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Category: Taxation

  • MIL-OSI Economics: Five years already! 

    Source: – Press Release/Statement:

    Headline: Five years already! 

    The Canadian Renewable Energy Association celebrates 5th anniversary.

    Ottawa, June 30, 2025—The Canadian Renewable Energy Association (CanREA) is proud to celebrate its fifth anniversary on July 1, 2025. CanREA launched on July 1, 2020, during the global pandemic, as the merger of Canada’s wind and solar industry associations (CanWEA and CanSIA), with the important addition of energy storage to the mandate. 

    Created to provide a unified voice for solar energy, wind energy, and energy storage in Canada, CanREA has since grown to a total of more than 330 members, with seven member Networks (federal, BC, Alberta, Saskatchewan & Manitoba, Ontario, Quebec and Atlantic Canada) and three national Programs (Operators, BTM Solar & Storage, and Utility GRID Integration), as well as four successful annual Summits, nearly 30 staff members, 10 annual networking events, an ongoing series of industry webinars, and the second-largest social media community of all the Canadian trade associations in any sector. 

    “I want to thank our members for their support over the past five years, which has enabled our advocacy work and helped secure many key successes for the industry so far. This five-year milestone is an occasion to look back and see how far we have come, but more importantly, to look ahead. CanREA is committed to advancing the Canadian wind, solar and energy storage industries for the next five years, and for many more years to come,” said Vittoria Bellissimo, CanREA’s President and CEO.   

    CanREA is marking the anniversary by launching a new Awards Program, and other activities throughout the year.  

    Top 5 priorities for 2025-26  

    As we enter our new fiscal year on July 1, 2025, CanREA has defined five ambitious new strategic objectives to guide our priorities. These include: 

    Executing a comprehensive advocacy plan to effectively respond to evolving government mandates; 

    Optimizing outcomes for ongoing procurement processes in Ontario, BC and Quebec;  

    Executing on our new BTM strategy;  

    Building strategic alliances to enhance key messaging, collect information on project economics, and advocate for infrastructure and other support initiatives, including energy corridors opportunities; 

    All the while providing excellent membership value for all our members. 

    Top 10 accomplishments: Annual report card 2024-25 

    Looking back on the past year, there is a lot for CanREA—and the industry—to celebrate. Here is a recap of Top Ten accomplishments of 2024-5, starting with the most recent items: 

    Advocacy in Ontario: CanREA successfully worked to reduce barriers and improve clarity for access to agricultural land and Crown land, shaping the LT2 contracts and RFPs that were launched in late June. This is the first time in a decade the industry can bid on new wind and solar projects in Ontario!

    Advocacy in Manitoba: CanREA expanded the Saskatchewan Network to include Manitoba this year and devoted a Policy Director to this mandate. CanREA’s recommendations to Manitoba’s Minister of Finance were reflected in Manitoba Hydro’s 600 MW Call for Power for Indigenous Majority-Owned Wind, for which the Request for Expressions of Interest (REOI) was issued in June.  

    Indigenous engagement: This year, CanREA’s new Director of Indigenous Engagement led efforts to enhance Indigenous cultural awareness for the staff and Board of Directors, develop the outline for CanREA’s Indigenous Reconciliation Action Roadmap, expand the Indigenous Business Pavilion at ETC, and collaborate with Indigenous Clean Energy (ICE) to present CanREA’s Manitoba Wind Energy Indigenous Equity Summit in June.

    Advocacy in BC: CanREA expanded its presence to BC this year, with a new BC Director, a new BC Network, and a MOU with Clean Energy BC. CanREA is now working with BC Hydro to support the integration of renewables into the grid in its new Call for Power, announced in May, and its two new requests for expressions of interest relevant to energy storage, announced in June. 

    Advocacy in Quebec: CanREA successfully worked to optimize the ongoing procurement process in Quebec. One highlight: in May, Hydro-Québec launched a 300 MW solar energy tender. This milestone represents the first major solar procurement in Quebec, part of a broader objective to develop 3,000 MW of solar capacity by 2035.  

    Utilities: CanREA launched a new Utility GRID Integration program in May. Evolving from CanREA’s NRCan-funded Electricity Transition Hub, the program helps members integrate clean, affordable and reliable electricity into Canada’s power grids.    

    Go Solar Guide 2025: In March, CanREA’s new BTM Solar and Storage Program launched a new and improved edition of our annual Go Solar Guide, encouraging more Canadians to generate their own solar energy at home and work, and listing of all CanREA’s solar installer members. Now available as a web portal, the information is free and accessible to all.  

    Advocacy in Atlantic Canada: CanREA is building momentum in Atlantic Canada, enabled by a new, full-time Policy Manager based in New Brunswick. Our renewed advocacy efforts have led to policy wins across the region, including the Nova Scotia Green Choice Program RFP, which awarded 625 MW of wind in January, nearly double the original call for 350 MW. 

    ITCs: CanREA successfully advocated with the federal government to optimize and accelerate the Investment Tax Credits (ITCs) in Canada, as the Clean Tech ITC was implemented into law in the fall.

    Procurement calendar: In October, CanREA launched a new Clean Energy Procurement Calendar, which we continue to monitor and update as new procurements get announced or come online across the nation. 

    Quotes 

    “I want to thank our members for their support over the past five years, which has enabled our advocacy work and helped secure many key successes for the industry so far. This five-year milestone is an occasion to look back and see how far we have come, but more importantly, to look ahead. CanREA is committed to advancing the Canadian wind, solar and energy storage industries for the next five years, and for many more years to come.”  

    —Vittoria Bellissimo, President and CEO, Canadian Renewable Energy Association (CanREA) 

    For media inquiries or interview opportunities, please contact:  

    CommunicationsCanadian Renewable Energy Associationcommunications@renewablesassociation.ca

    About CanREA  

    The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on Bluesky and LinkedIn here. Learn more at renewablesassociation.ca.   

    –30–   
    The post Five years already!  appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-OSI Russia: IMF Executive Board Concludes the 2025 Article IV Consultation with the Republic of Serbia and Completes the First Review Under the Policy Coordination Instrument

    Source: IMF – News in Russian

    June 30, 2025

    • Serbia’s prudent macroeconomic policies have supported economic resilience in an uncertain global environment. After a brief slowdown in early 2025, growth is expected to reaccelerate in 2026 and 2027.
    • The authorities are maintaining fiscal discipline and implementing macro-critical structural reforms under the Policy Coordination Instrument, having completed the first review. While Serbia faces domestic and external uncertainties, it has built strong buffers to withstand potential shocks.
    • Reinvigorating reforms to improve the business environment and governance would help sustain Serbia’s strong growth over the medium term.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the 2025 Article IV Consultation with the Republic of Serbia and completed the first review of Serbia’s performance under the Policy Coordination Instrument (PCI).[1] The authorities have consented to the publication of the Staff Report prepared for the consultation and the review.[2]

    Serbia’s macroeconomic performance remains resilient amid a challenging global environment. IMF staff projects real GDP growth at 3 percent in 2025, rising to 4 percent in 2026 and 4.5 percent in 2027. Headline inflation has returned to National Bank of Serbia’s target band (3 percent +/-1.5 percentage points), driven by declining energy prices and moderating core inflation. The monetary policy stance is appropriately restrictive.

    Despite increased public investment, the fiscal deficit remains under control due to strong revenue performance and prudent management of current spending. While the current account deficit has widened, reflecting higher imports supporting the public investment drive and weak external demand, international reserves remain ample.

    Fiscal structural reforms are progressing, including in further strengthening public financial management and public investment management. Energy sector reforms are also advancing but more remains to be done to ensure financial sustainability and operational efficiency in state-owned energy enterprises. Reinvigorating reforms to strengthen the business environment and improve governance is important for supporting Serbia’s growth rates over the medium term.

    Downside risks to the outlook are elevated. A global slowdown and further geoeconomic fragmentation could weigh on exports and foreign direct investment. Domestically, heightened political tensions could erode consumer and investor confidence. But Serbia is well-positioned to manage potential shocks— international reserves and government deposits are high, public debt is declining, and banks are well-capitalized and liquid.

    At the conclusion of the Board discussion on the Republic of Serbia, Ms. Gita Gopinath, First Deputy Managing Director, made the following statement:

    “Serbia’s prudent macroeconomic policies and strong engagement with the IMF have delivered impressive results. Growth has been resilient, and fiscal and external buffers have strengthened. Reflecting these accomplishments, Serbia received its first-ever investment grade sovereign rating in 2024. Under the Policy Coordination Instrument (PCI), the Serbian authorities have continued their commitment to sound economic policies and structural reforms.

    “In light of easing inflation and heightened domestic and external challenges, the planned fiscal expansion focused on growth-enhancing investment, can help cushion the near-term slowdown while boosting medium-term growth. Fiscal policy anchored to the deficit target, which safeguards hard-earned fiscal credibility and contains pressures on current spending, is critical. As the current investment cycle winds down, gradual fiscal consolidation is needed to rebuild buffers against external shocks. Advancing fiscal structural reforms remains essential, particularly to strengthen public financial management, enhance governance and transparency in public investment management, and address emerging fiscal risks.

    “A restrictive monetary policy stance remains appropriate until disinflation is firmly sustained. While banks have been resilient and systemic risks remain contained, financial intermediation would benefit from additional improvements in regulatory and supervisory frameworks, including by closer alignment with EU standards. Continued progress on strengthening AML/CFT is also important.

    “Further energy reforms remain crucial for securing sustainable and stable energy supplies. Increases in grid fees and electricity tariffs would improve cost recovery and the financial strength of energy state-owned enterprises and allow for investment in a more diversified and less carbon-intensive energy mix.

    “Serbia faces medium-term challenges including from population aging. Enhancing productivity will be critical to sustaining income convergence with advanced economies. This will require structural and governance reforms to attract higher value-added FDI and domestic private investment to support growth. Improving the business environment will require measures to enhance commercial judicial frameworks, foster innovation, and strengthen governance.”

     

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They commended Serbia’s prudent macroeconomic policies and strong commitment to reforms and welcomed the satisfactory performance under the Policy Coordination Instrument. Noting the heightened domestic and external risks to the outlook, Directors emphasized the importance of sustaining fiscal discipline, rebuilding buffers to shocks, and increasing productivity to support more sustainable growth.

    Directors underscored that a fiscal deficit of 3.0 percent of GDP or lower would allow for priority investment spending, while preserving hard won credibility. They recognized the authorities’ commitment to adhere to the wage and pension special fiscal rules, which should help to keep public debt firmly on a downward path and support investor confidence. Directors welcomed the focus on ensuring transparent, accountable, and efficient government operations. Measures to improve public financial and investment management and fiscal risk management will help to maintain fiscal discipline, while ensuring the delivery of quality public investment. Directors also underscored the need to strengthen tax administration capacity. They welcomed the authorities’ commitment to addressing domestic arrears and preventing the accumulation of new arrears.

    Directors agreed on the need to maintain a monetary policy tightening bias to achieve sustained disinflation. While noting that the banking sector has been resilient and systemic risks remain contained, Directors stressed the need for continued efforts to enhance regulatory and supervisory frameworks, including through closer alignment with EU standards. Continued efforts to strengthen AML/CFT frameworks are also important.

    Directors highlighted that energy sector reforms remain essential to secure sustainable and stable energy supplies and support decarbonization. Accordingly, they welcomed the authorities’ commitment to strengthen the financial viability of energy state owned enterprises and support investment in a more diversified energy mix. In this regard, ensuring cost recovery through increased household electricity tariffs is important.

    Directors agreed that ambitious structural and governance reforms are critical to achieving strong and sustainable medium term growth. Noting the impact of the aging population, Directors stressed the need to enhance employment opportunities for women and youth and to ensure better matching of skills with evolving labor market demands. They also supported intensified efforts to improve the business environment, including by enhancing commercial judicial frameworks, fostering innovation, and improving governance. Continued efforts to reduce corruption are important.

    It is expected that the next Article IV consultation with the Republic of Serbia will be held on the 24-month cycle.

    Serbia:  Selected Economic and Social Indicators, 2024–27

    2024

    2025

    2026

    2027

    Est.

    PCI Request

    Proj.

    PCI Request

    Proj.

    PCI Request

    Proj.

    Output

    Real GDP growth (%)

    3.8

    4.2

    3.0

    4.2

    4.0

    4.5

    4.5

     

     

     

    Employment

     

     

     

    Unemployment rate (labor force survey) (%)

    8.6

    8.5

    8.5

    8.4

    8.4

    8.3

    8.3

     

     

     

    Prices

     

     

     

    Inflation (%), end of period

    4.3

    3.4

    3.3

    3.3

    3.2

    3.2

    3.2

     

     

     

    General Government Finances

     

     

     

    Revenue (% GDP)

    40.9

    41.2

    40.9

    40.9

    40.4

    40.9

    40.1

    Expenditure (% GDP)

    42.9

    44.2

    43.9

    43.9

    43.4

    43.9

    43.1

    Fiscal balance (% GDP)

    -2.0

    -3.0

    -3.0

    -3.0

    -3.0

    -3.0

    -3.0

    Public debt (% GDP)

    47.5

    47.7

    46.8

    46.9

    46.5

    46.4

    46.4

     

     

     

    Money and Credit

     

     

     

    Broad money, eop (% change)

    13.6

    8.0

    7.8

    7.8

    8.0

    8.3

    8.8

    Credit to the private sector, eop (% change) 1/

    8.5

    7.9

    9.3

    5.7

    9.6

    9.2

    10.5

     

     

     

    Balance of Payments

     

     

     

    Current account (% GDP)

    -4.7

    -5.1

    -5.4

    -5.2

    -5.6

    -5.5

    -4.5

    FDI (% GDP)

    5.6

    5.1

    4.4

    4.8

    4.8

    4.7

    4.4

    Reserves (months of prospective imports)

    7.3

    6.6

    7.0

    6.3

    6.5

    5.9

    6.5

    External debt (% GDP)

    61.9

    60.3

    61.3

    58.7

    59.3

    55.9

    54.8

     

     

     

    Exchange Rate

     

     

     

    REER (% change)

    2.3

    …

    …

    …

    …

    …

    …

     

     

     Sources: Serbian authorities and IMF staff estimates.

     1/ Calculated at a constant exchange rate to exclude the valuation effects. 

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/Serbia page.

    [3] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/06/30/pr-25228-serbia-imf-concludes-2025-art-iv-consult-completes-1st-rev-policy-coor-instrument

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA News: National Security Presidential Memorandum/NSPM-5

    Source: US Whitehouse

    MEMORANDUM FOR THE VICE PRESIDENT

    THE SECRETARY OF STATE

    THE SECRETARY OF THE TREASURY

    THE SECRETARY OF DEFENSE

    THE ATTORNEY GENERAL

    THE SECRETARY OF THE INTERIOR

    THE SECRETARY OF AGRICULTURE

    THE SECRETARY OF COMMERCE

    THE SECRETARY OF HEALTH AND HUMAN SERVICES

    THE SECRETARY OF TRANSPORTATION

    THE SECRETARY OF HOMELAND SECURITY

    THE DIRECTOR OF NATIONAL INTELLIGENCE

    THE DIRECTOR OF THE CENTRAL INTELLIGENCE

        AGENCY

    THE CHAIRMAN OF THE JOINT CHIEFS OF STAFF

    THE ASSISTANT TO THE PRESIDENT AND CHIEF OF

       STAFF

    THE DIRECTOR OF THE OFFICE OF MANAGEMENT AND

       BUDGET

    THE ASSISTANT TO THE PRESIDENT FOR NATIONAL

       SECURITY AFFAIRS

    THE ASSISTANT TO THE PRESIDENT AND HOMELAND

        SECURITY ADVISOR

    THE COUNSEL TO THE PRESIDENT

    THE ASSISTANT TO THE PRESIDENT FOR ECONOMIC

        POLICY

    THE UNITED STATES TRADE REPRESENTATIVE

    THE DIRECTOR OF THE OFFICE OF SCIENCE AND

       TECHNOLOGY POLICY

    THE REPRESENTATIVE OF THE UNITED STATES OF

       AMERICA TO THE UNITED NATIONS

    THE ADMINISTRATOR OF THE SMALL BUSINESS

       ADMINISTRATION

    THE ADMINISTRATOR OF THE UNITED STATES AGENCY FOR

       INTERNATIONAL DEVELOPMENT

    THE DIRECTOR OF THE OFFICE OF PERSONNEL

       MANAGEMENT

    SUBJECT:       Reissuance of and Amendments to National Security Presidential Memorandum 5 on Strengthening the Policy of the United States Toward Cuba

    Section 1.  Purpose.  The United States recognizes the need for more freedom and democracy, improved respect for human rights, and increased free enterprise in Cuba.  The Cuban people have long suffered under a Communist regime that suppresses their legitimate aspirations for freedom and prosperity and fails to respect their essential human dignity.

    My Administration’s policy will be guided by the national security and foreign policy interests of the United States, as well as solidarity with the Cuban people.  I will seek to promote a stable, prosperous, and free country for the Cuban people.  To that end, we must channel funds toward the Cuban people and away from a regime that has failed to meet the most basic requirements of a free and just society.

    In Cuba, dissidents and peaceful protesters are arbitrarily detained and held in terrible prison conditions.  Violence and intimidation against dissidents occur with impunity.  Families of political prisoners are retaliated against for peacefully protesting the improper confinement of their loved ones.  Worshippers are harassed, and free association by civil society organizations is blocked.  The right to speak freely, including through access to the internet, is denied, and there is no free press.  The United States condemns these abuses.

    The initial actions set forth in this memorandum, including restricting certain financial transactions and travel, encourage the Cuban government to address these abuses.  My Administration will continue to evaluate its policies so as to improve human rights, encourage the rule of law, foster free markets and free enterprise, and promote democracy in Cuba.

    Sec. 2.  Policy.  It shall be the policy of the executive branch to:

    (a)  End economic practices that disproportionately benefit the Cuban government or its military, intelligence, or security agencies or personnel at the expense of the Cuban people.

    (b)  Ensure adherence to the statutory ban on tourism to Cuba.

    (c)  Support the economic embargo of Cuba described in section 4(7) of the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 (the embargo), including by opposing measures that call for an end to the embargo at the United Nations and other international forums and through regular reporting on whether the conditions of a transition government exist in Cuba.

    (d)  Amplify efforts to support the Cuban people through the expansion of internet services, free press, free enterprise, free association, and lawful travel.

    (e)  Not reinstate the “Wet Foot, Dry Foot” policy, which encouraged untold thousands of Cuban nationals to risk their lives to travel unlawfully to the United States.

    (f)  Ensure that engagement between the United States and Cuba advances the interests of the United States and the Cuban people.  These interests include:  advancing Cuban human rights; encouraging the growth of a Cuban private sector independent of government control; enforcing final orders of removal against Cuban nationals in the United States; protecting the national security and public health and safety of the United States, including through proper engagement on criminal cases and working to ensure the return of fugitives from American justice living in Cuba or being harbored by the Cuban government; supporting United States agriculture and protecting plant and animal health; advancing the understanding of the United States regarding scientific and environmental challenges; and facilitating safe civil aviation.

    Sec. 3.  Implementation.  The heads of executive departments and agencies (agencies) shall begin to implement the policy set forth in section 2 of this memorandum as follows:

    (a)  Within 30 days of the date of this memorandum, the Secretary of the Treasury and the Secretary of Commerce, as appropriate and in coordination with the Secretary of State and the Secretary of Transportation, shall initiate a process to adjust current regulations regarding transactions with Cuba.

    (i)    As part of the regulatory changes described in this subsection, the Secretary of State shall identify any entities or subentities, as appropriate, that are under the control of, or act for or on behalf of, or for the benefit of, the Cuban military, intelligence, or security services or personnel (such as Grupo de Administracion Empresarial S.A. (GAESA), its affiliates, subsidiaries, and successors), and publish a list of those identified entities and subentities with which direct or indirect financial transactions would disproportionately benefit such services or personnel at the expense of the Cuban people or private enterprise in Cuba.

    (ii)   Except as provided in subsection (a)(iii) of this section, the regulatory changes described in this subsection shall prohibit direct or indirect financial transactions with those entities or subentities on the list published pursuant to subsection (a)(i) of this section.

    (iii)  The regulatory changes described in this subsection shall not prohibit transactions that the Secretary of the Treasury or the Secretary of Commerce, in coordination with the Secretary of State, determines are consistent with the policy set forth in section 2 of this memorandum and:

    (A)  concern Federal Government operations, including Naval Station Guantanamo Bay and the United States mission in Havana;

    (B)  support programs to build democracy in Cuba;

    (C)  concern air and sea operations that support permissible travel, cargo, or trade;

    (D)  support the acquisition of visas for permissible travel;

    (E)  support the expansion of direct telecommunications and internet access for the Cuban people;

    (F)  support the sale of agricultural commodities, medicines, and medical devices sold to Cuba consistent with the Trade Sanctions Reform and Export Enhancement Act of 2000 (22 U.S.C. 7201 et seq.) and the Cuban Democracy Act of 2002 (22 U.S.C. 6001 et seq.);

    (G)  relate to sending, processing, or receiving authorized remittances;

    (H)  otherwise further the national security or foreign policy interests of the United States; or

    (I)  are required by law.

    (b)  Within 30 days of the date of this memorandum, the Secretary of the Treasury, in coordination with the Secretary of State, shall initiate a process to adjust current regulations to ensure adherence to the statutory ban on tourism to Cuba.

    (i)    The amended regulations shall require that educational travel be for legitimate educational purposes.  Except for educational travel that was permitted by regulation in effect on January 27, 2011, all educational travel shall be under the auspices of an organization subject to the jurisdiction of the United States, and all such travelers must be accompanied by a representative of the sponsoring organization.

    (ii)   The regulations shall further require that those traveling for the permissible purposes of non academic education or to provide support for the Cuban people:

    (A)  engage in a full-time schedule of activities that enhance contact with the Cuban people, support civil society in Cuba, or promote the Cuban people’s independence from Cuban authorities; and

    (B)  meaningfully interact with individuals in Cuba.

    (iii)  The regulations shall continue to provide that every person engaging in travel to Cuba shall keep full and accurate records of all transactions related to authorized travel, regardless of whether they were effected pursuant to license or otherwise, and such records shall be available for examination by the Department of the Treasury for at least 5 years after the date they occur.

    (iv)   The Secretary of State, the Secretary of the Treasury, the Secretary of Commerce, and the Secretary of Transportation shall review their respective agencies’ enforcement of all categories of permissible travel within 90 days of the date the regulations described in this subsection are finalized to ensure such enforcement accords with the policies outlined in section 2 of this memorandum.

    (c)  The Secretary of the Treasury shall regularly audit travel to Cuba to ensure that travelers are complying with relevant statutes and regulations.  The Secretary of the Treasury shall request that the Inspector General of the Department of the Treasury inspect the actions taken by the Department of the Treasury to implement this audit requirement.  The Inspector General of the Department of the Treasury shall provide a report to the President, through the Secretary of the Treasury, summarizing the results of that inspection within 180 days of the adjustment of current regulations described in subsection (b) of this section and annually thereafter.

    (d)  The Secretary of the Treasury shall adjust the Department of the Treasury’s current regulation defining the term “prohibited officials of the Government of Cuba” so that, for purposes of title 31, part 515 of the Code of Federal Regulations, it includes Ministers and Vice-Ministers; members of the Council of State and the Council of Ministers; members and employees of the National Assembly of People’s Power; members of any provincial assembly; local sector chiefs of the Committees for the Defense of the Revolution; Director Generals and sub-Director Generals and higher of all Cuban ministries and state agencies; employees of the Ministry of the Interior (MININT); employees of the Ministry of Defense (MINFAR); secretaries and first secretaries of the Confederation of Labor of Cuba (CTC) and its component unions; chief editors, editors, and deputy editors of Cuban state-run media organizations and programs, including newspapers, television, and radio; and members and employees of the Supreme Court (Tribuno Supremo Nacional).

    (e)  The Secretary of State and the Representative of the United States of America to the United Nations shall oppose efforts at the United Nations or (with respect to the Secretary of State) any other international forum to lift the embargo until a transition government in Cuba, as described in section 205 of the LIBERTAD Act, exists.

    (f)  The Secretary of State, in coordination with the Attorney General, shall provide a report to the President assessing whether and to what degree the Cuban government has satisfied the requirements of a transition government as described in section 205(a) of the LIBERTAD Act, taking into account the additional factors listed in section 205(b) of that Act.  This report shall include a review of human rights abuses committed against the Cuban people, such as unlawful detentions, arbitrary arrests, and inhumane treatment.

    (g)  The Attorney General shall, within 90 days of the date of this memorandum, issue a report to the President on issues related to fugitives from American justice living in Cuba or being harbored by the Cuban government.

    (h)  The Secretary of State and the Administrator of the United States Agency for International Development shall review all democracy development programs of the Federal Government in Cuba to ensure that they align with the criteria set forth in section 109(a) of the LIBERTAD Act.

    (i)  The Secretary of State shall convene a task force, composed of relevant agencies, including the Office of Cuba Broadcasting, and appropriate non-governmental organizations and private-sector entities, to examine the technological challenges and opportunities for expanding internet access in Cuba, including through Federal Government support of programs and activities that encourage freedom of expression through independent media and internet freedom so that the Cuban people can enjoy the free and unregulated flow of information.

    (j)  The Secretary of State and the Secretary of Homeland Security shall continue to discourage dangerous, unlawful migration that puts Cuban and American lives at risk.  The Secretary of Defense shall continue to provide support, as necessary, to the Department of State and the Department of Homeland Security in carrying out duties regarding interdiction of migrants.

    (k)  The Secretary of State, in coordination with the Secretary of the Treasury, the Secretary of Defense, the Attorney General, the Secretary of Commerce, and the Secretary of Homeland Security, shall annually report to the President regarding the engagement of the United States with Cuba to ensure that engagement is advancing the interests of the United States.

    (l)  All activities conducted pursuant to subsections (a) through (k) of this section shall be carried out in a manner that furthers the interests of the United States, including by appropriately protecting sensitive sources, methods, and operations of the Federal Government.

