NewzIntel.com

Category: Scandinavia

  • MIL-OSI Russia: Diplomas were awarded at the Institute of Continuous Education

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Sergey Shirshikov and IBFO graduate Anastasia Podolskaya

    The Institute of Continuous Education of SPbGASU awarded diplomas to graduates. Documents on successful completion of the university were received by 627 people: 480 bachelors, 25 specialists, 122 masters. 33 people received diplomas with honors.

    “By combining study with work, our graduates have demonstrated their determination, strength of character, and that they truly deserve to have a higher education. I would like to wish them all success in their professional activities. I would also like to remind you that at SPbGASU you can improve your qualifications, undergo retraining, and receive higher education in other areas. Our doors are always open!” said IBFO Director Sergei Shirshchikov.

    Professor of the Department of Construction Organization Alexander Rudenko shared his opinion about the final qualifying work of his student, a graduate of the bachelor’s degree in the field of training “Construction” Yulia Taranova. The State Attestation Commission noted the high level of Yulia’s final qualifying work on the topic “Design and construction of the building of the puppet theater in Petropavlovsk-Kamchatsky” and its defense.

    “The process of completing the final qualifying work by Yulia Gennadievna was an example of such an attitude to the educational process, which is typical for a researcher and designer, which is what the teachers of our department are trying to teach students. Yulia approached the development of the final qualifying work in the most motivated way, demonstrating the ability to independently work with regulatory literature, high speed of perception of information, erudition, the ability to improve her competencies as the final qualifying work is completed, the ability to develop complex technical solutions independently. I would also like to mention her ability to concentrate at the right moment, which she demonstrated during the defense.”

    The members of the State Examination Commission noted the depth of development and practical significance of the master’s thesis by Yulia Amoskova on the topic “Strategy for an organization’s entry into the warehouse real estate construction market”, completed under the scientific supervision of the head of the construction management department Natalia Pletneva. As Natalia Gennadievna explained, the work analyzes the warehouse real estate market in Russia and, in particular, in St. Petersburg. Possible directions for the development of construction and engineering companies in the warehouse infrastructure construction and operation market are substantiated: custom construction, construction with subsequent leasing of warehouse facilities, construction of warehouses with subsequent provision of warehouse services. Using the example of a specific organization, costs and incomes were calculated in all three areas, while the construction of a warehouse in Shushary and Fyodorovskoye was considered and the best option for the organization was selected.

    In addition, the commission highly appreciated the work of Maria Zolotova, a graduate of the Master’s program in the field of training “Management”, on the topic “Development of a strategy for the implementation of information modeling technologies in the construction project management system”. The strategy considers key aspects related to the integration of information modeling technology (IMT) in the design, construction and operation of facilities. The main focus is on the creation of an organizational structure of the enterprise and a project management system, which include the distribution of roles and responsibilities, the establishment of hierarchies, and the definition of relationships between different departments. Maria Vladimirovna, using the example of creating an evacuation map of a building using IMT, justifies the effectiveness of the solutions proposed in the work. The master’s student’s supervisor, Dean of the Faculty of Economics and Management Galina Tokunova noted her creative activity, initiative and high potential for research work. Guided by the significance of the study and the master’s student’s ability to conduct research, the commission recommended publishing the results of the study, and Maria Zolotova continuing her education in graduate school.

    A graduate of the bachelor’s degree in the field of “Construction” Anastasia Podolskaya was awarded a red diploma. Anastasia works in her specialty, and the knowledge she gained has already come in handy.

    “I studied easily, with pleasure – I also finished school with excellent grades. After school, I immediately entered SPbGASU. Everyone in my family is a programmer, I had no idea what awaited me. In my third year, I went to Finland for six months on an exchange. When I returned, I went to work and continued my studies at IBFO. My plans are to continue working. That’s one hundred percent for sure!”

    Artem Zholobov, a graduate of the bachelor’s degree in the field of “Construction”, has many positive emotions associated with the university. He warmly remembers his mentors and their lectures.

    “The more you work, the more you understand the importance of studying. At work, you do something, and at university you understand why you do it, how everything interacts with each other. Thanks to the university, I work at Atomenergoproekt. If I hadn’t studied here, I wouldn’t have gotten there!”

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: UN Human Rights Council 58: Core Group Statement at the Enhanced Interactive Dialogue on the report of the Commission of Human Rights in South Sudan

    Source: United Kingdom – Executive Government & Departments

    Speech

    UN Human Rights Council 58: Core Group Statement at the Enhanced Interactive Dialogue on the report of the Commission of Human Rights in South Sudan

    Core Group Statement at the 58 Human Rights Council for the Enhanced Interactive Dialogue on the report of the Commission of Human Rights in South Sudan. Delivered by the UK’s Permanent Representative to the WTO & UN, Simon Manley.

    Thank you, Mr President. 

    I am pleased to speak on behalf of the Item 2 core group for South Sudan – Albania, Norway, Ireland and the UK. 

    We thank the Commissioners for their important report. We also welcome South Sudan’s continued cooperation with the Commission and the Minister of Justice’s presence today.

    The Commission’s report demonstrates the scale of ongoing human rights violations and abuses committed in South Sudan. Civic space and media freedom are severely restricted. Appalling acts of conflict-related sexual violence are being committed frequently, and with impunity, across the country. 

    While the recent passing of legislation on transitional justice institutions represents some progress, only fully resourced and operational institutions can deliver justice and accountability for the South Sudanese people.

    During this extension period, the Revitalised Agreement must be fully implemented, including operationalising the Chapter Five transitional mechanisms and holding peaceful, inclusive and credible elections in 2026.

    We remain committed to continuing our support to the people of South Sudan and their path to peace, reconciliation and accountability.

    The Commission plays a vital role in supporting such efforts. Its mandate must therefore be extended in full in this Session, to ensure continued, robust scrutiny of the human rights situation. 

    We will continue to engage with South Sudan in the hope that this extension can be agreed by consensus.

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: Man sentenced for killing Dubai chef, Mussie Imnetu

    Source: United Kingdom London Metropolitan Police

    A man has been jailed for murder after he was captured on CCTV heading to a nightclub immediately after the violent attack.

    Detectives were able to use the footage alongside DNA from a pair of sunglasses dropped at the scene to prove that Omar Wilson, 31, was responsible for killing Mussie Imnetu.

    Wilson, (19.03.93) of Napier Road, Leytonstone, was sentenced on Friday, 28 February to 17.5 years after being found guilty of murder at an earlier hearing at the Old Bailey on Thursday, 20 February.

    Mussie, who was 41 and visiting the UK from Dubai where he lived and worked, was found unconscious with a head injury in Queensway, W2 at 23:22hrs on Monday, 26 August 2024.

    Officers were on the scene in seconds and provided emergency first aid until paramedics arrived. Mussie was taken to hospital where, despite the best efforts of medical staff, he sadly died on 30 August 2024.

    Wilson claimed that he attacked Mussie in self-defence, however he was found guilty of murder by a jury majority.

    Detective Chief Inspector Brian Howie from the Met’s Specialist Crime Command, who led the investigation, said: “Our thoughts very much remain with Mussie’s family and friends in Dubai, Sweden and London. Mussie was a loving husband, father, son and a respected chef. He was in London for a few days to help train his colleagues and went out that evening to enjoy the post Notting Hill Carnival atmosphere, where tragically he was violently assaulted.”

    After the attack Wilson quickly left the area, actively avoiding police officers as he did so. He then travelled across London to attend a nightclub on Gaunt Street, SE1. This was only about an hour-and-a-half after his attack on Mussie.

    Although Wilson fled the scene, he dropped his sunglasses and house and car keys. Officers were able to recover his DNA from the sunglasses, and the keys were a perfect fit for his house and car. Careful analysis by officers of his phone usage, placed Wilson in the area of Queensway at the time of the murder.

    Officers were also able to piece together a puzzle of CCTV which showed the attack and Wilson’s subsequent journey to the nightclub on Gaunt Street.

    The jury were also shown messages sent by Wilson to friends in in the aftermath of the attack. In one of them he said: “There’s a monster in me … and it’s just like sometimes it comes out. And I think I’ve messed up now … and everything’s finished” and “I’ve f***** up … I crossed the line and went overboard. I don’t think I can come back from this mistake … I’m going jail in the morning”.

    In another he said that “I did the hands ting…finished one guy man” and was told by a friend to “get a solicitor and use your ADHD”.

    Wilson was arrested on Wednesday, 28 August 2024 and charged the following day.

    MIL Security OSI –

  • MIL-OSI USA: Governor Newsom partners with 21 Brazilian state governors to protect the environment, cut harmful pollution

    Source: US State of California 2

    Feb 27, 2025

    SACRAMENTO – California and a consortium of 21 Brazilian states are partnering together to combat pollution and foster sustainable economic growth. 

    Governor Gavin Newsom and Governor Renato Casagrande of the Brazilian state of Espírito Santo signed a Memorandum of Understanding (MOU) today that establishes a four-year partnership between California and the Brazilian consortium of states leading on environmental protections, Consórcio Brasil Verde (CBV).

    Together with these 21 Brazilian states, California is committed to advancing a bold, collaborative action plan that tackles pollution, protects public health and safety, and creates good-paying jobs.

    Governor Gavin Newsom

    This collaboration encompasses clean air, transportation and energy; adaptation; forest management; and more. The full text of the MOU is available here. R20 Regions of Climate Action – an organization founded by former Governor Arnold Schwarzenegger to support subnational climate work – played a key role in supporting this MOU.

    “This is a historic opportunity to join efforts and share knowledge between Brazilian states and California, which is a reference in combating climate change,” said Governor Renato Casagrande. “The partnership not only reaffirms our commitment to sustainability but also highlights the importance of active participation from everyone in building solutions that benefit our planet.”

    How we got here: California met its 2020 climate target six years ahead of schedule thanks to world-leading climate policies and partnerships across the U.S. and around the world, created to share best practices and support cooperation on climate work.

    • Last year, Governor Newsom welcomed a new international partnership with South Korea’s Gyeonggi Province to collaborate on climate and economic efforts. Also last year, Governor Newsom welcomed delegations from Sweden and Norway and signed renewed climate partnerships with the two governments.
    • In 2023, Governor Newsom led a California delegation to China, where California signed five MOUs – with China’s National Development and Reform Commission, the provinces of Guangdong and Jiangsu, and the municipalities of Beijing, and Shanghai. The trip also resulted in a first-of-its-kind declaration by China and California to cooperate on climate action like aggressively cutting greenhouse gas emissions, transitioning away from fossil fuels, and developing clean energy.
    • Also in 2023, California signed a MOU with the Chinese province of Hainan, as well as with Australia.
    • In 2022, California signed Memorandums of Cooperation with Canada, New Zealand and Japan, as well as Memorandums of Understanding with China and the Netherlands, to tackle the climate crisis. The Governor also joined with Washington, Oregon, and British Columbia to recommit the region to climate action.

    Press Releases, Recent News

    Recent news

    Feb 26, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced multiple clemency actions. He granted pardons in three cases. He also sent multiple clemency cases to the Board of Parole Hearings, initiating the process for granting clemency in fifteen cases. He also sent two…

    Feb 26, 2025

    News What you need to know: Governor Newsom today released a new economic vision for California’s future with a bold plan, realized locally. The unveiling comes alongside the announcement of more than $245 million in investments to help support workers statewide,…

    Feb 25, 2025

    News What you need to know: Governor Newsom today issued a statement in response to the Trump administration’s announcement that it had released more than $315 million of obligated money to create new water storage at the future Sites Reservoir and at the existing San…

    MIL OSI USA News –

  • MIL-OSI Europe: ECB Consumer Expectations Survey results – January 2025

    Source: European Central Bank

    28 February 2025

    Compared with December 2024:

    • median consumer perceptions of inflation over the previous 12 months decreased, as did median inflation expectations for the next 12 months, while median inflation expectations for three years ahead remained unchanged;
    • expectations for nominal income growth over the next 12 months decreased, while expectations for spending growth over the next 12 months increased;
    • expectations for economic growth over the next 12 months became less negative, while the expected unemployment rate in 12 months’ time decreased;
    • expectations for growth in the price of homes over the next 12 months increased, while expectations for mortgage interest rates 12 months ahead declined.

    Inflation

    The median rate of perceived inflation over the previous 12 months decreased slightly in January to 3.4%, from 3.5% in December. Median expectations for inflation over the next 12 months also decreased, to 2.6% from 2.8%. In both instances, these decreases reversed the increases observed in the December 2024 data. Median expectations for inflation three years ahead were unchanged at 2.4% in January 2025. Inflation expectations at the one-year and three-year horizons thus remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months remained unchanged, for the sixth month in a row, at its lowest level since February 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, expectations for lower income quintiles were slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than in previous years. (Inflation results)

    Income and consumption

    Consumers’ nominal income growth expectations over the next 12 months decreased to 0.9% in January from 1.1% in December. The drop in income growth expectations was mainly driven by the lowest income quintile, while the income growth expectations of the two highest quintiles remained unchanged. Perceived nominal spending growth over the previous 12 months decreased to 5.1% in January, from 5.2% in December, while expected nominal spending growth over the next 12 months increased to 3.6%, from 3.5% in December. (Income and consumption results)

    Economic growth and labour market

    Economic growth expectations for the next 12 months were less negative, standing at -1.1%, compared with -1.3% in December. Expectations for the unemployment rate 12 months ahead decreased to 10.4%, from 10.5% in December. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (9.9%), implying a broadly stable labour market. Quarterly data showed that unemployed respondents reported a decrease in their expected probability of finding a job over the next three months, which declined to 25.1% in January, from 29.3% in October. Employed respondents, by contrast, reported that their expected probability of job loss over the next three months decreased to 8.6% in January, from 9.0% in October. (Economic growth and labour market results)

    Housing and credit access

    Consumers expected the price of their home to increase by 3.0% over the next 12 months, which was slightly higher compared than in December (2.9%). Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.4% and 2.8% respectively), although the difference narrowed compared with earlier months. Expectations for mortgage interest rates 12 months ahead declined slightly to 4.5%, their lowest level since July 2022. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.1%), while the highest income households expected the lowest rates (3.9%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months increased, as did the net percentage of those expecting a tightening over the next 12 months. The share of consumers who reported having applied for credit during the past three months, which is measured on a quarterly basis, declined to 15.0% in January from 15.9% in October. (Housing and credit access results)

    The release of the Consumer Expectations Survey (CES) results for February is scheduled for 28 March 2025.

    For media queries, please contact: Nicos Keranis, Tel: +49 172 758 7237

    Notes

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Use by Danish Fishers PO of EMFAF funding intended to promote sustainable fisheries – P-000770/2025

    Source: European Parliament

    Priority question for written answer  P-000770/2025
    to the Commission
    Rule 144
    Sigrid Friis (Renew)

    It has been reported in the Danish media that the producers’ organisation Danish Fishers PO (DFPO) is using money from the European Maritime, Fisheries and Aquaculture Fund (EMFAF) in a way that might be at odds with the aims of the fund. Although the funding is intended to promote sustainable fishing, the DFPO is allegedly using it to influence policymakers with a view to weakening or reversing sustainability measures[1].

    • 1.When the Commission approved Denmark’s EMFAF programme in December 2022, it was with a clear objective of supporting the sustainable development of fisheries. Can the Commission confirm whether it is aware of these allegations about the DFPO’s use of funds?
    • 2.Does the Commission take the view that the Danish system for checking and supervising EMFAF funding is sufficient to ensure that the funds are being used in accordance with EMFAF’s aims?
    • 3.If not, what steps can the Commission take, in cooperation with the Danish authorities, to ensure better compliance with the rules?

    Submitted: 19.2.2025

    • [1] https://www.dr.dk/nyheder/indland/organisationer-danmarks-fiskeriforening-bruger-baeredygtighedsmidler-paa-modarbejde
    Last updated: 28 February 2025

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Import of poultry meat and products from areas in Poland and Sweden suspended

    Source: Hong Kong Government special administrative region

    Import of poultry meat and products from areas in Poland and Sweden suspended
    Import of poultry meat and products from areas in Poland and Sweden suspended
    *****************************************************************************

         ​The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (February 28) that in view of notifications from the World Organisation for Animal Health (WOAH) about outbreaks of highly pathogenic H5N1 avian influenza in Kościan District of Wielkopolskie Region in Poland, and in Municipality of Kristianstad of Skåne County in Sweden, the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the above-mentioned areas with immediate effect to protect public health in Hong Kong.     A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 6 600 tonnes of frozen poultry meat from Poland, and about 110 tonnes of frozen poultry meat from Sweden last year.     “The CFS has contacted the Polish and Swedish authorities over the issues and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreaks. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

     
    Ends/Friday, February 28, 2025Issued at HKT 17:45

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: No. 5/2025 – Notice to convene annual general meeting

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen                                                                                   
    Nikolaj Plads 6
    DK-1067 Copenhagen K   

    Copenhagen, 28 February 2025
    ANNOUNCEMENT no. 5/2025

    CEMAT A/S
    Company reg. (CVR) no. 24 93 28 18
    Annual general meeting

    The Board of Directors hereby convene the annual general meeting of Cemat A/S (the “Company”) for Wednesday, 26 March 2025, at 1:00 pm at the office of DLA Piper Denmark, Oslo Plads 2, 2100 Copenhagen OE, Denmark.

    Agenda

    The agenda of the annual general meeting is the following:

    1. The management’s report on the Company’s activities during the past financial year.
    1. Presentation of the audited annual report for adoption.
    1. The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.
    1. Presentation of and indicative vote on remuneration report.
    1. Approval of the Board of Directors’ fees for the current financial year.
    1. Election of members to the Board of Directors.
    2. Appointment of auditor.
    1. Proposals from the Board of Directors or shareholders.
    1. Any other business.

    Complete proposals

    Re item 1     The management’s report on the Company’s activities during the past financial year.

    The Board of Directors proposes that the general meeting takes note of the management’s report.

    Re item 2     Presentation of the audited annual report for adoption.

    The Board of Directors proposes that the general meeting adopts the annual report.

    Re item 3     The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.

    The Board of Directors proposes that the profit for the year as recorded in the Annual Report as adopted by the general meeting be carried forward to next year.   

    Re item 4     Presentation of and indicative vote on remuneration report.

    The Board of Directors proposes that the general meeting adopts the presented remuneration report.

    Re item 5     Approval of the Board of Directors’ fees for the current financial year.

    The Board of Directors proposes that members of the Board of Directors will receive the basic fee of DKK 220,000 for the financial year 2025.

    The chairman of the Board of Directors will receive the basic fee multiplied by a factor of 2.5, and the vice-chairman will receive the basic fee multiplied by a factor of 1.75.

    Re item 6     Election of members to the Board of Directors.

    The Board of Directors proposes to re-elect:

    Frede Clausen, chairman, born 1959
    Professional board member
    Various banking qualifications
    Graduate Diploma in Business Administration
    Elected chairman in 2018
    Other duties and offices:
    Frede Clausen Holding ApS (CEO)
    Core Poland Residential V (board member)
    Malik Supply A/S (chairman)
    Developnord A/S (chairman)
    Søndergaard Holding Aalborg ApS (chairman)
    Palma Ejendomme ApS (chairman)
    Ejendomsselskabet Gøteborgvej 18 ApS (vice-chairman)
    PL Holding Aalborg A/S (chairman)
    Radioanalyzer ApS (chairman)
    Independent
    Special qualifications: Strategic management, business development and real estate
    Languages: Danish and English

    Eivind Dam Jensen, vice-chairman, born 1951
    Estate Agent
    Member of the Danish Association of Chartered Estate Agents
    Diploma in Administration
    Elected vice-chairman in 2005
    Other duties and offices:
    Owner of Chartered Estate Agency E. Dam Jensen
    Chairman and sole shareholder of A/S Eivind Dam Jensen
    Owner of Brundtland Golfcenter (via A/S Eivind Dam Jensen)
    Non-independent
    Special competences: Purchase, sale, valuation and letting of commercial and
    investment properties and property management
    Languages: Danish, English and German.

    Joanna L. Iwanowska-Nielsen, born 1968
    Real Estate Expert
    Degree in International Trade, Organisation and Management
    from the Warsaw School of Economics
    Joined the Board of Directors in 2016
    Directorships and other managerial positions:
    Member of the board of directors of Sustainable Malkowo
    Advisor to the Board of Directors, Ecofarm Foundation
    Member of the board of directors of Coille Righ Green Energy, Scotland
    Member of the board of directors of WildaNova
    Member of the board at NielsenNielsen Ltd (UK)
    Managing Partner in NOLTA Consultants and NOLTA Career Experts
    Board Member of EPI (European Property Institute) think tank
    Member of Warsaw Women in Real Estate & Development
    Founding Member of Women in Global Health’s CEE Chapter
    No directorships in other Danish companies
    Independent
    Special qualifications:
    Experience in the real estate trade in Poland, CEE and
    internationally (development, strategy, sales and project
    management in both the commercial and residential property
    sectors, including sustainable housing, farming enterprises and energy solutions)
    EMCC accredited business coach & mentor
    Languages: Polish, English and Russian.

    Brian Winther Almind, born 1966
    Executive Vice President, DSV Group Property
    Joined the Board of Directors in 2023
    Other duties and offices:
    Shipping agent – Ellegard Transport, of which 2 years were in Verona, Italy
    Traffic manager – DFDS Transport
    Traffic manager – DHL A/S
    Executive Vice President – DSV A/S since 1997
    Directorships and other managerial positions:
    Member of the board in several companies owned by DSV A/S
    Network – European Logistics Forum (ELF), VL 111
    No directorships in other Danish companies
    Special competences:
    Generel management, business development, integration of companies. Property in relation with purchase of land, public sector handling, project management, building activities, purchase and sale, leasing, law, strategy, finances, various large projects in more than 90 countries.  
    Languages: Danish and English.

    Re item 7     Appointment of auditor.

    The Board of Directors proposes that BDO Statsautoriseret Revisionsaktieselskab be reappointed.

    Re item 8     Proposals from the Board of Directors.

    No proposals have been received from the board of directors or executive board

    General information

    The Company’s nominal share capital amounts to DKK 4,997,006.06, divided into 249,850,303 shares of DKK 0.02 each. Each share of DKK 0.02 entitles the holder to one vote.

    The Company has concluded a connection agreement with VP Securities A/S. The financial rights of the shareholders may thus be exercised through VP Securities A/S.

    Requirements for adoption

    Items 2-7 considered at the general meeting will be determined by a simple majority of votes, see article 10.1 of the Company’s articles of association as well as section 105 of the Danish Companies Act.

    The Company’s website

    This notice, including the agenda, remuneration report, information about the total number of shares and voting rights on the date of the notice and proxy, postal voting and registration forms for ordering an entry card, will be made available to the shareholders on the Company’s website, www.cemat.dk, under “Investor/General Meetings” from 28 February 2025.

    This notice has also been published via Nasdaq Copenhagen A/S, the IT system of the Danish Business Authority and the Company’s website as well as by e-mail to the shareholders having requested e-mail notification of general meetings when stating their e-mail addresses.

    Date of registration

    The shareholders will be entitled to exercise the right to vote attaching to the shareholders’ shares, by attendance at the Company’s general meetings or by post pro rata to their shareholding at the date of registration, which is one week before the general meeting.

    The date of registration is Wednesday, 19 March 2025.

    The shareholding of each individual shareholder will be determined at the end of the date of registration based on the number of shares held by the shareholder according to the register of shareholders as well as any notice of ownership received by the Company for the purpose of registration in the register of shareholders, but not yet been registered. In order to be registered in the register of shareholders and included in the calculation, notices of shareholdings must be documented by a transcript from VP Securities A/S or other similar documentation. This documentation must be received by the Company before the end of the date of registration.

    Only the persons who are shareholders of the Company on the date of registration will be entitled to participate and vote at the general meeting but see below regarding the shareholders’ timely request for entry cards.

    Accordingly, any person who has purchased shares, whether by transfer or otherwise, will not be entitled to vote on the shares in question at the general meeting, unless he or she has been recorded in the register of shareholders or has notified the Company and provided documentation of his or her acquisition, no later than on the date of registration, which is Wednesday, 19 March 2025.

    Entry cards

    In order to participate in the general meeting, the shareholders must request an entry card for the general meeting no later than Friday, 21 March 2025. Entry cards may be requested electronically via www.cemat.dk until Friday, 21 March 2025, at 23:59 using MitID or custody account number and password on the Company’s shareholder portal. Shareholders registering for the general meeting electronically will immediately receive a confirmation of their registration.

    It is also possible to request an entry card by forwarding a completed registration form to the Company’s keeper of the register of shareholders, Computershare A/S, Lottenborgvej 26D, 2800 Kongens Lyngby, Denmark, which must receive the form by Friday, 21 March 2025 at 23.59. The registration form is available at www.cemat.dk.

    Please notice that ordered admission cards will no longer be sent out by ordinary mail.

    Admission cards ordered via the shareholder portal will be sent out electronically via email to the email address specified in the shareholder portal upon registration. The admission card must be presented at the annual general meeting either electronically on a smartphone/tablet or in a printed version.

    Admission cards can be picked up at the entrance of the general meeting upon presentation of a valid ID.

    Proxy

    Shareholders are entitled to attend by proxy. An electronic proxy instrument may also be submitted via the shareholder portal until Friday, 21 March 2025, at 23:59.

    The complete proxy form must be received by the Company’s keeper of the register of shareholders, Computershare A/S, by Friday, 21 March 2025, at 23:59. The proxy form is available at www.cemat.dk.

    Postal voting

    Shareholders may elect to vote by post, i.e., by casting their votes in writing, before the general meeting, instead of attending the general meeting and voting there.

    Shareholders who elect to vote by post may submit their postal vote electronically via the shareholder portal or send their postal vote to Computershare A/S where it must be received by Tuesday, 25 March 2025, at 16:00.

    Once received, a postal vote cannot be recalled. Please note that letters may sometimes take several days to reach their destination.

    Questions

    Shareholders will have an opportunity to ask questions to the agenda as well as to the other materials for the general meeting before the general meeting.

    Any questions concerning this announcement may be directed to info@cemat.dk.

    Cemat A/S

    Frede Clausen
    Chairman of the Board of Directors

    This announcement has been issued in Danish and English. In case of any inconsistencies, the Danish version will prevail.

    Please write to investor@cemat.dk to deregister from this mailing list.

