Category: Scandinavia

MIL-OSI: Bitdeer Reports Unaudited Financial Results for the Fourth Quarter and Full Year of 2024

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today released its unaudited financial results for the fourth quarter ended December 31, 2024.

Q4 2024 Financial Highlights
All amounts compared to Q4’23 unless otherwise noted

Total revenue was US$69.0 million vs. US$114.8 million.
Cost of revenue was US$63.9 million vs. US$87.8 million.
Gross profit was US$5.1 million vs. US$27.0 million.
Net loss was US$531.9 million vs. US$5.0 million.
Adjusted EBITDA¹ was negative US$3.8 million, vs. positive US$33.3² million.
Cash and cash equivalents were US$476.3 million as of December 31, 2024.
Crypto balance: US$77.5 million as of December 31, 2024.

Management Commentary

“Last year, we strategically prioritized resources to the development of our proprietary ASIC technology, which temporarily limited our hashrate growth and impacted our financial performance. However, this investment resulted in substantial progress in our ASIC technology roadmap, strengthening our competitive moat and positioning Bitdeer for a transformative 2025 and beyond. Owning and deploying our own mining ASICs is an integral part of our full vertical integration strategy. It will provide us distinct advantages – such as rapid hashrate deployment, a lower cost structure, enhanced capital efficiency, and a dramatically improved supply chain compared to the broader industry. In addition, commercializing SEALMINER ASICs allows us to diversify our revenue streams into the multi-billion dollar ASICs market where we see strong demand for alternative suppliers of ASIC solutions,” stated Matt Kong, Chief Business Officer at Bitdeer.

Mr. Kong added, “In 2025, for our self-mining operation, we plan to energize all of our mass production SEALMINER A1s and 28 EH/s of SEALMINER A2s on top of our existing 8.7 EH/s of self-mining hashrate for the time being. This will bring Bitdeer’s total self-mining hashrate to approximately 40 EH/s by Q4 2025. This target does not factor in additional wafer allocation anticipated from TSMC for SEAL02 or SEAL03, which could be additive to the Q4 2025 target of 40 EH/s, depending on manufacturing schedule. For sales to external customers, the approximately 7 EH/s of SEALMINER A2s that we allocated was quickly over-subscribed, 20% of the total price as the down payment has been fully collected and volume shipments to these customers will begin in March 2025.”

Mr. Kong continued, “In Q4 2024, we also advanced the development of our 3^rd and 4^th generation chips. Upon successful tapeouts, we believe these chips will position Bitdeer as the leading supplier of the world’s most energy efficient mining ASICs. Having the most efficient ASIC is the key factor to winning share of the growing ASICs market, as energy efficiency remains most important single metric influencing buying decisions. We look forward to the substantial value these chips will unlock for our company and our shareholders.”

Mr. Kong concluded, “In terms of our energy assets, our global power capacity now exceeds 2.6 GWs, following the Foxcreek, Alberta acquisition, and over 1 GW is scheduled to be energized over the course of 2025. This puts us in an advantageous position to deploy our SEALMINER machines for self-mining and also capitalize on the significant demand for HPC and AI datacenters. We are actively working with top datacenter developers and advisors to establish long-term partnerships, which will position Bitdeer to play a significant role in addressing the shortage of reliable power for AI datacenters.”

Operational Summary

Metrics	Three Months Ended Dec 31
	2024	2023
Total hash rate under management (EH/s)	21.6	21.0
– Proprietary hash rate	8.9	8.4
– Self-mining	8.5	6.7
– Cloud Hash Rate	0.0	1.7
– Delivered but not yet hashing	0.4	–
– Hosting	12.7	12.6
Mining rigs under management	175,000	215,000
– Self-owned	85,000	86,000
– Hosted	90,000	129,000
Bitcoin mined (self-mining only)	469	1,299
Bitcoins held	594	43
Total power usage (MWh)	857,000	1,336,000
Average cost of electricity ($/MWh)	41	44
Average miner efficiency (J/TH)	30.4	31.7

Power Infrastructure Summary

Site / Location	Capacity (MW)	Status	Timing³
Electrical capacity
– Rockdale, Texas	563	Online	Completed
– Knoxville, Tennessee	86	Online	Completed
– Wenatchee, Washington	13	Online	Completed
– Molde, Norway	84	Online	Completed
– Tydal, Norway	50	Online	Completed
– Gedu, Bhutan	100	Online	Completed
Total electrical capacity	895⁴
Pipeline capacity
– Tydal, Norway Phase 1	40	In progress	Pending Regulatory Approval
– Tydal, Norway Phase 2	135	In progress	Mid 2025
– Massillon, Ohio	221	In progress	Mid-to-late 2025
– Clarington, Ohio Phase 1	266	In progress	Q3 2025
– Clarington, Ohio Phase 2	304	Pending approval	Estimate 2026
– Jigmeling, Bhutan	500	In progress	Mid-to-late 2025
– Rockdale, Texas	179	In planning	Estimate 2026
– Alberta, Canada	99	In planning	Q4 2026
Total pipeline capacity	1,744
Total global electrical capacity	2,639

Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded.

Q4 2024 High-Level P&L and Disaggregated Revenue Details:

US $ in millions	Three Months Ended
	Dec 31, 2024	Sep 30, 2024	Dec 31, 2023
Total revenue	69.0	62.0	114.8
Cost of revenue	(63.9)	(59.2)	(87.8)
Gross profit	5.1	2.8	27.0
Net loss	(531.9)	(50.1)	(5.0)
Adjusted EBITDA	(3.8)	(8.5)	33.3²
Cash and cash equivalents	476.3	291.3	144.7

US $ in millions	Three Months Ended Dec 31, 2024
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	41.5	2.3	8.5	12.4
Cost of revenue
– Electricity cost in operating mining rigs	(22.3)	(0.1)	(5.8)	(7.0)
– Depreciation and share-based payment expenses	(12.2)	(0.6)	(1.2)	(1.8)
– Other cash costs	(4.0)	(0.3)	(0.8)	(1.2)
Total cost of revenue	(38.5)	(1.0)	(7.8)	(10.0)
Gross profit	3.0	1.3	0.7	2.4

US $ in millions	Three Months Ended Dec 31, 2023
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	46.9	16.2	25.2	23.4
Cost of revenue
– Electricity cost in operating mining rigs	(20.3)	(4.3)	(16.1)	(17.2)
– Depreciation and share-based payment expenses	(9.7)	(3.8)	(2.6)	(2.4)
– Other cash costs	(3.0)	(1.0)	(1.6)	(1.6)
Total cost of revenue	(33.0)	(9.1)	(20.3)	(21.2)
Gross profit	13.9	7.1	4.9	2.2

Full Year 2024 High-Level P&L and Disaggregated Revenue Details:

US $ in millions	Years Ended
	Dec 31, 2024	Dec 31, 2023
Total revenue	349.8	368.5
Cost of revenue	(283.4)	(290.7)
Gross profit	66.4	77.8
Net loss	(599.2)	(56.7)
Adjusted EBITDA	39.4	97.0²
Cash and cash equivalents	476.3	144.7

US $ in millions	Year Ended Dec 31, 2024
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	163.1	39.8	67.6	64.0
Cost of revenue
– Electricity cost in operating mining rigs	(91.1)	(7.5)	(39.6)	(41.0)
– Depreciation and share-based payment expenses	(39.1)	(8.4)	(8.4)	(8.2)
– Other cash costs	(11.8)	(2.5)	(4.3)	(4.5)
Total cost of revenue	(142.0)	(18.4)	(52.3)	(53.7)
Gross profit	21.1	21.4	15.3	10.3

US $ in millions	Year Ended Dec 31, 2023
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	111.7	67.9	97.3	79.9
Cost of revenue
– Electricity cost in operating mining rigs	(52.3)	(17.1)	(54.6)	(55.5)
– Depreciation and share-based payment expenses	(29.2)	(19.7)	(13.2)	(10.7)
– Other cash costs	(8.3)	(5.3)	(7.5)	(6.6)
Total cost of revenue	(89.8)	(42.1)	(75.3)	(72.8)
Gross profit	21.9	25.8	22.0	7.1

Q4 2024 Management’s Discussion and Analysis (compared to Q4 2023)

Revenue

Total revenue was US$69.0 million vs. US$114.8 million.
Self-mining revenue was US$41.5 million vs. US$46.9 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 20.0% to 8.4 EH/s from 7.0 EH/s last year and higher year-over-year Bitcoin prices.
Cloud Hash Rate revenue was US$2.3 million vs. US$16.2 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations over the course of 2024.
General Hosting revenue was US$8.5 million vs. US$25.2 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
Membership Hosting revenue was US$12.4 million vs. US$23.4 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.

Cost of Revenue

Cost of revenue was US$63.9 million vs US$87.8 million. The decrease was primarily driven by lower depreciation expenses as certain mining rigs became fully depreciated and the decrease of power usage along with the reduced hosted mining rigs.

Gross Profit and Margin

Gross profit was US$5.1 million vs. US$27.0 million.
Gross margin was 7.4% vs. 23.5%.

Operating Expenses

The sum of the operating expenses below was US$42.5 million vs. US$27.4 million.
- Selling expenses were US$2.0 million vs. US$2.0 million, flat year-over-year.
- General and administrative expenses were US$17.7 million vs. US$17.1 million. The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fee for capital market and compliance activities, partially offset by lower share-based payment expenses.
- Research and development expenses were US$22.9 million vs. US$8.3 million, primarily due to higher R&D costs related to higher engineering costs related to the Company’s ASIC development roadmap and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain.

Other Net Loss

In Q4 2024, we recorded US$479.8 million other net loss primarily due to the non-cash expense of fair value changes of derivative liabilities, which are the US$413.7 million of loss on fair value changes for the convertible notes issued in August and November and the US$55.8 million of loss on fair value changes for the Tether warrants.

Net Loss

Net loss was US$531.9 million vs. US$5.0 million.

Adjusted Profit / (Loss) (Non-IFRS)⁵

Adjusted loss was US$36.9 million vs. adjusted profit of US$4.5² million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher operating expenses as described above.

Adjusted EBITDA (Non-IFRS)

Adjusted EBITDA was negative US$3.8 million vs. positive US$33.3² million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D as described above.

Cash Flows

Net cash used in operating activities was US$325.1 million, primarily driven by electricity costs and operating expenses for the quarter as well working capital payments to TSMC of US$190.6 million for SEAL02 and US$52.8 million for the tapeout of SEAL03, including risk wafers.
Net cash used in investing activities was US$10.0 million, which included US$48.4 million of capital expenditures for infrastructure construction and mining rigs, offset by US$38.8 million of proceeds from disposal of cryptocurrencies received from our principal business.
Net cash generated from financing activities was US$522.8 million, primarily driven by the proceeds from our convertible note issuance in November and ATM program.

Balance Sheet
As of December 31, 2024 unless stated otherwise (compared to December 31, 2023)

US$476.3 million in cash and cash equivalents, US$77.5 million in cryptocurrencies and US$208.1 million in borrowing.
US$310.2 million prepayments and other assets, up from US$97.1 million. Change primarily driven by advanced payments to TSMC for our SEAL02 mass volume production.
US$64.9 million inventories, up from nearly zero. Increase mainly including wafers, chips, WIP and finished SEALMINER inventory.
US$83.2 million intangible assets and US$35.8 million goodwill mainly raised from acquisition of Norway and Freechain during the year of 2024.
US$763.9 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August and November.

Further information regarding the Company’s fourth quarter 2024 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

CEO 10b5-1 Trading Plan
In December 2024, Jihan Wu, Chairman of the Board and Chief Executive Officer of the Company, entered into a plan designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Plan”). The Plan provides for sales of securities of the Company and is in accordance with the Company’s Insider Trading Policy. Subject to minimum price thresholds specified in the Plan, up to 4,000,000 of ordinary shares of the Company may be sold on multiple pre-determined dates starting in March 2025 and ending no later than the earlier of June 15, 2025 or the date that the aggregate number of ordinary shares sold under the Plan reaches 4,000,000.

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

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

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

BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	As of December 31,	As of December 31,
(US $ in thousands)	2024	2023
ASSETS
Cash and cash equivalents	476,270	144,729
Cryptocurrencies	77,537	15,371
Trade receivables	9,627	17,277
Amounts due from a related party	15,512	187
Prepayments and other assets	310,173	97,087
Inventories	64,888	346
Financial assets at fair value through profit or loss	42,521	37,775
Restricted cash	17,356	9,538
Mining rigs	67,324	63,477
Right-of-use assets	69,273	58,626
Property, plant and equipment	251,377	154,860
Investment properties	30,723	34,346
Intangible assets	83,235	4,777
Goodwill	35,818	–
Deferred tax assets	6,220	991
TOTAL ASSETS	1,557,854	639,387

LIABILITIES
Trade payables	31,471	32,484
Other payables and accruals	42,267	32,151
Amounts due to a related party	8,747	33
Income tax payables	2,729	3,367
Derivative liabilities	763,939	–
Deferred revenue	129,229	144,337
Borrowings	208,127	22,618
Lease liabilities	78,133	70,211
Deferred tax liabilities	16,614	1,620
TOTAL LIABILITIES	1,281,256	306,821

NET ASSETS	276,598	332,566

EQUITY
Share capital	*	*
Treasury equity	(160,926)	(2,604)
Accumulated deficit	(649,004)	(49,853)
Reserves	1,086,528	385,023
TOTAL EQUITY	276,598	332,566

* Amount less than US$1,000

BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Three months ended Dec 31,		Years ended Dec 31,
(US $ in thousands)	2024	2023	2024	2023

Revenue⁶	69,018	114,848	349,782	368,554
Cost of revenue	(63,919)	(87,804)	(283,382)	(290,745)
Gross profit	5,099	27,044	66,400	77,809
Selling expenses	(1,952)	(2,005)	(8,044)	(8,246)
General and administrative expenses	(17,668)	(17,134)	(64,317)	(66,454)
Research and development expenses	(22,898)	(8,306)	(76,946	(29,534)
Listing fee	–	–	–	(33,151)
Other operating income / (expenses)	(3,670)	3,073	727	3,791
Other net gain / (loss)	(479,778)	1,068	(507,479)	3,538
Profit / (loss) from operations	(520,867)	3,740	(589,659)	(52,247)
Finance income / (expenses)	(11,811)	1,179	(11,935)	1,276
Profit / (loss) before taxation	(532,678)	4,919	(601,594)	(50,971)
Income tax benefit / (expenses)	761	(9,950)	2,443	(5,685)
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
Other comprehensive loss
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
Other comprehensive loss for the periods
Item that may be reclassified to profit or loss
– Exchange differences on translation of financial statements	(234)	(43)	(218)	(26)
Other comprehensive loss for the periods, net of tax	(234)	(43)	(218)	(26)
Total comprehensive loss for the periods	(532,151)	(5,074)	(599,369)	(56,682)

Loss per share (Basic and diluted)	(3.22)	(0.05)	(4.36)	(0.51)

Weighted average number of shares outstanding (thousands) (Basic and diluted)	165,427	111,055	137,426	110,494

BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months ended Dec 31,			Years ended Dec 31,
(US $ in thousands)	2024		2023	2024	2023

Cash flows from operating activities
Cash used in operating activities	(321,629)		(76,963)	(613,167)	(283,868)
Interest paid on leases	(902)		(659)	(3,473)	(2,605)
Interest paid on borrowings	(2,216)		(940)	(3,952)	(2,181)
Interest received	1,653		2,033	7,115	7,572
Income tax paid	(1,964)		(1,347)	(8,596)	(1,500)
Income tax refund	–		10,795	–	10,795
Net cash used in operating activities	(325,058	)	(67,081)	(622,073)	(271,787)

Cash flows from investing activities
Purchase of property, plant and equipment, investment properties and intangible assets	(42,617)		(25,324)	(119,487)	(63,305)
Purchase of mining rigs	(5,766)		(107)	(7,731)	(63,041)
Purchase of financial assets at fair value through profit or loss, net of refund received	(425)		–	(2,776)	(4,400)
Proceeds from disposal of financial assets at fair value through profit or loss	–		–	–	31,111
Repayments from a related party	–		322	–	322
Lending to a third party	–		–	–	(61)
Proceeds from disposal of property, plant and equipment	54		44	298	73
Proceeds from disposal of mining rigs	–		27	–	27
Proceeds from disposal of cryptocurrencies	38,794		97,083	248,447	299,128
Cash paid for business acquisitions, net of cash acquired	–		–	(6,051)	–
Net cash generated from / (used in) investing activities	(9,960)		72,045	112,700	199,854

Cash flows from financing activities
Capital element of lease rentals paid	(6,540)		(1,183)	(9,676)	(5,191)
Net payment related to Business Combination	–		–	–	(7,662)
Repayments of borrowings	(10,000)		–	(15,000)	(7,000)
Proceeds from issuance of shares for exercise of share rewards	4,412		412	5,170	412
Proceeds from issuance of ordinary shares and warrants, net of transaction costs	321,918		9,494	485,108	9,494
Payment for the future issuance cost	–		(942)	–	(942)
Acquisition of treasury shares	–		(2,495)	(617)	(2,604)
Proceeds from convertible senior notes, net of transaction costs	387,917		–	554,214	–
Repayment to convertible senior notes in connection with note extinguishment	(14,932)		–	(14,932)	–
Purchase of zero-strike call option	(160,000)		–	(160,000)	–
Net cash generated from / (used in) financing activities	522,775		5,286	844,267	(13,493)

Net increase / (decrease) in cash and cash equivalents	187,757		10,250	334,894	(85,426)
Cash and cash equivalents at the beginning of the period	291,314		134,512	144,729	231,362
Effect of movements in exchange rates on cash and cash equivalents held	(2,801)		(33)	(3,353)	(1,207)
Cash and cash equivalents at the end of the period	476,270		144,729	476,270	144,729

Use of Non-IFRS Financial Measures
In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.