    Sec. 4.  Earlier Presidential Actions.  (a)  This memorandum amends sections 1 and 3 of National Security Presidential Memorandum 5 of June 16, 2017 (Strengthening the Policy of the United States Toward Cuba) (NSPM-5), and reissues NSPM-5 in its entirety.  It does not otherwise amend the text or timelines reflected in the original NSPM-5 and is not intended to direct agencies to repeat actions already implemented under that NSPM.

    (b)  This memorandum supersedes and replaces both National Security Presidential Directive 52 of June 28, 2007 (U.S. Policy toward Cuba), and Presidential Policy Directive 43 of October 14, 2016 (United States-Cuba Normalization).

    (c)  This memorandum does not affect either Executive Order 12807 of May 24, 1992 (Interdiction of Illegal Aliens), or Executive Order 13276 of November 15, 2002 (Delegation of Responsibilities Concerning Undocumented Aliens Interdicted or Intercepted in the Caribbean Region).

    Sec. 5.  General Provisions.  (a)  Nothing in this memorandum shall be construed to impair or otherwise affect:

    (i)  the authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    (d)  The Secretary of State is hereby authorized and directed to publish this memorandum in the Federal Register.

    DONALD J. TRUMP

    MIL OSI USA News –

  • MIL-OSI: Ellomay Capital Reports Results for the Three Months Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, June 30, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited interim consolidated financial results for the three month period ended March 31, 2025.

    Financial Highlights

    • Total assets as of March 31, 2025 amounted to approximately €721.2 million, compared to total assets as of December 31, 2024 of approximately €677.3 million.
    • Revenues for the three months ended March 31, 2025 were approximately €8.9 million, compared to revenues of approximately €8.2 million for the three months ended March 31, 2024.
    • Profit for the three months ended March 31, 2025 was approximately €6.8 million, compared to loss of approximately €4.9 million for the three months ended March 31, 2024.
    • EBITDA for the three months ended March 31, 2025 was approximately €2.9 million, compared to EBITDA of approximately €1.6 million for the three months ended March 31, 2024. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA.

    Financial Overview for the Three Months Ended March 31, 2025

    • Revenues were approximately €8.9 million for the three months ended March 31, 2025, compared to approximately €8.2 million for the three months ended March 31, 2024. The increase in revenues mainly results from revenues generated from our 19.8 MW and 18.1 MW Italian solar facilities that were connected to the grid in February-May 2024 and in January 2025, respectively.
    • Operating expenses were approximately €4.6 million for the three months ended March 31, 2025, compared to approximately €4.6 million for the three months ended March 31, 2024. Depreciation and amortization expenses were approximately €4.2 million for the three months ended March 31, 2025, compared to approximately €4.1 million for the three months ended March 31, 2024.
    • Project development costs were approximately €1 million for the three months ended March 31, 2025, compared to approximately €1.4 million for the three months ended March 31, 2024. The decrease in project development costs is mainly due to projects that reached “ready to build” status, which results in the commencement of the capitalization of expenses related to such projects into fixed assets.
    • General and administrative expenses were approximately €1.7 million for the three months ended March 31, 2025, compared to approximately €1.6 million for the three months ended March 31, 2024.
    • The Company’s share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €1.2 million for the three months ended March 31, 2025, compared to approximately €1.3 million for the three months ended March 31, 2024.
    • Other income was approximately €0.2 million for the three months ended March 31, 2025, compared to €0 for the three months ended March 31, 2024. The income during the three months ended March 31, 2025 was recognized based on insurance compensation in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024 due to loss of income in 2025.
    • Financing income, net, were approximately €7.2 million for the three months ended March 31, 2025, compared to financing expenses of approximately €3.3 million for the three months ended March 31, 2024. The change in financing expenses, net, was mainly attributable to higher income resulting from exchange rate differences that amounted to approximately €10.7 million for the three months ended March 31, 2025, compared to loss from exchange rate differences of approximately €0.6 million for the three months ended March 31, 2024, an aggregate change of approximately €11.3 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 5.9% devaluation of the NIS against the euro during the three months ended March 31, 2025, compared to a revaluation of 0.8% during the three months ended March 31, 2024. The increase in financing income for the three months ended March 31, 2025 was partially offset by an increase in financing expenses of approximately €0.9 million in connection with derivatives and warrants for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
    • Tax benefit was approximately €0.9 million for the three months ended March 31, 2025, compared to tax benefit of approximately €0.8 million for the three months ended March 31, 2024.
    • Loss from discontinued operation (net of tax) was €0 for the three months ended March 31, 2025, compared to a loss from discontinued operation (net of tax) of approximately €0.3 million for the three months ended March 31, 2024.
    • Profit for the three months ended March 31, 2025 was approximately €6.8 million, compared to loss of approximately €4.9 million for the three months ended March 31, 2024.
    • Total other comprehensive loss was approximately €4.9 million for the three months ended March 31, 2025, compared to total other comprehensive income of approximately €12 million in the three months ended March 31, 2024. The change in total other comprehensive income (loss) is primarily as the result of foreign currency translation adjustments due to the change in the NIS/euro exchange rate and by changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced a high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
    • Total comprehensive income was approximately €1.9 million for the three months ended March 31, 2025, compared to total comprehensive income of approximately €7.1 million for the three months ended March 31, 2024.
    • EBITDA was approximately €2.9 million for the three months ended March 31, 2025, compared to approximately €1.6 million for the three months ended March 31, 2024.
    • Net cash from operating activities was approximately €0.3 million for the three months ended March 31, 2025, compared to approximately €1.2 million for the three months ended March 31, 2024.
    • On February 16, 2025, the Company issued in an Israeli public offering an aggregate principal amount of NIS 214,479,000 of newly issued Series G Debentures, due December 31, 2032. The net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 211.7 million (approximately €56.7 million as of the issuance date).

    CEO Review for the First Quarter of 2025

    In the first quarter, the Company’s revenues amounted to €8.9 million, an increase of approximately 9% in revenues compared to the corresponding quarter last year. These revenues do not include the Company’s share of Dorad’s revenues. The Company presented an increase of approximately 81% in EBITDA compared to the corresponding quarter last year (€2.9 million compared to €1.6 million in the corresponding quarter last year). The Company’s first quarter is a winter quarter and is characterized by low production and revenues compared to the other quarters of the year.

    In the first half of 2025, the Company recorded significant progress in the start of construction and connection to the grid of new projects, which are expected to contribute to revenue growth in the near future.

    In Italy – Financing agreements were signed for solar projects with a total capacity of 198 MW (of which 38 MW are already connected to the electricity grid), and a transaction was signed and consummated with Clal Insurance to enter as a partner (49%) in the aforementioned 198 MW. Construction work on 160 MW has begun and construction is progressing as planned. The remainder of the portfolio held by the Company (100%) is approximately 264 MW solar, of which 124 MW have received construction permits and the rest are expected to receive permits in the near future. These 264 MW are scheduled to begin construction in the last quarter of 2026.

    In the US – The Company is advancing additional solar projects with a capacity of approximately 50 MW (beyond the existing portfolio (49 MW) which has completed construction), which are expected to begin construction during 2025. The intention is that these projects will be able to enjoy the full tax benefit currently in effect. The addition of battery storage to each of the projects is also under planning.

    In the Netherlands – the Company received, after March 31, 2025, a license to increase production at the GGG facility by 64%. Licenses to increase production at the two additional facilities are in advanced stages. The new regulation for the obligation to blend green gas with fossil gas will commence according to the law in January 2027 (a delay of one year), but the targets for the first year have increased. Agreements have been signed for the sale of green certificates issued under the new regulation at a price of approximately €1 per certificate. The blending obligation is expected to significantly increase the profitability of operations in the Netherlands at current production capacity. The expected increase in production capacity from 16 million cubic meters of gas per year to around 24 million cubic meters of gas per year is expected to add significantly beyond that.

    In Israel – the Company is in negotiations with the Israeli Electricity Authority for compensation for delays and war damage to the Manara project. Ellomay Luzon (50% owned) provided a notice of exercise of its right of first refusal on the Zorlu-Phoenix transaction for the sale of Dorad’s shares. Ellomay Luzon and another shareholder exercised their right of first refusal with respect to all of the shares offered (15% of Dorad’s shares), and, subject to the timely fulfillment of the conditions to closing, Ellomay Luzon and the other shareholder are expected to share these shares in equal parts.

    In Spain – The Company’s development activity in Spain focuses on battery storage, due to the high volatility in electricity prices in Spain, which stems from an excess of renewable energy during the transition seasons and causes damage to the stability of the grid. In the Company’s assessment, the solution is a significant increase in storage capacity, which is currently at very low levels in Spain. Regulation in Spain is also starting to move in this direction.

    Use of Non-IFRS Financial Measures

    EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 17 of this press release.

    About Ellomay Capital Ltd.

    Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

    To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

    • Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and 51% of approximately 38 MW of operating solar power plants in Italy;
    • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
    • Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
    • 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
    • 51% of solar projects in Italy with an aggregate capacity of 160 MW that commenced construction processes;
    • Solar projects in Italy with an aggregate capacity of 134 MW that have reached “ready to build” status; and
    • Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are connected to the grid and additional 22 MW that are awaiting connection to the grid.

    For more information about Ellomay, visit http://www.ellomay.com.

    Information Relating to Forward-Looking Statements

    This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza and between Israel and Iran, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, inability to advance the expansion of Dorad, increases in interest rates and inflation, changes in exchange rates, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits – whether within the set time frame or at all, climate change, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Kalia Rubenbach (Weintraub)
    CFO
    Tel: +972 (3) 797-1111
    Email: hilai@ellomay.com

    Ellomay Capital Ltd. and its Subsidiaries
    Condensed Consolidated Statements of Financial Position
      March 31,   December 31,   March 31,
    2025   2024   2025
    Unaudited   Audited   Unaudited
    € in thousands
    		   Convenience Translation
    into US$ in thousands*
    Assets          
    Current assets:          
    Cash and cash equivalents 35,148   41,134   38,021
    Short term deposits 36,301   –   39,268
    Restricted cash 656   656   710
    Intangible asset from green certificates 195   178   211
    Trade and revenue receivables 5,911   5,393   6,394
    Other receivables 15,518   15,341   16,786
    Derivatives asset short-term 650   146   703
      94,379   62,848   102,093
    Non-current assets          
    Investment in equity accounted investee 40,107   41,324   43,385
    Advances on account of investments 547   547   592
    Fixed assets 487,100   482,747   526,914
    Right-of-use asset 41,276   34,315   44,650
    Restricted cash and deposits 15,569   17,052   16,842
    Deferred tax 8,525   9,039   9,222
    Long term receivables 13,882   13,411   15,017
    Derivatives 19,855   15,974   21,478
      626,861   614,409   678,100
               
    Total assets 721,240   677,257   780,193
               
    Liabilities and Equity          
    Current liabilities          
    Current maturities of long-term bank loans 20,761   21,316   22,458
    Current maturities of other long-term loans 5,866   5,866   6,345
    Current maturities of debentures 47,233   35,706   51,094
    Trade payables 9,928   8,856   10,738
    Other payables 8,913   10,896   9,642
    Current maturities of derivatives 40   1,875   43
    Current maturities of lease liabilities 733   714   793
    Warrants 1,740   1,446   1,882
      95,214   86,675   102,995
    Non-current liabilities          
    Long-term lease liabilities 32,673   25,324   35,344
    Long-term bank loans 242,177   245,866   261,972
    Other long-term loans 29,578   30,448   31,996
    Debentures 186,691   155,823   201,951
    Deferred tax 2,652   2,609   2,869
    Other long-term liabilities 950   939   1,028
    Derivatives 135   288   146
      494,856   461,297   535,306
    Total liabilities 590,070   547,972   638,301
               
    Equity          
    Share capital 25,613   25,613   27,707
    Share premium 86,275   86,271   93,327
    Treasury shares (1,736)   (1,736)   (1,878)
    Transaction reserve with non-controlling Interests 5,697   5,697   6,163
    Reserves 7,381   14,338   7,984
    Accumulated deficit (3,567)   (11,561)   (3,859)
    Total equity attributed to shareholders of the Company 119,663   118,622   129,444
    Non-Controlling Interest 11,507   10,663   12,448
    Total equity 131,170   129,285   141,892
    Total liabilities and equity 721,240   677,257   780,193

    * Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

                    

    Ellomay Capital Ltd. and its Subsidiaries
    Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss)
      For the three months
    ended March 31,    		 For the year
    ended
    December 31,    		   For the three
    months ended
    March 31,
      2025   2024   2024   2025
      Unaudited
    		   Audited   Unaudited
      € in thousands (except per share data)
    		   Convenience Translation into US$*
    Revenues 8,860   8,243   40,467   9,584
    Operating expenses (4,627)   (4,563)   (19,803)   (5,005)
    Depreciation and amortization expenses (4,238)   (4,055)   (15,887)   (4,584)
    Gross profit (loss) (5)   (375)   4,777   (5)
                   
    Project development costs (1,045)   (1,415)   (4,101)   (1,130)
    General and administrative expenses (1,662)   (1,620)   (6,063)   (1,798)
    Share of profits of equity accounted investee 1,189   1,286   11,062   1,286
    Other income 198   –   3,409   214
    Operating profit (loss) (1,325)   (2,124)   9,084   (1,433)
                   
    Financing income 11,483   631   2,495   12,422
    Financing income (expenses) in connection with derivatives and warrants, net (376)   536   1,140   (407)
    Financing expenses in connection with projects finance (1,375)   (1,501)   (6,190)   (1,487)
    Financing expenses in connection with debentures (1,741)   (1,711)   (6,641)   (1,883)
    Interest expenses on minority shareholder loan (476)   (554)   (2,144)   (515)
    Other financing expenses (294)   (713)   (8,311)   (318)
    Financing income (expenses), net 7,221   (3,312)   (19,651)   7,812
    Profit (loss) before taxes on income 5,896   (5,436)   (10,567)   6,379
    Tax benefit 922   828   1,424   997
    Profit (loss) from continuing operations 6,818   (4,608)   (9,143)   7,376
    Profit (loss) from discontinued operation (net of tax) –   (312)   137   –
    Profit (loss) for the period 6,818   (4,920)   (9,006)   7,376
    Profit (loss) attributable to:              
    Owners of the Company 7,994   (3,613)   (6,524)   8,647
    Non-controlling interests (1,176)   (1,307)   (2,482)   (1,271)
    Profit (loss) for the period 6,818   (4,920)   (9,006)   7,376
                   
    Other comprehensive income items              
    That after initial recognition in comprehensive income were or will be transferred to profit or loss:              
    Foreign currency translation differences for foreign operations (9,538)   1,124   8,007   (10,318)
    Foreign currency translation differences for foreign operations that were recognized in profit or loss –   –   255    
    Effective portion of change in fair value of cash flow hedges 4,264   10,461   5,631   4,613
    Net change in fair value of cash flow hedges transferred to profit or loss 337   457   (813)   365
    Total other comprehensive income (4,937)   12,042   13,080   (5,340)
                   
    Total other comprehensive income (loss) attributable to:              
    Owners of the Company (6,957)   6,656   10,039   (7,526)
    Non-controlling interests 2,020   5,386   3,041   2,186
    Total other comprehensive income (loss) (4,937)   12,042   13,080   (5,340)
    Total comprehensive income for the period 1,881   7,122   4,074   2,036
                   
    Total comprehensive income for the period attributable to:              
    Owners of the Company 1,037   3,043   3,515   1,121
    Non-controlling interests 844   4,079   559   915
    Total comprehensive income for the period 1,881   7,122   4,074   2,036
                   

    * Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

    Ellomay Capital Ltd. and its Subsidiaries
    Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss) (cont’d)
      For the three months
    ended March 31,    		 For the year
    ended
    December 31,    		   For the three months
    ended March 31,
    2025   2024   2024   2025
    Unaudited
    		   Audited   Unaudited
    € in thousands (except per share data)
    		   Convenience Translation into US$*
                   
    Basic profit (loss) per share 0.62   (0.28)   (0.51)   0.67
    Diluted profit (loss) per share 0.62   (0.28)   (0.51)   0.67
                   
    Basic profit (loss) per share continuing operations 0.62   (0.31)   (0.52)   0.67
    Diluted profit (loss) per share continuing operations 0.62   (0.31)   (0.52)   0.67
                   
    Basic profit (loss) per share discontinued operation –   (0.02)   0.01   –
    Diluted profit (loss) per share discontinued operation –   (0.02)   0.01   –

    * Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

    Ellomay Capital Ltd. and its Subsidiaries
    Condensed Consolidated Interim Statements of Changes in Equity
              Attributable to shareholders of the Company
    		   Non- controlling   Total
                                    Interests   Equity
    Share capital   Share premium   Accumulated Deficit   Treasury shares   Translation reserve from
    foreign operations    		   Hedging Reserve   Interests Transaction reserve with
    non-controlling Interests    		   Total        
    € in thousands
                                           
    For the three months                                      
    ended March 31, 2025 (unaudited):                                      
    Balance as at January 1, 2025 25,613   86,271   (11,561)   (1,736)   8,446   5,892   5,697   118,622   10,663   129,285
    Profit for the period –   –   7,994   –   –   –   –   7,994   (1,176)   6,818
    Other comprehensive income for the period –   –   –   –   (9,329)   2,372   –   (6,957)   2,020   (4,937)
    Total comprehensive income for the period –   –   7,994   –   (9,329)   2,372   –   1,037   844   1,881
    Transactions with owners of the Company, recognized directly in equity:                                      
    Share-based payments –   4   –   –   –   –   –   4   –   4
    Balance as at March 31, 2025 25,613   86,275   (3,567)   (1,736)   (883)   8,264   5,697   119,663   11,507   131,170
                                           
    For the three months                                      
    ended March 31, 2024 (unaudited):                                      
    Balance as at January 1, 2024 25,613   86,159   (5,037)   (1,736)   385   3,914   5,697   114,995   10,104   125,099
    Loss for the period –   –   (3,613)   –   –   –   –   (3,613)   (1,307)   (4,920)
    Other comprehensive income for the period –   –   –   –   1,088   5,568   –   6,656   5,386   12,042
    Total comprehensive income (loss) for the period –   –   (3,613)   –   1,088   5,568   –   3,043   4,079   7,122
    Transactions with owners of the Company, recognized directly in equity:                                      
    Share-based payments –   30   –   –   –   –   –   30   –   30
    Balance as at March 31, 2024 25,613   86,189   (8,650)   (1,736)   1,473   9,482   5,697   118,068   14,183   132,251
    Ellomay Capital Ltd. and its Subsidiaries
    Condensed Consolidated Interim Statements of Changes in Equity (cont’d)
              Attributable to shareholders of the Company
    		   Non- controlling   Total
                                    Interests   Equity
    Share capital   Share premium   Accumulated Deficit   Treasury shares   Translation reserve from
    foreign operations    		   Hedging Reserve   Interests Transaction reserve with
    non-controlling Interests    		   Total        
    € in thousands
    For the year ended                                      
    December 31, 2024 (audited):                                      
    Balance as at January 1, 2024 25,613   86,159   (5,037)   (1,736)   385   3,914   5,697   114,995   10,104   125,099
    Loss for the year –   –   (6,524)   –   –   –   –   (6,524)   (2,482)   (9,006)
    Other comprehensive income for the year –   –   –   –   8,061   1,978   –   10,039   3,041   13,080
    Total comprehensive income (loss) for the year –   –   (6,524)   –   8,061   1,978   –   3,515   559   4,074
    Transactions with owners of the Company, recognized directly in equity:                                      
    Share-based payments –   112   –   –   –   –   –   112   –   112
    Balance as at December 31, 2024 25,613   86,271   (11,561)   (1,736)   8,446   5,892   5,697   118,622   10,663   129,285
    Ellomay Capital Ltd. and its Subsidiaries
    Condensed Consolidated Interim Statements of Changes in Equity (cont’d)
              Attributable to shareholders of the Company
    		   Non- controlling
    Interests    		   Total
    Equity
                                         
    Share capital   Share premium   Accumulated Deficit   Treasury shares   Translation reserve from
    foreign operations    		   Hedging Reserve   Interests Transaction reserve with
    non-controlling Interests    		   Total        
    Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)
    For the three months                                      
    ended March 31, 2025 (unaudited):                                      
    Balance as at January 1, 2025 27,707   93,323   (12,506)   (1,878)   9,136   6,374   6,163   128,319   11,533   139,852
    Loss for the period –   –   8,647   –   –   –   –   8,647   (1,271)   7,376
    Other comprehensive income for the period –   –   –   –   (10,092)   2,566   –   (7,526)   2,186   (5,340)
    Total comprehensive income for the period –   –   8,647   –   (10,092)   2,566   –   1,121   915   2,036
    Transactions with owners of the Company, recognized directly in equity:                                      
    Share-based payments –   4   –   –   –   –   –   4   –   4
    Balance as at March 31, 2025 27,707   93,327   (3,859)   (1,878)   (956)   8,940   6,163   129,444   12,448   141,892
    Ellomay Capital Ltd. and its Subsidiaries
    Condensed Consolidated Interim Statements of Cash Flow
      For the three months
    ended March 31,    		 For the year
    ended
    December 31,    		   For the three months
    ended March 31,
    2025   2024   2024   2025
    Unaudited
    		   Audited   Unaudited
    € in thousands
    		   Convenience
    Translation into US$*
    Cash flows from operating activities              
    Profit (loss) for the period 6,818   (4,920)   (9,006)   7,376
    Adjustments for:              
    Financing expenses (income), net (7,221)   3,167   19,247   (7,812)
    Loss from settlement of derivatives contract –   –   316   –
    Impairment losses on assets of disposal groups classified as held-for-sale –   601   405   –
    Depreciation and amortization expenses 4,238   4,084   15,935   4,584
    Share-based payment transactions 4   30   112   4
    Share of profit of equity accounted investees (1,189)   (1,286)   (11,062)   (1,286)
    Payment of interest on loan from an equity accounted investee –   –   –   –
    Change in trade receivables and other receivables   6,178   (2,342)   (8,824)   6,683
    Change in other assets (496)   –   3,770   (537)
    Change in receivables from concessions project –   315   793   –
    Change in trade payables 1,267   (68)   (31)   1,371
    Change in other payables (5,538)   2,796   4,455   (5,796)
    Tax benefit (922)   (805)   (1,429)   (997)
    Income taxes refund (paid) –   564   623   –
    Interest received 351   907   2,537   380
    Interest paid (3,408)   (1,892)   (9,873)   (3,687)
      (6,556)   6,071   16,974   (7,093)
    Net cash from operating activities 262   1,151   7,968   283
                   
    Cash flows from investing activities              
    Acquisition of fixed assets (18,550)   (9,020)   (72,922)   (20,066)
    Interest paid capitalized to fixed assets (876)   –   (2,515)   (948)
    Proceeds from sale of investments –   –   9,267   –
    Advances on account of investments –   –   (163)   –
    Proceeds from advances on account of investments –   –   514   –
    Investment in settlement of derivatives, net –   14   (316)   –
    Proceed from restricted cash, net 1,307   1,153   689   1,414
    Proceeds from investment in short-term deposits (39,132)   (28)   1,004   (42,331)
    Net cash used in investing activities (57,251)   (7,881)   (64,442)   (61,931)
                   
    Cash flows from financing activities              
    Issuance of warrants –   3,735   2,449   –
    Cost associated with long term loans (658)   (638)   (2,567)   (712)
    Payment of principal of lease liabilities (372)   (299)   (2,941)   (402)
    Proceeds from long-term loans 306   380   19,482   331
    Repayment of long-term loans (1,792)   (2,357)   (11,776)   (1,938)
    Repayment of debentures —   –   (35,845)   –
    Proceeds from issuance of debentures, net 56,729   36,450   74,159   61,366
    Net cash from financing activities 54,213   37,271   42,961   58,645
                   
    Effect of exchange rate fluctuations on cash and cash equivalents (3,210)   1,667   3,092   (3,472)
    Increase (decrease) in cash and cash equivalents (5,986)   32,208   (10,421)   (6,475)
    Cash and cash equivalents at the beginning of year 41,134   51,555   51,127   44,496
    Cash from disposal groups classified as held-for-sale –   (1,041)   428   –
    Cash and cash equivalents at the end of the period 35,148   82,722   41,134   38,021

    * Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

    Ellomay Capital Ltd. and its Subsidiaries
    Operating Segments
      Italy   Spain
    		   USA   Netherlands   Israel
    		   Total        
        Subsidized   28 MV                       reportable       Total
    Solar   Plants   Solar   Talasol   Solar   Biogas   Dorad   Manara   segments   Reconciliations   consolidated
    For the three months ended March 31, 2025
    € in thousands
                                               
    Revenues 945   786   406   3,246   –   3,477   15,061   –   23,921   (15,061)   8,860
    Operating expenses (435)   (105)   (84)   (1,024)   (305)   (3,206)   (11,693)   –   (16,851)   12,224   (4,627)
    Depreciation expenses (225)   (229)   (252)   (2,839)   –   (676)   (1,268)   –   (5,489)   1,251   (4,238)
    Gross profit (loss) 313   452   84   (617)   (305)   (405)   2,100   –   1,623   (1,628)   (5)
                                               
    Adjusted gross profit (loss) 313   452   84   (617)   (305)   (405)   2,100   –   1,623   (1,628)   (5)
    Project development costs                                         (1,045)
    General and administrative expenses                                         (1,662)
    Share of loss of equity accounted investee                                         1,189
    Other income, net                                         198
    Operating profit                                         (1,325)
    Financing income                                         11,483
    Financing income in connection                                          
    with derivatives and warrants, net                                         (376)
    Financing expenses in connection with projects finance                                         (1,375)
    Financing expenses in connection with debentures                                         (1,741)
    Interest expenses on minority shareholder loan                                         (476)
    Other financing expenses                                         (294)
    Financing expenses, net                                         7,221
    Loss before taxes on income                                         5,896
                                               
    Segment assets as at March 31, 2025 87,185   13,242   19,475   223,844   60,458   32,801   108,858   180,504   726,366   (5,126)   721,240  
    Ellomay Capital Ltd. and its Subsidiaries
    Reconciliation of Profit (Loss) to EBITDA
      For the three months
    ended March 31,    		 For the year
    ended
    December 31,    		   For the three months
    ended March 31,
    2025   2024   2024   2025
    € in thousands
    		   Convenience Translation
    into US$*
    Net profit (loss) for the period 6,818   (4,920)   (9,006)   7,376
    Financing expenses (income), net (7,221)   3,312   19,651   (7,812)
    Tax benefit (922)   (828)   (1,424)   (997)
    Depreciation and amortization expenses 4,238   4,055   15,887   4,584
    EBITDA 2,913   1,619   25,108   3,151

    * Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

    Ellomay Capital Ltd. and its Subsidiaries
    Information for the Company’s Debenture Holders

    Financial Covenants

    Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 30, 2025, and below.