    Attachment

    The MIL Network –

  • MIL-OSI: Oma Savings Bank Plc’s Notice of Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC STOCK EXCHANGE RELEASE, 28 FEBRUARY 2025 AT 09.20 A.M EET, NOTICE OF ANNUAL GENERAL MEETING

    Oma Savings Bank Plc’s Notice of Annual General Meeting

    NOTICE TO GENERAL MEETING

    The shareholders of Oma Savings Bank Plc are invited to the Annual General Meeting to be held on Tuesday 8 April 2025 at 13.00 p.m. (EEST) at Scandic Helsinki Hub, Annankatu 18, Helsinki. The reception of persons who have registered for the meeting and distribution of voting tickets will begin at 11.00 a.m. (EEST) at the Meeting venue. Refreshments will be served before the meeting starting at 11:30 a.m.

    The new CEO will be introduced before the Annual General Meeting starting at 12.15 p.m. It is possible to follow the introduction of the CEO and the General Meeting via webcast. Instructions on how to follow the webcast are available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. It is not possible to ask questions, make counterproposals, make other interventions, or vote via webcast. Following the meeting via webcast shall not be considered as participation in the General Meeting or as the exercise of shareholders’ rights.

    Prior to the meeting, shareholders may also submit written questions referred to in Chapter 5, Section 25 of the Finnish Limited Liability Companies Act on matters to be discussed at the meeting. Instructions on how to submit written questions are set out in Section C of this notice to the General Meeting.

    A. Matters to be discussed at the General Meeting 

    1. Opening the Meeting

    2. Matters of order for the Meeting

    3. Election of the persons to scrutinize the minutes and to supervise the counting of votes

    4. Recording the legal convening of the Meeting and quorum

    5. Establishment of the persons present and confirmation of the voting list

    6. Presentation of the financial statements, annual report and auditor’s report for the year 2024

    Presentation of the CEO’s review.
    As of 14 March 2025, the financial statements, the annual report and the auditor’s report are available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    7. Adoption of the financial statements

    8. Resolution on the use of the profit shown on the balance sheet and the distribution of dividend

    The Board of Directors proposes that based on the balance sheet adopted for the financial year 2024, a dividend of EUR 0.36 per share be paid, totaling approximately EUR 12.0 million, and that the remainder of the distributable assets will be left in equity.

    The dividend shall be paid to shareholders registered in the register of shareholders of the Company maintained by Euroclear Finland Ltd on the record date of 10 April 2025. The Board of Directors proposes that the dividend shall be paid out on 17 April 2025 in accordance with the rules of Euroclear Finland Ltd.

    9. Resolution on the discharge of the members of the Board of Directors and the President and CEO from liability

    10. Handling of the remuneration policy for governing bodies

    The Board of Directors proposes that the General Meeting approves the updated remuneration policy. In accordance with the Finnish Companies Act, the decision is advisory.

    The proposal for the Company’s remuneration policy for governing bodies is attached to this notice as Annex 1 and is available on Oma Savings Bank Plc’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    11. Handling of the Remuneration Report for governing bodies

    As of 14 March 2025, the remuneration report for governing bodies will be available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    12. Resolution on the remuneration of the members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that remuneration for the members of the Board of Directors to be paid as follows:

    Annual fees:

    • Chairperson of the Board EUR 85,000
    • Vice Chairperson of the Board EUR 60,000
    • Other members of the Board EUR 40,000
    • Chairperson of the Remuneration Committee EUR 6,000
    • Chairperson of the Risk Committee EUR 9,000
    • Chairperson of the Audit Committee EUR 9,000

    Meeting fees:

    • Board or Committee meeting EUR 1,000
    • Email meeting of the Board or Committee EUR 500

    The Shareholders’ Nomination Committee proposes that 25 percent of the annual remuneration of the Board of Directors be paid from the market in Oma Savings Bank Plc’s shares acquired on behalf of the members of the Board of Directors. The shares will be acquired directly on behalf of the members of the Board of Directors at a price formed on the market in public trading when the interim report for the period from 1 January to 31 March 2025 has been published. The Company is responsible for the costs of acquiring the shares and any transfer tax. The rest of the annual fee is paid in cash to cover the taxes arising from the fee.

    In addition, Oma Savings Bank Plc pays or reimburses travel expenses and other expenses related to board work to the members of the Board of Directors.

    13. Resolution on the number of members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that seven members be elected for the Board of Directors.

    14. Election of members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that the current Board members Juhana Brotherus, Irma Gillberg-Hjelt, Aki Jaskari, Jaakko Ossa, Carl Pettersson, Kati Riikonen and Juha Volotinen having given their consent, shall be re-elected.

    1. All candidates are proposed to be elected for the period starting at the Annual General Meeting 2025 and ending at the Annual General Meeting 2026.
    2. All nominees have given their consent to the election.
    3. At the time of election, all proposed nominees are independent in their relationship with the Company and its significant shareholders.
    4. Additional information on the members of the Board of Directors is available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025.

    15. Resolution on the remuneration of the auditor

    The Board proposes to the Annual General Meeting that the reimbursements to the auditor are paid on the basis of reasonable invoicing approved by the Company.

    16. Election of the auditor

    The Board of Directors proposes that KPMG Oy Ab, a firm authorised public accountants, shall continue to be elected as the auditor for the term beginning at the end of the Annual General Meeting 2025 and ending at the Annual General Meeting 2026.

    KPMG Oy Ab has indicated that if it is elected as an auditor M.Sc. (Econ.), APA Tuomas Ilveskoski would continue as auditor-in-charge.

    17. Resolution on the remuneration of the sustainability reporting assurer

    The Board proposes to the Annual General Meeting that the reimbursements to the sustainability reporting assurer are paid on the basis of reasonable invoicing approved by the Company.

    18. Election of the sustainability reporting assurer

    The Board of Directors, on the recommendation of the audit committee, proposes that KPMG Oy Ab, Authorized Sustainability Audit Firm, be elected as the Company’s sustainability reporting assurer for the term ending upon the conclusion of the next Annual General Meeting. KPMG Oy Ab has informed the Company that Authorised Public Accountant (KHT), Authorized Sustainability Auditor (KRT) Tuomas Ilveskoski would act as the principally responsible sustainability reporting assurer.

    19. Proposal by the Board of Directors to amend the Articles of Association

    The Board of Directors proposes to the Annual General Meeting that Section 6 (Nomination Committee) of the Company’s Articles of Association be amended by removing the provision regarding the due date for the Committee’s proposals.

    The Board further proposes to the Annual General Meeting that Section 10 (Notice of the meeting) of the Company’s current Articles of Association be supplemented with a provision regarding remote meetings. According to the proposed addition, the General Meeting could, by a decision of the Board, be held without a physical meeting venue, allowing shareholders to exercise their decision-making rights in full and in real time through telecommunication and technical means (remote meeting). Shareholders would thus be able to exercise their right to ask questions and vote in the same manner as in a physical meeting.

    Additionally, the Board proposes to the Annual General Meeting that Section 12 (General meeting) of the Company’s current Articles of Association, concerning the General Meeting, be supplemented to include provisions on deciding the remuneration of the sustainability reporting auditor and the appointment of the sustainability reporting auditor.

    The amended Articles of Association in their entirety are attached as Annex 2 to this notice of the Annual General Meeting.

    20. Resolution on the revised Charter of the Shareholders’ Nomination Committee

    The Shareholders’ Nomination Committee proposes that the Annual General Meeting resolve on the approval of the revised Charter of the Shareholders’ Nomination Committee.

    The proposed amendments to the Charter include, among other things, a provision requiring the Nomination Committee to submit its proposals regarding the composition and remuneration of the Board of Directors to the Company’s Board no later than the end of the calendar month preceding the Board meeting that decides on convening the Annual General Meeting.

    Additionally, the Charter is proposed to be amended to include a provision on the maximum continuous term of a Board member, ensuring alignment with the regulations, guidelines, and statements applicable to credit institutions, including the guidelines issued by the European Banking Authority (EBA).

    The proposed amendments also include certain technical revisions.

    The revised Charter in its proposed amended form is available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    21. Authorizing the Board of Directors to resolve on a share issue, the transfer of own shares and the issuance of special rights entitling to shares

    The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to resolve on the issuance of shares or transfer of the Company’s shares and the issuance of special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Companies Act, subject to the following conditions:

    Shares and special rights can be issued or disposed of in one or more instalments, either in return for payment or free of charge.

    The total number of shares to be issued under the authorisation, including shares acquired on the basis of special rights, cannot exceed 3,000,000 shares, which corresponds to approximately 9 percent of the Company’s total number of shares on the day of the Annual General Meeting on the date of the notice of the meeting.

    The Board of Directors decides on all terms and conditions related to the issuance of shares. The authorisation concerns both the issuance of new shares and the transfer of own shares. A share issue and the issuance of special rights entitling to shares include the right to deviate from the pre-emptive right of shareholders if there is a weighty financial reason for the Company (special issue). A special share issue may be free of charge only if there is a particularly weighty financial reason from the point of view of the Company and in the interest of all its shareholders.

    The authorisation is proposed to be valid until the end of the next Annual General Meeting, but not later than 30 June 2026. The authorisation revokes previous authorisations given by the Annual General Meeting to decide on a share issue, as well as the option rights and the issuance of special rights entitling to shares.

    22. Authorizing the Board of Directors to decide on the repurchase of the Company’s own shares

    The Board of Directors proposes that the Annual General Meeting authorise the Board of Directors to decide on the repurchase of the Company’s own shares with funds belonging to the Company’s free equity under the following conditions:

    Maximum number of 1,000,000 own shares may be repurchased, representing approximately 3 percent of the Company’s total shares according to the situation on the date of the notice of the meeting, however, that the number of own shares held by the Company does not exceed 10 percent of the Company’s total shares of the Company at any time. This amount includes the own shares held by the Company itself and its subsidiaries within the meaning of Chapter 15, Section 11 (1) of the Finnish Companies Act.

    The Board of Directors is authorised to decide how to acquire own shares.

    Own shares may be repurchased otherwise than in proportion to the shares held by the shareholders (directed repurchase) at the price formed in public trading organized by Nasdaq Helsinki Ltd or at a price otherwise formed on the market. Own shares may be repurchased in one or more tranches.

    Shares purchased by the Company may be held by it, cancelled or transferred. The Board of Directors decides on other matters related to the repurchasing of own shares.

    The Board of Directors proposes that the authorisation repeal previous authorisations granted by the Annual General Meeting to decide on the repurchase of own shares.

    It is proposed that the authorisation remain valid until the closing of the next Annual General Meeting, but not later than 30 June 2026.

    23. Closing the meeting

    B. Documents of the General Meeting

    This notice, which contains all proposals for resolutions on the agenda of the General Meeting is available on Oma Savings Bank Plc’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. Oma Savings Bank Plc’s financial statements, annual report, auditor’s report and remuneration report will be available on said website by 14 March 2025. The updated remuneration policy is attached to this notice and is also available at https://www.omasp.fi/en/annual-general-meeting-year-2025. Copies of the above-mentioned documents will be sent to shareholders on request, and they will also be available on the Annual General Meeting.

    The minutes of the General Meeting will be available on the above-mentioned website from 22 April 2025 onwards.

    C. Instructions for meeting participants

    1. Shareholders registered in the shareholders’ register

    Shareholders who are registered in the shareholders’ register of Euroclear Finland Oy on the record date of the General Meeting 27 March 2025 are entitled to participate the General Meeting. Any shareholder whose Company shares are recorded in their personal Finnish book-entry account is automatically included in the Company’s shareholders’ register. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

    The registration period for the General Meeting commences on 6 March 2025 at 9.00 a.m. (EET). A shareholder who is registered in the Company’s shareholders’ register and wishes to participate in the General Meeting must register for the Meeting no later than 1 April 2025 at 4.00 p.m. (EEST), by which time the registration must be received.

    A shareholder can register for the General Meeting:

    a)   via the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. Electronic registration requires strong identification of the shareholder or their legal representative or proxy with a Finnish, Swedish, or Danish bank ID, or a mobile certificate.
    b)   by e-mail. Shareholders registering by e-mail shall submit the registration form available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025 or equivalent information to agm@innovatics.fi.
    c)   by mail. Shareholders registering by mail shall submit the registration form available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025 or equivalent information to Innovatics Oy, General Meeting / Oma Savings Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki
    d)   by phone to Innovatics Ltd at +358 10 2818 909 on weekdays from 9 a.m. to 12 p.m. and from 1 p.m. to 4 p.m.

    In connection with the registration, the shareholder must provide the requested information:

    1. his/her name and date of birth or business ID
    2. telephone number and/or email address
    3. name of the possible assistant or name, date of birth, telephone number and/or e-mail address of the representative

    The personal details that shareholders give to Oma Savings Bank Plc will only be used for purposes associated with the General Meeting and processing the relevant registrations.

    The shareholder, his/her authorised representative or proxy representative, shall on demand be able to prove his/her identity and/or right of representation.

    Further information related to the registration is available by phone during the registration period of the General Meeting at the phone number of Innovatics Ltd. +358 10 2818 909 on weekdays from 9 a.m. to 12 p.m. and from 1 p.m. to 4 p.m.

    2. Holders of nominee-registered shares

    A holder of nominee-registered shares is entitled to participate the General Meeting based on the shares, which would entitle them entry into the shareholders’ register held by Euroclear Finland Oy on the record date for the General Meeting 27 March 2025. Participation also requires that the shareholder is temporarily registered in the shareholders’ register held by Euroclear Finland Oy by 3 April 2025 by 10.00 a.m. (EEST) at the latest. In the case of nominee-registered shares, this is considered as registration for the General Meeting. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

    A holder of nominee-registered shares is advised to request well in advance the necessary instructions from their custodian bank regarding temporary registration in the register of shareholders, the issuing of proxy documents and voting instructions, registration, and attendance at the General Meeting. The account manager of the custodian bank shall register the holder of nominee-registered shares who wishes to participate the General Meeting temporarily in the register of shareholders of the Company by the aforementioned date and time at the latest. Further information is also available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    3. Proxy representatives and powers of attorney

    Shareholders may participate in the General Meeting and exercise their rights through a representative. Shareholder’s representative must identify himself/herself to the electronic registration service with a strong identification, after which he/she can make the registration on behalf of the shareholder he/she represents. A shareholder’s proxy representative must present a dated proxy or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the General Meeting shall present a dated power of attorney or demonstrate their right to represent the shareholder in some other reliable way. If a shareholder is represented by more than one representative at the General Meeting, each of whom represents the shareholder with shares by the shareholder in different book-entry accounts, the shares by held which each representative represents the shareholder shall be identified in connection with the registration for the General Meeting.

    Possible powers of attorney are requested to be delivered before the end of the registration period primarily as an attachment in connection with electronic registration or alternatively or by letter to Innovatics Ltd, General Meeting / Oma Savings Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki or by email to agm@innovatics.fi. In addition to the delivery of proxy documents, the shareholder or his/her proxy representative shall arrange for registration at the General Meeting as described above in this notice.

    As an alternative to the traditional power of attorney, shareholders may use the electronic authorisation service for authorising the representative. The representative is appointed on the suomi.fi service at www.suomi.fi/e-authorizations (authorisation matter “Representation at the General Meeting”). At the General Meeting Service, the delegate must identify himself/herself with a strong electronic identification when registering, and then the electronic authorisation is automatically verified. Strong electronic identification occurs with bank IDs or mobile certificate. More information about electronic authorisation is available at www.suomi.fi/e-authorizations.

    Model proxy documents and voting instructions are available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025.

    4. Other instructions/information

    The meeting language is Finnish.

    Shareholders present at the General Meeting have the right to ask questions about the matters discussed at the meeting in accordance with Chapter 5, Section 25 of the Finnish Limited Liability Companies Act. Shareholders may submit questions referred to in Chapter 5, Section 25 of the Limited Liability Companies Act on matters to be discussed at the meeting until 1 April 2025 also by email to lakiasiat@omasp.fi or by letter to Oma Savings Bank Plc, Legal Affairs, Kluuvikatu 3, 6th floor, 00100 Helsinki. The management of the Company will respond to such questions submitted in advance in writing at the General Meeting. At the time of asking a question, the shareholder shall provide an adequate explanation of his/her shareholding.

    Changes in shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s number of votes.

    On the date of the notice to the meeting, 28 February 2025, Oma Savings Bank Plc has a total of 33,292,771 shares representing the same amount of votes. The Company holds a total of 136,647 of its own shares which are not entitled to vote at the General Meeting.

    Oma Savings Bank Plc

    Board of Directors

    For more information:

    Hanna Sirkiä, CLO, tel. +358 44 022 4604, hanna.sirkia@omasp.fi
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

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

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

    Attachments

    The MIL Network –

  • MIL-OSI: DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024

    Source: GlobeNewswire (MIL-OSI)

    DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024 
    (Not audited)

    DIGITALIST 2024 

    SUMMARY

    October–December 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 4.7 million (EUR 4.2 million), change 12.9%. 
    • EBITDA: EUR -0.2 million (EUR -0.4 million*), -4.3% of turnover (-9.1%).
    • EBIT: EUR -0.3 million (EUR -0.6 million*), -7.1% of turnover (-14.4%). 
    • Net income: EUR -1.0 million (EUR -1.6 million*), -21.3% of turnover (-38.9%).
    • Earnings per share EUR -0.00 (EUR -0.00).

    January–December 2024 (comparable figures for 2023 in parentheses): 

    • Turnover: EUR 16.2 million (EUR 16.7 million), change -3.1%. 
    • EBITDA: EUR -1.5 million (EUR -0.9 million**), -9.4% of turnover (-5.2%). 
    • EBIT: EUR -2.0 million (EUR -1.7 million**), -12.3% of turnover (-10.2%). 
    • Net income: EUR -5.0 million (EUR -4.1 million**), -31.0% of turnover (-24.5%). 
    • Earnings per share: EUR -0.01 (EUR -0.01). 
    • Earnings per share (diluted): EUR -0.01 (EUR -0.01). 
    • Cash flow from operations EUR -1.4 million (EUR -2.9 million). 
    • Number of employees at the end of the review period: 122 (126), decrease of 3.2%.

    *) EBIT, EBITDA, and net income for the comparison period were affected by a recorded gain of EUR 0.3 million, resulting from the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    **) EBIT, EBITDA, and net income for the period were affected by a one-time gain of EUR 1.0 million, which includes a recorded gain of EUR 0.6 million from the FutureLab Share transaction, EUR 0.3 million from the write-down of Turret accounts payable and an additional purchase price adjustment related to the Ticknovate divestment.

    CEO’s review 

    As we close the year 2024, Digitalist Group stands at the intersection of ongoing market challenges and promising opportunities. While the Finnish economy remained weak, causing clients to hesitate in initiating new projects, we observed steady growth in Sweden. We are committed to coping with the challenges in the Finnish market, but we have increased focus on exploiting opportunities in the Swedish market and have expanded our offering with new applied AI services.

    Despite the turnover growth in the last quarter, the Group’s turnover in 2024 slightly declined to EUR 16.2 million (from EUR 16.7 million in 2023) and EBITDA ended at EUR -1.5 million (EUR -0.9 million in 2023 including a one-time gain of EUR 1.0 million). This outcome mirrors both the current market conditions and the positive but not sufficient impact of the strategic measures we implemented throughout the year.

    A key driver of our performance has been the Swedish market, where demand remained robust enough to offset weaker activity in Finland. In 2024 Sweden contributed around 70% of our total turnover, up from 61% in the same period last year. We also intensified our cost-saving efforts, reducing personnel costs and streamlining our organizational structure to create a stronger foundation for future improvements.

    This year, we enhanced our service portfolio through the full launch of Digitalist Open Cloud AB and the introduction of Digitalist Private AI Hub, offering secure and GDPR-compliant AI capabilities. These new solutions cater to the rising demand for data privacy and advanced digital services, attracting clients who recognize the value of our approach.

    Looking ahead, we remain focused on driving operational efficiency, sharpening our service offerings, and capitalizing on growth opportunities. Although the market may remain challenging in the near term, our product innovation and constant focus on cost management, positions Digitalist Group for long-term success.

    I extend my sincere gratitude to our employees for their commitment and to our clients for their trust. Together, we have navigated a demanding year, and together we will seize the opportunities that lie ahead.

    Magnus Leijonborg
    CEO, Digitalist Group

    Future prospects

    In 2025, it is expected that turnover and EBITDA will improve in comparison with 2024.

    SEGMENT REPORTING

    Digitalist Group reports its business in a single segment.

    TURNOVER

    In the fourth quarter, the Group’s turnover was EUR 4.7 million (EUR 4.2 million), reflecting a 12.9% increase compared to the previous year. The increase was due to the strengthening of the Swedish business.

    The Group’s turnover for the period totalled EUR 16.2 million (EUR 16.7 million), which is 3.1% lower than the previous year, as a result of the weak market situation in Finland. The turnover for the whole year fell short of the targets, as the economic slowdown and uncertainty have made customers more cautious when starting new projects.

    Market conditions in Finland have been challenging. The share of turnover outside Finland rose to 70 percent (61 %), and the increase was mainly due to the strengthening of the Swedish business. The net impact on turnover from the divestment of FutureLab and the acquisition of Open Communications for the review period is EUR 0.1 million compared to the comparison period.

    RESULT

    In the fourth quarter, EBITDA was EUR -0.2 million (EUR -0.4 million), EBIT was EUR -0.3 million (EUR -0.6 million) and profit before taxes was EUR -0.9 million (EUR -1.6 million). EBITDA was positively affected by improved sales and a EUR 0.3 million reduction in personnel and operating expenses. Net income for the final quarter amounted to EUR -1.0 million (EUR -1.6 million), earnings per share were EUR -0.00 (EUR -0.00).

    EBITDA for the financial period amounted to EUR -1.5 million (EUR -0.9 million), EBIT was EUR -2.0 million (EUR -1.7 million) and profit before taxes was EUR -4.9 million (EUR -4.0 million). Expenses were EUR 0.7 million lower compared to the previous year, of which operating expenses were EUR 0.3 million lower and personnel expenses EUR 0.4 million lower. Cost savings improved EBITDA, but the decline in sales weakened the overall impact.

    The EBIT was influenced by the decrease of depreciations of balance sheet items by EUR 0.4 million. EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction and EUR 0.3 million is attributed to the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    Net financial items amounted to EUR -3.0 million (EUR -2.3 million), mainly comprising external interest expenses related to loans from financial institutions and related parties. External interest expenses were EUR -2.2 million (EUR -2.1 million). Financial items in the comparison period were positively impacted by Business Finland’s non-collection decision on a EUR 0.3 million part of the product development loan and unrealized exchange gains. Net income for the financial period amounted to EUR -5.0 million (EUR -4.1 million), earnings per share totalled EUR -0.01 (EUR -0.01).

    RETURN ON EQUITY

    The Group’s shareholders’ equity amounted to EUR -37.7 million (EUR -32.7 million). The Group’s equity considering the capital loans was EUR -13.8 million (EUR -15.8 million). Return on equity (ROE) was negative. Return on investment (ROI) was -161.9% (-27.8%).

    BALANCE SHEET AND FINANCING

    The balance sheet total was EUR 10.1 million (EUR 11.4 million). The solvency ratio was -379.1% (-285.9%). 

    At the end of the period, the Group’s liquid assets totalled EUR 0.9 million (EUR 0.9 million).

    At the end of the financial period the Group’s interest-bearing liabilities amounted to EUR 38.2 million (EUR 35.7 million). The Group’s balance sheet recognised EUR 11.0 million (EUR 11.4 million) in loans from financial institutions, including the overdrafts in use. IFRS 16 leasing debts were EUR 0.6 million (EUR 1.0 million). 

    In addition, the company has loans from its main owners. The loans from related parties amount to EUR 26.6 million (EUR 23.4 million). EUR 23.9 million (EUR 16.9 million) related party loans were capital loans, EUR 0 million (EUR 5.8 million) were convertible bonds, EUR 2.8 million (EUR 0.8 million) were other related party loans, of which EUR 2.0 million were short term. The changes result from the conversion of convertible bonds into capital loans in accordance with Chapter 12 of the Limited Liability Companies Act and from the new loan installments from Turret. More information about the arrangements can be found in the section of the review: Related party transactions.

    CASH FLOW

    The Group’s cash flow from operating activities during the review period was EUR -1.4 million (EUR -2.9 million), a change of EUR 1.5 million. The development of the company’s liquid assets was influenced by improved working capital. In order to reduce the rate of turnover of trade receivables, the Group sells part of its trade receivables from Finnish customers. In addition, some Swedish trade receivables are financed through factoring arrangements.

    GOODWILL

    On 31 December 2024, the Group’s balance sheet included goodwill of EUR 5.2 million (EUR 5.4 million). The company tested goodwill in accordance with IAS 36 on 31 December 2024 and no need for an impairment charge was detected. 

    PERSONNEL

    During the financial period, the Group had an average of 123 employees (139). At the end of the financial period, the total number of employees was 122 (126), with 52 (52) working for the Group’s Finnish companies and 70 (74) employed by its foreign subsidiaries.

    SHARES AND SHARE CAPITAL

    Share turnover and price

    During the financial period, the company’s share price hit a high of EUR 0.02 (EUR 0.03) and a low of EUR 0.01 (EUR 0.01), and the closing price on 31 December 2024 was EUR 0.01 (EUR 0.02). The average price in the financial period was EUR 0.01 (EUR 0.02). During the financial period 78,321,067 (40,711,793) shares were traded, corresponding to 11.3% (6.0%) of the number of shares in circulation at the end of the period. The Group’s market capitalisation at the closing share price on 31 December 2024 was EUR 9,985,399 (EUR 10,236,341).
         
    Share capital

    At the beginning of the period under review, the company’s registered share capital was EUR 585,394.16, and there were 693,430,455 shares. At the end of the period, the share capital was EUR 585,394.16, and there were 693,430,455 shares. The company has one class of shares. At the end of the reporting period, the company held a total of 7,664,943 treasury shares corresponding to 1.1% of the total shares. 

    Option plan 2019 and 2021

    The option plan 2019 has expired.