The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

The following table presents a reconciliation of loss for the relevant period to adjusted EBITDA and adjusted profit / (loss), for the three and twelve months ended December 31, 2024 and 2023.

BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION

	Three months ended Dec 31,		Years ended Dec 31,
(US $ in thousands)	2024	2023	2024	2023

Adjusted EBITDA
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
*Add：*
Depreciation and amortization	25,116	19,654	81,096	75,541
Income tax (benefit) / expenses	(761)	9,950	(2,443)	5,685
Interest (income) / expense, net	8,729	(753)	10,050	(2,872)
Listing fee	–	–	–	33,151
Share-based payment expenses	8,658	11,322	33,968	45,488
Changes in fair value of derivative liabilities	469,501	–	498,167	–
Loss on extinguishment of debt	8,172	–	8,172	–
Changes in fair value of holdback shares for acquisition of FreeChain	2,970	–	3,186	–
Changes in fair value of cryptocurrency-settled receivables and payables	5,733	(1,810)	6,362	(3,305)
Total of Adjusted EBITDA	(3,799)	33,332²	39,407	97,032²

Adjusted Profit / (loss)
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
*Add：*
Listing fee	–	–	–	33,151
Share-based payment expenses	8,658	11,322	33,968	45,488
Changes in fair value of derivative liabilities	469,501	–	498,167	–
Loss on extinguishment of debt	8,172	–	8,172	–
Changes in fair value of holdback shares for acquisition of FreeChain	2,970	–	3,186	–
Changes in fair value of cryptocurrency-settled receivables and payables	5,733	(1,810)	6,362	(3,305)
Total of Adjusted Profit / (loss)	(36,883)	4,481²	(49,296)	18,678²

For investor and media inquiries, please contact:

Investor Relations
Yujia Zhai
Orange Group
bitdeerIR@orangegroupadvisors.com

Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com

¹ “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
² During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.8 million and US$3.3 million revision to Q4 2023 and Year-ended 2023 metrics, respectively, reflects non-cash fair value changes in crypto settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
³ Indicative timing. All timing references are to calendar quarters and years.
⁴ Figures may not add due to rounding.
⁵ “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
⁶ Included nil and approximately US$17.2 million generated from hosting service provided to a related party for the three months and year ended December 31, 2024.

The MIL Network –

February 26, 2025

MIL-OSI United Kingdom: Rising energy bills: what you need to know
Source: United Kingdom – Executive Government & Departments 2

News story

Rising energy bills: what you need to know

A summary of why energy prices are rising and how clean power will protect households from unstable global fossil fuel markets.
What is the price cap?

The price cap is the maximum amount energy suppliers can charge consumers on default tariffs for each unit of energy and standing charge.

The new price cap figure, quoted at £1,849 – represents the projected annual energy cost for a typical household, based on this maximum charge for each unit of energy and standing charges. This is 6.4% higher than the figure for the first 3 months of 2025.

In practice, this rise will mean an increase of around £9 per month for a typical household over the next 3 months.

People’s actual bills will still vary depending on their energy usage, region and payment type.

This projection is adjusted every 3 months. The next announcement will be in May 2025 for the July to September price cap level. The price cap level set in February 2025 will only apply to bills from 1 April to 30 June.

Why are energy bills rising?

International gas prices have risen, bringing British energy bills up with them.

That’s because the price we pay for energy in the UK is set by gas prices on the global market, over which we have no control.

As a result of recent events that have affected the market, which the whole of Europe is dealing with, wholesale gas prices covered by the period of this price cap are around 15% higher than they were in the period covered under the previous price cap. This is comparable to the rise in prices across Europe.

Around 80% of this increase to the price cap level between Q1 2025 and Q2 2025 is a consequence of the increase in the wholesale price of gas.

Why have international gas prices risen?

The UK’s gas network is interconnected with Europe and with the global market through liquefied natural gas imports, meaning that factors affecting European gas prices affect our prices too.

Across the Channel a perfect storm of factors drove a steep increase in the wholesale price of gas since the start of 2025.

The pipeline delivering Russian gas to European countries through Ukraine was switched off at the start of the year, a consequence of the continuing war between Russia and Ukraine.

How does the UK compare to other European countries?

Wholesale gas prices have risen consistently across Europe over the past few months.

However, Britain’s power system, inherited from the previous government, is more heavily reliant on gas than some other European countries, which is why the UK’s electricity prices are higher than those of some countries with less reliance on gas.

Norway, for example, gets much of its energy from hydropower, while France has historically invested more in nuclear power. As a result, these countries currently have lower electricity bills than the UK.

Other countries with lower bills, like Spain, have a warmer climate and lower heating requirements. Spain has also invested heavily in renewable energy sources, including solar and wind power.

Our plan for clean power by 2030 will reduce our reliance on gas, and moving to a system that that is primarily based on homegrown renewable power sources can bring down bills for households and businesses for good.

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Published 25 February 2025
MIL OSI United Kingdom –
February 25, 2025
MIL-OSI China: China calls on Security Council to play constructive role in promoting peace talks on Ukraine

Source: China State Council Information Office

A Chinese envoy on Monday called on the UN Security Council to play a constructive role in forging consensus for peace and promoting peace talks, as the world marked the third anniversary of the full escalation of the Ukraine crisis.

“At present, when the Ukraine issue is at a critical juncture for a negotiated settlement, we expect the international community to create a favorable atmosphere for promoting a political solution to the crisis,” Fu Cong, China’s permanent representative to the United Nations, told a UN Security Council meeting on Ukraine.

China expects the United Nations and the Security Council to play a constructive role in forging consensus for peace among member states, and the actions of the council to further the call for peace by promoting peace talks, he said after voting on a draft resolution on Ukraine.

“The ultimate resolution of any conflict lies at the negotiation table,” he said. “As we speak, the call for a negotiated settlement of the Ukraine issue is constantly on the rise, and the window for peace is opening.”

Although the parties’ positions may not be aligned, dialogue is still better than confrontation, and talks are better than fights, the envoy said, adding that China supports all efforts dedicated to peace, and supports the U.S.-Russia agreement to start peace talks.

“China expects all parties and stakeholders to participate in the peace talks at an appropriate time, so as to find a just and lasting solution that takes into account each other’s concerns and to reach a binding peace agreement acceptable to all parties concerned,” he said.

Fu urged Europe to play its part for peace, to jointly address the root causes of the crisis, and to find a balanced, effective and sustainable security framework, so as to achieve long-term security and stability on the European continent.

China stands ready to continue to play a constructive role in the political settlement of the crisis at the request of the parties concerned, taking into consideration the concerns of the international community, especially those of the Global South, he said.

The Security Council on Monday adopted a U.S.-drafted resolution appealing for a swift end to the conflict and urging a lasting peace between Russia and Ukraine. The resolution received 10 votes in favor, none against, and five abstentions from France, Britain, Denmark, Greece and Slovenia.

MIL OSI China News –

February 25, 2025
MIL-OSI: Karolinska Development’s portfolio company AnaCardio includes first patient in a phase 2a study of its drug candidate AC01
Source: GlobeNewswire (MIL-OSI)

STOCKHOLM, SWEDEN February 25, 2025. Karolinska Development AB (Nasdaq Stockholm: KDEV) today announces that its portfolio company AnaCardio has dosed the first patient in the phase 2a part of the GOAL-HF1 clinical study. The study will evaluate AnaCardio’s drug candidate AC01 in patients with heart failure and reduced ejection fraction. Study results from GOAL-HF1 are expected by the end of the year.

AnaCardio AB is a privately held Swedish clinical-stage biopharmaceutical company developing novel drugs to treat heart failure. The company´s lead asset, AC01, is currently being evaluated in a clinical phase 1b/2a study, GOAL-HF1, in patients with heart failure and reduced ejection fraction (HFrEF).

The phase 2a part of the GOAL-HF1 study is randomized, double-blind and placebo-controlled, aiming to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of AC01 in patients with HFrEF following 28 days of treatment. The study is being conducted at 13 highly specialized heart failure centers in Sweden, the Netherlands, Italy and the UK.

”Following the promising results from the first part of the phase 1b/2a study, we are pleased to see our portfolio company AnaCardio advancing the clinical development of AC01 by initiating the second part of the study,” says Viktor Drvota, CEO, Karolinska Development.

Karolinska Development’s ownership interest in AnaCardio amounts to 10%.

For further information, please contact:

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

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

TO THE EDITORS

About Karolinska Development AB

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

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

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

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

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

Attachment
- AnaCardio PM FPI_ENG
The MIL Network –
February 25, 2025
MIL-OSI: Innofactor wins contract to provide the case and document management system for Gävle Municipality

Source: GlobeNewswire (MIL-OSI)

Innofactor Plc press release February 25, 2025, at 10:00 Finnish time

Gävle Municipality is taking an important step towards making the management of documents and cases both simpler and more efficient. Through a carefully conducted procurement process, the municipality chose Innofactor Dynasty, gaining a system that is not only easy to use but also simplifies everyday life for both employees and citizens.

The new system will streamline case management, making everything from saving documents and opening new cases to meeting management more efficient. With clear roles and responsibilities, stability and security are created, contributing to a well-functioning and reliable administration. Additionally, Innofactor’s experts will be available to provide professional service and support, focusing on high quality.

“With our extensive experience in delivering technology, services, training, and consulting to the public sector, we look forward to starting the implementation and configuration of the case and document management system for Gävle Municipality,” says Gabriel Klingofström, the project’s Configuration Manager from Innofactor.

As a new supplier to Gävle Municipality, Innofactor will help the municipality streamline processes, increase transparency, and improve workflows. For the municipality, this means a safe and secure way to collaborate, with a focus on sustainability, efficiency, and the highest information security.

After a competitive procurement process with eight applicants and four bids, Innofactor was chosen to deliver a document and case management solution.

Read more about Innofactor Dynasty: https://www.innofactor.com/what-we-do/our-solutions/dynasty/intro/

Additional information:

Anders Brunnström, Sales Executive, Innofactor Sweden
Tel. +46 (0)73 536 22 37
anders.brunnström@innofactor.com

Vesa Niinistö, Managing Director, Innofactor Finland
Tel. +358 40 543 7869
vesa.niinisto@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

The MIL Network –

February 25, 2025
MIL-OSI: Municipality Finance issues EUR 15 million notes under its MTN programme

Source: GlobeNewswire (MIL-OSI)

Municipality Finance Plc
Stock exchange release
25 February 2025 at 10:00 am (EET)

Municipality Finance issues EUR 15 million notes under its MTN programme

Municipality Finance Plc issues EUR 15 million notes on 26 February 2025. The maturity date of the notes is 26 February 2036. MuniFin has a right, but no obligation, to redeem the notes early on 26 February 2026. The notes bear interest at a fixed rate of 3.51% per annum until 26 February 2026, after which the interest is paid at 3.25% per annum, unless MuniFin redeems the notes early.

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

MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 26 February 2025.

Barclays Bank Ireland PLC acts as the dealer for the issue of the notes.

MUNICIPALITY FINANCE PLC

Further information:

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

MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the State of Finland.
The Group’s balance sheet totals over EUR 53 billion.
MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.
MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.
Read more: https://www.kuntarahoitus.fi/en/

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The MIL Network –

February 25, 2025
MIL-OSI: Nokia, Vodafone and RingCentral to showcase future of voice calls at Mobile World Congress #MWC25
Source: GlobeNewswire (MIL-OSI)

Press Release
Nokia, Vodafone and RingCentral to showcase future of voice calls at Mobile World Congress #MWC25
- Immersive Voice and Audio Services (IVAS): The most significant advancement in voice-call audio technology in decades, will be jointly presented by Nokia, Vodafone and RingCentral highlighting the latest 5G Advanced audio capabilities.
- The joint demonstration underscores the partners’ intention to bring future IVAS-enabled calling experiences to a broad customer base.
25 February 2025
Espoo, Finland – Nokia today announced it is working with Vodafone and RingCentral to showcase Immersive Voice and Audio Services (IVAS) – the future of voice communication, providing users with a natural, three-dimensional sound experience even when calling from a remote location. The joint demonstration on the Vodafone booth at MWC 2025 highlights the companies’ commitment to deliver advanced IVAS-enabled business, industrial and consumer use cases and enhance voice communication.

IVAS will transform traditional voice services by adding an immersive audio experience that allows people to hear sound spatially in real-time, making conversations and interaction natural, and lifelike. There are significant opportunities for enhanced audio services, from elevating business communications if dialing into a meeting remotely to transforming industrial operations, education, sports and events, as well as mobile voice calls.

“Showcasing IVAS technology, the future of voice communication, with Vodafone and RingCentral at MWC this year enables us to bring new use cases to life on today’s devices. It highlights our commitment to growing the ecosystem for Immersive Voice and Audio Services while delivering impactful, immersive audio experiences across communications platforms,” said Jyri Huopaniemi, Head of Audio Research, Nokia Technologies.

“Videoconferencing with multiple people dialing in both remotely or from within the office can be an alienating and unproductive experience. That’s why Vodafone is delighted to be at the forefront of new immersive voice technology with Nokia and RingCentral. The virtual surround sound experience possible with immersive voice can enhance business meetings, improve industrial operations in noisy locations like warehouses and transport hubs, and even improve everyday voice calls,” added Nadia Benabdallah, Network Strategy and Engineering Director, Vodafone.

“Voice is more than just sound —it conveys intent, tone, and emotion in a way that written messages never can. With IVAS Spatial Audio we’re restoring the power of voice as the most natural way to connect and collaborate and demonstrating how voice can address hybrid work equity, promote inclusivity for visually impaired workers, and unlock the potential of AI-enhanced collaboration,” commented Homayoun Razavi, EVP & General Manager of Global Service Providers at RingCentral.

Developed through the collaboration of 13 companies, the IVAS standard was included in the 3GPP Release 18, building on the widely used Enhanced Voice Services (EVS) known as HD Voice+.

One of the key innovations during IVAS standardization was the creation of a new parametric audio format, Metadata-Assisted Spatial Audio (MASA), designed specifically for devices with design constraints and challenging form factors for spatial audio, like smartphones. The IVAS codec integrates a built-in renderer that supports head-tracked binaural audio and multi-loudspeaker playback for immersive formats, including MASA.

To enable the experiences at Mobile World Congress an immersive voice client software development kit serves as the IVAS front-end, capturing spatial audio from device microphones and converting it into the standardized MASA format. This technology enables true 3D immersive audio experiences for various types of voice calls.

Experience new IVAS concepts at MWC 2025
As part of imagining future calling with IVAS the following benefits will be available to experience on the Vodafone and Nokia booths.

Multi-stream teleconferencing: Showcasing seamless audio for complex, multi-participant meetings, where remote participants can feel left out or struggle to follow discussions. IVAS enabled teleconferencing services bridge this gap by enabling:
- Spatially distinguishing voices: Each speaker occupying a unique auditory position, making it easy to identify and follow conversations in real time.
- Inclusive soundscapes: Giving remote participants the sense of being “in the room” with their colleagues.
- Reducing cognitive strain: Natural soundscapes reduce the mental effort needed to process complex discussions, improving engagement and participation.
Immersive 1-to-1 calling: Enjoying a truly immersive, spatial audio calling allows for richer, more engaging voice interactions as well as immersion in the callers surrounding area through:
- Closeness and clarity: 360° audio transforms calling experiences allowing you to step into the world of the caller, creating natural interaction for a truly shared experience.
- Accurate directional sound: With head-tracking enabled headphones, the audio adjusts to reflect the direction of the sound source, making it easier to distinguish exactly where the sounds are coming from, in real time.
Enhanced access in industrial environments: IVAS Spatial Audio is adaptable to dynamic environments and facilitates new audio enabled skills including:
- Enhanced remote servicing or critical operations: Helping detect and isolate abnormal machine sounds in factory environments.
- Improving communication in high-noise workplaces: enabling clear communications in manufacturing plants and construction sites.
In short, IVAS addresses the growing demand for both enhanced voice and immersive multimedia services across various communication platforms.