    Net Financial Debt

    As of March 31, 2025, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €170 million (consisting of approximately €3031 million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €241.42 million in connection with (i) the Series C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), (ii) the Series D Convertible Debentures issuance (in February 2021), (iii) the Series E Secured Debentures issuance (in February 2023), (iv) the Series F Debentures issuance (in January, April, August and November 2024) and (v) the Series G Debentures issuance (in February 2025)), net of approximately €71.4 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €3033 million of project finance and related hedging transactions of the Company’s subsidiaries).

    Discussion concerning Warning Signs

    Upon the issuance of the Company’s Debentures, the Company undertook to comply with the “hybrid model disclosure requirements” as determined by the Israeli Securities Authority and as described in the Israeli prospectuses published in connection with the public offering of the company’s Debentures. This model provides that in the event certain financial “warning signs” exist in the Company’s consolidated financial results or statements, and for as long as they exist, the Company will be subject to certain disclosure obligations towards the holders of the Company’s Debentures.

    One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of March 31, 2025, the Company’s Board of Directors noted the working capital deficiency as of March 31, 2025, in the amount of approximately €0.96 million. The Company’s Board of Directors reviewed the Company’s financial position, outstanding debt obligations and the Company’s existing and anticipated cash resources and uses and determined that the existence of a working capital deficiency as of March 31, 2025, does not indicate a liquidity problem. In making such determination, the Company’s Board of Directors noted the following: (i) the execution of the agreement to sell tax credits in connection with the US solar projects, which is expected to contribute approximately $19 million during the next twelve months, (ii) the Company’s positive cash flow from operating activities during 2023 and 2024, and (iii) funds received from the investment transaction with Clal Insurance Company Ltd. that was consummated in June 2025.

     

    Ellomay Capital Ltd.
    Information for the Company’s Debenture Holders (cont’d)


    Information for the Company’s Series C Debenture Holders

    The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA,4 was 6.3.

    The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended March 31, 2025:

        For the four-quarter period
    ended M    arch 31, 2025
      Unaudited
      € in thousands
    Profit for the period   2,274
    Financing expenses, net   9,118
    Taxes on income   (1,641)
    Depreciation and amortization expenses   16,651
    Share-based payments   86
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model   484
    Adjusted EBITDA as defined the Series C Deed of Trust   26,972

    The Series C Debentures were fully repaid on June 30, 2025 in accordance with their terms. 

    Ellomay Capital Ltd.
    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series D Debenture Holders

    The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA5 was 6.1.

    The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended March 31, 2025:

        For the four-quarter period
    ended M    arch 31, 2025
      Unaudited
      € in thousands
    Loss for the period   2,274
    Financing expenses, net   9,118
    Taxes on income   (1,641)
    Depreciation and amortization expenses   16,651
    Share-based payments   86
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model   484
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters6   899
    Adjusted EBITDA as defined the Series D Deed of Trust   27,871
    Ellomay Capital Ltd.
    Information for the Company’s Debenture Holders (cont’d)


    Information for the Company’s Series E Debenture Holders

    The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA7 was 6.1.

    The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended March 31, 2025:

        For the four-quarter period
    ended March 31, 2025
      Unaudited
      € in thousands
    Profit for the period   2,274
    Financing expenses, net   9,118
    Taxes on income   (1,641)
    Depreciation and amortization expenses   16,651
    Share-based payments   86
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model   484
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters8   899
    Adjusted EBITDA as defined the Series E Deed of Trust   27,871
         

    In connection with the undertaking included in Section 3.17.2 of Annex 6 of the Series E Deed of Trust, no circumstances occurred during the reporting period under which the rights to loans provided to Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd. (“Ellomay Luzon Energy”)), which were pledged to the holders of the Company’s Series E Debentures, will become subordinate to the amounts owed by Ellomay Luzon Energy to Israel Discount Bank Ltd.

    As of March 31, 2025, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately €40.1 million (approximately NIS 161.3 million based on the exchange rate as of such date).

    Ellomay Capital Ltd. and its Subsidiaries
    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series F Debenture Holders

    The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €115.9 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA9 was 6.1.

    The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended March 31, 2025:

        For the four-quarter period
    ended March 31, 2025
      Unaudited
      € in thousands
    Profit for the period   2,274
    Financing expenses, net   9,118
    Taxes on income   (1,641)
    Depreciation and amortization expenses   16,651
    Share-based payments   86
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model   484
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters10   899
    Adjusted EBITDA as defined the Series F Deed of Trust   27,871
         
    Ellomay Capital Ltd. and its Subsidiaries
    Information for the Company’s Debenture Holders (cont’d)


    Information for the Company’s Series G Debenture Holders

    The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €115.9 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA11 was 6.1.

    The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended March 31, 2025:

        For the four-quarter period ended March 31, 2025
      Unaudited
      € in thousands
    Profit for the period   2,274
    Financing expenses, net   9,118
    Taxes on income   (1,641)
    Depreciation and amortization expenses   16,651
    Share-based payments   86
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model   484
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters12   899
    Adjusted EBITDA as defined the Series G Deed of Trust   27,871
         

    ____________________________
    1 The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €4.5 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.

    2 The amount of the debentures provided above includes an amount of approximately €6.7 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at March 31, 2025 in the amount of approximately €0.8 million.

    3 The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).

    4 The term “Adjusted EBITDA” is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef solar plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    5 The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    6 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    7 The term “Adjusted EBITDA” is defined in the Series E Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series E Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series E Deed of Trust). The Series E Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series E Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    8 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    9 The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

    10 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    11 The term “Adjusted EBITDA” is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

    12 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    The MIL Network –

  • MIL-OSI: Progress Software Announces Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Annualized Recurring Revenue (“ARR”) of $838 million Grew 46% year-over-year
    Revenue of $237 million Grew 36% year-over-year
    Raises Full Year Guidance for Revenue, Operating Margin, Earnings Per Share, and Cash Flow
    Acquires Agentic RAG AI Company

    BURLINGTON, Mass., June 30, 2025 (GLOBE NEWSWIRE) — Progress Software (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced financial results for its fiscal second quarter ended May 31, 2025.

    Second Quarter 2025 Highlights:

    • Revenue of $237 million increased 36% year-over-year on an actual currency basis and 35% on a constant currency basis.
    • Annualized Recurring Revenue (“ARR”) of $838 million increased 46% year-over-year on a constant currency basis.
    • Operating margin was 16% and non-GAAP operating margin was 40%.
    • Diluted earnings per share was $0.39 compared to $0.37 in the same quarter last year, an increase of 5%. 
    • Non-GAAP diluted earnings per share was $1.40 compared to $1.09 in the same quarter last year, an increase of 28%.

    “We’re extremely pleased with our solid Q2 results” said Yogesh Gupta, CEO of Progress Software. “Revenue contributions were strong across all geographies resulting in ARR of $838 million or 46% year-over-year growth. Our Net Retention Rate was 100%, demonstrating the consistent strength of our product portfolio. Our confidence in the business is reflected in our raised guidance for FY25. Equally important, our integration of ShareFile is going extremely well as we have completed numerous major synergy milestones, and we remain confident in our ability to reach all our ShareFile targets by the end of the year.”

    Additional financial highlights included:

      Three Months Ended
      GAAP   Non-GAAP
    (in thousands, except percentages and per share amounts) May 31, 2025   May 31, 2024   % Change   May 31, 2025   May 31, 2024   % Change
    Revenue $ 237,355     $ 175,077     36 %   $ 237,355     $ 175,077     36 %
    Income from operations $ 38,616     $ 27,148     42 %   $ 95,461     $ 67,086     42 %
    Operating margin   16 %     16 %   0 bps     40 %     38 %   200 bps
    Net income $ 17,029     $ 16,188     5 %   $ 61,749     $ 47,899     29 %
    Diluted earnings per share $ 0.39     $ 0.37     5 %   $ 1.40     $ 1.09     28 %
    Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP) $ 29,996     $ 63,681     (53 )%   $ 37,068     $ 64,073     (42 )%
        $ 51,579   $ 69,679   (26 )%

    See Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures, and Select Performance Metrics and a reconciliation of non-GAAP adjustments to Progress’ GAAP financial results at the end of this press release.

    Other fiscal second quarter 2025 metrics and recent results included:

    • Cash and cash equivalents were $102.0 million at the end of the quarter.
    • Days sales outstanding was 53 days compared to 41 days in the fiscal second quarter of 2024 and 48 days in the fiscal first quarter of 2025.

    “Our second quarter performance reflects the continued strong execution by our teams and this is further reflected in our increase to full year guidance across the board,” said Anthony Folger, CFO of Progress Software. “Our ShareFile business is progressing well and we are ahead of schedule with the integration and moving swiftly towards reaching our synergy targets. On the balance sheet, we again made significant progress on paying down our revolving credit facility, with another $40 million this quarter, putting us on a solid trajectory to hit our goal of $160 million debt paydown this year.”

    Acquisition of Nuclia

    In a separate press release, the Company also announced today its acquisition of Nuclia, an innovator in agentic Retrieval-Augmented Generation (“RAG”) AI solutions. Nuclia provides unique, easy-to-use agentic RAG-as-a-service technology enabling organizations to automatically leverage their own proprietary business information to retrieve verifiable, accurate answers using GenAI. Nuclia will extend the end-to-end value of the Progress Data Platform while creating new opportunities to reach a broader market of organizations looking to leverage agentic RAG technology.

    The acquisition was signed and closed today and is immaterial to Progress’ financials.

    To learn more about Nuclia, go to https://nuclia.com/. 

    2025 Business Outlook

    Progress provides the following guidance for the fiscal year ending November 30, 2025 and the fiscal third quarter ending August 31, 2025:

      Updated FY 2025 Guidance
    (June 30, 2025)    		   Prior FY 2025 Guidance
    (March 31, 2025)
    (in millions, except percentages and per share amounts) GAAP   Non-GAAP   GAAP   Non-GAAP
    Revenue $962 – $974   $962 – $974   $958 – $970   $958 – $970
    Diluted earnings per share $1.27 – $1.43   $5.28 – $5.40   $1.19 – $1.35   $5.25 – $5.37
    Operating margin 15%   38% – 39%   14% – 15%   38%
    Cash from operations (GAAP) /
    Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)    		 $218 – $230   $228 – $240   $216 – $228   $226 – $238
    $285 – $296     $283 – $294
    Effective tax rate 17%           20%           19%           20%
      Q3 2025 Guidance
    (in millions, except per share amounts) GAAP   Non-GAAP
    Revenue $237 – $243   $237 – $243
    Diluted earnings per share $0.29 – $0.35   $1.28 – $1.34

    Based on current exchange rates, the expected positive currency translation impact on our:

    • Fiscal year 2025 business outlook compared to 2024 exchange rates is approximately $2.4 million on revenue.
    • GAAP and non-GAAP diluted earnings per share for fiscal year 2025 is approximately $0.02.
    • Fiscal Q3 2025 business outlook compared to 2024 exchange rates is approximately $1.7 million on revenue.
    • GAAP and non-GAAP diluted earnings per share for fiscal Q3 2025 is approximately $0.01.

    To the extent that there are changes in exchange rates versus the current environment and/or our expectations, this may have an impact on Progress’ business outlook.

    Conference Call

    Progress will hold a conference call to review its financial results for the fiscal second quarter of 2025 at 5:00 p.m. ET on Monday, June 30, 2025. Participants must register for the conference call here: https://register-conf.media-server.com/register/BIc386d20e6fbd46acbadafca492a42b35. The webcast can be accessed at: https://edge.media-server.com/mmc/p/bujcypbf/. The conference call will include comments followed by questions and answers. Attendees must register for the webcast and an archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live conference call.

    About Progress

    Progress Software (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com. 

    Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)

      Three Months Ended   Six Months Ended
    (in thousands, except per share data) May 31, 2025   May 31, 2024   % Change   May 31, 2025   May 31, 2024   % Change
    Revenue:                      
    Software licenses $ 50,795     $ 53,979     (6 )%   $ 109,240     $ 118,079     (7 )%
    Maintenance, SaaS, and professional services   186,560       121,098     54 %     366,130       241,683     51 %
    Total revenue   237,355       175,077     36 %     475,370       359,762     32 %
    Costs of revenue:                      
    Cost of software licenses   2,987       2,497     20 %     5,912       5,228     13 %
    Cost of maintenance, SaaS, and professional services   33,764       22,176     52 %     66,648       44,395     50 %
    Amortization of acquired intangibles   10,537       7,398     42 %     20,959       15,257     37 %
    Total costs of revenue   47,288       32,071     47 %     93,519       64,880     44 %
    Gross profit   190,067       143,006     33 %     381,851       294,882     29 %
    Operating expenses:                      
    Sales and marketing   49,677       37,889     31 %     100,973       77,000     31 %
    Product development   46,570       35,435     31 %     92,945       70,423     32 %
    General and administrative   25,637       21,983     17 %     51,260       43,327     18 %
    Amortization of acquired intangibles   26,063       16,316     60 %     51,871       33,705     54 %
    Cyber vulnerability response expenses, net   730       3,036     (76 )%     1,467       4,023     (64 )%
    Restructuring expenses   1,043       651     60 %     8,072       3,000     169 %
    Acquisition-related expenses   1,731       548     216 %     4,221       1,250     238 %
    Total operating expenses   151,451       115,858     31 %     310,809       232,728     34 %
    Income from operations           38,616               27,148             42 %     71,042       62,154     14 %
    Other expense, net           (18,752 )             (7,020 )           167 %     (37,876 )     (14,419 )   163 %
    Income before income taxes           19,864       20,128             (1 )%     33,166       47,735     (31 )%
    Provision for income taxes           2,835       3,940             (28 )%     5,191       8,908     (42 )%
    Net income $ 17,029     $ 16,188     5 %   $ 27,975     $ 38,827     (28 )%
                           
    Earnings per share:                      
    Basic $ 0.40     $ 0.37     8 %   $ 0.65     $ 0.89     (27 )%
    Diluted $ 0.39     $ 0.37     5 %   $ 0.63     $ 0.87     (28 )%
    Weighted average shares outstanding:                      
    Basic   43,053       43,213     — %     43,154       43,508     (1 )%
    Diluted   44,156       43,964     — %     44,522       44,395     — %
                           
    Cash dividends declared per common share $ —     $ 0.175     (100 )%   $ —     $ 0.350     (100 )%
    Stock-based compensation is included in the condensed consolidated statements of operations, as follows:            
    Cost of revenue $ 1,560   $ 912   71 %   $ 2,755   $ 1,898   45 %
    Sales and marketing   3,663     2,458   49 %     6,695     4,770   40 %
    Product development   4,984     3,391   47 %     9,394     7,056   33 %
    General and administrative   6,534     5,228   25 %     12,580     10,729   17 %
    Total $ 16,741   $ 11,989   40 %   $ 31,424   $ 24,453   29 %
     

    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)

    (in thousands) May 31, 2025   November 30, 2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 102,006   $ 118,077
    Accounts receivable, net   140,122     163,575
    Unbilled receivables, current portion   34,136     34,672
    Other current assets   49,387     52,489
    Total current assets   325,651     368,813
    Property and equipment, net   12,474     13,746
    Goodwill and intangible assets, net   1,944,387     2,015,748
    Right-of-use lease assets   27,351     30,894
    Unbilled receivables, non-current portion   29,890     28,893
    Other assets   73,839     68,872
    Total assets $ 2,413,592   $ 2,526,966
    Liabilities and shareholders’ equity      
    Current liabilities:      
    Accounts payable and other current liabilities $ 75,610   $ 113,801
    Convertible senior notes, current portion, net   358,051     —
    Operating lease liabilities, current portion   8,250     9,202
    Deferred revenue, current portion, net   308,360     332,142
    Total current liabilities   750,271     455,145
    Long-term debt, net   660,000     730,000
    Convertible senior notes, non-current portion, net   440,244     796,267
    Operating lease liabilities, non-current portion   22,548     26,259
    Deferred revenue, non-current portion, net   80,219     72,270
    Other non-current liabilities   7,609     8,237
    Stockholders’ equity:      
    Common stock and additional paid-in capital   362,522     354,592
    Retained earnings   90,179     84,196
    Total stockholders’ equity   452,701     438,788
    Total liabilities and stockholders’ equity $ 2,413,592   $ 2,526,966
     

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)  

      Three Months Ended   Six Months Ended
    (in thousands) May 31, 2025   May 31, 2024   May 31, 2025   May 31, 2024
    Cash flows from operating activities:              
    Net income $ 17,029     $ 16,188     $ 27,975     $ 38,827  
    Depreciation and amortization   39,568       27,529       78,777       55,073  
    Stock-based compensation   16,741       11,989       31,424       24,453  
    Other non-cash adjustments   (1,332 )     (812 )     1,738       515  
    Changes in operating assets and liabilities   (42,010 )     8,787       (40,971 )     15,317  
    Net cash flows from operating activities   29,996       63,681       98,943       134,185  
    Capital expenditures   (495 )     (955 )     (1,785 )     (1,264 )
    Repurchases of common stock, net of issuances   (13,478 )     (44,636 )     (37,348 )     (59,553 )
    Dividend equivalent and dividend payments to stockholders   (295 )     (7,951 )     (654 )     (16,122 )
    Payments for acquisitions   —       —       (1,195 )     —  
    Proceeds from the issuance of debt, net of payment of issuance costs   —       431,929       —       431,929  
    Repayment of revolving line of credit and principal payment on term loan   (40,000 )     (337,813 )     (70,000 )     (371,250 )
    Purchase of capped calls   —       (42,210 )     —       (42,210 )
    Other   2,117       (4,847 )     (4,032 )     (12,253 )
    Net change in cash and cash equivalents   (22,155 )     57,198       (16,071 )     63,462  
    Cash and cash equivalents, beginning of period   124,161       133,222       118,077       126,958  
    Cash and cash equivalents, end of period $ 102,006     $ 190,420     $ 102,006     $ 190,420  
     

    RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES
    (Unaudited)

      Three Months Ended   Six Months Ended
    (in thousands, except per share data) May 31, 2025   May 31, 2024   May 31, 2025   May 31, 2024
    Adjusted income from operations:              
    GAAP income from operations $ 38,616     $ 27,148     $ 71,042     $ 62,154  
    Amortization of acquired intangibles   36,600       23,714       72,830       48,962  
    Stock-based compensation   16,741       11,989       31,424       24,453  
    Restructuring expenses   1,043       651       8,072       3,000  
    Acquisition-related expenses   1,731       548       4,221       1,250  
    Cyber vulnerability response expenses, net   730       3,036       1,467       4,023  
    Non-GAAP income from operations $ 95,461     $ 67,086     $ 189,056     $ 143,842  
                   
    Adjusted net income:              
    GAAP net income $ 17,029     $ 16,188     $ 27,975     $ 38,827  
    Amortization of acquired intangibles   36,600       23,714       72,830       48,962  
    Stock-based compensation   16,741       11,989       31,424       24,453  
    Restructuring expenses   1,043       651       8,072       3,000  
    Acquisition-related expenses   1,731       548       4,221       1,250  
    Cyber vulnerability response expenses, net   730       3,036       1,467       4,023  
    Provision for income taxes   (12,125 )     (8,227 )     (25,245 )     (16,688 )
    Non-GAAP net income $ 61,749     $ 47,899     $ 120,744     $ 103,827  
                   
    Adjusted diluted earnings per share:              
    GAAP diluted earnings per share $ 0.39     $ 0.37     $ 0.63     $ 0.87  
    Amortization of acquired intangibles   0.83       0.54       1.64       1.10  
    Stock-based compensation   0.37       0.27       0.71       0.56  
    Restructuring expenses   0.02       0.02       0.18       0.07  
    Acquisition-related expenses   0.04       0.01       0.09       0.03  
    Cyber vulnerability response expenses, net   0.02       0.07       0.03       0.09  
    Provision for income taxes   (0.27 )     (0.19 )     (0.57 )     (0.38 )
    Non-GAAP diluted earnings per share $ 1.40     $ 1.09     $ 2.71     $ 2.34  
                   
    Non-GAAP weighted avg shares outstanding – diluted   44,156       43,964       44,522       44,395  
                   

    OTHER NON-GAAP FINANCIAL MEASURES
    (Unaudited)

    Adjusted Free Cash Flow and Unlevered Free Cash Flow                
                           
      Three Months Ended   Six Months Ended
    (in thousands) May 31, 2025   May 31, 2024   % Change   May 31, 2025   May 31, 2024   % Change
    Cash flows from operations $ 29,996     $ 63,681     (53 )%   $ 98,943     $ 134,185     (26 )%
    Purchases of property and equipment   (495 )     (955 )   (48 )%     (1,785 )     (1,264 )   41 %
    Free cash flow   29,501       62,726     (53 )%     97,158       132,921     (27 )%
    Add back: restructuring payments   7,567       1,347     462 %     13,121       3,356     291 %
    Adjusted free cash flow $ 37,068     $ 64,073     (42 )%   $ 110,279     $ 136,277     (19 )%
    Add back: tax-effected interest expense   14,511       5,606     159 %     29,253       11,481     155 %
    Unlevered free cash flow $ 51,579     $ 69,679     (26 )%   $ 139,532     $ 147,758     (6 )%
     

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
    (Unaudited)

    Fiscal Year 2025 Updated Non-GAAP Operating Margin Guidance
      Fiscal Year Ending November 30, 2025
    (in millions) Low   High
    GAAP income from operations $ 140.7     $ 149.2  
    GAAP operating margins   15 %     15 %
    Acquisition-related expense   6.0       6.0  
    Restructuring expense   9.2       9.2  
    Stock-based compensation   63.0       63.0  
    Amortization of acquired intangibles   145.7       145.7  
    Cyber vulnerability response expenses, net   4.2       4.2  
    Total adjustments(1)   228.1       228.1  
    Non-GAAP income from operations $ 368.8     $ 377.3  
    Non-GAAP operating margin   38 %     39 %
    (1) Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
    Fiscal Year 2025 Updated Non-GAAP Earnings per Share and Effective Tax Rate Guidance
      Fiscal Year Ending November 30, 2025
    (in millions, except per share data) Low   High
    GAAP net income $ 56.9     $ 64.8  
    Adjustments (from previous table)   228.1       228.1  
    Income tax adjustment(2)   (47.7 )     (48.0 )
    Non-GAAP net income $ 237.3     $ 244.9  
           
    GAAP diluted earnings per share $ 1.27     $ 1.43  
    Non-GAAP diluted earnings per share $ 5.28     $ 5.40  
           
    Diluted weighted average shares outstanding   45.0       45.4  
             
             
    2 Tax adjustment is based on a non-GAAP effective tax rate of approximately 20%, calculated as follows:
        Fiscal Year Ending November 30, 2025
        Low   High
    Non-GAAP income from operations   $ 368.8     $ 377.3  
    Other (expense) income     (72.2 )     (71.2 )
    Non-GAAP income from continuing operations before income taxes     296.6       306.1  
    Non-GAAP net income     237.3       244.9  
    Tax provision   $ 59.3     $ 61.2  
    Non-GAAP tax rate     20 %     20 %
                     

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
    (Unaudited)

    Fiscal Year 2025 Adjusted Free Cash Flow and Unlevered Free Cash Flow Guidance
      Fiscal Year Ending November 30, 2025
    (in millions) Low   High
    Cash flows from operations (GAAP) $ 218     $ 230  
    Purchases of property and equipment   (7 )     (7 )
    Add back: restructuring payments   17       17  
    Adjusted free cash flow (non-GAAP)   228       240  
    Add back: tax-effected interest expense   57       56  
    Unlevered free cash flow (non-GAAP) $ 285     $ 296  

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q3 2025 GUIDANCE
    (Unaudited)

    Q3 2025 Non-GAAP Earnings per Share Guidance
      Three Months Ending August 31, 2025
      Low   High
    GAAP diluted earnings per share $ 0.29     $ 0.35  
    Acquisition-related expense   0.02       0.02  
    Restructuring expense   0.01       0.01  
    Stock-based compensation   0.35       0.35  
    Amortization of acquired intangibles   0.83       0.83  
    Cyber vulnerability response expenses, net   0.03       0.03  
    Total adjustments(1)   1.24       1.24  
    Income tax adjustment   (0.25 )     (0.25 )
    Non-GAAP diluted earnings per share $ 1.28     $ 1.34  
    (1) Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

    Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures and Select Performance Metrics

    Progress furnishes certain non-GAAP supplemental information to our financial results. We use such non-GAAP financial measures to evaluate our period-over-period operating performance because our management team believes that excluding the effects of certain GAAP-related items helps to illustrate underlying trends in our business and provides us with a more comparable measure of our continuing business, as well as greater understanding of the results from the primary operations of our business. Management also uses such non-GAAP financial measures to establish budgets and operational goals, evaluate performance, and allocate resources. In addition, the compensation of our executives and non-executive employees is based in part on the performance of our business as evaluated by such non-GAAP financial measures. We believe these non-GAAP financial measures enhance investors’ overall understanding of our current financial performance and our prospects for the future by: (i) providing more transparency for certain financial measures, (ii) presenting disclosure that helps investors understand how we plan and measure the performance of our business, (iii) affording a view of our operating results that may be more easily compared to our peer companies, and (iv) enabling investors to consider our operating results on both a GAAP and non-GAAP basis (including following the integration period of our prior acquisitions). However, this non-GAAP information is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (“GAAP”) and should be considered in conjunction with our GAAP results as the items excluded from the non-GAAP information may have a material impact on Progress’ financial results. A reconciliation of non-GAAP adjustments to Progress’ GAAP financial results is included in the tables above.