    The option rights belonging to the company’s option program 2021 are marked as series 2021A1, 2021A2, 2021B1, 2021B2 and 2021C1. A maximum of 60,000,000 stock options can be issued and they entitle to subscribe for a maximum of 60,000,000 new shares of the Company. A total of 38,450,000 options belonging to the 2021A1 and 2021A2 series have been distributed among the options included in the option program. The last exercise date for the series 2021A1 was 31.12.2024. 28,650,000 of the distributed options have expired, so based on the terms of the option program, it is possible to subscribe for a maximum of 9,800,000 new shares of the Company.

    The theoretical market value of the options allocated by the end of the financial period is approximately EUR 0.8 million, which is recognised as an expense in accordance with IFRS 2 for the years 2021-2025. The expense recognition for 2024 is EUR 0.1 million. The expense recognition does not have cash flow impact.

    Terms and conditions of option programs can be found at the Company’s web site https://investor.digitalistgroup.com//investor

    Shareholders

    The number of shareholders on 31 December 2023 was 5,705 (5,578). Private individuals owned 11.8% (10.4%) of the shares, and institutions held 78.4% (79.5%). Foreign nationals or entities held 9.8% (10.0%) of the shares. Nominee-registered shares accounted for 12.6% (6.3%) of the total.

    AUTHORIZATIONS OF THE BOARD OF DIRECTORS

    Annual General Meeting 25 April 2024

    The company held its Annual General Meeting on 25 April 2024. The minutes of the Annual General Meeting and the decisions made are on the company’s website at https://investor.digitalistgroup.com/investor/governance/annual-general-meeting

    The financial statements and consolidated financial statements for the financial year ended December 31, 2023, were approved as presented.

    The Annual General Meeting resolved that the loss EUR 4,575,895.22 indicated by the financial statements for 2023 be recorded in the Company’s profit and loss account, and that no dividend be paid to shareholders for the financial period 2023.

    The Annual General Meeting elected Johan Almquist, Paul Ehrnrooth, Peter Eriksson, Esa Matikainen, and Andreas Rosenlew as ordinary members of the Board of Directors, and Magnus Wetter as a new member of the Board of Directors. At the Board meeting held on 25 April 2024 after the Annual General Meeting, the Board of Directors elected Esa Matikainen as the Chair of the Board and Andreas Rosenlew as the Deputy Chair of the Board. The Board resolved to continue with the Audit Committee. Esa Matikainen was elected as a chairman and Peter Eriksson and Magnus Wetter as members of the Audit Committee.

    The Board of Directors evaluated on the date of the financial statement release the independence of the Committee members in compliance with the recommendations of the Finnish Corporate Governance Code 2020 as follows. Esa Matikainen and Magnus Wetter are independent of the company and independent of a significant shareholder. Peter Eriksson is independent of the company and dependent on a significant shareholder.

    Audit firm KPMG Oy Ab was appointed as the company’s auditor.

    Authorisation of the Board of Directors to decide on share issues and on granting special rights entitling to shares

    The Annual General Meeting authorised the Board to decide on a paid share issue and on granting option rights and other special rights entitling to shares that are set out in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act, or on the combination of all or some of the aforementioned instruments in one or more tranches on the following terms and conditions:

    The total number of the Company’s treasury shares and new shares to be issued under the authorisation may not exceed 346,715,227, which corresponds to approximately 50 per cent of all the Company’s shares at the time of convening the Annual General Meeting.

    Within the limits of the aforementioned authorisation, the Board of Directors may decide on all terms and conditions applied to the share issue and to the special rights entitling to shares, such as that the payment of the subscription price may take place not only by cash but also by setting off receivables that the subscriber has from the Company.

    The Board of Directors shall be entitled to decide on crediting the subscription price either to the Company’s share capital or, entirely or in part, to the invested unrestricted equity fund.

    The share issue and the issuance of special rights entitling to shares may also take place in a directed manner in deviation from the pre-emptive rights of shareholders if there is a weighty financial reason for the Company to do so, as set out in the Limited Liability Companies Act. In such a case, the authorisation may be used to finance corporate acquisitions or other investments related to the operations of the Company as well as to maintain and improve the solvency of the Group and to carry out an incentive scheme.

    The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    Authorising the Board of Directors to decide on the acquisition and/or on the acceptance as pledge of the Company’s treasury shares

    The Annual General Meeting authorised the Board to decide on acquiring or accepting as pledge, using the Company’s distributable funds, a maximum of 69,343,000 treasury shares, which corresponds to approximately 10 per cent of the Company’s total shares at the time of convening the Annual General Meeting. The acquisition may take place in one or more tranches. The acquisition price shall not exceed the highest market price of the share in public trading at the time of the acquisition.

    In executing the acquisition of treasury shares, the Company may enter into derivative, share lending or other contracts customary in the capital market, within the limits set out in laws and regulations. The authorisation entitles the Board to decide on an acquisition in a manner other than in a proportion to the shares held by the shareholders (directed acquisition).

    The Company may acquire the shares to execute corporate acquisitions or other business arrangements related to the Company’s operations, to improve its capital structure, or to otherwise further transfer the shares or cancel them.

    The authorisation is proposed to include the right for the Board of Directors to decide on all other matters related to the acquisition of shares. The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret Oy Ab without modifications.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix Oy Ab without modifications.

    It was noted that the following measures have been taken in the Company after the end of the fiscal year on December 31, 2023:

    ●     Convertible bonds 2021/3 and 2021/4 were partially converted into capital loans as per Chapter 12 of the Companies Act, as announced on March 22, 2024; and
    ●     the General Meeting has decided, following the board’s proposals, to change the terms of the Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4, and 2022/1, including their maturity extensions until September 30, 2026.

    It was noted that these actions have supported and will support the Company’s balance sheet and solvency.

    It was resolved to accept the proposition of the Board of Directors of the Company not to implement immediate additional measures to rectify the Company’s financial position, but the Company will actively evaluate other possibilities and means to support the Company’s financial standing.

    The stock exchange releases are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    CHANGES IN THE GROUP STRUCTURE

    Digitalist Open Tech AB sold part of its IT and SaaS business to the newly established Digitalist Open Cloud AB through an internal business transfer agreement 1 April 2024. Digitalist Open Cloud AB is now a subsidiary of Digitalist Open Tech AB, with a 15% minority stake held by the subsidiary management.

    Digitalist Group divested its fully-owned subsidiary Open Communications International AB 31 May 2024 to its subsidiary Grow AB, in which it holds a 90% ownership. Sales price was EUR 0.9 million.

    In addition, Digitalist Group has closed non-operative companies. Digitalist USA Ltd was formally dissolved in 2024. Grow Finland Oy and Ixonos Estonia have been removed from the trade register in 2024.

    EVENTS SINCE THE FINANCIAL PERIOD

    There have been no significant events since the end of the financial period.

    RELATED-PARTY TRANSACTIONS 

    Financing arrangements with related parties:

    Strengthening Digital Group Plc’s equity, conversion of convertible bonds partly into capital loans

    In order to strengthen the Company’s equity, Digital Group decided on 22 March 2024 to utilize the right provided by Turret Oy Ab and Holdix Oy Ab to convert a total of 1,907,175.40+interest 334,513.29 euros of the principal and interest of the convertible bonds 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    Amendment of the terms concerning Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4 and 2022/1 issued by Digitalist Group Plc

    Convertible Bonds 2021/1, 2021/3 and 2022/1 directed to Turret Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret.

    Digitalist Group Plc and Turret Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Turret.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Convertible Bonds 2021/2 and 2021/4 directed to Holdix Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix.

    Digitalist Group and Holdix Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/2 and 2021/4 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Holdix.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Digitalist Group structures its financing

    Digitalist Group Plc’s agreed 28.10.2024 with Turret Oy Ab on a loan amounting to EUR 1,000,000 in order to strengthen the Company’s working capital. The Company has the right to withdraw the Loan in instalments by 31 December 2025 at the latest. The Loan was granted on market terms and it will fall due on 31 December 2026.

    Strengthening Digitalist Group Plc’s balance sheet position and conversion of convertible bonds 2021/1, 2021/2, 2021/3 and 2021/4 into capital loans

    Digitalist Group Plc decided 30.12.2024, in order to strengthen the Company’s balance sheet position, to utilize the right offered by Turret Oy Ab and Holdix Oy Ab to convert a total of 3,860,763.40 + interest 861,271.93 euros of the principal and interest of the convertible bonds 2012/1, 2021/2, 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    OTHER EVENTS DURING THE FINANCIAL PERIOD

    Digitalist Group decreased its earlier guidance regarding future prospects 17.10.2024. The new guidance was: In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    Operationally, not including the impact of other operating income (EUR 1.0 million), the current financial year was expected to be stronger than the previous year.

    The stock exchange releases for the review period are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    RISK MANAGEMENT AND SHORT-TERM UNCERTAINTIES

    The objectives of Digitalist Group Plc’s risk management are to ensure the undisrupted continuity and development of the company’s operations, support the achievement of the company’s business objectives and increase the company’s value. For more details about the organisation of risk management, processes and identified risks, see the company’s website at https://investor.digitalistgroup.com/investor

    The company has been making a loss despite the efficiency measures it has taken. The company’s loss-making performance directly affects its working capital and the sufficiency of its financing. This risk is managed by maintaining the capacity to use different financing solutions. The company aims to continuously assess and monitor the amount of necessary business financing to ensure that it has sufficient liquid assets to finance its operations and repay maturing loans. Any disruptions in the financial arrangements would weaken Digitalist Group’s financial position.

    The company is currently dependent on external financing, most of which has been obtained from related-party companies and financial institutions. Digitalist Group’s ability to finance its operations and reduce the amount of its debt depends on several factors, such as the cash flow from operations and the availability of debt and equity financing, and there is no certainty that such financing will be available in the future. Similarly, there can be no certainty in the long term that Digitalist Group will be able to obtain additional debt or refinance its current debt on acceptable terms, if at all.

    During 2024, negotiations regarding the restructuring of maturing convertible bonds held by related parties were concluded, and the maturity date was extended until autumn 2026. The convertible bonds were converted into capital loans in two tranches in accordance with Chapter 12 of the Limited Liability Companies Act in 2024, strengthening the company’s balance sheet.

    Any changes to key client accounts could have a substantial impact on Digitalist Group’s operations, earning potential and financial position. If one of Digitalist Group’s largest clients decided to switch to a competing company or drastically altered its operating model, the chances of finding client volumes to replace the shortfall in the near term would be limited.

    The Group’s business consists mainly of individual client agreements, which are often relatively short-term. Forecasting the start dates and scopes of new products is occasionally challenging, while the cost structure is largely fixed. The aforementioned aspects can lead to unpredictable fluctuations in turnover and, thereby, in profitability. The Group’s business consists of some fixed-price deliveries (65%). Fixed-price client deliveries carry risks related to timing and content. The company endeavours to manage these risks through contractual and project management measures.

    Irrespective of the market situation, there is a shortage of certain experts in the Group’s business sector. Although the aggressive recruitment policies that occasionally arise in the Group’s business sector have decreased significantly, there is still a risk of personnel moving to competitors. There are no guarantees that the company will be able to retain its current personnel and recruit new employees to enable growth. If Digitalist Group loses a significant number of its current personnel, it would be more difficult to complete existing projects and acquire new ones. This could have an adverse impact on Digitalist Group’s business, earnings and financial position.

    The cost inflation has decreased significantly but can still exert pressure to raise salaries, so the importance of cost monitoring is emphasised further. Variation in interest rates do not have a significant direct impact on financing costs because most of the company’s debts have fixed interest rates. If the interest rates on the company’s loans from financial institutions rose by 1 per cent, the company’s annual interest costs would rise by approximately EUR 0.1 million.

    Part of the Group’s turnover is invoiced in currencies other than the euro – mainly in the Swedish krona. The risk associated with changes in exchange rates can be managed in various ways, including net positioning and currency hedging contracts. In 2024 and 2023, the Group had no hedging contracts.

    The Group’s balance sheet contains goodwill that is subject to impairment risk in the event that the Group’s future yield expectations decrease due to internal or external factors. The goodwill is tested for impairment every six months and whenever the need arises.

    General economic uncertainty and low growth forecasts in the company’s key markets affected the Group’s business during the financial period, but the future impact is difficult to estimate. Geopolitical uncertainty may affect the business activities of some of the Group’s clients, thereby indirectly affecting the Group’s business. The Group has no business activities in Russia or Ukraine.

    LONG-TERM GOALS AND STRATEGY

    Digitalist Group aims to achieve a profit margin of at least 10% over the long term. In order to achieve its long-term goals, Digitalist Group strives for profitable, international growth by shaping new forms of thinking, services and technological solutions for a variety of sectors. These sectors include, among others, the technology industry, energy industry, transport and logistics, as well as consumer services in both the public and private sectors. Digitalist Group’s strategy focuses on enhancing its service and solution business and seamlessly integrating user and operational research, branding, design and technology.

    PROPOSAL BY THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING

    The Board of Directors of Digitalist Group Plc proposes to the Annual General Meeting that the distributable funds be retained in shareholders’ equity and that no dividend be distributed to shareholders for the 2024 financial period. On 31 December 2024, the parent company’s distributable assets were negative.

    Digitalist Group Plc’s Annual General Meeting will be held on 29 April 2025. 
    Digitalist Group’s Financial Statements 2024 will be published and posted on the company’s website on 28 March 2025. Digitalist Group Plc’s Financial Statements will be published in Finnish and English and they are available on the Group’s website https://investor.digitalistgroup.com/investor immediately after publication.

    NEXT REVIEW

    The Business review for January–March 2025 will be published on Friday 25 April 2025.

    DIGITALIST GROUP PLC
    Board of Directors

    Further information:
    Digitalist Group Plc
    CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
    Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

    Distribution:
    NASDAQ Helsinki

    Key media
    https://investor.digitalistgroup.com/investor

    DIGITALIST GROUP 

    SUMMARY OF THE FINANCIAL STATEMENTS AND NOTES, 1 JANUARY–31 DECEMBER 2024

    CONSOLIDATED INCOME STATEMENT, EUR THOUSAND 

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Turnover 4,698.85 4,160.22 12,9 % 16,164.54 16,680.74 -3,1 %
    Other operating income -41.02 280.21 -114,6 % 50.00 1,006.67 -95,0 %
                 
    Materials and services -932.52 -639.82 -45,7 % -3,102.99 -3,202.01 3,1 %
    Expenses from employee benefits -3,251.70 -3,331.27 2,4 % -11,874.22 -12,269.02 3,2 %
    Depreciation and impairment -132.28 -218.14 39,4 % -469.53 -834.41 43,7 %
    Other operating expenses -673.33 -848.57 20,7 % -2,750.27 -3,077.67 10,6 %
    Total expenses -4,989.83 -5,037.80 1,0 % -18,197.01 -19,383.11 6,1 %
                 
    EBIT -331.99 -597.37 44,4 % -1,982.47 -1,695.70 -16,9 %
                 
    Financial income 78.27 4.17 1779,2 % 155.41 752.50 -79,3 %
    Financial expenses -695.08 -1,021.72 32,0 % -3,103.37 -3,026.21 -2,5 %
    Total financial income and expenses -616.81 -1,017.55 39,4 % -2,947.96 -2,273.71 -29,7 %
                 
    Profit before taxes -948.80 -1,614.92 41,2 % -4,930.43 -3,969.41 -24,2 %
    Income taxes -50.82 -3.87 -1214,3 % -87.04 -115.46 24,6 %
    PROFIT/LOSS FOR FINANCIAL PERIOD -999.62 -1,618.78 38,2 % -5,017.47 -4,084.87 -22,8 %
                 
    Distribution:            
    Parent company shareholders -875.12 -1,557.64 43,8 % -4,707.38 -4,042.14 -16,5 %
    Non-controlling interests -124.50 -61.15 -103,6 % -310.09 -42.73 -625,8 %
    Earnings per share:            
    Undiluted (EUR) 0.00 0.00   -0.01 -0.01  
    Diluted (EUR) 0.00 0.00   -0.01 -0.01  

    COMPREHENSIVE INCOME STATEMENT, EUR THOUSAND

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Profit/loss for the financial period -999.62 -1,618.78 38,2% -5,017.47 -4,084.87 -22,8%
    Other items of comprehensive income            
    Translation difference -140.67 663.20 -121,2% -67.99 229.71 -129,6%
    TOTAL COMPREHENSIVE INCOME FOR THE YEAR -1,140.29 -955.58 -19,3% -5,085.47 -3,855.45 -31,9%
    Parent company shareholders -1,006.68 -869.23 -15,8% -4,759.00 -3,807.09 -25,0%
    Non-controlling interests -133.61 -86.35 -54,7% -327.00 -48.06 -580,4%

    CONSOLIDATED BALANCE SHEET, EUR THOUSAND

    ASSETS 31 December 2024 31 December 2023
    NON-CURRENT ASSETS    
    Intangible assets 313.78 422.06
    Goodwill 5,244.98 5,444.44
    Tangible assets 569.43 916.99
    Buildings and structures, rights-of-use 528.59 867.73
    Machinery and equipment 27.55 34.52
    Other tangible assets 13.29 14.74
    Investments 6.23 6.28
    Other non-current financial assets 88.02 24.35
    NON-CURRENT ASSETS 6,222.44 6,814.12
         
    CURRENT ASSETS    
    Trade and other receivables 2,612.34 3,508.10
    Income tax asset 320.88 228.46
    Cash and cash equivalents 943.53 893.65
    CURRENT ASSETS 3,876.75 4,630.21
    ASSETS 10,099.19 11,444.12
         
    SHAREHOLDERS’ EQUITY AND LIABILITIES    
    SHAREHOLDERS’ EQUITY    
    Parent company shareholders    
    Share capital 585.39 585.39
    Share premium account 218.73 218.73
    Invested non-restricted equity fund 73,916.78 73,916.78
    Retained earnings -107,368.76 -103,343.29
    Profit/loss for the financial period -4,707.38 -4,042.14
    Non-controlling interests -311.28 -53.08
    Parent company shareholders -37,355.24 -32,664.53
    SHAREHOLDERS’ EQUITY -37,666.53 -32,717.43
    NON-CURRENT LIABILITIES 25,438.08 3,748.88
    CURRENT LIABILITIES 22,327.73 40,412.84
    SHAREHOLDERS’ EQUITY AND LIABILITIES 10,099.29 11,444.28

    CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY, EUR THOUSAND
    A:   Share capital
    B:   Share premium account
    C:  Invested unrestricted equity fund
    D:  Translation difference
    E:   Retained earnings
    F:   Total shareholders’ equity attributable to the parent company’s
    G: Non-controlling interests
    H:  Total shareholders’ equity

      A B C D E F G H
    Shareholders’ equity 1 Jan 2023 585.39 218.73 73,662.55 -1,197.92 -104,545.23 -31,276.47 503.13 -30,773.34
    Other changes                
    Profit/loss for the financial period         -4,042.14 -4,042.14 -42.73 -4,084.87
    Purchase of own shares       235.05   235.05 -5.33 229.72
    Other items of comprehensive income           -3,807.09    
    Paid in capital     253.98     253.98   253.98
    Translation difference         176.44 176.44   176.44
    Share-based remuneration         0.00 0.00   0.00
    Transactions with non-controlling interests             -508.15 1,480.52
    Shareholders’ equity 31 December 2023 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
                     
      A B C D E F G H
    Shareholders’ equity 1 Jan 2024 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
    Other changes       0.00 0.00      
    Profit/loss for the financial period         -4,707.38 -4,707.38 -310.09 -5,017.47
    Purchase of own shares       -51.33   -51.33 -16.66 -67.99
    Other items of comprehensive income           -4,758.71    
    Translation difference         54.23 54.23   54.23
    Share-based remuneration         -14.40 -14.40   -14.40
    Sale of subsidiary         13.81 13.81   13.81
    Transactions with non-controlling interests         14.18 14.18 68.55 82.73
    Shareholders’ equity 31 December 2024 585.00 219.00 73,916.78 -1,243.69 -110,832.45 -37,355.23 -311.29 -37,666.52

    CONSOLIDATED CASH FLOW STATEMENT, EUR THOUSAND 

      1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 1 Jul – 31 Dec 24 1 Jul – 31 Dec 23
    Cash flow from operations        
    Earnings before taxes in the period -5,017.47 -4,084.87 -2,461.65 -2,094.96
    Adjustments to cash flow from operations:        
    Other income and expenses with no payment -235.55 -76.63 -261.44 -174.25
    Depreciation, impairment 469.53 834.41 265.81 417.90
    Income taxes 87.04 115.46 42.16 31.37
    Unrealised foreign exchange gains and losses -85.26 -255.59 124.47 -296.11
    Financial income and expenses 3,057.58 2,273.71 1,655.67 1,704.54
    Other adjustments 4.81 -561.90 3.25 -576.30
    Cash flow financing before changes in working capital -1,719.32 -1,755.41 -631.73 -987.82
             
    Change in working capital 1,290.45 -262.04 936.75 -313.93
    Interest received 47.37 0.72 10.04 3.07
    Interest paid -883.89 -710.82 -395.39 -333.90
    Taxes paid -133.04 -149.35 -40.34 -46.81
    Net cash flow from operations -1,398.42 -2,876.89 -120.68 -1,679.39
             
    Cash flow from investments        
    Acquisition of shares in group companies 0.00   0.00  
    Proceeds from disposal of shares in group companies 0.00   0.00  
    Investments in tangible and intangible assets -15.42 -22.33 -6.49 -9.95
    Proceeds from repayment of loans 0.00      
    Interest received on investments 0.00      
    Taxes paid on investments 0.00      
    Cash flow from investments -15.42 2,447.66 -6.49 1,049.09
             
    Net cash flow before financial items -1,413.84 -429.23 -127.18 -630.30
             
    Cash flow from financing activities        
    Transactions with non-controlling interests 19.53 136.18 -6.25 -12.17
    Drawdown of long-term loans 2,025.00 750.00 1,275.00 750.00
    Drawdown of short-term loans 0.00 736.90 -212.58  
    Repayment of short-term loans -129.07   -105.31 -1.81
    Repayment of lease liabilities -429.40 -697.51 -184.02 -354.56
    Net cash flow from financing 1,486.06 423.76 766.83 441.83
             
    Change in cash and cash equivalents 72.22 -5.46 639.66 -188.47
    Liquid assets, beginning of period 893.44 898.55 308.06 1,041.04
    Impact of changes in exchange rates -22.14 0.36 -4.20 40.88
    Liquid assets, end of period 943.53 893.44 943.53 893.44

    Accounting principles

    This release has been prepared in accordance with IAS 34 – Interim Financial Reporting. The interim report release complies with the same accounting principles and calculation methods as the annual financial statements. The updates to the IFRS standards that entered into force on 1 January 2024 do not have a significant impact on the figures presented.

    The preparation of a financial statement release in accordance with IFRS requires the management to use certain estimates and assumptions that affect the amounts recognised in assets and liabilities when the balance sheet was prepared, as well as the amounts of income and expenses in the period. In addition, discretion must be used in applying the accounting policies. As the estimates and assumptions are based on outlooks on the balance sheet date, they contain risks and uncertainties. The realised values may deviate from the original assessments and assumptions.

    The original release is in Finnish. The English release is a translation of the original.

    Going concern

    The Group’s result has remained negative, and the financial situation has been challenging at times but the financial statement release has been prepared in accordance with the principle of the business as a going concern. The assumption of continuity is based management assumptions on several factors, including the following:

    • The cost-saving programs have improved the Group’s profitability in 2023 and 2024. Operating expenses and personnel expenses have decreased by EUR 0.7 million in comparison with the review period and the cost structure is now lighter.
    • Additional cost-saving programs started in 2024 will have nearly full effect in 2025.
    • The Group is finding new growth areas and reinforcing its market position in Sweden, which is expected to have a positive impact on sales trends.
    • Negotiations regarding the arrangements for related party convertible bonds maturing in 2024 were successfully completed in 2024, resulting in the extension of their maturity to the autumn 2026.

    EUR 2.0 million of the Group’s financial institution loans are set to begin repayment on April 30, 2025. As of the publication date of the financial statement release, negotiations to extend the loan’s maturity date are still ongoing. However, management is confident that the outcome will be favorable for the company.

    At the time of the financial statement release, the company expects its working capital to be sufficient to cover its requirements over the next 12 months based on the financing support provided by the main owner if needed. Negotiations with the main owner to secure financing for the next 12 months are ongoing and are expected to be completed before the publication of the financial statements and based on this the financial statement release has been prepared in accordance with the going concern principle.

    Goodwill impairment testing and recognised impairment

    Digitalist Group tested its goodwill for impairment on 30 June 2024 and 31 December 2024. The goodwill is allocated to one cash-generating unit. No need to write down goodwill was identified.

    The value in use of the tested property exceeded the tested amount by EUR 9.0 million. The tested amount of goodwill in the balance sheet at the end of the review period is EUR 4.9 million.

    The company tests its goodwill based on the utility value of the assets. In the testing conducted on 31 December 2024 in conjunction with the financial statements, the cash flow forecasting period was from 2025 to 2029. During the forecast period, average growth in revenue of 15% is expected to be achieved which is supported by the market growth of the group’s industries and the increasingly extensive impact of digitalization in business life. In addition, the rapid development of artificial intelligence (AI) and its integration into service offerings will accelerate growth by offering more efficient and innovative solutions to customers. The efficiency measures and strategic recruitment carried out provide a solid basis for growth. EBITDA is projected to rise to 7% in 2026 and to 12% by the end of the forecasting period, being 9% on average.

    The method involves comparing the tested assets with their cash flow over the selected period, taking into account the discount rate and the growth factor of the cash flows after the forecast period. The discount rate is 11.4% (11.4%). The growth factor used to calculate the cash flows after the forecast period is 2.35%.

    The average EBITDA margin for the forecast period was used to calculate the value of the terminal period. A significant negative change in individual assumptions used in the calculations can necessitate a goodwill impairment charge. The sensitivity analysis indicates that an impairment charge may be necessary if the average growth in turnover is below 14% in the forecasting period and the fixed cost structure does not change. If the EBITDA falls below 6% in the forecasting period or the WACC surpasses 28%, all else equal, impairment charges may become necessary.

