Category: Taxation

MIL-OSI Security: Former Illinois Speaker of the House Michael J. Madigan Convicted on Federal Conspiracy and Bribery Charges

Source: Federal Bureau of Investigation (FBI) State Crime News

CHICAGO — A federal jury in Chicago today convicted former Speaker of the Illinois House of Representatives MICHAEL J. MADIGAN on conspiracy and bribery charges for using his official position to corruptly solicit and receive personal financial rewards for himself and his associates.

Madigan, 82, of Chicago, was convicted on ten counts against him, including one count of conspiracy to commit an offense against the United States, four counts of using interstate facilities to promote unlawful activity, three counts of wire fraud, and two counts of bribery. The jury acquitted Madigan on four counts of using interstate facilities to promote unlawful activity, two bribery counts, and an attempted extortion count. U.S. District Judge John Robert Blakey declared a mistrial on six other counts for which the jury did not reach a unanimous verdict – one count of racketeering conspiracy, two counts of wire fraud, one count of bribery, one count of conspiracy to commit an offense against the United States, and one count of using interstate facilities to promote unlawful activity.

The jury returned its verdicts against Madigan after a four-month trial in U.S. District Court in Chicago. A sentencing hearing has not yet been scheduled. Each wire fraud count is punishable by a maximum sentence of 20 years in federal prison, while each bribery count is punishable by up to ten years. The maximum for conspiracy to commit an offense against the United States and each count of using interstate facilities to promote unlawful activity is five years.

Judge Blakey also declared a mistrial as to all six deadlocked counts against a co-defendant, MICHAEL F. MCCLAIN, 77, of Quincy, Ill. McClain was charged with one count of racketeering conspiracy, two counts of wire fraud, one count of bribery, one count of conspiracy to commit an offense against the United States, and one count of using interstate facilities to promote unlawful activity.

Evidence at trial revealed that Madigan, who served as House Speaker and occupied a number of other political roles, conspired with others to cause the utility company Commonwealth Edison to make monetary payments to Madigan’s associates as a reward for their loyalty to Madigan, in return for performing little or no legitimate work for the business. The true nature of the payments was to influence and reward Madigan in connection with specific legislation ComEd sought in the Illinois General Assembly.

Madigan was also convicted of scheming to accept legal work unlawfully steered to his private law firm and his son by an Alderman of the Chicago City Council, in exchange for Madigan’s assistance in inducing the Governor of Illinois to appoint the Alderman to a compensated State Board position.

The verdicts were announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, and Ramsey E. Covington, Acting Special Agent-in-Charge of the IRS Criminal Investigation Division in Chicago. The government is represented by Assistant U.S. Attorneys Amarjeet S. Bhachu, Diane MacArthur, Sarah E. Streicker, and Julia Schwartz.

MIL Security OSI –

February 14, 2025
MIL-OSI Security: Two East Bay Residents, One Of Whom Was A Bank Teller, Indicted On Charges Of Cashing Stolen U.S. Treasury Checks

Source: Office of United States Attorneys

OAKLAND – A federal grand jury has indicted Franchesca Calagui, 25, and Dondre Gray, 27, with conspiracy to commit bank fraud and bank fraud, and also charged Calagui with receipt of U.S. Treasury check with forged endorsement or signature.

According to the indictment unsealed yesterday, from around May 2022 through March 2023, Calagui and Gray, both of Emeryville, Calif., conspired to obtain stolen U.S. Treasury checks, recruit others to fraudulently endorse or sign the stolen U.S. Treasury checks, and give the checks to Calagui to cash for the defendants’ personal benefit. At the time, Calagui was a part-time associate banker at JP Morgan Chase Bank.

The indictment describes text messages between Gray and Calagui discussing the ongoing scheme in which Gray stated “I definitely don’t wanna scam with chase since you work there,” and Calagui responded “I do not care if u scam us lmao.” Gray allegedly explained how he operated the scheme using runners, individuals who gets paid to enter a bank with a fraudulent check, cash it, and return the proceeds to the person who employed the runner. In all, the defendants are charged with devising and executing a scheme to cash at least 339 stolen U.S. Treasury checks totaling more than $850,000.

Acting United States Attorney Patrick D. Robbins, FBI Acting Special Agent in Charge Dan Costin, Treasury Inspector General for Tax Administration (TIGTA) Acting Special Agent in Charge Brandon Knarr, Special Agent in Charge Tyler Hatcher of the Internal Revenue Service Criminal Investigation (IRS-CI) Los Angeles Field Office, Special Agent in Charge Ryan Korner from the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG), San Francisco Division Inspector in Charge Stephen M. Sherwood of the U.S. Postal Inspection Service (USPIS), Special Agent in Charge Dimitriana Nikolov with the Department of Veterans Affairs Office of Inspector General’s (VA OIG) Northwest Field Office, and Acting Special Agent in Charge Dean Lake of the Social Security Administration Office of the Inspector General (SSA OIG) made the announcement.

Both defendants are charged with one count of conspiracy to commit bank fraud under 18 U.S.C. § 1349 and five counts of bank fraud under 18 U.S.C. §§ 1344(1), (2). Calagui is also charged with five counts of receipt of U.S. Treasury check with forged endorsement or signature under 18 U.S.C. § 510(b). Calagui and Gray were arrested and made their initial appearances in federal district court yesterday. Defendants are next scheduled to appear before U.S. District Judge Yvonne Gonzalez Rogers on April 3, 2025, for a status conference.

An indictment merely alleges that a crime has been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt. If convicted, each defendant faces a maximum sentence of 30 years in prison and a fine of $1,000,000 on each charged count. Any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

Special Assistant United States Attorney Cynthia Johnson is prosecuting this case with the assistance of Amala James. The prosecution is the result of an investigation by the FBI, TIGTA, IRS-CI, FDIC-OIG, USPIS, VA OIG, and SSA OIG.

Franchesca Calagui Indictment

MIL Security OSI –

February 14, 2025
MIL-OSI Security: Haverhill Man Pleads Guilty to Fraudulent Pandemic Unemployment Assistance Claim for Brazilian Resident

Source: Office of United States Attorneys

BOSTON – A Haverhill man has pleaded guilty to making false statements in connection with a Massachusetts Pandemic Unemployment Assistance (PUA) claim he submitted in 2020 on behalf of a man who was living in Brazil at the time, and therefore ineligible to receive PUA benefits.

Julio Roncaly Morais, 42, pleaded guilty to one count of false statements before U.S. District Court Judge Allison D. Burroughs who scheduled sentencing for May 28, 2025. In June 2024, Morias was indicted by a federal grand jury.

Morais filed a Massachusetts PUA claim on June 3, 2020, on behalf of a co-conspirator who was living in Brazil before and after the PUA claim was filed. In the PUA application, Morais certified under penalty of perjury that the co-conspirator was a resident of Massachusetts and was able and available to work in Massachusetts but was unable to due to the pandemic. As a result of this claim, the Massachusetts Department of Unemployment Assistance paid a total of $5,202 in benefits before suspending payments.

The charge of false statements provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

United States Attorney Leah B. Foley; Michael J. Krol, Special Agent in charge for the Homeland Security Investigations New England Field Office; Jonathan Mellone, Special Agent in Charge of the Department of Labor, Office of Inspector General; and Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston made the announcement today. Valuable assistance was provided by the U.S. Citizenship and Immigration Services, Fraud Detection and National Security and the Woburn and Norwood Police Departments. Assistant U.S. Attorneys Kelly Begg Lawrence, James D. Herbert and Samuel R. Feldman of the Criminal Division are prosecuting the case.

MIL Security OSI –

February 14, 2025

MIL-OSI: Trisura Group Reports Fourth Quarter and Record Annual Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the fourth quarter and year ended December 31, 2024.

David Clare, President and CEO of Trisura, stated, “Trisura achieved strong Operating net income of $38.2 million in the quarter, or $0.79 per share, supporting our highest ever annual Operating net income of $135.8 million, driven by growth, strong underwriting, and higher Net investment income. Operating combined ratio of 81.5% for the quarter and 82.9% for the year shows the strength and potential of the combined platform.

Growth, strong earnings, unrealized gains and the impact of foreign exchange lifted book value by 27% to $785 million, an all-time high. Profitability from core operations continued, resulting in a 19.4% Operating ROE.

We made significant progress expanding in 2024. Premiums from our US Surety platform grew by 197% in the year, broadening our footprint and developing relationships with important distribution partners. In US Corporate Insurance we bound our first premium, continued to establish our brand and grow our network while we build out licenses.

We observed weaker performance from a group of US programs we had previously non-renewed. These programs have been included in Exited lines, to clearly demonstrate their impact. Premium growth and profitability continued in our ongoing portfolio of US Programs.

Despite the impact of Exited lines, Trisura achieved an 88.8% Combined ratio for the year, and a 96.7% Combined ratio in the quarter. Net income in Q4 grew by 70.1% to $19.3 million and we reached our highest annual Net income ever of $118.9 million.

Growth initiatives remain well-funded with our highest book value yet and a conservative 11% debt-to-capital underscoring flexibility and capacity for growth.”

Financial Highlights

Insurance revenue increased by 5.2% in Q4 2024 led by strength in Primary lines (Surety, Corporate Insurance and Warranty). Importantly, these are the lines that have the highest underwriting margin.
Net income of $19.3 million in the quarter grew 70.1% compared to Q4 2023 as a result of growth in the business, higher Net investment income, as well as a lower Loss ratio. Operating net income⁽¹⁾ of $38.2 million in the quarter grew 47.6% compared to Q4 2023, as a result of growth in the business, higher Net investment income, as well as a lower Loss ratio.
Operating EPS⁽²⁾ of $0.79 for the quarter increased compared to $0.54 in the prior year, demonstrating the strength of core operations⁽³⁾ through continued growth and profitability. EPS of $0.40 in Q4 2024 was greater than $0.23 in Q4 2023, as a result of growth in the business, higher Net investment income, and improved profitability. EPS in the quarter was impacted by a higher Loss ratio associated with Exited lines.
Book value reached a new record of $785.3 million and book value per share⁽⁴⁾ of $16.44 increased 26.3% from December 31, 2023, the combined result of earnings from Trisura Specialty, investment returns and foreign exchange.
ROE⁽⁴⁾ of 16.9% increased compared to 12.2% in Q4 2023, demonstrating a return to our mid-teens target. Operating ROE⁽⁵⁾ of 19.4% was slightly lower than Q4 2023, as strong profitability from core operations continued, but Shareholders’ equity increased disproportionately from unrealized gains and foreign exchange.

Amounts in C$ millions	Q4 2024	Q4 2023	Variance	2024	2023	Variance
Insurance revenue	794.2	755.0	5.2%	3,118.3	2,789.2	11.8%
Net income	19.3	11.3	70.1%	118.9	66.9	77.6%
Operating net income⁽¹⁾	38.2	25.9	47.6%	135.8	110.2	23.3%
EPS – diluted, $	0.40	0.23	73.9%	2.45	1.42	72.5%
Operating EPS – diluted, $⁽²⁾	0.79	0.54	46.3%	2.80	2.34	19.7%
Book value per share, $⁽⁴⁾	16.44	13.02	26.3%	16.44	13.02	26.3%
Debt-to-Capital ratio⁽⁴⁾	11.1%	10.8%	0.3pts	11.1%	10.8%	0.3pts
ROE⁽⁴⁾	16.9%	12.2%	4.7pts	16.9%	12.2%	4.7pts
Operating ROE⁽⁵⁾	19.4%	20.0%	(0.6pts)	19.4%	20.0%	(0.6pts)
Combined ratio	96.7%	105.4%	(8.7pts)	88.8%	91.2%	(2.4pts)
Operating combined ratio⁽⁶⁾	81.5%	88.1%	(6.6pts)	82.9%	81.9%	1.0pts

Insurance Operations

Insurance revenue of $794.2 million, increased by 5.2% compared to Q4 2023, reflecting stronger growth from Surety and Warranty in particular. Trisura’s Primary lines (Surety, Corporate Insurance and Warranty) grew by 17.7% in the quarter.
The consolidated Operating combined ratio⁽³⁾ was 81.5% for the quarter reflecting a lower Loss ratio⁽³⁾ than the prior year, driven by strong results in Surety and Corporate Insurance, slightly offset by investments in our US expansion.
Strong underwriting contributed to a loss ratio in Trisura Specialty of 12.8%, a ROE of 27.4% and Operating ROE of 24.9% in Q4 2024.

Capital

The Minimum Capital Test ratio⁽⁷⁾ of our regulated Canadian subsidiary was 276% as at December 31, 2024 (251% as at December 31, 2023), which comfortably exceeded regulatory requirements⁽⁸⁾ of 150%.
As at December 31, 2024, the Risk-Based Capital⁽⁹⁾ of the regulated US insurance companies are expected to be in excess of the various company action levels of the states in which they are licensed. Calculations are finalized as statutory returns are completed.
Consolidated debt-to-capital ratio of 11.1% as at December 31, 2024 is below our long-term target of 20.0%.

Investments

Net investment income rose 5.8% in the quarter compared to Q4 2023. The portfolio benefited from increased capital generated from strong operational performance.

Earnings Conference Call

Trisura will host its Fourth Quarter and 2024 Annual Earnings Conference Call to review financial results at 9:00a.m. ET on Friday, February 14th, 2025.

To listen to the call via live audio webcast, please follow the link below:

https://edge.media-server.com/mmc/p/mghkbw3a/

A replay of the call will be available through the link above.

About Trisura Group

Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website. Investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

For more information, please contact:

Name: Bryan Sinclair

Tel: 416 607 2135

Email: bryan.sinclair@trisura.com

Trisura Group Ltd. Consolidated Statements of Financial Position As at December 31, 2024 and December 31, 2023 (in thousands of Canadian dollars, except as otherwise noted)
As at	December 31, 2024	December 31, 2023
Cash and cash equivalents	270,378	604,016
Investments	1,434,534	890,157
Other assets	42,392	53,712
Reinsurance contract assets	2,771,163	2,003,589
Capital assets and intangible assets	29,383	16,657
Deferred tax assets	44,043	16,314
Total assets	4,591,893	3,584,445
Insurance contract liabilities	3,546,053	2,769,951
Other liabilities	162,302	120,065
Loan payable	98,272	75,000
Total liabilities	3,806,627	2,965,016
Shareholders’ equity	785,266	619,429
Total liabilities and shareholders’ equity	4,591,893	3,584,445

Trisura Group Ltd. Consolidated Statements of Comprehensive Income For the three and twelve months ended December 31 (in thousands of Canadian dollars, except as otherwise noted)
	Q4 2024	Q4 2023	2024	2023
Insurance revenue	794,162	754,953	3,118,322	2,789,187
Insurance service expenses	(881,999)	(615,167)	(2,748,110)	(2,245,246)
Net income (expense) from reinsurance contracts assets	101,624	(135,627)	(253,980)	(458,606)
Insurance service result	13,787	4,159	116,232	85,335
Net investment income (loss)	17,138	16,206	67,045	51,669
Net gains (losses) & net credit impairment losses	2,886	9,058	24,699	(8,763)
Total investment income	20,024	25,264	91,744	42,906
Finance expenses from insurance contracts	(7,015)	(27,716)	(78,522)	(75,875)
Finance income from reinsurance contracts	5,908	23,511	67,732	65,759
Net insurance finance expenses	(1,107)	(4,205)	(10,790)	(10,116)
Net financial result	18,917	21,059	80,954	32,790
Net insurance and financial result	32,704	25,218	197,186	118,125
Other income	508	727	7,506	7,654
Other operating expenses	(6,804)	(10,346)	(42,932)	(32,947)
Other finance costs	(947)	(565)	(3,270)	(2,409)
Income before income taxes	25,461	15,034	158,490	90,423
Income tax expense	(6,208)	(3,714)	(39,575)	(23,482)
Net income	19,253	11,320	118,915	66,941
Operating net income	38,181	25,875	135,850	110,201
Other comprehensive income (loss)	17,194	8,452	43,843	6,328
Comprehensive income	36,447	19,772	162,758	73,269

Trisura Group Ltd. Consolidated Statements of Cash Flows For the three and twelve months ended December 31 (in thousands of Canadian dollars, except as otherwise noted)
	Q4 2024	Q4 2023	2024	2023
Net income	19,253	11,320	118,915	66,941
Non-cash items	(3,127)	(11,727)	(20,517)	5,264
Change in working capital	102,620	100,302	68,598	194,038
Realized (gains) losses	(784)	1,769	(2,314)	3,950
Income taxes paid	(16,609)	(1,736)	(42,316)	(9,841)
Interest paid	(984)	(1,115)	(2,640)	(2,439)
Net cash from (used in) operating activities	100,369	98,813	119,726	257,913
Proceeds on disposal of investments	140,380	12,894	342,306	102,492
Purchases of investments	(221,476)	(41,001)	(795,269)	(219,121)
Acquisition of subsidiary	–	–	(15,015)	–
Net purchases of capital and intangible assets	(647)	32	(3,835)	(714)
Net cash (used in) investing activities	(81,743)	(28,075)	(471,813)	(117,343)
Shares issued	–	(63)	2,989	51,507
Shares purchased under Restricted Share Units plan	922	436	(2,215)	(1,409)
Loans received	–	–	46,607	–
Loans repaid	–	–	(23,335)	–
Principal portion of lease payments	(234)	(510)	(2,006)	(2,034)
Net cash from (used in) financing activities	688	(137)	22,040	48,064
Net decrease in cash and cash equivalents, during the period	19,314	70,601	(330,047)	188,634
Cash and cash equivalents, beginning of period	262,850	531,484	604,016	406,368
Currency translation	(11,786)	1,931	(3,591)	9,014
Cash and cash equivalents, end of period	270,378	604,016	270,378	604,016

Non-IFRS Financial Measures and other Financial Measures

Table 1 – Reconciliation of reported Net income to Operating net income⁽⁴⁾: reflect Net income, adjusted for certain items to normalize earnings to core operations in order to reflect our North American specialty operations.

	Q4 2024	Q4 2023	2024	2023
Net income	19,253	11,320	118,915	66,941
Adjustments:
Non-recurring Surety revenues	–	–	–	(4,596)
Impact of certain changes in Fronting reinsurance structures	–	–	1,435	–
Loss from run-off program	–	19,196	3,714	47,229
Non-recurring items	(3,100)	4,549	3,565	4,549
Impact of Exited lines	30,577	–	30,577	–
Impact of SBC	(839)	1,589	3,507	(1,914)
Impact of movement in yield curve within Finance (expenses) income from insurance and reinsurance contracts	(396)	2,071	1,207	723
Net (gains) losses	(2,886)	(9,058)	(24,699)	8,763
Tax impact of above items, and other tax adjustments	(4,428)	(3,792)	(2,371)	(11,494)
Operating net income	38,181	25,875	135,850	110,201

Table 2 – ROE⁽⁴⁾and Operating LTM ROE⁽⁵⁾: a measure of the Company’s use of equity.

	Q4 2024	Q4 2023
LTM net income	118,915	66,941
LTM average equity	702,012	549,672
ROE	16.9%	12.2%
Operating LTM net income⁽¹⁾	135,850	110,201
Operating LTM ROE	19.4%	20.0%

Table 3 – Reconciliation of Average equity⁽¹⁰⁾to LTM average equity: LTM average equity is used in calculating Operating ROE.

	Q4 2024	Q4 2023
Average equity	702,348	556,538
Adjustments: days in quarter proration	(336)	(6,866)
LTM average equity	702,012	549,672

Footnotes

(1) See section on Non-IFRS financial measures table 10.2 in Q4 2024 MD&A for details on composition. Operating net income is a non-IFRS financial measure. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. Details and an explanation of how it provides useful information to an investor can be found in the Q4 2024 MD&A, Section 10, Operating Metrics table.

(2) This is a non-IFRS ratio. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. Details on composition and an explanation of how it provides useful information to an investor can be found in the Q4 2024 MD&A, Section 10, table 10.17.

(3) See Section 10, Operating Metrics in Q4 2024 MD&A for the definition of Operating Net Income, and for further explanation of “core operations”.

(4) This is a supplementary financial measure. Refer to Q4 2024 MD&A, Section 10, Operating Metrics table for its composition.

(5) This is a non-IFRS ratio. See table 10.18 in Q4 2024 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of ratio, and an explanation of how it provides useful information to an investor.

(6) This is a non-IFRS ratio. Refer to Q4 2024 MD&A, Section 10, Operating Metrics table for its composition. Operating combined ratio excludes the impact of certain items to normalize results in order to reflect our Trisura Specialty operations.

(7) This measure is calculated in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test.

(8) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Internal Capital Targets.

(9) This measure is calculated in accordance with the National Association of Insurance Commissioners, Risk Based Capital for Insurers Model Act.

(10) Average equity is calculated as the sum of opening equity and closing equity over the last twelve months, divided by two.

Cautionary Statement Regarding Forward-Looking Statements and Information

Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”, “potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation; risks relating to cyber-security; risks relating to credit ratings; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Cautionary Non-IFRS and Other Financial Measures

Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, our Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as operating net income, are utilized to assess the Company’s overall performance. To arrive at operating results, our Company adjusts for certain items to normalize earnings to core operations, in order to reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include operating diluted earnings per share and operating ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to our Company’s current MD&A, for the three and twelve months ended December 31, 2024. To access MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

The MIL Network –

February 14, 2025

MIL-OSI: Prestige Wealth Inc. Announces First Half of Fiscal Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

HONG KONG, Feb. 13, 2025 (GLOBE NEWSWIRE) — Prestige Wealth Inc. (Nasdaq: PWM) (the “Company” or “Prestige Wealth”), a wealth management and asset management services provider based in Hong Kong, today announced its unaudited financial results for the six months ended March 31, 2024.

Mr. Kazuho Komoda, the Company’s Chief Executive Officer, commented, “Reflecting upon the first half of fiscal year 2024, we made many strategic layouts including exploring the path of using technology method to scale up wealth management business, preparing for expanding business areas and actively seeking talents for business upgrade. Meanwhile, we also maintain stable growth in our existing business and garnered an increase of our total revenues from compared to the same period of fiscal year 2023.”

Mr. Komoda continued, “Benefited from our efforts and status of listed company, we have access to better business resources, advanced technology, and financing capabilities to hedge against negative macroeconomic impacts. In fact, we have also made many significant strategic initiatives in fiscal year 2024, including acquisitions and post IPO financing. This presents us with immense opportunities, and we want to assure our clients and shareholders that we are in prime position to harness these prospects. We will continue to strive to create value for all shareholders.”

First Half of Fiscal Year 2024 Financial Results

	For the Six Months Ended March 31,
	2024		2023		Change		Change
	USD		USD		USD		%
	(Unaudited)		(Unaudited)
Selected Unaudited Interim Condensed Consolidated Statements of Income Data:
Net revenues	497,629		312,964		184,665		59.01
Operation cost and expenses	(1,105,629	)	(311,871	)	793,758		254.51
(Loss) Income from operations	(608,000	)	1,093		(609,093	)	(55,726.72	)
Other income	118,580		3,335		115,245		(3,455.59	)
(Loss) Income before income taxes	(489,420	)	4,428		(493,848	)	(11,152.85	)
Income taxes (expenses) benefits	(14,009	)	21,132		(35,141	)	(166.29	)
Net (loss) income	(503,429	)	25,560		(528,989	)	(2,069.60	)
(Loss) Earnings per ordinary share – basic and diluted	(0.055	)	0.003		(0.058	)	(1,933.33	)

Net Revenues

Net revenues were $497,629 in the six months ended March 31, 2024, compared to $312,964 in the six months ended March 31, 2023. The increase was primarily due to increase in net revenue from asset management services, partially offset by the decrease in net revenue from wealth management services.

Net revenue from wealth management services was $11,685 in the six months ended March 31, 2024, compared to $74,875 in the six months ended March 31, 2023. The decrease was primarily due to the decrease number of cases of referrals.
Net revenue from asset management services was $485,944 in the six months ended March 31, 2024, increased from $238,089 in the six months ended March 31, 2023. The increase was primarily due to the Company provided asset management related advisory services to new client.

Operating Costs and Expenses

Operating costs and expenses are primarily comprised of selling, general and administrative expenses. Selling, general and administrative expenses were $1,105,629 in the six months ended March 31, 2024, compared to $311,871 in the six months ended March 31, 2023. The increase in selling, general and administrative expenses was mainly due to the increases in wages & salaries from senior management, depreciation of right-of-use assets and audit fee.

(Loss) Income from operations

Loss from operations was $608,000 in the six months ended March 31, 2024, compared to an income from operations of $1,093 in the six months ended March 31, 2023.

Income Tax (Expenses) Benefits

Income tax expenses were $14,009 in the six months ended March 31, 2024, compared to an income tax benefit of $21,132 in the six months ended March 31, 2023, primarily because the Company had net taxable profits from one of its subsidiaries.

Net (Loss) Income

Net loss was $503,429 in the six months ended March 31, 2024, compared to a net income of $25,560 in the six months ended March 31, 2023.

