Sea.

Denmark, as the coastal State responsible for the Danish Straits, has the authority under Unclos to adopt measures to prevent environmental hazards and ensure compliance with international regulations within its territorial seas.

Member States are also required by the Marine Strategy Framework Directive[1] to include significant acute pollution events in their marine strategies.

Where such pollution events occur, it is the prime responsibility of Member States to intervene and this includes cooperation with regional bodies such as Helcom to monitor and manage maritime activities that could pose risks to the Baltic Sea.
- [1] ¹ Directive 2008/56/EC of the European Parliament and of the Council of 17 June 2008 establishing a framework for community action in the field of marine environmental policy, OJ L 164, 25.6.2008, p. 19-40.
MIL OSI Europe News –
March 1, 2025
MIL-OSI Europe: Answer to a written question – VAT on artists’ rights and the EU’s requirements for Denmark – E-002722/2024(ASW)
Source: European Parliament
The value added tax (VAT) Directive[1] provides for the taxation of supplies of services made by taxable persons for consideration.

However, as part of the derogations granted to Member States until the adoption of the definitive arrangements, Article 371 of the VAT Directive authorised Denmark, amongst other Member States, to continue to exempt the supply of services by authors, artists and performers but only those listed in Annex X, Part B, point (2), namely excluding assignments of patents, trademarks and other similar rights, and the granting of licences in respect of such rights, if the services in question were exempted in the respective Member States on 1 January 1978 and in accordance with the conditions applying on that date and have been applied continuously ever since.

Nevertheless, this is an option granted to Denmark which can decide to tax those services. Once it opts to tax, there is no possibility to revert to the previous exemption and Denmark will be obliged to continue to apply VAT on the services concerned.

It should be noted however that in some particular cases[2], the Court of Justice of the European Union has ruled that certain supplies of services by authors are not taxable transactions from a VAT point of view so there is no possibility for Member States to impose VAT on those amounts.

[1] Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax, OJ L 347, 11.12.2006, p. 1.

[2] Cases C-37/16, SAWP, ECLI:EU:C:2017:22, and C-51/18, Commission vs Republic of Austria, ECLI:EU:C:2018:1035.
Last updated: 28 February 2025
MIL OSI Europe News –
March 1, 2025
MIL-OSI New Zealand: New Zealand Police involved in global operation targeting AI-generated child sexual abuse material

Source: New Zealand Police (National News)

Attribute to Detective Senior Sergeant Kepal Richards, officer in charge of New Zealand Police Online Child Exploitation Across New Zealand Team (OCEANZ):

NZ Police have been involved in a global operation targeting AI-generated child sexual abuse material (CSAM).

Operation Cumberland is the first operation of its kind, targeting a “professional” producer of fully AI-generated CSAM, based in Denmark, and the individuals across the world who paid for his content. Led by Danish law enforcement and supported by Europol, 25 arrests were made simultaneously across 21 countries on 26 February.

The Online Child Exploitation Across New Zealand Team (OCEANZ) are conducting enquiries into potential offending in New Zealand. At this time no arrests have been made in New Zealand.

A significant amount of work has been undertaken internationally to track and identify individuals distributing the abuse material, which showed disturbing portrayals of computer-generated children of various ages.

While there were no real-life child victims in this case, AI-generated abuse material is a growing issue for Police around the world and there is a growing focus on those responsible for its creation.

Even when imagery doesn’t depict “real” victims, the material adds to an ecosystem that incites and glorifies the sexual abuse and harm of children. AI-generated child abuse material can be so realistic that resources are diverted from identifying real-life child victims, placing those children at ongoing risk of harm.

New Zealand Police continue to work closely with our international partners to combat the exploitation of children.

In New Zealand, creating, possessing, or distributing material that tends to promote or support the sexual exploitation of children is punishable under the Films, Videos, Publications and Classifications Act and those found doing so can expect to be identified and held to account.

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

March 1, 2025
MIL-OSI Global: Keir Starmer at the White House: what ‘progressive realism’ now means in relation to Ukraine and Donald Trump

Source: The Conversation – UK – By Jason Ralph, Professor of International Relations, University of Leeds

Flickr/Number 10, CC BY-NC-ND

Since the Labour government came to power in the UK past year, its international relations have been pursued under the banner of what foreign secretary David Lammy calls “progressive realism”. This involves “using realist means to pursue progressive ends”, including taking “pragmatic steps” to improve relations with other states.