    In the noted fiscal periods, we adjusted for the following items from our GAAP financial results to arrive at our non-GAAP financial measures:

    • Amortization of acquired intangibles – We exclude amortization of acquired intangibles because those expenses are unrelated to our core operating performance and the intangible assets acquired vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses acquired. Adjustments include preliminary estimates relating to the valuation of intangible assets from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
    • Stock-based compensation – We exclude stock-based compensation to be consistent with the way management and, in our view, the overall financial community evaluates our performance and the methods used by analysts to calculate consensus estimates. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include these charges in operating plans.
    • Restructuring expenses – In all periods presented, we exclude restructuring expenses incurred because those expenses distort trends and are not part of our core operating results. Adjustments include preliminary estimates relating to restructuring expenses from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
    • Acquisition-related expenses – We exclude acquisition-related expenses in order to provide a more meaningful comparison of the financial results to our historical operations and forward-looking guidance and the financial results of less acquisitive peer companies. We consider these types of costs and adjustments, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, we do not consider these acquisition-related costs and adjustments to be related to the organic continuing operations of the acquired businesses and are generally not relevant to assessing or estimating the long-term performance of the acquired assets. In addition, the size, complexity and/or volume of past acquisitions, which often drives the magnitude of acquisition-related costs, may not be indicative of the size, complexity and/or volume of future acquisitions.
    • Cyber vulnerability response expenses, net – We exclude certain expenses resulting from the zero-day MOVEit Vulnerability, as more thoroughly described in our filings with the Securities and Exchange Commission since June 5, 2023. Expenses include costs to investigate and remediate these cyber related matters, as well as legal and other professional services related thereto. Expenses related to such cyber matters are provided net of expected insurance recoveries, although the timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. Costs associated with the enhancement of our cybersecurity program are not included within this adjustment. We expect to continue to incur legal and other professional services expenses in future periods associated with the MOVEit Vulnerability. Expenses related to such cyber matters are expected to result in operating expenses that would not have otherwise been incurred in the normal course of business operations. We believe that excluding these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance.
    • Provision for income taxes – We adjust our income tax provision by excluding the tax impact of the non-GAAP adjustments discussed above.
    • Constant currency – Revenue from our international operations has historically represented a substantial portion of our total revenue. As a result, our revenue results have been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates. As exchange rates are an important factor in understanding period-to-period comparisons, we present revenue growth rates on a constant currency basis, which helps improve the understanding of our revenue results and our performance in comparison to prior periods. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.

    In the noted fiscal periods, we also present the following liquidity measures:

    • Adjusted free cash flow (“AFCF”) and unlevered free cash flow (“Unlevered FCF”) – AFCF is equal to cash flows from operating activities less purchases of property and equipment, plus restructuring payments. Unlevered FCF is AFCF plus tax-effected interest expense on outstanding debt.

    In the noted fiscal periods, we also present the following select performance metrics:

    • Annualized Recurring Revenue (“ARR”) – We disclose ARR as a performance metric to help investors better understand and assess the performance of our business because our mix of revenue generated from recurring sources currently represents the substantial majority of our revenues and is expected to continue in the future. We define ARR as the annualized revenue of all active and contractually binding term-based contracts from all customers at a point in time. ARR includes revenue from maintenance, software upgrade rights, public cloud, and on-premises subscription-based transactions and managed services. ARR mitigates fluctuations in revenue due to seasonality, contract term and the sales mix of subscriptions for term-based licenses and SaaS. We use ARR to understand customer trends and the overall health of our business, helping us to formulate strategic business decisions.

      We calculate the annualized value of annual and multi-year contracts, and contracts with terms less than one year, by dividing the total contract value of each contract by the number of months in the term and then multiplying by 12. Annualizing contracts with terms less than one-year results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period. We generally do not sell non-SaaS-based contracts with a term of less than one year unless a customer is purchasing additional licenses under an existing annual or multi-year contract. The expectation is that at the time of renewal, such contracts with a term less than one year will renew with the same term as the existing contracts being renewed, such that both contracts are co-termed. Historically, such contracts with a term of less than one year renew at rates equal to or better than annual or multi-year contracts.

      For SaaS-based contracts, there is a meaningful percentage of monthly auto-renewing contracts for which annualizing the contracts results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period.

      Revenue from term-based license and on-premises subscription arrangements include a portion of the arrangement consideration that is allocated to the software license that is recognized up-front at the point in time control is transferred under ASC 606 revenue recognition principles. ARR for these arrangements is calculated as described above. The expectation is that the total contract value, inclusive of revenue recognized as software license, will be renewed at the end of the contract term.

      The calculation is done at constant currency using the current year budgeted exchange rates for all periods presented.

      ARR is not defined in GAAP and is not derived from a GAAP measure. Rather, ARR generally aligns to billings (as opposed to GAAP revenue which aligns to the transfer of control of each performance obligation). ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

    • Net Retention Rate (“NRR”) – We calculate net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these same customers as of the current period end (“Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net retention rate. Net retention rate is not calculated in accordance with GAAP and is not derived from a GAAP measure.

    Note Regarding Forward-Looking Statements

    This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this press release include, but are not limited to, statements regarding Progress’ business outlook (including future acquisition activity) and financial guidance. There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation: (i) economic, geopolitical and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price; (ii) our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses; (iii) we may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, or a decline in our renewal rates for contracts; (iv) if the security measures for our software, services, other offerings or our internal information technology infrastructure are compromised or subject to a successful cyber-attack, or if our software offerings contain significant coding or configuration errors or zero-day vulnerabilities, we may experience reputational harm, legal claims and financial exposure; and the results of inquiries, investigations and legal claims regarding the MOVEit Vulnerability remain uncertain, while the ultimate resolution of these matters could result in losses that may be material to our financial results for a particular period; (v) future acquisitions may not be successful or may involve unanticipated costs or other integration issues that could disrupt our existing operations; and (vi) expected synergies and benefits of the ShareFile acquisition may not be realized which could negatively impact our future results of operations and financial condition. For further information regarding risks and uncertainties associated with Progress’ business, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

    The MIL Network –

  • MIL-OSI: Progress Software Announces Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Annualized Recurring Revenue (“ARR”) of $838 million Grew 46% year-over-year
    Revenue of $237 million Grew 36% year-over-year
    Raises Full Year Guidance for Revenue, Operating Margin, Earnings Per Share, and Cash Flow
    Acquires Agentic RAG AI Company

    BURLINGTON, Mass., June 30, 2025 (GLOBE NEWSWIRE) — Progress Software (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced financial results for its fiscal second quarter ended May 31, 2025.

    Second Quarter 2025 Highlights:

    • Revenue of $237 million increased 36% year-over-year on an actual currency basis and 35% on a constant currency basis.
    • Annualized Recurring Revenue (“ARR”) of $838 million increased 46% year-over-year on a constant currency basis.
    • Operating margin was 16% and non-GAAP operating margin was 40%.
    • Diluted earnings per share was $0.39 compared to $0.37 in the same quarter last year, an increase of 5%. 
    • Non-GAAP diluted earnings per share was $1.40 compared to $1.09 in the same quarter last year, an increase of 28%.

    “We’re extremely pleased with our solid Q2 results” said Yogesh Gupta, CEO of Progress Software. “Revenue contributions were strong across all geographies resulting in ARR of $838 million or 46% year-over-year growth. Our Net Retention Rate was 100%, demonstrating the consistent strength of our product portfolio. Our confidence in the business is reflected in our raised guidance for FY25. Equally important, our integration of ShareFile is going extremely well as we have completed numerous major synergy milestones, and we remain confident in our ability to reach all our ShareFile targets by the end of the year.”

    Additional financial highlights included:

      Three Months Ended
      GAAP   Non-GAAP
    (in thousands, except percentages and per share amounts) May 31, 2025   May 31, 2024   % Change   May 31, 2025   May 31, 2024   % Change
    Revenue $ 237,355     $ 175,077     36 %   $ 237,355     $ 175,077     36 %
    Income from operations $ 38,616     $ 27,148     42 %   $ 95,461     $ 67,086     42 %
    Operating margin   16 %     16 %   0 bps     40 %     38 %   200 bps
    Net income $ 17,029     $ 16,188     5 %   $ 61,749     $ 47,899     29 %
    Diluted earnings per share $ 0.39     $ 0.37     5 %   $ 1.40     $ 1.09     28 %
    Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP) $ 29,996     $ 63,681     (53 )%   $ 37,068     $ 64,073     (42 )%
        $ 51,579   $ 69,679   (26 )%

    See Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures, and Select Performance Metrics and a reconciliation of non-GAAP adjustments to Progress’ GAAP financial results at the end of this press release.

    Other fiscal second quarter 2025 metrics and recent results included:

    • Cash and cash equivalents were $102.0 million at the end of the quarter.
    • Days sales outstanding was 53 days compared to 41 days in the fiscal second quarter of 2024 and 48 days in the fiscal first quarter of 2025.

    “Our second quarter performance reflects the continued strong execution by our teams and this is further reflected in our increase to full year guidance across the board,” said Anthony Folger, CFO of Progress Software. “Our ShareFile business is progressing well and we are ahead of schedule with the integration and moving swiftly towards reaching our synergy targets. On the balance sheet, we again made significant progress on paying down our revolving credit facility, with another $40 million this quarter, putting us on a solid trajectory to hit our goal of $160 million debt paydown this year.”

    Acquisition of Nuclia

    In a separate press release, the Company also announced today its acquisition of Nuclia, an innovator in agentic Retrieval-Augmented Generation (“RAG”) AI solutions. Nuclia provides unique, easy-to-use agentic RAG-as-a-service technology enabling organizations to automatically leverage their own proprietary business information to retrieve verifiable, accurate answers using GenAI. Nuclia will extend the end-to-end value of the Progress Data Platform while creating new opportunities to reach a broader market of organizations looking to leverage agentic RAG technology.

    The acquisition was signed and closed today and is immaterial to Progress’ financials.

    To learn more about Nuclia, go to https://nuclia.com/. 

    2025 Business Outlook

    Progress provides the following guidance for the fiscal year ending November 30, 2025 and the fiscal third quarter ending August 31, 2025:

      Updated FY 2025 Guidance
    (June 30, 2025)    		   Prior FY 2025 Guidance
    (March 31, 2025)
    (in millions, except percentages and per share amounts) GAAP   Non-GAAP   GAAP   Non-GAAP
    Revenue $962 – $974   $962 – $974   $958 – $970   $958 – $970
    Diluted earnings per share $1.27 – $1.43   $5.28 – $5.40   $1.19 – $1.35   $5.25 – $5.37
    Operating margin 15%   38% – 39%   14% – 15%   38%
    Cash from operations (GAAP) /
    Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)    		 $218 – $230   $228 – $240   $216 – $228   $226 – $238
    $285 – $296     $283 – $294
    Effective tax rate 17%           20%           19%           20%
      Q3 2025 Guidance
    (in millions, except per share amounts) GAAP   Non-GAAP
    Revenue $237 – $243   $237 – $243
    Diluted earnings per share $0.29 – $0.35   $1.28 – $1.34

    Based on current exchange rates, the expected positive currency translation impact on our:

    • Fiscal year 2025 business outlook compared to 2024 exchange rates is approximately $2.4 million on revenue.
    • GAAP and non-GAAP diluted earnings per share for fiscal year 2025 is approximately $0.02.
    • Fiscal Q3 2025 business outlook compared to 2024 exchange rates is approximately $1.7 million on revenue.
    • GAAP and non-GAAP diluted earnings per share for fiscal Q3 2025 is approximately $0.01.

    To the extent that there are changes in exchange rates versus the current environment and/or our expectations, this may have an impact on Progress’ business outlook.

    Conference Call

    Progress will hold a conference call to review its financial results for the fiscal second quarter of 2025 at 5:00 p.m. ET on Monday, June 30, 2025. Participants must register for the conference call here: https://register-conf.media-server.com/register/BIc386d20e6fbd46acbadafca492a42b35. The webcast can be accessed at: https://edge.media-server.com/mmc/p/bujcypbf/. The conference call will include comments followed by questions and answers. Attendees must register for the webcast and an archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live conference call.

    About Progress

    Progress Software (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com. 

    Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)

      Three Months Ended   Six Months Ended
    (in thousands, except per share data) May 31, 2025   May 31, 2024   % Change   May 31, 2025   May 31, 2024   % Change
    Revenue:                      
    Software licenses $ 50,795     $ 53,979     (6 )%   $ 109,240     $ 118,079     (7 )%
    Maintenance, SaaS, and professional services   186,560       121,098     54 %     366,130       241,683     51 %
    Total revenue   237,355       175,077     36 %     475,370       359,762     32 %
    Costs of revenue:                      
    Cost of software licenses   2,987       2,497     20 %     5,912       5,228     13 %
    Cost of maintenance, SaaS, and professional services   33,764       22,176     52 %     66,648       44,395     50 %
    Amortization of acquired intangibles   10,537       7,398     42 %     20,959       15,257     37 %
    Total costs of revenue   47,288       32,071     47 %     93,519       64,880     44 %
    Gross profit   190,067       143,006     33 %     381,851       294,882     29 %
    Operating expenses:                      
    Sales and marketing   49,677       37,889     31 %     100,973       77,000     31 %
    Product development   46,570       35,435     31 %     92,945       70,423     32 %
    General and administrative   25,637       21,983     17 %     51,260       43,327     18 %
    Amortization of acquired intangibles   26,063       16,316     60 %     51,871       33,705     54 %
    Cyber vulnerability response expenses, net   730       3,036     (76 )%     1,467       4,023     (64 )%
    Restructuring expenses   1,043       651     60 %     8,072       3,000     169 %
    Acquisition-related expenses   1,731       548     216 %     4,221       1,250     238 %
    Total operating expenses   151,451       115,858     31 %     310,809       232,728     34 %
    Income from operations           38,616               27,148             42 %     71,042       62,154     14 %
    Other expense, net           (18,752 )             (7,020 )           167 %     (37,876 )     (14,419 )   163 %
    Income before income taxes           19,864       20,128             (1 )%     33,166       47,735     (31 )%
    Provision for income taxes           2,835       3,940             (28 )%     5,191       8,908     (42 )%
    Net income $ 17,029     $ 16,188     5 %   $ 27,975     $ 38,827     (28 )%
                           
    Earnings per share:                      
    Basic $ 0.40     $ 0.37     8 %   $ 0.65     $ 0.89     (27 )%
    Diluted $ 0.39     $ 0.37     5 %   $ 0.63     $ 0.87     (28 )%
    Weighted average shares outstanding:                      
    Basic   43,053       43,213     — %     43,154       43,508     (1 )%
    Diluted   44,156       43,964     — %     44,522       44,395     — %
                           
    Cash dividends declared per common share $ —     $ 0.175     (100 )%   $ —     $ 0.350     (100 )%
    Stock-based compensation is included in the condensed consolidated statements of operations, as follows:            
    Cost of revenue $ 1,560   $ 912   71 %   $ 2,755   $ 1,898   45 %
    Sales and marketing   3,663     2,458   49 %     6,695     4,770   40 %
    Product development   4,984     3,391   47 %     9,394     7,056   33 %
    General and administrative   6,534     5,228   25 %     12,580     10,729   17 %
    Total $ 16,741   $ 11,989   40 %   $ 31,424   $ 24,453   29 %
     

    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)

    (in thousands) May 31, 2025   November 30, 2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 102,006   $ 118,077
    Accounts receivable, net   140,122     163,575
    Unbilled receivables, current portion   34,136     34,672
    Other current assets   49,387     52,489
    Total current assets   325,651     368,813
    Property and equipment, net   12,474     13,746
    Goodwill and intangible assets, net   1,944,387     2,015,748
    Right-of-use lease assets   27,351     30,894
    Unbilled receivables, non-current portion   29,890     28,893
    Other assets   73,839     68,872
    Total assets $ 2,413,592   $ 2,526,966
    Liabilities and shareholders’ equity      
    Current liabilities:      
    Accounts payable and other current liabilities $ 75,610   $ 113,801
    Convertible senior notes, current portion, net   358,051     —
    Operating lease liabilities, current portion   8,250     9,202
    Deferred revenue, current portion, net   308,360     332,142
    Total current liabilities   750,271     455,145
    Long-term debt, net   660,000     730,000
    Convertible senior notes, non-current portion, net   440,244     796,267
    Operating lease liabilities, non-current portion   22,548     26,259
    Deferred revenue, non-current portion, net   80,219     72,270
    Other non-current liabilities   7,609     8,237
    Stockholders’ equity:      
    Common stock and additional paid-in capital   362,522     354,592
    Retained earnings   90,179     84,196
    Total stockholders’ equity   452,701     438,788
    Total liabilities and stockholders’ equity $ 2,413,592   $ 2,526,966
     

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)  

      Three Months Ended   Six Months Ended
    (in thousands) May 31, 2025   May 31, 2024   May 31, 2025   May 31, 2024
    Cash flows from operating activities:              
    Net income $ 17,029     $ 16,188     $ 27,975     $ 38,827  
    Depreciation and amortization   39,568       27,529       78,777       55,073  
    Stock-based compensation   16,741       11,989       31,424       24,453  
    Other non-cash adjustments   (1,332 )     (812 )     1,738       515  
    Changes in operating assets and liabilities   (42,010 )     8,787       (40,971 )     15,317  
    Net cash flows from operating activities   29,996       63,681       98,943       134,185  
    Capital expenditures   (495 )     (955 )     (1,785 )     (1,264 )
    Repurchases of common stock, net of issuances   (13,478 )     (44,636 )     (37,348 )     (59,553 )
    Dividend equivalent and dividend payments to stockholders   (295 )     (7,951 )     (654 )     (16,122 )
    Payments for acquisitions   —       —       (1,195 )     —  
    Proceeds from the issuance of debt, net of payment of issuance costs   —       431,929       —       431,929  
    Repayment of revolving line of credit and principal payment on term loan   (40,000 )     (337,813 )     (70,000 )     (371,250 )
    Purchase of capped calls   —       (42,210 )     —       (42,210 )
    Other   2,117       (4,847 )     (4,032 )     (12,253 )
    Net change in cash and cash equivalents   (22,155 )     57,198       (16,071 )     63,462  
    Cash and cash equivalents, beginning of period   124,161       133,222       118,077       126,958  
    Cash and cash equivalents, end of period $ 102,006     $ 190,420     $ 102,006     $ 190,420  
     

    RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES
    (Unaudited)

      Three Months Ended   Six Months Ended
    (in thousands, except per share data) May 31, 2025   May 31, 2024   May 31, 2025   May 31, 2024
    Adjusted income from operations:              
    GAAP income from operations $ 38,616     $ 27,148     $ 71,042     $ 62,154  
    Amortization of acquired intangibles   36,600       23,714       72,830       48,962  
    Stock-based compensation   16,741       11,989       31,424       24,453  
    Restructuring expenses   1,043       651       8,072       3,000  
    Acquisition-related expenses   1,731       548       4,221       1,250  
    Cyber vulnerability response expenses, net   730       3,036       1,467       4,023  
    Non-GAAP income from operations $ 95,461     $ 67,086     $ 189,056     $ 143,842  
                   
    Adjusted net income:              
    GAAP net income $ 17,029     $ 16,188     $ 27,975     $ 38,827  
    Amortization of acquired intangibles   36,600       23,714       72,830       48,962  
    Stock-based compensation   16,741       11,989       31,424       24,453  
    Restructuring expenses   1,043       651       8,072       3,000  
    Acquisition-related expenses   1,731       548       4,221       1,250  
    Cyber vulnerability response expenses, net   730       3,036       1,467       4,023  
    Provision for income taxes   (12,125 )     (8,227 )     (25,245 )     (16,688 )
    Non-GAAP net income $ 61,749     $ 47,899     $ 120,744     $ 103,827  
                   
    Adjusted diluted earnings per share:              
    GAAP diluted earnings per share $ 0.39     $ 0.37     $ 0.63     $ 0.87  
    Amortization of acquired intangibles   0.83       0.54       1.64       1.10  
    Stock-based compensation   0.37       0.27       0.71       0.56  
    Restructuring expenses   0.02       0.02       0.18       0.07  
    Acquisition-related expenses   0.04       0.01       0.09       0.03  
    Cyber vulnerability response expenses, net   0.02       0.07       0.03       0.09  
    Provision for income taxes   (0.27 )     (0.19 )     (0.57 )     (0.38 )
    Non-GAAP diluted earnings per share $ 1.40     $ 1.09     $ 2.71     $ 2.34  
                   
    Non-GAAP weighted avg shares outstanding – diluted   44,156       43,964       44,522       44,395  
                   

    OTHER NON-GAAP FINANCIAL MEASURES
    (Unaudited)

    Adjusted Free Cash Flow and Unlevered Free Cash Flow                
                           
      Three Months Ended   Six Months Ended
    (in thousands) May 31, 2025   May 31, 2024   % Change   May 31, 2025   May 31, 2024   % Change
    Cash flows from operations $ 29,996     $ 63,681     (53 )%   $ 98,943     $ 134,185     (26 )%
    Purchases of property and equipment   (495 )     (955 )   (48 )%     (1,785 )     (1,264 )   41 %
    Free cash flow   29,501       62,726     (53 )%     97,158       132,921     (27 )%
    Add back: restructuring payments   7,567       1,347     462 %     13,121       3,356     291 %
    Adjusted free cash flow $ 37,068     $ 64,073     (42 )%   $ 110,279     $ 136,277     (19 )%
    Add back: tax-effected interest expense   14,511       5,606     159 %     29,253       11,481     155 %
    Unlevered free cash flow $ 51,579     $ 69,679     (26 )%   $ 139,532     $ 147,758     (6 )%
     

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
    (Unaudited)

    Fiscal Year 2025 Updated Non-GAAP Operating Margin Guidance
      Fiscal Year Ending November 30, 2025
    (in millions) Low   High
    GAAP income from operations $ 140.7     $ 149.2  
    GAAP operating margins   15 %     15 %
    Acquisition-related expense   6.0       6.0  
    Restructuring expense   9.2       9.2  
    Stock-based compensation   63.0       63.0  
    Amortization of acquired intangibles   145.7       145.7  
    Cyber vulnerability response expenses, net   4.2       4.2  
    Total adjustments(1)   228.1       228.1  
    Non-GAAP income from operations $ 368.8     $ 377.3  
    Non-GAAP operating margin   38 %     39 %
    (1) Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
    Fiscal Year 2025 Updated Non-GAAP Earnings per Share and Effective Tax Rate Guidance
      Fiscal Year Ending November 30, 2025
    (in millions, except per share data) Low   High
    GAAP net income $ 56.9     $ 64.8  
    Adjustments (from previous table)   228.1       228.1  
    Income tax adjustment(2)   (47.7 )     (48.0 )
    Non-GAAP net income $ 237.3     $ 244.9  
           
    GAAP diluted earnings per share $ 1.27     $ 1.43  
    Non-GAAP diluted earnings per share $ 5.28     $ 5.40  
           
    Diluted weighted average shares outstanding   45.0       45.4  
             
             
    2 Tax adjustment is based on a non-GAAP effective tax rate of approximately 20%, calculated as follows:
        Fiscal Year Ending November 30, 2025
        Low   High
    Non-GAAP income from operations   $ 368.8     $ 377.3  
    Other (expense) income     (72.2 )     (71.2 )
    Non-GAAP income from continuing operations before income taxes     296.6       306.1  
    Non-GAAP net income     237.3       244.9  
    Tax provision   $ 59.3     $ 61.2  
    Non-GAAP tax rate     20 %     20 %
                     

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
    (Unaudited)

    Fiscal Year 2025 Adjusted Free Cash Flow and Unlevered Free Cash Flow Guidance
      Fiscal Year Ending November 30, 2025
    (in millions) Low   High
    Cash flows from operations (GAAP) $ 218     $ 230  
    Purchases of property and equipment   (7 )     (7 )
    Add back: restructuring payments   17       17  
    Adjusted free cash flow (non-GAAP)   228       240  
    Add back: tax-effected interest expense   57       56  
    Unlevered free cash flow (non-GAAP) $ 285     $ 296  

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q3 2025 GUIDANCE
    (Unaudited)

    Q3 2025 Non-GAAP Earnings per Share Guidance
      Three Months Ending August 31, 2025
      Low   High
    GAAP diluted earnings per share $ 0.29     $ 0.35  
    Acquisition-related expense   0.02       0.02  
    Restructuring expense   0.01       0.01  
    Stock-based compensation   0.35       0.35  
    Amortization of acquired intangibles   0.83       0.83  
    Cyber vulnerability response expenses, net   0.03       0.03  
    Total adjustments(1)   1.24       1.24  
    Income tax adjustment   (0.25 )     (0.25 )
    Non-GAAP diluted earnings per share $ 1.28     $ 1.34  
    (1) Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

    Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures and Select Performance Metrics

    Progress furnishes certain non-GAAP supplemental information to our financial results. We use such non-GAAP financial measures to evaluate our period-over-period operating performance because our management team believes that excluding the effects of certain GAAP-related items helps to illustrate underlying trends in our business and provides us with a more comparable measure of our continuing business, as well as greater understanding of the results from the primary operations of our business. Management also uses such non-GAAP financial measures to establish budgets and operational goals, evaluate performance, and allocate resources. In addition, the compensation of our executives and non-executive employees is based in part on the performance of our business as evaluated by such non-GAAP financial measures. We believe these non-GAAP financial measures enhance investors’ overall understanding of our current financial performance and our prospects for the future by: (i) providing more transparency for certain financial measures, (ii) presenting disclosure that helps investors understand how we plan and measure the performance of our business, (iii) affording a view of our operating results that may be more easily compared to our peer companies, and (iv) enabling investors to consider our operating results on both a GAAP and non-GAAP basis (including following the integration period of our prior acquisitions). However, this non-GAAP information is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (“GAAP”) and should be considered in conjunction with our GAAP results as the items excluded from the non-GAAP information may have a material impact on Progress’ financial results. A reconciliation of non-GAAP adjustments to Progress’ GAAP financial results is included in the tables above.