Basic and Diluted Earnings per Share

Basic and diluted loss per share was $0.055 in the six months ended March 31, 2024, compared to basic and diluted earnings per share $0.003 in the six months ended March 31, 2023.

Balance Sheet

As of March 31, 2024, the Company had cash and cash equivalents of $294,548, compared to $431,307 as of September 30, 2023.

Cash Flow

Net cash used in operating activities was $2,995,580 in the six months ended March 31, 2024, compared to net cash provided by operating activities of $454,660 in the six months ended March 31, 2023, mainly due to increase in prepayment.

Net cash used in investing activities was $2,862,641 in the six months ended March 31, 2024, compared to net cash provided by investing activities of $1,414,297 in the six months ended March 31, 2023, due to decease in loan and interest repayment from a related party.

Net cash used in financing activities was $nil in the six months ended March 31, 2024, compared to net cash used by investing activities of $545,499 in the six months ended March 31, 2023, due to decease in deferred offering cost.

Recent Accounting Pronouncements

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 is designed to improve the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the CODM. All public entities will be required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023, with early adoption permitted. The Group is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific categories and additional reconciling items that meet quantitative thresholds and expands disclosures for income taxes paid by requiring disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Group is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.

Recent Developments

On November 4, 2024, the Company completed its acquisition of all shares of SPW Global Inc., a company incorporated under the laws of the British Virgin Islands, which in turn wholly owns Wealth AI PTE LTD. or Wealth AI, a company incorporated under the laws of Republic of Singapore. Wealth AI is a company based in Singapore that offers personalized, cost-effective wealth management solutions using artificial intelligence. Founded by AI experts from top technology companies in 2022, Wealth AI is dedicated to the transformative potential of artificial intelligence in wealth management.

On December 16, 2024, the Company completed its acquisition of all shares of InnoSphere Tech Inc. (“InnoSphere Tech”), a company incorporated under the laws of the British Virgin Islands. InnoSphere Tech is a technology company that leverages its advantages in web scraping technology to collect data on finance, wealth management, and related industries according to international standards. Through the accumulation and processing of large amounts of data, its system can train a specialized large model tailored for the wealth management industry, providing robust foundational support to clients in the financial sector that surpasses traditional general-purpose large models.

On December 16, 2024, the Company also completed its acquisition of all shares of Tokyo Bay Management Inc. (“Tokyo Bay”), a company incorporated under the laws of the British Virgin Islands. Tokyo Bay is a company based in Tokyo, Japan. Founded by experienced professionals, the Tokyo Bay team has accumulated extensive premium client resources and local market knowledge over the past years, providing wealth management services, family affairs services, lifestyle management services and related value-added services to high-net-worth clients in Japan.

About Prestige Wealth Inc.

Prestige Wealth Inc. is a wealth management and asset management services provider based in Hong Kong, assisting its clients in identifying and purchasing well-matched wealth management products and global asset management products. With a focus on quality service, the Company has retained a loyal customer base consisting of high-net-worth and ultra-high-net-worth clients in Asia. Through the Company’s wealth management service, it introduces clients to customized wealth management products and provides them with tailored value-added services. The Company provides asset management services via investment funds that it manages and also provides discretionary account management services and asset management-related advisory services to clients. For more information, please visit the Company’s website: http://ir.prestigewm.hk/index.html.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

PRESTIGE WEALTH INC. CONDENSED CONSOLIDATED BALANCE SHEETS
	March 31, 2024			September 30, 2023
	(Unaudited)
CURRENT ASSETS
Cash and cash equivalents	$	294,548		$	431,307
Restricted cash		200,000			200,000
Accounts receivable		350,826			273,257
Contract asset		3,002			91,565
Note Receivables		1,037,199			3,755,794
Amounts due from related parties		1,619,590			1,592,593
Right-of-use assets, current		213,978			213,814
Income tax receivable		45,783			29,279
Prepaid expenses and other assets		2,765,857			66,484
Total current assets		6,530,783			6,654,093

NON-CURRENT ASSETS
Right-of-use asset, non-current	$	42,247		$	140,898
Prepaid expenses and other assets		68,672			68,620
Total non-current assets	$	110,919		$	209,518
Total assets	$	6,641,702		$	6,863,611

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Income tax payable	$	37,345		$	27,648
Lease liability, current		237,535			220,101
Amounts due to related parties		190,844			—
Deferred tax liabilities		11,858			14,415
Other payables and accrued liabilities		435,228			257,906
Total current liabilities	$	912,810		$	520,070

NON-CURRENT LIABILITIES
Lease liability, non-current	$	49,095		$	160,996
Total non-current liabilities	$	49,095		$	160,996
Total liabilities	$	961,905		$	681,066

Shareholders’ equity
Ordinary share ($0.000625 par value, 1,600,000,000 shares authorized, 9,150,000 shares issued and outstanding as of March 31, 2024; $0.000625 par value, 160,000,000 shares authorized, 9,150,000 shares issued and outstanding as of September 30, 2023)*	$	5,719		$	5,719
Additional paid in capital		2,570,664			2,570,664
Retained earnings		3,139,565			3,642,994
Accumulated other comprehensive loss		(36,151	)		(36,832	)
Total shareholders’ equity	$	5,679,797		$	6,182,545
Total liabilities and shareholders’ equity	$	6,641,702		$	6,863,611

* The shares are presented on a retroactive basis to reflect the Company’s share subdivision on July 15, 2022.

PRESTIGE WEALTH INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the six months ended March 31,
	2024			2023
	(Unaudited)			(Unaudited)
Net revenue
Wealth management services
Referral fees	$	11,685		$	74,875

Asset management services
Advisory service fees		459,974			212,486
Management fees		25,970			25,603
Subtotal		485,944			238,089
Total net revenue		497,629			312,964

Gross Margin		497,629			312,964

Operation cost and expenses
Selling, general and administrative expenses		1,105,629			311,871
Total operation cost and expenses		1,105,629			311,871

(Loss) Income from operations		(608,000	)		1,093

Other income		118,580			3,335

(Loss) Income before income taxes		(489,420	)		4,428
Income taxes (expenses) benefits		(14,009	)		21,132

Net (loss) income	$	(503,429	)	$	25,560

Other comprehensive (loss) income
Foreign currency translation adjustment		681			6,016
Total comprehensive (loss) income	$	(502,748	)	$	31,576

(Loss) Earnings per ordinary share
Basic and diluted	$	(0.055	)	$	0.003

Weighted average number of ordinary shares outstanding*
Basic and diluted		9,150,000			8,000,000

The MIL Network –

February 14, 2025

MIL-OSI USA: Attention teens and young people – if you do your taxes, you might get money back

Source: US State of Oregon

ax season is here and there may be good reasons to file a tax return even for people who aren’t required to file, which is the case for many young people.

Young people who work often don’t end up filing a tax return. They may not meet the income threshold requiring them to file a return. Or they be under the misconception that their parents file for them because they are a dependent. Also, they may find tax forms confusing and worry about making a mistake.

In most cases, young people should file a return to report their income and get any excess withholding refunded.

Through an ODHS pilot program last year at seven urban, rural and suburban high schools in Oregon, students met after school and prepared their own tax returns using IRS-approved software. A teacher-facilitator helped them access the software on the IRS website and answered their questions about forms and terms. Students in the pilot received refunds of their state and federal tax withholding between $95 and $1,246.

“The high school pilot really opened our eyes as to the need for this help. Many students didn’t even know they could file. They thought their parents did it for them. And once they logged into the software, they worked through it easily. Some of the refund amounts – over $1000 in several cases – really surprised me,” Meg Reinhold, J.D., ODHS Senior Data and Performance Analyst, Tax Infrastructure Program Coordinator, said. Learn more about the Infrastructure Program below.

No matter how old someone is, finding ways to file a tax return for free is easy. The Oregon Department of Revenue’s website lists many ways to file for free or to get free help: https://www.oregon.gov/dor/programs/individuals/Pages/get-free-tax-help.aspx.

And it isn’t too late to file returns from prior years to get withholding back from those years too. Many software programs now help individuals prepare and file their tax returns from previous years.

Where to get free help filing taxes

The Oregon Department of Human Services Tax Infrastructure Grant Program was created by HB 4117 (2022). The program is funded with $8 million General Fund per biennium. Grants fund culturally relevant and culturally specific organizations, Tribal governments, and rural community organizations to support tax credit education and free tax return preparation for individuals with low incomes. Funding is also used to support and increase the number of certified tax preparers in the state.

MIL OSI USA News –

February 14, 2025

MIL-OSI: Applied Materials Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Revenue $7.17 billion, up 7 percent year over year
GAAP gross margin 48.8 percent and non-GAAP gross margin 48.9 percent
GAAP operating margin 30.4 percent and non-GAAP operating margin 30.6 percent
GAAP EPS $1.45 and non-GAAP EPS $2.38, down 40 percent and up 12 percent year over year, respectively
Generated $925 million in cash from operations and distributed $1.64 billion to shareholders including $1.32 billion in share repurchases and $326 million in dividends

SANTA CLARA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its first quarter ended Jan. 26, 2025.

“The industry drive to accelerate the development of advanced compute and more sophisticated AI is gaining momentum,” said Gary Dickerson, President and CEO. “Applied Materials is enabling the major device architecture inflections critical for energy-efficient AI and our focus on high-velocity co-innovation creates unique collaboration opportunities with our customers and partners, positioning Applied for continued growth and outperformance in the years to come.”

“We delivered strong financial performance in the first fiscal quarter, with record revenue, gross margin expansion and robust shareholder distributions,” said Brice Hill, Senior Vice President and CFO. “ For the second fiscal quarter, we are encouraged by the trends supporting continued customer investments to enable leading-edge technology inflections, while also taking into account export control related headwinds.”

Results Summary

	Q1 FY2025			Q1 FY2024			Change
	(In millions, except per share amounts and percentages)
Net revenue	$	7,166		$	6,707		7%
Gross margin		48.8	%		47.8	%	1.0 point
Operating margin		30.4	%		29.3	%	1.1 points
Net income	$	1,185		$	2,019		(41)%
Diluted earnings per share	$	1.45		$	2.41		(40)%
Non-GAAP Results
Non-GAAP gross margin		48.9	%		47.9	%	1.0 point
Non-GAAP operating margin		30.6	%		29.5	%	1.1 points
Non-GAAP net income	$	1,946		$	1,782		9%
Non-GAAP diluted EPS	$	2.38		$	2.13		12%
Non-GAAP free cash flow	$	544		$	2,096		(74)%

A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section.

Impact of Singapore Tax Incentives

As a result of new tax incentive agreements in Singapore in fiscal 2025, the company recorded a $644 million, or $0.79 per diluted share, income tax expense due to the remeasurement of deferred tax assets in Singapore.

Business Outlook

Applied’s total net revenue, non-GAAP gross margin and non-GAAP diluted EPS for the second quarter of fiscal 2025, including the estimated impact of recently announced U.S. export regulations, are expected to be approximately as follows:

	Q2 FY2025
(In millions, except percentage and per share amounts)
Total net revenue	$	7,100		+/-	$	400
Non-GAAP gross margin		48.4	%
Non-GAAP diluted EPS	$	2.30		+/-	$	0.18

This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share and a gain on asset sale of $0.05 per share, and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.04 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

First Quarter Reportable Segment Information

*Semiconductor Systems*	Q1 FY2025			Q1 FY2024
	(In millions, except percentages)
Net revenue	$	5,356		$	4,909
Foundry, logic and other		68	%		62	%
DRAM		28	%		34	%
Flash memory		4	%		4	%
Operating income	$	1,986		$	1,744
Operating margin		37.1	%		35.5	%
Non-GAAP Results
Non-GAAP operating income	$	1,998		$	1,754
Non-GAAP operating margin		37.3	%		35.7	%

*Applied Global Services*	Q1 FY2025			Q1 FY2024
	(In millions, except percentages)
Net revenue	$	1,594		$	1,476
Operating income	$	447		$	417
Operating margin		28.0	%		28.3	%
Non-GAAP Results
Non-GAAP operating income	$	447		$	417
Non-GAAP operating margin		28.0	%		28.3	%

*Display*	Q1 FY2025			Q1 FY2024
	(In millions, except percentages)
Net revenue	$	183		$	244
Operating income	$	14		$	25
Operating margin		7.7	%		10.2	%
Non-GAAP Results
Non-GAAP operating income	$	14		$	25
Non-GAAP operating margin		7.7	%		10.2	%

*Corporate and Other*	Q1 FY2025			Q1 FY2024
	(In millions)
Unallocated net revenue	$	33		$	78
Unallocated cost of products sold and expenses		(305	)		(297	)
Total	$	(272	)	$	(219	)

Use of Non-GAAP Financial Measures

Applied provides investors with certain non-GAAP financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

Management uses these non-GAAP financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of its performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applied’s ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

Webcast Information

Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast and related slide presentation will be available at https://ir.appliedmaterials.com. A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

Forward-Looking Statements
This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation and cash deployment strategies, our investment and growth strategies, our development of new products and technologies, our business outlook for the second quarter of fiscal 2025 and beyond, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic, political and industry conditions, including changes in interest rates and prices for goods and services; the implementation of additional export regulations and license requirements and their interpretation, and their impact on our ability to export products and provide services to customers and on our results of operations; global trade issues and changes in trade and export license policies and our ability to obtain licenses or authorizations on a timely basis, if at all; imposition of new or increases in tariffs and any retaliatory measures; the effects of geopolitical turmoil or conflicts; demand for semiconductor chips and electronic devices; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; our ability to meet customer demand, and our suppliers’ ability to meet our demand requirements; the concentrated nature of our customer base; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; cybersecurity incidents affecting our information systems or information contained in them, or affecting our operations, suppliers, customers or vendors; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; the effects of regional or global health epidemics; acquisitions, investments and divestitures; changes in income tax laws; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; our ability to ensure compliance with applicable law, rules and regulations and other risks and uncertainties described in our SEC filings, including our recent Forms 10-K and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

About Applied Materials

Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

Investor Relations Contact:
Liz Morali (408) 986-7977
liz_morali@amat.com

Media Contact:
Ricky Gradwohl (408) 235-4676
ricky_gradwohl@amat.com


APPLIED MATERIALS, INC. UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

	Three Months Ended
(In millions, except per share amounts)	January 26, 2025		January 28, 2024
Net revenue	$	7,166	$	6,707
Cost of products sold		3,670		3,503
Gross profit		3,496		3,204
Operating expenses:
Research, development and engineering		859		754
Marketing and selling		206		207
General and administrative		256		276
Total operating expenses		1,321		1,237
Income from operations		2,175		1,967
Interest expense		64		59
Interest and other income (expense), net		8		395
Income before income taxes		2,119		2,303
Provision for income taxes		934		284
Net income	$	1,185	$	2,019
Earnings per share:
Basic	$	1.46	$	2.43
Diluted	$	1.45	$	2.41
Weighted average number of shares:
Basic		814		831
Diluted		819		837


APPLIED MATERIALS, INC. UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions)	January 26, 2025		October 27, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	6,264	$	8,022
Short-term investments		1,949		1,449
Accounts receivable, net		5,998		5,234
Inventories		5,501		5,421
Other current assets		982		1,094
Total current assets		20,694		21,220
Long-term investments		2,686		2,787
Property, plant and equipment, net		3,563		3,339
Goodwill		3,768		3,732
Purchased technology and other intangible assets, net		237		249
Deferred income taxes and other assets		2,390		3,082
Total assets	$	33,338	$	34,409
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	799	$	799
Accounts payable and accrued expenses		4,485		4,820
Contract liabilities		2,452		2,849
Total current liabilities		7,736		8,468
Long-term debt		5,461		5,460
Income taxes payable		684		670
Other liabilities		832		810
Total liabilities		14,713		15,408
Total stockholders’ equity		18,625		19,001
Total liabilities and stockholders’ equity	$	33,338	$	34,409


APPLIED MATERIALS, INC. UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

	Three Months Ended
(In millions)	January 26, 2025			January 28, 2024
Cash flows from operating activities:
Net income	$	1,185		$	2,019
Adjustments required to reconcile net income to cash provided by operating activities:
Depreciation and amortization		105			91
Share-based compensation		195			170
Deferred income taxes		668			(72	)
Other		95			(235	)
Net change in operating assets and liabilities		(1,323	)		352
Cash provided by operating activities		925			2,325
Cash flows from investing activities:
Capital expenditures		(381	)		(229	)
Cash paid for acquisitions, net of cash acquired		(28	)		—
Proceeds from sales and maturities of investments		1,223			531
Purchases of investments		(1,711	)		(749	)
Cash used in investing activities		(897	)		(447	)
Cash flows from financing activities:
Proceeds from issuance of commercial paper		200			100
Repayments of commercial paper		(200	)		(100	)
Common stock repurchases		(1,318	)		(700	)
Tax withholding payments for vested equity awards		(142	)		(192	)
Payments of dividends to stockholders		(326	)		(266	)
Repayments of principal on finance leases		—			1
Cash used in financing activities		(1,786	)		(1,157	)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents		(1,758	)		721
Cash, cash equivalents and restricted cash equivalents—beginning of period		8,113			6,233
Cash, cash equivalents and restricted cash equivalents — end of period	$	6,355		$	6,954

Reconciliation of cash, cash equivalents, and restricted cash equivalents
Cash and cash equivalents	$	6,264		$	6,854
Restricted cash equivalents included in deferred income taxes and other assets		91			100
Total cash, cash equivalents, and restricted cash equivalents	$	6,355		$	6,954

Supplemental cash flow information:
Cash payments for income taxes	$	70		$	139
Cash refunds from income taxes	$	70		$	2
Cash payments for interest	$	52		$	34

Additional Information

	Q1 FY2025			Q1 FY2024
Net Revenue by Geography (In millions)
United States	$	917		$	759
% of Total		13	%		11	%
Europe	$	330		$	410
% of Total		4	%		6	%
Japan	$	540		$	565
% of Total		8	%		9	%
Korea	$	1,667		$	1,231
% of Total		23	%		18	%
Taiwan	$	1,183		$	559
% of Total		17	%		8	%
Southeast Asia	$	286		$	186
% of Total		4	%		3	%
China	$	2,243		$	2,997
% of Total		31	%		45	%

Employees(In thousands)
Regular Full Time		36.0			34.5


APPLIED MATERIALS, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

	Three Months Ended
(In millions, except percentages)	January 26, 2025			January 28, 2024
Non-GAAP Gross Profit
GAAP reported gross profit	$	3,496		$	3,204
Certain items associated with acquisitions¹		7			7
Non-GAAP gross profit	$	3,503		$	3,211
Non-GAAP gross margin		48.9	%		47.9	%
Non-GAAP Operating Income
GAAP reported operating income	$	2,175		$	1,967
Certain items associated with acquisitions¹		12			11
Acquisition integration and deal costs		3			3
Non-GAAP operating income	$	2,190		$	1,981
Non-GAAP operating margin		30.6	%		29.5	%
Non-GAAP Net Income
GAAP reported net income	$	1,185		$	2,019
Certain items associated with acquisitions¹		12			11
Acquisition integration and deal costs		3			3
Realized loss (gain), dividends and impairments on strategic investments, net		(9	)		(1	)
Unrealized loss (gain) on strategic investments, net		106			(280	)
Income tax effect of share-based compensation²		(10	)		(26	)
Income tax effects related to intra-entity intangible asset transfers³		674			22
Resolution of prior years’ income tax filings and other tax items		(16	)		33
Income tax effect of non-GAAP adjustments⁴		1			1
Non-GAAP net income	$	1,946		$	1,782

1	These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.

2	GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.

3	Amount for the three months ended January 26, 2025, included changes to income tax provision of $30 million from amortization of intangibles and a $644 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025.

4	Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.


APPLIED MATERIALS, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

	Three Months Ended
(In millions, except per share amounts)	January 26, 2025			January 28, 2024
Non-GAAP Earnings Per Diluted Share
GAAP reported earnings per diluted share	$	1.45		$	2.41
Certain items associated with acquisitions		0.01			0.01
Realized loss (gain), dividends and impairments on strategic investments, net		(0.01	)		—
Unrealized loss (gain) on strategic investments, net		0.13			(0.33	)
Income tax effect of share-based compensation		(0.01	)		(0.03	)
Income tax effects related to intra-entity intangible asset transfers¹		0.83			0.03
Resolution of prior years’ income tax filings and other tax items		(0.02	)		0.04
Non-GAAP earnings per diluted share	$	2.38		$	2.13
Weighted average number of diluted shares		819			837

1	Amount for the three months ended January 26, 2025, included changes to income tax provision of $0.04 per diluted share from amortization of intangibles and $0.79 per diluted share from a remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025.


APPLIED MATERIALS, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

	Three Months Ended
(In millions, except percentages)	January 26, 2025			January 28, 2024
Semiconductor Systems Non-GAAP Operating Income
GAAP reported operating income	$	1,986		$	1,744
Certain items associated with acquisitions¹		12			10
Non-GAAP operating income	$	1,998		$	1,754
Non-GAAP operating margin		37.3	%		35.7	%
Applied Global Services Non-GAAP Operating Income
GAAP reported operating income	$	447		$	417
Non-GAAP operating income	$	447		$	417
Non-GAAP operating margin		28.0	%		28.3	%
Display Non-GAAP Operating Income
GAAP reported operating income	$	14		$	25
Non-GAAP operating income	$	14		$	25
Non-GAAP operating margin		7.7	%		10.2	%

1	These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.

Note: The reconciliation of GAAP and non-GAAP segment results above does not include certain revenues, costs of products sold and operating expenses that are reported within corporate and other and included in consolidated operating income.


APPLIED MATERIALS, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE

	Three Months Ended
(In millions, except percentages)	January 26, 2025

GAAP provision for income taxes (a)	$	934
Income tax effect of share-based compensation		10
Income tax effects related to intra-entity intangible asset transfers		(674	)
Resolutions of prior years’ income tax filings and other tax items		16
Income tax effect of non-GAAP adjustments		(1	)
Non-GAAP provision for income taxes (b)	$	285

GAAP income before income taxes (c)	$	2,119
Certain items associated with acquisitions		12
Acquisition integration and deal costs		3
Realized loss (gain), dividends and impairments on strategic investments, net		(9	)
Unrealized loss (gain) on strategic investments, net		106
Non-GAAP income before income taxes (d)	$	2,231

GAAP effective income tax rate (a/c)		44.1	%

Non-GAAP effective income tax rate (b/d)		12.8	%


UNAUDITED RECONCILIATION OF NON-GAAP FREE CASH FLOW

	Three Months Ended
(In millions)	January 26, 2025			January 28, 2024
Cash provided by operating activities	$	925		$	2,325
Capital expenditures		(381	)		(229	)
Non-GAAP free cash flow	$	544		$	2,096

The MIL Network –

February 14, 2025

MIL-OSI: iPower Reports Fiscal Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Fiscal Q2 Revenue up 14% to $19.1 Million

Achieves GAAP Profitability and Positive Cash Flow from Operations

RANCHO CUCAMONGA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, today announced its financial results for the fiscal second quarter ended December 31, 2024.

Fiscal Q2 2025 Results vs. Year-Ago Quarter

Total revenue increased 14% to $19.1 million.
Gross profit increased 15% to $8.4 million, with gross margin up 40 bps to 44.0%.
Net income attributable to iPower improved to $0.2 million or $0.01 per share, compared to net loss attributable to iPower of $1.9 million or $(0.06) per share.
As of December 31, 2024, total debt was reduced by 31% to $4.4 million compared to $6.3 million as of June 30, 2024.

Management Commentary

“We delivered strong results across all key financial metrics in our fiscal second quarter while further enhancing our SuperSuite platform,” said Lawrence Tan, CEO of iPower. “Throughout the quarter, we continued to optimize operations and strengthen our presence across both our established and emerging sales channels. We also remain focused on supply chain diversification by exploring new supplier relationships beyond our existing network, reinforcing our commitment to building a more resilient and adaptable infrastructure.”

“Our SuperSuite platform is gaining further momentum as we leverage our superior supply chain, warehousing and merchandising expertise to drive sales growth for partners with innovative product catalogs. Additionally, we are making steady progress with our recently launched SaaS platform, refining its capabilities to improve supplier collaboration, streamline operations, and better align partners with evolving market demands. With a strong pipeline of prospective partners, we are well-positioned to capitalize on the growing demand for SuperSuite as we bolster our comprehensive service offerings.”

iPower CFO, Kevin Vassily, added, “Our ongoing efforts to optimize our cost structure have delivered meaningful results as we continue to drive gross margin expansion and operating leverage in our business. We have also officially shuttered our legacy commercial hydroponics business, as we are now focused on our core competency as a data-driven, consumer products and services company. We believe these initiatives, coupled with our accelerating growth in our SuperSuite business, will enable us to execute on our goals ahead.”

Fiscal Second Quarter 2025 Financial Results

Total revenue in the fiscal second quarter of 2025 increased 14% to $19.1 million compared to $16.8 million for the same period in fiscal 2024. The increase was driven primarily by growth in iPower’s SuperSuite supply chain offerings, as well as greater product sales to the Company’s largest channel partner.