The new IVAS technology concepts are on show at MWC 2025 from March 3-6 on the Vodafone booth Hall 3 Stand 3E11, on the Nokia booth Hall 3 Stand 3B20, or in RingCentral’s Executive Meeting Room 12Ex, Hall 7E. This showcases future opportunities for new products that leverage both the 5G Advanced IVAS codec and Nokia’s Immersive Voice technology.

Resources and additional information
Whitepaper: Nokia Immersive Voice Whitepaper
Web Page: Nokia Immersive Voice
Web Page: Voice over 5G (Vo5G) core

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

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

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

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

Follow us on social media
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The MIL Network –
February 25, 2025

MIL-OSI: Aktsiaselts Infortar Unaudited Consolidated Interim Report for fourth quarter and 12 months of 2024

Source: GlobeNewswire (MIL-OSI)

Aktsiaselts Infortar (Infortar) will organize a webinar for introducing fourth quarter 2024 results today. Please join the webinar via the following links:

25 February 2025 at 12:00 (EET) Estonian webinar

25 February 2025 at 14:00 (EET) English webinar

Estonia’s largest investment holding company, Infortar assets increased from €1.4 billion to €2.7 billion following the acquisition of a majority shareholding in Tallink Group (Tallink) and the purchase of a gas sale- and distribution company in Poland. Infortar’s stock price raised by 70% in its first year on the Tallinn stock exchange, raising the company’s total valuation from €548 million to €916 million.

“Over the past few years, our investments have amounted to nearly half a billion euros. We have grown into one of Estonia’s largest companies in terms of assets within a year. We will continue seeking growth opportunities across the region,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.

“Today, changes in corporate competitiveness and energy policy across Estonia, Europe, and the United States recognize an increasing role for natural gas as a supporter of renewable energy and a provider of controllable capacity. The outlook for the maritime transport sector is set to improve,” Hanschmidt added.

Major events

Maritime transportation

In the summer, Infortar invested €110 million in acquiring Tallink shares, increasing its shareholding in Tallink to 68.5%.

The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number of transported cargo units exceeded 303,000, and passenger vehicles transported totaled 777,000.

Energy

Infortar’s subsidiary, Elenger Group (Elenger), signed a €120 million agreement with the German energy conglomerate EWE AG to acquire EWE Group’s business operations in Poland. The transaction included natural gas assets, a distribution network in Western Poland, and all energy sales segments.

In 2024, Elenger sold a total of 18.4 TWh of energy (15.9 TWh in 2023). Sales in Estonia accounted for 16% of the total energy sales in 2024. The company’s market share in gas sales across the Finland-Baltic gas market for the year was 24.3%.

Real estate

Infortar’s real estate portfolio has expanded from 100,000 to 141,000 square meters over the past year. At the end of last year, the Rimi logistics center in Saue received its occupancy permit. This summer, a new bridge in Pärnu will be completed, followed by the opening of Lasnamäe’s second DEPO store in Estonia next year. In early 2028, the Kangru-Saku section of the Rail Baltica main route will also be completed.

Key figures of financial year

Key figures	Q4 2024	Q4 2023	12 months 2024	12 months 2023
Sales revenue, m€	446.168	337.734	1 371.775	1 084.626
Gross profit, m€	34.871	42.235	128.629	149.473
EBITDA, m€	27.892	37.418	145.415	143.283
EBITDA margin (%)	6.3%	11.1%	10.6%	13.2%
Net profit, EBIT, m€	-6.792	28.967	77.025	123.628
Total profit(-loss), m€	-11.988	24.206	175.351	293.830
Net profit (-loss) holders of the Parent m€	-11.188	24.232	172.934	293.778
EPS (euros)*	-0.54	1.18	8.46	14.62
Total equity m€	1 166.222	820.210	1 166.222	820.210
Total liabilities m€	1 223.287	441.160	1 223.287	441.160
Net debt m€	1 055.708	354.045	1 055.708	354.045
Investment loans to EBITDA (ratio)	3.0x	1.7x	3.0x	1.7x

Earnings per share (EPS) in euros is calculated using the following formula: the profit attributable to the parent company’s owners is divided by the weighted average number of ordinary shares (20,443,629 as of 31.12.2024 and 20,100,000 as of 31.12.2023). The number of shares, 20,443,629, is determined as follows: Infortar has a total of 21,166,239 issued ordinary shares, from which 722 610 own shares are deducted. These own shares were issued under the employee stock option program and have not been exercised.

Revenue

2024. financial year, the group´s consolidated sales revenue increased by 287.149 million euros reaching 1 371.775 million euros (compared to 1 084.626 million euros in 2023). A significant impact was made by the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements starting from August 1, 2024.

EBITDA and Segment Reporting

Maritime transport Segment: The EBITDA for the maritime transport segment in 2024 financial year was 175.181 million euros (compared to 214.528 million euros in the 2023 financial year). In segment reporting 100% Tallink results are presented.

Tallink´s financial results were affected by difficult economic environment across all our home markets, and the lowest consumer confidence levels in a decade.

Energy Segment: The EBITDA for the energy segment of the 2024 financial year was 77.235 million euros (compared to 135.999 million euros in 2023). Warmer winter led to a decrease in sales volumes, which in turn impacted profitability in the fourth quarter.

Real Estate Segment: The profitability assessment considers the EBITDA of individual real estate companies. The EBITDA for the real estate segment of the 2024 financial year was 13.567 million euros (compared to 12.39 million euros in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.

Net Profit

The consolidated net profit for the 2024 financial year was 175.351 million euros (compared to 293.83 million euros in 2023 financial year). One-time significant transactions impacting the net profit calculation for the 2023 financial year included the effects related to the acquisition of the Latvian gas distribution network company, Gaso.

The consolidated operating profit for the 2024 financial year was 77.025 million euros (compared to 123.628 million euros in the 2023 financial year).

Investments

Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biogas plant next to the farm for local gas production. Infortar invested 110 million euros in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.

Infortar subsidiary Elenger signed a 120 million euros agreement with the German energy group EWE AG to acquire EWE Group’s entire Polish business. The transaction includes the natural gas distribution network in Western Poland as well as all energy sales operations.

In the fourth quarter Infortar Group’s total investments amounted to approximately 140 million euros, reaching 279 million euros over twelve months.

Financing

Loan and lease liabilities amounted to 1 223.287 million euros in 2024 financial year (compared to 441.16 million euros in 2023 financial year). Significant increase in the 2024 financial year is primarily due to the line-by-line consolidation of Tallink Grupp, which resulted in the full inclusion of Tallink’s liabilities among the group’s obligations. Proportionally to the growth in assets, Infortar’s net debt increased by 701.663 million euros, reaching 1 055.708 million euros (compared to 354,045 million euros in 2023 financial year). The net debt to EBITDA ratio was 3.4.

Dividends

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

1 euro per share, as per the dividend policy.

Carried-over dividend from AS Tallink Grupp, which is rounded upwards.

Additional dividend based on the high deliveries of the financial results in 2024.

AS Infortar has a total of 21,166,239 shares, of which 722 610 are company´s own shares. Dividends are therefore paid for 20,443,629 shares, which amounts to approximately 61 million euros.

Consolidated statement of profit or loss and other comprehensive income

(in thousands of EUR)	Q4 2024	Q4 2023	12 months 2024	12 months 2023
Revenue	446 168	337 734	1 371 775	1 084 626
Cost of goods (goods and services) sold	-411 237	-295 439	-1 243 033	-934 811
Write-down of receivables	-60	-60	-113	-342
Gross profit	34 871	42 235	128 629	149 473
Marketing expenses	-12 459	-511	-21 086	-1 620
General administrative expenses	-22 759	-9 522	-50 438	-22 085
Profit (loss) from biological assets	-156	0	-139	0
Profit (loss) from the change in the fair value of the investment property	-6 749	-4 074	-9 640	-4 074
Unsettled gain/loss on derivative financial instruments	2 098	902	26 672	1 969
Other operating revenue	-767	1 458	4 682	2 523
Other operating expenses	-871	-1 521	-1 655	-2 558
Operating profit	-6 792	28 967	77 025	123 628

(in thousands of EUR)	Q4 2024	Q4 2023	12 months 2024	12 months 2023
Profit (loss) from investments accounted for by equity method	846	1 938	22 974	39 639
Financial income and expenses
Other financial investments	269	54	72 789	-4
Interest expense	-13 808	-8 569	-38 274	-22 573
Interest income	760	465	4 979	2 765
Profit (loss) from changes in exchange rates	-56	-13	100	-173
Other financial income and expenses	16 287	-58	15 892	159 158
Total financial income and expenses	3 452	-8 121	55 486	139 173
Profit before tax	-2 494	22 784	155 485	302 440
Corporate income tax	-9 494	1 422	19 866	-8 610
Profit for the financial year	-11 988	24 206	175 351	293 830
including:
Profit attributable to the owners of the parent company	-11 188	24 232	172 934	293 778
Profit attributable to non-controlling interest	-800	-26	2 417	52

Other comprehensive income			12 months 2024	12 months 2023
Revaluation of risk hedging instruments			-46 786	-58 233
Exchange rate differences attributable to foreign subsidiaries			53	-42
Total of other comprehensive income			-46 733	-58 275
Total income, including:			128 618	235 555
including:
Comprehensive profit attributable to the owners of the parent company			126 201	235 503
Comprehensive profit attributable to non-controlling interest			2 417	52
Ordinary earnings per share (in euros per share)			8,46	14,26
Diluted earnings per share (in euros per share)			8,16	14,10

Consolidated statement of financial position

(in thousands of EUR)	31.12.24	31.12.23
Current assets
Cash and cash equivalents	167 579	87 115
Short term financial investments	1	0
Derivative financial assets	8 333	28 728
Settled derivative receivables	676	5 958
Other prepayments and receivables	155 351	162 575
Prepayments for taxes	3 831	925
Trade and other receivables	38 517	20 185
Prepayments for inventories	2 498	3 493
Inventories	215 914	146 884
Biological assets	941	0
Total current assets	593 641	455 863

Non-current assets	31.12.24	31.12.23
Investments to associates	16 603	346 014
Long-term derivative instruments	3 214	1 125
Long-term loans and other receivables	35 163	9 072
Investment property	67 931	176 024
Property, plant and equipment	1 909 458	446 748
Intangible assets	38 874	14 366
Right-of-use assets	47 598	11 300
Biological assets	2 753	0
Total non-current assets	2 121 594	1 004 649
TOTAL ASSETS	2 715 235	1 460 512

(in thousands of EUR)	31.12.24	31.12.23
Current liabilities
Loan liabilities	477 162	184 259
Rental liabilities	9 020	1 766
Payables to suppliers	87 941	74 751
Tax obligations	49 354	32 822
Buyers’ advances	31 126	3 099
Settled derivatives	8 728	1 463
Other current liabilities	63 431	10 851
Short term derivatives	27 704	3 659
Total current liabilities	754 446	312 670

Non-current liabilities	31.12.24	31.12.23
Long-term provisions	9 946	8 399
Deferred taxes	2 816	33 233
Other long-term liabilities	43 209	30 679
Long-term derivatives	1 471	186
Loan-liabilities	696 670	246 410
Rental liabilities	40 435	8 725
Total non-current liabilities	794 547	327 632
TOTAL LIABILITIES	1 549 013	640 302

(in thousands of EUR)	31.12.24	31.12.23
Equity
Share capital	2 117	2 105
Own shares	-72	-95
Share premium	32 484	29 344
Reserve capital	212	205
Option reserve	6 223	3 864
Hedging reserve*	7 455	24 118
Unrealised currency translation differences	1 113	-39
Employment benefit reserve	-44	-44
Retained earnings	698 914	466 140
Net profit of the financial year	172 934	293 778
Total equity attributable to equity holders of the Parent	921 336	819 376
Minority interests	244 886	834
Total equity	1 166 222	820 210

TOTAL LIABILITIES AND EQUITY	2 715 235	1 460 512

Consolidated statement of cash flows

Cash flows from operating activities
(in thousands of EUR)	12 months 2024	12 months 2023
Profit for the financial year	175 351	293 830
Adjustments:
Depreciation, amortization, and impairment of non-current assets	58 611	15 581
Change in the fair value of the investment property	9 640	4 074
Equity profits/losses	-156 863	-39 639
Change in the value of derivatives	20 888	54 309
Other financial income/expenses	-827	-161 965
Calculated interest expenses	38 274	22 573
Profit/loss from non-current assets sold	-953	-91
Income from grants recognized as revenue	2 984	784
Corporate income tax expense	-19 866	8 610
Income tax paid	-10 551	-267
Change in receivables and prepayments related to operating activities	52 022	54 539
Change in inventories	-12 830	-61 915
Change in payables and prepayments relating to operating activities	-22 278	-591
Change in biological assets	-322	0
Total cash flows from operating activities	133 280	189 832

Cash flows from investing activities	12 months 2024	12 months 2023
Purchases of associates	0	-10 314
Purchases of subsidiaries	-155 313	-103 414
Received dividends	20 862	0
Given loans	1 918	6 652
Interest gain	4 953	2 691
Purchases Investment property	-5 071	-18 304
Purchases of property, plant and equipment	-38 332	-18 143
Proceeds from sale of property	1 559	-252
Total cash flows used in investing activities	-169 424	-141 084

Cash flows used in financing activities	12 months 2024	12 months 2023
Changes in overdraft	12 863	14 349
Proceeds from borrowings	358 733	130 567
Repayments of borrowings	-151 790	-155 808
Repayment of finance lease liabilities	-6 222	-2 233
Interest paid	-39 153	-22 224
Dividends paid	-60 997	-15 750
Gain from share emission	3 174	29 464
Total cash flows used in financing activities	116 608	-21 635
	0	0
TOTAL NET CASH FLOW	80 464	27 113
Cash at the beginning of the year	87 115	60 002
Cash at the end of the period	167 579	87 115
Net (decrease)/increase in cash	80 464	27 113

Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.

Additional information:

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

Attachments

The MIL Network –

February 25, 2025

MIL-OSI: Agillic publishes its annual results 2024 in line with preliminary results published on 6 February 2025

Source: GlobeNewswire (MIL-OSI)

Announcement no. 03 2025

Copenhagen – 25 February 2025 – Agillic A/S

Agillic has today published its annual results 2024 in line with the preliminary results published on 6 February 2025. The guidance for 2025 is also maintained.

Christian Samsø, CEO, comments on the results: “In 2024, sales were affected by higher uncertainty and limited appetite for tech investments in the market. Client portfolio changes, driven mainly by mergers and acquisitions, where clients were forced onto other platforms as part of new global contracts and commitments, affected Agillic. However, on a positive note, several new clients chose Agillic as their customer engagement platform in 2024. In 2024, we finally closed the year-long tax credit dispute with the Danish Tax Authorities and in Agillic’s favour, positively impacting both the net result and liquidity. 2025 will undoubtedly present it’s challenges too, but with a refocused strategy and a new and committed management team, we feel confident to deliver on our ambitions for growth and profitability.”

Key financial and SaaS highlights (DKK million)

INCOME STATEMENT (DKK million)	FY 2024	FY 2023	Change	Q4 2024	Q4 2023	Change
Revenue subscriptions	50.0	52.4	-5%	13.0	12.2	7%
Revenue transactions	10.2	12.0	-15%	2.8	2.9	-3%
Other revenue	0.0	0.3	-100%	0.0	0.3	-100%
Total revenue	60.2	64.7	-7%	15.8	15.4	3%
Gross profit	48.8	52.2	-7%	12.7	12.6	1%
Gross margin	81%	80%	–	80%	82%	–
Other operating income	0.8	0.6	33%	0.2	0.1	100%
Employee costs	-34.5	-36.8	6%	-10.8	-10.8	0%
Operational costs	-14.1	-14.1	0%	-2.9	-3.5	17%
EBITDA	1.0	1.9	-47%	-0.8	-1.6	50%
Net profit	-3.3	-27.5	88%	-4.5	-22.4	80%

FINANCIAL POSITION
Cash	6.4	9.8	-35%	6.4	9.8	-35%

ARR DEVELOPMENT (DKK million)
ARR subscriptions	54.3	57.8	-6%	54.3	57.8	-6%
ARR transactions	11.2	12.3	-9%	11.2	12.3	-9%
Total ARR	65.5	70.1	-7%	65.5	70.1	-7%
Change in ARR (DKK)	-4.6	-6.6	–	2.4	-6.6	–
Change in ARR %	-7%	-9%	–	4%	-9%	–
Reclassification between other operating income, employee costs, and operational costs is updated in 2023 figures.