    CONSOLIDATED INCOME STATEMENT BY QUARTER, EUR THOUSAND

      Q4/2024 Q3/2024 Q2/2024 Q1/2024 Q4/2023
      1.10.-31.12.24 1.7.-30.9.24 1.4.-30.6.24 1.1.-31.3.24 1.10.-31.12.21
    Turnover 4,698.85 3,585.61 4,021.60 3,858.48 4,160.22
    Other operating income and expenses -5,031.05 -3,898.35 -4,749.35 -4,468.49 -4,757.59
    EBIT -331.99 -312.54 -727.84 -610.10 -597.37
    Financial income and expenses -616.81 -1,158.14 -783.20 -389.80 -1,017.55
    Profit before taxes -948.80 -1,470.68 -1,511.03 -999.91 -1,614.92
    Income taxes -50.64 8.66 -1.20 -43.68 -3.87
    PROFIT/LOSS FOR COMPARISON PERIOD -999.62 -1,462.03 -1,512.24 -1,043.59 -1,618.78

    CHANGES IN INTANGIBLE AND TANGIBLE ASSETS, EUR THOUSAND
      

      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2023 4,677.98 109.82 65.08 1,135.06 101.76 6,090.22
    Increases   462.69 26.56 416.91 4.70 2,059.07
    Decreases            
    Changes in exchange rates 43.80 6.30 -0.40 -5.85   43.85
    Depreciation for the review period   -156.59 -37.63 -640.18   -834.47
    Carrying value 31 Dec 2023 5,444.44 422.53 48.47 867.05 6.27 6,789.76
                 
                 
      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2024 5,444.44 422.53 48.47 867.05 6.27 6,789.76
    Increases 0.00 0.42 15.97 482.60 0.00 498.99
    Decreases 0.00   0.00 -462.23 0.00 -462.23
    Changes in exchange rates -199.68 -22.70 -1.35 -12.90   -236.64
    Depreciation for the review period   -85.57 -22.18 -344.61   -452.36
    Carrying value 31 Dec 2024 5,244.75 314.67 40.91 529.90 6.27 6,137.51

    KEY INDICATORS

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    Earnings per share (EUR) diluted -0.01 0.00
    Earnings per share (EUR) -0.01 -0.01
    Shareholders’ equity per share (EUR) -0.05 -0.05
    Cash flow from operations per share (EUR) diluted 0.00 0.00
    Cash flow from operations per share (EUR) 0.00 0.00
    Return on capital employed (%) -161.86 -27.8
    Return on equity (%) neg. neg.
    Operating profit/turnover (%) -12.27 -10.2
    Gearing as a proportion of shareholders’ equity (%) -99.00 -106.5
    Equity ratio as a proportion of shareholders’ equity (%) -379.11 -285.9
    EBITDA (EUR thousand) -1,512.94 -861.30

    MATURITY OF FINANCIAL LIABILITIES AND INTEREST ON LOANS

    31 December 2023 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,865.85 3,067.25 340.83 2,726.43  
    Credit limits 8,525.07 8,525.07 8,525.07    
    Convertible bonds 5,767.94 6,849.62   0.00  
    Capital loans 16,865.42 19,265.00   0.00  
    Other related-party loans 750.00 876.00 0.00    
    Lease liabilities IFRS 16 973.00 961.00 701.00 260.00  
    Accounts payable 864.66 864.66 864.66    
               
    31 December 2024 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,783.19 2,828.47 2,362.78 465.69  
    Credit limits 8,258.19 8,258.19 8,258.19    
    Capital loans 23,867.82 29,233.30   29,233.30  
    Other related-party loans 2,775.00 3,191.33   907.67  
    Lease liabilities IFRS 16 555.71 562.27 298.30 264.32  
    Accounts payable 1,124.07 1,124.07 1,124.07 0.00  

    Credit limits are valid until further notice.

    OTHER INFORMATION

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    NUMBER OF EMPLOYEES, average 123 139
    Personnel at the end of the period 122 126
         
    LIABILITIES, EUR THOUSAND    
    Pledges made for own obligations    
    Corporate mortgages 13,300.00 13,300.00
         
    Total interest-bearing liabilities    
    Long-term loans from financial institutions 458.98 2,659.11
    Other long-term liabilities 24,902.02 1,007.67
    Short-term loans from financial institutions 2,221.92 414.39
    Other short-term interest-bearing liabilities 10,657.00 31,665.62
    Total 38,239.92 35,746.80
         

    CALCULATION OF KEY FINANCIAL FIGURES

    EBITDA = earnings before interest, tax, depreciation and amortisation

    Diluted earnings per share = Profit for the financial period / Average number of shares, adjusted for share issues and for the effect of dilution

    Earnings per share = Profit for the financial period / Average number of shares adjusted for share issues

    Shareholders’ equity per share = Shareholders’ equity / Number of undiluted shares on the balance sheet date

    Cash flow from operations per share (EUR) diluted = Net cash flow from operations / Average number of shares, adjusted for share issues and for the effect of dilution

    Return on investment (ROI) =
    (Profit before taxes + Interest expenses + Other financial expenses) /
    (Balance sheet total – non-interest-bearing liabilities (average)) x 100

    Return on equity (ROE) = Net income / Total shareholders’ equity (average) x 100

    Gearing = interest-bearing liabilities – liquid assets / total shareholders’ equity x 100

    Attachment

    The MIL Network –

  • MIL-OSI: Innofactor Plc Financial Statements Bulletin 2024 (IFRS)

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc Financial Statements Bulletin February 28, 2025, at 9:00 a.m. Finnish time

    Key figures of the group, IFRS

    . Jul 1–Dec 31, 2024 Jul 1–Dec 31, 2023 Change   Jan 1–Dec 31, 2024 Jan 1–Dec 31, 2023 Change
    Net sales, EUR thousand 36,525 39,945 -8.6%   77,576 80,263 -3.3%
    Growth of net sales -8.6% 0.9%     -3.3% 12.8%  
    Operating result before depreciation and amortization (EBITDA), EUR thousand 3,134 4,849 -35.4%   6,338 9,101 -30.4%
    percentage of net sales 8.6% 12.1%     8.2% 11.3%  
    Operating profit/loss (EBIT), EUR thousand 1,693 3,140 -46.1%   3,386 5,835 -42.0%
    percentage of net sales 4.6% 7.9%     4.4% 7.3%  
    Earnings before taxes, EUR thousand 1,399 3,051 -58.4%   2,940 5,174 -45.7%
    percentage of net sales 3.8% 7.6%     3.8% 6.4%  
    Earnings, EUR thousand * -771 1,942 -146.5%   263 3,438 -96.2%
    percentage of net sales -2.1% 4.9%     0.3% 4.3%  
    Net gearing 30.1% 36.1% -5.8%   30.1% 36.1% -5.8%
    Net gearing without IFRS 16 12.2% 23.2% -10.8%   12.2% 23.2% -10.8%
    Equity ratio 46.8% 48.3% -1.8%   46.8% 48.3% -1.8%
    Equity ratio without IFRS 16 51.0% 51.5% -0.8%   51.0% 51.5% -0.8%
    Active personnel on average during the review period** 571 583 -2.1%   576 578  

    -0.3%
    Active personnel at the end of the review period** 571 581 -1.7%   571 581 -1.7%
    Earnings per share (EUR) -0.021 0.053 -146.2%   0.007 0.094 -96.2%

    *) In accordance with IFRS 3, the operating result for July 1–December 31, 2024, includes EUR 117 thousand (2023: 136) and for January 1–December 31, 2024, EUR 233 thousand (2023: 359) in depreciation related to acquisitions, consisting of allocations of the purchase price to intangible assets.

    On December 31, 2024, the Innofactor Group recognized write-downs on deferred tax assets related to the Group’s business operations in Denmark, as the Group considers it possible that it will not accrue taxable income against which the losses could be utilized.

    **) The Innofactor Group monitors the number of active personnel. The number of active personnel does not include employees who are on leave for more than three months.

    Innofactor’s future outlook for 2025

    Innofactor’s business is expected to continue as normal in 2025. Innofactor is in redemption proceedings concerning all shares in the company. The redemption proceedings are expected to be completed during the financial year, and the company will not issue more detailed financial guidance for the financial year 2025.

    CEO Sami Ensio’s review: I want to thank all of the investors and partners who participated in Innofactor’s journey as a listed company

    This Financial Statements Bulletin is likely to be Innofactor’s last earnings report as a listed company, at least for the time being. At the end of 2024, a consortium formed for the purposes of a voluntary recommended public cash tender offer achieved an ownership of over 90 percent of the company and commenced compulsory redemption proceedings for the remaining shares. It is estimated that the redemption proceedings will take a few months. Our period as a listed company lasted for over 14 great years, more than half of the total journey of Innofactor, which celebrated its 25th anniversary at the beginning of this year. Our years as a listed company included many successes but, naturally, also some challenges.

    Between 2012 and 2016, we achieved strong growth in the Nordic countries in line with our strategy, as we used our listed share as a means of payment for acquisitions. In 2013, the financial publication Kauppalehti rated Innofactor as Finland’s most successful listed company. The period from 2017 to 2020 was a more challenging time for the company, as we integrated the acquired entities and did not achieve much growth. We then resumed our growth in 2021 and 2022, but were subsequently affected by the challenges of the IT market in 2024.

    Delisting the company is not an easy decision for me, personally. However, I am confident that, in the present moment, it is unquestionably the best move with regard to the company’s success, customers, employees and investors. I want to take this opportunity to thank all of the investors and partners who have been part of our journey, and I wish you all success in the future.

    Innofactor updated its strategy and organizational structure effective from the beginning of 2025. Going forward, our business will be divided into four main business areas: Platforms, Solutions, Code and Dynasty, which have been incorporated into separate companies. The members of the Group Executive Board are as follows:

    • Sami Ensio, Chief Executive Officer
    • Anni Wahlroos, Chief People Officer and Deputy CEO
    • Aki Rahunen, Chief Financial Officer (appointed on February 7, 2025, will take up his post on May 8, 2025 at the latest)
    • Martin Söderlind, Chief Strategy Implementation Officer
    • Jørn Ellefsen, Managing Director, Innofactor Platforms
    • Jyrki Vepsäläinen, Managing Director, Innofactor Solutions
    • Marko Lybeck, Managing Director, Innofactor Code
    • Vesa Niinistö, Managing Director, Innofactor Dynasty

    In 2024, Innofactor’s business was affected by a number of extraordinary factors, including measures and costs related to the public tender offer and unforeseen legal costs related to an individual acquisition, as well as the preparation of the Group’s new strategy and the related changes in the organizational and corporate structure. Due to these factors and the challenging market situation in the IT industry, we were not able to achieve the targets we had set for our business for 2024. Net sales for the year 2024 totaled EUR 77.6 million, representing a year-on-year decrease of 3.3 percent. The operating margin (EBITDA) was EUR 6.3 million (8.2 percent of net sales).

    Board of Directors’ proposal on the distribution of profits

    Innofactor is a growing company and intends to use its operating profit on actions promoting growth, for example, on realizing mergers. According to the dividend distribution policy, Innofactor will generally not pay dividends in the future but will instead use the retained earnings for growth-enhancing measures.

    For 2024, the Group’s result for the financial period was EUR 263,161.73. In making the proposal on the dividend, the Board of Directors takes into account the company’s financial situation, profitability and near-term outlook. At the end of the financial year 2024, the distributable assets of the Group’s parent company amounted to EUR 7,949,235.09.

    The Board of Directors proposes that no dividend be distributed for the financial period of January 1–December 31, 2024.

    Espoo, February 28, 2025

    INNOFACTOR PLC

    Board of Directors

    Additional information:
    CEO Sami Ensio, Innofactor Plc
    tel. +358 50 584 2029
    sami.ensio@innofactor.com

    Financial releases in 2025

    The annual report for 2024 will be published on the company’s website on Monday, March 31, 2025.

    The Annual General Meeting is scheduled to be held on Wednesday, June 25, 2025.

    The schedule for financial releases in 2025 is as follows:

    • Half-yearly report January–June 2025 (H1) on Tuesday, September 30, 2025.

    Distribution:
    NASDAQ Helsinki
    Main media
    www.innofactor.com

    Innofactor
    Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. www.innofactor.com #AIDriven #PeopleFirst #BeTheRealYou

    Attachment

    The MIL Network –

  • MIL-OSI: IDEX Biometrics ASA – Information about the first exercise period for warrants (Warrants A) issued in connection with the Private Placement and Subsequent Offering

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE ANNOUNCEMENT.

    Oslo, Norway – 28 February 2025 – Reference is made to the stock exchange announcements from IDEX Biometrics ASA (the “Company”) dated 17 September and 2 December 2024 regarding the commencement of the exercise period for Warrants A (ticker: IDEXJ), ISIN NO0013380048, issued in connection with the private placement in September 2024 and subsequent offering in December 2024.

    The exercise period for Warrants A will commence today, on 28 February 2025, and ends on 13 March 2025 at 16:30 CET. Each Warrant gives the holder a right to subscribe for one new share (“New Share”) in the Company at a subscription price of NOK 0.15. All Warrants A not exercised within this period will lapse without compensation to the holder. Warrants B may only be exercised from 31 March 2025 to 11 April 2025. Arctic Securities AS is acting as manager in connection with the exercise of Warrants A (the “Manager”).

    Exercise procedure 

    Warrants are exercised through the submission of a duly completed exercise form for the Warrants (the “Exercise Form”) to the Manager at the address or email address set out in the Prospectus and the Exercise Form and payment of the aggregate subscription price for the New Shares. The Exercise Form can be found at the websites of the Company (https://www.idexbiometrics.com/investors/), and Arctic Securities AS (www.arctic.com/secno/en/offerings). By completing and submitting an Exercise Form, the holder of the relevant Warrants irrevocably undertakes to acquire a number New Shares equal to the number of Warrants exercised at the relevant exercise price.

    For more information relating to the Warrants, please refer to the Prospectus approved and published by the Company on 13 November 2024.


    For further information contact:

    Marianne Bøe, Head of Investor Relations, +47 91800186
    Kristian Flaten, CFO, +47 95092322
    E-mail:ir@idexbiometrics.com

    For information about the Warrants please contact the Manager:
    Arctic Securities AS, tel.: + 47 21 01 30 40

     

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. The company’s solutions provide convenience, security, peace of mind, and seamless user experiences worldwide. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, IDEX Biometrics’ biometric solutions target card-based applications for payments and digital authentication. As an industry enabler, the company partners with leading card manufacturers and technology companies to bring its solutions to market.

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

        –  IMPORTANT INFORMATION – 

    This announcement does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of the Company in the United States or any other jurisdiction. The securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The securities of the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No public offering of the securities will be made in the United States.

    This announcement has been prepared on the basis that any offer of securities in any Member State of the European Economic Area, other than Norway, which has implemented the Prospectus Regulation (EU) (2017/1129, as amended, the “Prospectus Regulation”) (each, a “Relevant Member State”) will be made pursuant to an exemption under the Prospectus Regulation, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of securities. Accordingly any person making or intending to make any offer in that Relevant Member State of securities which are the subject of the offering contemplated in this announcement, may only do so in circumstances in which no obligation arises for the Company or any of the Managers to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 16 of the Prospectus Regulation, in each case, in relation to such offer.

    In the United Kingdom, this announcement is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as “Relevant Persons”). This announcement are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

    Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.

    This announcement is made by and, and is the responsibility of, the Company. The Manager is acting exclusively for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its respective clients, or for advice in relation to the contents of this announcement or any of the matters referred to herein.

    Neither the Manager nor any of its affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

    This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Manager nor any of its affiliates accepts any liability arising from the use of this announcement. Any offering of the securities referred to in this announcement will be made by means of a prospectus.

    This announcement is an advertisement and is not a prospectus for the purposes of the Prospectus Regulation. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the Prospectus dated 13 November 2024 and stock exchange announcements published in connection with the private placement, subsequent offering  and the Warrants. Copies of the Prospectus is available from the Company’s registered office and, subject to certain exceptions, on the websites of the Company (www.idexbiometrics.com), Arctic Securities AS (www.arctic.com/secno/en/offerings).

    Each of the Company, the Manager and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise.

    The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

    This information is published in accordance with the requirements of the Continuing Obligations.

    Attachment

    The MIL Network –

  • MIL-OSI: 6/2025・Trifork Group AG – 2024 annual report and interim report for the quarter ending 31 December 2024

    Source: GlobeNewswire (MIL-OSI)

     
     
    Trifork Group – 2024 annual report and interim report for the quarter ending 31 December 2024

    Company announcement no. 6 / 2025
    Schindellegi, Switzerland – 28 February 2025

    Trifork Group reports full-year 2024 net profit of EURm 17.9 and EPS growth of 13.3%. Trifork Segment reports Q4 2024 revenue growth of 1.8% and EBITDA margin of 16.1%.


    Full-year 2024

    • Trifork Group
      • In 2024, Trifork Group revenue amounted to EURm 205.9, a decline of 0.9% from 2023. Adjusted for the effect of third-party software and hardware sales, revenue grew by 0.4% of which inorganic growth of 3.0% was offset by an organic decline of 2.6%. The organic decline was driven by market headwinds throughout the year in Build and Run.
      • Trifork Group EBITDA amounted to EURm 24.7, corresponding to 12.0% EBITDA margin.
      • Trifork Group EBIT amounted to EURm 8.2, corresponding to 4.0% EBIT margin.
      • Trifork Group net income amounted to EURm 17.9. Realized and unrealized gains in Trifork Labs of EURm 16.2 contributed significantly to net income.
      • Basic earnings per share was EUR 0.85 (2023: EUR 0.75). Diluted earnings per share was EUR 0.85 (2023: EUR 0.74).
    • Trifork Segment
      • In 2024, adjusted EBITDA of the Trifork segment amounted to EURm 26.9, a decline of 23.2% from 2023. The adjusted EBITDA margin was 13.1%, down from 16.9% in 2023 mainly due to lower revenue growth and increased investments in business development in the first half of the year.
      • Sub-segments
        • Inspire revenue increased by 18.1% to EURm 7.4 and realized an adjusted EBITDA of EURm -2.4 (2023: -2.7).
        • Build revenue declined by 0.2% to EURm 149.3 and realized an adjusted EBITDA margin of 13.4% (2023: 18.8%).
        • Run revenue declined by 4.3% to EURm 49.1 and realized an adjusted EBITDA margin of 24.5% (2023: 24.3%). If adjusted for sales of third-party licenses and hardware, Run grew 1.4%.
    • Trifork Labs
      • In 2024, Trifork Labs recorded EBT of EURm 13.3 driven by realized and unrealized gains from the agreement to partially exit an investment in the company XCI and unrealized gains from updated valuations due to liquidity events driven by external investors or better-than-expected operational and financial performance in some companies. Three smaller investments were fully impaired and other risk-based partial impairments were made.
      • At year-end 2024, the total book value of active Labs investments amounted to EURm 83.2 (2023: 69.7).

    Fourth quarter 2024

    • Trifork Group
      • In Q4 2024, Trifork Group revenue amounted to EURm 56.0, an increase of 1.8% from Q4 2023. Adjusted for the effect of third-party software and hardware sales, revenue declined by 0.2%.
      • Trifork Group EBITDA amounted to EURm 8.3, corresponding to 14.9% EBITDA margin.
      • Trifork Group EBIT amounted to EURm 3.7, corresponding to 6.7% EBIT margin.
      • Trifork Group net income amounted to EURm 12.7. Realized and unrealized gains in Trifork Labs contributed significantly to net income.
    • Trifork Segment
      • In Q4 2024, adjusted EBITDA in the Trifork Segment amounted to EURm 9.0, a decline of 23.4% from Q4 2023. The adjusted EBITDA margin was 16.1%, down from 21.4% in Q4 2023.
      • Sub-segments
        • Inspire revenue increased by 30.1% to EURm 3.7 and realized an adjusted EBITDA of EURm -0.8 (Q4 2023: EURm -0.3).
        • Build revenue increased by 0.2% to EURm 38.8 and realized an adjusted EBITDA margin of 13.2% (Q4 2023: 18.3%).
        • Run revenue increased by 4.3% to EURm 13.7 and realized an adjusted EBITDA margin of 31.0% (Q4 2023: 31.2%).
    • Trifork Labs
      • In Q4 2024, Trifork Labs recorded EBT of EURm 9.3 driven by realized and unrealized gains from an agreement to partially exit an investment in the company XCI and unrealized gains from updated valuations due to liquidity events driven by external investors or better-than-expected operational and financial performance in some companies. Three smaller investments were fully impaired and other risk-based partial impairments were made.

    Comment from CEO Jørn Larsen

    “2024 was an eventful year for Trifork, marked by an unstable economic environment and the growing negative impact of climate change worldwide. We all need to become more sustainable, and I am proud to observe the impact we have on our customers’ ESG agenda through digital innovation. In 2024, we also had exciting technological breakthroughs, and growing interest and strong operational performance in our portfolio companies in Trifork Labs. Despite the tough customer environment in the private sector and reduced EBITDA, our diluted earnings per share grew 15%, proving the strength of our two-legged business model – profitable operations in the Trifork Segment paired with strategic R&D investments in Trifork Labs. We had to adapt as some large customers scaled back, but won new business and grew our public sector revenue, and we continued to sharpen our go-to-market approach and product offering. Our products and capabilities within AI and spatial computing are in high demand, and these may become significant revenue drivers in the coming years. At the same time, our EURm 10 cost savings program will set us up for stronger margins in 2025.”

    Financial guidance for 2025 

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

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

    Mid-term financial targets for 2026

    Based on the lower-than-expected performance in 2024 and the continued instability in the economic environment in 2025, the mid-term revenue targets for 2026 are adjusted:
     

    • Total revenue CAGR of 10-15% from a baseline in 2024 (prev. 15-25% with a baseline in 2023)
    • Organic CAGR of 5-10% from a baseline in 2024 (prev. 10-15% with baseline in 2023)

    The margin and gearing targets for 2026 are maintained:

    • 16-20% adj. EBITDA margin in Trifork Segment in 2026
    • 10-14% EBIT margin in Trifork Group in 2026
    • Net interest-bearing debt leverage of up to 1.5x Group adj. EBITDA (may temporarily exceed during the period)

    Change to Executive Management

    The Group CRO role will transition into a decentralized structure, with four regional CRO positions covering our core markets in Denmark, US, Switzerland, and UK to better reflect our decentralized organization. Some of these positions will be filled internally. As a consequence, Trifork will reduce Executive Management to CEO Jørn Larsen and CFO Kristian Wulf-Andersen. Morten Gram will leave the Group Executive Management.

    Main events in 2024

    • Inspire
      Trifork’s Inspire sub-segment, where we arrange technology conferences and online tech content, planned to stabilize performance in 2024 compared to the loss of EURm -2.7 in 2023. Overall, it turned out to difficult and we did not see any major market improvements in willingness to invest in sponsorships to conferences and education of their employees. The result was a growth of 18.1% with an EBITDA improvement of just EURm 0.3 compared to 2023. This was not satisfactory and we have now decided to exit part of our conference activities in 2025 and co-work or potentially co-own minority stakes in some of these with other partners. In total, we had 5,900 attendees to our conferences. Our GOTO tech channels on YouTube and Instagram ended the year with more than 80 million accumulated views – equal to more than 18 million views in 2024. The YouTube channel now has more than 1 million subscribers and we received a gold-reward plate from Google. According to Tech Talk Weekly, GOTO was behind the single most watched tech talk on YouTube in 2024. GOTO had five videos in the top 10, and 22 times in the top 100.
    • Build
      Trifork’s Build sub-segment, where we develop innovative software solutions for customers, saw unchanged revenue compared to 2023. Build accounted for 72.5% of total revenue. Corporates continued to take a cautious approach to IT spending in light of the global economic and geopolitical uncertainty. The continued low activity from private sector customers has been particularly visible in UK, whereas private sector engagements in US displayed comparatively better performance due to successful business development efforts. Overall, new customers accounted for 28% of revenue – similar to 2023. The public sector customer base primarily consists of Danish engagements. Danish public revenue grew 9.4% in 2024. After a soft start to the year with disruptions to existing customer engagements, the Danish Public business gained momentum with several key wins and ramp-up of delivery on existing framework agreements won in previous quarters and years. In January 2024, Trifork increased its stake in Erlang Solutions, a previous acquisition. In May, Trifork acquired Spantree in the US. In June, Trifork acquired Sapere Group in Denmark. All companies primarily deliver Build revenue.
    • Run
      Trifork’s Run sub-segment, where we operate and maintain internally or externally developed products for our customers, grew by 1.4% on hosting, service agreements, and Trifork licenses. Run-based revenue now accounts for 23.8% of total revenue. Growth was lower than expected due to delayed start or ramp-up of new agreements. During 2024, we continued to develop on existing Trifork IP and products but also launched new product offerings like Corax AI and Contain hosting platform products.
    • Trifork Labs
      Trifork Labs, the investment arm of Trifork Group that invests in strategic partnerships and uses venture-financing to grow some of our internally developed products, saw a continued strong momentum in 2024 in its 24 investments. Revenue in the portfolio companies (not consolidated in Trifork Group due to minority ownership stakes) surpassed EURm 100, up from EURm 50 two years ago. Trifork Labs co-founded TSBX and Mirage Insights, and made a new external investment in Rokoko Care. Trifork Labs provided additional funding to Arkyn Studios, Bluespace Ventures, and Dryp. A partial exit was announced in December in XCI where an institutional investor joined the growth journey with a 30% acquisition of existing shares. The sale was done above book value and contributed significantly to Group net income.


    Initiation of share buyback program

    Today, 28 February 2025, the Board of Directors decided to initiate a share buyback program of up to DKKm 14.92 (EURm 2.0) for the period from 4 March 2025 up to and including no later than 30 June 2025. A separate announcement will be distributed with further details.

    Results presentation

    Trifork will host a results presentation and Q&A session with CEO Jørn Larsen and CFO Kristian Wulf-Andersen today, 28 February 2025 at 11:00 CET in a live webcast that can be accessed via the following link: https://investor.trifork.com/events/. A recording will be made available on our investor website.

    Investor and media contact

    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 7317

    About Trifork  

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

    Attachments

    The MIL Network –

  • MIL-Evening Report: Diversity, equity and inclusion in the workplace are under attack. Here’s why they matter more than ever

    Source: The Conversation (Au and NZ) – By Gemma Hamilton, Senior Lecturer, RMIT University

    Jacob Lund/Shutterstock

    As International Women’s Day approaches, we must redouble our efforts to champion social justice and the principles of diversity, equity and inclusion (DEI). These are under unprecedented attack by some political leaders.

    In the United States, President Donald Trump has recently dismantled DEI measures, claiming they are wasteful and discriminatory. Without evidence, he even blamed diversity hirings for a deadly collision between a military helicopter and a passenger plane that killed 67 people.