Lammy rejects the notion that “idealism has no place in foreign policy” but also argues that the UK should be “realistic about the state of the world and the country’s role in it”.

The visit of the UK prime minister, Keir Starmer, to the White House to meet US president Donald Trump has been the biggest test of this approach. Outlining a set of foreign policy principles is one thing, acting on them is another.

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In practice, progressive and realist foreign policies can pull in different directions. Combining them might be a form of “cakeism” – you usually can’t be a realist and have your progressivism too. Sometimes, however, clever diplomacy can find a way.

Did Starmer find that way in his response to Trump’s ideas on negotiating with Russia without a defined role for Ukraine?

Progressive realism in action

Progressivism is associated with a commitment to the rule of international law. In the case of Ukraine, that would mean opposing any peace deal that rewarded Russia’s aggression or the concession of land to Russia.

Progressivism is also associated with a support for international criminal law. The progressive in this case might be opposed to any peace deal that did not see Russian president Vladimir Putin hauled before the International Criminal Court (the same court that Trump has sanctioned).

An invitation from the king.
Flickr/Number 10, CC BY-NC-ND

Realism, on the other hand, is sometimes associated with a foreign policy committed to the promotion of self-interest, defined narrowly as the material wellbeing of the nation. Faced with the threat of further US tariffs, and the impact they would have on the government’s economic priorities, the realist would probably recommend that the UK do absolutely nothing to upset Trump.

Starmer has so far managed to walk this particular tightrope with a “pragmatic” form of progressivism. He remains committed to the vision of a world order based on international law and so is not realist in that sense. He was not willing to betray Ukraine just to be friends with Trump and avoid US tariffs, for instance.

But he was pragmatic because he realised the only way to advance progressive principles was to persuade Trump that they set out the path to a sustainable peace. For this reason, my colleague Jamie Gaskarth and I have argued UK policy might better be described as “progressive pragmatism”.

Starmer has a broader definition of the national interest than that sometimes associated with realism. It is in the UK’s interest to maintain an international order based on laws that codify the progressive principles of national self-determination and international justice.

From this perspective, the UK is right not to turn its back on Ukrainian self-determination by jumping on Trump’s bandwagon. That is a slippery slope. It can lead to a world order that is unstable because it is dictated by the great powers. Ukraine today, Greenland, Palestine, Taiwan tomorrow.

His pragmatism was very much on display in Washington, however. It meant staying close to the US not just to avoid tariffs, which Starmer appears to have done with the help of an invitation from King Charles for a state visit to the UK. It meant working with Trump’s ideas on Russia to persuade him that supporting Ukraine is the way to a “durable” peace.

Starmer and Trump give a joint press conference.
Flickr/Number 10, CC BY-NC-ND

Durable peace here is not simply a question of satisfying Russia and having sufficient military force on the ground (the so-called US “backstop”) to deter future Russian aggression. It must also respect the political power of a progressive principle: national self-determination.

To conclude a peace that does not include the Ukrainian people is not just a moral betrayal, it is politically imprudent because it creates grievances, which become causes of conflict. That does not mean the only way forward is to return to the pre-2014 status quo, but it does mean Kyiv’s involvement in peace negotiations has to be meaningful, not symbolic.

In 1990 the transatlantic positions were reversed. UK prime minister Margaret Thatcher was troubled by the fall of Berlin wall. She proposed that the occupying powers that had divided Germany in 1945 decide the terms of reunification.

The administration of the then US president, George Bush senior, had a broader understanding of history and the future. They realised that a dictated peace after the first world war contributed to the grievances that led to the second.

On that occasion the US approach prevailed. Germany was allowed to reunify on its own terms and choose its own alliances. It was a progressive and pragmatic solution that was committed to national self-determination and it set the foundations for the durable peace that self-described realists thought would never happen.

Starmer made a point in Washington of congratulating Trump for breaking the impasse. He was rewarded when the president suggested that a trade deal is now on the table. As he flies back across the Atlantic, Starmer might continue the flattery by comparing Trump’s actions to the way Ronald Reagan sowed the seeds of the new world order in the 1980s.