Gross profit in the fiscal second quarter of 2025 increased 15% to $8.4 million compared to $7.3 million in the same quarter in fiscal 2024. As a percentage of revenue, gross margin increased 40 basis points to 44.0% compared to 43.6% in the year-ago period. The increase in gross margin was primarily driven by improved pricing through key supplier negotiations.

Total operating expenses in the fiscal second quarter of 2025 improved 22% to $7.7 million compared to $9.9 million for the same period in fiscal 2024. The decrease in operating expenses was driven primarily by lower selling and fulfillment expenses related to the Company’s largest channel partner.

Net income attributable to iPower in the fiscal second quarter of 2025 improved to $0.2 million or $0.01 per share, compared to net loss attributable to iPower of $1.9 million or $(0.06) per share for the same period in fiscal 2024.

Cash and cash equivalents were $2.9 million at December 31, 2024, compared to $7.4 million at June 30, 2024. As a result of the Company’s debt paydown, total debt was reduced by 31% to $4.4 million compared to $6.3 million as of June 30, 2024.

Conference Call

The Company will hold a conference call today, February 13, 2025, at 4:30 p.m. Eastern Time to discuss its results for the fiscal second quarter ended December 31, 2024.

iPower’s management will host the conference call, which will be followed by a question-and-answer session.

The conference call details are as follows:

Date: Thursday, February 13, 2025
Time: 4:30 p.m. Eastern time
Dial-in registration link: here
Live webcast registration link: here

Please dial into the conference call 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact the Company’s investor relations team at IPW@elevate-ir.com.

The conference call will also be broadcast live and available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.

About iPower Inc.

iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower’s capabilities include a full spectrum of online channels, robust fulfillment capacity, a nationwide network of warehouses, competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower’s website at www.meetipower.com.

Forward-Looking Statements

All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although iPower believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and iPower cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results and performance in iPower’s Annual Report on Form 10-K, as filed with the SEC on September 20, 2024, and in its other SEC filings, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
IPW@elevate-ir.com

iPower Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
As of December 31, 2024 and June 30, 2024

				December 31,			June 30,
				2024			2024
				(Unaudited)
ASSETS
Current assets
	Cash and cash equivalent			$	2,877,457		$	7,377,837
	Accounts receivable, net				13,926,432			14,740,093
	Inventories, net				9,183,631			10,546,273
	Prepayments and other current assets, net				2,292,744			2,346,534
			Total current assets		28,280,264			35,010,737

Non-current assets
	Right of use – non-current				4,757,429			6,124,163
	Property and equipment, net				303,059			370,887
	Deferred tax assets, net				3,001,517			2,445,605
	Goodwill				3,034,110			3,034,110
	Intangible assets, net				3,306,014			3,630,700
	Other non-current assets				1,187,179			679,655
			Total non-current assets		15,589,308			16,285,120

			Total assets	$	43,869,572		$	51,295,857

LIABILITIES AND EQUITY
Current liabilities
	Accounts payable, net				8,853,320			11,227,116
	Other payables and accrued liabilities				3,491,596			3,885,487
	Lease liability – current				1,540,624			2,039,301
	Short-term loan payable				–			491,214
	Short-term loan payable – related party				350,000			350,000
	Revolving loan payable, net				–			5,500,739
	Income taxes payable				274,947			276,158
			Total current liabilities		14,510,487			23,770,015

Non-current liabilities
	Long-term revolving loan payable, net				4,042,400			–
	Lease liability – non-current				3,612,756			4,509,809

			Total non-current liabilities		7,655,156			4,509,809

			Total liabilities		22,165,643			28,279,824

Commitments and contingency					–			–

Stockholders’ Equity
	Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and
		outstanding at December 31, 2024 and June 30, 2024			–			–
	Common stock, $0.001 par value; 180,000,000 shares authorized; 31,359,899 and
		31,359,899 shares issued and outstanding at December 31, 2024 and June 30, 2024			31,361			31,361
	Additional paid in capital				33,867,156			33,463,883
	Accumulated deficits				(12,041,063	)		(10,230,601	)
	Non-controlling interest				(44,195	)		(38,204	)
	Accumulated other comprehensive loss				(109,330	)		(210,406	)
			Total stockholders’ equity		21,703,929			23,016,033

			Total liabilities and stockholders’ equity	$	43,869,572		$	51,295,857

iPower Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
For the Three and Six Months Ended December 31, 2024 and 2023

			For the Three Months Ended December 31,						For the Six Months Ended December 31,
			2024			2023			2024			2023
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
REVENUES
	Product sales		$	17,606,889		$	16,800,122		$	35,882,301		$	43,308,496
	Service income			1,465,682			–			2,198,791			–
		Total revenues		19,072,571			16,800,122			38,081,092			43,308,496

COST OF REVENUES
	Product costs			9,461,119			9,481,882			19,378,567			24,231,411
	Service costs			1,221,566			–			1,824,742			–
		Total cost of revenues		10,682,685			9,481,882			21,203,309			24,231,411

GROSS PROFIT				8,389,886			7,318,240			16,877,783			19,077,085

OPERATING EXPENSES:
	Selling and fulfillment			4,628,914			6,936,980			10,543,722			17,000,451
	General and administrative			3,077,365			2,933,607			8,396,888			5,897,658
		Total operating expenses		7,706,279			9,870,587			18,940,610			22,898,109

INCOME (LOSS) FROM OPERATIONS				683,607			(2,552,347	)		(2,062,827	)		(3,821,024	)

OTHER INCOME (EXPENSE)
	Interest expenses			(140,672	)		(182,612	)		(280,634	)		(410,977	)
	Loss on equity method investment			(802	)		(801	)		(1,721	)		(1,826	)
	Other non-operating income (expenses)			(205,958	)		128,838			12,728			61,672
		Total other expenses, net		(347,432	)		(54,575	)		(269,627	)		(351,131	)

INCOME (LOSS) BEFORE INCOME TAXES				336,175			(2,606,922	)		(2,332,454	)		(4,172,155	)

PROVISION FOR INCOME TAX EXPENSE (BENEFIT)				120,511			(688,939	)		(516,001	)		(964,821	)
NET INCOME (LOSS)				215,664			(1,917,983	)		(1,816,453	)		(3,207,334	)

	Non-controlling interest			(3,155	)		(3,155	)		(5,991	)		(5,991	)

NET INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.			$	218,819		$	(1,914,828	)	$	(1,810,462	)	$	(3,201,343	)

OTHER COMPREHENSIVE INCOME (LOSS)
	Foreign currency translation adjustments			156,130			(160,255	)		101,076			(160,962	)

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.			$	374,949		$	(2,075,083	)	$	(1,709,386	)	$	(3,362,305	)

WEIGHTED AVERAGE NUMBER OF COMMON STOCK
	Basic			31,437,517			29,790,242			31,427,360			29,777,378

	Diluted			31,437,517			29,790,242			31,427,360			29,777,378

EARNINGS (LOSSES) PER SHARE
	Basic		$	0.01		$	(0.06	)	$	(0.06	)	$	(0.11	)

	Diluted		$	0.01		$	(0.06	)	$	(0.06	)	$	(0.11	)

The MIL Network –

February 14, 2025

MIL-OSI USA: Atención adolescentes y jóvenes – si presentan sus impuestos, podrían recibir dinero
Source: US State of Oregon

a llegado la época de impuestos y hay muchas buenas razones para presentar una declaración de impuestos, incluso para las personas que no están obligadas a hacerlo, que es el caso para muchos jóvenes.

A menudo, los jóvenes que trabajan no presentan una declaración de impuestos. Puede que no cumplan con el límite de ingresos que se requiere para que presenten una declaración. O pueden tener la idea equivocada de que sus padres la presentan por ellos porque son sus dependientes. Además es posible que los documentos de impuestos sean confusos para ellos y se preocupen por cometer un error.

En la mayoría de los casos, los jóvenes deben presentar su declaración para reportar sus ingresos y recibir el dinero que les retuvieron de más.

A través de un programa piloto del Departamento de Servicios Humanos de Oregon (ODHS por sus siglas en inglés) que se llevó a cabo el año pasado en siete escuelas secundarias urbanas, rurales y suburbanas en Oregon, los estudiantes se reunieron después de la escuela y prepararon sus propias declaraciones de impuestos usando software aprobado por el Servicio de Impuestos Internos (IRS por sus siglas en inglés). Un maestro – facilitador les ayudó a acceder al software en el sitio web del IRS y respondió sus preguntas sobre formularios y términos. Los estudiantes en el programa piloto recibieron reembolsos de las retenciones de impuestos estatales y federales entre $95 y $1,246.

“El programa piloto realmente nos hizo comprender lo necesaria que es esta ayuda. Muchos estudiantes ni siquiera sabían que podían presentar su declaración. Creían que sus padres lo hacían por ellos. Y en cuanto iniciaron sesión en el software, se les hizo muy fácil usarlo. Algunas cantidades de los reembolsos, más de $1,000 en varios casos, realmente me sorprendieron,” dijo Meg Reinhold, J.D., Analista Senior de Datos y Rendimiento y Coordinadora del Programa de Infraestructura Fiscal de ODHS. A continuación, obtenga más información sobre el Programa de Infraestructura.

Sin importar su edad, encontrar las maneras de presentar su declaración de impuestos gratis es fácil. El sitio web del Departamento de Ingresos de Oregon tiene una lista de las formas de presentar su declaración gratis o para obtener ayuda gratis: https://www.oregon.gov/dor/programs/individuals/Pages/get-free-tax-help.aspx.

Y aún no es demasiado tarde para presentar las declaraciones de años anteriores para que les devuelvan las retenciones de esos años también. Hoy en día muchos programas de software ayudan a las personas a preparar y presentar sus declaraciones de impuestos de años pasados.

Dónde obtener ayuda gratis para presentar su declaración de impuestos
- 211Info: Llame al 2-1-1 o envíe un correo electrónico a help@211info.org para obtener una lista de ayuda gratis para presentar su declaración de impuestos.
- CASH Oregon: info@Cashoregon.org; 503-243-7765; Portland, Beaverton, Gresham
- Immigrant and Refugee Community Organization (IRCO); TAX@irco.org; 971-427-3993; Portland, Ontario
- Centro de Servicios Para Campesinos; debbiec@Centrodspc.org; 503-982-0243; Woodburn
- Universidad Estatal de Oregon (Oregon State University); vita@oregonstate.edu; 541-737-3371; Corvallis, Bend
- Universidad del Oeste de Oregon (Western Oregon University); wouvita@wou.edu; 503-751-4132; Monmouth, Independence
- Latino Community Association; info@latinocommunityassociation.org; 541-382-4366; Bend, Redmond
- Moneywise Oregon; dan@moneywiseoregon.org; 541-670-5054; Coos Bay, Roseburg
El Programa de Ayuda Económica de Infraestructura Fiscal se creó a través del Proyecto de Ley de la Cámara (House Bill, HB por sus siglas en inglés) 4117 (2022). El programa se financia con un Fondo General de 8 millones de dólares. Las ayudas económicas financian a las organizaciones relevantes y culturalmente específicas, los gobiernos tribales, y las organizaciones comunitarias rurales para apoyar a la educación sobre créditos fiscales y la preparación gratuita de declaraciones de impuestos para las personas con ingresos bajos. El financiamiento también se usa para apoyar y aumentar la cantidad de preparadores certificados de impuestos en el estado.

MIL OSI USA News –
February 14, 2025
MIL-OSI Economics: New device protection plan from Total Wireless ensures peace of mind
Source: Verizon

Headline: New device protection plan from Total Wireless ensures peace of mind

NEW YORK – Total Wireless, a fast-growing, no-contract wireless provider powered by the Verizon 5G network, announced today the launch of Total Wireless Protect for new and existing customers. The brand’s new device protection plan provided by Assurant gives customers the ability to protect their device for only $5 per month per device, with benefits including:
- Hassle-free service: 24/7 online claim filing, and next-business-day delivery (when available), at no extra cost.
- Post-warranty coverage: Unlimited mechanical breakdown claims, even after your device manufacturer’s warranty expires.
- Front screen & back glass repairs: For only $29 each (plus applicable taxes). Up to two per 12 rolling months at an Assurant-authorized repair center*.
- Speedy device replacement: Up to two per rolling 12 months for all other accidental damage claims. Service fee will apply based on device tier**.
Total Wireless Protect ensures customers are covered by providing an affordable replacement or repair for eligible devices against accidents such as drops, mechanical breakdowns or malfunctions after the manufacturer’s warranty expires, offering customers a greater confidence when purchasing their devices.

“Total Wireless stands out among no-contract carriers by offering an affordable device protection program to all customers with eligible devices,” said David Kim, Chief Revenue Officer of Verizon Value organization. “This plan provides peace of mind to our customers and ensures that they can stay connected without worrying about unexpected repair costs. Our goal is to deliver exceptional value and convenience, making it easier for everyone to enjoy the benefits of a protected device.”

Customers can also access fast repair and replacement of their devices when they need it most, with next-business-day delivery at no additional cost. Assurant’s seamless, hassle-free claim filing process and convenient 24/7 online claim filing is available at fastclaim.com/totalwireless.

”From the moment of purchase, Assurant helps customers get the most from their devices. With rapid replacement, access to more than 900 Assurant Authorized Repair Centers nationwide, and most repairs taking less than one-hour, Total Wireless customers are assured they can stay connected,” said Jeff Unterreiner, president of U.S. Connected Living, Assurant. “Working in close collaboration with our partners at Total Wireless, we’ve developed a plan that offers the protection they need at the best value.”

Total Wireless features a broad lineup of devices, generous benefits and no-contract service plans for both single line accounts and families that are all powered by Verizon’s award-winning networks. Total Wireless Protect is now available both at Total Wireless stores and online. For more information, visit a Total Wireless store near you or totalwireless.com.

About Total Wireless

Total Wireless is a fast-growing, no-contract wireless provider covered by the Verizon 5G network, with over 1,000 exclusive stores across the country, and counting. On a mission to raise the bar in prepaid wireless, Total Wireless disrupts the status quo by offering more value than any other no-contract provider. Total Wireless offers plans with unlimited data and access to Verizon’s 5G Ultra-Wideband network, prices guaranteed for five years (taxes and fees included), select free 5G phones with qualifying purchase plans, and more.

Total Wireless is part of the Verizon Value portfolio of prepaid brands, which includes Straight Talk, Visible, Tracfone, Simple Mobile, SafeLink, Walmart Family Mobile, and Verizon Prepaid. Verizon Communications Inc. (NYSE, Nasdaq: VZ) is one of the world’s leading providers of technology, communications, information and entertainment products and services.

For more information on Total Wireless, visit one of its exclusive storefronts across the country, or check out Totalwireless.com.

About Assurant

* Limited to certain smartphone models. See fastclaim.com/totalwireless for additional details. A $29 service fee applies per repair. This applies when and where repair service is available. Otherwise, a replacement is available under Accidental Damage (All Other) for a $29 to $349 service fee depending on your device tier. This service contract renews month to month until canceled by you or us.

** Device replacement will be a new or refurbished product of like kind and quality

The Service Contract Provider is Federal Warranty Service Corporation in all states except in California, where the Provider is Sureway, Inc.; in Florida, where the Provider is United Service Protection, Inc.; and in Oklahoma, where the Provider is Assurant Service Protection, Inc. The address and phone number of each Provider is P.O. Box 105689, Atlanta, GA 30348-5689, 1-833-456-0146.
MIL OSI Economics –
February 14, 2025
MIL-OSI USA: Cassidy, Booker Introduce Legislation to Combat Skyrocketing Flood Insurance Premiums, Give Americans Relief

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Cory Booker (D-NJ) introduced the Flood Insurance Affordability Tax Credit Act to give low- and middle-income households enrolled in the National Flood Insurance Program (NFIP) a 33 percent refundable tax credit to combat rising flood insurance premiums. FEMA’s risk assessment program, Risk Rating 2.0, has caused flood insurance premiums to skyrocket, leaving many Americans vulnerable, including thousands of Louisianans who have been forced to drop their policies.
“While we work to fix the broken National Flood Insurance Program, this tax credit provides relief to current policyholders struggling with skyrocketing premiums. It also provides a path for others to re-enroll in the program,” said Dr. Cassidy. “We must give Americans the ability to protect their families and homes.”
“Flood insurance is a critical safety net for families, but costs are going up and it’s harder and harder to afford,” said Senator Booker. “This bipartisan legislation will provide much needed relief by offering a tax credit to help people across the nation, particularly in New Jersey, who are struggling to keep up with rising flood insurance premiums. Protecting your family and your home shouldn’t be a luxury, and this bill is an important step toward making flood insurance more affordable for all Americans.”
The Flood Insurance Affordability Tax Credit Act will also direct the U.S. Treasury Secretary to establish a program where premiums can be paid in advance on behalf of taxpayers when premiums are due, benefitting families when they need it most.
Background
In 2024, Cassidy has delivered a series of speeches on the U.S. Senate floor calling for action on NFIP. Most recently, he highlighted the need for the Flood Insurance Affordability Tax Credit on the Senate floor.
In October 2024, Cassidy released a report outlining the current state of the NFIP and the issues that have led to skyrocketing premiums for millions of homeowners.
In January 2024, the U.S. Senate Banking Committee held a hearing on NFIP at the request of Cassidy. The hearing highlighted the urgent need for Congress to act and featured a Louisiana witness. Cassidy also participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance before introducing the bill to hear from community leaders and advocates on the issue.
Cassidy traveled St. Bernard Parish in 2023 to talk with residents about their flood insurance premiums, recording the second episode of his series Bill on the Hill.

MIL OSI USA News –

February 14, 2025
MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Praise Sri Lanka’s Action Plan on Women, Peace and Security, Ask about Legislation on Child Marriage and Domestic Violence

Source: United Nations – Geneva

The Committee on the Elimination of Discrimination against Women today concluded its consideration of the ninth periodic report of Sri Lanka, with Committee Experts praising the State’s national action plan on women, peace and security, and raising questions about the Muslim Marriage and Divorce Act, which permitted child marriage, and domestic violence.

One Committee Expert said the national action plan on women, peace and security was a positive step in addressing the needs of women in conflict. Were there plans to conduct a mid-term assessment of the plan?

Yamila González Ferrer, Committee Expert and Country Rapporteur for Sri Lanka, said that the Muslim Marriage and Divorce Act was amended in 2022, but there were still concerns about elements of the law. Were there plans to further amend the law, including to ban child marriage?

Another Committee Expert said at least one in five women in Sri Lanka had experienced violence from an intimate partner, and many did not report it. What was the timeline for adopting proposed amendments to the Prevention of Domestic Violence Act? What protections were provided to women victims of violence?

Introducing the report, Saroja Savitri Paulraj, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said the Sri Lankan Government was committed to upholding the rights of women and girls and advancing gender equality. This review held particular significance, as it was the country’s first engagement with an international human rights treaty body since the presidential and parliamentary elections of 2024.

Ms. Paulraj said Sri Lanka’s first national action plan for women, peace and security for 2023 to 2027 had been launched. The Government was committed to realising the full promise of the women, peace and security agenda. The delegation added that the action plan addressed displacement, and women’s protection, security and participation in peacebuilding. The State party was planning to conduct a review of the implementation of the action plan.

On the Muslim Marriage and Divorce Act, the delegation said the Government had conducted consultations regarding its amendment. It was trying to strike a balance between women’s and children’s rights and cultural rights. Ms. Paulraj added that the Women’s Parliamentary Caucus had suggested setting a minimum age for marriage and establishing a multi sectoral committee to address this issue.

On domestic violence, the delegation said the Prevention of Domestic Violence Act had been amended; the amended Act would come into force this year. The Assistance to Victims Act underlined the rights of victims to be treated with respect and privacy, and to request legal, medical and psychosocial assistance. A toll-free hotline operated by female officers was available for reporting domestic violence.

In closing remarks, Ms. Paulraj said the Sri Lankan Government had undertaken significant efforts to strengthen women’s empowerment. It was fully committed to addressing the issues that women faced in the State and would continue to engage with the Committee constructively.

In her concluding remarks, Nahla Haidar, Committee Chair, said that the State party had shared candidly and transparently the progress made and difficulties it was facing. She commended the State party for its efforts and encouraged it to implement the Committee’s recommendations for the benefit of all Sri Lankan women and girls.

The delegation of Sri Lanka consisted of representatives from the Ministry of Women and Child Affairs; Attorney General’s Department; Sri Lanka Police; Ministry of Foreign Affairs, Foreign Employment and Tourism; and the Permanent Mission of Sri Lanka to the United Nations Office at Geneva.

The Committee will issue the concluding observations on the report of Sri Lanka at the end of its ninetieth session on 21 February. All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage. Meeting summary releases can be found here. The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

The Committee will next meet at 10 a.m. on Friday, 14 February to consider the sixth periodic report of Liechtenstein (CEDAW/C/LIE/6).

Report

The Committee has before it the ninth periodic report of Sri Lanka (CEDAW/C/LKA/9).

Presentation of Report

SAROJA SAVITRI PAULRAJ, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said the Sri Lankan Government was committed to upholding the rights of women and girls and advancing gender equality. This review held particular significance, as it was the country’s first engagement with an international human rights treaty body since the presidential and parliamentary elections of 2024 and the formation of the new Government in Sri Lanka. Sri Lanka was proud to have a member from Sri Lanka in the Committee, Rangita de Silva de Alwis. Her contribution to this Committee’s work was highly appreciated.

Ms. Paulraj said she was the first Tamil Member of Parliament elected from the Southern Province, which had a predominantly Sinhala community. Women’s representation in Sri Lanka’s Parliament had risen from 4.8 to 9.7 per cent with the election of 22 female members in November 2024. These women included individuals from the working class and marginalised communities, including, for the first time in history, two women from the Malayaga community.

Sri Lanka was proud to have its third female Prime Minister, Dr. Harini Amarasuriya. One of the Government’s key electoral pledges had been to ensure the equal representation of women in Government. Appointing a woman to the post of Deputy Chairman of Committees of Parliament for the first time was another milestone. The Sri Lankan judiciary also had a high percentage of women at senior levels. Thirty-two per cent of Ambassadors in Sri Lanka were women. Across all levels of Sri Lanka’s diplomatic service, women were in the majority. During the reporting period, Sri Lanka Police appointed four female Deputy Inspectors General of Police and the first female Director of the Criminal Investigation Department. Many women had been appointed to the Government’s decision-making councils, commissions and boards.

The Government had made a policy commitment to reduce the burden of unpaid care work for women. Women played a crucial role in driving the economy in Sri Lanka, with their contributions being essential in generating income across key sectors. Women made up most of the workforce in industries such as garments, plantations, and as migrant workers. For the first time, a woman had been appointed as the Chairperson of the Sri Lankan Apparel Exporters Association in the corporate sector.

The Government had introduced several initiatives to support economic recovery and empower citizens, particularly focusing on women and youth. One notable proposal was the establishment of a new development bank aimed at providing new entrepreneurs, including rural and disadvantaged women, with loans without the requirement for collateral. The Sri Lanka Women’s Bureau was the national mechanism implementing projects and programmes for the social and economic development of women from national to grassroots level.

The Women Empowerment Act of 2024 introduced mechanisms to give effect to the obligations undertaken by Sri Lanka in relation to the Convention, and defined women’s right to equality and non-discrimination. A key component of this Act was to establish an independent National Commission on Women, and to provide provisions for the appointment of a Woman Ombudsperson on ensuring women’s rights and setting up a National Fund for Women.

The Land Development (Amendment) Act of 2022 had brought in provisions to ensure gender equality and non-discrimination in land inheritance. The Women’s Parliamentary Caucus had suggested setting a minimum age for marriage and establishing a multi sectoral committee to address this issue.

Addressing sexual and gender-based violence was a key priority for the Government. It would establish mechanisms to prioritise and expedite the resolution of cases involving sexual offences against women and minors, ensuring that victims received timely redress. The progress review of the first national action plan to address sexual and gender-based violence for the period 2016-2020 found a 70 per cent level of implementation. Thereafter, a second plan for the period 2024-2028 was launched in 2024. This plan focused on prevention programmes in schools, places of work, and community-based initiatives, as well as programmes on engaging men to address gender-based violence.

Children and Women Desks had been newly established in police stations, and the Government would also double the allocation for 2025 for the establishment and expansion of shelter homes for women.

Sri Lanka’s first national action plan for women, peace and security for 2023 to 2027 had been launched. The action plan was developed through an inclusive process of broad consultations with survivors of conflict and vulnerable women and children. The Government was committed to realising the full promise of the women, peace and security agenda.

Technology-facilitated gender-based violence was another pressing challenge that Sri Lanka was facing. The Government was working to implement stronger laws and policies to protect individuals from privacy violations, online stalking, and hate speech. Sri Lanka was a party to the Budapest Convention on Cybercrime, which focused on addressing online and technology-facilitated violence against women. The Online Safety Act of 2024 aimed to protect the vulnerable sections of the society in line with international standards.