ARR
At the end of 2024, ARR from subscriptions was DKK 54.3 million compared to DKK 57.8 million as of 2023, a decrease of DKK 3.5 million corresponding to a decrease of 6% with a decline in ARR from transactions from DKK 12.3 million to DKK 11.2 million. At the end of 2024, total ARR was DKK 65.5 million, compared to DKK 70.1 million as of 2023, a decrease of DKK 5.6 million.

Income statement
The revenue from subscriptions decreased by 5% to DKK 50.0 million (2023: DKK 52.4 million) with a total revenue of DKK 60.2 million (2023: DKK 64.7 million). Gross profit was DKK 48.8 million (2023: DKK 52.2 million) with a gross profit margin of 81% (2023: 80%).

Despite the decrease in gross profit of DKK 3.2 million as well as one-time costs for consultancy fees and severance costs of total DKK 3.1 million, EBITDA ended positive at DKK 1.0 million (2023: DKK 1.9 million).

Cash
As of 31 December 2024, cash at bank amounted to DKK 6.4 million compared to DKK 9.8 million as of 31 December 2023. Cash flow from operating activities increased to DKK 12.2 million (2023: DKK -6.5 million) primarily because of a reduction in working capital from trade payables, other payables, and deferred income. Cash flow from investing activities amounted to DKK -10.9 million (2023: DKK -11.7 million) primarily related to investments in developing the Agillic customer engagement platform.

Financial guidance 2025 (unchanged)

Revenue	DKK	60-63m
EBITDA	DKK	5-8m
ARR Subscriptions	DKK	56-60m

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

Claus Boysen, CFO
+45 28 49 18 46
claus.boysen@agillic.com

Certified Adviser
HC Andersen Capital
Pernille Friis Andersen

Appendix: Financial development per quarter

DKK million	2024				2023				2022
INCOME STATEMENT	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Revenue subscriptions	13.0	12.1	12.3	12.6	12.2	13.6	13.5	13.1	13.5	13.1	12.2	11.1
Revenue transactions	2.8	2.7	2.5	2.2	2.9	3.0	2.9	3.2	6.0	4.8	3.3	2.6
Other revenue	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.1	0.3
Total revenue	15.8	14.8	14.8	14.8	15.4	16.6	16.4	16.3	19.5	17.9	15.6	14.0
Gross profit	12.7	11.7	12.1	12.3	12.6	13.4	13.2	13.0	15.5	11.4	11.7	11.0
Gross margin	80%	79%	82%	83%	82%	81%	80%	80%	80%	63%	75%	78%
Other operating income	0.2	0.2	0.2	0.2	0.1	0.2	0.2	0.1	0.3	0.0	0.0	0.0
Employee costs	-10.8	-7.1	-8.0	-8.6	-10.8	-7.9	-9.4	-8.7	-9.2	-7.3	-8.0	-8.0
Operational costs	-2.9	-3.6	½	-3.3	-3.5	-3.2	-3.0	-4.4	-5.1	-2.7	-3.7	-4.8
EBITDA	-0.8	1.2	0.0	0.6	-1.6	2.5	1.0	0.0	1.5	1.4	0.0	-1.8
Net profit	-4.5	-2.4	7.0	-3.4	-22.4	-0.4	-1.8	-2.9	-2.0	-1.2	-2.7	-4.7

BALANCE SHEET
Cash	6.4	3.7	4.4	7.2	9.8	11.5	18.3	26.9	7.4	1.8	12.6	7.5
Total assets	44.2	42.8	45.8	51.5	47.2	64.9	69.0	75.8	52.8	54.0	58.7	55.4
Equity	-22.3	-17.8	-16.0	-23.3	-20.2	1.5	1.8	3.4	-15.0	-13.2	-12.0	-9.6
Borrowings	19.0	19.1	21.4	24.3	23.8	23.0	24.2	25.7	24.3	23.7	26.1	26.4

CASH FLOW
Cash flow from operations	5.5	4.1	2.6	0.0	-0.6	-2.8	-4.3	1.2	7.3	-4.9	9.0	-8.3
Cash flow from investments	-2.5	-2.6	-2.7	-3.0	-2.1	-3.1	-3.2	-3.3	-3.3	-3.3	-3.7	-3.2
Cash flow from financing	-0.3	-2.2	-2.7	0.4	1.0	-0.9	-1.1	21.6	1.6	-2.6	-0.2	-1.6
Net cash flow	2.7	-0.7	-2.8	-2.6	-1.7	-6.8	-8.6	19.5	5.6	-10.8	5.1	-13.1

EMPLOYEES & CLIENTS
Employees end of period	42	40	39	41	50	50	50	46	48	47	51	47
Clients end of period	118	114	113	116	122	120	120	118	118	111	108	105

ARR & SAAS METRICS
ARR subscriptions	54.3	52.5	51.7	52.2	57.8	56.8	54.9	54.2	54.1	50.3	49.6	48.5
ARR transactions	11.2	10.6	10.0	8.9	12.3	12.1	11.5	17.3	22.6	19.6	14.6	10.3
Total ARR	65.5	63.1	61.7	61.1	70.1	68.9	66.4	71.5	76.7	69.9	64.2	58.8
Change in ARR (DKK)	2.4	1.4	0.6	-9.0	1.2	2.5	-5.1	-5.2	6.8	5.7	5.4	3.1
Change in ARR %	4%	2%	1%	-13%	2%	4%	-7%	-7%	10%	9%	9%	6%
Average ARR	0.6	0.6	0.5	0.5	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
Yearly CAC	0.5				0.3				0.1
Months to recover CAC	12				7				3

Definitions

Cash is defined as available funds less bank overdraft withdrawals.
ARR: the annualised value of subscription agreements and transactions at the end of the actual reporting period.
Average ARR: the average Total ARR per client.
Customer Acquisition Costs (CAC): the sales and marketing costs (inclusive of salaries, commissions, direct and share of costs of office) divided by the number of new clients. CAC is calculated end of year.
Months to recover CAC: the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost.

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

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

Attachments

The MIL Network –

February 25, 2025

MIL-OSI China: UNSC calls for swift end to Russia-Ukraine conflict

Source: China State Council Information Office

This photo taken on Aug. 15, 2024 shows a Ukrainian tank destroyed during Russian attacks in Toretsk. [Photo/Xinhua]

The UN Security Council on Monday adopted a U.S.-drafted resolution appealing for a swift end to the conflict and urging a lasting peace between Russia and Ukraine, as the world marked the third anniversary since the full escalation of the crisis.

The resolution received 10 votes in favor, none against, and five abstentions including France, Britain, Denmark, Greece and Slovenia.

The document reiterates that the principal purpose of the United Nations, as expressed in the Charter of the United Nations, is to maintain international peace and security and peacefully settle disputes. The resolution implores a swift end to the conflict and mourns the loss of life in the war, without blaming Russia.

Acting U.S. Ambassador to the UN Dorothy Shea told the council that this resolution is not a “peace deal,” but “a path to peace.”

“It is high time for peace in Ukraine,” UN Under-Secretary-General for Political and Peacebuilding Affairs Rosemary DiCarlo said during the Security Council meeting, while insisting that peace in Ukraine must be “just, sustainable and comprehensive.”

Earlier in the day, the UN General Assembly rejected the U.S. draft and passed a resolution submitted by Ukraine and European allies, which backs Ukraine’s sovereignty, independence, unity and territorial integrity and calls for a just, lasting and comprehensive peace in line with the UN Charter.

Resolutions in the UN Security Council are binding under international law.

MIL OSI China News –

February 25, 2025
MIL-OSI United Kingdom: expert reaction to observational study of antidepressant prescriptions and cognitive decline in people with dementia

Source: United Kingdom – Executive Government & Departments

February 25, 2025

An observational study published in BMC Medicine looks at antidepressant use and cognitive decline in people with dementia.

Prof Tara Spires-Jones, Director of the Centre for Discovery Brain Sciences at the University of Edinburgh, Group Leader in the UK Dementia Research Institute, and President of the British Neuroscience Association said:

“Mo and colleagues’ study examined data from over 18,000 people with dementia enrolled in a Swedish national registry to look for associations between antidepressant use and dementia symptoms. They observed faster cognitive decline in people with dementia who were taking selective serotonin reuptake inhibitor (SSRI) type antidepressants. This was a large study that looked at data over time, which is a strong design. However, this type of data cannot prove that it was antidepressant use that caused the faster decline. People who needed antidepressants may have had more aggressive disease or the depression itself could have been affecting disease progression. It is also worth noting that the effect was not the same for all types of dementia; people with frontotemporal dementia (FTD) did not have accelerated cognitive decline when taking antidepressants. In people with FTD, antidepressants were associated with slightly slower decline. Previous studies have also reported mixed results, highlighting the need for more research before we have a full understanding of the effects of antidepressant use on dementia progression.”

Dr Richard Oakley, Associate Director for Research and Innovation at Alzheimer’s Society, said:

“This study suggested that antidepressants led to faster rates of memory and thinking decline in people with dementia. But it did not rule out the possibility that the changes were due to the presence of depression rather than antidepressant use, so further research is needed to understand the effects of antidepressants.

“Alzheimer’s Society wants to see the severity of an individual’s dementia recorded on their primary care records as either mild, moderate or severe. This is especially important as the study shows a decline in memory and thinking skills was stronger in people with more severe dementia who took antidepressants than those who didn’t.

“It’s vital that regular reviews are carried out when prescribing antidepressants, but recent research showed that less than half of people with a dementia diagnosis had their medication reviewed in the preceding 12 months.

“Alzheimer’s Society is funding research to better understand depression and anxiety in people living with dementia, how to manage it, and how genetics might be involved.”

Dr Emma L Anderson, Associate Professor of Epidemiology, University College London, said:

“As the authors themselves acknowledge, there is substantial risk with this study design for confounding by indication, which could explain the results either in part, or entirely. Confounding by indication is where the outcomes we observe are actually due to the underlying reason people take these medications in the first place (e.g. mental health conditions), rather than the medication itself. More robust study designs, which overcome this very important limitation, are needed before such bold conclusions can be made. When based on limited evidence, these claims can be very damaging for public understanding of antidepressants, which we know help millions of people around the world.”

Dr Prasad Nishtala, Reader, University of Bath, said:

“This large population-level study from Sweden uses real-world data and is well-conducted. However, there are some important limitations that should be considered. One major issue is that the severity of depression in dementia patients wasn’t fully accounted for, which has the potential to bias the results. Additionally, there may be a “channelling bias,” meaning that certain antidepressants like citalopram and sertraline might have been more commonly prescribed to patients with severe dementia, which could also bias the results.

“Another key limitation is that the study found only a small change in MMSE (Mini-Mental State Examination) scores, which may not be meaningful in everyday clinical practice. Previous research has shown that older adults taking tricyclic antidepressants can experience faster cognitive decline because these drugs interfere with the activity of acetylcholine—a chemical in our brain critical for maintaining cognition. Even among SSRIs (a common type of antidepressant), some, like paroxetine, are known to have stronger anticholinergic effects that could impact cognition negatively. There is also a problem of “residual confounding”,- meaning there could be other risk factors that can affect cognition, and it is unclear if they have accounted for other anticholinergic drugs like oxybutynin, which many dementia patients take to treat their urinary incontinence. The analyses were done on dispensed data (medication sold by pharmacists), and it is unclear if patients actually took them.

“This study suggests that SSRIs like citalopram and sertraline might also speed up cognitive decline. However, it doesn’t explain how or why this happens at a biological level. Because of these limitations, the study’s findings should be interpreted with caution and ideally replicated using other real-world data sources.”

‘Antidepressant use and cognitive decline in patients with dementia: a national cohort study’ by Minjia Mo et al. was published in BMC Medicine at 01:00 UK time on Tuesday 25^th February.

DOI: https://doi.org/10.1186/s12916-025-03851-3

Declared interests

Prof Tara Spires-Jones: I have no conflicts with this study but have received payments for consulting, scientific talks, or collaborative research over the past 10 years from AbbVie, Sanofi, Merck, Scottish Brain Sciences, Jay Therapeutics, Cognition Therapeutics, Ono, and Eisai. I am also Charity trustee for the British Neuroscience Association and the Guarantors of Brain and serve as scientific advisor to several charities and non-profit institutions.

Dr Emma L Anderson: I have no declarations or conflicts of interest.

Dr Prasad Nishtala: I sit on the editorial board for BMC Medicine.

MIL OSI United Kingdom –

February 25, 2025
MIL-OSI United Nations: With 10 Votes in Favour, 5 Abstentions, Security Council Adopts Resolution 2774 (2025) Mourning Loss of Life, as Russian Federation’s Invasion of Ukraine Enters Fourth Year

Source: United Nations MIL OSI b

Members Implore Swift End to Conflict, Urge Lasting Peace between Two Nations

As the Russian Federation’s invasion of Ukraine entered its fourth year, the Security Council today adopted a resolution mourning the tragic loss of life and reiterating that the principal purpose of the United Nations is to maintain international peace and security and peacefully settle disputes.

Adopting resolution 2774 (2025) (to be issued as document S/RES/2774(2025)) by a vote of 10 in favour to none against, with 5 abstentions (Denmark, France, Greece, Slovenia, United Kingdom), the Council implored a swift end to the conflict and urged a lasting peace between Ukraine and the Russian Federation.

Before the vote, the representative of the United States said that the Council stands on “the precipice of history with a solemn task — creating conditions to end the bloodiest war on the European continent” since the organ was created in June 1945. Noting that her country’s draft text is “a symbolic, simple first step towards peace”, she added that it “is not a peace deal”. Rather, it represents a path to peace, and she urged all Council members to join the United States in vanquishing the scourge of this war.

Proposed Amendments Fail to Obtain Required Number of Votes

However, the representative of the United Kingdom underscored: “There can be no equivalence between Russia and Ukraine in how this Council refers to this war.” Moscow chose to launch a war of aggression, and “the Council must be clear on this”, she stressed. “We must also be clear that peace must respect the UN Charter and Ukraine’s sovereignty and territorial integrity within its internationally recognized borders,” she added, proposing several amendments to the text on behalf of the Council members who ultimately abstained from the vote on the text as a whole.

France’s delegate noted such proposed amendments demonstrate “our resolute commitment — after three years of war — to a comprehensive, just and lasting peace in Ukraine”. However, he underscored that peace cannot be a synonym for capitulation of the aggressed State. The amendments, he said, also aim to recall that there is an aggressor and an aggressed State, with the Russian Federation having attacked a sovereign State that posed no threat to it.

The representative of the Russian Federation, for his part, said of today’s text: “We consider it, overall, as a common-sense initiative.” It reflects, he said, the desire of the new United States Administration to “really contribute”. He also proposed several amendments, including inserting language regarding the need to “eradicate the root causes of the Ukrainian crisis”. On the amendments proposed by the European Council members, he said they “replace the essence of the American text and make it into another anti-Russia ultimatum”.

None of the five proposed amendments were adopted, either because they failed to obtain the required number of votes or because the Russian Federation cast its veto.

United States’ Speaker Welcomes Adoption of First Resolution in Three Years on Ukraine Firmly Calling for End to Conflict

Following the adoption of the unamended text, the representative of the United States welcomed Council members’ support of the resolution, welcoming the first Council action taken in three years on Ukraine to firmly call for an end to the conflict. “This resolution puts us on the path to peace,” she affirmed, and although it is a first step, it is a crucial one. The Council must now use it to build a peaceful future for Ukraine, the Russian Federation and the international community.

Other Council Members Support Text Overall Yet Raise Concerns

The representative of France, however, said that, while his country is “fully committed to peace in Ukraine”, Paris calls for a comprehensive, just and lasting peace — “certainly not for capitulation of the victim”. “There will be no peace and security if aggressors are rewarded and the law of the jungle wins,” he stressed. Similarly, the representative of the United Kingdom stressed that the terms of peace must send the message that aggression does not pay. No peace will be sustainable without Ukraine’s consent, she said, voicing regret that her delegation’s proposals making these points clear were not taken on board.