    In Australia, Opposition Leader Peter Dutton is echoing a similar agenda with his criticism of “culture, diversity and inclusion” positions in the public service.

    We must resist attempts to tear down all the progress that has been made and remind ourselves of the many good reasons why we pursue DEI in the workplace.

    Women, racial minorities, people with disability and others continue to face barriers to equal opportunities at work. Too often, they remain excluded from leadership and decision-making roles.

    Defending diversity

    Given the assault on DEI measures, it is worth restating why they are so important to a truly inclusive modern workplace.

    DEI initiatives work to address obstacles and correct disadvantages so everyone has a fair chance of being hired, promoted and paid, regardless of their personal characteristics.

    They ensure every person has a genuinely equal chance of access to social goods. They can be seen as “catch up” mechanisms, recognising that we don’t all start our working lives on an equal footing.

    Gender equality initiatives address discrimination, stereotypes and structural barriers that disadvantage people on the basis of their gender.

    These initiatives call into question the idea of “merit-based” hiring, which often disguises the invisible biases which are held by many people in power – for example, against someone of a particular gender.

    Australia’s story

    In Australia, we have a mixed story to tell when it comes to diversity, equity and inclusion.

    The federal workplace gender laws require companies with more than 100 employees to report annually on gender equality indicators, including pay gaps and workforce composition.

    DEI initiatives are already being dismantled in the United States.
    Gorodenkoff/Shutterstock

    In Victoria, the Gender Equality Act 2020
    promotes “positive action” to improve gender equality in higher education, local government and the public sector, which covers around 11% of the total state workforce.

    Despite these laws, Australia is behind on gender equality indicators compared to other countries such as Iceland, Norway and New Zealand. According to the World Economic Forum’s Global Gender Gap report, Australia is ranked 26th out of 146 countries, albeit a step up from 54th in 2021.

    The report shows continuing and significant gender gaps, particularly regarding women’s representation in various industries such as science and political leadership.

    Increased recognition

    But in a cross section of fields, including politics, sports, medicine, media and academia there have been positive changes. Gender equality is being promoted through a wide range of initiatives that seek to push back against centuries of patriarchal dominance.

    Workplace policies around paid parental leave, flexible working arrangements, part-time work, breastfeeding and anti-discrimination are part of the broader agenda to make workplaces more inclusive for women, gender-diverse people and working parents.

    Many workplaces accommodate the needs of working mothers.
    Jacob Lund/Shutterstock

    While many would not consider these improvements specific diversity initiatives, they are clear examples of the ways in which workplaces now recognise the different needs of women and working mothers.

    Today, we see more women in the workplace and in positions of leadership across sectors.

    But as feminist Sara Ahmed has noted, it is often the marginalised employees who carry the burden of doing all the “diversity work” in the workplace.

    Diversity becomes work for those who are not accommodated by an existing system.

    Redoubling efforts

    Despite the welcome advances made, inequalities persist in the workplace.

    We recognise many in positions of power are not willing (or able) to acknowledge their own privileged positions. Therefore they do not see the barriers that exist for others.

    Social justice will not simply be gifted by those in power.

    Given the challenging political climate, it is more important than ever that we continue to strive for gender equality – rather than simply uphold the status quo.

    Gemma Hamilton receives funding from the Australian Research Council (ARC).

    Nicola Henry receives funding from the Australian Research Council (ARC) and Google. She is also a member of the Australian eSafety Commissioner’s Expert Advisory Group.

    Bess Schnioffsky 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. Diversity, equity and inclusion in the workplace are under attack. Here’s why they matter more than ever – https://theconversation.com/diversity-equity-and-inclusion-in-the-workplace-are-under-attack-heres-why-they-matter-more-than-ever-250651

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Nokia to modernize data center infrastructure for Maxis #MWC25

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia to modernize data center infrastructure for Maxis #MWC25

    • Data center refresh to support digital transformation for Malaysian service provider in expanding Southeast Asia market.
    • Nokia to deploy data center switches and automation platform for improved scale, reliability and simplicity.

    28 February 2025
    Espoo, Finland – Nokia today announced a significant upgrade to the data center infrastructure of Maxis, Malaysia’s leading integrated telecommunications provider, aimed at enhancing connectivity and scalability with Nokia’s data center switches and Event-Driven Automation (EDA) platform. The deployment will support Maxis’s business growth by providing a scalable, secure, and efficient data center architecture.

    The modernization of Maxis’ data center connectivity technology will help the company simplify network operations, solve issues faster and automate workloads, all on a robust and secure infrastructure.

    Nokia will deploy its cutting-edge 7220 Interconnect Router (IXR) data center switches and EDA technology across multiple Maxis data centers. This upgrade will enable Maxis to provision infrastructure resources without delay, reduce complexity and ensure secure applications running in the network can scale gracefully.

    “This expansion of our longstanding collaboration with Nokia will drive next-generation connectivity in anticipation of customers’ growing needs. It reflects Malaysia’s emergence as a hub for data centers and hyperscalers, in line with greater adoption of AI-enabled cloud infrastructure. This initiative will enhance our network capabilities, ensuring we are able to continue providing best-in-class connectivity-adjacent solutions powered by fast, secure and reliable connectivity,” said Goh Seow Eng, Chief Executive Officer at Maxis.

    “Data center networks are critical infrastructure and need to be extremely reliable while also being simple to deploy and operate. We are pleased to work with Maxis to modernize their data center infrastructure with our advanced data center switches and EDA technology to provide Maxis with a future-proof architecture that is scalable, resilient, and easy to deploy. This collaboration is a testament to the strength of our technology and our commitment to supporting our customer’s growth in the booming data center market in Southeast Asia,” added Ming Kin Ngiam, Head of Southeast Asia South for Network Infrastructure at Nokia.

    Nokia is helping cloud builders worldwide to build modern data center networks that are highly reliable, secure and easy to operate – which is essential to meet the growing demands of AI workloads globally. Nokia’s EDA ensures faster response times, reduces manual effort, minimizes errors, consumes less compute resources and handles network-wide operations at scale with consistent performance. By proactively resolving issues, it boosts reliability and reduces operational costs.

    The Nokia 7220 IXR, a key component of Nokia’s Data Center Fabric solution, provides fixed-configuration, high-capacity platforms that offers unmatched scale, flexibility and operational simplicity to data center and cloud environments. These scalable next-generation platforms are designed to meet the high connectivity and density demands of webscale companies, service providers and enterprises.

    Multimedia, technical information and related news 
    Web Page: Nokia Data Center Networks
    Product Page: Nokia EDA
    Product Page: Nokia 7220 IXR

    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
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

  • MIL-OSI China: China’s new scientific marvel: A world-class extreme conditions lab

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

    The Synergetic Extreme Condition User Facility (SECUF), a Chinese “super lab,” has passed a national acceptance review, marking its readiness for advanced materials’ scientific research. The SECUF combines extreme conditions such as ultra-low temperatures, ultra-high pressure, strong magnetic fields and ultra-fast optical fields into one facility.

    Open to the global scientific community, the SECUF has hosted experiments from 13 universities and research institutions across 10 countries, including Denmark, Germany, France and Japan, leading to new scientific adventures.

    MIL OSI China News –

  • MIL-OSI Europe: Government provides SEK 9 million in support to Ukrainian Institute in Sweden to promote cultural heritage

    Source: Government of Sweden

    The Government is providing SEK 9 million in support to the Ukrainian Institute in Sweden over a period of three years. The support will contribute to preserving and enhancing Ukrainian cultural heritage and provide a platform for Ukrainian culture outside Ukraine. The funding will enable Ukrainian artists to continue to work beyond the reach of Russian attacks.

    MIL OSI Europe News –

  • MIL-OSI Europe: EU adopts 16th sanctions package against Russia on third anniversary of full-scale invasion of Ukraine

    Source: Government of Sweden

    On the third anniversary of Russia’s war of aggression against Ukraine, the EU has adopted the 16th sanctions package since the launch of the full-scale invasion in February 2022. The new sanctions package includes additional measures targeting the ‘shadow fleet’ and expanded import and export bans on Russian natural resources such as primary aluminium. The package also includes additional anti-circumvention measures.

    MIL OSI Europe News –

  • MIL-OSI Europe: A STEM strategy for Sweden – from preschool to postgraduate study

    Source: Government of Sweden

    Minister for Education Johan Pehrson has now presented the Government’s science, technology, engineering and mathematics (STEM) strategy. The strategy contains objectives to strengthen STEM education in Sweden. A new STEM delegation will also work to get more people studying in those fields.

    MIL OSI Europe News –

  • MIL-OSI Europe: Swedish Civil Contingencies Agency to cooperate with Ukraine to improve protection of critical infrastructure

    Source: Government of Sweden

    On 27 February 2025, the Government instructed the Swedish Civil Contingencies Agency to enter into a cooperation agreement with Ukraine on critical infrastructure. This cooperation lays the groundwork for exchanges of experience between Sweden and Ukraine to better protect critical infrastructure.

    MIL OSI Europe News –

  • MIL-OSI: Infinera Corporation Fourth Quarter and Fiscal 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FY’24 Highlights:

    • Year-over-year growth in bookings and backlog; book-to-bill ratio of approximately 1.1x for FY’24 and 1.3x for Q4’24
    • Record revenue with webscalers – total revenue exposure (direct and indirect) greater than 50% of FY’24 revenue
    • Significant design wins across the GX systems portfolio with webscalers and Tier 1 Communications Service Providers (CSPs)
    • Substantial awards for ICE-X 400G and 800G pluggables from webscalers and Tier 1 CSPs
    • Launched ICE-D to address the projected multi-billion dollar intra-data center opportunity driven by AI workloads
    • Secured CHIPS & Science Act funding with the potential for greater than $200 million in total federal incentives, in addition to potential state and local incentives
    • Announced a definitive agreement to be acquired by Nokia (acquisition anticipated to be completed on or about February 28, 2025)

    SAN JOSE, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — Infinera Corporation (NASDAQ: INFN) has released financial results for its fourth quarter and fiscal year ended December 28, 2024. This press release is also published on Infinera’s Investor Relations website.

    GAAP revenue for the quarter was $414.4 million compared to $354.4 million in the third quarter of 2024 and $453.5 million in the fourth quarter of 2023.

    GAAP gross margin for the quarter was 38.0% compared to 39.8% in the third quarter of 2024 and 38.6% in the fourth quarter of 2023. GAAP operating margin for the quarter was 0.0% compared to (3.1)% in the third quarter of 2024 and 2.5% in the fourth quarter of 2023.

    GAAP net loss for the quarter was $(26.3) million, or $(0.11) per diluted share, compared to net loss of $(14.3) million, or $(0.06) per diluted share, in the third quarter of 2024, and net income of $12.9 million, or $0.06 per diluted share, in the fourth quarter of 2023.

    Non-GAAP gross margin for the quarter was 38.4% compared to 40.4% in the third quarter of 2024 and 39.6% in the fourth quarter of 2023. Non-GAAP operating margin for the quarter was 5.4% compared to 3.5% in the third quarter of 2024 and 7.2% in the fourth quarter of 2023.

    Non-GAAP net income for the quarter was $8.2 million, or $0.03 per diluted share, compared to $0.3 million, or $0.00 per diluted share, in the third quarter of 2024, and $28.6 million, or $0.12 per diluted share, in the fourth quarter of 2023.

    GAAP revenue for the year was $1,418.4 million compared to $1,614.1 million in 2023. GAAP gross margin for the year was 38.4% compared to 38.6% in 2023. GAAP operating margin for the year was (5.9)% compared to (0.3)% in 2023. GAAP net loss for the year was $(150.3) million, or $(0.64) per diluted share, compared to $(25.2) million, or $(0.11) per diluted share, in 2023.

    Non-GAAP gross margin for the year was 39.0% compared to 39.9% in 2023. Non-GAAP operating margin for the year was 0.3% compared to 5.4% in 2023. Non-GAAP net loss for the year was $(43.8) million, or $(0.19) per diluted share, compared to net income of $53.4 million, or $0.23 per diluted share, in 2023.

    A further explanation of the use of non-GAAP financial information and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this press release.

    Infinera CEO, David Heard, said “We exited 2024 with significant momentum in our business, growing Q4’24 bookings sequentially by more than 50% and by approximately 20% compared to Q4’23. The growth in bookings and substantial increase in backlog in 2024, when combined with our strategic wins, position us well in 2025 and beyond for the next wave of optical spend fueled by relentless bandwidth growth, increased fiber deployments, and AI-driven data-center builds.”

    “Looking ahead, I remain excited about our pending merger with Nokia, as we prepare to join forces with a recognized industry leader. With greater scale and deeper resources together, we intend to set the pace of innovation as optics take on an increasingly critical role in the era of AI,” continued Mr. Heard.

    Pending Merger with Nokia

    On June 27, 2024, Infinera, Nokia Corporation, a company incorporated under the laws of the Republic of Finland (“Nokia”) (NYSE: NOK) and Neptune of America Corporation, a Delaware corporation and wholly owned subsidiary of Nokia (“Merger Sub”) entered into an Agreement and Plan of Merger (as it may be amended, modified or waived from time to time, the “Merger Agreement”) that provides for Merger Sub to merge with and into Infinera (the “Merger”), with Infinera surviving the Merger as a wholly owned subsidiary of Nokia. On February 18, 2025, Infinera issued a press release announcing that the Merger is anticipated to be completed on or about February 28, 2025, which date remains subject to the satisfaction of remaining closing conditions.

    In light of the proposed transaction with Nokia, and as is customary during the pendency of an acquisition, Infinera will not be providing financial guidance during the pendency of the acquisition.

    Fourth Quarter 2024 Investor Slides to be Made Available Online

    Investor slides reviewing Infinera’s fourth quarter of 2024 financial results will be furnished to the U.S. Securities and Exchange Commission (“SEC”) on a Current Report on Form 8-K and published on Infinera’s Investor Relations website at investors.infinera.com.

    Contacts:

    Media:
    Anna Vue
    Tel. +1 (916) 595-8157
    avue@infinera.com

    Investors:
    Amitabh Passi, Head of Investor Relations
    Tel. +1 (669) 295-1489
    apassi@infinera.com

    About Infinera

    Infinera is a global supplier of innovative open optical networking solutions and advanced optical semiconductors that enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations. Infinera solutions deliver industry-leading economics and performance in long-haul, submarine, data center interconnect, and metro transport applications. To learn more about Infinera, visit www.infinera.com, follow us on X and LinkedIn, and subscribe for updates.

    Infinera and the Infinera logo are registered trademarks of Infinera Corporation.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Infinera’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or the negative of these words or similar terms or expressions that concern Infinera’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the amount Infinera could receive in direct government funding and tax incentives; statements about Infinera’s strategic positioning in 2025 and beyond; and statements related to the Merger, including the timing of completion of the Merger and the future performance and benefits of the combined business.

    These forward-looking statements are based on estimates and information available to Infinera as of the date hereof and are not guarantees of actual or future performance; actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infinera’s results to differ materially from those expressed or implied by such forward-looking statements include statements related to the Merger, including whether the Merger may not be completed or completion may be delayed, and if the Merger Agreement is terminated, there may be a required payment of a significant termination fee by either party; the receipt of necessary approvals to complete the Merger; the possibility that due to the Merger, and uncertainty regarding the Merger, Infinera’s customers, suppliers or strategic partners may delay or defer entering into contracts or making other decisions concerning Infinera; the significance and timing of costs related to the Merger; the impact on us of litigation or other stockholder action related to the Merger; the effects on us and our stockholders if the Merger is not completed; demand growth for additional network capacity and the level and timing of customer capital spending and excess inventory held by customers beyond normalized levels; delays in the development, introduction or acceptance of new products or in releasing enhancements to existing products; aggressive business tactics by Infinera’s competitors and new entrants and Infinera’s ability to compete in a highly competitive market; supply chain and logistics issues and their impact on our business, and Infinera’s dependency on sole source, limited source or high-cost suppliers; dependence on a small number of key customers; product performance problems; the complexity of Infinera’s manufacturing process; Infinera’s ability to identify, attract, upskill and retain qualified personnel; challenges with our contract manufacturers and other third-party partners; the effects of customer and supplier consolidation; dependence on third-party service partners; Infinera’s ability to respond to rapid technological changes; failure to accurately forecast Infinera’s manufacturing requirements or customer demand; failure to secure the funding contemplated by grants Infinera has or may receive from governments, agencies or research organizations, or failure to comply with the terms of those grants; Infinera’s future capital needs and its ability to generate the cash flow or otherwise secure the capital necessary to meet such capital needs; the effect of global and regional economic conditions on Infinera’s business, including effects on purchasing decisions by customers; the adverse impact inflation and higher interest rates may have on Infinera by increasing costs beyond what it can recover through price increases; the effects of tariffs; restrictions to our operations resulting from loan or other credit agreements; the impacts of any restructuring plans or other strategic efforts on our business; Infinera’s international sales and operations; the impacts of foreign currency fluctuations; the effective tax rate of Infinera, which may increase or fluctuate; potential dilution from the issuance of additional shares of common stock in connection with the conversion of Infinera’s convertible senior notes; Infinera’s ability to protect its intellectual property; claims by others that Infinera infringes on their intellectual property rights; security incidents, such as data breaches or cyber-attacks; Infinera’s ability to comply with various rules and regulations, including with respect to export control and trade compliance, environmental, social, governance, privacy and data protection matters; events that are outside of Infinera’s control, such as natural disasters, acts of war or terrorism, or other catastrophic events that could harm Infinera’s operations; Infinera’s ability to remediate its disclosed material weaknesses in internal control over financial reporting in a timely and effective manner, and other risks and uncertainties detailed in Infinera’s SEC filings from time to time; and statements of assumptions underlying any of the foregoing. More information on potential factors that may impact Infinera’s business are set forth in Infinera’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 28, 2024, as well as subsequent reports filed with or furnished to the SEC from time to time. These SEC filings are available on Infinera’s website at www.infinera.com and the SEC’s website at www.sec.gov. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

    Use of Non-GAAP Financial Information

    In addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude in certain cases stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs, warehouse fire recovery, merger-related charges, foreign exchange (gains) losses, net, and income tax effects. Infinera believes these adjustments are appropriate to enhance an overall understanding of its underlying financial performance and also its prospects for the future and are considered by management for the purpose of making operational decisions. In addition, the non-GAAP financial measures presented in this press release are the primary indicators management uses as a basis for its planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for gross margin, operating expenses, operating margin, net income (loss) and net income (loss) per common share prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.

    For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the table titled “GAAP to Non-GAAP Reconciliations” and related footnotes.

    Infinera Corporation
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)

      Three months ended   Twelve months ended
      December 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    Revenue:              
    Product $ 325,123     $ 373,172     $ 1,103,131     $ 1,304,229  
    Services   89,264       80,284       315,315       309,899  
    Total revenue   414,387       453,456       1,418,446       1,614,128  
    Cost of revenue:              
    Cost of product   212,250       233,693       706,498       810,845  
    Cost of services   44,882       42,643       166,792       167,532  
    Amortization of intangible assets   —       —       —       10,621  
    Restructuring and other related costs   (56 )     2,218       596       2,218  
    Total cost of revenue   257,076       278,554       873,886       991,216  
    Gross profit   157,311       174,902       544,560       622,912  
    Operating expenses:              
    Research and development   75,214       79,645       300,437       316,879  
    Sales and marketing   40,504       42,532       158,861       166,938  
    General and administrative   31,566       35,112       132,680       124,874  
    Amortization of intangible assets   2,256       2,256       9,025       12,344  
    Merger-related charges   7,550       —       23,021       —  
    Restructuring and other related costs   81       4,096       4,186       6,717  
    Total operating expenses   157,171       163,641       628,210       627,752  
    Income (loss) from operations   140       11,261       (83,650 )     (4,840 )
    Other income (expense), net:              
    Interest income   594       982       3,383       2,716  
    Interest expense   (6,746 )     (8,814 )     (32,302 )     (30,609 )
    Other gain (loss), net   (11,547 )     4,739       (20,457 )     15,325  
    Total other income (expense), net   (17,699 )     (3,093 )     (49,376 )     (12,568 )
    Income (loss) before income taxes   (17,559 )     8,168       (133,026 )     (17,408 )
    Provision for (benefit from) income taxes   8,784       (4,705 )     17,312       7,805  
    Net income (loss) $ (26,343 )   $ 12,873     $ (150,338 )   $ (25,213 )
    Net income (loss) per common share:              
    Basic $ (0.11 )   $ 0.06     $ (0.64 )   $ (0.11 )
    Diluted $ (0.11 )   $ 0.06     $ (0.64 )   $ (0.11 )
    Weighted average shares used in computing net income (loss) per common share:              
    Basic   236,974       230,509       234,672       226,726  
    Diluted   236,974       233,090       234,672       226,726  
     

    Infinera Corporation
    GAAP to Non-GAAP Reconciliations
    (In thousands, except percentages)
    (Unaudited)

        Three months ended
    		   Twelve months ended
        December 28,
    2024    		       September 28,
    2024    		       December 30,
    2023    		       December 28,
    2024    		       December 30,
    2023    		    
    Reconciliation of Gross Profit and Gross Margin:                                        
    GAAP as reported   $ 157,311       38.0 %   $ 141,214       39.8 %   $ 174,902       38.6 %   $ 544,560       38.4 %   $ 622,912       38.6 %
    Stock-based compensation expense(1)     1,867       0.4 %     2,084       0.6 %     2,328       0.5 %     7,621       0.6 %     10,000       0.6 %
    Amortization of acquired intangible assets(2)     —       — %     —       — %     —       — %     —       — %     10,621       0.7 %
    Restructuring and other related costs(3)     (56 )     (0.0) %     (24 )     — %     2,218       0.5 %     596       0.0 %     2,218       0.1 %
    Warehouse fire recovery(4)     —       — %     —       — %     —       — %     —       — %     (1,985 )     (0.1) %
    Non-GAAP as adjusted   $ 159,122       38.4 %   $ 143,274       40.4 %   $ 179,448       39.6 %   $ 552,777       39.0 %   $ 643,766       39.9 %
                                             
    Reconciliation of Operating Expenses:                                        
    GAAP as reported   $ 157,171         $ 152,212         $ 163,641         $ 628,210         $ 627,752      
    Stock-based compensation expense(1)     10,333           12,305           10,429           43,300           52,150      
    Amortization of acquired intangible assets(2)     2,256           2,257           2,256           9,025           12,344      
    Restructuring and other related costs(3)     81           (157 )         4,096           4,186           6,717      
    Merger-related charges(5)     7,550           6,954           —           23,021           —      
    Non-GAAP as adjusted   $ 136,951         $ 130,853         $ 146,860         $ 548,678         $ 556,541      
                                             
    Reconciliation of Income (Loss) from Operations and Operating Margin:                                        
    GAAP as reported   $ 140       0.0 %   $ (10,998 )     (3.1) %   $ 11,261       2.5 %   $ (83,650 )     (5.9) %   $ (4,840 )     (0.3) %
    Stock-based compensation expense(1)     12,200       3.0 %     14,389       4.1 %     12,757       2.8 %     50,921       3.7 %     62,150       3.8 %
    Amortization of acquired intangible assets(2)     2,256       0.5 %     2,257       0.6 %     2,256       0.5 %     9,025       0.6 %     22,965       1.4 %
    Restructuring and other related costs(3)     25       0.0 %     (181 )     (0.1) %     6,314       1.4 %     4,782       0.3 %     8,935       0.6 %
    Warehouse fire recovery(4)     —       — %     —       — %     —       — %     —       — %     (1,985 )     (0.1) %
    Merger-related charges(5)     7,550       1.9 %     6,954       2.0 %     —       — %     23,021       1.6 %     —       — %
    Non-GAAP as adjusted   $ 22,171       5.4 %   $ 12,421       3.5 %   $ 32,588       7.2 %   $ 4,099       0.3 %   $ 87,225       5.4 %
       
        Three months ended Twelve months ended
        December 28,
    2024    		   September 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    Reconciliation of Net Income (Loss):                    
    GAAP as reported   $ (26,343 )   $ (14,313 )   $ 12,873     $ (150,338 )   $ (25,213 )
    Stock-based compensation expense(1)     12,200       14,389       12,757       50,921       62,150  
    Amortization of acquired intangible assets(2)     2,256       2,257       2,256       9,025       22,965  
    Restructuring and other related costs(3)     25       (181 )     6,314       4,782       8,935  
    Warehouse fire recovery(4)     —       —       —       —       (1,985 )
    Merger-related charges(5)     7,550       6,954       —       23,021       —  
    Foreign exchange (gains) losses, net(6)     11,855       (8,039 )     (4,852 )     21,954       (14,755 )
    Income tax effects(7)     655       (788 )     (780 )     (3,120 )     1,292  
    Non-GAAP as adjusted     8,198     $ 279     $ 28,568     $ (43,755 )   $ 53,389  
                         
    Weighted Average Shares Used in Computing GAAP Net Income (Loss) per Common Share:                    
    Basic     236,974       235,832       230,509       234,672       226,726  
    Diluted(8)     236,974       235,832       233,090       234,672       226,726  
                         
    Weighted Average Shares Used in Computing Non-GAAP Net Income (Loss) per Common Share:                    
    Basic     236,974       235,832       230,509       234,672       226,726  
    Diluted(9)     269,422       240,502       259,210       234,672       255,468  
                         
    Reconciliation of Adjusted EBITDA (10):                    
    Non-GAAP net income (loss)   $ 8,198     $ 279     $ 28,568     $ (43,755 )   $ 53,389  
    Add: Interest expense, net     6,152       7,890       7,832       28,919       27,893  
    Less: Other gain (loss), net     308       446       (113 )     1,497       570  
    Add: Income tax effects     8,129       4,698       (3,925 )     20,432       6,513  
    Add: Depreciation     13,333       13,501       17,125       53,308       55,819  
    Non-GAAP as adjusted   $ 35,504     $ 25,922     $ 49,713     $ 57,407     $ 143,044  
                         
    Net Income (Loss) per Common Share: GAAP                    
    Basic   $ (0.11 )   $ (0.06 )   $ 0.06     $ (0.64 )   $ (0.11 )
    Diluted(8)   $ (0.11 )   $ (0.06 )   $ 0.06     $ (0.64 )   $ (0.11 )
                         
    Net Income (Loss) per Common Share: Non-GAAP                    
    Basic   $ 0.03     $ 0.00     $ 0.12     $ (0.19 )   $ 0.24  
    Diluted(9)   $ 0.03     $ 0.00     $ 0.12     $ (0.19 )   $ 0.23  
     

    (1)   Stock-based compensation expense is calculated in accordance with the fair value recognition provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation effective January 1, 2006. The following table summarizes the effects of stock-based compensation related to employees and non-employees (in thousands):  

     
        Three months ended   Twelve months ended
        December 28, 2024   September 28, 2024   December 30, 2023   December 28, 2024   December 30, 2023
    Cost of revenue   $ 1,867     $ 2,084     $ 2,328     $ 7,621     $ 10,000  
    Research and development     4,547       4,623       4,917       18,779       22,474  
    Sales and marketing     3,036       3,241       2,328       12,175       13,699  
    General and administration     2,750       4,441       3,184       12,346       15,977  
    Total operating expenses     10,333       12,305       10,429       43,300       52,150  
    Total stock-based compensation expense   $ 12,200     $ 14,389     $ 12,757     $ 50,921     $ 62,150  
     

    (2)    Amortization of acquired intangible assets consists of developed technology and customer relationships acquired in connection with the acquisitions of Coriant and Transmode AB. GAAP accounting requires that acquired intangible assets are recorded at fair value and amortized over their useful lives. As this amortization is non-cash, Infinera has excluded it from its non-GAAP gross profit, operating expenses and net income measures. Management believes the amortization of acquired intangible assets is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.