Sri Lanka was committed to upholding human rights, gender equality, and social justice. Its foremost priority was to ensure that no one was left behind. Sri Lankan women had been active participants in the country’s development agenda and the Government was committed to addressing existing challenges and supporting women to carry out this role.

Questions by Committee Experts

YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, said that Sri Lanka’s Constitution established that all persons had the right to live free from discrimination. However, this was not yet a reality. Sri Lanka was in the process of drafting a new Constitution. Were there plans to incorporate the rights of women and girls into the Constitution? Proposals had been made to reform criminal laws to remove discriminatory provisions affecting women related to marriage. What progress had been made in this regard?

The national human rights institution had “A” status under the Paris Principles. What actions had it implemented to protect women’s rights? Were its complaints mechanisms effective? Were there plans to update the national action plan on human rights? There were several obstacles limiting the capacity of the judicial system to protect women affected by sexual and gender-based violence and domestic violence. How was the State party strengthening the judiciary and reducing trial times?

The death penalty was legal in Sri Lanka. Although there was a de facto moratorium in place, courts continued to sentence women to death, often not considering mitigating circumstances such as gender-based violence. Could the State party provide data on women sentenced to death? Had the Convention been invoked before the courts?

Responses by the Delegation

The delegation said that the Constitution guaranteed the right to non-discrimination. Violations of fundamental rights could be brought before the Supreme Court, which had drawn reference to the Convention in some of its determinations. In one case, it had held that equality could be seriously impaired when women were subjected to workplace gender-based violence. The Women’s Commission was mandated to introduce mechanisms to give effect to Convention obligations.

There were several mechanisms in place facilitating access to justice. The Legal Commission of Sri Lanka provided free legal services to citizens who had incomes of less than 40,000 rupees. This threshold did not apply for cases of a domestic nature. The Human Rights Commission and the Women’s Commission were empowered to receive complaints related to human rights violations directly from victims, investigate the matter, and make recommendations. Financial assistance and counselling were provided to women victims of violence. The Prevention of Domestic Violence Act allowed for victims to make complaints directly to the police.

Sri Lanka had maintained a moratorium on the death penalty since 1978. The Supreme Court had intervened in the past to prevent the death penalty from being carried out. A recent amendment to the Penal Code increased the minimum age from which the death penalty could be applied from 16 to 18 years.

Many efforts had been made to implement the Committee’s previous concluding observations. The Government had established a coordinating committee to follow-up on the Committee’s concluding observations, in collaboration with civil society. In 2022, legislation on marriage and divorce was amended to remove all provisions permitting the marriage of a minor with parents’ permission. Legislation on inheritance had also been revised to remove its gender components.

Questions by Committee Experts

YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, said that the Muslim Marriage and Divorce Act was amended in 2022, but there were still concerns about elements of the law addressing abortion and rape. Were there plans to further amend the law? Was work underway to ensure that authorities could mainstream a gender perspective in measures promoting access to justice?

Another Committee Expert congratulated the Government on appointing a woman Prime Minister. Ms. de Silva’s contributions enriched the Committee. The national action plan on women, peace and security was a positive step in addressing the needs of women in conflict. However, challenges remained in this field. Were there plans to conduct a mid-term assessment of the plan? How would the Government ensure accountability for past conflict-related gender-based violence and ensure the rights of victims to protest and mourn publicly?

Non-governmental organizations faced financial and regulatory obstructions. How would the State party support women human rights defenders and remove restrictions on the activities of civil society?

One Committee Expert welcomed measures for increasing the political representation of women, but said the Committee was concerned by the low level of representation of women in public and private life. She commended the quota of 25 per cent representation for local government bodies, but said this was not in line with the Committee’s recommendation of 50 per cent representation. The Expert further commended an initiative to enhance the incomes of women in the agricultural sector. Had this initiative been successful? What affirmative actions had been implemented in other sectors?

Responses by the Delegation

The delegation said the Government had conducted consultations regarding the Muslim Marriage and Divorce Act. It was trying to strike a balance between women’s and children’s rights and cultural rights, and was working to ensure that the law reflected the views of the people. There was constant training of police officers and the judiciary on the Convention. Persons who caused a woman to miscarry, except to save the life of the woman, were punished, but the Government was considering legal amendments in this regard.

Sri Lanka’s civil society had made important contributions to the protection of human rights. The window in which civil society could challenge bills had been extended from seven to 14 days. Freedom of expression, speech and assembly were protected in the Constitution. The Government was committed to protecting the freedom of expression of civil society. It had simplified administrative requirements for registering non-governmental organizations. Regulatory measures were needed to prevent non-governmental organizations from engaging in money laundering and financing of terrorism. Complaints could be made regarding infringements of the rights of human rights defenders to the Supreme Court, the National Police Commission, the Women’s Ombudsperson, and the Human Rights Commission, which had produced guidelines on the protection of human rights defenders.

Women were selected to leadership roles on public bodies on merit. Their representation was improving. Sri Lanka had had the world’s first woman Prime Minister. There was no quota for appointments to roles in the public sector, but over 50 per cent of prosecutors were women. The Government had conducted several awareness raising campaigns encouraging women’s participation in public life. Diploma programmes were developed to train women to participate in political roles, and a forum had been held to advocate for increased representation of women in trade unions. Leadership courses had been held for minority women. Women’s representation in local government had risen to 25 per cent in 2018, thanks to the quota enacted in 2017. The Government aimed to increase the representation of women in Parliament and provincial councils to 30 per cent.

The women, peace and security action plan addressed displacement, and women’s protection, security and participation in peacebuilding. A steering committee had been established to implement the plan and make policy recommendations. The State party was planning to conduct a review of the implementation of the action plan.

The Government was developing a truth and reconciliation process that had the people’s trust. The Office for Reparations had reviewed more than 6,000 complaints, tracing around 180 missing persons and helping over 4,000 families to access remedies. Investigation results were accessible to the public. The national reparations policy was tabled in Parliament in 2022. It included provisions for memorialisation. The Office provided livelihood support, land rights, housing, psychosocial support and measures to prevent violence. Payments had been provided for over 11,000 individuals across various categories. An independent body had also been established to conduct investigations into historic violations.

Questions by Committee Experts

A Committee Expert congratulated Sri Lanka on having the first female Prime Minister in the world and on electing its third female Prime Minister. The State party needed to consider temporary special measures such as quotas to improve women’s representation in various fields. Would the State party increase its 25 per cent quota for Parliament and other bodies?

Another Committee Expert said gender stereotypes perpetuated inequalities in Sri Lanka. What actions had been taken by the State party to promote gender equality in school curricula and tackle gender stereotypes? What was the timeline for amending the Muslim Marriage and Divorce Act to ban child marriage?

At least one in five women in Sri Lanka had experienced violence from an intimate partner, and many did not report it. Women who sought justice faced discriminatory treatment in the judicial system. What was the timeline for adopting proposed amendments to the Domestic Violence Act? How would the State party address barriers to women victims accessing justice? Were gender courts available in rural areas? What protections were provided to women victims of violence? Courts did not recognise marital rape and girls over age 16 were not protected from statutory rape. How would the State party ensure that all girls without exception were protected from rape?

One Committee Expert welcomed the national action plan to combat trafficking, the Witness Protection Act, and a fund to compensate victims of violence. Was the unit working to prevent trafficking a militarised unit? Most persons trafficked to the Middle East were female domestic workers. Traffickers recruited women and girls from rural areas and forced them to work in the commercial sex industry in urban areas. Law enforcement lacked proper training on identifying trafficking. What measures were in place to ensure the protection of victims who reported trafficking crimes? Were there efforts being made to reduce the evidence threshold for declaring trafficking crimes? How did the State party ensure that victims of trafficking were not criminalised? Did police officers receive training on trafficking and labour rights?

Responses by the Delegation

The delegation said the Prevention of Domestic Violence Act had been amended and would come into force this year. The Assistance to Victims Act provided for the establishment of a national authority for the protection of victims and witnesses. It underlined the rights of victims to be treated with respect and privacy, and to request legal, medical and psychosocial assistance. Female victims could request investigating officers of a particular gender.

The police had implemented specialised protective units and a targeted programme that encouraged increased reporting of domestic violence and reduced death rates. A toll-free hotline operated by female officers was available for reporting domestic violence.

The National Anti-Human Trafficking Taskforce coordinated police actions to investigate trafficking in persons. The Taskforce included members of various Government departments; it was not a militarised entity. There was also an anti-trafficking desk within the Ministry of Defence. The Government operated a shelter for female victims of trafficking, which provided health, food and other support services. Awareness raising campaigns on the importance of reporting trafficking crimes were in place. Trafficking in persons was an offence in the Penal Code. Persons who committed or conspired to commit trafficking offences were liable for a penalty of between three to 15 years imprisonment.

Persons who committed rape were punished with imprisonment for no less than seven years, or no less than 15 years when the victim was under 16. A man who had a non-consensual sexual relationship with a woman who was formerly his wife was criminalised.

Questions by Committee Experts

One Committee Expert asked whether marital rape had been criminalised, and if not, when it would be. Were there plans to provide specific services for victims of technologically-assisted gender-based violence and to provide training to stakeholders on this issue?

YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, asked how awareness raising campaigns promoted the rights of women in vulnerable situations.

Another Committee Expert said that in 2023, 51 per cent of harmful speech online targeted women. Women’s rights groups and even the Prime Minister were targeted by online hate speech. How did legislation protect women and rights groups online? Some social media platforms had not removed harmful content due to high thresholds for removal. Did the State party plan to hold these platforms to account to protect women? Thirty-two per cent of Ambassadors were female, though women made up more than half of the foreign service. How would the State party support women to become Ambassadors? Many transgender women faced barriers in accessing residence certificates and the right to vote. How was the State party addressing these barriers?

Another Committee Expert said Sri Lankan women who married foreigners faced barriers in passing their nationality to their children. What measures were in place to ensure that women could transmit their nationality on par with their male counterparts? Tamil women, women in rural zones, and displaced women often lacked documentation to prove their nationality. Lesbian, bisexual, transgender and intersex women faced discrimination from police and confronted obstacles in obtaining gender recognition papers. Children born to foreign parents did not obtain Sri Lankan nationality, raising issues of statelessness for plantation workers. How was the State addressing these issues?

Responses by the Delegation

The delegation said statutory rape was currently rape of persons aged up to 16 years. Marital rape was not currently criminalised. The Online Safety Act aimed to promote safety for women and girls online. The Cybercrime Investigation Unit was tasked with handling all cyber-related complaints, including those related to sexual and gender-based violence and online child exploitation. It acted swiftly to remove harmful online content, including from social media platforms. Women could submit complaints of online abuse through email and hotlines. The Act established an independent Online Safety Commission that could issue directives to internet service providers, requiring them to respond to discriminatory online acts. The Commission could also disable users, remove offending content, and seek internet intermediaries to disclose the identities of offenders.

Women played a significant role in diplomatic representation at all levels. They accounted for more than 50 per cent of diplomatic mission staff, so it was likely that women would account for more than 50 per cent of Ambassadors in future.

Freedom of expression was recognised in the Constitution, but this right was not without limitation. It could not be used to infringe on the rights of others. Hate speech against political candidates could be reported to the Elections Commission, as well as the Women’s Commission and the Human Rights Commission.

The conferment of citizenship was previously linked to fathers in legislation; however, this had been amended to allow for citizenship to be conferred by both parents. Citizenship could be provided to stateless children by the State. There was no legal impediment to persons obtaining birth certificates. Tamils of Indian origin would be recognised as Sri Lankan citizens. The Government was considering programmes to provide permanent residency to members of the Malayaga community, and the members of Parliament from this community could take up this issue in the legislature. There were measures to identify stateless children and register them. Mobile units were in place that supported birth registration for families living on plantations.

The family background report system had been criticised as being discriminatory, placing the burden of childcare on women. In 2022, the Cabinet of Ministers removed the mandatory family background report for women seeking work abroad and lowered the age limit for them. The Government was supporting access to caretakers for children aged two and above. It sought to support both women and men to seek work overseas without compromising their family’s welfare.

Questions by Committee Experts

One Committee Expert asked whether the Online Services Act was effective. Had there been any prosecutions under it? What was the State party doing to implement local elections, which had not been held since 2018, and to support women’s participation in those elections?

A Committee Expert asked whether the period of free birth registration would be extended.

One Committee Expert said Sri Lanka had made achievements regarding girls’ education. Girls’ literacy rate was over 90 per cent, which was much higher than many other countries in the region. However, child marriages remained a challenge in rural communities and were a major reason for girls dropping out of schools. The COVID-19 pandemic also affected girls in rural areas, as they had limited opportunities to participate in online education. The computer literacy rate on plantations was less than half that of other regions.

Stereotypes hindered the access of Muslim women and girls to education. What measures had the State party taken to combat dropouts of girls in primary and secondary education? What measures were in place to promote gender mainstreaming in education? How did the State party ensure that girls of all religions could access education? What activities were carried out to prevent stereotypes in education?

Responses by the Delegation

The delegation said the Online Safety Act was a new law. There had yet to be prosecutions under the law. The related Commission would soon be set up and would be able to investigate complaints.

Every citizen over the age of 18 who was qualified to be an elector could become one. Sri Lanka had established an independent Election Commission that could investigate complaints of violations and issue sanctions. The Supreme Court had upheld the right to vote and held that any impediment to such was a violation. The law on local government elections was being revised; once this had concluded, local elections could be held.

The education system was committed to ensuring equal access for all students, regardless of gender. The provision of free school meals and textbooks allowed for girls from poor families to pursue their education. The State party was committed to reducing the burden that education placed on parents. Education was compulsory until age 16. An initiative to provide girls with sanitary pads was implemented in 2024, benefitting 800,000 girls. Scholarships were provided to girls from low-income families to participate in technology studies. There had been an increase in the share of girls participating in science, technology, engineering and maths courses in university in recent years; the share was currently 37 per cent.

Questions by Committee Experts

A Committee Expert commended the State party for establishing sexual harassment committees and creating a labour complaints mechanism. Most women worked in the informal sector, where they lacked labour rights and were vulnerable to abuse. Many informal sector workers lacked access to social security, leave and childcare services. What measures were in place to protect the rights of women in the informal sector? Did the State party plan to establish mechanisms to allow domestic workers to seek redress in cases of abuse? Were there plans to extend paid maternity leave to at least 14 weeks and promote shared parental leave? Were there plans to ratify International Labour Organization Conventions 181, 189 and 190? The number of Sri Lankan migrant domestic workers had increased in recent years. These workers often faced abuse from their employers. How were these workers informed about their rights and protected from abuse?

Another Committee Expert commended Sri Lanka’s commitment to strengthening public health care. Persistent barriers obstructed women’s sexual and reproductive health rights. How would State policies address these barriers? Restrictive laws forced many women to resort to unsafe abortions. What steps had been taken to ensure women’s safe access to abortion? What measures were in place to prevent forced sterilisation and ensure informed consent? Girls faced challenges in accessing information on contraception, leading to high rates of early pregnancies. What measures were in place to reduce early pregnancies? Many schools in rural areas lacked proper sanitation facilities, forcing girls to miss school during menstrual periods. There was also a very high tax of 47 per cent on menstrual products. How was the State party supporting access to sanitation facilities and menstrual products for women and girls?

Female genital mutilation continued to be practiced in some Muslim communities. There was no law criminalising female genital mutilation in Sri Lanka. When would one be developed? What awareness raising campaigns on female genital mutilation were in place? Some women experienced obstetric violence during childbirth. Did the State party intend to implement measures to prevent such practices?

Responses by the Delegation

The delegation said women spent more time than men in unpaid domestic work in Sri Lanka. The Government had taken steps to train care workers to improve the availability of childcare and disability care services for working mothers and reduce the burden of unpaid care work. Sri Lanka was interested in ratifying International Labour Organization Convention 190. The necessary amendments had been incorporated into legislation. The State had also implemented policies to promote women’s employment. The Minister of Labour and Foreign Employment was conducting consultations with stakeholders to strengthen protections of Sri Lankan domestic workers overseas. The Women’s Empowerment Act aimed to address the gender pay gap.

Taxes on sanitary products and baby formula had been removed. Budgetary allocations had been ensured for sexual and reproductive health services across the country. All students from sixth grade received sexual and reproductive health education, which addressed preventing unwanted pregnancies. Medical practitioners who practiced or promoted female genital mutilation were sanctioned. There were no specific offences on female genital mutilation or obstetric violence, but these acts were prohibited under general legislation on violence.

Questions by Committee Experts

One Committee Expert commended the State party on working to ensure the empowerment of women and girls through the rural employment programme and programmes on digital transformation. What concrete actions were being taken to ensure that vulnerable women and girls were aware of the economic empowerment policies in place? How was the State party preventing the abuse of women by financial institutions and regulating lending practices? Had the State party assessed fiscal reforms and their impacts on the rights of women and girls? How was the State party mitigating the unfair financial burden of tax on women and girls? What measures were in place to increase the representation of women and girls in decision making related to economic empowerment? What measures were there to support female athletes to overcome structural barriers in sports?

Another Committee Expert said female tea plantation workers continued to have less access to Government subsidies and microcredit due to their lack of access to land ownership. How was this being addressed? Women with disabilities continued to face stigma and discrimination, and infrastructure was not adapted to persons with disabilities. How was the State party working to make inclusive education programmes more adapted to persons with disabilities? There were also persistent hate crimes against lesbian, bisexual, transgender and intersex women. What measures were in place to prevent such hate crimes? Same sex sexual acts were criminalised; would they be decriminalised? What reforms had been made to ensure adequate facilities for women in prisons? Were women prisoners allowed to live with their young children in prisons?

Responses by the Delegation

The delegation said the Government had implemented various welfare measures for persons in poverty. Around 1.7 million households benefited from welfare support. There were various Government programmes for empowering women-led households. The banking system had also provided special loan schemes with favourable interest rates and flexible return policies for women entrepreneurs during the financial crisis. Banks had offered advisory services and capacity building programmes for women entrepreneurs. The State had been regulating lending institutions. Support had been provided to 185 rural women affected by unregulated microcredit schemes. A socioeconomic protection scheme helped to ease loss of income due to unemployment.

Sri Lanka had undertaken various initiatives to empower women to engage in technology studies and the digital economy. The national strategy for women’s development promoted women’s digital freedom and security. Many women entrepreneurs had been trained on digital skills.

Sanitary facilities in prisons had been improved to ensure a comfortable stay for women, and facilities for children in prison with their mothers had also been improved. There were plans to establish a separate women’s prison aligned with international standards.

The police had been instructed on protecting the fundamental rights of lesbian, gay, bisexual, transgender and intersex persons and investigating complaints from these persons. A bill had been lodged in Parliament on decriminalising same-sex relations. The Supreme Court had found that there was no barrier to the amendment of this legislation. The bill had yet to be considered due to the dissolution of Parliament.

Questions by Committee Experts

YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, asked whether the law on terrorism could be used to prevent the operation of women’s organizations.

Another Committee Expert welcomed the State party’s efforts to ensure women’s equal rights in law and family relations. Had measures been taken to amend the Penal Code to ensure that legislation on statutory rape protected all girls under age 16, including girls over age 12 who were married? The Committee expected that the State party would address legislation on polygamy. When would the State party revise the family law to allow women to have equal rights to men concerning custody of children? What was the status of legal amendments seeking to strengthen the rights of widows?

NAHLA HAIDAR, Committee Chair, said that, while respecting the freedom of belief, the State party needed to work to protect the rights of Muslim women and girls.

Responses by the Delegation

The delegation said the law on terrorism had not been used to limit the activities of women’s organizations in recent years. The law was only used in instances when it was necessary.

The amended Muslim Marriage and Divorce Act set the age of marriage at 18, but children from age 16 could be married with parental consent. The previous Cabinet of Ministers had approved the amended bill, and the new Government would consider whether to take this legislation forward. The Parliamentary Caucus had proposed the establishment of a committee to address the issue of child marriages.

Concluding Remarks

SAROJA SAVITRI PAULRAJ, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said Sri Lanka participated in the review in a spirit of openness. It appreciated the Committee’s recognition of the progress it had made and the challenges it faced. The Government had undertaken significant efforts to strengthen women’s empowerment. It was fully committed to addressing the issues that women faced in the State. Ms. Paulraj thanked the Committee for the constructive dialogue. The Government was committed to the promotion and protection of the human rights of all Sri Lankans and would continue to engage with the Committee constructively.

NAHLA HAIDAR, Committee Chair, said that the State party had shared candidly and transparently the progress made and the difficulties it was facing. The dialogue had helped the Committee to better understand the situation of women and girls in Sri Lanka. It commended the State party for its efforts and encouraged it to implement the Committee’s recommendations for the benefit of all women and girls in the State party.

Produced by the United Nations Information Service in Geneva for use of the media;
not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

CEDAW25.009E

MIL OSI United Nations News –

February 14, 2025
MIL-OSI Asia-Pac: Arrangements for 15th National Games athletics (marathon) test event (with photo)

Source: Hong Kong Government special administrative region

Arrangements for 15th National Games athletics (marathon) test event (with photo)
Arrangements for 15th National Games athletics (marathon) test event (with photo)
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The 2025 Shenzhen-Hong Kong marathon and the 15th National Games (NG) athletics (marathon) test event will be held on February 23. The Head of the National Games Coordination Office (Hong Kong) (NGCO), Mr Yeung Tak-keung, and representatives of the related government departments and the Hong Kong, China Association of Athletics Affiliates (HKAAA), held a press conference today (February 13) to introduce details of the test event, temporary traffic control measures, clearance arrangements at the boundary control point (BCP), and emergency response and rescue arrangements, as well as other arrangements for the event. The 15th NG athletics marathon to be held at the end of this year will be the first cross-boundary marathon in the history of the NG, and will be held on a brand new course. This test event is therefore crucial to the organisation of the NG athletics marathon. The entire track is 42.195 kilometres long, of which the section in Hong Kong is 21.841 kilometres. Setting off from the Shenzhen Bay Sports Center, the races will enter Hong Kong via the Shenzhen Bay Port, run along the Shenzhen Bay Bridge and Kong Sham Western Highway Viaduct, then turn back to the Shenzhen Bay Port through the same route, and finally end at the Shenzhen Bay Sports Center. The event is comprised of men’s and women’s races, with the women’s group to depart at 7am and the other to set off at 7.30am. The athletes will enter the Hong Kong section upon completion of approximately 2 kilometres of race route. Both groups are expected to spend around two hours in the Hong Kong section. Given that part of the track is within the Frontier Closed Area, no public viewing zone will be set up in Hong Kong in order to keep the event unaffected and well-managed. Shenzhen is arranging for live webcast of the races on the event day, while Hong Kong also plans to arrange for live online broadcast of the matches by Radio Television Hong Kong. To facilitate the smooth running of the race, clearance services of the Shenzhen Bay Port (including all passenger and cargo clearance services) will be suspended during part of the morning on the event day, while temporarily control measures will be implemented on the Shenzhen Bay Bridge and other related roads that day. Relevant arrangements are set out as below: (1) Clearance service arrangement Arrival and departure clearance services at the Shenzhen Bay Port will be suspended and passengers and vehicles will be prohibited from entering the port from 2am to 11am on the event day. Travellers should choose other control points to Shenzhen. Cross-boundary private cars with quota across the Shenzhen Bay Port and cross-boundary goods vehicles may arrive and depart via the Lok Ma Chau, Heung Yuen Wai and Man Kam To BCPs according to the operating hours of the relevant control points on the event day. The above special arrangement will cease upon the re-opening of the Shenzhen Bay Port. (2) Road control measures Temporary control measures for the Shenzhen Bay Bridge, the Kong Sham Western Highway and other related roads On the event day, temporary control measures will be implemented on Shenzhen Bay Bridge, Kong Sham Western Highway and Ha Tsuen Interchange from 2am to 11am. During the temporary control period, the Shenzhen Bay Bridge, the Kong Sham Western Highway and Ha Tsuen Interchange will be closed to all vehicular traffic from eastbound and westbound of Yuen Long Highway and Ha Tsuen Road. During the suspension of the Shenzhen Bay Port departure service, the Transport Department (TD) expects that the roads leading to the Lok Ma Chau/Huanggang, Man Kam To and Heung Yuen Wai BCPs, including San Tin Interchange, San Sham Road and Lok Ma Chau Road, etc., are expected to be busy with traffic. Therefore, the TD appeals to cross-boundary private cars and other drivers to avoid driving to the above districts during the relevant hours if not necessary. Depending on the prevailing traffic conditions in the area, the Police will deploy appropriate manpower and implement corresponding crowd management measures or special traffic arrangements at the affected control points and relevant road sections. In case of traffic congestion, please exercise tolerance and patience and drive carefully, and follow the instructions of Police on site. The full clearance services at the Shenzhen Bay Port are expected to resume at around 11am. It is anticipated that traffic will be relatively busy. Travellers and drivers who plan to use the port on that day are advised to plan their trips in advance. (3) Public transport arrangements Cross-boundary coach services running between Hong Kong and the Mainland via Shenzhen Bay Port as well as local public transport services serving Shenzhen Bay Port, including franchised buses, green minibuses (GMB), Urban and NT Taxis will be suspended during the implementation of the temporary control at the Shenzhen Bay Port, the Shenzhen Bay Bridge and the Kong Sham Western Highway on the day of event. The bus companies and GMB operators will display notices at termini and en-route stops of the affected routes to inform affected passengers. The TD has notified the affected operators of cross-boundary and local public transport services to strengthen services to expedite the dispersal of passengers around the resumption of operation of Shenzhen Bay Port. Bus companies will also deploy additional staff at major bus termini and bus stops to assist passenger in need. The Marine Department will liaise with cross-boundary ferry operators, with a view to working out manpower and sailing schedule arrangements for ferry services to and from Shenzhen in advance. During the temporary control period, travellers should consider using other BCPs for their journeys between Hong Kong and Shenzhen. The TD has coordinated with public transport operators including MTR, franchised bus, green minibuses, Lok Ma Chau-Huanggang shuttle bus, and cross-boundary coaches to strengthen services at other BCPs including Lok Ma Chau Spur Line, Lo Wu, Lok Ma Chau (Huanggang) and Heung Yuen Wai, with a view to catering for upsurge of passenger demand. (4) Restricted flying zone To accommodate the event and ensure public safety, a 2-kilometer extension of the Hong Kong section will be set up as a restricted flight zone from 6am to 12nn on the event day. (5) Emergency response and rescue arrangements The Fire Services Department (FSD) has formulated relevant contingency plans and will deploy firefighting and ambulance resources at strategic locations inside and outside the track during the race to ensure that the most expeditious and effective measures can be executed to deal with emergencies. In addition, the medical team of the Hospital Authority will be on board the ambulances of the FSD to ensure that medical personnel with ambulance equipment can respond quickly to emergencies on the track. The Hospital Authority will also designate relevant acute hospitals as designated hospitals, equipped with a green channel to provide prompt medical services. The Auxiliary Medical Service will also deploy ambulance personnel and ambulances to offer medical assistance to the cheering team, volunteers, journalists, etc. on the spot. A spokesperson for the NGCO said as the NG is the country’s highest-level event, this marathon test event has to meet stringent requirements in terms of the selection of the race course and the organisational arrangements to ensure the safety of athletes. Relevant departments will work together to facilitate the special traffic and transportation arrangements to minimise the impact on the public and travellers who usually use the Shenzhen Bay Port. The spokesman appealed to members of the public and travellers who need to travel to and from Shenzhen on that day to plan their itineraries in advance and use other control points and public transport as far as possible. The spokesperson thanked members of the public and travellers for their understanding, as well as the contributions of various organisations and departments in implementing the relevant arrangements. In addition to this cross-boundary marathon test event, the NGCO will be holding test events of various sports gradually. The handball test event will be held at the Kai Tak Arena, Kai Tak Sports Park on February 22 and 23, while the triathlon test event will take place at the Central Harbourfront and Victoria Harbour on March 1 and 2. For information on the games in Hong Kong, please visit the thematic website (www.2025nationalgames.gov.hk/en/index.html), as well the Facebook page (www.facebook.com/2025nationalgames.hk) and Instagram page (www.instagram.com/2025nationalgames.hk).