He should recall, however, that the details of that new order were subsequently worked out by the administration of George Bush Snr., which had a pragmatic respect for national self-determination. That now means supporting Ukraine in any upcoming negotiation.

Jason Ralph has in the past received funding from Research Councils UK and the EU. He does not currently hold a research grant. He is a member of the UK Labour Party.

– ref. Keir Starmer at the White House: what ‘progressive realism’ now means in relation to Ukraine and Donald Trump – https://theconversation.com/keir-starmer-at-the-white-house-what-progressive-realism-now-means-in-relation-to-ukraine-and-donald-trump-250722

MIL OSI – Global Reports –

March 1, 2025
MIL-OSI: Kvika banki hf.: Notification regarding execution of buyback programme

Source: GlobeNewswire (MIL-OSI)

At the Annual General Meeting of Kvika banki hf. (“Kvika” or the “bank”) on 21 March 2024, the shareholders approved to authorise the board of directors to buy up to 10% of issued shares in the bank, to among other things enable the board of directors to carry out a formal buyback programme.

On the basis of that approval, the board of directors of Kvika decided on 27 February 2025 to exercise a part of that authorisation and establish a buyback programme to carry out the purchase of shares for total consideration amount of ISK 2,500,000,000 but for no higher nominal amount than 400,000,000 shares, for the purpose of reducing Kvika’s issued share capital. Kvika holds 61,893,341 of own shares.

Íslandsbanki hf. will be supervising the execution of the buyback programme and making all decisions regarding the acquisition of shares and the timing of the acquisitions independently of Kvika. The execution of the buyback programme must comply with Act on Public Limited Companies, No. 2/1995. In addition, the buy-back programme must be implemented as provided for in the Regulation of the European Parliament and of the Council no. 596/2014, on market abuse, as well as the Commission Delegated Regulation (EU) 2016/1052 on regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures, which supplements that Regulation. When deciding on and executing a buyback programme, the above-mentioned provisions will be complied with as currently applicable, and the implementation of such a programme shall ensure transparency in such transactions with own shares.

The execution of the buyback programme is conducted in such a way that purchases each day do not exceed a maximum of 25% of the daily average turnover of Kvika‘s shares in 20 days preceding the day of purchase and the maximum price of the purchases shall be the amount of the last independent transaction or highest independent existing purchase bid in the Nasdaq Iceland stock exchange. Íslandsbanki can, according to agreement between the parties, start the buy back on 3 March 2025 and the buy-back programme is in force until Kvika’s annual general meeting 2026, or until the repurchase for total consideration amount of ISK 2,500,000,000 is completed, whichever comes first.

The bank’s trading in own shares pursuant to the buyback programme shall be declared in accordance with law and regulations.

Further information please contact Kvika‘s investor relations at ir@kvika.is

The MIL Network –

March 1, 2025
MIL-OSI Security: North Carolina Man Pleads Guilty to Armed Carjacking of Off-Duty South Carolina Police Detective

Source: Office of United States Attorneys

COLUMBIA, S.C. —Shia Lee, 35, of Burlington, North Carolina has pleaded guilty to brandishing a firearm in connection with a violent crime for the armed carjacking of an off-duty South Carolina police detective and his wife.

According to evidence presented in court, on Dec. 19, 2020, the detective and his wife were travelling on Interstate 26 passing through the Orangeburg area. Their car was parked with the detective in the passenger seat and his wife in the driver’s seat as they were switching drivers.

Lee walked up to the driver’s side, demanded the car, and the victim driver fought back and resisted. Lee then brandished a firearm at the victim and ordered her out of the vehicle. With the firearm pointed at her, she complied. Lee entered the car, saw the officer in the passenger seat, and pointed the firearm at the second victim, which the officer recognized to be a 9mm or a .380 caliber pistol. The second victim exited the vehicle, and Lee took control of the car. Lee then drove the victims’ Jeep Cherokee away from the rest stop along with the police detective’s duty weapon and police badge.

One day later, 911 dispatch received a call for service associated with a separate alleged vehicle theft from a gas station in Branchville while the victim was inside. Lee was arrested in that car after the Denmark Police Department pursued Lee in a chase and deployed stop sticks. The off-duty officer’s car was found abandoned on a local road, and Lee’s car was found by the Orangeburg County Sheriff’s Office at the rest stop with another firearm inside, along with Lee’s identifying documents.