    (3)    Restructuring and other related costs are primarily associated with the reduction of headcount and the reduction of operating costs. In addition, this includes accelerated amortization on operating lease right-of-use assets due to the cessation of use of certain facilities. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.

    (4)    Warehouse fire losses were incurred due to inventory destroyed in a warehouse fire in the third quarter of fiscal year 2022. Recoveries are recorded when they are probable of receipt. Management has excluded the impact of this loss and subsequent recoveries in arriving at Infinera’s non-GAAP results as it is non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.

    (5)    Merger-related charges represent costs incurred directly in connection with the pending merger with Nokia. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and the exclusion of these charges provides a better indication of Infinera’s underlying business performance.

    (6)    Foreign exchange (gains) losses, net, have been excluded from Infinera’s non-GAAP results because management believes that this expense is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.

    (7)    The difference between the GAAP and non-GAAP tax provision is due to the net tax effects of above non-GAAP adjustments. Management believes the exclusion of these tax effects provides a better indication of Infinera’s underlying business performance.

    (8)    The GAAP diluted shares include potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a GAAP basis in periods when Infinera has net income on a GAAP basis, as its inclusion provides a better indication of Infinera’s underlying business performance.

    For purposes of calculating GAAP diluted earnings per share, we used the following net income (loss) and weighted average common shares outstanding (in thousands, except per share data):

     
        Three months ended   Twelve months ended
        December 28,
    2024    		   September 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    GAAP net income (loss) for basic earnings per share   $ (26,343 )   $ (14,313 )   $ 12,873     $ (150,338 )   $ (25,213 )
    Interest expense related to the convertible senior notes, net of tax     —       —       104       —       —  
    GAAP net income (loss) for diluted earnings per share   $ (26,343 )   $ (14,313 )   $ 12,977     $ (150,338 )   $ (25,213 )
                         
    Weighted average basic common shares outstanding     236,974       235,832       230,509       234,672       226,726  
    Dilutive effect of restricted and performance share units     —       —       682       —       —  
    Dilutive effect of 2024 convertible senior notes(a)     —       —       1,899       —       —  
    Dilutive effect of 2027 convertible senior notes(b)     —       —       —       —       —  
    Dilutive effect of 2028 convertible senior notes(c)     —       —       —       —       —  
    Weighted average dilutive common shares outstanding     236,974       235,832       233,090       234,672       226,726  
                         
    GAAP net income (loss) per common share:                    
    Basic   $ (0.11 )   $ (0.06 )   $ 0.06     $ (0.64 )   $ (0.11 )
    Diluted   $ (0.11 )   $ (0.06 )   $ 0.06     $ (0.64 )   $ (0.11 )
     

    (a)    For the three- months ended December 28, 2024 and September 28, 2024, there were zero and 1.4 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024 and December 30, 2023, there were 1.3 million and 5.8 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (b)    For each of the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For both the twelve- months ended December 28, 2024, and December 30, 2023, there were 26.1 million shares, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (c)    For the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share. For the twelve- months ended December 28, 2024, and December 30, 2023, there were zero and 0.9 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (9)    The non-GAAP diluted shares include the potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a non-GAAP basis in periods when Infinera has net income on a non-GAAP basis as its inclusion provides a better indication of Infinera’s underlying business performance. Refer to the diluted earnings per share reconciliation presented below.

    For purposes of calculating non-GAAP diluted earnings per share, we used the following net income (loss) and weighted average common shares outstanding (in thousands, except per share data):

     
        Three months ended   Twelve months ended
        December 28,
    2024    		   September 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    Non-GAAP net income (loss) for basic earnings per share   $ 8,198     $ 279     $ 28,568     $ (43,755 )   $ 53,389  
    Interest expense related to the convertible senior notes, net of tax     752       —       1,652       —       5,370  
    Non-GAAP net income (loss) for diluted earnings per share   $ 8,950     $ 279     $ 30,220     $ (43,755 )   $ 58,759  
                         
    Weighted average basic common shares outstanding     236,974       235,832       230,509       234,672       226,726  
    Dilutive effect of restricted and performance share units     6,328       4,670       682       —       1,674  
    Dilutive effect of employee stock purchase plan     —       —       —       —       53  
    Dilutive effect of 2024 convertible senior notes(a)     —       —       1,899       —       —  
    Dilutive effect of 2027 convertible senior notes(b)     26,120       —       26,120       —       26,210  
    Dilutive effect of 2028 convertible senior notes(c)     —       —       —       —       895  
    Weighted average dilutive common shares outstanding     269,422       240,502       259,210       234,672       255,558  
                         
    Non-GAAP net income (loss) per common share:                    
    Basic   $ 0.03     $ 0.00     $ 0.12     $ (0.19 )   $ 0.24  
    Diluted   $ 0.03     $ 0.00     $ 0.12     $ (0.19 )   $ 0.23  
     

    (a)    For the three- months ended December 28, 2024, September 28, 2024, there were zero and 1.4 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024, and December 30, 2023, there were 1.3 million and 5.8 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (b)    For the three- months ended September 28, 2024, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (c)    For the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share. For the twelve- months ended December 28, 2024, there were no shares excluded from the calculation of diluted net income (loss) per share.

    (10)    Adjusted EBITDA is a non-GAAP supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss or cash flow from operations, as determined by GAAP. Infinera’s adjusted EBITDA is calculated by excluding the above non-GAAP adjustments, interest expense, net, other gain (loss), net, income tax effects and depreciation expenses. Management believes that adjusted EBITDA is an important financial measure for use in evaluating Infinera’s financial performance, as it measures the ability of our business operations to generate cash.

    Infinera Corporation
    GAAP to Non-GAAP Reconciliations
    (In thousands)
    (Unaudited) 

    Free Cash Flow

    We define free cash flow as net cash provided by (used in) operating activities in the period minus the purchase of property and equipment made in the period.

    Free cash flow is considered a non-GAAP financial measure under the SEC’s rules. Management believes that free cash flow is an important financial measure for use in evaluating Infinera’s financial performance, as it measures our ability to generate additional cash from our business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net loss as a measure of our performance or net cash provided by (used in) operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.

     
        Three months ended   Twelve months ended
        December 28,
    2024    		   September 28,
    2024    		   December 30,
    2023    		   December 28,
    2024    		   December 30,
    2023
    Net cash provided by operating activities   $ 72,045     $ 44,563     $ 79,652     $ 80,680     $ 49,510  
    Purchase of property and equipment     (28,265 )     (24,090 )     (21,414 )     (75,013 )     (62,314 )
    Free cash flow   $ 43,780     $ 20,473     $ 58,238     $ 5,667     $ (12,804 )
     

    Infinera Corporation
    Consolidated Balance Sheets
    (In thousands, except par values)

      December 28,
    2024    		   December 30,
    2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 145,808     $ 172,505  
    Short-term restricted cash   —       517  
    Accounts receivable, net   336,552       381,981  
    Inventory   308,213       431,163  
    Prepaid expenses and other current assets   155,249       129,218  
    Total current assets   945,822       1,115,384  
    Property, plant and equipment, net   249,496       206,997  
    Operating lease right-of-use assets   36,348       39,973  
    Intangible assets, net   15,794       24,819  
    Goodwill   224,233       240,566  
    Long-term restricted cash   420       837  
    Other long-term assets   61,645       50,662  
    Total assets $ 1,533,758     $ 1,679,238  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 284,992     $ 299,005  
    Accrued expenses and other current liabilities   143,385       110,758  
    Accrued compensation and related benefits   49,942       85,203  
    Short-term debt, net   482       25,512  
    Accrued warranty   13,243       17,266  
    Deferred revenue   134,727       136,248  
    Total current liabilities   626,771       673,992  
    Long-term debt, net   667,930       658,756  
    Long-term accrued warranty   12,264       15,934  
    Long-term deferred revenue   29,290       21,332  
    Long-term deferred tax liability   3,035       1,805  
    Long-term operating lease liabilities   41,601       47,464  
    Other long-term liabilities   36,352       43,364  
    Commitments and contingencies      
    Stockholders’ equity:      
    Preferred stock, $0.001 par value
    Authorized shares – 25,000 and no shares issued and outstanding    		   —       —  
    Common stock, $0.001 par value
    Authorized shares – 500,000 in 2024 and 500,000 in 2023   
    Issued and outstanding shares – 237,396 in 2024 and 230,994 in 2023    		   237       231  
    Additional paid-in capital   2,024,810       1,976,014  
    Accumulated other comprehensive loss   (33,388 )     (34,848 )
    Accumulated deficit   (1,875,144 )     (1,724,806 )
    Total stockholders’ equity   116,515       216,591  
    Total liabilities and stockholders’ equity $ 1,533,758     $ 1,679,238  
     

    Infinera Corporation
    Consolidated Statements of Cash Flows
    (In thousands)

      Twelve months ended
      December 28,
    2024    		   December 30,
    2023
    Cash Flows from Operating Activities:      
    Net loss $ (150,338 )   $ (25,213 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   62,333       78,784  
    Non-cash restructuring charges and other related costs   40       1,200  
    Amortization of debt issuance costs and discount   3,680       3,862  
    Operating lease expense   9,252       7,464  
    Stock-based compensation expense   50,921       62,150  
    Other, net   (76 )     (823 )
    Changes in assets and liabilities:      
    Accounts receivable   40,218       38,511  
    Inventory   121,772       (57,864 )
    Prepaid expenses and other current assets   (49,159 )     9,683  
    Accounts payable   (28,258 )     (2,921 )
    Accrued expenses and other current liabilities   11,568       (40,063 )
    Deferred revenue   8,727       (25,260 )
    Net cash provided by operating activities   80,680       49,510  
    Cash Flows from Investing Activities:      
    Purchase of property and equipment   (75,013 )     (62,314 )
    Net cash used in investing activities   (75,013 )     (62,314 )
    Cash Flows from Financing Activities:      
    Proceeds from issuance of 2028 Notes   —       98,751  
    Repayment of 2024 Notes   (18,747 )     (83,446 )
    Payment of debt issuance cost   —       (2,108 )
    Proceeds from asset-based revolving credit facility   50,000       50,000  
    Repayment of asset-based revolving credit facility   (50,000 )     (50,000 )
    Repayment of mortgage payable   (470 )     (510 )
    Principal payments on finance lease obligations   (562 )     (1,023 )
    Payment of term license obligation   (10,318 )     (10,417 )
    Proceeds from issuance of common stock   6       14,931  
    Tax withholding paid on behalf of employees for net share settlement   (2,129 )     (2,465 )
    Net cash (used in) provided by financing activities   (32,220 )     13,713  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (1,078 )     (16,253 )
    Net change in cash, cash equivalents and restricted cash   (27,631 )     (15,344 )
    Cash, cash equivalents and restricted cash at beginning of period   173,859       189,203  
    Cash, cash equivalents and restricted cash at end of period(1) $ 146,228     $ 173,859  
     

    Infinera Corporation
    Consolidated Statements of Cash Flows
    (In thousands)

      Twelve months ended
      December 28,
    2024    		   December 30,
    2023
    Supplemental disclosures of cash flow information:      
    Cash paid for income taxes, net $ 21,790     $ 14,109  
    Cash paid for interest, net $ 27,359     $ 22,394  
    Supplemental schedule of non-cash investing and financing activities:          
    Transfer of inventory to fixed assets $ —     $ 1,847  
    Property and equipment included in accounts payable and accrued liabilities $ 34,385     $ 10,104  
    Unpaid term licenses (included in accounts payable, accrued liabilities and other long-term liabilities) $ 14,196     $ 23,326  
                   
     

    (1)         Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets (in thousands):  

     
      December 28,
    2024    		   December 30,
    2023
           
    Cash and cash equivalents $ 145,808     $ 172,505  
    Short-term restricted cash   —       517  
    Long-term restricted cash   420       837  
    Total cash, cash equivalents and restricted cash $ 146,228     $ 173,859  
     

    Infinera Corporation
    Supplemental Financial Information
    (Unaudited)

        Q1’23   Q2’23   Q3’23   Q4’23   Q1’24   Q2’24   Q3’24   Q4’24
    GAAP Revenue $(Mil)   $ 392.1     $ 376.2     $ 392.4     $ 453.5     $ 306.9     $ 342.7     $ 354.4     $ 414.4  
    GAAP Gross Margin %     37.5 %     38.0 %     40.3 %     38.6 %     36.0 %     39.6 %     39.8 %     38.0 %
    Non-GAAP Gross Margin %(1)     38.8 %     39.3 %     41.9 %     39.6 %     36.6 %     40.3 %     40.4 %     38.4 %
    GAAP Revenue Composition:                                
    Domestic %     60 %     58 %     59 %     67 %     54 %     58 %     60 %     62 %
    International %     40 %     42 %     41 %     33 %     46 %     42 %     40 %     38 %
    Customers >10% of Revenue     —       1       1       1       —       —       2       2  
    Cash Related Information:                                
    Cash from Operations $(Mil)   $ (1.8 )   $ 1.4     $ (29.7 )   $ 79.6     $ 24.0     $ (59.9 )   $ 44.5     $ 72.1  
    Capital Expenditures $(Mil)   $ 16.8     $ 10.8     $ 13.3     $ 21.4     $ 8.1     $ 14.6     $ 24.0     $ 28.3  
    Depreciation & Amortization $(Mil)   $ 19.6     $ 19.8     $ 20.0     $ 19.4     $ 15.4     $ 15.6     $ 15.7     $ 15.6  
    DSOs(2)     78       79       76       77       79       76       74       74  
    Inventory Metrics:                                
    Raw Materials $(Mil)   $ 67.6     $ 85.4     $ 110.4     $ 133.6     $ 132.5     $ 119.4     $ 105.2     $ 69.7  
    Work in Process $(Mil)   $ 71.8     $ 71.9     $ 69.9     $ 68.4     $ 68.6     $ 68.7     $ 67.6     $ 67.9  
    Finished Goods $(Mil)   $ 273.6     $ 270.1     $ 276.6     $ 229.2     $ 219.6     $ 196.1     $ 183.3     $ 170.6  
    Total Inventory $(Mil)   $ 413.0     $ 427.4     $ 456.9     $ 431.2     $ 420.7     $ 384.2     $ 356.1     $ 308.2  
    Inventory Turns(3)     2.4       2.2       2.1       2.5       1.8       2.0       2.3       3.1  
    Worldwide Headcount     3,351       3,365       3,369       3,389       3,323       3,334       3,340       3,418  
    Weighted Average Shares Outstanding (in thousands):                                
    Basic     222,393       225,922       228,077       230,509       231,533       234,349       235,832       236,974  
    Diluted     265,921       262,712       257,219       259,210       260,980       265,591       267,999       269,422  
     

    (1)    Non-GAAP adjustments include stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery. For a description of this non-GAAP financial measure, please see the section titled, “GAAP to Non-GAAP Reconciliations” of this press release for a reconciliation to the most directly comparable GAAP financial measures. For reconciliations of prior periods that are not otherwise provided herein, see the prior period earnings releases available on our Investor Relations webpage.

    (2)    Infinera calculates DSO based on 91 days.

    (3)    Infinera calculates non-GAAP inventory turns as annualized non-GAAP cost of revenue, which is calculated as GAAP cost of revenue less stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery, as illustrated in the reconciliation of gross profit above, divided by the average inventory for the quarter.

    The MIL Network –

  • MIL-OSI Global: Trump mineral deal with Ukraine offers hope but little in the way of security

    Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

    If you want to get an idea of how Donald Trump’s mind works (and this can change from day to day, as we know), it’s worth taking a look at his TruthSocial website. As I write, beneath a video pinned to the top of his feed featuring an AI-generated vision of “Trump Gaza” (complete with casinos, shopping malls and a giant golden statue of the man himself), can be found a clue to the frenetic presidential activity of the past month.

    In a post threatening legal action against any writer or publisher whose “Fake books” offends, Trump refers to himself as “a President who is being given credit for having the Best Opening Month of any President in history”. Apparently George Washington is second on that list – and, given that Potus #1 took 33 days to sign the first bill passed under the new US constitution, you could say Potus #47 has left him trailing in his wake.

    Of course #47 appears to face fewer constitutional constraints than his illustrious predecessor.

    Sadly, though, Trump will be unable to include in this list the deal he has reportedly just struck with Volodymyr Zelensky which swaps a share in Ukraine’s mineral wealth for an as yet unspecified security guarantee.

    Precise details of this deal aren’t confirmed. But we’re told that the original US$500 billion (£394 billion) demand has been dropped in return for a share in an investment fund into which Ukraine will contribute 50% of the revenue from its mineral resources. “What better could you have for Ukraine than to be in an economic partnership with the United States?” commented US national security adviser, Mike Waltz.

    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

    But for the sake of social media, a deal’s a deal and can be trumpeted as such. Zelensky is heading to Washington to sign the agreement and we shall find out in due course whether or not this will assure Ukraine’s future security. There is still the actual peace deal with Russia to work out, after all.

    Another landmark foreign policy deal brokered by the Trump White House was with the Taliban in 2020 and concerned the future of Afghanistan. And, as Philip A. Berry writes, Zelensky can take little comfort in that.

    Berry, a research fellow at King’s College London, who has extensive experience of working with anti-narcotics agencies in Afghanistan, points to similarities in the way Trump managed negotiations with the Taliban and his deal-making with Ukraine and discussions so far with Russia. The Afghan government was largely cut out of the negotiations, as Trump has threatened to do to Ukraine with regards a peace deal. And like the current situation, Trump’s regular public utterances seriously undermined the talks. Berry concludes:

    Trump’s Taliban deal excluded the US’s ally, conceded too much to an adversary, and was partly motivated by the perception of wasting American dollars in a far-off land. Unfortunately, these hallmarks are all too evident in the president’s stance on Ukraine. Zelensky can only hope that things work out better this time around.



    Read more:
    How Trump the ‘master deal-maker’ failed when it came to negotiating with the Taliban in Afghanistan

    Trust will be absolutely vital if the US and Ukraine are to conclude this agreement and, more critically, if they are to reach terms with Russia that will guarantee the “just peace deal” that Zelensky craves, writes David J. Wilcox of the University of Birmingham. Wilcox points to the relationship of trust built by Mikhail Gorbachev and Ronald Reagan in the 1980s which paved a way for a series of nuclear weapons reduction treaties between the Soviet Union and the US.

    It has just been announced that preparations are being made for “expert-level” talks between the US and Russia, but, as Wilcox points out, “any negotiations to end the war will rest ultimately on those two states and their leaders”. And at present, nothing has been publicly said about whether Putin and Zelensky have even agreed to meet.



    Read more:
    Ukraine war: why negotiations depend on trust

    Meanwhile, what do we know about Ukraine’s mineral wealth and what sort of return Trump can expect for the US? Dafydd Townley, an expert in international security at the University of Portsmouth, stresses that Trump’s recent decision to impose punitive tariffs against Beijing has closed off China as a source of key minerals on which the US has been reliant up until now.

    It’s a clue, writes Townley, as to why the US president seemed very keen on bringing his deal-making facilities to bear on Greenland, which also has large deposits of desirable minerals.

    Interestingly, as Townley points out, Russia has taken control of about 20% of Ukraine’s mineral deposits under the territory it now controls (which America would be open to exploiting according to an offer made by Vladimir Putin’s aides at the recent talks in Saudi Arabia).

    It’s also worth noting that Ukraine’s extraction sector has suffered over the past decade from chronic under-investment, thanks to the ongoing hostilities between Russia and Ukraine. As a result it could be some years before the US gets what it needs from the deal it has reportedly struck with Kyiv.



    Read more:
    Why Trump really wants Ukraine’s minerals — China has put theirs off limits

    Three long years

    Amid all the shuttle diplomacy and wheeler-dealing taking place around them, at the start of the week the embattled Ukrainian population marked the third anniversary of Russia’s full-scale invasion. They were joined by more than a dozen foreign leaders who gathered in Kyiv to express their continuing support.

    As the conflict moves into its fourth year, Stefan Wolff, an international security expert at the University of Birmingham, takes a look at the broader geopolitical implications of the conflict in the era of Trump.

    He sees worrying parallels with the Munich conference of 1938 which sealed Czechoslovakia’s fate. Not, as you might expect, in terms of Trump’s apparent appeasement of Putin – but because, like Munich, talks on the fate of a sovereign nation are being held without that nation being present. Wolff writes:

    There is every indication that Putin is unlikely to stop in or with Ukraine. And it is worth remembering that the second world war started 11 months after Neville Chamberlain thought he had secured “peace in our time”.

    This, of course, is the prospect that has both terrified and stiffened the resolve of Ukraine’s western allies. But Wolff also points to limitations in this analogy, in that he doesn’t believe that Trump is acting out of fear that he is in a weaker position than Putin, as did Neville Chamberlain and the French prime minister Édouard Daladier.

    It’s rather that Trump sees himself as part of a triumvirate of world leaders, along with Putin and China’s president, Xi Jinping, who have the opportunity to carve out spheres of influence and establish a new world order based on the exercise of raw power.



    Read more:
    Ukraine war: Trump is not trying to appease Putin – he has a vision of a new US-China-Russia order

    Richard Youngs, meanwhile, sees the dawning of what he calls a “no world order”. Youngs, an international relations expert at the University of Warwick, sees an era of flux, where the stability of the past 80 years is disintegrating without anything stable or concrete to replace it.

    Several European leaders, including Keir Starmer who is today visiting Trump in Washington, are due to meet this Sunday ahead of a bigger defence summit in Brussels next week, to continue discussions about how to respond to the changing Ukraine situation. Reports suggest a European defence bank or fund that would include the UK may be on the cards.

    Youngs certainly believes that European powers will need to consider practical measures in order to bind themselves into more cohesive relationship and ensure their continuing autonomy. One of those will be in boosting their defence capabilities – something that is now gathering pace in the face of US pressure.

    But more radical thinking will be needed, writes Youngs, who has coined the term “geoliberalism” as a way of visualising the sort of thinking about the values and certainties that can bind Europe together in the face of global turbulence.



    Read more:
    No world order: Europe needs more radical thinking for the Trump era

    Alex Titov, meanwhile, believes that for all the talk of “deals” to end the violence, both sides have their reasons for wanting to continue, given that their stated positions remain diametrically opposed and irreconcilable.

    Russia’s battlefield progress, while steady, is slow and there’s no real prospect of it forcing a capitulation from Kyiv in the next 12 months. But – particularly with the radically different US position under Donald Trump, neither is there any chance of Russia being forced off the territory it has captured. Ominously, Titov concludes, this could mean that “the bloodiest battles of the war are yet to come”.



    Read more:
    Ukraine war three years on: the bloodiest battles may be still to come

    A new way of governing

    After a whirlwind first month, Trump held his first cabinet meeting this week, with a special appearance from his right-hand man Elon Musk, who reportedly got to speak more than anyone else. Musk, of course, has been responsible for much of the maelstrom of activity that has caused so much disquiet and is providing a lot of work for lawyers who are pushing back against many of the new adminstration’s measures on the grounds they are unconstitutional.

    Musk, Trump and his vice-president J.D. Vance have, in turn, pushed back against judges who have issued injunctions to either halt or delay some of their measures. Musk, in a fit of pique this week when three judges halted three of the administration’s policies, complained bitterly “What is the point of having democratic elections if unelected activist ‘judges’ can override the clear will of the people? Well, that’s no democracy at all!”

    Stephen Lovell, professor of modern history at King’s College London, has been looking at the way that Trump and his team are attempting to bend the US constitution to their will, comparing their approach to that of Vladimir Putin. Putin, as we know, never saw a constitutional loophole he didn’t want to wriggle through or otherwise obliterate.



    Read more:
    Trump, Putin and the authoritarian take on constitutionalism

    World Affairs Briefing from The Conversation UK is available as a weekly email newsletter. Click here to get updates directly in your inbox.

    – ref. Trump mineral deal with Ukraine offers hope but little in the way of security – https://theconversation.com/trump-mineral-deal-with-ukraine-offers-hope-but-little-in-the-way-of-security-250962

    MIL OSI – Global Reports –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 27.02.2025

    Source: GlobeNewswire (MIL-OSI)

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

    Nokia Corporation: Repurchase of own shares on 27.02.2025

    Espoo, Finland – On 27 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 4.72
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,400,000 4.72

    * 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 27 February 2025 was EUR 6,604,220. After the disclosed transactions, Nokia Corporation holds 261,317,814 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

    The MIL Network –

  • MIL-Evening Report: Shuttered car factories in Australia could be repurposed to make houses faster and cheaper

    Source: The Conversation (Au and NZ) – By Ehsan Noroozinejad, Senior Researcher, Urban Transformations Research Centre, Western Sydney University

    studiovin/Shutterstock

    Australia is in the grip of a severe housing shortage. Many people are finding it extremely difficult to find a place to live in the face of rising rents and property price surges. Homelessness is rising sharply. Tent cities are becoming more common.