“There is nobody who wants peace more than Ukrainians and Europeans,” stressed Slovenia’s representative. However, he observed: “A person convinced against their will is against you still — there will be peace, but it will be just and it needs to last.” Building on that, Denmark’s representative stressed that peace must be on the right terms, voicing regret that today’s resolution falls far short of that vision. “We need to reaffirm our commitment to Ukraine’s sovereignty and territorial integrity,” she stated.

For his part, the representative of the Republic of Korea — noting that Moscow’s war of aggression has “tragically claimed countless innocent lives” — expressed hope that today’s adoption will provide an opportunity “for all relevant parties to accelerate efforts to achieve just and sustainable peace”. And while Guyana’s representative said that the text is an important step towards a peaceful end to the war, she said that there would have been added value in affirming support for the UN Charter – particularly States’ obligation to refrain from the threat or use of force against the territorial integrity or political independence of any State.

Pakistan’s representative — noting that the “priority of peace has remained largely absent and elusive”, even as the security, humanitarian and economic crises have intensified — said: “A different approach was perhaps required.” He therefore expressed hope that today’s resolution will “lend impetus to an inclusive peace process that yields a durable solution in accordance with international law”.

Panama’s representative also voiced support for the resolution, as it is not objectionable due to its simplistic content. However, “its silence speaks more eloquently than its words”, he observed, adding that his country understands the aftermath of violations of sovereignty and territorial integrity. “And for our own historic reasons, we have always rejected the aggression of one State against another,” he said.

Recalling his delegation’s repeated calls for the parties to engage in negotiations to reach a just and permanent peace in the region, the representative of Algeria said that “our call was the only criteria that Algeria used to determine its position today through our vote”. Similarly, the representative of China, Council President for February, spoke in his national capacity to recall his country’s “consistent principles and propositions on the Ukraine issue”. He added: “The ultimate solution for any conflict lies at the peace table.”

Russian Federation Welcomes Changes in United States Position

Meanwhile, the representative of the Russian Federation welcomed changes in the United States’ position on the Ukrainian conflict. “It is clear that the militarizing Europe today is the only player internationally which wants the war to continue,” he stated. And while today’s text is not ideal, it is a first attempt to have a constructive and future-oriented product by the Council. The key outline of a restored European and international security “can already be seen in the American text and this gives us a certain optimism”, he stated.

At the outset of the meeting, the representative of France proposed that today’s vote be postponed, expressing concern that the text was introduced “without real negotiations among Council members”. While the representative of the United Kingdom expressed strong support for that proposal, the representative of the United States opposed it. Ultimately, that proposal was rejected for failing to obtain a sufficient number of votes.

MIL OSI United Nations News –

February 25, 2025
MIL-OSI United Nations: Experts offer guidance on using the World Heritage Convention in support of the Kunming-Montreal Global Biodiversity Framework

Source: United Nations

UNESCO convened an expert meeting to identify actions to harness the World Heritage Convention in support of the Kunming-Montreal Global Biodiversity Framework. The meeting confirmed the relevance of the World Heritage Convention to almost all of the 23 global targets of the Global Biodiversity Framework and made recommendations for further action, which will be presented to the World Heritage Committee at its 47th session.

The 2019 Global Assessment Report of Biodiversity and Ecosystem Services issued by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) provided the scientific evidence that biodiversity is deteriorating worldwide at rates unprecedented in human history. Yet, biodiversity is fundamental to human well-being, a healthy planet, and economic prosperity.

The World Heritage Convention is among the most successful site-based conservation instruments, with a significant contribution to biodiversity conservation, according to a UNESCO study.

The Kunming-Montreal Global Biodiversity Framework adopted by the Parties to the Convention on Biological Diversity is a real opportunity for the biodiversity conventions to work together. We should make use of the extraordinary capacity of the World Heritage Convention to support biodiversity conservation.

In response to the Committee’s decisions 45 COM 7.2 and 46 COM 7, UNESCO organized in collaboration with the Advisory Bodies an expert meeting on the synergies and opportunities between the World Heritage Convention and the Kunming-Montreal Global Biodiversity Framework. The workshop was hosted by the German Federal Agency for Nature Conservation (Bundesamt für Naturschutz) at its International Academy for Nature Conservation on the Isle of Vilm, Germany, and took place from 25 to 29 November 2024.

The meeting experts reaffirmed the unique contribution of the World Heritage Convention to the conservation and sustainable use of biodiversity, and the relevance of the Global Biodiversity Framework to both natural and cultural sites. They identified a range of recommendations for the World Heritage Committee, States Parties, and the UNESCO Secretariat and Advisory Bodies, including 19 priority actions.

Among the key actions, States Parties should integrate priorities for the implementation of the World Heritage Convention into their National Biodiversity Strategies and Action Plans, as requested by the World Heritage Committee (Decision 45 COM 7.2). This is important to ensure that current World Heritage properties and potential new sites become an international priority for dedicated funding mechanisms for the Global Biodiversity Framework.

The Global Biodiversity Framework also sets targets for respecting the rights of Indigenous Peoples and local communities in biodiversity conservation and provides new opportunities for cultural sites to contribute to nature conservation. States Parties, Indigenous Peoples and World Heritage properties can work with initiatives such as the Joint Programme of Work on the links between Biological and Cultural Diversity to support the implementation of the targets.

World Heritage properties often overlap with other international designations such as Ramsar wetland sites, Biosphere Reserves and UNESCO Global Geoparks. In addition, the protection and management of World Heritage properties may be relevant to the implementation of other biodiversity- or culture-related conventions, such as the Convention for the Safeguarding of the Intangible Cultural Heritage, Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) and the Convention on Migratory Species (CMS). Improved cooperation between the Conventions and programmes could create greater coherence and have results at a larger scale.

The meeting was made possible thanks to the support of the German Federal Agency for Nature Conservation, and the financial contributions of the Swiss Federal Office for Environment (FOEN) and the Government of Norway to the World Heritage Fund.

About the Kunming-Montreal Global Biodiversity Framework

The 15th Conference of the Parties to the Convention on Biological Diversity (CBD), convened under the auspices of the United Nations, adopted the Kunming-Montreal Global Biodiversity Framework. Through four goals and 23 targets, it sets out an ambitious plan to take urgent action to halt and reverse biodiversity loss to put nature on a path to recovery for the benefit of people and planet by 2030, in line with the 2030 Agenda for Sustainable Development, and to ensure that the shared vision of living in harmony with nature is realised by 2050.

About the Joint Programme of Work on the links between Biological and Cultural Diversity

The Joint Programme of Work (JPoW) on the links between Biological and Cultural Diversity was initially adopted at COP10 of the CBD in 2010 to explore the links and opportunities for improving the protection of biological and cultural diversity. It was a way for UNESCO to help connect the nature and culture themes under the Aichi Targets, in cooperation with the Secretariat of the CBD. Parties at COP15 renewed the mandate of the JPoW, including inviting UNESCO, the Secretariat of the CBD, the IUCN, the International Indigenous Forum on Biodiversity (IIFB) and advisory bodies to work together on a roadmap for improve an integrated approach to supporting biodiversity, linguistic and cultural diversity. UNESCO is currently the lead agency for the International Decade of Indigenous Languages (2022-2032), providing an important platform to achieve such cooperation in policy and in action.

Summary recommendations

English

Meeting report

English

MIL OSI United Nations News –

February 25, 2025
MIL-OSI: Nokia Corporation: Repurchase of own shares on 24.02.2025
Source: GlobeNewswire (MIL-OSI)

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

Nokia Corporation: Repurchase of own shares on 24.02.2025

Espoo, Finland – On 24 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 1,317,492 4.75

CEUX – –

BATE – –

AQEU – –

TQEX – –

Total 1,317,492 4.75

* 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 24 February 2025 was EUR 6,260,063. After the disclosed transactions, Nokia Corporation holds 257,147,700 treasury shares.

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

On behalf of Nokia Corporation

BofA Securities Europe SA

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

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

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

Inquiries:

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

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

Attachment
- Daily Report 2025-02-24
The MIL Network –
February 25, 2025
MIL-OSI Europe: Written question – Re-evaluating EU engagement in the Arctic: addressing strategic challenges and geopolitical tensions – E-000451/2025
Source: European Parliament
Question for written answer E-000451/2025/rev.1
to the Commission
Rule 144
Mika Aaltola (PPE), Urmas Paet (Renew), Ville Niinistö (Verts/ALE)

The Arctic region faces significant political challenges. Competition between major geopolitical players, notably Russia, China, and the United States, is becoming increasingly pronounced. This situation highlights the complexities of regional geopolitics and the urgent need for the EU to re-evaluate its Arctic policy. As the EU emerges as a geopolitical actor and amid the rising tensions exemplified by recent discussions concerning Greenland, it is crucial for the EU to establish a strong presence in the Arctic.

The previous joint communication on the Arctic (JOIN(2021)0027) reflects an outdated view of Arctic exceptionalism. Given the current geopolitical landscape, it is essential to increase Europe’s engagement in the Arctic and support the concept of a ‘European Arctic’.

1.Given the Arctic’s strategic significance amid the rivalry between major political powers, when does the Commission intend to publish a new joint communication on the Arctic?

2.Will the Commission be preparing a comprehensive Arctic strategy, recognising the critical need for the EU to strengthen its presence in the Arctic?

3.Considering the ongoing changes, does the Commission have a plan to bring Iceland, Greenland and Norway closer to joining the EU, and if so, how?

Submitted: 3.2.2025
Last updated: 24 February 2025
MIL OSI Europe News –
February 25, 2025
MIL-OSI Economics: Panel to examine measures adopted by Türkiye targeting Chinese electric vehicle imports

Source: World Trade Organization

DS629: Türkiye — Measures Concerning Electric Vehicles and Other Types of Vehicles from China

China submitted its second request for the establishment of a dispute panel to rule on various measures taken by Türkiye concerning electric vehicles (“EVs”) and certain other types of vehicles originating in China. China’s first request was blocked by Türkiye at the previous DSB meeting on 27 January. China said challenges faced by one member’s industry need to be addressed in a way consistent with its WTO obligations and should not be used as an excuse for abandoning the core principle of non-discrimination that is the bedrock of the WTO and of the rules-based international trading system.

Türkiye said it is deeply concerned that China is making such a request before all possible bilateral consultations are exhausted. China’s request relates to a major sector that has been facing strong challenges for many years due to uncompetitive practices, subsidization and excess capacity, Türkiye said.

The DSB agreed to the establishment of the panel. The European Union, Japan, the Republic of Korea, Brazil, Canada, Australia, the United Kingdom, the United States, Switzerland, Norway, Singapore, the Russian Federation, Thailand and India reserved their third-party rights to participate in the panel proceedings.

DS593: European Union — Certain Measures Concerning Palm Oil and Oil Palm Crop-Based Biofuels

Indonesia noted the panel ruling circulated on 10 January, which it said found that the European Union’s 2018 renewable energy directive and related regulations unfairly discriminated against Indonesia’s palm oil biofuels. The economic impact of these discriminatory measures is substantial and has severely affected Indonesian palm oil exports, impacting millions of farmers and businesses, Indonesia said. It called on the EU to adjust its policy and the measures at issue so that they are in line with the WTO agreements; Indonesia will closely monitor implementation and expects swift compliance.

The European Union said it welcomed the panel’s findings, which confirm that the EU has the right to take measures to ensure that its policies on renewable fuels do not exacerbate greenhouse gas emissions associated with indirect land-use change. While it raised some concerns regarding the panel’s findings, the EU said the panel found that the EU measures aim to achieve legitimate environmental objectives and that they are science-based.

Russia, Brazil, the United States, and St Vincent and the Grenadines (for the Organisation of African, Caribbean and Pacific States) took the floor to comment on the panel report.

The DSB took note of the statements and adopted the panel report.

DS599: Panama — Measures Concerning the Importation of Certain Products from Costa Rica

Costa Rica made a statement criticizing Panama’s decision to appeal the panel report in DS599, which upheld Costa Rica’s complaint regarding Panama’s import restrictions on various fruit, dairy and meat products from Costa Rica. Costa Rica proposed a bilateral agreement to Panama that would enable both parties to proceed to arbitration under Article 25 of the Dispute Settlement Understanding (DSU), but Panama refused, Costa Rica said. Panama’s appeal “into the void” should serve to highlight the importance of alternative avenues under the DSU to resolve disputes, Costa Rica said.

Panama said it reaffirms its commitment to international law and to the WTO agreements in general and the DSU in particular, and its willingness to settle any dispute with its trading partners.

The European Union, Canada and Colombia made statements on the matter.

Appellate Body appointments

Colombia, speaking on behalf of 130 members, introduced for the 84th time the group’s proposal to start the selection processes for filling vacancies on the Appellate Body. The extensive number of members submitting the proposal reflects a common interest in the functioning of the Appellate Body and, more generally, in the functioning of the WTO’s dispute settlement system, Colombia said.

The United States repeated that the US is currently transitioning to a new administration and that, as US concerns with WTO dispute settlement remain unaddressed, it does not support the proposed decision.

Twenty-two members then took the floor to comment, one speaking on behalf of the ACP Group. Most reiterated their support for the joint proposal and for the urgent need to restore a fully functioning dispute settlement system. Several welcomed the progress made in the dispute settlement reform discussions last year and supported the proposal by the previous General Council Chair to commence consultations on advancing the discussions.

Ten members (China; Canada; Hong Kong, China; Switzerland; Singapore; the European Union; Australia; Norway; Japan; and New Zealand) urged members to consider joining the Multi-Party Interim Appeal Arrangement (MPIA), a contingent measure to safeguard the right to appeal in the absence of a functioning Appellate Body.

Colombia said on behalf of the 130 members that it regretted that, on 84 occasions, members have not been able to launch the selection processes. Ongoing conversations about reform of the dispute settlement system should not prevent the Appellate Body from continuing to operate fully, and, in line with 17.2 of the DSU, members shall comply with their obligation under the Dispute Settlement Understanding to fill the vacancies as they arise, Colombia said on behalf of the group.

Surveillance of implementation

The United States presented status reports with regard to DS184, “United States — Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan”, DS160, “United States — Section 110(5) of US Copyright Act”, DS464, “United States — Anti-Dumping and Countervailing Measures on Large Residential Washers from Korea”, and DS471, “United States — Certain Methodologies and their Application to Anti-Dumping Proceedings Involving China.”

The European Union presented a status report with regard to DS291, “EC — Measures Affecting the Approval and Marketing of Biotech Products.”

Indonesia presented its status reports in DS477 and DS478, “Indonesia — Importation of Horticultural Products, Animals and Animal Products.”

Election of Chairperson

At the end of the meeting, the DSB elected Ambassador Clare Kelly of New Zealand as Chair of the DSB for the coming work year.

Next meeting

The next regular DSB meeting will take place on 24 March.

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MIL OSI Economics –

February 25, 2025
MIL-OSI Europe: Answer to a written question – Excess mortality since 2020 – E-002411/2024(ASW)
Source: European Parliament
Data on excess mortality in EU/European Economic Area (EEA) countries is collected by the EuroMOMO project and by the Eurostat, the Statistical Office of the EU.

The EuroMOMO project is a European mortality monitoring activity based on overall mortality, but not cause-specific, supported by the European Centre for Disease Prevention and Control (ECDC) and the World Health Organisation (WHO), and hosted by Statens Serum Institut, Denmark[1].

The statistical office of the European Union (DG ESTAT) publishes an excess mortality indicator, which is based on data from National Statistical Institutes on weekly deaths on a voluntary basis since April 2020[2].

In the years 2020-2023 the excess deaths rates correlate with the COVID-19 waves and are inversely correlated with vaccination coverage, as highlighted by the WHO[3].

The Commission supports ongoing studies on post-COVID and its link to various disease outcomes, such as heart disease, diabetes, cancers, or neural dysfunctions[4].

The ECDC recommends further immunisation as the most effective measure to protect against severe viral respiratory diseases[5] and scenario modelling has shown that high vaccine uptake at the population level is strongly correlated with reduced disease burden.

[1] https://www.euromomo.eu/

[2] https://ec.europa.eu/eurostat/statistics-explained/index.php?oldid=509982#Recent_data_on_excess_mortality_in_the_EU

[3] https://www.nature.com/articles/s41586-022-05522-2

[4] https://research-and-innovation.ec.europa.eu/research-area/health/coronavirus_en

[5] https://www.ecdc.europa.eu/en/news-events/acute-respiratory-infections-eueea-epidemiological-update-and-current-public-health-0
Last updated: 24 February 2025
MIL OSI Europe News –
February 25, 2025
MIL-OSI United Kingdom: UK steps up life-saving medical support for Ukraine’s Armed Forces
Source: United Kingdom – Executive Government & Departments

Press release

UK steps up life-saving medical support for Ukraine’s Armed Forces

The Ministry of Defence will double its funding for medical and rehabilitation services for Ukraine’s troops
Britain is stepping up support for Ukrainian troops wounded on the frontline, who will receive life-saving medical support and rehabilitation services through the UK’s Project Renovator. The programme, which will see its funding doubled, also includes training for surgeons and rebuilding of a military hospital targeted by Russian bombs.