The carjacking victims identified Lee in a photo lineup, and Lee admitted his involvement to Orangeburg County deputies. A federal grand jury then indicted Lee on charges of carjacking and the brandish of a firearm in connection with a crime of violence.

Lee faces a maximum penalty of life in federal prison and a mandatory minimum of seven years. He also faces a fine of up to $250,000, restitution for any losses incurred by the victims, and five years of supervision to follow the term of imprisonment. United States District Judge Mary Geiger Lewis accepted the guilty plea and will sentence Lee after receiving and reviewing a sentencing report prepared by the U.S. Probation Office.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

This case was investigated by the FBI Columbia Field Office, the Orangeburg County Sheriff’s Office, and the Denmark Police Department. Assistant U.S. Attorney Elliott B. Daniels is prosecuting the case.

###

MIL Security OSI –

March 1, 2025
MIL-OSI: Landsbankinn hf.: Landsbankinn finalises acquisition of TM

Source: GlobeNewswire (MIL-OSI)

Settlement and handover related to the purchase by Landsbankinn of TM tryggingar hf. from Kvika Bank took place today and Landsbankinn has assumed operation of the company. TM will be operated as a subsidiary of Landsbankinn.

Lilja Björk Einarsdóttir, CEO of Landsbankinn:

“TM is a robust insurance company with great employees who possess extensive knowledge of the insurance market. We look forward to working with TM’s staff to develop exciting innovations. Together, Landsbankinn and TM have a powerful service and sales network, both through experienced employees, digital solutions and branches across the country. We envision strong customer access to the products and services of both companies, creating many growth opportunities for both the Bank and TM. We also believe that the Bank’s acquisition of TM will have a positive impact on the Bank’s operations, diversify revenue streams and increase long-term benefits for its shareholders. Landsbankinn and TM will be better together!”

Birkir Jóhannsson, CEO of TM:

“We at TM are truly excited to join forces with Landsbankinn. For years, Landsbankinn’s customers have been among the most satisfied in the Icelandic banking market and, in recent months, TM has taken decisive steps toward achieving the same goal in the insurance market. I am convinced that by working together, TM and Landsbankinn will provide their customers with outstanding, comprehensive financial services, helping them grow and thrive while also supporting them through difficult times.”

The contractual purchase price was ISK 28.6 billion and is based on the balance sheet of TM as at the beginning of 2024. As has previously been stated, it was agreed that the final purchase price would be subject to an adjustment based on changes in TM’s tangible equity from 1 January 2024 until the handover date. The increase in TM’s tangible equity during the period 1 January 2024 to 31 December 2024 amounts to ISK 3.7 billion (profit during the period, adjusted for changes to intangible assets) bringing the purchase price adjusted for the period ending 31 December 2024 to ISK 32.3 billion. Based on this, the purchase price multiple of TM’s tangible equity is 1.80.

Final settlement of the purchase price adjustment will take place once the audited financial statements of TM as at the handover date are available, resulting in either an increase or decrease of the purchase price.

The MIL Network –

March 1, 2025
MIL-OSI: Nokia completes acquisition of Infinera to create innovation powerhouse in optical networks, with the scale to power the data center revolution
Source: GlobeNewswire (MIL-OSI)

Nokia completes acquisition of Infinera to create innovation powerhouse in optical networks, with the scale to power the data center revolution
- Brings together two pioneering leaders in the optical networks market.
- Creates an optical networks powerhouse – underpinned by the cutting-edge research of Nokia Bell Labs – with the scale to accelerate product roadmaps and bring more to customers, faster.
- Expands Nokia’s presence in the fast-growing webscale segment, accelerating its customer diversification.
- Further expands Nokia’s ability to help network operators in every sector unlock the opportunities and meet the network and power demands of the AI era.
- Financial rationale of the merger confirmed.
28 February 2025
Espoo, Finland — Nokia announced today the closing of the acquisition of Infinera Corporation. The San Jose based company has become part of Nokia effective as of the closing.

The acquisition brings together two innovation leaders with a history of industry firsts. In doing so, it creates an optical networks powerhouse with the scale to accelerate product roadmaps, further expanding Nokia’s ability to help network operators – whether service providers, webscalers or enterprises – unlock the opportunities and meet the network and power demands of the AI era.