    In the noted fiscal periods, we adjusted for the following items from our GAAP financial results to arrive at our non-GAAP financial measures:

    • Amortization of acquired intangibles – We exclude amortization of acquired intangibles because those expenses are unrelated to our core operating performance and the intangible assets acquired vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses acquired. Adjustments include preliminary estimates relating to the valuation of intangible assets from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
    • Stock-based compensation – We exclude stock-based compensation to be consistent with the way management and, in our view, the overall financial community evaluates our performance and the methods used by analysts to calculate consensus estimates. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include these charges in operating plans.
    • Restructuring expenses – In all periods presented, we exclude restructuring expenses incurred because those expenses distort trends and are not part of our core operating results. Adjustments include preliminary estimates relating to restructuring expenses from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
    • Acquisition-related expenses – We exclude acquisition-related expenses in order to provide a more meaningful comparison of the financial results to our historical operations and forward-looking guidance and the financial results of less acquisitive peer companies. We consider these types of costs and adjustments, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, we do not consider these acquisition-related costs and adjustments to be related to the organic continuing operations of the acquired businesses and are generally not relevant to assessing or estimating the long-term performance of the acquired assets. In addition, the size, complexity and/or volume of past acquisitions, which often drives the magnitude of acquisition-related costs, may not be indicative of the size, complexity and/or volume of future acquisitions.
    • Cyber vulnerability response expenses, net – We exclude certain expenses resulting from the zero-day MOVEit Vulnerability, as more thoroughly described in our filings with the Securities and Exchange Commission since June 5, 2023. Expenses include costs to investigate and remediate these cyber related matters, as well as legal and other professional services related thereto. Expenses related to such cyber matters are provided net of expected insurance recoveries, although the timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. Costs associated with the enhancement of our cybersecurity program are not included within this adjustment. We expect to continue to incur legal and other professional services expenses in future periods associated with the MOVEit Vulnerability. Expenses related to such cyber matters are expected to result in operating expenses that would not have otherwise been incurred in the normal course of business operations. We believe that excluding these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance.
    • Provision for income taxes – We adjust our income tax provision by excluding the tax impact of the non-GAAP adjustments discussed above.
    • Constant currency – Revenue from our international operations has historically represented a substantial portion of our total revenue. As a result, our revenue results have been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates. As exchange rates are an important factor in understanding period-to-period comparisons, we present revenue growth rates on a constant currency basis, which helps improve the understanding of our revenue results and our performance in comparison to prior periods. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.

    In the noted fiscal periods, we also present the following liquidity measures:

    • Adjusted free cash flow (“AFCF”) and unlevered free cash flow (“Unlevered FCF”) – AFCF is equal to cash flows from operating activities less purchases of property and equipment, plus restructuring payments. Unlevered FCF is AFCF plus tax-effected interest expense on outstanding debt.

    In the noted fiscal periods, we also present the following select performance metrics:

    • Annualized Recurring Revenue (“ARR”) – We disclose ARR as a performance metric to help investors better understand and assess the performance of our business because our mix of revenue generated from recurring sources currently represents the substantial majority of our revenues and is expected to continue in the future. We define ARR as the annualized revenue of all active and contractually binding term-based contracts from all customers at a point in time. ARR includes revenue from maintenance, software upgrade rights, public cloud, and on-premises subscription-based transactions and managed services. ARR mitigates fluctuations in revenue due to seasonality, contract term and the sales mix of subscriptions for term-based licenses and SaaS. We use ARR to understand customer trends and the overall health of our business, helping us to formulate strategic business decisions.

      We calculate the annualized value of annual and multi-year contracts, and contracts with terms less than one year, by dividing the total contract value of each contract by the number of months in the term and then multiplying by 12. Annualizing contracts with terms less than one-year results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period. We generally do not sell non-SaaS-based contracts with a term of less than one year unless a customer is purchasing additional licenses under an existing annual or multi-year contract. The expectation is that at the time of renewal, such contracts with a term less than one year will renew with the same term as the existing contracts being renewed, such that both contracts are co-termed. Historically, such contracts with a term of less than one year renew at rates equal to or better than annual or multi-year contracts.

      For SaaS-based contracts, there is a meaningful percentage of monthly auto-renewing contracts for which annualizing the contracts results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period.

      Revenue from term-based license and on-premises subscription arrangements include a portion of the arrangement consideration that is allocated to the software license that is recognized up-front at the point in time control is transferred under ASC 606 revenue recognition principles. ARR for these arrangements is calculated as described above. The expectation is that the total contract value, inclusive of revenue recognized as software license, will be renewed at the end of the contract term.

      The calculation is done at constant currency using the current year budgeted exchange rates for all periods presented.

      ARR is not defined in GAAP and is not derived from a GAAP measure. Rather, ARR generally aligns to billings (as opposed to GAAP revenue which aligns to the transfer of control of each performance obligation). ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

    • Net Retention Rate (“NRR”) – We calculate net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these same customers as of the current period end (“Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net retention rate. Net retention rate is not calculated in accordance with GAAP and is not derived from a GAAP measure.

    Note Regarding Forward-Looking Statements

    This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this press release include, but are not limited to, statements regarding Progress’ business outlook (including future acquisition activity) and financial guidance. There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation: (i) economic, geopolitical and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price; (ii) our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses; (iii) we may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, or a decline in our renewal rates for contracts; (iv) if the security measures for our software, services, other offerings or our internal information technology infrastructure are compromised or subject to a successful cyber-attack, or if our software offerings contain significant coding or configuration errors or zero-day vulnerabilities, we may experience reputational harm, legal claims and financial exposure; and the results of inquiries, investigations and legal claims regarding the MOVEit Vulnerability remain uncertain, while the ultimate resolution of these matters could result in losses that may be material to our financial results for a particular period; (v) future acquisitions may not be successful or may involve unanticipated costs or other integration issues that could disrupt our existing operations; and (vi) expected synergies and benefits of the ShareFile acquisition may not be realized which could negatively impact our future results of operations and financial condition. For further information regarding risks and uncertainties associated with Progress’ business, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

    The MIL Network –

  • MIL-OSI USA: Jabil Selects Rowan County for Nearly 1,200 New Jobs and $500 Million Multi-Year Investment

    Source: US State of North Carolina

    Headline: Jabil Selects Rowan County for Nearly 1,200 New Jobs and $500 Million Multi-Year Investment

    Jabil Selects Rowan County for Nearly 1,200 New Jobs and $500 Million Multi-Year Investment
    lsaito

    Raleigh, NC

    Today Governor Josh Stein announced Jabil Inc., a leader in engineering, supply chain, and manufacturing solutions, expects to create 1,181 new jobs in Rowan County. The company says it will invest approximately $500 million over several years to establish a manufacturing facility to support cloud and AI data center customers.

    “Companies that are already operating in North Carolina know the value of doing business in our state better than anyone,” said Governor Josh Stein. “We welcome Jabil’s expansion, and we are committed to further developing the largest manufacturing workforce in the southeast and the business-friendly climate they need for this next phase of growth.”

    Headquartered in St. Petersburg, Florida, Jabil has a global footprint that spans more than 25 countries and 140,000 employees. The company has 30 locations across the United States, including three in North Carolina. Jabil supports customers across various industries, including AI data center infrastructure, healthcare, warehouse automation, and robotics.

    “The drive to build AI data centers is only accelerating in the United States,” said Matt Crowley, Executive Vice President, Global Business Units. “We are excited to help meet that demand, provide additional scale and capabilities for our data center customers, and empower the AI solutions of the future with Jabil’s new facility here in Rowan County.”

    “North Carolina has a proven track record of cultivating an environment where companies like Jabil can manufacture innovative solutions for the global economy,” said Commerce Secretary Lee Lilley. “Our ecosystem of workforce training partnerships, Tier 1 research, and growing supply chain is sure to ignite the advancement of this next generation technology and provide the company a great return on its investment.”

    Jabil plans to offer job opportunities to attract skilled manufacturing and engineering professionals. These new jobs could create a potential annual payroll impact of more than $73.2 million for the region. 

    Jabil’s expansion in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $3.2 billion. Using a formula that takes into account $264 million of the company’s investment as well as the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $11,251,800, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

    The project’s projected return on investment of public dollars is 115 percent, meaning for every dollar of potential cost to the state, the state receives $2.15 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.

    Because Jabil chose to locate to Rowan County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving $1,250,200 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as Rowan, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.

    “We welcome Jabil to Rowan County,” said Senator Carl Ford. “These new jobs are proof that our state and local investments to prepare for announcements like this are paying off for both our existing industry and local economy.”

    “This is outstanding news for our region,” said Representative Harry Warren. “Our community is centrally located along to East Coast, and thanks to the state’s well-connected transportation network, Jabil can easily access the global market.”

    In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, N.C. Commerce’s Division of Workforce Solutions, the North Carolina Community College System, Rowan-Cabarrus Community College, Rowan County, and Rowan Economic Development Council.

    With this announcement, since January 1st, Governor Stein has announced business expansions or new projects that will make nearly $17 billion of new capital investment in North Carolina and create more than 19,000 new good-paying jobs.

    To learn more about job opportunities at Jabil, please visit the Jabil Careers site.

    Jun 30, 2025

    MIL OSI USA News –

  • MIL-OSI: The Herzfeld Caribbean Basin Fund, Inc. Pays Distribution

    Source: GlobeNewswire (MIL-OSI)

    MIAMI BEACH, Fla., June 30, 2025 (GLOBE NEWSWIRE) — The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund has made the following distribution pursuant to the Fund’s Managed Distribution Policy (the “Policy”):

    Declaration
    Date    		 Ex-Date Record Date Payment Date Per Share
    05/09/2025 05/23/2025 05/23/2025 06/30/2025 $0.2325

    The distribution for stockholders has been paid in cash or shares of the Fund’s common stock at the election of stockholders. The total amount of cash distributed to all stockholders was limited to 20% of the total distribution to be paid, excluding any cash paid for fractional shares. The remainder of the distribution (approximately 80%) was paid in the form of shares of the Fund’s common stock. The exact distribution of cash and stock to any given stockholder was dependent upon his/her election as well as elections of other stockholders, subject to the pro-rata limitation.

    The price used to calculate the number of shares to be issued in lieu of cash is $2.4618, which was determined using the volume weighted average price per share of the Fund on June 12, 13 and 16, 2025. The total amount of cash and shares distributed under the Policy was as follows:

    Total Cash Total Shares
    $731,093.39 1,187,755.00

    Stockholders who elected to receive the distribution solely in shares of common stock and stockholders who did not make an election will receive approximately 0.0944 shares of common stock for each share of common stock they owned on the record date of May 9, 2025. Holders of approximately 50.62% of the Company’s common stock elected to receive only stock or did not make an election.

    Stockholders electing to receive the distribution in all cash will receive cash in the amount of $0.09418 per common share, or approximately 40.51% of the $0.2325 distribution, and 0.0562 shares of common stock, or approximately 59.49% of the total distribution for each share of common stock they owned on the record date of May 9, 2025. Cash in lieu of fractional shares will be issued, if applicable. Total outstanding shares of the Company’s common stock following the distribution will be approximately 16,908,652.

    The primary purpose of the Policy is to provide stockholders with a constant, but not guaranteed, fixed minimum rate of distribution (currently set at the annual rate of 15% of the Fund’s net asset value as determined on June 30, 2024). Under the Policy, distributions may be made at quarterly, semi-annual or annual periods of distribution and are reviewed by the Board each quarter. This allows the Fund to maintain its 15% annual distribution of NAV, but provides flexibility in determining the timing of those distributions in order to account for required year-end regulatory distributions of capital gains necessary to maintain the Fund’s tax-free status.

    The Fund cannot predict what effect, if any, the Policy will have on the market price of its shares or whether such market price will reflect a greater or lesser discount to net asset value as compared to prior to the adoption of the Policy

    Under the Policy, the Fund will distribute all available investment income to its stockholders, consistent with its investment objective and as required by the Internal Revenue Code of 1986, as amended (the “Code”). The amount distributed per share is subject to change at the discretion of the Board.   If sufficient investment income is not available on a quarterly basis, the Fund will distribute long-term capital gains and/or return capital to its stockholders in order to maintain its managed distribution level. The Fund is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act. Please note that for shareholders enrolled in the Fund’s Dividend Distribution Reinvestment Plan, the distribution will be reinvested in additional shares of the Fund as described in the Policy.

    The Fund expects that distributions under the Policy will exceed investment income and available capital gains and thus expects that distributions under the Policy will likely include returns of capital for the foreseeable future. A return of capital may occur, for example, when some or all of a stockholder’s investment is paid back to the stockholder. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Furthermore, a return of capital distribution is not a guarantee of future distributions or yield.’ Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to maintain the level of distributions called for under its Policy, the Fund may have to sell portfolio securities at a less than opportune time.

    The following table sets forth the estimated amounts of the current distribution and the cumulative distributions declared this fiscal year to date from the following sources: net investment income, net realized capital gains and return of capital. All amounts are expressed per common share.

      Current Distribution % Breakdown of the Current Distribution Total Cumulative Distributions for the Fiscal Year to Date % Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date
    Net Investment Income $0.00 0%   $0.00 0%  
    Net Realized Short-Term Capital Gains $0.00 0%   $0.00 0%  
    Net Realized Long-Term Capital Gains $0.2122 91.25%   $0.2122 45.6%  
    Return of Capital $0.0203 8.75%   $0.2528 54.4%  
    Total (per common share) $0.2325 100%   $0.4650 100%  
    Average annual total return (in relation to NAV) for the 5-year period ending on May 30, 2025 2.52%  
    Annualized current distribution rate expressed as a percentage of NAV as of May 30, 2025 17.55%  
    Cumulative total return (in relation to NAV) for the fiscal year through May 30, 2025 0.09%  
    Cumulative fiscal year distributions as a percentage of NAV as of May 30, 2025 17.55%  


    No conclusions should be drawn about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the Policy.

    The amount distributed per share is subject to change at the discretion of the Board. The Policy is subject to ongoing review by the Board to determine whether it should be continued, modified or terminated. The Board may amend the terms of the Policy, suspend the Policy, or terminate the Policy at any time without prior notice to the Fund’s stockholders if it deems such actions to be in the best interest of the Fund or its stockholders. The amendment or termination of the Policy could have an adverse effect on the market price of the Fund’s shares. On May 9, 2024, the Board approved certain modifications to the Policy and extended the Policy through June 30, 2025.

    With each distribution that does not consist solely of net investment income, the Fund will issue a notice to stockholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to stockholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The Fund will send stockholders a Form 1099-DIV for the respective calendar year that will tell them how to report these distributions for federal income tax purposes. Stockholders should consult their tax advisor for proper tax treatment of the Fund’s distributions.

    About Thomas J. Herzfeld Advisors, Inc.

    Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds. The Firm also specializes in investment in the Caribbean Basin. The HERZFELD/CUBA division of Thomas J. Herzfeld Advisors, Inc. serves as the investment advisor to The Herzfeld Caribbean Basin Fund, Inc. a publicly traded closed-end fund (NASDAQ: CUBA).

    More information about the advisor can be found at www.herzfeld.com.

    Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

    Forward-Looking Statements

    This press release, and other statements that TJHA or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the effects of an epidemic, pandemic or public health emergency, including without limitation, COVID-19. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

    Contact:
    Tom Morgan
    Chief Compliance Officer
    Thomas J. Herzfeld Advisors, Inc.
    1-305-777-1660

    The MIL Network –

  • MIL-OSI USA: Attorney General James Secures More Than $13 Million in Sweeping Takedown of Transportation Companies for Defrauding Medicaid

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James today announced a major takedown of 25 transportation companies throughout the state for schemes to steal millions of dollars from Medicaid. In January, Attorney General James announced new investigations into transportation companies that are reimbursed by Medicaid for taking patients to and from health care appointments. As a result of these Office of the Attorney General (OAG) investigations, 16 transportation companies will pay back more than $13 million. In addition, OAG has filed new lawsuits against seven transportation companies for defrauding Medicaid and secured the convictions of two individuals and their companies for their roles in medical transportation fraud schemes. Today’s statewide takedown includes companies located in New York City, the Capital Region, Western New York, Westchester County, Central New York, and on Long Island.

    “When companies make up fake bills and exploit patients to overcharge Medicaid, they take resources away from a program that allows the most vulnerable New Yorkers to get health care,” said Attorney General James. “My office launched a sweeping investigation of the medical transportation industry to root out fraud, and we are getting results. From Buffalo to the Bronx, we’re holding scammers accountable and returning millions of dollars in stolen funds to Medicaid, a taxpayer funded program. I will continue to go after anyone who tries to profit by undermining our health care system.”

    Medicaid reimburses authorized businesses for transporting Medicaid patients to and from covered medical services. A licensed taxi company enrolls with the state as an eligible provider and is then randomly assigned to provide trips to patients to specific, non-emergency, medical appointments. The companies must use licensed drivers, proper vehicles, and bill only for services actually rendered. They are allowed to bill Medicaid for a base rate for the trip, plus an amount for mileage and any tolls.

    The OAG’s Medicaid Fraud Control Unit (MFCU) has investigated transportation companies across the state for using fake billing and other fraudulent tactics to steal Medicaid funds. The companies’ schemes often involve billing Medicaid for fake trips, adding fake tolls to inflate costs, fraudulently extending the mileage of trips, and using unlicensed drivers. In some cases, companies exploit vulnerable Medicaid recipients by paying them kickbacks in exchange for requesting transportation services from the company. These kickback schemes can put already vulnerable New Yorkers at even greater risk. MFCU investigators have uncovered cases in which transportation companies exploited Medicaid recipients in need of substance abuse treatment to recruit passengers to use in fake billing schemes.

    Attorney General James today announced that OAG has secured 16 settlements with transportation companies worth a combined $13 million:

    • American Base No. 1, a Bronx-based company, will pay $4,775,869.61 to resolve civil and criminal allegations that the company operated illegally to steal millions of dollars from Medicaid. MFCU’s investigation found, among other things, that the mileage claimed by American Base drivers was grossly inflated, as they billed vastly more paid trip miles than their vehicle odometers read at mandatory NYC Taxi and Limousine Commission (TLC) inspections. American Base drivers also claimed impossible amounts of daily services, such as one driver who claimed 96 unique trips amounting to 2,158 miles during just one day. Many Medicaid patients whom American Base claimed to bill for had never heard of the company nor actually used Medicaid taxi services, and others admitted to being paid kickbacks by drivers to request rides from American Base.
    • Agape Luxury Corp, a Bronx-based company, paid $2.45 million to resolve allegations that the company falsely increased the mileage of its trips that it submitted for reimbursement to Medicaid. Agape also failed to follow New York City TLC requirements for legal operation and failed to maintain legally required records.
    • NBT Transportation, a Bronx-based company, paid $1,516,617.00 to resolve allegations that the company submitted claims to Medicaid for fake toll expenses.
    • Angel Medical Transportation, a Schenectady-based company, paid $1.1 million to resolve allegations that the company submitted claims to Medicaid for transportation services that did not occur and that were provided by drivers who lacked proper licenses.
    • Lakeview Global, a Clarence-based company, paid $684,308.18 to resolve allegations that the company claimed trips that did not occur or used false addresses that resulted in excess payments.
    • U.S. Trips and Trade, a Westchester-based company, paid $500,000 to resolve allegations that the company submitted inflated and fake tolls for reimbursement from Medicaid.
    • Buzz Transport, a Hudson-based company, paid $363,995 to resolve allegations that the company submitted claims to Medicaid for fake tolls.
    • JD Express, a Forest Hills-based company, paid $331,000 to resolve allegations that the company submitted claims to Medicaid for fake toll expenses and transportation services provided by unlicensed, under-licensed or suspended drivers.
    • Vic and Bay Care Service, a Staten Island-based company, paid $250,000 to resolve allegations that the company submitted claims to Medicaid for transportation services that did not occur.
    • Divine Hearts Transportation, a North Tonawanda-based company, paid $227,010.34 to resolve allegations of overbilling for false addresses and fictitious trips.
    • Equaltrans, a Bronx-based company, paid $224,892.01 to resolve allegations that the company submitted claims to Medicare for transportation services that did not occur as described on the claim.
    • KFH Medicaid Transportation, an Amherst-based company, paid $143,760.37 to resolve allegations that the company submitted fake rides for reimbursement from Medicaid. The company has since ceased operation.
    • Shamrock Transportation, an Orange County-based company, paid $147,680 to resolve allegations that the company submitted inflated and fake tolls for reimbursement from Medicaid.
    • Interstate Luxury Limousines, a Bronx-based company, paid $142,389.25 to resolve allegations that the company submitted claims to Medicaid for transportation services that did not occur as described on the claim.
    • Lak Sam, a Glenmont-based company, paid $119,708.88 to resolve allegations that the company submitted claims to Medicaid for transportation services that did not occur and for fake tolls.
    • A Nice Ride, a Colonie-based company, paid $28,075.43 to resolve allegations that the company submitted claims to Medicaid for transportation services and inflated toll payments.

    In addition, Attorney General James today announced lawsuits against seven transportation companies that were sent cease and desist letters earlier this year but have failed to comply and continued fraudulent practices:

    • Green Cab BNY, a Cheektowaga-based company, was sued for allegedly billing Medicaid for trips with falsely inflated mileage. The lawsuit seeks monetary damages of at least $2,385,398.54.
    • Dutchess Black Car Service, a Lagrangeville-based company, was sued for submitting claims for transportation services that did not occur, and for submitting claims for tolls that were not incurred or where the cost of the toll was inflated. The lawsuit seeks monetary damages of at least $2,276,850.28, as well as civil penalties. An affiliated company, Westchester County Black Car Service, operating out of the same address, was also sued for submitting claims for transportation services that did not occur, and for tolls that were not incurred or where the cost of the toll was inflated. The lawsuit seeks monetary damages of at least $1,157,127.86, as well as civil penalties.
    • Buffalo Taxi Services, an Amherst-based company, was sued for allegedly billing Medicaid for trips that never actually happened. The lawsuit seeks monetary damages of at least $1,691,714.04.
    • Seaman Radio Dispatchers, a Manhattan-based company, was sued for submitting claims for the transportation of Medicaid beneficiaries who were deceased, for claiming payment for rides that never took place, and claiming payment while the company’s NYC TLC base license was suspended. The lawsuit seeks monetary damages of at least $1,235,514.76.
    • TemboCare Transportation Express, a Saratoga County-based company, was sued for repeatedly submitting claims for payment to Medicaid with falsified pickup or drop off locations to inflate the mileage of the trips for which they billed and for falsely using Ngowi’s driver’s license information for trips claimed when Ngowi was clocked in for duties elsewhere as a New York state employee. The lawsuit seeks monetary damages of at least $294,982.18.
    • SMI Transportation, a Buffalo-based company, was sued for allegedly billing Medicaid for trips with falsely inflated mileage and for using a driver to provide transportation services who had been previously excluded from providing Medicaid services due to a prior criminal conviction for Medicaid fraud. The lawsuit seeks monetary damages of at least $96,827.10.

    Attorney General James today also announced that three individuals have been charged or convicted as a result of OAG investigations into medical transportation fraud:

    • David Moore, 56, of Interlaken pleaded guilty to Grand Larceny. As the owner of ASAP 2, a transportation company, Moore submitted claims for payment to Medicaid that were the result of unlawful kickback payments to multiple Medicaid recipients and which were also falsely inflated by substantially increasing the claimed mileage for trips that were taken. Medicaid paid ASAP 2 over $50,000 based on these false and fraudulent claims.
    • James Bessell, 65, of Shirley was charged with Grand Larceny, Health Care Fraud, Offering a False Instrument for Filing, and payment of kickbacks for his role in a Medicaid fraud scheme. Bessell owned Jim Jim Rentals, which billed Medicaid for transportation services that were never actually provided, causing Medicaid to pay Jim Jim Rentals over $1 million. Bessell also operated an illegal kickback scheme, paying Medicaid recipients for their purported use of his transportation services.
    • Jose Ortiz, 63, of the Bronx, the owner of American Base, was charged and pleaded guilty to Offering a False Instrument for Filing in the Second Degree, a felony, in connection with the unlawful operations of that company.

    These charges are merely accusations, and the defendant is presumed innocent unless and until proven guilty in a court of law.

    Attorney General James thanks the United States Department of Health and Human Services – Office of the Inspector General, the New York State Department of Health, and the Office of the Medicaid Inspector General for their cooperation in these investigations.

    These investigations were conducted by Auditor-Investigators and Data Analysts led by MFCU Chief Auditor Dejan Budimir, MFCU Detectives led by Deputy Chief  Ronald Lynch, Acting Commanding Officer, MFCU, and the MFCU Regional Directors, Special Assistant Attorneys General, and legal support analysts from each of the Medicaid Fraud Control Unit’s seven regional offices, coordinated by MFCU Chief of Criminal Investigations Thomas O’Hanlon and MFCU Chief of Civil Enforcement Alee Scott and AAGs Emily Auletta and Nathan Shi. MFCU is led by Director Amy Held and Assistant Deputy Attorney General Paul J. Mahoney. The Division of Criminal Justice is led by Chief Deputy Attorney General José Maldonado under the oversight of First Deputy Attorney General Jennifer Levy.

    Reporting Medicaid Provider Fraud: MFCU defends the public by addressing Medicaid provider fraud and protecting nursing home residents from abuse and neglect. If an individual believes they have information about Medicaid provider fraud or about an incident of abuse or neglect of a nursing home resident, they can file a confidential complaint online or call the MFCU hotline at (800) 771-7755. If the situation is an emergency, please call 911.