Project Renovator draws on the UK’s leading defence medical expertise to expand Ukraine’s military rehabilitation and medical services and help troops who suffered life-changing injuries to return to the frontline or help them readjust to civilian life after the conflict ends.

Defence Secretary John Healey MP has today announced a new £20m funding package to step up the programme further – doubling the Government’s funding for the scheme – as the UK’s cast-iron commitment to Ukraine continues three years into the conflict.

The project, which started in October 2023 demonstrates the UK’s international leadership role, taking responsibility for repairing and upgrading a military rehabilitation hospital which was targeted and bombed by Putin’s forces earlier in the conflict. The UK is also encouraging allies to support and grow this work as part of the broader NATO Comprehensive Assistance Package for Ukraine scheme.

From providing life-saving surgery, to issuing advanced prosthetics, physiotherapy, and aftercare, the rehabilitation hospital will be a significant upgrade for Ukraine’s current services, with Ukrainian surgeons, doctors, and nurses being trained by the UK.

The announcement comes on the third anniversary of Putin launching his illegal full-scale invasion, as the Home Office announced new measures to block Russian elites entering the UK. It forms part of this Government’s record support for Ukraine this year – building on £12.8 billion worth of military, humanitarian, and economic support since the beginning of the full-scale invasion.

Defence Secretary, John Healey MP, said:

As we mark three years of this brutal conflict, Putin is still waging a war he thought he would win in three days, because of fierce resistance to the Russian invasion from ordinary Ukrainians – military and civilian alike.

In this critical period, Ukrainians need our support to keep them in the fight and to put their nation in the strongest possible position ahead of any talks. That’s why we are stepping up further our UK leadership and life-saving medical support for brave Ukrainian fighters. Our commitment to them is unshakeable.

I’m proud of the UK’s leadership in supporting Ukraine, both now and in the long-term, and this new investment in Ukraine’s military medical services will harness the UK’s leading expertise to ensure wounded troops are given the best treatment possible.

The work will help address a major challenge posed by the conflict, with the largest casualty figures seen in Europe since the Second World War. The support stands in stark contrast to Russia’s widely-reported poor treatment of Russian casualties and veterans, leading to instances of crime and violence when they return from the frontline.

While a small number of British personnel have been working to deliver the project in Ukraine, nearly 100 Ukrainian surgeons, doctors, and nurses are due to travel to the UK this year to receive further medical training using the latest techniques and equipment.

Around £20m of money from a NATO common fund has been invested in the rehabilitation hospital so far, much of which was provided by the UK. In addition to major structural repairs, improvements have included more than £300k worth of new gym equipment, and £400k worth of prosthetics and associated equipment.

Norway has also announced it is carrying out similar work to repair and improve a similar facility under the same NATO scheme, working closely with the UK. It comes as both nations have committed to deepen military ties, with a new agreement being drawn up following a visit from the Defence Secretary last week.

Defence Medical Services personnel from Project Renovator have been working with the team at the UK’s world-leading equivalent, the Defence Medical Rehabilitation Centre at Stanford Hall, to produce around 50 rehabilitation training videos to support the training of Ukrainian medical staff.

Minister for Veterans and People, Alistair Carns DSO, OBE, MC, said:

The UK Armed Forces are experts in the area of defence medical services and rehabilitation, pioneering the field during the Second World War.

These services are absolutely essential to ensuring veterans get the support they need to go back to their daily lives after being on the frontline, especially if wounded.

The Defence Medical Rehabilitation Centre at Stanford Hall in particular is a world-leading facility, and I am proud that the equipment and the skills of our personnel are being put to good use in supporting Ukraine.

This year, the UK will spend £4.5 billion on military assistance for Ukraine – more than ever before. Supporting Ukraine in the conflict and to secure a peace deal is critical for the security of Europe and the UK, a foundation for the Prime Minister’s Plan for Change. Earlier this month, the Defence Secretary announced a new £150 million firepower package including drones, tanks and air defence systems.

Since July 2024, the Government has provided over £5.26 billion in military aid and financial support to Ukraine, including a £3 billion annual military aid and a £2.26 billion loan for military spending. This includes £300 million for artillery ammunition and £68 million for air defence systems, as well as the new £150 million firepower package for thousands of drones, dozens of battle tanks and armoured vehicles.

The UK Government has supplied over 90,000 rounds of 155mm artillery, 150 artillery barrels, and 10 AS90 self-propelled howitzers. Air defence support includes 17 Gravehawk systems, 1,000 counter-drone electronic warfare systems, and £68 million for radars and counter-drone tech.

The UK has also invested £7.5 million in drone technology and continues training, surpassing 50,000 Ukrainian troops under Operation Interflex. Naval support totals £92 million, providing drones, uncrewed vessels, loitering munitions, and mine countermeasure drones.

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Published 24 February 2025

Invasion of Ukraine

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Find out about the UK’s response
MIL OSI United Kingdom –
February 25, 2025
MIL-OSI Europe: Minister puts emphasis on safeguarding human rights and international system in address to UN Human Rights Council

Source: Government of Iceland

Foreign Minister Þorgerður Katrín Gunnarsdóttir today delivered her address to the 58th session of the United Nations Human Rights Council. In her speech, Foreign Minister Gunnarsdóttir emphasized the need to safeguard the United Nations and the international system established after World War II. That the values that the world’s nations agreed to respect were being severely undermined, and she particularly criticized Russia’s illegal, all-out invasion of Ukraine, on the day when leaders have gathered in Kiev to express support for Ukraine exactly three years after the invasion began.

The Foreign Minister also addressed gender equality, women´s rights and the rights of LGBTQIA+ people in her address to the Human Rights Council, but a strong undercurrent is now working to undermine the achievements that have been made in recent years.

“For me, the starting point is a simple truth: no person should have to live in fear of persecution and violence. This continues to apply if the persecution is based on a person´s sexual orientation or gender identity. And we will not hesitate to stand up on their behalf here in this venue, amplifying the voices of those who fight for their rights. Because we are all born free and equal,” said Þorgerður Katrín.

The 58th session of the Human Rights Council is the first since Iceland became a member of the Council, following elections at the United Nations General Assembly in October. The Foreign Minister noted that eighty years have passed this year since the founding of the United Nations and that it is important to recall the important values that were laid down at the beginning. Of course, the United Nations had not always been able to live up to hopes and expectations. “The Israeli warfare in Gaza for fifteen months following the Hamas terrorist attack on 7 October 2023 is only the latest testament of the failure of our system to address urgent crises. And yet that complex problem now seems more divisive than ever, the talk of removal of people from Gaza being only the latest example of the crossroads we now find ourselves at,” she said, noting further: “There is only one way to meet these challenges. We must redouble our efforts, recommit ourselves to principles laid out in the UN Charter. It may prove difficult. It may require sacrifices – for sure it will require sacrifices since, after all, the world is a different place than it was in 1945, and the United Nations must reflect those changes through reform and renewal.”

During her visit to Geneva, the Minister of Foreign Affairs will also deliver an address on behalf of the Nordic and Baltic countries (NB8) at an event commemorating the third anniversary of Russia’s full-scale invasion of Ukraine today, and will also deliver an address on behalf of the same countries at an event commemorating the 30th anniversary of the Beijing World Conference on Women. She will also meet with Volker Türk, UN High Commissioner for Human Rights, Mirjana Spoljaric Egger, President of the International Committee of the Red Cross, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, and will hold several bilateral ministerial meetings.

An overview of Iceland’s key priorities can be found here and on this website dedicated to Iceland’s membership of the United Nations Human Rights Council.

Iceland joined the UN Human Rights Council on 1 January 2025 along with seventeen other states from all regions of the world. Iceland previously served on the Council for half a term in 2018-2019, filling the seat vacated by the United States in June 2018.

MIL OSI Europe News –

February 25, 2025
MIL-OSI: CoinShares Confirms Zero Exposure to Bybit Exchange

Source: GlobeNewswire (MIL-OSI)

24^th February 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a leading global investment company specialising in digital assets, today confirms that it has no exposure to the Bybit exchange.

ABOUT COINSHARES

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

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

PRESS CONTACT

CoinShares
Benoît Pellevoizin
bpellevoizin@coinshares.com

M Group Strategic Communications
Peter Padovano
press@coinshares.com

The MIL Network –

February 25, 2025
MIL-OSI Global: Africa relies too heavily on foreign aid for health – 4 ways to fix this

Source: The Conversation – Africa – By Francisca Mutapi, Professor in Global Health Infection and Immunity. and co-Director of the Global Health Academy, University of Edinburgh

There’s been a global trend in the reduction of aid to Africa since 2018. Donors are shifting their funding priorities in response to domestic and international agendas. Germany, France and Norway, for instance, have all reduced their aid to Africa in the past five years. And, in 2020, the UK government reduced its Overseas Development Aid from 0.7% of gross national income to 0.5%.

Many health services across the African continent rely heavily on overseas aid to provide essential care. International funding supports everything from vaccines and HIV treatment to maternal health programmes.

Cuts to aid, particularly unilateral ones, can have widespread implications. For instance, about 72 million people missed out on treatment for neglected tropical diseases between 2021 and 2022 due to UK aid cuts.

The freeze of US aid to Africa in January 2025 is the latest in this trend. It’s already having significant and wide-ranging impacts across the African continent. For example, vaccination campaigns for polio eradication and HIV/Aids treatment through the President’s Emergency Plan for AIDS Relief (Pepfar) have been stopped. This puts millions of lives at risk. In South Africa alone, the cut of Pepfar’s US$400 million a year to HIV programmes risks patients defaulting on treatment, infection rates going up and eventually a rise in deaths.

President Donald Trump’s actions have highlighted Africa’s reliance on foreign aid for health funding. I’m a global health expert who sits on various funding and advisory boards, including those of the World Health Organization (WHO), the UK government and boards of global resource mobilisation organisations. I am well aware of the competing funding priorities for international funders and have long advocated for local, sustainable health funding mechanisms.

Long-term strategies to reduce aid dependency are critical. Breaking away from this current funding status requires concerted efforts building on proven best practice.

Read more:
How nonprofits abroad can fill gaps when the US government cuts off foreign aid

Country-leadership and ownership

African countries currently face the unique challenge of simultaneously dealing with high rates of communicable diseases, such as malaria and HIV/Aids, and rising levels of non-communicable diseases, such as cardiovascular diseases and diabetes.

But Africa’s health systems are not sufficiently resourced. They’re not able to provide appropriate, accessible and affordable healthcare to address these challenges.

African governments spend less than 10% of their GDP on health, amounting to capital expenditure of US$4.5 billion. This falls short of the estimated US$26 billion annual investment needed to meet evolving health needs.

Aid goes towards filling this funding gap. For example, in 2021, half of sub-Saharan African countries relied on external financing, such as grants and loans, for more than one-third of their health expenditures.

Foreign aid has helped. But it clearly leaves African countries vulnerable to the political mood swings among funders.

It also leads to loss of self-determination in terms of health priorities as, ultimately, the funder determines the health priorities. This is one reason why many programmes in Africa focus on a single disease, such as HIV. This leads to poorly integrated health services. For instance health workers or services are channelled into managing a single disease.

New, underutilised financing options

The current trajectory of reduced aid to Africa is likely to continue. Global aid is being directed to other challenges, such as conflict and illegal immigration.

The continent cannot continue on the same path while hoping for different outcomes. Africa needs to grow a range of immediately available domestic financing options. Many of these are underutilised and include:

1.) Diversifying domestic resource mobilisation. This should include commodity taxation to fund health. For instance, tobacco taxes which are currently underutilised in Africa.

Zimbabwe offers a successful example. It has bridged donor resource gaps through its 3% Aids levy (started in 1999). Imposed on both individual and corporate incomes, it funds domestic HIV/Aids prevention, care and treatment programmes.

Nigeria’s another country that’s taken initiative, prioritising domestic budget allocation to health. It recently absorbed the 28,000 healthworkers formerly paid by USAid. This demonstrates that domestic health financing in Africa is possible.

2.) More private-public partnerships. Formed between local and international philanthropies or institutions, these can bridge financing gaps.

One successful example is the 2015 health service provision partnership between the Kenyan government and GE Healthcare. GE Healthcare provides radiography equipment and services which the government pays for over time. This allows the government to budget and plan healthcare expenditure over several years.

3.) Promotion of regional integration to boost local production. This will reduce the need for aid-funded imported medical products.

For instance, the African Union’s harmonised Africa Medicines Authority registration facility creates a single continental market for medicines. This supports local producers and exporters, by allowing them to operate on a larger scale. It also makes production and distribution more cost-effective. Finally, it reduces the reliance on imported medicines, strengthening Africa’s pharmaceutical industry.

4.) Leverage development finance institutions. These are specialised financial organisations – such as the Africa Development Bank, African Export-Import Bank and the Development Bank of Southern Africa. They can provide capital and expertise to projects deemed too risky for traditional investors. This includes support for health financing for infrastructure development, private sector development for small and medium-sized enterprises and the regional integration.

One transformative initiative is the AfricInvest investment platform. With support from development finance institutions in the US and Europe, AfricInvest has raised over US$100 million for health investment in Africa. It has funded at least 45 dialysis facilities in Africa, delivering over 130,000 dialysis sessions annually, primarily to remote and underserved communities all at affordable costs.

A combination of these approaches at national, regional and continental level will accelerate Africa’s withdrawal from aid dependency.

Francisca Mutapi receives funding from the Aspen Global Innovation Programme, Scottish Funding Council funding to the University of Edinburgh, Academy of Medical Sciences, British Academy and the Royal Society. Francisca Mutapi is the Deputy Director of the Tackling Infections to Benefit Africa (TIBA) Partnership and Deputy Board Chair of Uniting to Combat NTDS. She sits on the UK Foreign, Commonwealth & Development Office (FCDO) and WHO Africa Regional Director’s Scientific Advisory Groups.

– ref. Africa relies too heavily on foreign aid for health – 4 ways to fix this – https://theconversation.com/africa-relies-too-heavily-on-foreign-aid-for-health-4-ways-to-fix-this-249886

MIL OSI – Global Reports –

February 25, 2025
MIL-OSI Africa: Africa relies too heavily on foreign aid for health – 4 ways to fix this

Source: The Conversation – Africa – By Francisca Mutapi, Professor in Global Health Infection and Immunity. and co-Director of the Global Health Academy, University of Edinburgh

There’s been a global trend in the reduction of aid to Africa since 2018. Donors are shifting their funding priorities in response to domestic and international agendas. Germany, France and Norway, for instance, have all reduced their aid to Africa in the past five years. And, in 2020, the UK government reduced its Overseas Development Aid from 0.7% of gross national income to 0.5%.

Many health services across the African continent rely heavily on overseas aid to provide essential care. International funding supports everything from vaccines and HIV treatment to maternal health programmes.

Cuts to aid, particularly unilateral ones, can have widespread implications. For instance, about 72 million people missed out on treatment for neglected tropical diseases between 2021 and 2022 due to UK aid cuts.

The freeze of US aid to Africa in January 2025 is the latest in this trend. It’s already having significant and wide-ranging impacts across the African continent. For example, vaccination campaigns for polio eradication and HIV/Aids treatment through the President’s Emergency Plan for AIDS Relief (Pepfar) have been stopped. This puts millions of lives at risk. In South Africa alone, the cut of Pepfar’s US$400 million a year to HIV programmes risks patients defaulting on treatment, infection rates going up and eventually a rise in deaths.

President Donald Trump’s actions have highlighted Africa’s reliance on foreign aid for health funding. I’m a global health expert who sits on various funding and advisory boards, including those of the World Health Organization (WHO), the UK government and boards of global resource mobilisation organisations. I am well aware of the competing funding priorities for international funders and have long advocated for local, sustainable health funding mechanisms.

Long-term strategies to reduce aid dependency are critical. Breaking away from this current funding status requires concerted efforts building on proven best practice.

Read more: How nonprofits abroad can fill gaps when the US government cuts off foreign aid

Country-leadership and ownership

African countries currently face the unique challenge of simultaneously dealing with high rates of communicable diseases, such as malaria and HIV/Aids, and rising levels of non-communicable diseases, such as cardiovascular diseases and diabetes.