    The federal government has pledged to encourage the building of about 1.2 million new dwellings over the five years from mid-2024. The problem is, conventional building techniques are unlikely to be able to respond to the scale of demand quickly. Conventional building is expensive and slow. Faster, cheaper construction methods are needed.

    There might be a way to accelerate the build. In recent years, car manufacturers Ford, General Motors and Toyota have shuttered their Australian factories, due to intense global competition.

    Before these factories fell silent, they were home to trained workers, advanced machinery and efficient production systems. In Australia, companies such as Hickory Group are working to turn car factories into house factories. In Japan, Toyota has been making modular housing for decades, by adapting car production line techniques.

    Scaling this approach up in Australia could simultaneously address industrial decline and housing demand.

    Can mothballed car factories really make houses?

    After years of decline, Australia’s car manufacturing industry came to an end in 2017, when Toyota and General Motors’ factories stopped mass production. Ford’s local factories closed a year earlier. It was the end of 70 years of mass production, though companies such as Premcar are still making local versions of overseas cars.

    Thousands of factory workers lost their jobs. But the effect rippled outward, as about 40,000 workers in the supply chain lost their jobs.

    These automobile factories left behind more than just empty structures.

    Most of them have not been demolished. Some still have advanced manufacturing lines. Their former workers with automation and precise engineering training might be working in different fields, such as caravan manufacturing.

    Building a house in a factory has similarities to car manufacturing. Both use modular production, in which individual parts are manufactured and then assembled into a final product.

    That’s not to say this would be easy – there would be regulatory hurdles to overcome and the factories would need an overhaul.

    One tough part is figuring out how to use modern car-building tools (such as robotics) to make components of houses. While building cars and houses share some ideas, they’re not the same.

    Bringing these factories back into production would boost the economies of states such as Victoria.

    States such as South Australia have already started down this path, turning Mitsubishi’s defunct Tonsley Park factory into an innovation precinct hosting modular construction companies such as Fusco Constructions, which will begin operations next year.

    Meanwhile, much work has been done in Australia and overseas to find ways to mass-produce housing using factories.

    Imagine thousands of individual car parts were delivered to your front yard, where workers painstakingly put the car together. This seems crazy. But it’s essentially what we do with houses, especially freestanding ones. Advocates for modern methods of construction have pointed out the inefficiencies of transporting building materials to a site and assembling them there.

    Some large-scale builders are already working to automate more of the home-building process. Besides making houses more cheaply, the benefits include centralising production around a factory, protection from weather delays, and the ability to use industrial robots.

    Car assembly lines guarantee each component is manufactured to exacting specifications. Automobile manufacturing has been transformed by new technologies, including digital twin simulations, robotics and 3D printing. But the building industry has been slower to take these up. If we can bring these technologies to bear on how we make homes, we can accelerate construction, reduce errors and cut prices.

    In fact, we are seeing some car manufacturers moving into home building. Mercedes-Benz, Bugatti, Bentley, Aston Martin and Porsche are all putting their names on high-end homes in some way, while Honda has explored manufacturing smart, low-energy homes.

    Change is coming – but slowly

    Advanced building techniques are not new to Australia. Prefab buildings are already being built on factory lines by companies such as Fleetwood, ATCO Structures and Logistics and Modscape.

    Here, building components are produced in a controlled factory setting before being delivered to the construction site for prompt assembly. Dozens of companies are working in this space. To date, however, most of these buildings will be used as schools, police stations or temporary housing for mining workers.

    Last year, the federal government set up a A$900 million fund as an incentive for state and territory governments to accelerate building approvals and take up prefab techniques. To date, the sector is struggling to scale up due to a lack of infrastructure and too few manufacturers.

    Other countries are further along the path. In Sweden, up to 84% of detached homes are made with prefabricated components, compared with about 15% in Japan and 5% in the United States, United Kingdom and Australia.

    One option is to adopt yet more advanced techniques, such as lean manufacturing and automated assembly. Both of these are well established in car-making, and could be used to increase the speed and accuracy of prefab home construction.

    What would it take to make this happen?

    Australia’s housing crisis has been years in the making. To solve it, we may need bold solutions.

    Converting old car factories into affordable home factories could help accelerate our response to the challenge – and reinvigorate industrial precincts.

    It would take work and funding to make this happen. But there are commonalities. Making prefab homes depends on precise, modular production methods that work best when automated. Transitions like these can happen.

    Dr. Ehsan Noroozinejad has received funding from both national and international organisations to support research addressing housing and climate crises. His most recent funding comes from the James Martin Institute for Public Policy. He has received funding from the Natural Sciences and Engineering Research Council of Canada

    – ref. Shuttered car factories in Australia could be repurposed to make houses faster and cheaper – https://theconversation.com/shuttered-car-factories-in-australia-could-be-repurposed-to-make-houses-faster-and-cheaper-249709

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Europe: Denmark: Norlase secures €20 million EIB venture debt to advance ophthalmic laser technology.

    Source: European Investment Bank

    • Denmark’s med-tech sector receives a boost as Norlase strengthens its position in the global ophthalmic laser market with EIB venture debt financing.
    • Norlase will employ the funding for the further development and market access of its innovative portable ophthalmic laser technology.
    • The EIB’s financing is backed under the European Commission’s InvestEU initiative.

    Med-tech company Norlase, a spin-out of the Technical University of Denmark (DTU), has signed a €20 million venture debt financing with the European Investment Bank (EIB). The funding will support the expansion of Norlase’s innovative ophthalmic laser technology, reinforcing Denmark’s position as a hub for world-class med-tech innovation. Ensuring that European companies developing critical technology have the possibility and funding to grow in the EU, is an important building block in European strategic autonomy. The EIB financing is supported by the European Commission’s InvestEU programme.

    “Denmark’s efforts in building up its bio- and med-tech ecosystem are definitely paying dividends today. Like other Danish companies we recently financed, Norlase’s technology is top of its class and a real example of excellence in European innovation.” said EIB Vice-President Ioannis Tsakiris. “With the support of InvestEU, the EIB finances projects that advance state-of-the-art medical treatment, and this funding aims to enhance the position of Norlase as a European med-tech champion.”

    “As the patient burden continues to grow, the need to accelerate technological innovation in eye care has never been greater. With four product launches in just five years and rapid adoption by the ophthalmic community, Norlase is leading this transformation,” said Norlase CEO and Co-founder Oliver Hvidt. “This funding from the EIB allows us to scale our global presence and push even further beyond the limits of existing technology, solidifying Norlase’s role as a leader in the future of eye care. We’re just getting started.”

    The Head of the European Commission Representation to Denmark, Per Haugaard, added: “It’s crucial that European companies develop critical technology and that we secure investments in med-tech companies like Norlase across the continent.”

    On a technical level, the financing will support the development and market access of Norlase’s innovative portable ophthalmic lasers, designed to diagnose and treat causes of vision loss and blindness. The project focuses on advancing novel ophthalmic laser technologies and expanding production facilities to support increased demand. The company recently launched its fourth and most innovative device, LYNX, which can reduce treatment time by more than 50%, setting new standards for efficiency, accessibility, and precision in ophthalmic laser treatments.

    Background information

    The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, contribute to peace and security, and support a just and swift transition to climate neutrality. The Group’s AAA rating allows it to borrow at favourable conditions on the global markets, benefiting its clients within the European Union and beyond. The Group has the highest ESG standards and a tier one capital ratio of 32%.

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

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. InvestEU brings all EU financial instruments together under one roof, making funding for investment projects in Europe simpler, more efficient, and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least €372 billion in additional investment.

    Norlase was founded in Denmark to commercialize patented laser technology developed at the Technical University of Denmark (DTU) and its products are now in use in the top ophthalmic hospitals globally.

    MIL OSI Europe News –

  • MIL-Evening Report: NZ’s barriers to economic growth: short-term thinking, political concentration and policy flip-flops

    Source: The Conversation (Au and NZ) – By Kate Nicholls, Senior Lecturer, School of Social Sciences and Public Policy, Auckland University of Technology

    Hagen Hopkins/Getty Images

    Economic growth took centre stage during Prime Minister Christopher Luxon’s recent State of the Nation speech.

    Yet in amongst the discussion and criticism of the government’s plans, many have got locked into a one-dimensional debate centred on reducing regulation to encourage economic growth.

    This ignores a deeper discussion on the actual sources of New Zealand’s economic growth in the 21st century and, potentially, what we need to do to shift from one model of growth to another.

    What drives growth?

    Emerging partly out of the 2007–09 global financial crisis, thinking about economic growth has become dominated by something known as the growth model framework.

    The framework contrasts countries such as Germany that base their growth on exports – partly through wage restraint – with those in which growth is led by consumption. This group includes the United Kingdom, the United States and New Zealand.

    New Zealand’s growth model

    How can this framework be used to understand economic growth in our local context?

    New Zealand’s economy is dominated by domestic demand – with the service industry making up around two-thirds of the gross domestic product, putting us squarely in the consumption-led camp.

    Local analysts have often reflected on the drivers and pitfalls of this growth model, revolving as it does around property investment and related industries such as banking and insurance.

    And yet, this is not how we tend to think of ourselves at all.

    Whether aspirational or wishful thinking, countless political speeches and policy documents refer to New Zealand as something of an export platform, a trading nation, or a (potential) knowledge-based innovator on the world stage.

    New Zealand has long viewed itself as an export economy. But economic indicators tell a different story.
    Kritsana Laroque/Shutterstock

    The politics of New Zealand’s growth model

    It is also difficult to imagine a New Zealand political leader standing up to announce how proud they are to be overseeing a service and consumption-driven economy.

    In fact, it could be argued the past couple of decades have represented a series of failures to shift the growth model from where we are to where we want to be.

    What is more, many of the barriers to doing so are political rather than strictly economic.

    The growth model perspective identifies not only the varied national growth strategies but also the coalition of political and business groups that support each model.

    Possible – but difficult – change

    Shifts in national growth models can occur. But doing so requires forging a consensus around a new or evolving growth model through political institutions or through the expansion of the growth coalition’s base to include new economic players including, in some cases, trade unions.

    Ireland, for example, underwent a major shift from the late 1980s toward a growth model infused with foreign direct investment. This happened, in part, through social partnership, where most aspects of public policy were negotiated between state, business and organised labour, along with some input from the community and voluntary sector. It was also due to an overwhelmingly centrist political culture and it’s structure of government.

    Sweden’s gradual shift toward more information-technology intensive manufacturing and the Netherlands’ to business services and finance, representing more balanced or mixed growth models, can also be traced to consensus-driven politics.

    Barriers to change

    Back in Aotearoa New Zealand, we face a series of political barriers to similar change.

    Above all, politics in New Zealand is notably short-term in nature, driven by a host of factors including the three-year electoral term. There is also an absence of an Irish or Swedish-style social partnership-type tradition in which key societal groups are included in policy negotiations that survive changes of government.

    Compounding this, power in New Zealand politics is still concentrated in the hands of the incumbent government despite the adoption of the mixed member proportional (MMP) system. This means a considerable degree of ideological yo-yoing and policy flip-flops.

    Most difficult perhaps is finding a way to override entrenched economic interests with a vested interest in the status quo.

    For example, while there is widespread support for a capital gains tax in New Zealand, implementing one has proven out of political reach.

    This is likely due, in part, to the oversized role that property plays in our economy, but also because we lack consensus-forging institutions through which to channel a will to change.

    Somehow broadening the base of support may help to address this issue, as will ensuring that the government is able to exercise its own autonomy – connected to economic interests yet able to rise above rather than relying on them to make change happen.

    Kate Nicholls 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. NZ’s barriers to economic growth: short-term thinking, political concentration and policy flip-flops – https://theconversation.com/nzs-barriers-to-economic-growth-short-term-thinking-political-concentration-and-policy-flip-flops-249007

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Viridien Announces its Q4 & Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Paris (France), February 27th, 2025, 17h45 CET

    2024: A YEAR OF OVERACHIEVEMENTS

    2025: ON TRACK TO DELIVER c.$100 MILLION NET CASH FLOW

      Q4 FY1
    Revenue2 $339M $ 1,117M (-1%)
    Adjusted EBITDA3 $157M $455M (+14%)
    Net Cash-Flow $27M $56M (+73%)

    Sophie Zurquiyah, Chief Executive Officer of Viridien, said:

    “In 2024, we met our revenue and exceeded our profitability and cash generation targets driven by strong commercial successes at Geoscience, a dynamic performance at Earth Data in both our key basins and prospective regions and the continued focus on operational efficiency at Sensing & Monitoring.

    In 2025, Viridien will continue strengthening its technology leadership in its core markets while further developing its New Businesses. We anticipate continued improvements thanks to Geoscience’s record high backlog, Earth Data’s solid pipeline of projects and the termination of contractual fees for vessel commitments, and Sensing & Monitoring’s progress towards their restructuring plan.

    In this context, we confirm with confidence our target of c.$100 million of net cash generation and balance sheet deleveraging.”

    2024 Highlights2

    • Group2
      • IFRS figures: Revenue, EBITDA and Net Income of respectively $1,211 million, $516 million, $51 million. $427 million, $216 million, $29 million in Q4.
      • Overall stable group revenue at $1,117 million.
      • Strong growth at Digital, Data & Environment (DDE) with $787 million revenue (+17%). Consistent momentum for Geoscience (GEO) driven by our preferred advanced technology and numerous commercial successes at Earth Data (EDA).
        • Sensing & Monitoring (SMO) revenue was $330 million, with no mega crews during the year.
        • 33% revenue growth for New Businesses, exceeding our 30% target.
      • Group adjusted EBITDA3 of $455 million. DDE Adjusted EBITDA of $458 million, up 25% driven by the strong performance of both GEO and EDA. SMO adjusted EBITDA of $35 million (vs $56 million) already reflecting the positive impact of the restructuring effort.
      • Net Cash flow of $56 million, including $(75) million contractual fees from vessel commitments, exceeding our initial Net Cash flow target of “reaching a similar level as 2023” (ie. $32 million).
      • Key milestones of our financial roadmap delivered during the year: improved credit rating in Q2, revolving credit facility extended in Q3 and implementation and increase of the bond buyback program in Q3 and Q4.
      • Net debt at $921 million ($974 million in December 2023) and liquidity at $392 million (including $90 million undrawn RCF).  
    • Digital, Data and Energy Transition (DDE)
      • Revenue at $787 million was up 17% with strong growth at GEO (+20%) and EDA (+14%). Q4 revenue, $238 million (+19%).
      • Adjusted EBITDA at $458 million was up 25%. Profitability impacted by $(54) million in penalty fees from vessel commitments vs $(44) million in 2023. Q4 EBITDA $150 million (+28%).         $(12) million penalty vs $(13) million in Q4 2023.
        • Geoscience:
          • Revenue at $404 million (+20%). $107 million in Q4 (+10%).
          • GEO performance continues to be driven by technology differentiation. Order intakes, +89% in 2024, +155% in Q4, benefited from best-in-class imaging technology which the industry requires to solve subsurface challenges, increased activity in the Middle East and the renewal of long-term contracts for Dedicated HPC Processing Centers (DPCs).
    • New Businesses in GEO confirm the positive market dynamics in Carbon Sequestration with several projects in Norway, US Gulf and in Asia Pacific, as well as in Minerals & Mining with the award of programs in Australia and Oman. Alliance signed with Baker Hughes to offer high-quality and fully integrated Carbon Capture and Sequestration solutions to clients.
    • Earth Data:
      • Revenue at $383 million (+14%). $131 million in Q4 (+27%).
      • Prefunding revenue grew to $205 million (+6%). 81% of Capex. After-Sales grew to $178 million (+25%) in a flat market.
      • $252 million Capex, including the large Laconia Ocean Bottom Nodes (OBN) project in the US Gulf, the North Viking Graben streamer survey in Norway, and numerous global reprocessing projects.
      • New Businesses in EDA completed the mining project in Southeast Arizona and delivered several Carbon Sequestration projects in the North Sea, US Gulf and Asia.
    • Sensing and Monitoring (SMO)
      • Revenue at $330 million was down 27%, following delivery of “mega crew” systems in 2023.        $100 million in Q4 (-16%).
      • Adjusted EBITDA at $35 million was down 37%. $18 million in Q4 (+104%).
      • Q4 EBITDA performance shows that the restructuring plan is on track to achieve expected cost reductions and operational flexibility.
      • New Businesses in SMO represented 17% of revenue and experienced strong momentum with deliveries for the geothermal market and infrastructure monitoring.
    • Market trends
      • E&P Capex environment expected to be stable year-on-year in 2025, as the longer-term energy industry upcycle extends.
      • Evolving Industry Trends:
        • Offshore exploration gaining momentum in key regions like the US Gulf, Brazil, Norway as well as frontiers areas such as the Equatorial Margin and the East Mediterranean Sea.
        • Middle East growth expected with investments in advanced imaging and digital solutions.
        • Demand expected to be strong for High-end geophysical technologies, such as OBN and Full Waveform Inversion (FWI), that mitigate risks and optimize field development.
      • New Businesses:
        • Continued market growth potential in CSS with new imaging contracts and project pipeline driven by most Oil & Gas operators investing to reduce carbon emissions and address societal pressures.
        • Increased interest from the Minerals & Mining sector for subsurface characterization.
        • Infrastructure Monitoring market consistently increasing by double digits annually across various sectors.
        • Digital solutions / HPC markets expanding rapidly fueled mainly by the explosion of AI applications.
    • New reporting KPI for EDA
      • Starting in Q1 2025, we will change the reporting KPIs for EDA:
        • To align with market practice, Revenue split between Prefunding and After-sales will no longer be reported.
    • Cash EBITDA (i.e. EBITDA – Capex) will be reported to provide more clarity on our financial performance. ($97 million and $75 million in 2023 and 2024 respectively, excluding penalty fees from vessel commitments).
    • Full year 2025 financial outlook
      • In 2025, based on a stable E&P Capex environment, performance is expected to be driven by:
        • Geoscience: growth backed by industry leading technology and strong backlog.
    • Earth Data: stronger Cash EBITDA KPI, with end of vessel commitment penalty fees.
      • Sensing & Monitoring: further savings expected from the restructuring plan.
      • New Businesses: growth and first year positive contribution to the group’s profitability.
    • Financial objective: net cash flow of c.$100m.
    • Viridien will continue to focus on cash flow generation and deleveraging. Thanks to 2024 financial performance and the favorable debt market, our bond refinancing could be realized in 2025, before our previous Q1 2026 indication.
    • Full Year 2024 Conference call
      • The press release and the presentation will be available on our website www.viridiengroup.com at 5:45 pm (CET).
      • An English language analysts conference call is scheduled today at 6.00 pm (CET).
      • Participants should register for the call here to receive a dial-in number and code, or participate via the live webcast from here.
      • A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company’s website.

    The Board of Directors met on February 27, 2025 and approved the consolidated financial statements ending December 31, 2024. The Statutory Auditors are in the process of issuing a report with an unqualified opinion.

    About Viridien:

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN ISIN: FR001400PVN6).

    Contact:

     VP Corporate Finance

    Jean-Baptiste Roussille
    jean-baptiste.roussille@viridiengroup.com

    Q4 & FY 2024- Financial Results

    Key Segment P&L figures
    (In million $)    		 2023
    Q4    		 2024
    Q4    		 Var.
    %    		 2023
    FY    		 2024
    FY    		 Var.
    %    		  
     
    Exchange rate euro/dollar 1,07 1,09 2% 1,08 1,09 1%  
    Segment revenue 320 339 6% 1 125 1 117 (1%)  
    DDE 201 238 19% 672 787 17%  
    Geoscience 98 107 10% 335 404 20%  
    Earth Data 103 131 27% 337 383 14%  
    Prefunding 62 49 (20%) 194 205 6%  
    After-Sales & other 41 82 99% 143 178 25%  
    SMO 119 100 (16%) 453 330 (27%)  
    Land 42 55 32% 176 157 (10%)  
    Marine 66 29 (56%) 230 117 (49%)  
    Beyond the core 11 16 45% 48 56 17%  
    Segment EBITDA 122 128 5% 400 422 5%  
    Adjusted * Segment EBITDA 121 157 30% 400 455 14%  
    DDE 117 150 28% 367 458 25%  
    SMO 9 18 – 56 35 (37%)  
    Corporate and other (5) (11) – (24) (38) (59%)  
    Segment operating income 15 33 – 138 113 (18%)  
    Adjusted* Segment Opinc 14 89 – 138 173 25%  
    DDE 21 89 – 140 206 47%  
    SMO (1) 11   24 4 (83%)  
    Corporate and other (6) (11) – (26) (38) (44%)  
    *Adjusted for non-recurring charges and gains.              
    Other KPI
    (In million $)    		 2023
    Q4    		 2024
    Q4    		 Var.
    %    		 2023
    FY    		 2024
    FY    		 Var.
    %    		  
     
    Geoscience Backlog 184 351 90% 184 351 90%  
    Total Capex (42) (81) (92)% (232) (285) (23)%  
    Industrial capex (8) (4) 51% (44) (17) 61%  
    R&D capex (4) (5) (5)% (17) (16) 7%  
    Earth Data (Cash) (29) (72) – (171) (252) (47)%  
    Earth Data Cash predunding rate 210% 68%   113% 81%    
    EDA Library net book value* 458 456 (0)% 458 456 (0)%  
    Liquidity 422 392   422 392    
    o.w. undrawn RCF 95 90   95 90    
    Gross debt* (1 301) (1 223)   (1 301) (1 223)    
    o.w. accrued interests (20) (18)   (19) (18)    
    o.w. lease liabilities (103) (125)   (103) (125)    
    Net debt* 974 921   974 921    
    Net debt*/Segment adjusted EBITDA        x2.4 x2.0    
    *Post IFRS15/16              
    Consolidated IFRS Income Statements
    (In million $)    		 2023
    Q4    		 2024
    Q4    		 Var.
    %    		 2023
    FY    		 2024
    FY    		 Var.
    %    		  
     
    Exchange rate euro/dollar 1,07 1,09   1,08 1,09    
    Revenue 265 427 61% 1 076 1 211 13%  
    EBITDA 68 216 – 351 516 47%  
    Operating Income (11) 49 – 119 143 21%  
    Equity from Investment (3) (1) 47% (2) (0) 77%  
    Net cost of financial debt (20) (24) (20%) (95) (97) (2%)  
       Other financial income (loss) (2) 5 – (4) 4 –  
       Income taxes 11 1 (94%) (14) (13) 3%  
    Net Income / Loss from continuing operations (25) 29 – 4 36 –  
    from discontinued operations 10 0 (100%) 12 15 20%  
    Net income / (loss) (15) 29 – 16 51 –  
    Shareholder’s net income / (loss) (15) 29 – 13 50 –  
    Basic Earnings per share in $ 0,00 0,00   1,81 6,97    
    Diluted Earnings per share in € 0 0,00   1,80 6,93    
    Cash Flow items
    (In million $)    		 2023
    Q4    		 2024
    Q4    		 Var.
    %    		 2023
    FY    		 2024
    FY    		 Var.
    %    		  
     
    Segment EBITDA 122 128 5% 400 422 5%  
    Income Tax Paid 9 (2) – 6 (12) –  
    Change in Working Capital & Provisions 21 30 42% 3 48 –  
    Other Cash Items 1 (0) – 1 (1) –  
    Cash provided by Operating Activity 153 155 1% 410 457 11%  
    Earth Data Capex (29) (72) – (171) (252) (47%)  
    Industrial Capex & Dev. Costs (13) (9) 32% (61) (33) 46%  
    Acquisitions and Proceeds of Assets 5 6 24% 3 7 –  
    Cash from Investing Activity (37) (75) – (229) (278) -22%  
    Paid Cost of Debt (44) (43) 2% (91) (86) 6%  
    Lease Repayement (19) (12) 36% (57) (56) 2%  
    Asset Financing 1 (0) – 22 (1) –  
    Cash from Financing Activity (63) (56) 11% (126) (142) -13%  
    Discontinued Operations Acquisitions (6) 3 – (23) 19 –  
    Net Cash Flow 48 27 -43% 32 56 73%  
    Financing cash flow (2) (49)   (6) (69)    
    Forex and other 7 (12)   3 (11)    
    Net increase/(decrease) in cash 52 (34)   29 (25)    

     CONSOLIDATED FINANCIAL STATEMENTS – December 31st, 2024

    6.1 2023-2024 Viridien consolidated financial statements

    6.1.1 CONSOLIDATED STATEMENT OF OPERATIONS

    In millions of US$ Notes December 31
    (1)        2024 2023
    Operating revenues 18, 19 1,211.3 1,075.5
    Other income from ordinary activities   0.1 0.3
    Total income from ordinary activities   1,211.4 1,075.8
    Cost of operations   (871.2) (817.4)
    Gross profit   340.2 258.4
    Research and development expenses – net 20 (17.8) (26.1)
    Marketing and selling expenses   (37.1) (36.1)
    General and administrative expenses   (82.9) (75.8)
    Other revenues (expenses) – net 21 (58.9) (1.4)
    Operating income 19 143.5 119.0
    Cost of financial debt – gross   (109.4) (103.3)
    Income from cash and cash equivalents   12.3 8.0
    Cost of financial debt – net 22 (97.2) (95.3)
    Other financial income (loss) 23 3.7 (3.8)
    Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method   50.1 19.9
    Income taxes 24 (13.4) (14.0)
    Net income (loss) before share of net income (loss) from companies accounted for under the equity method   36.6 5.9
    Net income (loss) from companies accounted for under the equity method 8 (0.5) (2.0)
    Net income (loss) from continuing operations   36.1 3.9
    Net income (loss) from discontinued operations 5 14.7 12.3
    Consolidated net income (loss)   50.8 16.2
    Attributable to:      
    Owners of Viridien S.A   49.8 12.9
    Non-controlling interests   1.0 3.3
    Weighted average number of shares outstanding (a) 29 7,150,958 7,131,286
    Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares (a) 29 7,184,713 7,171,894
    Net income (loss) per share (in US$)      
    (1)        – Base (a)   6.97 1.81
    (2)        – Diluted (a)   6.93 1.80
    Net income (loss) from continuing operations per share (in US$)      
    (3)        – Base (a) $ 4.91 0.08
    (4)        – Diluted (a) $ 4.89 0.08
    Net income (loss) from discontinued operations per share (in US$)      
    (5)        – Base (a) $ 2.06 1.72
    (6)        – Diluted (a) $ 2.05 1.72

    (a) As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for 2023 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares.