“I am delighted we have been able to quickly and successfully complete the acquisition of Infinera. This transaction will significantly improve our scale and profitability in optical networks, and allows us to speed up the pace of innovation to meet the requirements of the AI era. The Infinera acquisition will accelerate our growth strategy in data centers and strengthen our presence both in North America and with webscale customers,” remarked Pekka Lundmark, President and CEO of Nokia.

“The speed with which the transaction was approved is very positive for Nokia, as is the strong support the deal has received from customers. In welcoming our new colleagues – and the talent and expertise they bring with them – we are creating a new organization that will be a pace-setter in innovation, offering capabilities across a wide range of optical networking technologies, underpinned by the cutting-edge research of Nokia Bell Labs. Innovation benefits from scale, and the expansion offered by the acquisition means that we will be able to bring more to customers, faster,” commented Federico Guillén, President of Network Infrastructure at Nokia.

The Infinera team will join Nokia’s Optical Networks business – headed by its Vice President and General Manager, James Watt. Meanwhile Infinera CEO, David Heard will join Nokia’s Network Infrastructure business group as NI Chief Strategic Growth Officer. In this position he will help to set and oversee the implementation of the business group’s growth plans, including specific customer segment strategies, product and market mix, and go-to-market approach across the business group.

“I am delighted to welcome David to Nokia and to Network Infrastructure. His extensive experience in technology and business strategy implementation will play a leading role in helping our business group seize opportunities in the market and achieve our ambitions across all our markets and business areas,” added Guillén.

“From strong growth in the webscale space to service provider successes spanning metro, long haul and subsea networks, the proven accomplishments of the Infinera team make for an ideal complement to Nokia’s recognized optical network leadership and innovation. I’m excited about the widely expanded opportunities this new chapter opens up and what it means for Nokia and its Network Infrastructure business, and delighted to be joining the team to help accelerate its growth across all customer segments worldwide,” said Heard.

With more than 1,000 customers globally, the combined company’s solutions power some of the biggest operators worldwide, along with leading organizations in verticals including enterprise, utilities, government and research & education.

Meeting the challenges of the AI era
Data centers are at an inflection point as AI and cloud put massive new demands on them. To overcome these challenges requires new ways of thinking about data center technology that emphasizes mission-critical aspects of networking technology.

Nokia’s offerings across the Network Infrastructure portfolio apply the same mission-critical standards to customers in every sector, from service providers to webscalers to organizations in a broad range of industry sectors. Directing innovation power towards topics such as reliability, security and sustainability – as well as capacity, flexibility and manageability – Nokia is strongly placed to bring value to data center builders and users, including in intra-data center for server-to-server connections to support the increasing demands of new AI workloads.

EUR 200 million synergy target reconfirmed
On 28 June 2024, Nokia and Infinera announced the companies had signed a definitive agreement under which Nokia would acquire Infinera for US$6.65 per share with shareholders able to elect cash, Nokia shares or a combination of both with a proration mechanism limiting the Nokia share issuance to approximately 30% of the aggregate consideration paid to Infinera shareholders. All Nokia shares will be issued to Infinera shareholders in the form of American Depositary Shares.

Nokia announced at the time and reconfirms today that it expects the transaction to be accretive to Nokia comparable operating profit and EPS in 2025 and Nokia continues to target over EUR 200 million of net comparable operating profit synergies from the deal by 2027 with the synergies ramping gradually over the three-year period. The transaction is expected to deliver over 10% comparable EPS accretion in 2027.

Multimedia, technical information and related news
Web Page: Nokia Optical Networks
Web Page: Infinera is now part of Nokia

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 –
March 1, 2025
MIL-OSI: Bitdeer Announces New US$20,000,000 Share Repurchase Program

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 28, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (“Bitdeer” or the “Company”) (Nasdaq: BTDR), a world-leading technology company for blockchain and high-performance computing, today announced that it has conducted share repurchase for a total amount of approximately US$9.0 million on February 27, 2025, fully utilizing its US$10,000,000 share repurchase program approved in September 2024. The board of directors of the Company has approved a new share repurchase program to repurchase up to additional US$20,000,000 worth of its Class A ordinary shares (“Shares”), effective from February 28, 2025 through February 28, 2026.