    New York MFCU’s total funding for federal fiscal year (FY) 2025 is $70,502,916. Of that total, 75 percent, or $52,877,188, is awarded under a grant from the U.S. Department of Health and Human Services. The remaining 25 percent, totaling $17,625,728 for FY 2025, is funded by New York State.

    If you need assistance obtaining Medicaid transportation services, you can contact New York’s Medical Transportation Broker at the following numbers: NYC, Long Island and Westchester: 844-666-6270; Upstate: 866-932-7740 or using the MAS website. 

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Completes the Eighth Review of the Extended Arrangement under the Extended Fund Facility for Ukraine

    Source: IMF – News in Russian

    June 30, 2025

    • The IMF Board today completed the Eighth Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about US$0.5 billion (SDR 0.37 billion) to Ukraine, which will be channeled for budget support.
    • Ukraine’s economy remains resilient, and the authorities met all end-March and continuous quantitative performance criteria, the prior action, and two structural benchmarks for the review.
    • Despite the challenges, progressing with domestic revenue mobilization, strengthening the investment climate, improving governance, and completing the debt restructuring strategy are necessary to restore fiscal and debt sustainability and support growth. The full and timely disbursement of external support during the program period remains indispensable for macroeconomic stability

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) today completed the Eighth Review of the EFF, enabling the authorities to draw US$0.5 billion (SDR 0.37 billion, which will be channeled for budget support. This will bring the total disbursements under the IMF-supported program to US$10.6 billion.

    Ukraine’s 48-month EFF, with access of SDR 11.6 billion (equivalent to about US$15.5 billion, or 577 percent of quota), was approved on March 31, 2023, and forms part of an international support package totaling US$152.9 billion in the program’s baseline scenario. Ukraine’s IMF-supported program helps anchor policies that sustain fiscal, external, and macro-financial stability at a time of exceptionally high uncertainty. The EFF aims to support Ukraine’s economic recovery, enhance governance, and strengthen institutions with the aim of promoting long-term growth and investment.

    For the Eighth Review, Ukraine met all end-March and continuous quantitative performance criteria as well as the prior action to submit to the Cabinet of Ministers of Ukraine a detailed reform plan for the State Customs Service (SCS). Two structural benchmarks on tax reporting for digital platform operators and publication of the external audit of NABU were also completed. Four new benchmarks were also established, including: measures to update the single project pipeline; preparation of a prioritized roadmap for financial market infrastructure; implementation of international valuation standards; and development of legislative proposals to align securitization and bonds with international standards. The timelines of some other structural benchmarks, including the appointment of the head of the SCS, have been reset by the IMF Executive Board to allow the authorities more time to complete these important reforms. The authorities also requested a rephasing of access to IMF financing over the remainder of 2025 to better align them with Ukraine’s updated balance of payments needs, while the overall size of the program remains unchanged.   

    The 2025 growth forecast has been maintained at 2–3 percent as a smaller electricity deficit is offset by lower gas production and weaker agricultural exports. Pressures from Russia’s war will require a supplementary budget for 2025, and the medium-term fiscal path has been revised to better reflect the authorities’ policy intentions on revenue mobilization and expenditure prioritization. The National Bank of Ukraine (NBU) has maintained a tight monetary policy to respond to the still high inflation, while inflation expectations remain anchored. FX reserves remain adequate, sustained by continued sizeable external support. Overall, the outlook remains subject to exceptionally high uncertainty.

    Following the Executive Board discussion on Ukraine, Ms. Gita Gopinath, First Deputy Managing Director of the IMF, issued the following statement[1]:

    “Russia’s war continues to take a devastating social and economic toll on Ukraine. Nevertheless, macroeconomic stability has been preserved through skillful policymaking as well as substantial external support. The economy has remained resilient, but the war is weighing on the outlook, with growth tempered by labor market strains and damage to energy infrastructure. Risks to the outlook remain exceptionally high and contingency planning is key to enable appropriate policy action should risks materialize.

    “The Fund-supported program remains fully financed, with a cumulative external financing envelope of US$153 billion in the baseline scenario and US$165 billion in the downside scenario, over the 4-year program period. This includes the full utilization of the approximately US$50 billion from the G7’s Extraordinary Revenue Acceleration Loans for Ukraine (ERA) initiative. Full, timely, and predictable disbursement of external support—on terms consistent with debt sustainability—remains essential to achieving program objectives.

    “The continuing war has necessitated a Supplementary Budget for 2025. Restoring fiscal sustainability and meeting elevated priority expenditures over the medium term will require continued decisive efforts to implement the National Revenue Strategy. This includes modernization of the tax and customs services (including the timely appointment of the customs head), reduction in tax evasion, and harmonization of legislation with EU standards. These reforms, combined with improvements in public investment management frameworks, medium-term budget preparation, and fiscal risk management, are critical to underpinning growth and investment. 

    “The authorities continue working to complete their debt restructuring strategy in line with the program’s debt sustainability objectives, which is essential to create room for priority expenditures, reduce fiscal risks, and restore debt sustainability.

    “Given still elevated inflation, the tight monetary policy stance is appropriate, and the NBU should stand ready to tighten further should inflation expectations deteriorate. Greater exchange rate flexibility will help strengthen economic resilience while safeguarding reserves.

    “The financial sector remains stable, though vigilance is needed given heightened risks. Operational and governance weaknesses in the security markets regulator need to be tackled urgently. Closing gaps in Ukraine’s capital markets infrastructure will be key to attracting foreign private capital for post-war reconstruction.

    “Sustained progress in anticorruption and governance reforms remains crucial. The completed audit of the National Anti-Corruption Bureau is an important step; additional efforts are required, including amending the criminal procedures code, appointing the new head of the Economic Security Bureau, and strengthening AML/CFT frameworks.”

    Table 1. Ukraine: Selected Economic and Social Indicators, 2021–27

    2021

     

    2022

     

    2023

    2024

    2025

    2026

    2027

    Act.

    Act.

    Act.

    Proj.

    Proj.

    Proj.

    Proj.

    Real economy (percent change, unless otherwise indicated)

    Nominal GDP (billions of Ukrainian hryvnias) 1/

    5,451

    		  

    5,239

    		  

    6,628

    7,659

    8,866

    10,192

    11,322

    Real GDP 1/

    3.4

    		  

    -28.8

    		  

    5.5

    2.9

    2-3

    4.5

    4.8

    Contributions:

    		                  

    Domestic demand

    12.8

    		  

    -19.0

    		  

    11.9

    3.8

    5.2

    3.4

    2.7

    Private consumption

    4.5

    		  

    -19.0

    		  

    3.0

    4.6

    2.8

    3.4

    2.7

    Public consumption

    0.1

    		  

    5.6

    		  

    3.0

    -1.5

    0.3

    -2.5

    -2.0

    Investment

    8.1

    		  

    -5.5

    		  

    5.8

    0.6

    2.1

    2.5

    2.0

    Net exports

    -9.3

    		  

    -9.8

    		  

    -6.3

    -0.8

    -3.2

    1.1

    2.1

    GDP deflator

    24.8

    		  

    34.9

    		  

    19.9

    12.3

    13.5

    10.0

    6.0

    Unemployment rate (ILO definition; period average, percent)

    9.8

    		  

    24.5

    		  

    19.1

    13.1

    11.6

    10.2

    9.4

    Consumer prices (period average)

    9.4

    		  

    20.2

    		  

    12.9

    6.5

    12.6

    7.6

    5.3

    Consumer prices (end of period)

    10.0

    		  

    26.6

    		  

    5.1

    12.0

    9.0

    7.0

    5.0

    Nominal wages (average)

    20.8

    		  

    1.0

    		  

    20.1

    23.1

    17.4

    13.7

    10.8

    Real wages (average)

    10.5

    		  

    -16.0

    		  

    6.4

    15.6

    4.2

    5.7

    5.3

    Savings (percent of GDP)

    12.5

    		  

    17.0

    		  

    12.8

    11.4

    4.4

    10.0

    18.3

    Private

    12.7

    		  

    30.2

    		  

    27.4

    23.3

    21.4

    15.9

    18.0

    Public

    -0.2

    		  

    -13.1

    		  

    -14.6

    -11.8

    -17.1

    -5.9

    0.3

    Investment (percent of GDP)

    14.5

    		  

    12.1

    		  

    18.1

    18.6

    20.9

    22.6

    23.7

    Private

    10.7

    		  

    9.6

    		  

    13.4

    13.3

    16.6

    18.3

    18.9

    Public

    3.8

    		  

    2.5

    		  

    4.7

    5.4

    4.3

    4.3

    4.9
                     

    General Government (percent of GDP)

    		                  

    Fiscal balance 2/

    -4.0

    		  

    -15.6

    		  

    -19.3

    -17.2

    -21.3

    -10.1

    -4.6

    Fiscal balance, excl. grants 2/

    -4.0

    		  

    -24.8

    		  

    -25.8

    -23.1

    -22.1

    -10.4

    -5.6

    External financing (net)

    2.5

    		  

    10.7

    		  

    16.2

    15.0

    24.5

    8.9

    1.7

    Domestic financing (net), of which:

    1.5

    		  

    5.0

    		  

    3.1

    0.3

    -3.1

    1.3

    2.8

    NBU

    -0.3

    		  

    7.3

    		  

    -0.2

    -0.2

    -0.1

    -0.1

    -0.1

    Commercial banks

    1.4

    		  

    -1.5

    		  

    2.5

    2.9

    2.7

    0.8

    3.4

    Public and publicly-guaranteed debt

    48.9

    		  

    77.7

    		  

    81.2

    89.7

    108.6

    110.4

    106.4
                     

    Money and credit (end of period, percent change)

    		                  

    Base money

    11.2

    		  

    19.6

    		  

    23.3

    7.7

    21.7

    13.1

    10.4

    Broad money

    12.0

    		  

    20.8

    		  

    23.0

    13.4

    14.4

    13.2

    10.4

    Credit to nongovernment

    8.4

    		  

    -3.1

    		  

    -0.5

    13.5

    10.6

    17.7

    18.6
                     

    Balance of payments (percent of GDP)

    		                  

    Current account balance

    -1.9

    		  

    4.9

    		  

    -5.3

    -7.2

    -16.5

    -12.6

    -5.4

    Foreign direct investment

    3.8

    		  

    0.1

    		  

    2.5

    1.8

    2.2

    4.0

    5.0

    Gross reserves (end of period, billions of U.S. dollars)

    30.9

    		  

    28.5

    		  

    40.5

    43.8

    53.4

    52.8

    55.6

    Months of next year’s imports of goods and services

    4.5

    		  

    3.8

    		  

    5.3

    5.1

    6.3

    6.3

    6.5

    Percent of short-term debt (remaining maturity)

    74.4

    		  

    83.3

    		  

    100.3

    130.9

    178.9

    171.5

    172.1

    Percent of the IMF composite metric (float)

    105.5

    		  

    110.3

    		  

    130.2

    125.4

    125.5

    114.0

    115.7

    Goods exports (annual volume change in percent)

    39.0

    		  

    -37.5

    		  

    -8.5

    16.8

    3.0

    14.9

    14.3

    Goods imports (annual volume change in percent)

    15.1

    		  

    -29.7

    		  

    18.5

    6.0

    19.3

    4.7

    5.5

    Goods terms of trade (percent change)

    -8.4

    		  

    -11.6

    		  

    3.6

    0.5

    1.3

    1.0

    0.4
                     

    Exchange rate

    		                  

    Hryvnia per U.S. dollar (end of period)

    27.3

    		  

    36.6

    		  

    38.0

    42.0

    …

    …

    …

    Hryvnia per U.S. dollar (period average)

    27.3

    		  

    32.3

    		  

    36.6

    40.2

    …

    …

    …

    Real effective rate (CPI-based, percent change)

    2.6

    		  

    3.2

    		  

    -6.7

    -6.5

    …

    …

    …

    Memorandum items:

    Per capita GDP / Population (2017): US$2,640 / 44.8 million

    Literacy / Poverty rate (2022 est 3/): 100 percent / 25 percent perpercentpercent

    Sources: Ukrainian authorities; World Bank, World Development Indicators; and IMF staff estimates.

    1/ GDP is compiled as per SNA 2008 and excludes territories that are or were in direct combat zones and temporarily occupied by Russia (consistent with the TMU).

    2/ The general government includes the central and local governments and the social funds.

    3/ Based on World Bank estimates.

    [1] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/06/30/pr-25227-ukraine-imf-completes-8th-rev-of-ext-arrang-under-eff

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: NYS Pays Off Unemployment Insurance Debt

    Source: US State of New York

    arlier today, Governor Kathy Hochul rallied with the Hotel and Gaming Trades Council, AFL-CIO to announce New York State has paid off the nearly $7 billion federal Unemployment Insurance (UI) Trust Fund loan — a move that will bring the fund to solvency, increase benefits for unemployed New Yorkers and cut costs to businesses. The Governor announced this action back in May as part of the Fiscal Year 2026 Enacted Budget.

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

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

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

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

    Thank you, everyone. Is HTC in the house?

    […]

    Then I’m in the right place. So great to see a group of people who understands the power of leadership, and in Rich Maroko, you have the very best. He has been —

    […]

    We all love him. We love you, Richard. Great friend of ours.

    But also I am so fortunate to have partners that I trust and rely on to govern this state, and I want to tell you about Carl Heastie, the Speaker. I don’t think we had a single conversation for months where he didn’t raise the issue of like, “Governor, can we finally fix the unemployment insurance issue, then we get to everything else?” So he was dogged in his determination to make sure we got this done. I want to thank him. And Harry Bronson as well, our Assemblymember from Upstate New York. Anybody find Upstate New York on a map? It’s a great place. Okay. I know we have members up there as well, Harry, but Carl, thank you, thank you, thank you for being conscious.

    And Leader Steward-Cousins, making sure that the Senate was on board to drive this and get this over the finish line. These are the leaders that worked with me to say it is time we stood up for our workers. This is how we get it done. So thank you to them.

    Also, we have an extraordinary Commissioner of Labor who hearkens back to the legacy of Frances Perkins, who was so forward thinking when she was Commissioner of Labor for FDR when he was Governor. Did you know he was Governor first? Yeah, okay. Then he went to be President, he took her with him and they changed the course of history by lifting up people in the greatest time of need. And I want to thank Roberta Reardon for being our 2025 version of Frances Perkins.

    Alright. It’s time to just talk this time. Is this on? It is on. Alright.

    These are really tough times for our people. When we can do something like this, it sends a message that we care so deeply about every stress that people are going through, especially the high cost of living. It is oppressive. It is so discouraging because you work hard and many of you came from immigrant parents or grandparents or yourselves. You came here to live the American — in fact, I’ll say the New York Dream, and no matter how hard you’re working and you’re getting good wages because you have a great fighter — sometimes it just feels like we’re not getting ahead. No one counted on a pandemic to slam us down and to stop people from coming to our city, which is the bread and butter of this union. Remember those times. We tried to help you with resources at that time, and then when you think we’re out of the woods, now we’re going to be okay — this is New York — then inflation knocks us down. Everything you bought for your little kids taking care of your teenagers, your adult kids who needed your help, they sometimes didn’t even leave the basement, right? They couldn’t find a place to live, right? People have struggled, no fault of their own.

    So, I have declared for a long time that your family is my fight. I announced that with a whole set of reforms back as part of my State of the State. You know what we got done? Everything I wanted to do. It’s $5,000 back in families’ pockets and I want to thank our leaders once again because when I said we need a middle class tax cut the largest in seven years, they said yes. When I said we need an inflation rebate, putting $400 back in peoples’ pockets, they said yes. A Child Tax Credit — anybody with little kids? They’re pretty expensive, aren’t they? I mean, I’m New York’s first mom Governor. I know. And I’m a grandma too, so I know what it costs for families today. A $1,000 for families with a child under the age of four or $500 for older kids. And we’re going to pick up the cost of school lunches and breakfast. That adds up to $5,000 for New York families.

    So we have been laser focused on affordability and we’re just getting warmed up. We know we can do more. When I think about our union men and women now, we are the most unionized state in America. The most pro-union state in America? Yes, and I happen to come from the most unionized part of the most unionized State of New York, and that is Western New York. We got a Western New Yorker out there. Really? Where are you from? Alright. I’ll know you’re a real Western New York if you say, “Go Bills,” or — I’ll stop. I’ll stop. I know I’ll keep that for the season. Alright, let me get back on track. I am trying to unite Upstate and Downstate. There are three teams coupled, placed somewhere else, but okay, we’ll work on that.

    But it’s in my blood because grandpa was a very poor immigrant who lived in great poverty, worked as a migrant farm worker himself, came to Buffalo to make steel with his hands. My dad did the same, his brothers did the same. My next door workers worked at the GM plant. So it is in my blood to fight for working men and women. And when I know there’s something that happens periodically, because I’ve been on so many strike lines, then people need to strike for better wages and conditions — that first of all, to wait three weeks for those benefits to take effect. That’s a long hungry time for your family — long time. My dad was on strike when we were little kids at the steel plant. His parents tried to help him out. They struggled. I remember him telling me this. I didn’t know this story until much later in his life. So, families suffer when the parents are out there fighting for good wages and benefits. We can’t let that happen. It’s now three weeks down to two. We made that happen for you.

    But to think because there was this huge debt owed to our unemployment system, and I want to give — everybody give another round of applause to Roberta Reardon, who made sure the checks went out during the pandemic. We owed a lot of money and they said under the rules. You can’t raise that amount up from $504 a week. I said, “$504 a week. Who can live on that? Nobody. Nobody”. And I said, “Well, why aren’t we able to raise it?” Well, you have to pay down the debt. Alright, so we have these reserves, it’s going to be $7 billion that we shipped from here over here to pay it out. And that’s a lot of money. I worked hard and I said, “I’m saving that for a rainy day.” And all of a sudden I declared. It’s raining. It’s raining. It’s time to make sure that if people are on strike or unemployed, lose their job — $869 a week. That’s how we lift people up.

    And I’m going to continue because we have a long road ahead, but I’ll tell you, we’re all New Yorkers. There’s nobody tougher than us, right? We are strong, we’re resilient, and all these policies out of Washington are scarier than hell. Talk about the hotels losing business from the Canadians. It’s hard to blame them because they were insulted by our President, right? We’re trying to win them back. I was up in Elise Stefanik’s district Friday, meeting hotel owners up there and small businesses and people in the restaurants. They’re going to be starving because the Canadians used to come over. They’re our friends, they’re our neighbors. They used to spend weekends here in New York City staying at your hotels. And now they’re saying, we’re not coming. The President needs to reset that relationship now. Let them come back, fix that relationship now.

    And we’re on a high, we’re having a good time. This is New York. But if those bills that you hear about — the Big Ugly Bill that is being worked on by the Senate right now to give tax breaks to millionaires and billionaires out of your pockets — that is going to be devastating for people on Medicaid and people who need the support for childcare. And SNAP benefits, my gosh, so many families rely on this. So, I’m excited about what we can do here in New York, but we must continue to be the firewall to stop the insanity in Washington. Say no matter what they do, we have your back here in the great State of New York. You can count on that.

    Thank you, everybody. Thank you.

    MIL OSI USA News –

  • MIL-OSI USA: Warren Asks Defense Contractors to Explain Lobbying for Tax Breaks in “Big, Beautiful Bill” at Expense of American Families

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    June 30, 2025

    Massively profitable contractors are pushing for retroactive tax break for investments already made as Congressional Republicans slash health care and food assistance for working families

    Text of Letter to Northrop Grumman (PDF) | Text of Letter to Lockheed Martin (PDF)

    Text of Letter to RTX Corporation (PDF) | Text of Letter to General Dynamics (PDF) 

    Washington, D.C. — U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance and Senate Armed Services Committees, wrote to Northrop Grumman, Lockheed Martin, RTX Corporation, and General Dynamics, pressing them to explain their lobbying for retroactive tax breaks in Trump’s “big, beautiful bill” at the expense of working families—while already raking in huge profits. 

    In President Trump’s 2017 Tax Cuts and Jobs Act (TCJA), Congressional Republicans changed the Research and Experimentation (R&E) deduction so that companies could no longer deduct the full cost of R&E expenses the year they are made. Instead, starting in 2022, companies had to write off these expenses  over five or fifteen years.  

    Now, these wealthy companies are lobbying to bring full expensing back into the tax code, and Congressional Republicans are delivering. Alongside deep cuts to Medicaid and the Affordable Care Act that will cause 16 million Americans to lose their health care coverage, the Republican tax bill passed by the House of Representatives last month includes a return to same-year R&E expensing. The Senate’s proposed text of the “Big, Beautiful Bill” goes even further and includes allows R&E expensing all the way back to 2022.

    “These retroactive benefits cannot incentivize investments that have already been made – they are simply a handout to corporations for past investments. This outrageous [handout] is an insult to the millions of Americans facing threats of losing their healthcare coverage to fund tax giveaways to wealthy corporations in the Republican tax bill,” Senator Warren continued. 

    Big corporations claim that the current deduction schedule “significantly limits businesses’ ability” to invest in R&E. However, tax experts have relieved that “[t]here is no evidence that spreading out the cost of (R&E) deductions have any effect on corporations’ decision to invest in research.” 

    In fact, Lockheed Martin’s 2021 assessment of the expiration of R&E expensing determined that the financial impact on the company would “be immaterial by 2027.”

    “[G]iant, wealthy corporations do not need even larger tax breaks, especially if they come at the expense of middle-class families,” wrote Senator Warren. 

    If R&E expensing is restored, these defense contractors are set to be gifted billions in deductions (nearly $1 billion for Northrop Grumman and $500 million for Lockheed Martin) for past years’ R&E investments, all at the expense of Americans’ health care, education, food assistance, and more. 

    Senator Warren asked the companies to provide clarity on how much they would save on their taxes in 2025 if this tax break is approved and how it would affect their outlook for stock buybacks and executive compensation by July 6, 2025. 

    MIL OSI USA News –

  • MIL-OSI USA: Warren Asks Congressional Tax Committee to Investigate True Size of Retroactive Tax Breaks for Billionaire Corporations

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    June 30, 2025

    “Congressional Republicans should not gut health care and food assistance for American families to pay for tax breaks for billionaire corporations, especially when those tax breaks have no conceivable purpose besides enriching President Trump’s wealthy friends.” 

    Text of Letter (PDF)

    Washington, D.C. — U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, wrote to the Joint Committee on Taxation (JCT), a nonpartisan Congressional committee dedicated to analyzing tax legislation, asking the committee to provide information on the revenue impact of giving billionaire corporations retroactive tax breaks. 

    The 2017 Tax Cuts and Jobs Act, amidst a slew of giveaways to the wealthy and big corporations, ended corporations’ ability to immediately expense research and experimentation (R&E) costs starting in 2022. Since then, companies have been required to spread out their R&E deductions over a 5-year or 15-year window, increasing their overall tax liability.

    Now, as Congressional Republicans try to pass their “Big, Beautiful Bill” to give trillions in tax breaks to billionaires and giant corporations, they have proposed restoring R&E expensing and making this tax break retroactive back to 2022. 

    “[I]t is impossible to incentivize investment decisions already made in the past. Instead, these retroactive tax cuts are likely to represent a huge, one-time cash infusion for corporations that can be used for higher executive pay or shareholder handouts in the form of buybacks and dividends,” said Senator Warren. 

    Senator Warren asked JCT to provide a breakdown, for each year from 2025 to 2034, of the revenue generated by denying corporations this retroactive tax break. 

    MIL OSI USA News –

  • MIL-OSI: Ashton Thomas Private Wealth Recognizes InvestmentNews 2025 DEI Trailblazer of the Year Cary Carbonaro

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 30, 2025 (GLOBE NEWSWIRE) — Ashton Thomas Private Wealth (“Ashton Thomas” or the “Company”), an Arax Investment Partners firm, is proud to celebrate Managing Wealth Advisor and Women & Wealth Ambassador Cary Carbonaro, who was named InvestmentNews’ 2025 DEI Trailblazer of the Year.

    This honor recognizes an outstanding trailblazer in the wealth management and financial planning industry who has shown a meaningful commitment and impact on diversity in financial services. Ms. Carbonaro was honored for dedicating her career to supporting female clients and advisors, both with Ashton Thomas and across the broader industry.

    “We’re very proud of Cary,” said Aaron Brodt, Chief Executive Officer of Ashton Thomas. “This national recognition is a testament to the work she has done at Ashton Thomas to foster financial empowerment, share knowledge and uplift women in the financial services industry. Advisors like Cary make our network strong, helping us to effectively serve a diverse range of clients across the country. We appreciate her contributions and look forward to continuing our work together.”

    The annual InvestmentNews Awards recognize top-performing advisors who demonstrate leadership, innovation and transformative results for clients. Final winners were announced on Tuesday, June 24, 2025, at the InvestmentNews Awards dinner in New York City. Ashton Thomas Private Wealth was honored as an Excellence Awardee in the RIA Firm of the Year category. Lance Knight, Partner, Senior Director and Head of Business Development at Ashton Thomas was honored as an Excellence Awardee in the Excellence in Philanthropy and Community Service category for his work with St. Jude’s Ranch for Children in Nevada.

    About Ashton Thomas Private Wealth
    Ashton Thomas is a diversified financial services firm committed to a culture of excellence, integrity, and respect in every aspect of its business. Through its various entities listed below, Ashton Thomas serves foundations, businesses, and affluent individuals and families by providing a range of services which include fee-based financial planning and investment portfolio management, retirement plan consulting, securities brokerage, life and health insurance, and income tax preparation. The firm also strives to remain at the forefront of technological innovation and thought leadership within the financial services industry.

    Ashton Thomas Private Wealth, LLC, (“ATPW”), founded in 2010, is an SEC-registered investment adviser which provides fee-based financial planning, portfolio management, pension consulting, and fund manager selection services. Ashton Thomas Securities, LLC, (“ATS”) is a dually registered entity. ATS registered with FINRA as a broker-dealer in 1984 and provides securities brokerage services. ATS became an SEC-registered investment adviser in 2008 and provides fee-based financial planning, portfolio management, pension consulting, and fund manager selection services. Ashton Thomas Insurance Agency, LLC, (“ATIA”) provides life and health insurance brokerage services. ATIA also provides income tax services through its DBA, Ashton Thomas Tax Advisory. Representatives of the entities listed may only conduct business for which they are licensed, if required, and with residents of the states and jurisdictions in which they are properly registered and/or licensed.