Ends/Thursday, February 13, 2025Issued at HKT 22:15

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MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI: H&R Block and Tinder Team Up to Celebrate Singles this Tax Season

Source: GlobeNewswire (MIL-OSI)

KANSAS CITY, Mo., Feb. 13, 2025 (GLOBE NEWSWIRE) — Managing finances as a single person can be tough, especially in the face of rising costs. That is why H&R Block (NYSE: HRB), the pioneer of the tax preparation category founded 70 years ago, has teamed up with Tinder to give 10 lucky singles a financial boost on Feb. 15, 2025, National Singles Awareness Day. Through a special sweepstakes offered this tax season, the leading companies are offering singles a chance to win extra cash – recognizing that navigating money matters alone can be tough, and a little support goes a long way.

Beyond daily expenses, tax season sheds light on the financial disparities between singles and couples. In 2022, single filers received an average refund of $1,777, while married couples received an average refund of $2,620, and heads of household received more than three times what single filers received¹.

“Married couples often benefit from a lower effective tax rate and a larger refund when they file jointly, combining their income, deductions and credits,” said Andy Phillips, Vice President, H&R Block’s The Tax Institute. “Meanwhile, the lower refund size for single filers is likely the result of other factors, such as single filers being less likely to claim child-related tax credits than head of household or married filers.”

Easing Financial Challenges

To help ease the financial challenges some singles may face, H&R Block and Tinder are hosting a sweepstakes that will run from Feb. 15 to March 15. How does it work? Starting on National Singles Awareness Day, Tinder users can enter for a chance to win $1,777, accessible in the Tinder app or Tinder’s TikTok bio. Entrants must be 18+ and a U.S. resident². See here for more information and to enter for a chance to win on Feb. 15.

What many know is that financial wellness is not just personal – it shapes relationships, starting with the one you have with yourself. And, in the dating world, financial stability is now a top priority.

A survey conducted by OnePoll on behalf of Tinder found that one of the top traits men and women seek in a potential partner is financial stability (20%), along with loyalty (48%), attractiveness (42%) and honesty (37%). Reflecting this trend, “finance” became the second most popular Tinder bio mention in 2024, surging 82% from the year prior³.

Filing Taxes: Almost As Easy As Tinder’s Swipe^®Experience

This is not H&R Block’s first partnership focused on navigating the world of taxes and finances as a single person. During the 2024 tax season, H&R Block broke the traditional marketing mold by creating Responsibility Island, a parody that aired on Roku and YouTube and is based on well-known and loved reality TV dating shows. Responsibility Island featured a group of young adults who think they are embarking on the latest dating show journey. To their surprise, what they thought would be an adventure to find true love is a responsibility boot camp. The show followed cast members as they took on a gauntlet of challenges in adulting designed to teach self-reliance and productivity. In the finale, they faced the mother of all responsibility to get off the island – filing their own taxes.

“At H&R Block, we want to make filing your taxes as easy as the Swipe Experience,” said Jill Cress, Chief Marketing and Experience Officer, H&R Block. “We are thrilled to be partnering with Tinder to connect with their audience and meet Gen Z customers where they are. After all, 87% of our Gen Z customer base is single. While we cannot guarantee a perfect match, we can guarantee stress-free filing that is accessible for everyone.”

For more information on the sweepstakes, check out the Official Rules on Feb. 15, and head to Tinder’s Tik Tok and Instagram, keeping an eye out for a guest appearance from one of the beloved stars from Responsibility Island. You might hear a few hints dropped on what is to come for the show’s cast later this tax season.

To learn more about H&R Block’s tax preparation services, many ways to file, and year-round financial support, visit hrblock.com. For media assets, visit hrblock.com/tax-center/newsroom or for a downloadable Tax Season 2025 media kit, visit https://www.hrblock.com/tax-center/media-kit/tax-season-2025/. And for helpful tips and information, follow us on TikTok, Instagram, and Facebook.

About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

About Tinder
Launched in 2012, Tinder® revolutionized how people meet, growing from 1 match to one billion matches in just two years. This rapid growth demonstrates its ability to fulfill a fundamental human need: real connection. Today, the app has been downloaded over 630 million times, leading to over 97 billion matches, serving approximately 50 million users per month in 190 countries and 45+ languages – a scale unmatched by any other app in the category. In 2024, Tinder won four Effie Awards for its first-ever global brand campaign, It Starts with a Swipe™.

Tinder^®, Swipe^®, the flame logo, and It Starts with a Swipe^™ are registered trademarks of Tinder LLC.

¹Source: Table 1.3. All Returns: Sources of Income, Adjustments, Deductions, Credits, and Tax Items, by Filing Status, Tax Year 2021 (Filing Year 2022); SOI tax stats – Individual statistical tables by filing status | Internal Revenue Service
²No purchase necessary. Void where prohibited. 18+ U.S. only. Rules at https://fooji.info/SinglesTaxRefundRules
³A survey of 4000 18-30-year-olds who are actively dating in the US, UK, Canada and Australia between Sept. 25, 2024 and Nov. 4, 2024 conducted by OnePoll on behalf of Tinder

The MIL Network –

February 14, 2025
MIL-OSI: Bancroft Fund Ltd. Declares Distribution of $0.32 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of Bancroft Fund Ltd. (NYSE American: BCV) (the “Fund”) declared a $0.32 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

The Fund intends to pay the greater of either an annual distribution of 5% of the Fund’s trailing 12-month average month-end market price or an amount that meets the minimum distribution requirement of the Internal Revenue Code for regulated investment companies.

Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. If necessary, the Fund pays an adjusting distribution in December, which includes any additional income and net realized capital gains in excess of the quarterly distributions. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and with income that exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid in 2025 to common shareholders with respect to the Fund’s fiscal year ending September 30, 2025 would include approximately 41% from net investment income and 59% from net capital gains on a book basis. This information does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Laurissa Martire
(914) 921-5399

About Bancroft Fund Ltd.
Bancroft Fund Ltd. is a diversified, closed-end management investment company with $153 million in total net assets. BCV invests primarily in convertible securities with the objectives of providing income and the potential for capital appreciation, objectives the Fund considers to be relatively equal over the long term due to the nature of the securities in which it invests. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE American – BCV
CUSIP – 059695106

BANCROFT FUND LTD.
Investor Relations Contact:
Laurissa Martire
(914) 921-5399
lmartire@gabelli.com

The MIL Network –

February 14, 2025
MIL-Evening Report: Is AI making us stupider? Maybe, according to one of the world’s biggest AI companies

Source: The Conversation (Au and NZ) – By Deborah Brown, Professor in Philosophy, Director of the University of Queensland Critical Thinking Project, The University of Queensland

Nadia Piet + AIxDESIGN & Archival Images of AI/Better Images of AI, CC BY-SA

There is only so much thinking most of us can do in our heads. Try dividing 16,951 by 67 without reaching for a pen and paper. Or a calculator. Try doing the weekly shopping without a list on the back of last week’s receipt. Or on your phone.

By relying on these devices to help make our lives easier, are we making ourselves smarter or dumber? Have we traded efficiency gains for inching ever closer to idiocy as a species?

This question is especially important to consider with regard to generative artificial intelligence (AI) technology such as ChatGPT, an AI chatbot owned by tech company OpenAI, which at the time of writing is used by 300 million people each week.

According to a recent paper by a team of researchers from Microsoft and Carnegie Mellon University in the United States, the answer might be yes. But there’s more to the story.

Thinking well

The researchers assessed how users perceive the effect of generative AI on their own critical thinking.

Generally speaking, critical thinking has to do with thinking well.

One way we do this is by judging our own thinking processes against established norms and methods of good reasoning. These norms include values such as precision, clarity, accuracy, breadth, depth, relevance, significance and cogency of arguments.

Other factors that can affect quality of thinking include the influence of our existing world views, cognitive biases, and reliance on incomplete or inaccurate mental models.

The authors of the recent study adopt a definition of critical thinking developed by American educational psychologist Benjamin Bloom and colleagues in 1956. It’s not really a definition at all. Rather it’s a hierarchical way to categorise cognitive skills, including recall of information, comprehension, application, analysis, synthesis and evaluation.

The authors state they prefer this categorisation, also known as a “taxonomy”, because it’s simple and easy to apply. However, since it was devised it has fallen out of favour and has been discredited by Robert Marzano and indeed by Bloom himself.

In particular, it assumes there is a hierarchy of cognitive skills in which so-called “higher-order” skills are built upon “lower-order” skills. This does not hold on logical or evidence-based grounds. For example, evaluation, usually seen as a culminating or higher-order process, can be the beginning of inquiry or very easy to perform in some contexts. It is more the context than the cognition that determines the sophistication of thinking.

An issue with using this taxonomy in the study is that many generative AI products also seem to use it to guide their own output. So you could interpret this study as testing whether generative AI, by the way it’s designed, is effective at framing how users think about critical thinking.

Also missing from Bloom’s taxonomy is a fundamental aspect of critical thinking: the fact that the critical thinker not only performs these and many other cognitive skills, but performs them well. They do this because they have an overarching concern for the truth, which is something AI systems do not have.

ChatGPT is used by 300 million people each week.
Alex Photo Stock/Shutterstock

Higher confidence in AI equals less critical thinking

Research published earlier this year revealed “a significant negative correlation between frequent AI tool usage and critical thinking abilities”.

The new study further explores this idea. It surveyed 319 knowledge workers such as healthcare practitioners, educators and engineers who discussed 936 tasks they conducted with the help of generative AI. Interestingly, the study found users consider themselves to use critical thinking less in the execution of the task, than in providing oversight at the verification and editing stages.

In high-stakes work environments, the desire to produce high-quality work combined with fear of reprisals serve as powerful motivators for users to engage their critical thinking in reviewing the outputs of AI.

But overall, participants believe the increases in efficiency more than compensate for the effort expended in providing such oversight.

The study found people who had higher confidence in AI generally displayed less critical thinking, while people with higher confidence in themselves tended to display more critical thinking.

This suggests generative AI does not harm one’s critical thinking – provided one has it to begin with.

Problematically, the study relied too much on self-reporting, which can be subject to a range of biases and interpretation issues. Putting this aside, critical thinking was defined by users as “setting clear goals, refining prompts, and assessing generated content to meet specific criteria and standards”.

“Criteria and standards” here refer more to the purposes of the task than to the purposes of critical thinking. For example, an output meets the criteria if it “complies with their queries”, and the standards if the “generated artefact is functional” for the workplace.

This raises the question of whether the study was really measuring critical thinking at all.

The research found that people with higher confidence in themselves tended to display more critical thinking.
ImYanis/Shutterstock

Becoming a critical thinker

Implicit in the new study is the idea that exercising critical thinking at the oversight stage is at least better than an unreflective over-reliance on generative AI.

The authors recommend generative AI developers add features to trigger users’ critical oversight. But is this enough?

Critical thinking is needed at every stage before and while using AI – when formulating questions and hypotheses to be tested, and when interrogating outputs for bias and accuracy.

The only way to ensure generative AI does not harm your critical thinking is to become a critical thinker before you use it.

Becoming a critical thinker requires identifying and challenging unstated assumptions behind claims and evaluating diverse perspectives. It also requires practising systematic and methodical reasoning and reasoning collaboratively to test your ideas and thinking with others.

Chalk and chalkboards made us better at mathematics. Can generative AI make us better at critical thinking? Maybe – if we are careful, we might be able to use generative AI to challenge ourselves and augment our critical thinking.

But in the meantime, there are always steps we can, and should, take to improve our critical thinking instead of letting an AI do the thinking for us.

The authors 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. Is AI making us stupider? Maybe, according to one of the world’s biggest AI companies – https://theconversation.com/is-ai-making-us-stupider-maybe-according-to-one-of-the-worlds-biggest-ai-companies-249586

MIL OSI Analysis – EveningReport.nz –

February 14, 2025
MIL-OSI: Gabelli Convertible and Income Securities Fund Declares Distribution of $0.12 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Directors of The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) (the “Fund”) declared a $0.12 per share cash distribution payable on March 24, 2025 to common stock shareholders of record on March 17, 2025.

The Fund intends to pay a minimum annual distribution of 8% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. The net asset value per share fluctuates daily.

Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid in 2025 to common shareholders with respect to the Fund’s fiscal year ending September 30, 2025 would include approximately 17% from net investment income and 83% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Laurissa Martire
(914) 921-5399

About Gabelli Convertible and Income Securities Fund
The Gabelli Convertible and Income Securities Fund Inc. is a diversified, closed-end management investment company with $85 million in total net assets whose primary investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE: GCV
CUSIP – 36240B109

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.

Investor Relations Contact:
Laurissa Martire
(914) 921-5399
lmartire@gabelli.com

The MIL Network –

February 14, 2025
MIL-OSI: Ellsworth Growth and Income Fund Ltd. Declares Distribution of $0.13 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) (the “Fund”) declared a $0.13 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

The Fund intends to pay the greater of either an annual distribution of 5% of the Fund’s trailing 12-month average month-end market price or an amount that meets the minimum distribution requirement of the Internal Revenue Code for regulated investment companies.

Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. If necessary, the Fund pays an adjusting distribution in December, which includes any additional income and net realized capital gains in excess of the quarterly distributions. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and with income that exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a share-holder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid in 2025 to common shareholders with respect to the Fund’s fiscal year ending September 30, 2025 would include approximately 13% from net investment income and 87% from net capital gains on a book basis. This information does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website. The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Bethany Uhlein
(914) 921-5546

About Ellsworth Growth and Income Fund
Ellsworth Growth and Income Fund Ltd. is a diversified, closed-end management investment company with $190 million in total net assets. ECF invests primarily in convertible securities and common stock with the objectives of providing income and the potential for capital appreciation, objectives the Fund considers to be relatively equal over the long-term due to the nature of the securities in which it invests. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE American: ECF
CUSIP – 289074106

Investor Relations Contact:
Bethany Uhlein
914.921.5546
buhlein@gabelli.com

The MIL Network –

February 14, 2025

MIL-OSI: Gabelli Global Utility & Income Trust Continues Monthly Distributions, Declares Distributions of $0.10 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Global Utility & Income Trust (NYSE American: GLU) (the “Fund”) approved the continuation of its policy of paying fixed monthly cash distributions. The Board of Trustees declared cash distributions of $0.10 per share for each of April, May, and June 2025.

Distribution Month	Record Date	Payable Date	Distribution Per Share
April	April 15, 2025	April 23, 2025	$0.10
May	May 15, 2025	May 22, 2025	$0.10
June	June 13, 2025	June 23, 2025	$0.10

Under the Fund’s initial distribution policy, the Fund has paid a minimum annual distribution of 6% of the initial public offering price of $20.00 per share (a distribution of $0.10 per share each month).

Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. If necessary, the Fund will pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the monthly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2025 would include approximately 8% from net investment income, 51% from net capital gains and 41% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Adam Tokar
(914) 457-1079

About The Gabelli Global Utility & Income Trust
The Gabelli Global Utility & Income Trust is a diversified, closed-end management investment company with $119 million in total net assets whose primary investment objective is to seek a consistent level of after-tax total return for its investors with an emphasis on tax-advantaged dividend income under current tax law. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE American – GLU
CUSIP – 36242L105

Investor Relations Contact:
Adam Tokar
(914) 457-1079
atokar@gabelli.com

The MIL Network –

February 14, 2025

MIL-OSI Security: Former University Employee Charged with Selling Stolen Apple Products to Folsom Contact

Source: Office of United States Attorneys

SACRAMENTO, Calif. — An indictment was unsealed today charging Tung Pham, 59, of San Jose, with conspiracy to transport stolen property interstate, Acting U.S. Attorney Michele Beckwith announced.

According to court documents, Pham worked as a facilities and purchasing coordinator for the library of a public university in San Jose. In that position, Pham was entrusted with a university procurement card to purchase necessary items for the library. Pham, however, used the procurement card to purchase, among other things, Apple MacBooks and Apple iPads that he stole and sold to others for personal gain, including a co-conspirator who lived in Folsom. The individual in Folsom resold and shipped the stolen Apple products to buyers outside the State of California.

This case is the product of an investigation by the IRS Criminal Investigation and the Federal Bureau of Investigation. Assistant U.S. Attorney Matthew Thuesen is prosecuting the case.

If convicted, Pham faces a maximum statutory penalty of five years in prison and a $250,000 fine. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charge is only an allegation; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

MIL Security OSI –

February 14, 2025
MIL-OSI United Nations: Taxation ‘Vital to Closing Not Only Finance Gap, but also Justice, Solidarity Gap’, Secretary-General Tells High-level Dialogue

Source: United Nations 4

Following is UN Secretary-General António Guterres’ message, delivered by Li Junhua, Under-Secretary-General for Economic and Social Affairs, to the high-level dialogue on “Tax Justice and Solidarity: Towards an Inclusive and Sustainable Common Home”, in Vatican City today:

The promise to deliver the Sustainable Development Goals (SDGs) is slipping away — in large part due to lack of finance.

Taxation is vital to closing not only the finance gap, but also the justice and solidarity gap.

Yet, countries struggle to mobilize resources. The situation requires a global response. And we are seeing progress — from G20 commitments to negotiations on a United Nations Framework Convention on International Tax Cooperation.

These efforts are a vital chance to create a framework anchored in inclusivity — essential for legitimacy and efficacy — that supports sustainable development.

The Pact for the Future also includes a commitment to continue constructive engagement in the process and to explore options for international cooperation on the taxation of the super-rich.

I urge all countries to keep driving this work forward. Together, let’s build tax systems with justice, solidarity and inclusivity at their heart.

MIL OSI United Nations News –

February 14, 2025
MIL-OSI Security: Founder of Purported Artificial Intelligence-Driven Hedge Fund Pleads Guilty to Investment Adviser Fraud

Source: Office of United States Attorneys

Defendant Targeted Egyptian-American Coptic Christians and Spent Victims’ Funds on Luxury Goods and Expensive Meals

Earlier today, Mina Tadrus pled guilty at the federal courthouse in Brooklyn, New York to committing investment adviser fraud in connection with a scheme to defraud investors in Tadrus Capital LLC, a hedge fund Tadrus founded and operated, of more than $5 million. Today’s proceeding took place before United States District Judge Hector Gonzalez. When sentenced, Tadrus faces up to five years in prison. Tadrus was charged in September 2023.

John J. Durham, United States Attorney for the Eastern District of New York, James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI) and Harry T. Chavis, Jr., Special Agent-in-Charge, Internal Revenue Service Criminal Investigation, New York Field Office (IRS-CI), announced the guilty plea.

“The defendant preyed on the Egyptian-American Coptic Christian community by falsely promising that his purported artificial intelligence-driven hedge fund would earn guaranteed annual returns of 30% or more, and taking advantage of their trust for his own personal gain,” stated United States Attorney Durham. “This Office has prioritized protecting and seeking justice for individual investors in our District and beyond.”

Mr. Durham expressed his appreciation to the U.S. Securities and Exchange Commission’s New York Regional Office for its assistance in this matter.

“The only thing more artificial than Tadrus’ AI-driven hedge fund was his sincerity. He sold a dream to trusting investors and instead of turning their money into profit, he swindled it for his own luxuries. Today’s plea and forfeiture agreements are just a small step forward for his victims to receive genuine justice,” said Harry T. Chavis, Jr., Special Agent in Charge of IRS-CI New York.

According to court filings and facts presented during the plea proceeding, Tadrus marketed interests in Tadrus Capital LLC to investors based on false promises that he would employ artificial intelligence-driven trading strategies that would earn them guaranteed annual returns of 30% or more.

In reality, however, Tadrus did not use investor funds to engage in artificial intelligence-based trading as promised, nor did he engage in any trading activity. Instead, he used investor funds to pay employees, to purchase luxury gifts and expensive meals for himself, and to make Ponzi scheme-like payments to new victim investors.

If you were a Tadrus Capital LLC client and would like to file a complaint, please visit www.iC3.gov. Please reference “Tadrus Capital” or “Mina Tadrus” in your complaint.

The government’s case is being handled by the Office’s Business and Securities Fraud Section. Assistant United States Attorney John O. Enright and Special Agent Martin Sullivan are in charge of the prosecution with assistance from Paralegal Specialist Sarah Burn.

The Defendant:

MINA TADRUS
Age: 38
Tampa, Florida

E.D.N.Y. Docket No. 23-CR-393 (HG)

MIL Security OSI –

February 14, 2025
MIL-OSI: Gabelli Multimedia Trust 10% Distribution Policy Reaffirmed and Declared First Quarter Distribution of $0.22 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.22 per share cash distribution payable on March 24, 2025 to common stock shareholders of record on March 17, 2025.

The Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. The net asset value per share fluctuates daily.

Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would be deemed 100% from paid-in capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Carter Austin
(914) 921-5475

About The Gabelli Multimedia Trust
The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $198 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE: GGT
CUSIP – 36239Q109

Investor Relations Contact:
Carter Austin
(914) 921-5475
caustin@gabelli.com

The MIL Network –

February 14, 2025
MIL-OSI: Gabelli Dividend & Income Trust Continues Monthly Distributions, Declares Distributions of $0.14 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) (the “Fund”) approved the continuation of its policy of paying fixed monthly cash distributions. The Board of Trustees declared cash distributions of $0.14 per share for each of April, May, and June 2025.

The Board of Trustees increased the annual distribution 27% to $1.68 per share, which will be paid $0.14 per share monthly, commencing with the January 2025 monthly distribution.

Distribution Month Record Date Payable Date Distribution Per Share

April April 15, 2025 April 23, 2025 $0.14

May May 15, 2025 May 22, 2025 $0.14

June June 13, 2025 June 23, 2025 $0.14

Additionally, the Board of Trustees continues to evaluate potential strategic opportunities for the Fund in what we believe to be an attractive environment to invest in the broader equity markets.

Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. If necessary, the Fund will pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the monthly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2025 would include approximately 3% from net investment income, 4% from net capital gains and 93% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Carter Austin
(914) 921-5475

About The Gabelli Dividend & Income Trust
The Gabelli Dividend & Income Trust is a diversified, closed-end management investment company with $3.0 billion in total net assets whose primary investment objective is to provide a high level of total return with an emphasis on dividends and income. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE – GDV
CUSIP – 36242H104

THE GABELLI DIVIDEND & INCOME TRUST

Investor Relations Contact:
Carter Austin
(914) 921-5475
caustin@gabelli.com

The MIL Network –

February 14, 2025
MIL-OSI: Gabelli Global Small and Mid Cap Value Trust Declares First Quarter Distribution of $0.16 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Global Small and Mid Cap Value Trust (NYSE:GGZ) (the “Fund”) declared a $0.16 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year.

Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would be deemed 100% from paid-in capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Bethany Uhlein
(914) 921-5546

About The Gabelli Global Small and Mid Cap Value Trust
The Gabelli Global Small and Mid Cap Value Trust is a diversified, closed-end management investment company with $136 million in total net assets whose primary investment objective is to achieve long-term capital growth of capital. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity securities (such as common stock and preferred stock) of companies with small or medium sized market capitalizations. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE – GGZ
CUSIP – 36249W104

Investor Relations Contact:
Bethany Uhlein
(914) 921-5546
buhlein@gabelli.com

The MIL Network –

February 14, 2025
MIL-OSI: Gabelli Healthcare & WellnessRx Trust Declares First Quarter Distribution of $0.15 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Healthcare & Wellness^Rx Trust (NYSE:GRX) (the “Fund”) declared a $0.15 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year.

Each quarter, the Board of Trustees reviews the amount of any potential distribution and the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject up to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would include approximately 1% from net investment income, 4% from net capital gains and 95% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Bethany Uhlein
(914) 921-5546

About The Gabelli Healthcare & Wellness^RxTrust
The Gabelli Healthcare & Wellness^Rx Trust is a diversified, closed-end management investment company with $228 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE: GRX
CUSIP – 36246K103

Investor Relations Contact:
Bethany Uhlein
914.921.5546
buhlein@gabelli.com

The MIL Network –

February 14, 2025

MIL-OSI: Euronext publishes Q4 and full year 2024 results

Source: GlobeNewswire (MIL-OSI)

Euronext publishes Q4 and full year 2024 results

Euronext delivered double-digit revenue growth in 2024 thanks to its diversified revenue profile and confirms the achievement of its 2024 targets. Euronext reached record adjusted EPS in 2024 through cost discipline and strategic capital allocation. 2025 will be a year of investment for innovation and growth.

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 13 February 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the fourth quarter and full year 2024.

Full year 2024 revenue and income was up +10.3% at €1,626.9 million:
- Non-volume related revenue and income represented 58% of total revenue and income (compared to 60% in 2023) and covered 153% of underlying operating expenses, excluding D&A0F¹ (vs. 145% in 2023):
  - Custody and Settlement revenue grew to €270.5 million (+8.7%), driven by higher assets under custody, dynamic settlement activity and strong growth of value-added services;
  - Advanced Data Services revenue grew to €241.7 million (+7.5%), driven by continued demand for fixed income trading data, power trading data and dynamic retail usage. Revenue was supported by the acquisition of GRSS, a leading provider of services to benchmark administrators;
  - Listing revenue grew to €231.9 million (+5.1%), despite headwinds from the NOK1F² depreciation. This reflects the continued strong performance of corporate solutions and resilient listing revenue. With 53 new equity listings and over 14,700 new bond listings in 2024, Euronext confirms its leading European position in equity listing and its worldwide leadership in debt listing;
  - Technology Solutions reported €106.2 million of revenue (-3.4%), reflecting the termination of Borsa Italiana legacy services in March 2024 following the migration to Optiq®.

Trading revenue grew to €559.4 million (+14.2%), driven by record results in fixed income, FX and power trading and solid growth in cash trading revenue;
Clearing revenue grew to €144.3 million (+19.0%), powered by the European expansion of Euronext Clearing, dynamic fixed income activity and the strong performance of commodities clearing. Net treasury income was at €56.8 million (+21.8%).

Underlying operating expenses excluding D&A¹were in line with the revised guidance of €620 million, at €620.5 million (+1.7% compared to 2023). Cost discipline, synergies, and positive one-off items partly offset growth investments and acquisition impacts.
Adjusted EBITDA¹was €1,006.4 million (+16.4%) and adjusted EBITDA margin was 61.9% (+3.3pts).
Adjusted net income¹was €682.5 million (+16.7%) and adjusted EPS was €6.59 (+19.6%).
Reported net income was €585.6 million (+14.0%), despite the negative comparison base related to the €41.6 million capital gain received in 2023 for the disposal of Euronext’s 11.1% stake in LCH SA.
Net debt to EBITDA2F³was at 1.4x at the end of December 2024, within Euronext’s target range. Euronext’s S&P rating was upgraded to ‘A-, Stable Outlook’ in February 2025.
Achievement of 2024 financial targets is confirmed. Euronext revenue reached +4.7% CAGR_2020PF-2024, above the +3% to +4% targeted. Euronext attained an adjusted EBITDA growth of +6.4% CAGR_2020PF-2024, above the +5% to +6% targeted.
Key figures for full year 2024:

In €m, unless stated otherwise	2024	2023	% var	% var l-f-l3F⁴
Revenue and income	1,626.9	1,474.7	+10.3%	+10.0%
Underlying operational expenses excluding D&A²	(620.5)	(610.0)	+1.7%	+1.0%
Adjusted EBITDA	1,006.4	864.7	+16.4%	+16.3%
Adjusted EBITDA margin	61.9%	58.6%	+3.3pts	+3.4pts
Net income, share of the parent company shareholders	585.6	513.6	+14.0%
Adjusted net income, share of the parent company shareholders	682.5	584.7	+16.7%
Adjusted EPS (basic, in €) (share count differs between the two periods4F⁵)	6.59	5.51	+19.6%
Reported EPS (basic, in €) (share count differs between the two periods)	5.65	4.84	+16.7%
Adjusted EPS (diluted, in €) (share count differs between the two periods)	6.56	5.50	+19.3%
Reported EPS (diluted, in €) (share count differs between the two periods)	5.63	4.83	+16.6%

Dividend proposal to the 2025 Annual General Meeting

A dividend of €292.8 million will be proposed to the Annual General Meeting on 15 May 2025. This represents 50% of 2024 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +14.0% compared to 20235F⁶.

Euronext continues its cost discipline and invests in strategic growth

In 2024, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €620 million. This compares to an initial guidance of €625 million, which did not take into account the impact of any acquisitions executed over the course of 2024.

2024 normalised underlying expenses (excl. D&A) were at approximately €640 million, taking into account approximately €8 million of positive one-off items and the full-year impact of bolt-on acquisitions.

Euronext expects its total underlying expenses (excl. D&A) for 2025 to be around €670 million. Euronext expects its 2025 underlying expenses (excl. D&A) to be stable at around €640 million compared to 2024 normalised underlying expenses (excl. D&A), as savings and synergies are expected to entirely offset inflationary impacts. In addition, Euronext plans to invest around 5% of its normalised underlying expenses (excl. D&A) to deliver strategic growth projects, as highlighted during the Investor Day on 8 November 2024.

Progress with the delivery of “Innovate for Growth 2027”
- Euronext will accelerate the delivery of its power futures ambition with the contemplated acquisition of Nasdaq’s Nordic power futures business, announced on 28 January 2025.
- Euronext continues to leverage its clearing house to launch innovative derivatives products. Euronext will launch fixed income derivatives on major European government bonds, including the first-ever cash-settled mini futures in September 2025, delivering unparalleled accessibility and flexibility to investors.
- Euronext announced a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. This collaboration is a major enabler of Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds.

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

“In 2024, we delivered double-digit topline growth thanks to the solid performance of non-volume related activities, excellent performance of FICC trading, and the successful clearing expansion in Europe. For the first time, Euronext reached the significant threshold of over €1 billion in adjusted EBITDA, an increase of +16.4% compared to last year. Our notable adjusted net income growth of +16.7% compared to last year, to €682.5 million underscores our profitability and our robust financial health. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to €5.51 per share in 2023. This increase reflects Euronext’s strong performance and a lower number of outstanding shares over 2024 due to Euronext’s share repurchase programme.

In 2024, Euronext achieved several key milestones that allowed us to expand our presence across the entire capital markets value chain, as we have finalised the integration of the Borsa Italiana Group. We have exceeded our 2024 financial targets for revenue and EBITDA growth. We have also strengthened our non-volume business with strategic acquisitions such as GRSS, Substantive Research, and Acupay.

In 2025, we are building the foundations to achieve our 2027 growth targets and we are investing to innovate for growth. We have already begun with the announced acquisition of Nasdaq’s Nordic power futures business6F⁷. This addition will significantly contribute to the growth of our FICC trading and clearing business. We are pleased to announce the most significant innovation in financial derivatives in recent years, the launch of cash-settled mini futures on European government bonds. Finally, we have made a first major step in the expansion of our Repo clearing franchise through a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. Euronext has promising growth opportunities ahead, which will further reinforce our position as the leading capital market infrastructure in Europe.”

2024 financial performance

In €m, unless stated otherwise	FY 2024	FY 2023	% var	% var (like-for-like, constant currencies)
Revenue and income	1,626.9	1,474.7	+10.3%	+10.0%
Listing	231.9	220.6	+5.1%	+5.4%
Trading revenue, of which	559.4	490.0	+14.2%	+14.3%
Cash trading	284.0	265.4	+7.0%	+7.0%
Derivatives trading	53.1	54.2	-2.0%	-2.0%
Fixed income trading	145.5	107.4	+35.5%	+35.5%
FX trading	31.7	25.6	+24.2%	+24.2%
Power trading	45.1	37.4	+20.4%	+22.6%
Investor Services	14.1	11.4	+24.2%	+14.8%
Advanced Data Services	241.7	224.8	+7.5%	+5.3%
Post-Trade, of which	414.7	370.2	+12.0%	+11.9%
Clearing	144.3	121.3	+19.0%	+19.0%
Custody and Settlement	270.5	248.9	+8.7%	+8.8%
Euronext Technology Solutions & Other	106.2	109.9	-3.4%	-3.3%
NTI through CCP business	56.8	46.7	+21.8%	+21.8%
Other income	2.0	1.4	+45.5%	+44.5%
Transitional revenues	–	(0.2)	N/A	N/A
Underlying operational expenses excl. D&A	(620.5)	(610.0)	+1.7%	+1.0%
Adjusted EBITDA	1,006.4	864.7	+16.4%	+16.3%
Adjusted EBITDA margin	61.9%	58.6%	+3.3pts	+3.4pts
Operating expenses excl. D&A	(651.3)	(688.3)	-5.4%	+1.0%
EBITDA	975.6	786.4	+24.1%	+9.9%
Depreciation & Amortisation	(188.7)	(170.1)	+10.9%	+11.2%
Total Expenses (incl. D&A)	(840.1)	(858.5)	-2.1%	-2.6%
Adjusted operating profit	922.9	790.4	+16.8%	+16.7%
Operating Profit	786.8	616.2	+27.7%
Net financing income / (expense)	17.5	(0.2)
Results from equity investments	34.7	83.1	-58.3%
Profit before income tax	839.1	699.1	+20.0%
Income tax expense	(218.4)	(162.7)	+34.2%
Share of non-controlling interests	(35.1)	(22.8)	+53.7%
Net income, share of the parent company shareholders	585.6	513.6	+14.0%
Adjusted Net income, share of the parent company shareholders7F⁸	682.5	584.7	+16.7%
Adjusted EPS (basic, in €)	6.59	5.51	+19.6%
Reported EPS (basic, in €)	5.65	4.84	+16.7%
Adjusted EPS (diluted, in €)	6.56	5.50	+19.3%
Reported EPS (diluted, in €)	5.63	4.83	+16.6%

Share count differs between the two periods.

2024 revenue and income

In 2024, Euronext’s revenue and income was €1,626.9 million, up +10.3% compared to 2023. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of the Euronext Clearing European expansion.

On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income was up +10.0% in 2024, at €1,618.2 million, compared to 2023.

Non-volume related revenue accounted for 58% of underlying Group revenue in 2024, compared to 60% in 2023. This reflects the strong growth in trading and post-trade revenue, and solid performance of non-volume-related revenue. Non-volume-related revenue covered 153% of underlying operating expenses excluding D&A, compared to 145% in 2023.

2024 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation increased slightly to €620.5 million, up +1.7%, in line with the revised guidance of €620 million, and lower than the initial guidance of €625 million. Cost discipline, FX impacts and positive one-offs (around €8.3 million) partly offset growth investments and acquisitions impacts.

On a like-for-like basis at constant currencies, underlying operational expenses excluding depreciation and amortisation increased by +1.0% compared to 2023, which highlights the impact of acquisitions on a reported basis.

Consequently, adjusted EBITDA for the year totalled €1,006.4 million, up +16.4% compared to 2023. This represents an adjusted EBITDA margin of 61.9%, up +3.3 points compared to 2023. On a like-for-like basis, adjusted EBITDA for 2024 was up +16.3%, to €1,003.2 million, and adjusted EBITDA margin was 62.0%, up +3.4 points compared to 2023.

2024 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €188.7 million in 2024, up +10.9%, resulting from migration projects and acquisitions. PPA related to acquired businesses accounted for €81.2 million and is included in depreciation and amortisation.

2024 adjusted operating profit was €922.9 million, up +16.8% compared to 2023 adjusted operating profit.

€136.1 million of non-underlying expenses, including depreciation and amortisation, were reported in 2024, related to the implementation of the ‘Growth for Impact 2024’ strategic plan and the PPA of acquired businesses.

Net financing income for 2024 was €17.5 million, compared to a net financing expense of €0.2 million in 2023. This increase resulted from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt in 2024.

Results from equity investments amounted to €34.7 million in 2024, including €23.4 million of dividend received from Euroclear and the €10.1 million of dividend earned from Sicovam. In 2023, Euronext reported €83.1 million of results from equity investments. This was a result of the capital gain on the disposal of Euronext’s stake in LCH SA and the disposal of Euronext’s investment in Tokeny, as well as the dividend received from Euroclear and Sicovam.

Income tax for 2024 was €218.4 million. This translated into an effective tax rate of 26.0% for 2024. In 2023, the income tax rate was 23.3%, positively impacted by non-taxable income. Income tax amounted to €162.7 million.

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €35.1 million in 2024.

As a result, the reported net income, share of the parent company shareholders, increased by +14.0% for 2024 compared to 2023, to €585.6 million. This represents a reported EPS of €5.65 basic and €5.63 diluted in 2024, compared to €4.84 basic and €4.83 diluted in 2023. This increase reflects the strong results and a lower number of shares over 2024 compared to 2023.

Adjusted net income, share of the parent company shareholders was up +16.7% to €682.5 million. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to an adjusted EPS (basic) of €5.51 per share in 2023.

The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

In 2024, Euronext reported a net cash flow from operating activities of €708.6 million, compared to €826.1 million in 2023. The difference results from higher profit before tax, higher income tax, lower results from equity investments and negative changes in working capital. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 72.3% of EBITDA in 2024.

2024 business highlights

In €m, unless stated otherwise	FY 2024	FY 2023	% change
Revenue	231.9	220.6	+5.1%
Equity	106.6	105.1	+1.4%
o/w Annual fees	72.4	69.0	+5.0%
o/w Follow-ons	18.7	20.8	-10.1%
o/w IPOs	15.5	15.4	+0.9%
Debts	40.4	36.0	+12.2%
ETFs, Funds & Warrants	24.0	23.3	+3.0%
Corporate Solutions	50.3	45.4	+10.7%
ELITE and Other	10.2	10.8	-5.8%


Money raised (€m)	FY 2024	FY 2023	% change
Equity listings	3,840	2,481	+54.8%
Follow-ons	15,782	20,177	-21.8%
Bonds	1,190,154	1,156,035	+3.0%

Listed securities	FY 2024	FY 2023	% change
New equity listings over the period	53	64	-17.2%

Money raised from follow-ons has been restated for previous periods.

Listing revenue was €231.9 million in 2024, an increase of +5.1% compared to 2023, driven by the resilience of the offering and sustained leadership in listing, partially offset by the NOK depreciation.

Euronext recorded 33% of equity listings in Europe8F⁹ with 53 new equity listings.

Euronext Corporate Solutions revenue grew by +10.7% compared to 2023 to €50.3 million, thanks to a strong performance of the SaaS and advisory offering.

Debt listing revenue grew by +12.2% compared to 2023 to €40.4 million, driven by dynamic bond issuance activity.

On a like-for-like basis at constant currencies, listing revenue increased by +5.4% compared to 2023.

Trading
- Cash trading

	FY 2024	FY 2023	% change
Cash trading revenue (€m)	284.0	265.4	+7.0%
ADV Cash market (€m)	10,405	10,053	+3.5%

Cash trading revenue increased by +7.0% to €284.0 million in 2024, supported by efficient yield management and higher volumes.

Over the year, Euronext cash trading yield was 0.53 bps, up from 0.52 bps in 2023 despite continued high order sizes. Euronext market share of cash trading averaged 64.8% in 2024.

On a like-for-like basis at constant currencies, cash trading revenue was up +7.0%.

Derivatives trading

	FY 2024	FY 2023	% change
Derivatives trading revenue (€m)	53.1	54.2	-2.0%
ADV Derivatives market (in lots)	619,833	619,244	+0.1%
ADV Equity & Index derivatives (in lots)	503,506	528,368	-4.7%
ADV Commodity derivatives (in lots)	116,328	90,876	+28.0%

Derivatives trading revenue decreased by -2.0% to €53.1 million in 2024, reflecting the continuing trend of lower volatility for equity and index derivatives, offset by very dynamic commodity trading. Euronext revenue capture on derivatives trading was €0.33 per lot for the year. On a like-for-like basis at constant currencies, derivatives trading revenue was down -2.0% in 2024 compared to 2023.

Fixed income trading

	FY 2024	FY 2023	% change
Fixed income trading revenue (€m)	145.5	107.4	+35.5%
o/w MTS Cash	103.1	67.1	+53.7%
o/w MTS Repo	26.5	25.2	+4.9%
ADV MTS Cash (€m)	37,021	23,026	+60.8%
TAADV MTS Repo (€m)	483,247	436,039	+10.8%
ADV other fixed income (€m)	1,612	1,266	+27.4%

Fixed income revenue reached €145.5 million in 2024, up +35.5% compared to 2023. MTS Cash reached record results, driven by strategic positioning of the solutions provided to market participants and issuers and favourable market conditions. On a like-for-like basis at constant currencies, fixed income trading revenue was up +35.5% compared to 2023.

FX trading

	FY 2024	FY 2023	% change
Spot FX trading revenue (€m)	31.7	25.6	+24.2%
ADV spot FX Market (in $m)	26,493	22,450	+18.0%

FX trading revenue was €31.7 million in 2024, up +24.2% compared to 2023. This reflects growing volumes, bolstered by a favourable volatility environment and commercial expansion. On a like-for-like basis at constant currencies, FX trading revenue was up +24.2% compared to 2023.

Power trading

	FY 2024	FY 2023	% change
Power trading revenue (€m)	45.1	37.4	+20.4%
ADV Day-ahead power market (in TWH)	2.74	2.74	+0.3%
ADV Intraday power market (in TWH)	0.31	0.20	+55.0%

Power trading revenue reached €45.1 million in 2024, up +20.4% compared to 2023, reflecting continued strong growth of intraday volumes. This strong result was partially offset by the depreciation of the NOK. On a like-for-like basis at constant currencies, power trading revenue was up +22.6% compared to 2023.

Investor Services

Investor Services reported €14.1 million revenue in 2024, representing a +24.2% increase compared to 2023, supported by continued commercial expansion and the contribution of Substantive Research, acquired on 17 September 2024. On a like-for-like basis at constant currencies, Investor Services revenue was up +14.8% compared to 2023.

Advanced Data Services

Advanced Data Services revenue reached €241.7 million in 2024, up +7.5% from 2023, driven by continued demand for fixed-income and power trading data and dynamic retail usage. It was also supported by the contribution of GRSS, acquired as announced on 3 June 2024, and rapid expansion of advanced data solutions. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +5.3% compared to 2023.

Post Trade

in €m, unless stated otherwise	FY 2024	FY 2023	% change
Post-trade revenue (excl. NTI)	414.7	370.2	+12.0%
Clearing	144.3	121.3	+19.0%
o/w Revenue from LCH SA	62.8	71.8	-12.5%
o/w Revenue from Euronext Clearing	81.5	49.5	+64.5%
o/w Derivatives	18.1	5.6	+221.2%
o/w Equities	24.4	16.6	+47.1%
o/w Bonds	14.9	13.6	+10.0%
o/w Other	24.1	13.7	+75.8%
Custody, Settlement and other Post-Trade activities	270.5	248.9	+8.7%

Number of transactions and lots cleared	FY 2024	FY 2023	% change
Shares (number of contracts – single counted)	234,777,332	83,486,969	+181.2%
Bonds – Wholesale (nominal value in €bn – double counted)	29,717	27,177	+9.3%
Bonds – Retail (number of contracts – double counted)	15,133,264	13,732,528	+10.2%
Derivatives9F¹⁰	65,536,847	25,244,669	+159.6%

Clearing revenue was up +19.0% to €144.3 million in 2024, reflecting the successful and timely execution of the last steps of the pan-Europeanisation of Euronext Clearing. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA prior to the migration) accounted for €41.9 million of the total clearing revenue in 2024. On a like-for-like basis at constant currencies, clearing revenue was up +19.0% compared to 2023.

Net treasury income

Net treasury income for Euronext Clearing was at €56.8 million in 2024, up +21.8% compared to 2023. The increase was driven by higher collateral following the completion of the derivatives clearing migration on 7 September 2024 and a positive comparison base in Q1 2023 due to the disposal of the Euronext Clearing portfolio.

Custody, Settlement and other Post-Trade activities

Euronext Securities activity	FY 2024	FY 2023	% change
Number of settlement instructions over the period	134,287,470	123,587,470	+7.8%
Assets under Custody (in €bn), end of period	7,065	6,663	+6.0%

Revenue from Custody, Settlement and other Post-Trade activities was €270.5 million in 2024, posting a strong growth of +8.7% compared to 2023. This reflects growing assets under custody, dynamic issuance activities and higher settlement activity. Euronext Securities’ value-added services business continued to post strong growth, supported by the acquisition of Acupay as announced on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +8.8% compared to 2023.

Technology Solutions and Other revenue

Euronext Technologies and Other revenue was €106.2 million in 2024, down -3.4% from 2023, reflecting the termination of double-run connectivity revenues and Borsa Italiana legacy services following the migration to Optiq®, passing on synergies to clients. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was down -3.3% compared to 2023.

Q4 2024 financial performance

In €m, unless stated otherwise	Q4 2024	Q4 2023	% var	% var (like-for-like, constant currencies)
Revenue and income	415.8	374.1	+11.1%	+9.9%
Listing	59.4	56.2	+5.8%	+5.9%
Trading revenue, of which	141.4	124.5	+13.5%	+13.5%
Cash trading	70.9	64.1	+10.6%	+10.6%
Derivatives trading	12.9	12.8	+0.3%	+0.3%
Fixed income trading	37.8	30.6	+23.7%	+23.7%
FX trading	8.5	6.7	+27.7%	+26.4%
Power trading	11.3	10.4	+8.8%	+10.1%
Investor Services	4.2	3.0	+39.8%	+13.0%
Advanced Data Services	61.1	56.1	+8.9%	+4.8%
Post Trade, of which	102.8	94.6	+8.6%	+7.0%
Clearing	32.9	32.3	+1.8%	+1.8%
Custody and Settlement	69.9	62.3	+12.2%	+10.1%
Euronext Technology Solutions & Other	28.4	27.6	+3.1%	+3.2%
NTI through CCP business	17.9	11.7	+53.3%	+53.3%
Other income	0.6	0.5	+37.5%	+0.0%
Underlying operational expenses excl. D&A	(163.2)	(157.8)	+3.4%	+1.1%
Adjusted EBITDA	252.6	216.3	+16.7%	+16.4%
Adjusted EBITDA margin	60.7%	57.8%	+2.9pts	+3.4pts
Operating expenses excl. D&A	(174.4)	(173.3)	+0.6%	-1.5%
EBITDA	241.4	200.8	+20.2%	+19.8%
Depreciation & Amortisation	(49.6)	(45.6)	+8.7%	+8.6%
Total Expenses (incl. D&A)	(224.0)	(218.9)	+2.3%	+0.6%
Adjusted operating profit	231.1	196.3	+17.7%	+17.3%
Operating Profit	191.8	155.2	+23.6%
Net financing income / (expense)	6.5	4.7	+38.2%
Results from equity investments	10.1	17.0	-40.8%
Profit before income tax	208.4	176.9	+17.8%
Income tax expense	(55.5)	(40.0)	+38.8%
Share of non-controlling interests	(8.2)	(6.4)	+29.2%
Net income, share of the parent company shareholders	144.6	130.6	+10.8%
Adjusted Net income, share of the parent company shareholders10F¹¹	172.3	148.2	+16.3%
Adjusted EPS (basic, in €)	1.66	1.42	+16.9%
Reported EPS (basic, in €)	1.40	1.25	+12.0%
Adjusted EPS (diluted, in €)	1.66	1.41	+17.7%
Reported EPS (diluted, in €)	1.39	1.24	+12.1%

Share count differs between the two periods

Q4 2024 revenue and income

In Q4 2024, Euronext’s revenue and income amounted to €415.8 million, up +11.1% compared to Q4 2023, driven by record performance in fixed income trading, robust results in non-volume related businesses and the positive contribution of the Euronext Clearing European expansion at the end of November 2023.