But Africa’s health systems are not sufficiently resourced. They’re not able to provide appropriate, accessible and affordable healthcare to address these challenges.

African governments spend less than 10% of their GDP on health, amounting to capital expenditure of US$4.5 billion. This falls short of the estimated US$26 billion annual investment needed to meet evolving health needs.

Aid goes towards filling this funding gap. For example, in 2021, half of sub-Saharan African countries relied on external financing, such as grants and loans, for more than one-third of their health expenditures.

Foreign aid has helped. But it clearly leaves African countries vulnerable to the political mood swings among funders.

It also leads to loss of self-determination in terms of health priorities as, ultimately, the funder determines the health priorities. This is one reason why many programmes in Africa focus on a single disease, such as HIV. This leads to poorly integrated health services. For instance health workers or services are channelled into managing a single disease.

New, underutilised financing options

The current trajectory of reduced aid to Africa is likely to continue. Global aid is being directed to other challenges, such as conflict and illegal immigration.

The continent cannot continue on the same path while hoping for different outcomes. Africa needs to grow a range of immediately available domestic financing options. Many of these are underutilised and include:

1.) Diversifying domestic resource mobilisation. This should include commodity taxation to fund health. For instance, tobacco taxes which are currently underutilised in Africa.

Zimbabwe offers a successful example. It has bridged donor resource gaps through its 3% Aids levy (started in 1999). Imposed on both individual and corporate incomes, it funds domestic HIV/Aids prevention, care and treatment programmes.

Nigeria’s another country that’s taken initiative, prioritising domestic budget allocation to health. It recently absorbed the 28,000 healthworkers formerly paid by USAid. This demonstrates that domestic health financing in Africa is possible.

2.) More private-public partnerships. Formed between local and international philanthropies or institutions, these can bridge financing gaps.

One successful example is the 2015 health service provision partnership between the Kenyan government and GE Healthcare. GE Healthcare provides radiography equipment and services which the government pays for over time. This allows the government to budget and plan healthcare expenditure over several years.

3.) Promotion of regional integration to boost local production. This will reduce the need for aid-funded imported medical products.

For instance, the African Union’s harmonised Africa Medicines Authority registration facility creates a single continental market for medicines. This supports local producers and exporters, by allowing them to operate on a larger scale. It also makes production and distribution more cost-effective. Finally, it reduces the reliance on imported medicines, strengthening Africa’s pharmaceutical industry.

4.) Leverage development finance institutions. These are specialised financial organisations – such as the Africa Development Bank, African Export-Import Bank and the Development Bank of Southern Africa. They can provide capital and expertise to projects deemed too risky for traditional investors. This includes support for health financing for infrastructure development, private sector development for small and medium-sized enterprises and the regional integration.

One transformative initiative is the AfricInvest investment platform. With support from development finance institutions in the US and Europe, AfricInvest has raised over US$100 million for health investment in Africa. It has funded at least 45 dialysis facilities in Africa, delivering over 130,000 dialysis sessions annually, primarily to remote and underserved communities all at affordable costs.

A combination of these approaches at national, regional and continental level will accelerate Africa’s withdrawal from aid dependency.

– Africa relies too heavily on foreign aid for health – 4 ways to fix this
– https://theconversation.com/africa-relies-too-heavily-on-foreign-aid-for-health-4-ways-to-fix-this-249886

MIL OSI Africa –

February 25, 2025
MIL-OSI Global: Sustainability ideals are often crushed by corporate demands. Here’s how businesses can let them flourish

Source: The Conversation – UK – By Sanne Frandsen, Associate Professor in Organization, Lund University

Urbanscape/Shutterstock

A “calling” in the context of work might be characterised by a strong sense of purpose and a motivation beyond just being paid at the end of the month. It’s mostly associated with occupations like healthcare workers, teachers or nonprofit staff, for example. We might not immediately think of sustainability managers – employed by companies to reduce their environmental impact – as following a calling in the same sense.

As researchers, however, we have found that sustainability and corporate social responsibility (CSR) managers are also drawn to their work by a calling to serve as agents for social change – even though their roles are corporate ones.

The social aspirations of sustainability managers are key to the success of corporations’ CSR and sustainability work. However, these aspirations often clash with the corporate reality within the organisation.

Our research is based on 57 sustainability managers in international companies in Sweden across various industries and career levels. We found that sustainability managers chose their careers in order to live out their strong socio-environmental ambitions.

Yet keeping that motivation is far from easy. According to sustainability managers themselves, their employers fail to live up to their social aspirations. They are pushed to prioritise corporate goals over social good, and their visions are reduced to compliance only. Their innovative ideas can fade in the struggle to be heard and gain support within the organisation.

We found that as sustainability managers gain more seniority within the corporation, they lose their socio-environmental purpose and instead start to focus on the bottom-line results of sustainability initiatives. This means they become less ambitious with regard to sustainability initiatives – and more concerned with the profit-driven benefits of sustainability.

For example, a senior sustainability manager among our cohort who was employed at a company facing accusations of human rights violations focused more on improving the sustainability report and how she could communicate the idea that “CSR makes sense for business”.

Though sustainability managers in the early stages of their careers are committed to radical change, their voices are seldom heard by the management or their colleagues. They struggle with feelings of social exclusion and meaninglessness, as their aspirations crumble.

This can be emotionally draining and challenging to their identity, ultimately leading them to adopt more commercial aspirations instead. The sustainability managers find they can do little to mobilise the organisation to support their case for doing good.

Shifting to the corporate mindset

During their mid-careers, sustainability managers seemed more able to sell their social aspirations within the corporation. But their calling for social and environmental change becomes “corporatised” and a scaled-back version of their original vision. The shift to a business mindset seems important to get others in the organisation to take them seriously. It’s also important for the sustainability managers themselves, as it increases their sense of belonging within the organisation.

But the initial drive towards societal change begins to dissipate. One sustainability manager explained that they had been “moulded” to think with more of a business mindset. “The first thing is that everything has to have business value,” they said.

As sustainability managers in the later stages of their careers gain more power within their organisation, they also express more pride when they talk about their achievements. These are often linked to increased ranking or branding value – for example featuring on sustainability indices or securing media coverage of the company’s sustainability credentials.

The social motivation for sustainability work, however, is sidelined. Sustainability managers say their work is meaningful and in line with their purpose. But the purpose is now almost exclusively driven more by corporate benefits.

Businesses should take care not to crush the ambitions of early-career sustainability staff in the corporate machine.
Iryna Inshyna/Shutterstock

Are sustainability managers useless, then? Far from it. But our research shows how the very system that hires them to drive change often stifles their social and environmental aspirations.

As such, companies should value and respond to sustainability managers’ social aspirations to ensure that they maintain the spirit, motivation, and passion for change. This, after all, is what lies at the heart of sustainability and CSR work.

Our research underscores a critical point. If corporations want sustainability managers to drive meaningful and lasting change, they must support their calling for social impact. This includes giving them a voice and authority, for example, by including them in the executive team.

Sustainability managers should not be relegated to work only on compliance tasks, but actively encouraged to contribute to the corporate strategy. A culture of openness that welcomes critical perspectives should embrace sustainability managers challenging the status quo. Without this, the drive for greener and more equitable corporate practices risks fading away.

Sanne Frandsen receives funding from Handelsbankens Forskningstiftelser and the Swedish Research Council.

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

– ref. Sustainability ideals are often crushed by corporate demands. Here’s how businesses can let them flourish – https://theconversation.com/sustainability-ideals-are-often-crushed-by-corporate-demands-heres-how-businesses-can-let-them-flourish-249556

MIL OSI – Global Reports –

February 25, 2025
MIL-OSI: Sp Mortgage Bank Plc: Kai Koskela appointed as CEO of the Savings Banks’ Union Coop

Source: GlobeNewswire (MIL-OSI)

Sp Mortgage Bank Plc
Stock Exchange Release
24 February 2025 at 1:00 pm (CET +1)

The Board of Saving Banks’ Union Coop has appointed acting CEO Kai Koskela (BBA, eMBA) as CEO of the Savings Banks’ Union Coop. Kai Koskela has worked at The Savings Banks Group since 2015. He has over thirty years of experience in domestic and international specialist and senior management positions in the finance sector and business development. Appointment takes place immediately.

SP MORTGAGE BANK PLC

Additional information:

Robin Lindahl
Chairman of the Board, Saving Banks’ Union Coop
+358 50 595 9616  

Sp Mortgage Bank Plc is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank is responsible for the Savings Banks Group’s mortgage-secured funding by issuing covered bonds.

The MIL Network –

February 25, 2025
MIL-OSI: Central Bank of Savings Banks Finland Plc: Kai Koskela appointed as CEO of the Savings Banks’ Union Coop

Source: GlobeNewswire (MIL-OSI)

Central Bank of Savings Banks Finland Plc

Stock Exchange Release

24 February 2025 at 1:00 pm (CET +1)

The Board of Saving Banks’ Union Coop has appointed acting CEO Kai Koskela (BBA, eMBA) as CEO of the Savings Banks’ Union Coop. Kai Koskela has worked at The Savings Banks Group since 2015. He has over thirty years of experience in domestic and international specialist and senior management positions in the finance sector and in business development. Appointment takes place immediately.

CENTRAL BANK OF SAVINGS BANKS FINLAND PLC

Additional information:

Robin Lindahl
Chairman of the Board, Saving Banks’ Union Coop
+358 50 595 9616 

Central Bank of Savings Banks Finland Plc is part of the Savings Banks Amalgamation and Savings Banks Group and operates as Group’s central credit institution. Central Bank of Savings Banks’ role is to ensure liquidity and wholesale funding of the Savings Banks Group via operating in the money and capital markets, issue payment cards, and provide payment transfer and account operator services.

The MIL Network –

February 25, 2025
MIL-OSI Europe: Statement by the OSCE Troika to mark the start of the fourth year of Russia’s full-scale war against Ukraine

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

Headline: Statement by the OSCE Troika to mark the start of the fourth year of Russia’s full-scale war against Ukraine

HELSINKI/VALLETTA/BERN, 24 February 2025 – Today, the OSCE Troika – Chairperson-in-Office of the OSCE and Foreign Minister of Finland Elina Valtonen, Deputy Prime Minister and Minister for Foreign Affairs and Tourism of Malta Ian Borg, and Federal Councillor and Head of the Federal Department of Foreign Affairs of Switzerland Ignazio Cassis – made the following statement:
“Today, as we mark the start of the fourth year of Russia’s full-scale war against Ukraine, the OSCE Troika calls on Russia to end its war of aggression, and to respect its commitments under international law, including those enshrined in the UN Charter and, notably, the Helsinki Final Act, as we mark its fiftieth anniversary.
The war must end in a comprehensive, just and lasting peace based on international law and in full respect for Ukraine’s independence, sovereignty and territorial integrity. The OSCE Chairperson-in-Office, Minister for Foreign Affairs of Finland Elina Valtonen, stated: ‘There can be no negotiations on Ukraine without Ukraine. As Ukraine’s future is an intrinsic element of European security, Europe must be included in negotiations. The OSCE is well-equipped to contribute to European security and a just and lasting peace for Ukraine and our continent.’
Defending the Helsinki Principles agreed 50 years ago is more important than ever. Russia’s war of aggression is a grave violation of the Helsinki Principles, most notably the inviolability of frontiers, refraining from the use of force, territorial integrity and respect for the rights inherent in sovereignty. These principles form the bedrock of European security and are the foundation for our work in the OSCE.
As stated by Deputy Prime Minister and Minister for Foreign Affairs and Tourism of Malta Ian Borg: ‘What we do for peace today will help determine whether we live in war tomorrow.’ Only full compliance with the OSCE’s principles and commitments, to which we all fully agreed, can pave the way for a just and lasting peace. Federal Councillor and Head of the Federal Department of Foreign Affairs of Switzerland Ignazio Cassis stressed: ‘We have proven that we can tackle global challenges and find solutions, even when divisions seem stronger than unity.’
In the face of Russia’s war of aggression, supporting Ukraine’s territorial integrity, sovereignty and independence will remain an OSCE priority. We admire the courage and resilience of the Ukrainian people and call on Russia to immediately and unconditionally withdraw its armed forces and military equipment from the entire territory of Ukraine within its internationally recognized borders. We are deeply concerned about the military co-operation between the Democratic People’s Republic of Korea, Iran and Russia as it escalates the war, adds to its global consequences and prolongs the suffering of Ukrainian people.
We will continue to explore ways to expand our work on the return of children forcibly transferred and deported by Russia and the release of civilian detainees. We commend the crucial work of the International Coalition for the Return of Ukrainian Children to strengthen international coordination and action in this regard. We also look forward to the swift implementation of the OSCE Extra-Budgetary project on enhancing co-ordinated and analytical approaches to investigating serious crimes, particularly related to missing children.
We mourn the innocent lives lost as a result of Russia’s war against Ukraine. The suffering of the people in Ukraine must stop. We condemn all actions aimed at inflicting death, devastation, and trauma on civilians in violation of international humanitarian law, including attacks on critical infrastructure and other civilian targets. International humanitarian law and human rights must be strictly respected.
As shown in several reports by the OSCE Moscow Mechanism missions of experts, we highlight the important role of the OSCE in holding accountable those responsible for violations of human rights and international humanitarian law, including the execution and torture of prisoners of war and civilian detainees and the attacks on Ukrainian civilian infrastructure and civilians. We must ensure that there is no impunity for crimes committed in and against Ukraine, including war crimes and the crime of aggression committed against Ukraine. We support the active use of the OSCE tools to ensure accountability and commend ODIHR’s work in promoting accountability by monitoring and documenting human rights violations.
We emphasize the important work of the Chairperson-in-Office’s Special Representative – Project Co-ordinator and the OSCE’s Extra-Budgetary Support Programme for Ukraine (SPU). The SPU is a strong and clear political signal of our continued steadfast support for Ukraine and its people. It demonstrates how we can answer to Ukraine’s needs and priorities created by the war in a creative and efficient way.
In closing, we demand the immediate release of three OSCE officials – Vadym Golda, Maksym Petrov and Dmytro Shabanov – who remain in detention in Donetsk and Luhansk in violation of the principles and commitments made by all the participating States of our Organization.”

MIL OSI Europe News –

February 24, 2025
MIL-OSI: Exosens strengthens its position as a key supplier to Senop for night vision image intensifier tubes highlighting increasing demand for night vision goggles
Source: GlobeNewswire (MIL-OSI)

EXOSENS STRENGTHENS ITS POSITION AS A KEY SUPPLIER TO SENOP FOR NIGHT VISION IMAGE INTENSIFIER TUBES HIGHLIGHTING INCREASING DEMAND FOR NIGHT VISION GOGGLES

PRESS RELEASE
MÉRIGNAC, FRANCE – FEBRUARY, 24^th 2025
- Exosens announces that Senop, a Finnish provider of high-tech optronic solutions including night vision goggles, has placed several significant orders for its Photonis white phosphor 4G intensifier tubes, to be delivered over 2025.
- Third contracts signed with Senop since 2021 confirming Exosens position as the strategic supplier of image intensifier tubes for Baltic and Nordic countries underscoring the potential for material new sales in this area.
- Rising demand for Night Vision goggles driven by increased military budgets and demonstrated criticality of night vision.
- Exosens continue to fully benefit from this increasing demand as the strategic supplier of image intensifier tubes to NATO member states and their allies.
Exosens strengthens its position as a key supplier to Senop for night vision image intensifier tubes

Exosens, announces the signature of new contract with Senop, a Finnish provider of high-tech optronic solutions including night vision goggles (NVGs). Several major orders for Photonis (Exosens’ brand) white phosphor 4G intensifier tubes, have been placed and will be delivered throughout 2025.

This is the third contract with Senop since 2021, after Exosens supplied a first batch of Photonis 4G image intensifiers with white phosphor screens for Senop’s EVA NVGs. A large order followed in 2022, and now, a third contract for the new EVA M development for an undisclosed customer.

The new Senop EVA M is a compact night vision device for dismounted soldiers that enables mobile low-light combat including last features and usability improvements based on findings from user experiences in recent conflicts.

Rising night vision market driven by increased military budgets and demonstrated criticality of night vision in high-intensity warfare

The increase of night vision capabilities has become a strategic priority for many nations due to recent geopolitical challenges, such as the 2022 invasion of Ukraine, which emphasized night vision criticality on the battlefield. The night vision market is fully benefitting from increased defense budgets since 2022, with the European Union seeing an average 6% rise in military spending, and countries like Sweden boosting their budgets by over 30%.

Baltic and Nordic regions are even more exposed to military spending increase given geopolitical context in the region. Many countries are modernizing their defense capabilities, with a specific focus on improving low-light operational capabilities.