    About Arax Investment Partners
    Arax Investment Partners is a rapidly growing boutique wealth management platform making strategic control investments in leading RIAs and elite advisor teams. Founded and led by CEO Haig Ariyan — a seasoned industry executive with a distinguished track record of building and scaling wealth management businesses — Arax empowers its partners to be entrepreneurial and focus on delivering exceptional client service. Firms benefit from a management team with deep M&A expertise, capital sourcing capabilities, and the backing of RedBird Capital Partners. For more information, visit www.araxpartners.com.

    Media Contact:
    Dan Gagnier
    Gagnier Communications
    Arax@gagnierfc.com

    The MIL Network –

  • MIL-OSI Canada: Growing paycheques for Alberta families

    The new eight per cent tax bracket was announced as part of Budget 2025 and applies to income up to $60,000 – down from the previous rate of 10 per cent. Most taxpayers will start to see the benefit of the tax cut with more money on their paycheques starting this month, when payroll withholdings are adjusted. Now Albertans will have more to spend on what matters most. 

    Individual taxpayers will save up to $750 in 2025, while two-income families will see savings of up to $1,500. Overall, this personal income tax cut is expected to save Albertans $1.2 billion in 2025, with savings rising to $1.4 billion in 2028. This gives Albertans greater freedom to spend, save or invest as they choose – not the government.

    “We know times have been tight, and we’ve been working on ways to ease some of the pressure people are feeling right now. We promised to help with a cut to personal income taxes, and we delivered on that promise in Budget 2025 with a new eight per cent personal income tax bracket. Now Albertans will start to see that reflected in their paycheques as more money can go to the things that individuals and families think are important.”

    Danielle Smith, Premier

    “Albertans work hard and they deserve to keep more of what they earn. This tax cut delivers real relief now, right when families need it most. This tax cut reinforces Alberta’s position as the best place in Canada to live, work and raise a family.”

    Nate Horner, President of Treasury Board and Minister of Finance

    “Helping Albertans keep more of their hard-earned money will have an immediate impact on affordability in this province. With this step, we are empowering Albertans to make the best financial decisions to meet their needs and support their families.”

    Nathan Neudorf, Minister of Affordability and Utilities

    With low personal and corporate income taxes, low fuel tax and no sales tax, Albertans pay considerably less in overall taxes than those in other provinces. In 2025-26, Albertans and Alberta businesses would pay at least $20.1 billion less in taxes than they would if Alberta had the same tax system as any other province.

    “Hard-working Albertans deserve this tax cut and it’s great to see it happen. Keeping promises really matters and it’s great that hard-working taxpayers will be saving money on their paycheques in Alberta.”

    Kris Sims, Alberta director, Canadian Taxpayers Federation

    Lower taxes, less pressure and more freedom – that’s what the eight per cent tax bracket delivers for Alberta families. This tax cut is a clear example of how Alberta leads the nation. Alberta is growing its economy, balancing the books, and putting real money back in the hands of the people who earned it.

    Related information

    • Personal Income Tax in Alberta
    • Budget 2025

    Related news

    • Budget 2025: Snip. Taxes cut for Albertans (Feb. 28, 2025)

    Multimedia

    • Alberta’s personal income tax cut

    MIL OSI Canada News –

  • MIL-OSI USA: Governor Stein Announces New Auto Industry Supplier Will Create 125 Jobs in Rutherford County

    Source: US State of North Carolina

    Headline: Governor Stein Announces New Auto Industry Supplier Will Create 125 Jobs in Rutherford County

    Governor Stein Announces New Auto Industry Supplier Will Create 125 Jobs in Rutherford County
    lsaito

    Raleigh, NC

    Governor Josh Stein announced today that TMG & Haartz Solutions LLC, a new joint venture to supply synthetic leather materials for automotive interiors, will create 125 jobs over the next five years in Rutherford County. The company will invest $51 million in Bostic to establish an industrial facility to supply original equipment manufacturers (OEMs) such as Mercedes Benz, Volvo, BMW, GM, Toyota, and Ford.

    “North Carolina’s robust network of suppliers to the automotive industry grows stronger today with TMG Haartz Solutions’ decision to locate in our state,” said Governor Josh Stein.  “Manufacturing companies understand that North Carolina’s workforce training programs can help supply the skilled craftspeople they need.”

    TMG Haartz Solutions is a new joint venture formed by two family-owned companies, each with long histories of serving the automotive industry. The Haartz Corporation, formed in 1907 with headquarters in Acton, Massachusetts, is a world leader in highly engineered and uniquely designed convertible toppings and interior surface materials. TMG Automotive (TMG), a business unit of the TMG Group with headquarters in Portugal, is a world leader in automotive interior surface materials, notably synthetic leathers.

    The new company, TMG Haartz Solutions, will focus on the localized supply of highly engineered synthetic leather materials for automotive interior trim components such as seat covers, instrument panels, door pillars, and shift gear boots. The company’s mission aims to drive the next generation of automotive design by crafting precision materials that reflect the company’s global expertise, commitment to local stewardship, and dedication to a lighter environmental footprint. The company’s project in Rutherford County will establish an industrial manufacturing center in Bostic at a site previously used for the Milliken Golden Valley plant.

    “Our journey began with a commitment to craftsmanship and innovation, values passed down through generations of the Gonçalves family,” said Isabel Furtado, Board Member at TMG Group & Board Member and CEO at TMG Automotive. “From our roots in Portugal to this new chapter in the United States, we have always believed in building relationships based on trust, respect, and shared purpose. The relationship between Gonçalves and Haartz families is more than a business alliance—it is a story of mutual respect, shared values, and a common vision for the future of mobility.”  

    “Collaboration is one of our core values at Haartz, and our relationship with the Gonçalves family and TMG Automotive is a shining example of how shared values, mutual respect, and family heritage can transcend business,” said Eric Haartz, CEO at The Haartz Corporation.  “What began as a business relationship has grown into a deep bond between our families — one that continues to inspire innovation and lasting impact. We are honored to take this next step together, bringing our combined strengths to an exciting new chapter in the United States.”  

    “North Carolina is the number one manufacturing state in the Southeastern United States, and our leadership has been noticed by companies around the world,” said Commerce Secretary Lee Lilley. “From our world-class transportation networks to our concentration of workers with manufacturing experience, we can offer companies like TMG Haartz Solutions the right ingredients for success.” 

    Although wages will vary depending on the position, the average salary for the new positions will be $64,218, compared with an average wage in Rutherford County of $46,673.

    The company’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by more than $352.59 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,463,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation targets.

    The project’s projected return on investment of public dollars is 125 per cent, meaning for every dollar of potential cost, the state receives $2.25 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company. 

    “I’m pleased to see two family-owned companies with great reputations begin their next phase of growth together right here in North Carolina and Rutherford County,” said Senator Tim Moffitt.  “We are a family-friendly region and our community will rally around and support this company as it begins to put down roots in our area.”  

    “It takes a lot of work behind the scenes by many community and economic development groups to bring a great company like TMG Haartz Solutions to our region,” said Representative Paul Scott. “We welcome these new jobs and this confident investment in the people of Rutherford County.”  

    Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the Commerce Department’s Division of Workforce Solutions, Isothermal Community College, Rutherford County, and Rutherford County Economic Development.

    With this announcement, since January 1st, Governor Stein has announced business expansions or new projects that will make more than $16.3 billion of new capital investment in North Carolina and create more than 18,000 new good-paying jobs. 

    Jun 30, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom urges safety this Fourth of July after 600,000 pounds of illegal explosives seized

    Source: US State of California Governor

    Jun 30, 2025

    What you need to know: Californians are urged to practice common sense and safety when using fireworks to celebrate this Fourth of July. People who resort to using illegal fireworks will be held accountable.

    SACRAMENTO – With Fourth of July celebrations set to go off with a bang across the state this week, Governor Gavin Newsom and state fire officials are reminding all Californians that the state has no tolerance for illegal fireworks. Over 600,000 pounds of illegal fireworks have already been seized in 2025.

    The sale, transport, or use of fireworks without the “Office of the State Fire Marshal Safe and Sane” seal is illegal, as is possessing or using any fireworks in communities where they are not allowed. Violators face potential fines up to $50,000 as well as a year in jail.

    “We all must do our part to keep Fourth of July fun and safe. I ask all Californians to use common sense and practice safety when lighting fireworks to celebrate. Our message is clear: illegal fireworks won’t be tolerated, and you will be prosecuted. They run the risk of starting dangerous fires in the peak of our fire season.”

    Governor Gavin Newsom

    Over the past several months, CAL FIRE – Office of the State Fire Marshal’s specialized Arson and Bomb Investigators have been aiding local and federal illegal fireworks enforcement efforts. Last year, officials seized 288,000 pounds of illegal fireworks. The 10 year annual average is about 240,000 pounds seized per year.

    Since 2024, fireworks have caused over $35 million in property damage across California, sparking 1,230 fires. Illegal fireworks include:

    • Skyrockets
    • Bottle rockets
    • Roman candles
    • Aerial shells
    • Firecrackers
    • Sparklers
    • Other fireworks that explode, go into the air, or move on the ground in an uncontrollable manner

    “Already this year our Arson and Bomb Investigators, along with our partners, have successfully seized over 600,000 pounds of illegal fireworks from all over California,” said State Fire Marshal Daniel Berlant. “Our recent enforcement efforts clearly demonstrate our zero tolerance toward the use, transportation, and possession of illegal fireworks. Even ‘Safe and Sane’ fireworks are banned in many communities and bring large fines for their illegal use.”

    For a fun and safe Fourth of July, know your local fireworks laws. Some California communities ban all fireworks, while others allow certain “Safe and Sane” fireworks.

    To learn more about fireworks safety and to view a full list of jurisdictions that allow the sale of Safe and Sane fireworks, go to ReadyforWildfire.org.

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    MIL OSI USA News –

  • MIL-OSI NGOs: New taxes on premium flyers and private jets: Greenpeace comment

    Source: Greenpeace Statement –

    Sevilla, Spain – Barbados, France, Kenya, Spain, Benin, Sierra Leone, Somalia, Antigua & Barbuda supported by the European Commission, have announced they will form a ‘solidarity coalition on premium flyers’ to raise funds for climate action and sustainable development. Campaigners reacted to the announcement, which was made on the first day of the UN Financing for Development conference in Sevilla (FFD4).[1]

    Rebecca Newsom, Global Political Lead of Greenpeace International’s Stop Drilling Start Paying campaign said: “Flying is the most elite and polluting form of travel, so this is an important step towards ensuring that the binge users of this undertaxed sector are made to pay their fair share. With the cost of climate impacts surging in countries least responsible for the crisis, bold, cooperative action that makes polluters pay is not just fair – it’s essential.”

    “The obvious next step is to hold oil and gas corporations to account. As fossil fuel barons rake in obscene profits, and people are battered with increasingly violent floods, storms and wildfires, it’s no surprise that 8 out of 10 people support making them pay. Members of the Global Solidarity Levies Task Force and rich countries around the world should act upon this enormous public mandate: commit to higher taxes on fossil fuel profits and extraction by COP30, while ensuring that those being hit hardest by the climate crisis around the world benefit most from the revenues.”  

    Greenpeace International maintains it is critical that the revenues raised from solidarity levies in Global North countries go towards the countries and communities most affected by the climate crisis, for example through helping to fill the Fund for Responding to Loss and Damage. 

    With demand for a climate damages tax on big polluters fast gaining momentum globally, Greenpeace urges all countries to join and implement the commitments of the new solidarity coalition on premium flyers by COP30. It also calls on all governments to adopt bold taxes and fines on greedy oil and gas corporations for the damages they have caused, without delay.[2][3][4][5][6] 

    ENDS

    Notes:

    [1] The Fourth International Conference on Financing for Development (FfD) takes place from June 30 to 3 July 2025 in Sevilla, Spain, with participation of Heads of State and Government, relevant ministers, and other special representatives. Official website

    [2] Popularity of climate damages taxes on fossil fuel consumption and production. A global survey, commissioned by Greenpeace International and Oxfam International, found that 3 out of 4 people agree that wealthier airline passengers (i.e. those who fly more often, use business and first-class and or/private jets) should pay additional tax due to their outsized individual impact on climate change. The same survey found that taxing oil, gas and coal corporations for their climate damages is even more popular. 81% of people support this, while 86% support channeling the revenues from higher taxes on oil and gas corporations towards communities most impacted by the climate crisis.

    [3] A call to action. The Polluters Pay Pact is a global alliance of more than 160,000 people on the frontlines of climate disasters, concerned citizens, first responders like firefighters, humanitarian groups and political leaders. It demands that governments around the world make oil, coal and gas corporations pay their fair share for the damages they cause. 

    [4] 80% of the world’s population have never flown. A single transatlantic flight on a private jet can produce emissions equivalent to those generated by an average person over several years. Private jets are 10 times more carbon-intensive than commercial flights and 50 times more polluting than trains. 

    [5] Recent Oxfam International research found that a polluter profits tax on 590 oil, gas and coal companies could raise up to US $400 billion in its first year. This compares to estimated loss and damage costs of $290-1045 trillion in the Global South annually by 2030. Further, Oxfam analysis found that the emissions of just 340 fossil fuel companies each year make up half of all global emissions – emissions of just one year are enough to cause 2.7 million heat-related deaths over the next century. 

    [6] Over 100 climate groups are backing a ‘Climate Damages Tax’ on fossil fuels extraction. This could be imposed by OECD countries, which if introduced at low initial rate of US$5 per tonne of CO2e increasing by US$5 per tonne each year could raise a total of US$ 900 billion by 2030 to help the world’s poorest and most vulnerable with climate damages, and pay for damages caused by some of the worst extreme weather events last year. Greenpeace is calling on governments to introduce frequent flyer levies so that those who fly the most, pay the most, while preventing the expansion of the aviation industry. Private jets are an extravagant luxury which should be banned altogether.

    Contacts:

    Tal Harris, Global Media Lead – Greenpeace International’s Stop Drilling Start Paying campaign, +41-782530550, [email protected] 

    Greenpeace International Press Desk: +31 (0) 20 718 2470 (available 24 hours), [email protected]

    MIL OSI NGO –

  • MIL-OSI NGOs: New taxes on premium flyers and private jets: Greenpeace comment

    Source: Greenpeace Statement –

    Sevilla, Spain – Barbados, France, Kenya, Spain, Benin, Sierra Leone, Somalia, Antigua & Barbuda supported by the European Commission, have announced they will form a ‘solidarity coalition on premium flyers’ to raise funds for climate action and sustainable development. Campaigners reacted to the announcement, which was made on the first day of the UN Financing for Development conference in Sevilla (FFD4).[1]

    Rebecca Newsom, Global Political Lead of Greenpeace International’s Stop Drilling Start Paying campaign said: “Flying is the most elite and polluting form of travel, so this is an important step towards ensuring that the binge users of this undertaxed sector are made to pay their fair share. With the cost of climate impacts surging in countries least responsible for the crisis, bold, cooperative action that makes polluters pay is not just fair – it’s essential.”

    “The obvious next step is to hold oil and gas corporations to account. As fossil fuel barons rake in obscene profits, and people are battered with increasingly violent floods, storms and wildfires, it’s no surprise that 8 out of 10 people support making them pay. Members of the Global Solidarity Levies Task Force and rich countries around the world should act upon this enormous public mandate: commit to higher taxes on fossil fuel profits and extraction by COP30, while ensuring that those being hit hardest by the climate crisis around the world benefit most from the revenues.”  

    Greenpeace International maintains it is critical that the revenues raised from solidarity levies in Global North countries go towards the countries and communities most affected by the climate crisis, for example through helping to fill the Fund for Responding to Loss and Damage. 

    With demand for a climate damages tax on big polluters fast gaining momentum globally, Greenpeace urges all countries to join and implement the commitments of the new solidarity coalition on premium flyers by COP30. It also calls on all governments to adopt bold taxes and fines on greedy oil and gas corporations for the damages they have caused, without delay.[2][3][4][5][6] 

    ENDS

    Notes:

    [1] The Fourth International Conference on Financing for Development (FfD) takes place from June 30 to 3 July 2025 in Sevilla, Spain, with participation of Heads of State and Government, relevant ministers, and other special representatives. Official website

    [2] Popularity of climate damages taxes on fossil fuel consumption and production. A global survey, commissioned by Greenpeace International and Oxfam International, found that 3 out of 4 people agree that wealthier airline passengers (i.e. those who fly more often, use business and first-class and or/private jets) should pay additional tax due to their outsized individual impact on climate change. The same survey found that taxing oil, gas and coal corporations for their climate damages is even more popular. 81% of people support this, while 86% support channeling the revenues from higher taxes on oil and gas corporations towards communities most impacted by the climate crisis.

    [3] A call to action. The Polluters Pay Pact is a global alliance of more than 160,000 people on the frontlines of climate disasters, concerned citizens, first responders like firefighters, humanitarian groups and political leaders. It demands that governments around the world make oil, coal and gas corporations pay their fair share for the damages they cause. 

    [4] 80% of the world’s population have never flown. A single transatlantic flight on a private jet can produce emissions equivalent to those generated by an average person over several years. Private jets are 10 times more carbon-intensive than commercial flights and 50 times more polluting than trains. 

    [5] Recent Oxfam International research found that a polluter profits tax on 590 oil, gas and coal companies could raise up to US $400 billion in its first year. This compares to estimated loss and damage costs of $290-1045 trillion in the Global South annually by 2030. Further, Oxfam analysis found that the emissions of just 340 fossil fuel companies each year make up half of all global emissions – emissions of just one year are enough to cause 2.7 million heat-related deaths over the next century. 

    [6] Over 100 climate groups are backing a ‘Climate Damages Tax’ on fossil fuels extraction. This could be imposed by OECD countries, which if introduced at low initial rate of US$5 per tonne of CO2e increasing by US$5 per tonne each year could raise a total of US$ 900 billion by 2030 to help the world’s poorest and most vulnerable with climate damages, and pay for damages caused by some of the worst extreme weather events last year. Greenpeace is calling on governments to introduce frequent flyer levies so that those who fly the most, pay the most, while preventing the expansion of the aviation industry. Private jets are an extravagant luxury which should be banned altogether.

    Contacts:

    Tal Harris, Global Media Lead – Greenpeace International’s Stop Drilling Start Paying campaign, +41-782530550, [email protected] 

    Greenpeace International Press Desk: +31 (0) 20 718 2470 (available 24 hours), [email protected]

    MIL OSI NGO –

  • MIL-OSI Security: Clayton Man with Gun Sentenced to Over Five Years in Prison for COVID-19 Fraud

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    WILMINGTON, N.C. – Darnell William King, age 42, was sentenced to 70 months in prison followed by five years of supervised release following his plea in May to conspiracy to commit bank and wire fraud, aggravated identity theft, and possession of a firearm by a convicted felon.  According to the indictment and information presented in court, King entered into separate conspiracies to commit Paycheck Protection Program (PPP) fraud and to use stolen identities to obtain personal lines of credit from various private lenders in and around Wake County.  King was also ordered to pay restitution to the Small Business Administration and the private lenders who were defrauded.

    “This sentence sends a clear message: those who seek to exploit pandemic relief programs and steal individuals’ identities for personal gain will be held accountable,” said Acting U.S. Attorney Daniel P. Bubar. “Mr. King’s deliberate and repeated fraud undermined a program designed to help struggling businesses in Eastern North Carolina. Thanks to the diligence of our federal and state partners, justice has been served.”

    “Criminals cause immeasurable hardship to innocent victims and businesses by lying and stealing their identities,” said Acting Special Agent in Charge Richard Gaskins, Charlotte Field Office, Internal Revenue Service Criminal Investigation. “The defendant knowingly stole personally identifiable information and recruited others to aid in obtaining fraudulent loans using the stolen info. Our special agents will continue to work alongside our law enforcement partners and the United States Attorney’s Office, to find, investigate and prosecute those who choose to willfully defraud the American people.”

    “Stealing critical resources aimed at protecting communities and citizens is inexcusable,” said ATF Special Agent in Charge Alicia Jones. “Not only did this individual exploit assistance programs aimed at helping those in need, but he did so while illegally possessing a firearm. Prohibited individuals in possession of firearms are dangerous and should be considered serious threats to public safety.”

    King and others recruited “mules” to obtain fraudulent personal loans.  King created fake driver’s licenses and other identity documents using a true photo of the mule and stolen personally identifying information belonging to unknowing victims.   The mules then used the fake identity documents and other forged business records to obtain personal loans based on applications for credit that King or others had previously submitted online.  The mule would then deliver the loan proceeds to King or his co-conspirators and would receive kickbacks anywhere between $100 and $2,000.

    “This extensive investigation, known as Operation Overload, uncovered a sophisticated criminal enterprise that fraudulently utilized thousands of North Carolina licenses, resulting in financial crimes that impacted individuals across multiple states,” said Captain Vaughn of the North Carolina DMV License & Theft Bureau. “Bureau commends its inspectors, intelligence analysts, and all partner agencies for their hard work and collaboration. Their efforts underscore the importance of interagency cooperation in combating complex fraud schemes and safeguarding the identities of North Carolina residents.”

    “This investigation began following several complaints from Wake County residents regarding identity theft and fraud. Over the course of nearly a year, a thorough investigation led to multiple arrests, supported by the NCDMV License and Theft, Clayton Police Department, U.S. Department of Homeland Security, and the IRS Criminal Investigations. The investigators involved demonstrated exceptional diligence in pursuing the suspects and uncovering a vast network of crimes. Their efforts resulted in identifying hundreds of victims, not only in Wake County, but across North Carolina, and uncovering hundreds of thousands of dollars in fraud. I would like to commend the investigators for their tireless work and unwavering commitment to serving the residents of our county and state,” Sheriff Willie Rowe said.

    In a second conspiracy, King and other conspirators applied for a PPP loan in King’s name with falsified bank and tax records claiming that King had been working as an Uber driver before the pandemic, resulting in the disbursement of over $15,000 in funds guaranteed by the Small Business Administration.  Finally, during the execution of a search warrant in Clayton seeking evidence related to the identity theft conspiracy, law enforcement discovered King in possession of a firearm with a high-capacity drum magazine, even though King is a previously convicted felon prohibited from possessing firearms.  King’s co-defendants, Loretta Clarice James and Lakesha Bowles, were previously sentenced to 8 years imprisonment and 30 months imprisonment respectively, for their roles in the conspiracies.

    Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina made the announcement after Chief U.S. District Judge Richard E. Myers II pronounced the sentence.  Internal Revenue Service Criminal Investigation led the investigation with the assistance of Homeland Security Investigations; the Wake County Sheriff’s Office; the Bureau of Alcohol, Tobacco, Firearms and Explosives; and the North Carolina Department of Motor Vehicles License & Theft Bureau.  The Clayton Police Department and other local agencies have also aided over the course of the investigation. Assistant U.S. Attorneys David G. Beraka and Ashley H. Foxx prosecuted the case.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 5-24-CR-00156.

    MIL Security OSI –

  • MIL-OSI USA: Evans Announces He Won’t Seek Re-Election, Will Serve Full Term Ending Jan. 3, 2027

    Source: United States House of Representatives – Representative Dwight Evans (2nd District of Pennsylvania)

    PHILADELPHIA (June 30, 2025) – Congressman Dwight Evans (D-PA-3) today announced that he will not seek re-election to the U.S. House of Representatives in 2026, concluding a distinguished career in public service spanning over four decades.

    “Serving the people of Philadelphia has been the honor of my life,” said Evans. “And I remain in good health and fully capable of continuing to serve. After some discussions this weekend and thoughtful reflection, I have decided that the time is right to announce that I will not be seeking re-election in 2026. I will serve out the full term that ends Jan. 3, 2027. I am deeply proud of what I have been able to accomplish over my 45 years in elected office — from revitalizing neighborhoods block by block to fighting for justice, economic opportunity, investments in infrastructure and education. I cannot express the gratitude that I have for the trust that voters put in me as their voice in both state and federal office. It has been a privilege of a lifetime to serve as their advocate in government.”

    Evans emphasized that he will continue to serve his constituents fully until the end of his term, that his offices will remain open, and that he will support a smooth transition for his successor.

    A Legacy of Service to Philadelphia

    Born in North Philadelphia and raised in the Germantown and West Oak Lane neighborhoods, Dwight Evans began his career as a teacher in the city’s public schools and as a community organizer with the Urban League. In 1980, at just 26 years old, he was elected to the Pennsylvania House of Representatives, where he served for 36 years. He made history as the first African-American chairman of the House Appropriations Committee, serving in that powerful role for two decades.

    Among his signature accomplishments in Harrisburg was spearheading the Pennsylvania Fresh Food Financing Initiative, which brought healthy grocery stores and thousands of jobs to underserved communities and became a national model for bringing healthy food to food deserts in both urban and rural areas. He was also instrumental in the creation of Pennsylvania’s Children’s Health Insurance Program, which became the model for nationwide CHIP.

    In 2016, Evans was elected to represent Pennsylvania’s 2nd Congressional District (later redistricted as the 3rd), succeeding longtime Congressman Chaka Fattah. In Congress, he serves on the influential Ways and Means Committee, which oversees Social Security, Medicare, taxes and trade, and has served on the Small Business Committee and Agriculture Committee, advocating for equitable economic development, criminal justice reform, funding for school repairs, affordable housing, and access to health care and healthy food.

    In 2025, Evans has fought to defend gains made during the Biden-Harris administration and against the pending Trump “Reverse Robin Hood” bill that would give the richest another tax cut and cut Medicaid and SNAP food aid. He fought the bill during a nearly 18-hour markup in the Ways and Means Committee, and voted against it in the full House – a vote two Republicans slept through, including one 31 years younger than Evans. He will vote against it again if the Senate returns it to the House.