On a like-for-like basis and at constant currencies, Euronext revenue and income were up +9.9% in Q4 2024 compared to Q4 2023, to €411.1 million.

Non-volume related revenue accounted for 59% of Group revenue in Q4 2024, compared to 60% in Q4 2023, reflecting continued strong performance of trading and post-trade in Q4 2024. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 151% in Q4 2024, compared to 141% in Q4 2023.

Q4 2024 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation increased by +3.4% to €163.2 million, reflecting investments in growth and the impact of acquisitions. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +1.1% compared to Q4 2023, reflecting mainly the impact of acquisitions on a reported basis.

Consequently, adjusted EBITDA for the quarter totalled €252.6 million, up +16.7% compared to Q4 2023. This represents an adjusted EBITDA margin of 60.7%, up +2.9 points compared to Q4 2023. On a like-for-like basis, adjusted EBITDA for Q4 2024 was up +16.4%, to €251.5 million, and adjusted EBITDA margin was 61.2%, up +3.4 points compared to the same perimeter in Q4 2023.

Q4 2024 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €49.6 million in Q4 2024, +8.7% more than in Q4 2023 due to the impact of migration projects and acquisitions. PPA related to acquired businesses accounted for €20.7 million and is included in depreciation and amortisation.

Adjusted operating profit was €231.1 million, up +17.7% compared to Q4 2023. On a like-for-like basis, adjusted operating profit was up +17.3% compared to Q4 2023, at €230.1 million.

€39.3 million of non-underlying expenses, including depreciation and amortisation, were reported in Q4 2024, related to the final steps of the Borsa Italiana Group integration and the PPA of acquired businesses.

Net financing income for Q4 2024 was €6.5 million, compared to €4.7 million in Q4 2023. This increase results from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt.

Results from equity investments amounted to €10.1 million in Q4 2024, representing the dividend received from Sicovam. As a reminder, in Q4 2023, Euronext reported €17.0 million of results from equity investments due to the capital gain related to the disposal of the stake in Tokeny and the dividend received from Sicovam.

Income tax for Q4 2024 was €55.5 million. This translated into an effective tax rate of 26.6% for the quarter. (Q4 2023: €40.0 million and 22.6% respectively, reflecting the positive impact of the tax-exempted one-off capital gain from the disposal of the Tokeny stake).

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €8.2 million in Q4 2024.

As a result, the reported net income, share of the parent company shareholders, increased by +10.8% for Q4 2024 compared to Q4 2023, to €144.6 million. This represents a reported EPS of €1.40 basic and €1.39 diluted in Q4 2024, compared to €1.25 basic and €1.24 diluted in Q4 2023. Adjusted net income, share of the parent company shareholders was up +16.3% to €172.3 million. Adjusted EPS (basic) was up +16.9% in Q4 2024, at €1.66 per share, compared to an adjusted EPS (basic) of €1.42 per share in Q4 2023. This increase reflects higher profit and a lower number of outstanding shares over the fourth quarter of 2024 compared to the fourth quarter of 2023.

The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

In Q4 2024, Euronext reported a net cash flow from operating activities of €175.0 million, compared to €194.5 million in Q4 2023, reflecting negative changes in working capital from short-term movement in outstanding power sales customers’ and suppliers’ invoices related to Nord Pool CCP activities and higher income tax. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 64.3% of EBITDA in Q4 2024.

Q4 2024 business highlights

in €m, unless stated otherwise	Q4 2024	Q4 2023	% change
Listing revenue	59.4	56.2	+5.8%
Equity	26.6	26.6	-0.1%
o/w Annual fees	18.0	17.1	+5.2%
o/w Follow-ons	4.6	5.8	-19.2%
o/w IPOs	3.9	3.7	+4.6%
Debts	9.8	9.1	+7.7%
ETFs, Funds & Warrants	6.1	5.9	+3.5%
Corporate Solutions	14.0	12.3	+13.6%
ELITE and Other	2.9	2.2	+31.9%

Listing revenue was €59.4 million in Q4 2024, an increase of +5.8% compared to Q4 2023 driven by dynamic listing and follow-on activity and strong performance of corporate solutions, partially offset by the depreciation of the NOK.

On a like-for-like basis at constant currencies, listing revenue increased by +5.9% compared to Q4 2023.

Money raised (€m)	Q4 2024	Q4 2023	% change
Equity listings	164	247	-33.7%
Follow-ons	2,556	6,667	-61.7%
Bonds	244,356	290,524	-15.9%

Listed securities	Q4 2024	Q4 2023	% change
New equity listings over the period	16	13	+23.1%
Number of ETFs listed, end of period	4,018	3,821	+5.2%
Number of Bonds listed, end of period	55,804	55,098	+1.3%

Euronext ranked as the leading listing venue in Europe with 30% of European listings. Equity listing revenue was solid at €26.6 million.

Euronext Corporate Solutions revenue grew +13.6% compared to Q4 2023 to a new record level of €14.0 million, resulting from the strong performance of its SaaS products and events.

Debt listing activity was strong with revenue at €9.8 million, supported by dynamic bond listing activity and favourable market conditions.

Trading
- Cash trading

	Q4 2024	Q4 2023	% change
Cash trading revenue (€m)	70.9	64.1	+10.6%
ADV Cash market11F (€m)	10,545	9,558	+10.3%

Cash trading revenue increased by +10.6% to €70.9 million in Q4 2024, driven by a more positively geared volume environment.

Over the fourth quarter of 2024, Euronext cash trading yield was 0.52 bps, reflecting more dynamic volumes and high average order sizes. Euronext market share on cash trading averaged 64.4% in Q4 2024.

On a like-for-like basis at constant currencies, cash trading revenue was up +10.6%.

Derivatives trading

	Q4 2024	Q4 2023	% change
Derivatives trading revenue (€m)	12.9	12.8	+0.3%
ADV Derivatives market (in lots)	580,555	598,894	-3.1%
ADV Equity derivatives (in lots)	463,920	506,716	-8.4%
ADV Commodity derivatives (in lots)	116,634	92,178	+26.5%

Derivatives trading revenue increased by +0.3% to €12.9 million in Q4 2024. The strong performance of Euronext commodity derivatives, supported by new product launches, partly offset the continued low volatility environment for equity derivatives. Euronext revenue capture on derivatives trading was €0.35 per lot for the fourth quarter of 2024.

On a like-for-like basis at constant currencies, derivatives trading revenue was up +0.3% in Q4 2024 compared to Q4 2023.

Fixed income trading

	Q4 2024	Q4 2023	% change
Fixed income trading revenue (€m)	37.8	30.6	+23.7%
o/w MTS Cash	27.0	19.6	+37.8%
o/w MTS Repo	6.7	6.3	+5.9%
ADV MTS Cash (€m)	39,381	27,741	+42.0%
TAADV MTS Repo (€m)	516,173	469,134	+10.0%
ADV other fixed income (€m)	1,656	1,504	+10.1%

Fixed income recorded record revenue at €37.8 million in Q4 2024, up +23.7% compared to Q4 2023, reflecting record quarterly volumes in MTS Cash and Repo driven by an economic environment favouring money markets and supportive volatility, and strong growth in repo and other fixed income trading.

On a like-for-like basis at constant currencies, fixed income trading revenue was up +23.7% compared to Q4 2023.

FX trading

	Q4 2024	Q4 2023	% change
Spot FX trading revenue (€m)	8.5	6.7	+27.7%
ADV spot FX Market (in $m)	26,475	23,943	+10.6%

FX trading revenue was €8.5 million in Q4 2024, up +27.7% compared to Q4 2023 thanks to favourable market volatility and commercial expansion.

On a like-for-like basis at constant currencies, FX trading revenue was up +26.4% compared to Q4 2023.

Power trading

	Q4 2024	Q4 2023	% change
Power trading revenue (€m)	11.3	10.4	+8.8%
ADV Day-ahead power market (in TWH)	2.99	3.10	-3.4%
ADV Intraday power market (in TWH)	0.32	0.25	+27.1%

Power trading revenue reached €11.3 million in Q4 2024, up +8.8% compared to Q4 2023, reflecting continued strong growth in intraday volumes and lower day-ahead volumes due to milder temperatures.

On a like-for-like basis at constant currencies, power trading revenue was up +10.1% compared to Q4 2023. This reflects the negative impact from the NOK depreciation on a reported basis.

Investor Services

Investor Services reported €4.2 million revenue in Q4 2024, up +39.8% compared to Q4 2023, resulting from continued commercial expansion and the full-quarter contribution from Substantive Research, acquired as announced in September 2024.

On a like-for-like basis at constant currencies, Investor Services revenue was up +13.0% compared to Q4 2023.

Advanced Data Services

Advanced Data Services revenue was €61.1 million in Q4 2024, up +8.9% from Q4 2023, driven by a solid performance of the core data business, solid demand for analytic products and diversified datasets and from retail investors. It also reflects the positive contribution of GRSS, acquired as announced in June 2024. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +4.8% compared to Q4 2023.

Post Trade

in €m, unless stated otherwise	Q4 2024	Q4 2023	% change
Post-trade revenue (excl. NTI)	102.8	94.6	+8.6%
Clearing	32.9	32.3	+1.8%
o/w Revenue from LCH SA	–	17.8
o/w Revenue from Euronext Clearing	32.9	14.6	+126.2%
o/w Derivatives	14.3	1.4	+940.3%
o/w Equities	6.4	5.2	+21.9%
o/w Bonds	3.8	3.7	+3.4%
o/w Other	8.4	4.2	+98.5%
Net treasury income through CCP business	17.9	11.7	+53.3%
Custody, Settlement and other Post-Trade activities	69.9	62.3	+12.2%

Number of transactions and lots cleared	Q4 2024	Q4 2023	% change
Shares (#contracts – single counted)	60,645,852	30,675,375	+97.7%
Bonds – Wholesale (nominal value in €bn – double counted)	7,580	7,118	+6.5%
Bonds – Retail (# contracts – double counted)	4,340,444	3,888,898	+11.6%
Derivatives (# contracts – single counted)	37,154,815	5,691,338	+552.8%

Clearing revenue was up +1.8% to €32.9 million in Q4 2024, reflecting the increase in equity clearing volumes following the expansion of Euronext Clearing in November 2023, as well as dynamic commodity and retail bond clearing volumes, offset by the low volatility environment for equity derivatives. Euronext has internalised the clearing and net treasury income related to its derivatives flows in September 2024. Euronext therefore no longer receives revenue and net treasury income from LCH SA, previously recorded under non-volume related clearing revenue. Non-volume related clearing revenue, mostly related to membership fees, accounted for €8.4 million of the total clearing revenue in Q4 2024. On a like-for-like basis at constant currencies, clearing revenue was up +1.8% compared to Q4 2023.

Net treasury income

Net treasury income amounted to €17.9 million in Q4 2024. The +53.3% increase compared to Q4 2023 reflects the increased level of cash collateral posted to the CCP following the migration of derivatives clearing for all Euronext markets to Euronext Clearing.

Custody, Settlement and other Post-Trade activities

Euronext Securities activity	Q4 2024	Q4 2023	% change
Number of settlement instructions over the period	34,122,913	30,507,967	+11.8%
Assets under Custody (in €bn), end of period	7,065	6,663	+6.0%

Revenue from Custody, Settlement and other Post-Trade activities was €69.9 million in Q4 2024, up +12.2% compared to Q4 2023, reflecting higher assets under custody, a growing number of settlement instructions and continued growth of the services offering, supported by the acquisition of Acupay on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +10.1% compared to Q4 2023.

Technology Solutions and Other revenue

Euronext Technologies and Other revenue grew to €28.4 million in Q4 2024, up +3.1% from Q4 2023, supported by Technology Solutions provided through Nord Pool and the launch of Euronext Wireless Network in July 2024, which offset the termination of Borsa Italiana legacy services following the migration of Italian markets to Optiq®. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +3.2% compared to Q4 2023.

Corporate highlights since 1 January 2025

Euronext to acquire Nasdaq’s Nordic power futures business

On 28 January 2025, Euronext and Nasdaq announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals.
The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing, with approval of the members. Trading of power futures will be operated from Euronext Amsterdam and will be cleared through Euronext Clearing. Nasdaq Clearing AB, Nasdaq Oslo ASA, and their respective infrastructure are not included in the sale. Nasdaq will continue to operate its European Markets Services business and multi-asset clearing house.
The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. The transaction complies with Euronext’s capital allocation policy and will be fully financed with existing cash.

Euronext upgraded to A-, stable outlook, by S&P

On 3 February 2025, Euronext welcomed the decision of S&P to upgrade Euronext from ‘BBB+, Positive Outlook’ to ‘A-, Stable Outlook’.
S&P’s decision reflects the completion of the integration of the Borsa Italiana Group, the successful expansion of Euronext Clearing and the continued deleveraging thanks to the Group’s strong cash flow generation.

Ongoing share buyback programme

On 7 November 2024, Euronext announced a share repurchase programme for a maximum amount of €300 million. This programme is enabled by Euronext’s strong cash generation capabilities and demonstrates Euronext’s rigorous capital allocation strategy. Weekly reporting updates about the share repurchase programme are being published in the Share Buyback Programme section of our website. As of 7 February 2025, a total of 1,821,023 shares had been repurchased, representing 65.3% of the repurchase programme.

Fixed income derivatives status update

Euronext announces the launch of fixed income derivatives on major European government bonds, marking a significant innovation in financial derivatives. This new offering includes the first-ever mini futures to be cash-settled on European government bonds, designed to provide greater accessibility and flexibility for retail investors, asset managers, and private investors. Powered by the Optiq® trading platform and supported by dedicated market makers and Euronext Clearing, these derivatives will be introduced on the Euronext Derivatives Milan market in September 2025.

Euronext volumes for January 2025

In January 2025, the average daily transaction value on the Euronext cash order book stood at €11,538 million, up 23.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 606,267 lots, up +5.1%% compared to January 2024, and the open interest was 23,064,793 contracts at the end of January 2025, up +4.5% compared to January 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $27.7 billion, up +11.2% compared to the same period last year.
MTS Cash average daily volumes were up +57.5% to €50.8 billion in January 2025, MTS Repo term adjusted
average daily volume stood at €467.6 billion, up +3.5% compared to the same period last year.
Euronext Clearing cleared 23,472,063 shares in January 2025, +20.9% compared to January 2024. €2,782.6 billion of wholesale bonds were cleared in January 2025 (double counted), up +2.8% compared to the same period in 2024. 1,464,522 bond retail contracts were cleared in January 2025 (double counted), up +11.9% compared to January 2024. The number of derivatives contracts cleared was 13,337,872, +606.4% compared to January 2024 (single counted). This strong increase is due to the fact that the commodity derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 15 July 2024, and financial derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 9 September 2024. Euronext Securities reported 13,048,702 settlement instructions in January 2025, up +14.9% compared to the same period last year. The total Assets Under Custody reached over €7 trillion in January 2025, up +7.2%.

Euronext announces strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering

On 11 February 2025, Euronext announced a new collaboration with Euroclear to support the development of Euronext Clearing’s collateral management services for repo and other asset classes. This collaboration is a first major step to enable Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds bringing an efficient value offering to European and international clients. This collaboration will pave the way for the rollout of Euronext’s new repo clearing offering in June 2025, enabling the onboarding of clients including international banks, with an updated risk framework. Clients will be able to use Euroclear as a triparty agent for repo clearing.

Agenda

A conference call and a webcast will be held on 14 February 2025, at 09:00 CET (Paris time) / 08:00 GMT (London time):

Conference call:

To connect to the conference call, please dial:

UK Number:	+44 33 0551 0200	NO Number:	+47 2 156 3318
FR Number:	+33 1 70 37 71 66	PT Number:	+351 3 0880 2081
NL Number:	+31 20 708 5073	IR Number:	+353 1 436 0959
US Number:	+1 786 697 3501	IT Number:	+39 06 8336 0400
BE Number:	+32 2 789 8603	DE Number:	+49 30 3001 90612

Password: Euronext

Live webcast:

For the live audio webcast go to: Euronext Q4/FY 2024 Results

The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

ANALYSTS & INVESTORS – ir@euronext.com

Investor Relations	Aurélie Cohen
	Judith Stein	+33 6 15 23 91 97

MEDIA – mediateam@euronext.com

Europe	Aurélie Cohen	+33 1 70 48 24 45
	Andrea Monzani	+39 02 72 42 62 13
Belgium	Marianne Aalders	+32 26 20 15 01
France, Corporate	Flavio Bornancin-Tomasella	+33 1 70 48 24 45
Ireland	Andrea Monzani	+39 02 72 42 62 13
Italy	Ester Russom	+39 02 72 42 67 56
The Netherlands	Marianne Aalders	+31 20 721 41 33
Norway	Cathrine Lorvik Segerlund	+47 41 69 59 10
Portugal	Sandra Machado	+351 91 777 68 97
Corporate Solutions	Coralie Patri	+33 7 88 34 27 44

About Euronext

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

As of December 2024, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal host over 1,800 listed issuers with around €6 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

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

Disclaimer

This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

Appendix

The figures in this appendix have not been audited or reviewed by our external auditor.

Non-IFRS financial measures

For comparative purposes, the company provides unaudited non-IFRS measures including:

Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

Non-IFRS measures are defined as follows:

Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;

Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
- integration or double-run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
- one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments;
- amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
- tax related to non-underlying items.

Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
EBITDA as the operating profit before depreciation and amortisation;
Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
EBITDA margin as EBITDA divided by total revenue and income;
Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

Non-volume related revenue definition

Non-volume related revenue includes Listing excluding IPOs, Advanced Data Services, Custody & Settlement and other Post-Trade, fixed revenue from Clearing activities (including for instance NTI and membership fees), Investor Services, Technology Solutions, Other Income and Transitional Revenue.

Adjusted EPS definition

	Q4 2024	Q4 2023	FY 2024	FY 2023
Net income reported	144.6	130.6	585.6	513.6
EPS reported	1.40	1.25	5.65	4.84
Adjustments
of which Operating expenses excl. D&A	(11.2)	(15.5)	(30.9)	(78.3)
of which Depreciation and amortisation	(28.1)	(25.6)	(105.2)	(95.9)
of which Net financing expense	–	–	–	(0.2)
of which results from equity investments	–	11.4	1.2	53.0
of which Minority interest	1.1	1.1	2.5	4.1
Tax related to adjustments	10.5	11.1	35.5	46.2
Adjusted net income	172.3	148.2	682.5	584.7
Adjusted EPS	1.66	1.42	6.59	5.51

Consolidated income statement

	Q4 2024			Q4 2023
in € million, unless stated otherwise	Underlying	Non-underlying	Reported		Underlying	Non-underlying	Reported
Revenue and income	415.8	–	415.8		374.1	–	374.1
Listing	59.4	–	59.4		56.2	–	56.2
Trading revenue, of which	141.4	–	141.4		124.5	–	124.5
Cash trading	70.9	–	70.9		64.1	–	64.1
Derivatives trading	12.9	–	12.9		12.8	–	12.8
Fixed income trading	37.8	–	37.8		30.6	–	30.6
FX trading	8.5	–	8.5		6.7	–	6.7
Power trading	11.3	–	11.3		10.4	–	10.4
Investor services	4.2	–	4.2		3.0	–	3.0
Advanced data services	61.1	–	61.1		56.1	–	56.1
Post Trade, of which	102.8	–	102.8		94.6	–	94.6
Clearing	32.9	–	32.9		32.3	–	32.3
Custody & Settlement and other	69.9	–	69.9		62.3	–	62.3
Euronext Technology Solutions & other revenue	28.4	–	28.4		27.6	–	27.6
Net Financing Income through CCP business	17.9	–	17.9		11.7	–	11.7
Other income	0.6	–	0.6		0.5	–	0.5
Operating expenses excluding D&A	(163.2)	(11.2)	(174.4)		(157.8)	(15.5)	(173.3)
Salaries and employee benefits	(90.0)	(5.4)	(95.4)		(85.6)	(7.8)	(93.3)
Other operational expenses, of which	(73.2)	(5.8)	(79.0)		(72.2)	(7.8)	(80.0)
System & communication	(25.7)	(0.1)	(25.8)		(23.1)	(2.0)	(25.1)
Professional services	(15.5)	(4.8)	(20.3)		(12.8)	(4.7)	(17.5)
Clearing expense	(0.4)	–	(0.4)		(8.8)	–	(8.8)
Accommodation	(4.1)	(0.1)	(4.2)		(6.0)	(0.2)	(6.2)
Other operational expenses	(27.6)	(0.8)	(28.4)		(21.5)	(0.9)	(22.3)
EBITDA	252.6	(11.2)	241.4		216.3	(15.5)	200.8
EBITDA margin	60.7%		58.1%		57.8%		53.7%
Depreciation & amortisation	(21.5)	(28.1)	(49.6)		(20.0)	(25.6)	(45.6)
Total expenses	(184.7)	(39.3)	(224.0)		(177.8)	(41.1)	(218.9)
Operating profit	231.1	(39.3)	191.8		196.3	(41.1)	155.2
Net financing income / (expense)	6.5	–	6.5		4.7	–	4.7
Results from equity investment	10.1	–	10.1		5.6	11.4	17.0
Profit before income tax	247.7	(39.3)	208.4		206.6	(29.7)	176.9
Income tax expense	(66.0)	10.5	(55.5)		(51.0)	11.1	(40.0)
Non-controlling interests	(9.3)	1.1	(8.2)		(7.4)	1.1	(6.4)
Net income, share of the parent company shareholders	172.3	(27.7)	144.6		148.2	(17.6)	130.6
EPS (basic, in €)	1.66		1.40		1.42		1.25
EPS (diluted, in €)	1.66		1.39		1.41		1.24

	FY 2024			FY 2023
in € million, unless stated otherwise	Underlying	Non-underlying	Reported		Underlying	Non-underlying	Reported
Revenue and income	1,626.9	–	1,626.9		1,474.7	–	1,474.7
Listing	231.9	–	231.9		220.6	–	220.6
Trading revenue, of which	559.4	–	559.4		490.0	–	490.0
Cash trading	284.0	–	284.0		265.4	–	265.4
Derivatives trading	53.1	–	53.1		54.2	–	54.2
Fixed income trading	145.5	–	145.5		107.4	–	107.4
FX trading	31.7	–	31.7		25.6	–	25.6
Power trading	45.1	–	45.1		37.4	–	37.4
Investor services	14.1	–	14.1		11.4	–	11.4
Advanced data services	241.7	–	241.7		224.8	–	224.8
Post Trade, of which	414.7	–	414.7		370.2	–	370.2
Clearing	144.3	–	144.3		121.3	–	121.3
Custody & Settlement and other	270.5	–	270.5		248.9	–	248.9
Euronext Technology Solutions & other revenue	106.2	–	106.2		109.9	–	109.9
Net Financing Income through CCP business	56.8	–	56.8		46.7	–	46.7
Other income	2.0	–	2.0		1.4	–	1.4
Transitional revenues	–	–	–		(0.2)	–	(0.2)
Operating expenses excluding D&A	620.5	30.9	651.3		(610.0)	(78.3)	(688.3)
Salaries and employee benefits	(330.2)	(11.5)	(341.6)		(319.5)	(12.9)	(332.4)
Other operational expenses, of which	(290.3)	(19.4)	(309.7)		(290.6)	(65.4)	(355.9)
System & communication	(99.2)	(3.1)	(102.3)		(94.9)	(7.8)	(102.6)
Professional services	(57.7)	(12.8)	(70.6)		(58.3)	(18.2)	(76.5)
Clearing expense	(23.2)	(1.1)	(24.3)		(34.5)	–	(34.5)
Accommodation	(16.0)	(0.9)	(16.9)		(17.9)	(0.8)	(18.7)
Other operational expenses	(94.1)	(1.4)	(95.5)		(85.0)	(38.6)	(123.6)
EBITDA	1,006.4	(30.9)	975.6		864.7	(78.3)	786.4
EBITDA margin	61.9%		60.0%		58.6%		53.3%
Depreciation & amortisation	(83.5)	(105.2)	(188.7)		(74.2)	(95.9)	(170.1)
Total expenses	(704.0)	(136.1)	(840.1)		(684.3)	(174.2)	(858.5)
Operating profit	922.9	(136.1)	786.8		790.4	(174.2)	616.2
Net financing income / (expense)	17.5	–	17.5		0.1	(0.2)	(0.2)
Results from equity investment	33.5	1.2	34.7		30.0	53.0	83.1
Profit before income tax	973.9	(134.9)	839.1		820.5	(121.4)	699.1
Income tax expense	(253.8)	35.5	(218.4)		(208.9)	46.2	(162.7)
Non-controlling interests	(37.6)	2.5	(35.1)		(26.9)	4.1	(22.8)
Net income, share of the parent company shareholders	682.5	(96.9)	585.6		584.7	(71.1)	513.6
EPS (basic, in €)	6.59		5.65		5.51		4.84
EPS (diluted, in €)	6.56		5.63		5.50		4.83