Senop as well as other night vision goggles OEM relies on Photonis products to meet this demand quickly and effectively, reinforcing the importance of Exosens fast delivery capabilities. With over 40 years of experience in image intensifier technology, Exosens has established itself as the strategic supplier to NATO member states and their allies.

Exosens: Technology enhancing military performance

With Senop’s high-quality casings and ergonomic designs combined with Exosens’ state-of-the-art night vision technology, the result provides a significant advantage on the battlefield Photonis’ 4G tubes provide exceptional visibility at very low light levels (to Night Level 5) and the compact, lightweight structure of the EVA M makes it ideal for the mobility of soldiers on operations.

“Innovation is at the heart of our strategy,” said Exosens CEO, Jérôme Cerisier, “We are committed to providing armed forces with night vision technologies that not only meet but exceed current operational requirements, ensuring tactical superiority on the battlefield.”

With a constant commitment to innovation and R&D, Exosens continues to anticipate the future needs of armed forces by developing reliable solutions that meet the most stringent MIL-SPEC standards.

Exosens will publish its full-year 2024 results on 3 March 2025, before market opening.

About Exosens

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

For more information: exosens.com.

About Photonis

Photonis is a leading product brand of Exosens, a high-tech company with more than 85 years of experience in the innovation, development, manufacture and sale of high-end electro-optical technologies. Photonis offers its customers photo-detection and low light conditions imaging solutions for extremely demanding environments such as Defense & Security, Nuclear Safety, Life Science and Industrial & Non-Destructive testing. Photonis is internationally recognized as a leading brand.

Media relation

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

Forward-looking statements

Certain information included in this press release are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which Exosens operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from the forward-looking statements included in this press release. These risks include those described in chapter 3 of Exosens’ registration document approved by the French Autorité des marchés financiers under number I.24-0010 on 22 May 2024.

Attachment
- EXOSENS – Press release – SENOP – Final
The MIL Network –
February 24, 2025
MIL-OSI: Globe Telecom, Nokia collaborate on network APIs to provide banks with enhanced security #MWC25
Source: GlobeNewswire (MIL-OSI)

Press release
Globe Telecom, Nokia collaborate on network APIs to provide banks with enhanced security #MWC25
- Globe tests Nokia’s Network Exposure Platform (NEP) to enhance security in financial services.
24 February 2025
Espoo, Finland – Globe Telecom, one of the largest telecommunications operators in the Philippines with over 60 million subscribers, today announced that it is collaborating with Nokia to provide banks and other enterprises with enhanced security through the utilization of network Application Programming Interfaces (APIs).

Globe Telecom, which already uses a host of other Nokia solutions including 5G RAN, is testing Nokia’s Network Exposure Platform in expanding and simplifying the number of APIs available to the operator and its enterprise partners to enable the creation of security-focused applications. APIs provide access to deep functionality and data within networks, allowing application developers to utilize those network capabilities to build new use cases for their customers.

“With cyberattacks on banking services accelerating, it is crucial that we make available the latest network-powered technologies to our enterprise customers and help them safeguard against fraud. We are now at the stage of testing how Nokia’s NEP can support our customers in the banking and enterprise sectors with security verification tools to prevent fraudulent transactions,” said Joel Agustin, Globe’s Head of Service Planning and Engineering.

Nokia Network Exposure Platform (NEP) is an implementation of the GSMA Operator Platform, a standard for a common platform exposing operator capabilities to developers. Globe Telecom and Nokia contribute to GSMA Open Gateway and Linux Foundation CAMARA, both of which are leading the way to harmonize the efforts of operators around the world through the development of standards-based APIs.

Nokia NEP complements and integrates with Nokia’s Network as Code platform with developer portal, which aligns with the GSMA Open Gateway aggregator concept and provides a cloud-based platform to connect and monetize service provider networks with application developers.
Since launching the Network as Code platform in September 2023, Nokia’s ecosystem of Network as Code platform partners has grown to 48 currently and includes BT, Orange, StarHub, Telefonica, and Telecom Argentina. Nokia’s commitment to API monetization extends beyond network-side aggregation and includes hyperscalers like Google Cloud; Communications Platform as a Service (CPaaS) platform providers such as Infobip; large system integrators such as Global Logic; vertical independent software vendors like Elmo; and the world’s largest public API hub through Nokia’s recent acquisition of Rapid.

“We are very pleased to work with Globe Telecom, along with our growing developer community, in the building of new applications that strengthen security for financial service providers in the Philippines. Nokia NEP will help Globe Telecom organize, control, and secure the way its network is integrated into developer ecosystems and platforms, ensuring choice, flexibility, and security in creating new application use cases,” said Shkumbin Hamiti, Head of Network Monetization Platform, Cloud and Network Services at Nokia.

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

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

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

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

Follow us on social media
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The MIL Network –
February 24, 2025
MIL-OSI Global: Sea-level rise: a new method to estimate the probability of different outcomes – including a worst case

Source: The Conversation – France – By Benjamin P. Horton, Director of the Earth Observatory of Singapore, Nanyang Technological University

Here is a depressing fact: over the coming decades, sea-level rise will continue to threaten ecosystems, communities and cities. No matter how quickly we reduce our carbon emissions, our past emissions commit us to ongoing sea-level rise, given the long-drawn-out impact of climate warming on the oceans and ice sheets. Just how bad it gets, however, will depend on our current and future emissions.

Even as we strive for net-zero emissions, we must prepare for devastating possibilities. But decision-makers face a major obstacle: the specific rate and magnitude of future sea-level rise is deeply uncertain. Different methods produce different projections of long-term sea-level rise. The problem of reconciling these different methods and projections has undermined planning to protect people from future sea-level rise.

In a recent paper published in Earth’s Future, we and our colleagues tackle this problem. We propose a new method that combines the complementary strengths of different sea-level projections. We use our method to quantify the uncertainty of future sea-level rise. It allows us to estimate a “very likely” range. “Very likely” means that there is a 9-in-10 chance (90% probability) that future sea-level rise will lie within this range, if our future emissions follow an assumed emissions scenario.

Under a low-emissions scenario that corresponds to approximately 2°C warming above pre-industrial levels, global sea level will “very likely” rise between 0.3 and 1.0 metres by the end of this century. Under a high-emissions scenario that corresponds to approximately 5°C warming, global sea level will “very likely” rise between 0.5 and 1.9 metres. Given that we will likely exceed 2°C warming, preparing for more than a metre of sea-level rise by 2100 is, therefore, necessary.

Adapted from Grandey et al. (2024).
Benjamin P. Horton and Benjamin S. Grandey, CC BY-ND

The challenge of poorly understood processes

Our method builds on and complements the current reference document for many decision-makers: the Intergovernmental Panel on Climate Change’s Sixth Assessment Report IPCC 6AR. For five emissions scenarios, the IPCC published a most-likely “median” projection and a “likely” range. “Likely” means that there is at least a 2-in-3 chance (66% probability) of sea-level rise within this range. The “likely” range may understate the risk of more extreme possibilities, a weakness that can be addressed by a complementary “very likely” range. However, the IPCC did not estimate a “very likely” range because poorly understood ice sheet processes posed a challenge. We address this challenge, to provide decision-makers with more reliable estimates of future possibilities.

Many processes contribute to sea-level rise. Of particular importance are ice sheet processes in Greenland and Antarctica. Some of these ice sheet processes are well understood, but others less so. We have only a poor understanding of processes that could drive abrupt melting of ice, producing rapid sea-level rise.

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We used 1,000 historical photos to reconstruct Antarctic glaciers before a dramatic collapse

Climate models and ice sheet models, such as those used in the IPCC 6AR, are very good at simulating well-understood processes, such as thermal expansion of the ocean. The IPCC used model-based projections to derive a reliable median projection and “likely” range. However, these models often neglect poorly understood processes that could cause the ice sheets to melt much faster than we expect. To complement the models, experts can provide alternative projections based on their understanding of these processes. This is known as expert elicitation. Therefore, the use of models and expert elicitation can provide complementary sea-level projections, but planners have great difficulty deciding when and where to apply the two different approaches.

In our paper, we have developed a novel method to combine the complementary sea-level projections from models and experts. We use our method to quantify the full uncertainty range of future sea-level rise using a probability distribution. This is how we can estimate a “very likely” range and explore the question, “What high-end sea-level rise should we plan for?”

A high-end projection

To make informed judgements, decision-makers often need information about low-likelihood, high-cost possibilities. A high-end projection of sea-level rise is especially useful when planning long-lasting critical infrastructure that is vital for the functioning of society and the economy. A high-end projection can also highlight a catastrophic risk associated with unrestrained carbon dioxide emissions.

We define our high-end projection as the 95th percentile of the probability distribution under the high-emissions scenario. Our high-end projection of global sea-level rise is 1.9 metres by the end of this century.

Our high-end projection complements existing high-end projections of 21st century sea-level rise. The IPCC 6AR included two: 1.6 metres and 2.3 metres. Our projection of 1.9 metres falls between these two values.

In contrast to the IPCC 6AR, we estimate the probability of reaching the high-end projection. If our future emissions follow the high-emissions scenario, we estimate that the probability of reaching 1.9 metres by the end of this century is 5% (1 in 20). Considering that the high-emissions scenario is unlikely, our high-end projection can be interpreted as a worst-case outcome. We also estimate the probability of exceeding 1.0 metres by the end of this century: 16% (about 1 in 6) under the high-emissions scenario, and 4% (1 in 25) under the low-emissions scenario.

Reducing the uncertainty

Through climate science, we have learned much about the Earth’s climate system. However, we still have much more to discover. As our understanding improves, the uncertainty in sea-level rise should reduce. Therefore, the “very likely” range of future sea-level rise should narrow, due to the ongoing research efforts of the climate science community.

In the meantime, we need to identify potential solutions that can reduce coastal flood risk in ways that support the long-term resilience and sustainability of communities and the environment, and reduce the economic costs associated with flood damage. Alongside local adaptation, the best way to mitigate sea-level rise is to slow down climate change by implementing the commitments laid out in the Paris Agreement in 2015.

If we can limit warming to well below 2°C, consistent with the agreement, we estimate that the probability of reaching 1.9 metres by the end of the century shrinks to less than 0.2% (1 in 500). The more the world limits its greenhouse gas emissions, the lower the chance of triggering rapid ice loss from Greenland and Antarctica, and the safer we will be.

This research is supported by the National Research Foundation, Singapore, and National Environment Agency, Singapore under the National Sea Level Programme Funding Initiative (Award No. USS-IF-2020-3) and Ministry of Education, Singapore, under its AcRF Tier 3 Award MOE2019-T3-1-004.

Created in 2007 to help accelerate and share scientific knowledge on key societal issues, the Axa Research Fund has supported nearly 700 projects around the world conducted by researchers in 38 countries. To learn more, visit the website of the Axa Research Fund or follow @AXAResearchFund on X.

Benjamin P. Horton was supported by the Singapore Ministry of Education Academic Research Fund: MOE2019-T3-1-004.

Benjamin S. Grandey’s research is supported by the National Research Foundation, Singapore, and National Environment Agency, Singapore under the National Sea Level Programme Funding Initiative (Award No. USS-IF-2020-3).

– ref. Sea-level rise: a new method to estimate the probability of different outcomes – including a worst case – https://theconversation.com/sea-level-rise-a-new-method-to-estimate-the-probability-of-different-outcomes-including-a-worst-case-250180

MIL OSI – Global Reports –

February 24, 2025
MIL-OSI Global: How to teach hope when democracy is retreating

Source: The Conversation – Canada – By Joel Westheimer, University research chair in democracy and education, L’Université d’Ottawa/University of Ottawa

In the wake of Donald Trump’s reelection, the United States has lurched further toward a democratic crisis.

Institutions once considered stable now feel precarious. The assault on truth — already well underway — has intensified, with political leaders openly flouting constitutional principles, suppressing dissent and dismantling democratic safeguards.

The rhetoric of grievance and retribution has become the soundtrack of public discourse.

The U.S. is not alone. Across the globe, democracy is in retreat. The list of nations such as Hungary, Poland, Brazil and India where autocrats and aspiring autocrats have tried to erode democratic norms is growing. Far-right movements in France, Germany, Finland and elsewhere, bolstered by economic anxieties and digital disinformation, stoke resentment and fear.

Read more:
What does Donald Trump’s win mean for his brand of populist authoritarianism?

People, exhausted by economic precarity and what author, activist and documentarian Astra Taylor calls the deliberate manufacturing of insecurity, are drawn to the false promise of strongman rule. The desire for stability — however undemocratic — threatens to eclipse commitments to liberty and justice.

For educators or civic leaders who teach young people about democracy these are not abstract concerns. Civic educators’ struggles to foster students’ civic engagement and strengthen their commitments to democratic institutions and the growing crisis in democracy makes these efforts even harder.

As a professor of democracy and education, and as an educator, I cannot promise young people that their efforts will always succeed. But I can assure them that whether in the face of victories or defeats, they are walking a powerful and worthwhile path.

The risk of civic despair

One popular approach to strengthening commitments to democracy is to engage students in community projects that address difficult societal challenges.

Some teachers take students to engage in community work that is deeply tied to the curriculum, through approaches known as action civics or service learning.

But when young people take on social action projects — especially those aimed at addressing systemic injustices — the experience can backfire if it leads only to frustration and failure.

Studies have shown that students who participate in civic initiatives that do not produce tangible change often become less likely to engage in civic life in the future.

When efforts to improve conditions in their schools, communities or governments meet bureaucratic obstacles or outright resistance, young people do not always emerge more energized. Instead, many walk away discouraged, cynical and convinced that the system cannot be moved.

This is not to say that teachers, parents or other adult mentors should avoid encouraging activism — far from it. But if educators fail to prepare students for the realities of social change — that it can be slow and difficult — we risk reinforcing exactly the kind of disengagement we seek to combat.

If young people see the struggle for justice only as a series of disappointments, it’s easy to understand why they may turn away.

Redefining hope

To counter this despair, we need to redefine what it means to hope.

We need to cultivate the kind of hope that sustains action despite uncertainty — the kind that fuels long-term struggles for justice, even when victories are slow in coming.

Read more:
6 ways to build resilience and hope into young people’s learning about climate change

Václav Havel, the Czech playwright and political dissident who later became president, wrote that hope is not the same as choosing struggles that are headed for quick success: “Hope … is not the conviction that something will turn out well, but the certainty that something makes sense, regardless of how it turns out.”

This distinction is vital. As I explore in my book about education for democracy, hope is not a guarantee of success, but the insistence that working for justice is meaningful in and of itself. When we work collectively on projects we believe in, we form bonds that are valued and energizing.

Howard Zinn, the late historian and activist, echoed this idea when he urged us to “hold out, even in times of pessimism, the possibility of surprise.”

Being part of something bigger

History is filled with unexpected turns, reversals and moments when change happens against all odds. As German theorist and activist Rosa Luxemburg wrote, before the revolution, everyone says it’s impossible. After, they say it was inevitable.

The singer-songwriter Holly Near expressed this artfully in her anthem to the many social change movements that have existed for as long as there have been things to improve. Change does not always happen at broadband speeds, but knowing one is part of a timeless march toward good goals makes much of what we do worthwhile. In her song “The Great Peace March,” Near sings:

“Believe it or not / as daring as it may seem / it is not an empty dream
To walk in a powerful path / neither the first nor the last / great peace march.”

Social change is about connecting with one another and being part of something larger than ourselves — a “powerful path” that stretches beyond any single moment or movement.

Hope as a practice

So how do we teach hope? How do we equip young people not just to work for change, but to sustain that work over the long haul?

First, we must be honest about setbacks. Too often, we romanticize past movements, presenting them as linear progressions toward justice. We do young people a disservice when we erase the years of struggle, failure and uncertainty that preceded social victories. A more honest history includes moments of despair as well as triumph.

Second, we must frame civic action as an ongoing practice rather than a single event. Students should see their work as part of a continuum.

Finally, we must model hope ourselves. Young people are watching us. If we meet today’s challenges with cynicism and resignation, they will learn that democracy is a lost cause. But if we demonstrate an enduring commitment to engagement and justice, they will see that democracy is not something we inherit; it is something we build.

We can promise young people that to engage in the work of justice is to be part of a legacy that stretches across generations. And that, I believe, is hope worth teaching.

Joel Westheimer receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. How to teach hope when democracy is retreating – https://theconversation.com/how-to-teach-hope-when-democracy-is-retreating-249926

MIL OSI – Global Reports –

February 24, 2025

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	1,317,492	4.75
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	1,317,492	4.75

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