    The accompanying notes are an integral part of the consolidated financial statements.

    Consolidated statement of comprehensive income (loss)

    In millions of US$ December 31
    (2)        2024 (a) 2023 (a)
    Net income (loss) from consolidated statement of operations 50.8 16.2
    Other comprehensive income to be reclassified in profit (loss) in subsequent period:    
    Net gain (loss) on cash flow hedges 0.4 2.0
    Variation in translation adjustments (23.0) 14.2
    Net other comprehensive income to be reclassified in profit (loss) in subsequent period (1) (22.7) 16.2
    Other comprehensive income not to be classified in profit (loss) in subsequent period:    
    Net gain (loss) on actuarial changes on pension plan 3.6 (4.6)
    Net other comprehensive income not to be reclassified in profit (loss) in subsequent period (2) 3.6 (4.6)
    Total other comprehensive income (loss) for the period, net of taxes (1)+(2) (19.1) 11.6
    Total comprehensive income (loss) for the period 31.8 27.8
    Attributable to:    
    Owners of Viridien S.A 31.3 25.1
    Non-controlling interests 0.5 2.7
    (a) Including other comprehensive income related to discontinued operations which is not material.

    The accompanying notes are an integral part of the consolidated financial statements.

    6.1.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

    In millions of US$ Notes (3)        Dec 31, 2024 Dec 31, 2023
    ASSETS      
    Cash and cash equivalents 28 301.7 327.0
    Trade accounts and notes receivable, net 3, 18 339.9 310.9
    Inventories and work-in-progress, net 4 163.3 212.9
    Income tax assets 24 22.9 30.8
    Other current assets, net 4 74.0 92.1
    Assets held for sale, net 5 24.5 –
    Total current assets   926.2 973.7
    Deferred tax assets 24 43.6 29.9
    Other non-current assets, net 16 8.9 6.8
    Investments and other financial assets, net 7 25.7 22.7
    Investments in companies accounted for under the equity method 8 1.1 2.2
    Property plant & equipment, net 9 220.6 206.1
    Intangible assets, net 10 535.4 579.7
    Goodwill, net 11 1,082.8 1,095.5
    Total non-current assets   1,918.1 1,942.9
    TOTAL ASSETS   2,844.3 2,916.6
    LIABILITIES AND EQUITY      
    Financial debt – current portion 13 56.9 58.0
    Trade accounts and notes payable 3 120.9 86.4
    Accrued payroll costs   84.5 89.1
    Income taxes payable 24 20.4 12.5
    Advance billings to customers   19.2 24.0
    Provisions – current portion 16 19.7 8.7
    Other current financial liabilities 14 0.5 21.3
    Other current liabilities 12 182.5 250.3
    Liabilities associated with non-current assets held for sale 5 2.4 –
    Total current liabilities   507.0 550.3
    Deferred tax liabilities 24 18.4 24.3
    Provisions – non-current portion 16 28.8 30.1
    Financial debt – non-current portion 13 1,165.6 1,242.8
    Other non-current financial liabilities 14 – 0.5
    Other non-current liabilities 12 1.7 4.3
    Total non-current liabilities   1,214.5 1,302.0
    Common stock (a) 15 8.7 8.7
    Additional paid-in capital   118.7 118.7
    Retained earnings   1,036.5 980.4
    Other Reserves   55.2 27.3
    Treasury shares   (20.1) (20.1)
    Cumulative income and expense recognized directly in equity   (1.1) (1.4)
    Cumulative translation adjustments   (113.3) (90.8)
    Equity attributable to owners of Viridien S.A.   1,084.7 1,022.8
    Non-controlling interests   38.1 41.5
    Total Equity   1,122.8 1,064.3
    TOTAL LIABILITIES AND EQUITY   2,844.3 2,916.6
    (a) Common stock: 11,215,501 shares authorized and 7,165,465 shares with a nominal value of €1.00 outstanding at December 31, 2024.

    The accompanying notes are an integral part of the consolidated financial statements.

    6.1.3 CONSOLIDATED STATEMENT OF CASH FLOWS

    In millions of US$ Notes December 31
    (4)        2024 2023
    OPERATING ACTIVITIES      
    Consolidated net income (loss) 1, 19 50.8 16.2
    Less: Net income (loss) from discontinued operations 5 (14.7) (12.3)
    Net income (loss) from continuing operations   36.1 3.9
    Depreciation, amortization and impairment 1, 19, 28 124.7 91.5
    Impairment and amortization of Earth Data surveys 1, 10, 28 261.4 153.1
    Amortization and depreciation of Earth Data surveys, capitalized 10 (16.6) (15.4)
    Variance on provisions   14.3 (2.6)
    Share-based compensation expenses   3.4 2.8
    Net (gain) loss on disposal of fixed and financial assets   (3.7) (1.7)
    Share of (income) loss in companies recognized under equity method   0.5 2.0
    Other non-cash items   (0.3) 5.2
    Net cash flow including net cost of financial debt and income tax   419.8 238.8
    Less: Cost of financial debt   97.2 95.3
    Less: Income tax expense (gain)   13.4 14.0
    Net cash flow excluding net cost of financial debt and income tax   530.4 348.1
    Income tax paid – Net (a)   (12.4) 5.5
    Net cash flow before changes in working capital   518.0 353.6
    Changes in working capital   (61.2) 54.7
    – Change in trade accounts and notes receivable   (128.4) 51.8
    – Change in inventories and work-in-progress   28.1 49.2
    – Change in other current assets   10.5 (9.9)
    – Change in trade accounts and notes payable   26.8 (5.4)
    – Change in other current liabilities   1.8 (31.0)
    Net cash flow from operating activities   456.7 408.3
    INVESTING ACTIVITIES      
    Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys) 9 (32.9) (60.9)
    Investments in Earth Data surveys 10 (252.1) (171.1)
    Proceeds from disposals of tangible and intangible assets 28 6.8 0.4
    Proceeds from divestment of activities and sale of financial assets 28 – 6.2
    Dividends received from investments in companies under the equity method   0.5 –
    Acquisition of investments, net of cash & cash equivalents acquired 28 – (1.9)
    Variation in other non-current financial assets 28 (8.2) (5.2)
    Net cash-flow used in investing activities   (286.0) (232.5)
    FINANCING ACTIVITIES      
    Repayment of long-term debt 13, 28 (59.4) (1.8)
    Total issuance of long-term debt 13, 28 0.1 23.9
    Lease repayments 13, 28 (55.7) (57.0)
    Financial expenses paid 13, 28 (85.6) (90.7)
    Net proceeds from capital increase:      
    – from shareholders:   – 0.1
    – from non-controlling interests of integrated companies   – –
    Dividends paid and share capital reimbursements:   – –
    – Equity attributable to owners of Viridien S.A.   – –
    – to non-controlling interests of integrated companies   (3.8) (0.9)
    Net cash-flow from (used in) financing activities   (204.4) (126.4)
    Effect of exchange rate changes on cash   (11.0) 2.6
    Net cash flows incurred by discontinued operations 5 19.3 (23.0)
    Net increase (decrease) in cash and cash equivalents   (25.3) 29.0
    Cash and cash equivalents at beginning of year   327.0 298.0
    Cash and cash equivalents at end of period   301.7 327.0
    (a) Includes a cash inflow of US$6 million in 2024 and US$32 million in 2023 for the research tax credit in France.

    The accompanying notes are an integral part of the consolidated financial statements.

    6.1.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

    In millions of US$, except for share data Number of shares issued (a) Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumu-lative translation adjust-ment Viridien S.A. – Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
    Balance at January 1, 2023 7,123,573 8.7 118.6 967.9 50.0 (20.1) (3.4) (102.4) 1,019.3 39.5 1,058.8
    Net gain (loss) on actuarial changes on pension plan (1)       (4.6)         (4.6)   (4.6)
    Net gain (loss) on cash flow hedges (2)             2.0   2.0   2.0
    Net gain (loss) on translation adjustments (3)               14.8 14.8 (0.6) 14.2
    Other comprehensive income (1)+(2)+(3)   – – (4.6) – – 2.0 14.8 12.2 (0.6) 11.6
    Net income (loss) (4)       12.9         12.9 3.3 16.2
    Comprehensive income (1)+(2)+(3)+(4)   – – 8.3 – – 2.0 14.8 25.1 2.7 27.8
    Exercise of warrants 238   0.1           0.1   0.1
    Dividends                 – (1.0) (1.0)
    Cost of share based payment 12,951     2.6         2.6   2.6
    Transfer to retained earnings of the parent company                 –   –
    Variation in translation adjustments generated by the parent company         (22.7)       (22.7)   (22.7)
    Changes in consolidation scope and other       1.6       (3.2) (1.6) 0.3 (1.3)
    Balance at December 31, 2023 7,136,763 8.7 118.7 980.4 27.3 (20.1) (1.4) (90.8) 1,022.8 41.5 1,064.3

    (a) Pro forma following Reverse Share Split (see note 2 – Significant events, acquisitions and divestitures).

    In millions of US$, except for share data Number of shares issued (b) Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumu-lative translation adjust-ment Viridien S.A. – Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
    Balance at January 1, 2024 7,136,763 8.7 118.7 980.4 27.3 (20.1) (1.4) (90.8) 1,022.8 41.5 1,064.3
    Net gain (loss) on actuarial changes on pension plan (1)       3.6         3.6   3.6
    Net gain (loss) on cash flow hedges (2)             0.4   0.4   0.4
    Net gain (loss) on translation adjustments (3)               (22.5) (22.5) (0.6) (23.0)
    Other comprehensive income (1)+(2)+(3)   – – 3.6 – – 0.4 (22.5) (18.5) (0.6) (19.1)
    Net income (loss) (4)       49.8         49.8 1.0 50.8
    Comprehensive income (1)+(2)+(3)+(4)   – – 53.4 – – 0.4 (22.5) 31.3 0.5 31.8
    Exercise of warrants                      
    Dividends                 – (3.8) (3.8)
    Cost of share based payment 24,703     2.7         2.7   2.7
    Transfer to retained earnings of the parent company                 –   –
    Variation in translation adjustments generated by the parent company         28.0       28.0   28.0
    Changes in consolidation scope and other                      
    Balance at December 31, 2024 7,161,465 8.7 118.7 1,036.5 55.2 (20.1) (1.1) (113.3) 1,084.7 38.1 1,122.8

    (b) Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, a reversed share split has been implemented, on July 31, 2024, on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value.

    The accompanying notes are an integral part of the consolidated financial statements.

    1All variations refer to the same period last year
    2Unless otherwise stated, all figures and comments are referring to “Segment” (i.e. pre-IFRS 15), as defined in the 2023 and 2024 Universal Registration Documents’ glossaries, under section 8.7
    3Adjusted for non-recurring items

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  • MIL-OSI: A dual challenge for the battery industry: ramping up production while innovating game-changing chemistries for the future

    Source: GlobeNewswire (MIL-OSI)

    Press contact: 
    Florence Lièvre  
    Tel.: +33 1 47 54 50 71  
    Email: florence.lievre@capgemini.com

    A dual challenge for the battery industry: ramping up production while innovating game-changing chemistries for the future

    • Battery innovation is fueling industry transformation, but overcoming current production ramp-up challenges will be crucial for European and US manufacturers
    • Lithium-ion batteries currently dominate due to their proven performance, scalability, and well-established supply chain, while next-generation batteries are gaining traction
    • 76% of manufacturers will need to upgrade or build new production lines to support the future generation of battery cells

    Paris, February 27, 2025 – The Capgemini Research Institute’s report ‘The battery revolution: Shaping tomorrow’s mobility and energy’, published today, shows that batteries are transforming existing industries and enabling the emergence of new business models. However, despite the surging demand for Electric Vehicles (EVs) and energy-storage solutions, the future of batteries depends on overcoming a series of complex challenges across the entire value chain, from securing sustainable raw materials and optimizing manufacturing processes to advancing recycling capabilities.

    According to the new report, the battery industry is reaching an inflection point, driven on the one hand by the need for higher energy density, faster charging times, improved safety, greater sustainability, and, on the other, the need for manufacturers to reduce costs.

    While batteries are playing a critical role in decarbonizing carbon-intensive mobility and driving the renewable energy transition1, the industry is facing series of challenges that have wide ranging implications for scaling production, gigafactory industrialization and ramp-up, economic viability, and supply chain constraints.

    Battery technology is constantly evolving to improve performance and reduce costs
    While almost all (98%) battery manufacturers surveyed produce lithium-ion batteries (using liquid electrolyte), the industry is actively exploring alternative chemistries to support electric mobility and accelerate energy storage. Amongst them, solid-state batteries (using solid electrolyte), represent a major shift in battery technology, primarily for EVs. They answer the need for improved performance owing to their potentially higher energy densities, faster charging times, and improved safety compared with traditional lithium-ion batteries.

    “Innovation is driving a sustainable and competitive battery industry, with advancements in technologies and alternative chemistries improving performance and longevity. At this transformative time, while European and North American manufacturers are navigating production ramp-ups and exploring next generation of batteries, a solid and scalable digital foundation will be crucial for the industry’s future,” said Pierre Bagnon, Global Head of Intelligent Industry Accelerator at Capgemini. “Data and digital technologies can enhance the entire battery value chain, optimizing lifecycle management from quality control to waste management and recycling. Equally, collaboration within an innovation ecosystem that brings together all players and regulators is vital to continue the industry’s journey towards a battery-driven sustainable future.”

    Advances will enable new business models but not without challenges
    According to the survey, batteries are enabling new business models in the mobility industry to make EVs accessible to a broader range of consumers: a majority (around 64%) of mobility players are exploring battery swapping; nearly two-thirds of automotive organizations are considering battery-leasing and over half Battery-as-a-Service (BaaS) model that allows EV owners to lease or rent their batteries, rather than buy them. However, the success of these business models depends heavily on the implementation of standards, battery performance notably regarding longevity, adequate infrastructure, and economies of scale.

    In the energy and utilities sector, two in five organizations say they are integrating batteries with renewable energy systems to optimize energy storage and usage, with most of them (69%) currently offering or planning to offer BaaS solutions. However, key challenges remain; while a battery is considered an expensive asset, the electricity it stores is relatively cheap. Furthermore, most organizations emphasize the lack of robust grid infrastructure and advanced control systems (65%); the need for multiple battery types to facilitate both short-term and long-term storage solutions (61%) and for open performance standards to ensure reliability and transparency (59%).

    Beyond the automotive and energy sectors, multiple industries are rapidly integrating batteries into their operations: three in five of the organizations surveyed stated that battery innovation will impact fleet operators and heavy transportation in the next 5-10 years. Disruptions are also expected in aviation and shipping. Innovations in these industries include battery-powered eVTOLs (Electric Vertical Take-off and Landing), heavy-duty vehicles, and electric ships on short sea routes.

    Overcoming production ramp-up challenges with scalable digital foundations
    The battery industry is facing a number of complex and pressing challenges. Over half of battery manufacturers cite time required to build and ramp up gigafactories and difficulties in securing a stable supply chain for battery components and materials (respectively 59% and 53%). Uncertainty, around economic viability and profitability, appears as a key concern to scaling production.

    The scarcity of experienced talent also represents a significant challenge for the battery industry, with 60% of organizations facing skills shortages in both battery technology and manufacturing. Expertise gaps extend beyond specialized skills and encompass data scientists and manufacturing engineers who can analyze and correlate production data with battery performance, enabling process optimization and defect reduction.

    While batteries are key to decarbonizing carbon-intensive mobility and driving the renewable energy transition, only one in three battery manufacturers surveyed have taken meaningful steps toward establishing a sustainable circular economy.

    A majority (67%) of respondents acknowledge that data and digital technologies are crucial to the industry’s future. However, digitalization among battery manufacturers is currently low, at just 17% and data usage remains minimal in sustainability-related fields. In Europe, a Digital ‘battery passport’2, setting high environmental standards for battery production and recycling, will enable suppliers and OEMs to make informed decisions by considering the complete lifecycle of battery manufacturing.

    To read the full report: LINK

    Report Methodology
    The Capgemini Research Institute surveyed 750 senior executives from large battery, automotive, and energy and utilities organizations across 15 countries in North America, Europe, and APAC. The survey findings are complemented by in-depth discussions with 22 experts from battery, automotive, and energy and utilities sectors. The organizations surveyed are significant players in their respective segments, including battery manufacturers with annual revenue exceeding $50 million; energy and utilities firms with revenues over $1 billion (except those from Sweden and Norway, whose revenue exceeds $500 million); and automotive manufacturers with revenue above $1 billion (excluding two- and three- wheeler original equipment manufacturers [OEMs] with revenue over $300 million). The global survey was conducted in September-October 2024.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

    Get The Future You Want | www.capgemini.com

    About the Capgemini Research Institute
    The Capgemini Research Institute is Capgemini’s in-house think-tank on all things digital. The Institute publishes research on the impact of digital technologies on large traditional businesses. The team draws on the worldwide network of Capgemini experts and works closely with academic and technology partners. The Institute has dedicated research centers in India, Singapore, the United Kingdom and the United States. It was ranked #1 in the world for the quality of its research by independent analysts for six consecutive times – an industry first.

    Visit us at https://www.capgemini.com/researchinstitute/

    1 According to IEA, batteries account for 90% of the Net Zero Emissions by 2050 Scenario (NZE Scenario), with 60% of CO2 emissions reductions to be made in the energy sector by 2030 associated with batteries – Source: IEA, “Batteries and secure energy transitions,” April 2024.
    2 From February 2027, EVs sold within the EU must be equipped with ‘battery passports’ that provide detailed information on battery composition, including sources of key materials, carbon footprint, and recycled content.

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  • MIL-OSI: Sari Pohjonen leaves Aktia’s Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    27 February 2025 at 4.30 p.m.

    Sari Pohjonen leaves Aktia’s Board of Directors

    Sari Pohjonen, a member of the Board of Directors and the Chair of the Audit Committee of Aktia Bank Plc, has submitted her resignation to the Board of Directors of Aktia today, 27 February 2025. Pohjonen has announced her resignation from the Board as of today, due to her other commitments.

    After the change, Aktia will have eight Board members until the next Annual General Meeting. On 3 April 2025, the Annual General Meeting of Aktia will elect the members of the Board of Directors for a new term of office. Aktia’s Shareholders’ Nomination Board proposes that the number be set to seven members. In a Stock Exchange Release 31 January 2025, Aktia published the Shareholders’ Nomination Board’s proposal for the composition and remuneration of the Board of Directors of Aktia.

    Aktia would like to thank Sari Pohjonen for her contribution to the Board of Directors since 2022.

    Aktia Bank Plc  

    Further information:

    Lasse Svens, Chairman of the Board of Aktia Bank Plc, Tel. +358 50 056 2945

    Oscar Taimitarha, Director, Investor Relations, Tel. +358 40 562 2315, ir (at) aktia.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 860 people around Finland. Aktia’s assets under management (AuM) on 31 December 2024 amounted to EUR 14.0 billion, and the balance sheet total was EUR 11.9 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –

  • MIL-OSI USA: Unique Tree Enriches UConn’s Landscape

    Source: US State of Connecticut

    Down a slight hill towards the West entrance of the W.B. Young Building sits a unique tree. Recently planted and already blending into the landscape, many UConn students, faculty, and staff probably walk right by without registering the young tree.

    But rooted in this addition to UConn’s nationally accredited arboretum is a “forever friendship” between two emeriti faculty members, their families, and the University that served as the backdrop for much of their lives.

    Sidney and Florence, Rudy and Joy

    If you are at all familiar with the fields of horticulture or landscape architecture, the names Sidney Waxman and Rudy Favretti are well known to you. Both men are considered to be pioneers in their respective fields, and both called the University of Connecticut home for their professional pursuits.

    Sidney Waxman, standing among his unique dwarf conifer cultivars. (UConn Photo)

    They were also great friends since their graduate school days at Cornell University, where they graduated in the mid 1950s.

    Sidney Waxman, born in Providence, Rhode Island in 1923, is best known for creating nearly 40 new types of dwarf conifers and trees, including the one outside the Young Building.

    “This tree is a symbol of the strong friendship between Sidney, his wife Florence, Rudy, and myself,” says Joy P. Favretti, Rudy Favretti’s widow. “We had known each other at Cornell. Later when we had all gotten married and moved to Connecticut, we would watch each other’s children when they were small, and they played together here in Storrs. Rudy and Sidney appreciated each other’s work. It really was a forever friendship in so many ways.”

    Waxman founded UConn’s experimental plant nursery, where he focused much of his research on developing new and interesting plants from witches’ brooms. These are abnormalities in a tree or woody plant where a cluster of shoots develop at a single point. Sometimes caused by fungus or other pathogens, the resulting deformities can look like a witch’s broom or a bird’s nest.

    Waxman and his wife Florence often joined forces to collect samples as they traveled around Eastern Connecticut and the New England region.

    “Florence was great at spotting the witches’ brooms,” says Joy Favretti. “Sid would hike into the woods and shoot them down with his rifle. Eventually he had to use other methods and have a crew climb up and cut them down.”

    Many of Waxman’s specimens can be viewed as part of a special collection within UConn’s campus-wide arboretum.

    A New Branch in UConn’s Family Tree

    To say that the young tree developed by Waxman that sits outside the Young Building is special may be an understatement.

    “Sid’s plants are harder and harder to find commercially, so preserving this specimen where the public can enjoy it is really special,” says Sean Vasington, University landscape architect and director of site planning with University Planning, Design & Construction.

    In fact, this tree may be one of the last that Waxman ever created.

    “Rudy’s Joy” may be a one-of-a-kind specimen development by Waxman. (Jason Sheldon/UConn Photo)

    After Waxman’s death in 2005, his son Paul brought the one-of-a-kind specimen to the Favrettis, in accordance with his father’s wishes.

    “When Paul brought the tree, it was very meaningful,” says Joy Favretti. “He told us that it originated from a witches’ broom Rudy had identified.”

    With a nod to the Favrettis’ 60-plus-year romance and based on his admiration for Rudy’s immense contributions to landscape design, Waxman had named the cultivar “Rudy’s Joy.”

    Beyond its sentimental story, there’s a lot that makes the little tree special from a horticultural perspective too.

    The witches’ broom discovered on a Norway Maple was grafted onto a Sugar Maple, New England’s native maple. The tree is well known for its fall colors and sweet syrup. Mark Brand, the chair of UConn’s arboretum and professor of horticulture and plant breeding, is confident the tree won’t reproduce since it doesn’t seem to produce flowers or fruit.

    “Sydney was smart,” says Joy Favretti. “He recognized there was a need for lower growing foundation plants, as many of the new homes being built at the time were only one story or a story and a half. The Connecticut nursery industry and many others were pleased to make them available in their nurseries.”

    While there are still lots of questions surrounding what “Rudy’s Joy” will become, it is likely to be very tall, about 50 feet, and round.

    Part of this uncertainty was by design. Waxman often incorporated fungus strains into his new species, which can cause unique forms to develop. For instance, “Rudy’s Joy” has unique branching and is of an unusual shape.

    “Its globose form and single stem should be very distinctive as the tree matures, especially during the fall when its foliage will turn bright yellow,” says Vasington.

    “It’s going to be notable and highly unusual, that is one thing we know for sure,” says Greg Anderson, professor emeritus of ecology and evolutionary biology, member of the UConn Arboretum, and friend of the Favrettis.

    For the Love of the Landscape

    Along with reflecting the genius of Waxman’s experiments, as it grows, “Rudy’s Joy” will be a tangible monument to the contributions Rudy Favretti made to UConn, the College of Agriculture, Health and Natural Resources (CAHNR), and the field of landscape architecture around the globe.

    Rudy Favretti ’54 (CAHNR) professor emeritus of landscape architecture speaks at an event to celebrate the Great Lawn, held at the Wilbur Cross North Reading Room on Sept. 26, 2012. (Peter Morenus/UConn Photo)

    Born in 1932 in Mystic, Connecticut to Italian immigrant parents, Favretti’s UConn career began as an undergrad who, in 1955, was hired as an Extension garden specialist. He would later become a professor of landscape architecture and develop UConn’s program, which was nationally accredited with his participation, guidance, and support, nearly 10 years after his departure from UConn.

    “Rudy Favretti’s contributions within our field are renowned and immeasurable, but he is also a big part of UConn’s history and that of the College,” says Vasington.

    While he was a devoted resident of Mansfield, his legacy goes far beyond UConn’s main campus and the surrounding area.

    In 1989, Favretti retired from teaching to build a private design firm with a specialty in preservation.

    Favretti’s influence can also be seen at some of the most important historic gardens in American culture. Nicknamed the “Dean of historic restoration,” Favretti served as the consulting landscape architect for the Garden Club of Virginia for 20 years, from 1978 to 1998. In this role, he conceived of and oversaw the installation of preservation and restoration projects at Monticello, Mount Vernon, and Montpelier, some of Colonial America’s most important landmarks.

    His contribution has had such an impact on the field of landscape architecture that he was inducted as a Fellow of the American Society of Landscape Architects in 1992, and his collected works are stored in the Smithsonian Institute’s Archives of American Gardens Collections and in UConn’s Dodd Center for Special Collections and Archives.

    During his “retirement,” Favretti found time to serve as head of the Mansfield Planning & Zoning Committee and published books for the Mansfield Historical Society dealing with the history of each of the original town school districts.

    “Rudy’s love of learning and sharing that love with others never stopped,” says Anderson.

    UConn Homecoming             

    In the months leading up to Favretti’s passing, the arboretum committee and the University had hoped to record and honor his contribution to UConn. Unfortunately, a scheduled interview that would have allowed Favretti to speak personally about his beloved university and field of landscape architecture wouldn’t come to pass.

    But his friends, colleagues, and wife Joy kept thinking of a way to honor these “forever friends.”

    In the summer of 2023, Joy offered to donate “Rudy’s Joy” to UConn as a memorial and to have it moved to an appropriate spot on campus for planting. So, in November 2023 the special tree was moved by one of Rudy’s former students from its overcrowded place in the Favretti garden to a welcoming spot where it can grow and develop on UConn’s Storrs campus. Here, the tree looks across to the College of Agriculture, Health and Natural Resources, where both Waxman and Favretti devoted so much of their energy and intellect.

    “Here, in this spot, it is a fitting memorial to our forever friendship,” says Joy Favretti.

    MIL OSI USA News –