Consolidated comprehensive income statement

	Q4 2024	Q4 2023
Profit for the period	152.9	136.9

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	8.7	(2.0)
– Income tax impact on exchange differences on translation of foreign operations	(1.5)	0.5
– Change in value of debt investments at fair value through other comprehensive income	–	0.5
– Income tax impact on change in value of debt investments at fair value through other comprehensive income	–	(0.2)

Items that will not be reclassified to profit or loss:
– Change in value of equity investments at fair value through other comprehensive income	85.0	–
– Income tax impact on change in value of equity investments at fair value through other comprehensive income	(0.7)	–
-Remeasurements of post-employment benefit obligations	(1.0)	(4.2)
– Income tax impact on remeasurements of post-employment benefit obligations	0.1	0.5
Other comprehensive income for the period, net of tax	90.6	(4.8)
Total comprehensive income for the period	243.5	132.1

Comprehensive income attributable to:
– Owners of the parent	235.9	125.6
– Non-controlling interests	7.6	6.5

	FY 2024	FY 2023
Profit for the period	620.7	536.4

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	(27.9)	(57.8)
– Income tax impact on exchange differences on translation of foreign operations	2.0	6.3
– Change in value of debt investments at fair value through other comprehensive income	0.7	7.1
– Income tax impact on change in value of debt investments at fair value through other comprehensive income
	(0.2)	(2.0)
Items that will not be reclassified to profit or loss:
– Change in value of equity investments at fair value through other comprehensive income	91.5	11.9
– Income tax impact on change in value of equity investments at fair value through other comprehensive income	(2.1)	(3.1)
– Remeasurements of post-employment benefit obligations	0.6	(1.4)
– Income tax impact on remeasurements of post-employment benefit obligations	(0.1)	0.2
Other comprehensive income for the period, net of tax	64.6	(38.9)
Total comprehensive income for the period	685.3	497.5

Comprehensive income attributable to:
– Owners of the parent	651.8	475.7
– Non-controlling interests	33.5	21.8

Consolidated balance sheet

in € million	31 December 2024	31 December 2023
Non-current assets
Property, plant and equipment	106.2	114.4
Right-of-use assets	57.5	55.7
Goodwill and other intangible assets	6,096.2	6,108.2
Deferred income tax assets	30.4	31.3
Investments in associates and joint ventures	0.8	1.3
Financial assets at fair value through OCI	357.0	262.7
Other non-current assets	3.5	4.5
Total non-current assets	6,651.6	6,578.0

Current assets
Trade and other receivables	412.9	333.6
Income tax receivable	11.4	15.512F¹²
CCP clearing business assets	200,575.5	183,715.2
Other current financial assets	63.8	103.1
Cash & cash equivalents	1,673.5	1,448.8
Total current assets	202,737.0	105,616.2

Total assets	209,388.6	192,194.2

Equity
Shareholders’ equity	4,245.2	3,945.7
Non-controlling interests	156.8	139.7
Total Equity	4,402.0	4,085.3

Non-current liabilities
Borrowings	2,537.0	3,031.6
Lease liabilities	46.2	37.3
Other non-current financial liabilities	3.5	–
Deferred income tax liabilities	496.8	531.9
Post-employment benefits	21.0	22.7
Contract liabilities	56.4	60.0
Other provisions	7.2	7.3
Total Non-current liabilities	3,168.2	3,690.8

Current liabilities
Borrowings	516.5	17.3
Lease liabilities	15.8	22.2
Derivative financial instruments	0.1	–
CCP clearing business liabilities	200,644.7	183,832.2
Income tax payable	91.1	46.1
Trade and other payables	464.3	415.8
Contract liabilities	80.1	79.3
Other provisions	5.9	5.2
Total Current liabilities	201,818.4	184,418.0

Total equity and liabilities	209,388.6	192,194.2

The Group adjusted the comparative period figures downwards by €43.1 million for both income tax receivables and income tax payables, to adjust for the netting of taxes in the Italian fiscal sub-group.

Consolidated statement of cash flows

in € million	FY 2024	FY 2023
Profit before tax	839.1	699.1
Adjustments for:
– Depreciation and amortisation	188.7	170.1
– Share based payments	15.6	14.4
– Results from equity investments	(33.3)	(23.5)
– Gain on sale of associate	(1.2)	(53.0)
– Share of profit from associates and joint ventures	(0.2)	(6.5)
– Changes in working capital	(89.5)	155.5

Cash flow from operating activities	919.2	956.1
Income tax paid	(210.6)	(130.0)
Net cash flows from operating activities	708.6	826.1

Cash flow from investing activities
Business combinations, net of cash acquired	(65.2)	–
Proceeds from sale of subsidiary	–	(0.2)
Purchase of financial assets at FVOCI	(2.8)	(1.3)
Proceeds from sale of associate	0.9	122.4
Proceeds from disposal of equity investment at FVOCI	–	0.2
Purchase of current financial assets	(27.7)	(72.3)
Redemption of current financial assets	65.9	155.5
Purchase of property, plant and equipment	(18.0)	(27.7)
Purchase of intangible assets	(69.3)	(75.3)
Interest received	45.7	25.3
Dividends received from equity investments	33.3	23.5
Dividends received from associates	0.1	7.8
Net cash flow from investing activities	(37.1)	157.9

Cash flow from financing activities
Interest paid	(29.4)	(28.7)
Payment of lease liabilities	(20.8)	(28.4)
Transactions in own shares	(106.7)	(219.1)
Transactions with non-controlling interests	(0.1)	(2.5)
Withholding tax paid at vesting of shares	(1.6)	(1.0)
Dividends paid to the company’s shareholders	(257.3)	(237.2)
Dividends paid to non-controlling interests	(25.8)	(5.3)
Net cash flow from financing activities	(441.7)	(522.2)

Total cash flow over the period	229.9	461.8
Cash and cash equivalents – Beginning of period	1,448.8	1,001.1
Non cash exchange gains/(losses) on cash and cash equivalents	(5.2)	(14.1)
Cash and cash equivalents – End of period	1,673.5	1,448.8

in € million	Q4 2024	Q4 2023
Profit before tax	208.4	176.9
Adjustments for:
– Depreciation and amortisation	49.6	45.6
– Share based payments	5.2	3.9
– Results from equity investments	(10.0)	(5.6)
– Gain on sale of associate	–	(11.4)
– Share of profit from associates and joint ventures	(0.1)	–
– Changes in working capital	(8.8)	44.1

Cash flow from operating activities	244.3	253.5
Income tax paid	(69.2)	(59.1)
Net cash flows from operating activities	175.0	194.5

Cash flow from investing activities
Business combinations, net of cash acquired	(18.3)	–
Purchase of financial assets at FVOCI	(2.8)	–
Proceeds from sale of associate	–	11.4
Purchase of current financial assets	(2.3)	(3.7)
Redemption of current financial assets	–	71.4
Purchase of property, plant and equipment	(7.4)	(12.0)
Purchase of intangible assets	(23.4)	(17.5)
Interest received	13.7	12.0
Dividends received from equity investments	10.0	5.6
Net cash flow from investing activities	(30.5)	67.2

Cash flow from financing activities
Interest paid	(0.5)	–
Payment of lease liabilities	(5.9)	(7.2)
Acquisitions of own shares	(95.2)	(138.0)
Transactions with non-controlling interests	(0.1)	(2.5)
Withholding tax paid at vesting of shares	0.2	–
Dividends paid to non-controlling interests	(3.0)	(1.4)
Net cash flow from financing activities	(104.5)	(149.0)

Total cash flow over the period	40.0	112.6
Cash and cash equivalents – Beginning of period	1,630.3	1,336.5
Non cash exchange gains/(losses) on cash and cash equivalents	3.1	(0.2)
Cash and cash equivalents – End of period	1,673.5	1,448.8

Volumes for the fourth quarter and full year of 2024

Cash markets

	Q4 2024	Q4 2023	%var
Number of trading days	64	63
Number of transactions (buy and sells, incl. reported trades)
Total Cash Market	153,172,698	145,907,592	+5.0%
ADV Cash Market	2,393,323	2,315,994	+3.3%
Transaction value (€ million, single counted)
Total Cash Market	674,892	602,148	+12.1%
ADV Cash Market	10,545	9,558	+10.3%

Listings
Number of Issuers on Equities
Euronext	1,812	1,888	-4.0%
SMEs	1,433	1,493	-4.0%
Number of Listed Securities
Funds	2,319	2,434	-4.7%
ETFs	4,018	3,821	+5.2%
Bonds	55,804	55,098	+1.3%

Capital raised on primary and secondary market
Total Euronext, (€ million)
Number of new equity listings	16	13
Money Raised – New equity listings (incl. over-allotment)	163.9	247.2	-33.7%
Money Raised – Follow-ons on equities	2,556	6,667	-61.7%
Money Raised – Bonds	244,356	290,524	-15.9%
Total Money Raised	247,076	297,438	-16.9%

of which SMEs
Number of new equity listings	14	12
Money Raised – New equity listings (incl. over- allotment)	163.9	247.2	-33.7%
Money Raised – Follow-ons on equities	1,655	4,474	-63.0%
Money Raised – Bonds	2,779	1,671	+66.3%
Total Money Raised	4,598	6,393	-28.1%

	FY 2024	FY 2023	%var
Number of trading days	256	255
Number of transactions (buy and sells, inc. reported trades)
Total Cash Market	603,696,978	625,895,768	-3.5%
ADV Cash Market	2,358,191	2,454,493	-3.9%
Transaction value ( € million, single counted)
Total Cash Market	2,663,692	2,563,560	+3.9%
ADV Cash Market	10,405	10,053	+3.5%

Capital raised on primary and secondary market
Total Euronext, in €m
Number of new equity listings	53	64
Money Raised – New equity listings (incl. over-allotment)	3,839.5	2,480.8	+54.8%
Money Raised – Follow-ons on equities	15,782	20,177	-21.8%
Money Raised – Bonds	1,190,154	1,156,035	+3.0%
Total Money Raised	1,209,776	1,178,693	+2.6%
of which SMEs
Number of new equity listings	47	59
Money Raised – New equity listings (incl. over-allotment)	872	1,275	-31.7%
Money Raised – Follow-ons on equities	9,071	9,176	-1.1%
Money Raised – Bonds	4,384	3,160	+38.7%
Total Money Raised	14,326	13,612	+5.2%

Fixed income markets

	Q4 2024	Q4 2023	%var
Transaction value (€ million, single counted)
MTS
ADV MTS Cash	39,381	27,741	+42.0%
TAADV MTS Repo	516,173	469,134	+10.0%
Other fixed income
ADV Fixed income	1,656	1,504	+10.1%

	FY 2024	FY 2023	% var
Transaction value (€ million, single counted)
MTS
ADV MTS Cash	37,021	23,026	+60.8%
TAADV MTS Repo	483,247	436,039	+10.8%
Other fixed income
ADV Fixed income	1,612	1,266	+27.4%

FX markets

	Q4 2024	Q4 2023	% var
Number of trading days		64
FX volume ($m, single counted)
Total Euronext FX	1,720,896	1,532,340	+12.4%
ADV Euronext FX	26,475	23,943	+10.6%

	FY 2024	FY 2023	% var
Number of trading days		259
FX volume ($m, single counted)
Total Euronext FX	6,888,292	5,814,512	+18.5%
ADV Euronext FX	26,493	22,450	+18.0%

Power markets

	Q4 2024	Q4 2023	% var
Number of trading days	92	92
Power volume (in TWh)
ADV Day-ahead Power Market	2.99	3.10	-3.4%
ADV Intraday Power Market	0.32	0.25	+27.1%

	FY 2024	FY 2023	% var
Number of trading days	365	365
Power volume (in TWh)
ADV Day-ahead Power Market	2.74	2.74	+0.3%
ADV Intraday Power Market	0.31	0.20	+55.0%

Derivatives markets

		Q4 2024		Q4 2023	% var
Number of trading days		64		63
Derivatives Volume (in lots)
Equity		29,690,908		31,923,088	-7.0%
Index		11,183,641		13,517,515	-17.3%
Futures		6,723,915		7,914,354	-15.0%
Options		4,459,726		5,603,161	-20.4%
Individual Equity		18,507,267		18,405,573	+0.6%
Futures		1,485,833		498,969	+197.8%
Options		17,021,434		17,906,604	-4.9%

Commodity		7,464,607		5,807,238	+28.5%
Futures		7,133,617		5,478,945	+30.2%
Options		330,990		328,293	+0.8%

Total Euronext		37,155,515		37,730,326	-1.5%
Total Futures		15,343,365		13,892,268	+10.4%
Total Options		21,812,150		23,838,058	-8.5%

Derivatives ADV (in lots)
Equity		463,920		506,716	-8.4%
Index		174,744		214,564	-18.6%
Futures		105,061		125,625	-16.4%
Options		69,683		88,939	-21.7%
Individual Equity		289,176		292,152	-1.0%
Futures		23,216		7,920	+193.1%
Options		265,960		284,232	-6.4%

Commodity		116,634		92,178	+26.5%
Futures		111,463		86,967	+28.2%
Options		5,172		5,211	-0.8%

Total Euronext		580,555		598,894	-3.1%
Total Futures		239,740		220,512	+8.9%
Total Options		340,815		378,382	-5.0%

	FY 2024		FY 2023		% var
Number of trading days	256		255
Derivatives Volume (in lots)
Equity	128,897,410		134,733,803		-4.3%
Index	50,472,727		55,863,644		-9.7%
Futures	28,946,677		34,664,423		-16.5%
Options	21,526,050		21,199,221		+1.5%
Individual Equity	78,424,683		78,870,159		-0.6%
Futures	6,237,384		1,955,140		+219.0%
Options	72,187,299		76,915,019		-6.1%

Commodity	29,779,883		23,173,370		+28.5%
Futures	27,953,600		21,113,163		+32.4%
Options	1,826,283		2,060,207		-11.4%

Total Euronext	158,677,293		157,907,173		+0.5%
Total Futures	63,137,661		57,732,726		+9.4%
Total Options	95,539,632		100,174,447		-4.6%

Derivatives ADV (in lots)
Equity	503,506		528,368		-4.7%
Index	197,159		219,073		-10.0%
Futures	113,073		135,939		-16.8%
Options	84,086		83,134		+1.1%
Individual Equity	306,346		309,295		-1.0%
Futures	24,365		7,667		+217.8%
Options	281,982		301,628		-6.5%

Commodity	116,328		90,876		+28.0%
Futures	109,194		82,797		+31.9%
Options	7,134		8,079		-11.7%

Total Euronext	619,833		619,244		+0.1%
Total Futures	246,631		226,403		+8.9%
Total Options	373,202		392,841		-5.0%

Derivatives open interest

	31 December 2024	31 December 2023	% var
Open interest (in lots)

Equity	18,723,119	18,567,344	+0.8%
Index	869,625	1,000,267	-13.1%
Futures	410,598	517,679	-20.7%
Options	459,027	482,588	-4.9%
Individual Equity	17,853,494	17,567,077	+1.6%
Futures	251,452	153,607	+63.7%
Options	17,602,042	17,413,470	+1.1%

Commodity	979,545	876,380	+11.8%
Futures	787,929	656,667	+20.0%
Options	191,616	219,713	-12.8%

Total Euronext	19,702,664	19,443,724	+1.3%
Total Futures	1,449,979	1,327,953	+9.2%
Total Options	18,252,685	18,115,771	+0.8%

¹ Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
² Norwegian Krone
³ Full year 2024 reported and adjusted EBITDA
⁴ Like-for-like basis at constant currency
⁵ The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.
⁶ Euronext is currently performing a €300 million share repurchase programme. The repurchased shares will be cancelled, subject to shareholders’ approval at the upcoming annual general meeting on 15 May 2025. The repurchased shares will be excluded from the payment of the dividend.
⁷ Subject to receipt of applicable regulatory approvals
⁸ For the total adjustments performed please refer to the Appendix of this press release.
⁹ According to data from Dealogic
¹⁰ Euronext Clearing was expanded to Euronext legacy markets commodity derivatives on 15 July 2024 and Euronext legacy markets financial derivatives on 9 September 2024.
¹¹ For the total adjustments performed please refer to the Appendix of this press release.
¹² Income tax receivables and payables were restated by -€43.1m for Italian tax netting

Attachment

2025_Euronext_PR_Q42024

The MIL Network –

February 14, 2025

MIL-OSI Security: Businessman sentenced to over nine years in prison for $1.5M fraud on employees, investors, and the Virginia Department of Agriculture and Consumer Services

Source: Office of United States Attorneys

NEWPORT NEWS, Va. – A Suffolk man was sentenced yesterday to nine years and two months in prison for defrauding investors and employees of his business out of hundreds of thousands of dollars. While on pretrial release and after his bond was revoked, he additionally attempted to defraud the Virginia Department of Agriculture and Consumer Services out of $1.1 million.

According to court documents, in November 2017, Breon Clemons, 36, worked at a car dealership with P.C., whom he told about his plans to form an organic produce company. Clemons later formed GoGreen Farms and Greenhouses, Inc., GoGreen Farms, Inc., and GoGreen Farms, LLC, (collectively GoGreen Farms), and offered employment to P.C. In February 2020, P.C. began working at GoGreen Farms and Clemons, as the owner of GoGreen Farms, had access to P.C.’s personally identifying information.

Also in 2020, Clemons invited his neighbor, C.F., to invest in GoGreen Farms. After C.F. invested $10,000, Clemons asked C.F. if she would like to be an unpaid officer or director of the business, and C.F. agreed. Clemons told C.F. that he needed a copy of her driver’s license for the articles of incorporation, and C.F. provided it. In November 2021, Clemons told C.F. that the company needed a revolving line of credit and asked if she would be a co-applicant. During discussions about the line of credit, Clemons asked C.F. for her Social Security number, and she provided it to him. Clemons later told C.F. that she would not need to co-sign for a line of credit because, he claimed, he would receive a loan from a professional basketball player.

In March 2022, C.F. received a call from Capital One regarding late payments. Upon further inquiry, C.F. discovered that the card in question was a joint account with GoGreen Farms. C.F. conferred with an acquaintance at GoGreen Farms, who indicated that GoGreen Farms also utilized an American Express card and a line of credit with lender TVT Capital that were in C.F.’s name.

The loan application submitted to TVT Capital falsely showed Clemons and C.F. as each owning 50% of GoGreen Farms, and a Virginia State Corporation Commission document was provided to TVT Capital as part of the loan application. The document, titled “Certificate of Entity Conversion,” contained a signature page dated July 6, 2021, with C.F. and Clemons’ purported signatures, when C.F. had not signed the document

The TVT Capital loan amount was $100,000, with interest of $46,000, resulting in a total repayment amount of $146,000. When C.F. confronted Clemons, he denied taking out lines of credit in her name. He also removed Capital One and American Express cards from his pocket and gave them to C.F. The balance on each card was over $100,000.

P.C. later discovered that in November 2021, Clemons took out a $25,000 line of credit with Bluevine Inc. using P.C.’s personal information and without P.C.’s consent. Clemons further forged P.C.’s signature on a financing and security agreement, and guaranty agreement. Bluevine Inc. advanced approximately $30,390 to Clemons on the line of credit.

While on pretrial release, Clemons continued committing fraud. He defrauded two individual investors, H.H. and J.B., taking $5,000 from each victim by promising to pay inordinate returns in one week. Clemons also applied for a $1.1 million Resilient Food Systems Infrastructure (RFSI) grant from the Virginia Department of Agriculture and Consumer Services. Clemons submitted a grant application with false representations from prison with the assistance of a family member.

The total loss from Clemons’ fraud was approximately $1.5 million. The total amount of laundered funds was $218,442. Neither P.C. nor C.F. consented to or authorized the use of their personal identifying information being used for these credit cards and lines or credit.

Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Kareem A. Carter, IRS Criminal Investigation Special Agent in Charge of the Washington D.C. Field Office, made the announcement after sentencing by U.S. District Judge Arenda Wright Allen.

Assistant U.S. Attorneys Mack Coleman and Brian J. Samuels prosecuted the case.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 4:24-cr-2.

MIL Security OSI –

February 14, 2025
MIL-OSI: Gabelli Equity Trust 10% Distribution Policy Reaffirmed and Declared First Quarter Distribution of $0.15 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.15 per share cash distribution payable on March 24, 2025 to common stock shareholders of record on March 17, 2025.

The Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. The net asset value per share fluctuates daily.

Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would include approximately 4% from net capital gains and 84% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Molly Marion
(914) 921-5681

About The Gabelli Equity Trust
The Gabelli Equity Trust Inc. is a diversified, closed-end management investment company with $2.0 billion in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE – GAB
CUSIP – 362397101

Investor Relations Contact:
Molly Marion
(914) 921-5681
mmarion@gabelli.com

The MIL Network –

February 14, 2025
MIL-OSI: Striim Relocates Headquarters to Historic Downtown Palo Alto, Marking a New Chapter of AI-Driven Innovation and Growth

Source: GlobeNewswire (MIL-OSI)

PALO ALTO, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — Striim, Inc., a leader in real-time data integration, analytics, and real-time AI, is proud to announce the relocation of its corporate headquarters to a new state-of-the-art office at 500 Emerson Street in downtown Palo Alto, California, a landmark building formerly home to Facebook and Technology Crossover Ventures. This move reflects Striim’s continued growth and commitment to fostering a culture of innovation, collaboration, and technological excellence.

After its foundation at 575 Middlefield Road, Striim’s relocation to its new headquarters marks a pivotal step in the company’s growth and evolution. Designed to enhance internal operations, the new space features upgraded coworking areas and meeting facilities tailored for hybrid work. This move also supports the expansion of Striim’s strategic partnerships with hyperscalers and system integrators (SIs) while continuing to grow its customer base. Additionally, the new headquarters include an executive briefing center, providing an ideal setting for engaging with clients and partners, fueling the next phase of Striim’s partnership-driven growth.

“This move underscores Striim’s dedication to innovation and scaling our capabilities in real-time data processing,” said Ali Kutay, Chairman and CEO of Striim. “Our new Palo Alto headquarters provides an inspiring environment to drive advancements in real-time analytics, cloud integration, and AI-powered solutions, empowering us to deliver even greater value to our customers.”

Alok Pareek, Co-founder and Executive Vice President of Engineering and Products at Striim, added: “It’s exciting to be a stone’s throw from my alma mater Stanford. We hope to collaborate, attract, and retain top Silicon Valley talent from our new spectacular location. The modern, collaborative workspace will foster a tighter engagement between industry and academia especially in next-generation Gen AI research and development, helping us continue to build a team that is as dynamic and forward-thinking as the real-time solutions we provide.”

“As we continue to expand globally, this move reinforces our commitment to providing exceptional value to our customers,” said Nadim Antar, Chief Revenue Officer at Striim. “This new chapter enables us to deepen our collaboration with customers and partners, ensuring we remain at the forefront of delivering seamless, real-time solutions that help businesses tackle their most pressing data challenges.”

The relocation to downtown Palo Alto also reinforces Striim’s strategy to embed itself within the heart of Silicon Valley, where the convergence of AI, cloud innovation, and big data analytics continues to shape the future of technology. By being at the center of this dynamic ecosystem, Striim aims to strengthen its collaborations with industry leaders, attract world-class talent, and accelerate the development of transformative AI-driven solutions.

To learn more about the latest innovation in the recent launch of Striim 5.0:

About Striim, Inc.

Striim leads the way in real-time intelligence for AI by seamlessly integrating data across clouds, applications, and databases with its fully managed, SaaS-based platform. Tailored for modern cloud data warehouses, Striim’s platform quickly transforms both relational and unstructured data into actionable, AI-ready insights through advanced analytics and machine learning frameworks, enabling swift business decisions. With expertise in real-time data integration, streaming analytics, and database replication—including cutting-edge Oracle CDC technology—Striim processes over 100 billion daily events with sub-second latency, powering machine learning analytics and proactive decision-making. To learn more, visit www.striim.com.

Media Contact:
Dianna Spring, Vice President of Marketing at Striim
Phone: (650) 241-0680 ext. 354
Email: press@striim.com

The MIL Network –

February 14, 2025

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