Under the new share repurchase program, Bitdeer may purchase its Shares through various means, including open market transactions, privately negotiated transactions, any combination thereof or other legally permissible means in accordance with applicable federal securities laws, including Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Regulation M under the Exchange Act, as well as certain at market issuance sales agreements. The number of Shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with Bitdeer’s working capital requirements, general business conditions, compliance with applicable federal securities laws (including Regulation M), compliance with the Company’s obligations under the at market issuance sales agreements referred to above and other factors. Bitdeer’s board of directors will review the share repurchase program periodically, and may modify, suspend or terminate the share repurchase program at any time. The Company plans to fund repurchases from its existing cash balance. By gradually executing the share repurchase program, Bitdeer seeks to minimize the impact on its share price and generate greater long-term returns for its shareholders.

About Bitdeer Technologies Group

Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

For investor and media inquiries, please contact:

Investor Relations
Orange Group
Yujia Zhai
bitdeerIR@orangegroupadvisors.com

Public Relations
BlocksBridge Consulting
Nishant Sharma
bitdeer@blocksbridge.com

The MIL Network –

March 1, 2025
MIL-OSI: Stifel Celebrates Mikaela Shiffrin’s Historic 100th Win With Donation to Her “MIK100” Initiative

Source: GlobeNewswire (MIL-OSI)

ST. LOUIS, Feb. 28, 2025 (GLOBE NEWSWIRE) — Stifel (NYSE: SF), the official team naming partner of the Stifel U.S. Alpine Ski Team, is proud to celebrate the 100^th career World Cup victory for Mikaela Shiffrin this past weekend as she captured first place in slalom in Sestriere, Italy, by supporting her efforts to raise $100,000 for the Share Winter Foundation.

Shiffrin broke the all-time record for World Cup wins (86) back in March 2023 and has continued to build on that incredible record before notching her historic 100^th win on Sunday in Italy. This season, she picked up wins 98 and 99 in late fall, before an abdominal injury at the Stifel Killington Cup in Vermont sidelined her for nearly two months.

The historic 100^th win came as she led by just 0.09 seconds after the first run. But a clean and relaxed second run allowed Shiffrin to claim victory by .61 seconds over Croatia’s Zrinka Ljutic with Stifel U.S. Alpine Ski teammate Paula Moltzan placing third.

In honor of the milestone, Stifel will contribute a $10,000 donation to Shiffrin’s “MIK100: Reset the Sport” initiative to support learn-to-ski programs for youths in partnership with the Share Winter Foundation.

“Mikaela continues to raise the bar and set new standards, not just in skiing but in the history of sport,” said Stifel Chairman and CEO Ronald J. Kruszewski, who was in attendance in Killington when Shiffrin last had the 100 milestone in her sights. “To have her win number 100 by coming back from injury like she has with resilience and determination this winter is amazing to watch. And for Mikaela to use the milestone to raise money for learn-to-ski initiatives through the Share Winter Foundation is a testament to who she is as a person and athlete, looking to spread the passion and access to skiing to more people.”

In recognition of her accomplishment, Stifel created a new broadcast spot celebrating the historic moment that will run nationally, highlighting the uniqueness of Shiffrin’s outsized talent yet humble character. There are also online digital and social executions with Stifel print ads celebrating Shiffrin set to run in select markets over the coming weeks as the World Cup circuit returns to North America in late March. Creative production was handled by Known, Stifel’s agency on the Stifel U.S. Ski Team partnership.

“We are proud of our multiyear association with such an amazing athlete and global ambassador,” added Kruszewski. “Mikaela has changed the game and is building a legacy that goes beyond her results as she looks for ways to use this platform of 100 wins and create opportunities for others to engage in the sport.”

Shiffrin and the rest of the women of the Stifel U.S. Alpine Ski Team have upcoming races in Norway, Sweden, and Italy before returning to the U.S. for the Stifel Sun Valley Finals in Sun Valley, Idaho, March 22-27, to finish the World Cup calendar for this season.

Stifel Company Information
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

For further information,
contact Brian Spellecy
(314) 342-2000

The MIL Network –

March 1, 2025

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	1,400,000	4.65
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	1,400,000	4.65

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