    Evans has been a vocal supporter of key legislation including the American Rescue Plan, Infrastructure Investment and Jobs Act, Inflation Reduction Act, and Bipartisan Safer Communities Act. He also introduced bills to address gun violence, finance repairs to schools, invest in historically Black colleges and universities, and promote economic empowerment in urban communities.

    Throughout his time in public office, Evans remained rooted in his neighborhood — living just blocks from where he grew up — and never wavered in his commitment to building a better Philadelphia for all.

    Evans represents the 3rd Congressional District, which includes Northwest and West Philadelphia and parts of North, South, Southwest and Center City Philadelphia. He recently announced that his office returned to or saved $4.5 million for constituents in 2024 in cases involving federal agencies such as the IRS, Social Security Administration and Department of Veterans Affairs. The 2024 figure brings Evans’ office’s total to more than $45.5 million returned to or saved for constituents during his first eight full years in Congress.

    Evans serves on the influential House Ways and Means Committee, including its Subcommittee on Health. The committee oversees Social Security, Medicare, taxes, and trade. Evans’ website is evans.house.gov and his social media handle is @RepDwightEvans on YouTube, Bluesky, Facebook, Twitter, Instagram and Threads.

    MIL OSI USA News –

  • MIL-OSI USA: Bacon to Retire at End of 119th Congress

    Source: United States House of Representatives – Congressman Don Bacon (2nd District of Nebraska)

    Bacon to Retire at End of 119th Congress

    Touts Accomplishes and Pledges to Continue Outstanding Service and Pursue Legislative Initiatives

    Omaha, Neb. – Today, Rep. Don Bacon (NE-02), Chairman of the House Armed Services Committee’s (HASC) Cyber, Information Technologies and Innovation Subcommittee (CITI), announced he will not seek reelection in 2026 and will retire at the end of the 119th Congress. 

    “After consultation with my family and much prayer, I have decided not to seek reelection in 2026 and will fulfill my term in the 119th Congress through January 2, 2027. After three decades in the Air Force and now going on one decade in Congress, I look forward to coming home in the evenings and being with my wife and seeing more of our adult children and eight grandchildren, who all live near my home. I’ve been married for 41 years, and I’d like to dedicate more time to my family, my church, and the Omaha community. I also want to continue advocating for a strong national security strategy and a strong alliance system with countries that share our love of democracy, free markets and the rule of law. 

    “During the remainder of the 119th Congress, we will be focused on finishing the job. Providing top-notch constituent services in the district, for which we were recognized in 2021 with the Congressional Management Foundation’s Democracy Awards for Constituent Services in 2021, will be a priority as it always has been.  

    “To date, we have processed close to 8,500 casework/requests for assistance; we have helped people who were wrongly marked as deceased, helped citizens in distress around the world return home; helped people devasted by disasters such as flood and tornadoes, literally climb out of the ruble and connect them with resources; we have solved problems with Medicare, Social Security and IRS problems, passports and immigration, and so much more. Our team has worked diligently every day to advocate for and deliver on behalf of our constituents. 

    “Legislatively, I aim to work to get five agricultural bills passed that were included as part of the Farm Bill, including the increase of defenses for our nation’s food supply chain and removing barriers for the next generation of farmers seeking to establish their operations. I will continue my work on the National Defense Authorization Act (NDAA) and lay the groundwork for a new VA hospital in Omaha.  

    “My service to our great nation started in the Air Force, where I served sixteen assignments, five commands and four deployments and will continue in Congress until the end of the 119th Congress. I’d like to find new ways to serve our great country.  I have a love for national security, and I’ll always be a proponent for old-fashioned Ronald Reagan Conservative values.  It has been an honor to serve the 2nd District of Nebraska and the nation, and I thank our constituents for trusting me to represent them. I am proud of the work we have done and will continue to do until the lights in the office are turned off for the last time. Thank you, and God bless America.” 

    Highlights from Rep. Bacon’s Congressional Career 

    Legislative Record 

    • Most bills signed into law in the 118th Congress and bill totals as of Jan. 2025 

    ·         Total number of stand-alone bills enacted into law: 2 

    ·         Total numbers of bills enacted through NDAA: 33 

    ·         Total number of bills enacted through non-NDAA legislation: 3 

    ·                     Total number of bills introduced that became law: 38 

    Defense 

    Rebuilt and Improved Offutt AFB & Camp Ashland 

    • Delivered forceful congressional advocacy for Offutt Air Force Base, one of the district’s leading engines of economic growth and prosperity 
    • Led the fight in the House to secure critical resources to respond to the devasting 2019 floods 
    • Engaged with the Secretary of the Air Force to prevent the permanent loss of the flying mission 
    • Secured more than $1.5 billion for the cleanup, rebuild and critical improvements to Offutt AFB – one of the largest employers in the region – including a new runway 
    • Worked tirelessly to protect, modernize, and replace aircraft fleets at Offutt AFB including the RC-135, WC-135 and E-4B 

    Confederate Base Names: Original co-sponsor for H.R. 7155, National Commission on Modernizing Military Installation Designations Act, the bi-partisan legislation in the House to re-designate military bases named after Confederate generals 

    Spearheaded the Restoration of DoD Electronic Warfare Capability 

    • Drove major legislative reforms requiring the Pentagon to develop a new EW strategy, implementation plan and other organizational reforms 
    • Secured more than $1.5 billion to double the size of the USAF’s fleet of EA-37B Compass Call aircraft, the most powerful and sophisticated electronic attack aircraft in the world 
    • Helped guide the establishment of the Joint EMSO Center (JEC) at STRATCOM 

    Relentlessly Championed Initiatives to Modernize America’s Strategic Nuclear Deterrent 

    • Secured more than $75 million establish the NC3 technical engineering and development hub in Nebraska 
    • Advocacy helped speed the establishment of the new 95th Wing at Offutt focused on NC3 operations 
    • Helped secured more than $500 million to advance development of the future E-4C SAOC aircraft which will be based at Offutt 

    Championed Improvements to Military Quality of Life  

    • Led the most significant and comprehensive package of legislative reforms to improve the quality of life for military servicemembers and families in US history 
    • Largest single-year increase for junior enlisted pay ever (14.5%) 
    • Billions in critical improvements to military housing and barracks  
    • Major expansion and improvements to childcare for military families 
    • Fought for employment reforms and RIF protections for federally employed military spouses  

    Conference Committee 

    • Passage of major national defense legislation in 2017, 2018 and 2019 that reversed the dangerous decline in military readiness after years of neglect and funded the modernization of US military capabilities 
      • Named to select House-Senate Armed Service Conference Committee for 3 straight years 

    Agriculture 

    • Responsible for numerous provisions in the Farm Bill, including language related to the Foot-and-Mouth Disease vaccine and measures to address foreign ownership of farmland and improve SNAP administration 
    • Original sponsor of the Emmett Till Antilynching Act, which established lynching as a federal hate crime 

    Education 

    • STOP School Violence Act of 2018 (co-sponsor) – Provides DOJ money for grants to states and local governments to improve security including the placement and use of metal detectors and other deterrents measures at schools and school grounds. Fighting for $125 million in FY’20 to fund these grants 

    Civil Rights and Holocaust Education 

    • House Republican lead for Anti-Lynching Legislation making lynching a federal crime – Language was amended into H.R. 35 and passed House 2/26/20) 
    • Helped lead effort to push H.R. 943 – Never Again Education Act which was signed by the President 5/29/20 
    • Worked with state leaders on getting Holocaust Education requirements enacted into state statute 
    • Leader on support for non-profit security grants for religious institutions 

    Veterans Affairs 

    • Finalized additional funding for the VA’s Ambulatory Care Center and pushed House Leadership to go ahead and pass the bill while my friend Brad Ashford was still in office 
      • CHIP IN Bill: Congressman Bacon’s CHIP IN Bill, H.R. 3888, was incorporated into HR 5293: Department of Veteran Affairs Expiring Authorities Act of 2021, extending the program through 2025 
      • HR: 217 in the 119th – seeks to extend the program and expand authorities to include minor projects and non-recurring maintenance projects (passed House) 
    • Led Congressional efforts to support Gold Star families and survivors; championed significant legislation to care for and honor these families 
      • Lifetime installation access for survivors 
      • Major reforms to military veterans transition assistance programs 
      • Mandated regular meetings with DoD leadership and surviving families 

    Infrastructure and Jobs Act:  

    • Voted for the Infrastructure Investment and Jobs Act, which provided $165 million for Nebraska’s 2nd District: Eppley, modernization of natural gas lines and other projects 

    Eppley Airfield 

    • Over $77.1 million of improvements to Eppley Airfield from the Infrastructure Investment and Jobs Act funding and other sources 
      • Make it a true international airport 
      • Increase flights and inspection areas 
      • Streamline process of checking in and TSA for consumers 

    Other Community Funding projects of note: 

    • (2024) Wahoo Airport Runway – $4.3 million 
    • 2024) Saunders County Emergency Radio Equipment – $2.6 million 
    • (2024) City of Omaha N. 24th Street Lighting Project – $4.17 Million 
    • (2023) OPPD Grid Resiliency and Modernization – $7.7 million 
    • (2023) City of Omaha North 24th Street Streetscape Improvement Projects Phase II – $4 million 
    • (2023) Blackstone Business Improvement District – $2 million 
    • (2022) North 24th St. Streetscape Improvements – $3 million 
    • (2022) the CHOICE $50 million federal grant to redevelop the Southside Terrace Garden Apartments and the surrounding Indian Hill neighborhood in South Omaha. 
    • (2019) the CHOICE neighborhood grant program, which awarded $25 million for the 75 North project to the City of Omaha and Omaha Housing Authority for 5 years 

    Other Accomplishments/Recognitions 

    • Founded the bipartisan For Country Caucus 
      • Co-chair of bipartisan Caucus made up of 30 veteran members of Congress, evenly divided between R’s and D’s 
      • Objective of the Caucus is to work in a nonpartisan way towards a more productive government. Members serve with integrity, civility and courage 
    • Restarted the Main Street Caucus 
    • Co-chair of the Congressional Electronic Warfare Caucus, leading voice in Congress to advance and reform US capabilities to defend and dominate the electromagnetic spectrum
    • In 2023, appointed to the U.S. Holocaust Memorial Council by former Speaker of the House Kevin McCarthy 
    • Center for Effective Lawmaking 
      • One of the top ten effective legislators in the 118th congress, 2nd most effective Republican 
      • Most effective Republican in the 117th Congress and fourth overall, despite being in the minority party 
    • Rated #1 Most bi-partisan Republican 117th Congress-Common Ground Committee 
      • Earned a perfect score by the Common Ground Committee of 110 (2024) 
      • Rated #1 in 2022 by Common Ground Committee with a score of 104 out of 110 
    • 2021 Democracy Awards-Constituent Services, Congressional Management Foundation  
      • Over the course of 8 and ½ years, the office has processed close to 8,500 casework/requests for assistances including people who were erroneously marked as deceased; devastated by disasters such as floods and tornadoes literally climb out of the rubble and connect them with resources to rebuild; and in distress around the globe trying to return home. 
      • Other cases include problems with Medicare, passports or immigration, helping veterans get their benefits, cutting through red tape to solve Social Security and IRS problems, and others. 
    • 2024 Democracy Awards- Workplace Environment, Congressional Management Foundation  

    ###

    MIL OSI USA News –

  • MIL-OSI: BexBack Unveils Limited NO KYC,100x Leverage and 100% Deposit Bonus Match to Empower Crypto Futures Traders

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, June 30, 2025 (GLOBE NEWSWIRE) — As Bitcoin hovers near the $100,000 mark and market volatility intensifies, BexBack Exchange has announced a new limited-time promotional campaign designed to help traders maximize their potential returns. Starting today, all new users who deposit and complete one trade within seven days will receive a $50 USDT-M welcome bonus, along with a 100% deposit, match to double their trading capital. Combined with up to 100x leverage and zero KYC requirements, this promotion positions BexBack as a powerful entry point for both beginners and advanced futures traders navigating today’s unpredictable crypto landscape.

    Advantages of 100x Leverage Crypto Futures

    1. Amplified Profits: Control large positions with a small amount of capital, capturing more profits from market fluctuations.
    2. Low Capital Requirement: Participate in high-value trades with minimal investment, lowering the entry barrier.
    3. Increased Market Opportunities: Profit quickly from price fluctuations, especially in volatile markets.
    4. High Capital Efficiency: Leverage enables better use of your capital, expanding your investment potential.
    5. Profit from Both Up and Down Markets: Adapt to any market conditions, with opportunities to profit whether the market goes up or down.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform offering up to 100x leverage on futures contracts for BTC, ETH, ADA, SOL, XRP, and over 50 other digital assets. Headquartered in Singapore, the platform also operates offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. Like many top-tier exchanges, BexBack holds a U.S. MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. The platform accepts users from the United States, Canada, and Europe, with zero deposit fees and 24/7 multilingual customer support, delivering a secure, efficient, and user-friendly trading experience.

    Why recommend BexBack?

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    Sign Up Now on BexBack — Break the 100x Leverage and KYC Barriers, Get Double Deposit Bonus and $50 Welcome Bonus Instantly

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    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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    The MIL Network –

  • MIL-OSI Canada: Saskatchewan Finished 2024-25 Near Budget Forecast

    Source: Government of Canada regional news

    Released on June 30, 2025

    After beginning the year with a budget deficit of $273 million, the province finished the 2024-25 fiscal year with a $249 million operating deficit. Saskatchewan’s financial status was highlighted in today’s release of the 2024-25 Public Accounts Volume 1.

    “Revenue increased from budget last year while expenses also grew,” Deputy Premier and Minister of Finance Jim Reiter said. “We are continuing to make investments that deliver on what the people of Saskatchewan have said is important to them – affordability, health care, education, community safety and fiscal responsibility.”

    Last year, total revenue of $20.9 billion increased by $994 million, or 5.0 per cent, from the 2024-25 Budget. This included the recognition of a significant receivable for the resolution of the tobacco litigation.

    While revenues increased from budget, expenses were also up over the same period. Total expenses of $21.1 billion are an increase of $970 million, or 4.8 per cent, from the 2024-25 Budget, primarily due to notable increases in the Health, Agriculture, and Environment and Natural Resources expense themes.

    Compared to the third quarter, revenues increased by $448 million while expenses were up $36 million. The year-end deficit is an improvement of $412 million from the third-quarter update.

    Saskatchewan’s net debt increased by $1.3 billion in 2024-25, primarily due to significant investments in important infrastructure such as schools, hospitals and roads. However, Saskatchewan still maintains the second lowest net debt-to-GDP ratio in Canada and, as of March 31, 2025, had the second highest credit rating in Canada when ratings from the three key rating agencies – Moody’s Ratings, S&P Global Ratings and Morningstar DBRS – are combined.

    “Building on the strength of our 2024-25 financial results and the 2025-26 Budget, Saskatchewan’s economy continues to grow and evolve,” Reiter said. “Earlier this year Statistics Canada confirmed that our province remains a national leader in economic growth, ranking us second in the country for real GDP growth in 2024.”

    The 2024-25 Public Accounts Volume 1 provides a complete and accurate view of the Government of Saskatchewan’s finances. To learn more information about the fiscal health of the province, you can view Volume 1 at publications.saskatchewan.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Canada: Canada’s new government delivers middle-class tax cut

    Source: Government of Canada – Prime Minister

    In the election, Canadians called for change to bring down costs and put more money in their pockets. Canada’s new government promised to deliver this change, starting with a middle-class tax cut on Canada Day.

    Today, the Prime Minister, Mark Carney, announced that as of tomorrow, July 1, the government’s middle-class tax cut will be in effect. This tax cut will save a two-income family up to $840 a year and generate tax savings for 22 million Canadians. By reducing income taxes, Canadians can keep more of their paycheques to spend where it matters most.

    The government is focused on bringing down costs, keeping communities safe, diversifying trade, and building one Canadian economy – the strongest in the G7.

    Quotes

    “Canada’s new government has a mandate for change, including cutting taxes for the middle class and bringing down costs. With our middle-class tax cut in effect tomorrow, families will save up to $840 and keep more of what they earn.”

    “Starting tomorrow, Canadians will keep more of their hard-earned money thanks to our middle-class tax cut. At a time when global uncertainty continues to affect household budgets, we’re making life more affordable and supporting the financial security of families across the country. This is about fairness – and about building a stronger economy that works for everyone.”

    Quick Facts

    • Income is reported and tax is calculated on an annual basis. To reflect a one-percentage-point cut in the lowest tax rate coming into effect halfway through the year, the full-year tax rate for 2025 will be 14.5 per cent and the full-year rate for 2026 and future tax years will be 14 per cent.
    • The Canada Revenue Agency has updated its source deduction tables for the July to December 2025 period so that pay administrators are able to reduce tax withholdings as of July 1. This means that, effective July 1, individuals with employment income and other income subject to source deductions can have tax withheld at 14 per cent. Otherwise, individuals will realize this tax relief when they file their 2025 tax returns in spring 2026.
    • The bulk of tax relief will go to those with incomes in the two lowest tax brackets (i.e., those with taxable income under $114,750 in 2025), including nearly half to those in the first bracket ($57,375 and below in 2025).
    • The rate applying to most non-refundable tax credits will continue to be the same as the lowest personal income tax rate.

    MIL OSI Canada News –

  • MIL-OSI: Robinhood Launches Stock Tokens, Reveals Layer 2 Blockchain, and Expands Crypto Suite in EU and US with Perpetual Futures and Staking

    Source: GlobeNewswire (MIL-OSI)

    Robinhood Stock Tokens will allow EU customers to get exposure to the US stock market

    Robinhood will also launch a new Layer 2 blockchain to power the tokenization of Real World Assets

    MENLO PARK, Calif., June 30, 2025 (GLOBE NEWSWIRE) — Today, at Robinhood Presents: To Catch a Token in Cannes, France, we unveiled a suite of new products that mark a major step forward for crypto. From expanding Robinhood to over 400 million people across 30 EU and EEA countries, to launching stock and ETF tokens, we’re building toward a future where investing is simpler, smarter, and more accessible worldwide.

    “Our latest offerings lay the groundwork for crypto to become the backbone of the global financial system,” said Robinhood Chairman and CEO Vlad Tenev.

    Tokenization and Layer 2 Blockchain

    We’ve launched US stock and ETF tokens in the EU, giving eligible customers exposure to US equities with Robinhood Stock Tokens—featuring zero commissions or added spreads from Robinhood (other fees may apply), dividend support, and 24/5 access. With tokenized stocks, our European app transitions from being a crypto-only app to an all-in-one investment app powered by crypto.

    European customers will have access to 200+ US stock and ETF tokens. Stock token holders will also receive dividend payments directly in their app.

    “Crypto was built by engineers for engineers, and has not been accessible to most people,” said Johann Kerbrat, GM and SVP of Robinhood Crypto. “We’re onboarding the world to crypto by making it as easy to use as possible—with the goal of bringing powerful tools into one intuitive platform.”

    Stock tokens will initially be issued on Arbitrum. In the future, tokenized stocks will be facilitated by our very own Robinhood Layer 2 blockchain, based on Arbitrum. Currently in development, the Robinhood blockchain will be optimized for tokenized real-world assets and built to support 24/7 trading, seamless bridging, and self-custody.

    Perpetual Futures

    We are introducing crypto perpetual futures in the EU, where we will offer eligible customers access to a new class of derivatives with continuous exposure and up to 3x leverage. Perpetuals will be 100% rolled out to eligible customers by the end of the summer. Designed to help reduce the complexity typically associated with trading perpetuals, we built our interface with intuitive controls for setting position size and managing margin. Orders are routed through Bitstamp’s perpetual futures exchange.

    This launch will mark an important step in serving active traders across the globe with advanced trading tools in an intuitive platform.

    Crypto Staking in the US

    Crypto staking is launching to eligible US customers, starting with Ethereum and Solana. With our user-friendly interface, you can now participate in blockchain ecosystems and access competitive reward rates by contributing to network operations. Crypto staking is also available to all Robinhood customers in the EU and EEA.

    Expanded Product Suite

    There’s more—we’ve rolled out a suite of new products to make trading crypto on Robinhood even more powerful and seamless.

    • Instant Boost on Crypto Deposits: For a limited time, U and EU investors can transfer crypto into Robinhood and earn a 1% deposit boost—with the chance to double it to 2% if total deposits hit the $500M goal.
    • Crypto Credit Card Rewards: The Robinhood Gold Credit Card gives US customers cash back on purchases—across all categories. Coming this fall, customers can use those rewards to purchase crypto automatically.
    • Cortex for Crypto: Our US feature, Cortex, an AI-powered investing assistant, will be available later this year. Robinhood Gold members can see curated insights, trends, and event-driven market analysis right inside each token’s detail page. It’s designed to help customers quickly understand price movement and market shifts in real time.
    • Smart Exchange Routing: Smart exchange routing evaluates multiple partner exchanges and routes your order to get the best available price across them. Soon, all orders placed through Smart Exchange Routing will qualify for fee tiers, meaning the more you trade, the lower your rate— based on your trailing 30-day trading volume. API support is coming soon.
    • Tax Lots: US customers can also now view and sell specific tax lots for crypto trades, allowing you to strategically choose which lots to sell.
    • Advanced Charts: Advanced charts from Robinhood Legend are coming to mobile, starting with equities and expanding to crypto in August.

    To learn more about today’s announcements, visit go.robinhood.com/presents.

    Disclosures:

    Terms apply. Eligibility and restrictions vary by region.

    US stock and ETF tokens and crypto perpetual futures trading involves significant risk and is not appropriate for all investors. Please carefully consider if investing in such financial instruments is appropriate for you based on your specific experience, risk tolerance, and financial situation. Restrictions and eligibility requirements apply.

    Staking is not available in every state.

    To Catch a Token is sponsored by Robinhood Europe, UAB (“RHEU”). RHEU (company code: 306377915) is authorized and regulated by the Bank of Lithuania (“BoL”) as a financial brokerage firm and a crypto-asset service provider. RHEU’s registered address is: Mėsinių 5, LT-01133 Vilnius, Lithuania; address for correspondence: Konstitucijos pr, 21A (QUADRUM East), LT-08130, Vilnius, Lithuania; website.

    Cryptocurrency services in the US are offered through an account with Robinhood Crypto, LLC (NMLS ID 1702840). Robinhood Crypto, LLC (“RHC”) is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected.

    Robinhood Gold Visa® Credit Card is offered by Robinhood Credit, Inc. (“RCT”), and is issued by Coastal Community Bank, pursuant to a license from Visa U.S.A. Inc. RCT is a financial technology company, not a bank. Must have Robinhood Financial brokerage account to redeem crypto. See Robinhood Gold Card Rewards Program Rules for detail and other redemption options. Rewards Program Rules are subject to change. The Gold Card requires an annual Robinhood Gold subscription to apply and maintain the card and does not include a 30 day free trial.

    Robinhood Gold is a subscription-based membership program of premium services offered through Robinhood Gold, LLC (“RHG”).

    US Deposit boost is paid in cash into your self-directed individual brokerage account and applies to eligible net crypto deposits from an external address to your crypto account between June 24 and July 7, 2025. Any 2% bonus will be applied retroactively to your net eligible deposits once the combined net crypto deposits across the Robinhood Platform exceeds $500M during the promotion period. Potential bonus deductions will be pulled from your self-directed individual brokerage account. Bonus offered by Robinhood Crypto, LLC. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected. See terms and conditions.

    EU Bonus is paid in crypto and applies to eligible net crypto deposits from an external address to your account between 28 May to 7 July, 2025. Excludes deposits of USDC and EURC. Any 2% bonus will be applied retroactively to your eligible deposits once the combined net crypto deposits across the Robinhood Platform exceeds $500M during the promotion period. Dollar value of crypto deposits is determined by Robinhood in its reasonable discretion based on applicable market rates. You cannot trade or withdraw your bonus for 1 year. Other terms apply.

    All investments involve risk and loss of principal is possible.

    Robinhood Financial LLC (“RHF”) (member SIPC), is a registered broker-dealer.

    Robinhood Cortex showcases a conceptual framework illustrating how Robinhood envisions the integration of traditional investing tools with Artificial Intelligence (‘AI’). Currently, Robinhood Cortex is designed to incorporate AI but Trade Builder does not. There is no guarantee that AI will improve investing performance, mitigate risk, or reduce losses.

    RHEU, RHC, RCT, RHG and RHF are separate but affiliated entities and are wholly owned subsidiaries of Robinhood Markets, Inc. (‘Robinhood’).

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    A Cautionary Note Regarding Forward-Looking Statements

    This blog post includes forward-looking statements about Robinhood Markets, Inc. (together with its consolidated subsidiaries, “Robinhood,” “we,” or the “Company”), including statements regarding our planned product launches and developments, including our Layer 2 blockchain, tokenized stocks and ETFs, crypto perpetual futures and staking, Cortex, and other upcoming features. These statements are based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks include, but are not limited to, regulatory developments, market demand, legal challenges, technological changes, and economic conditions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this blog post. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in the “Risk Factors” section in Part I, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and in other filings with the U.S. Securities and Exchange Commission at www.sec.gov. Except as otherwise noted, all forward-looking statements in this blog post are made as of the date of this blog post, June 30, 2025, and are based on information and estimates available to us at this time. Except as required by law, we assume no obligation to update any of the statements in this blog post whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this blog post with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect.

    © 2025 Robinhood

    Contacts

    Investor Relations
    ir@robinhood.com 

    Media
    press@robinhood.com

    Photos accompanying this announcement are available at: 

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d0ff35df-ed50-4cc0-98c8-97ba8ee6aa33

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2a752aac-2ca9-4e66-9cf3-af87513160ce

    https://www.globenewswire.com/NewsRoom/AttachmentNg/903feb9a-4a24-4da9-9b8d-39751210a515

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ecd2144a-7583-4e25-b27e-6bce6e4cc563

    The MIL Network –

  • MIL-OSI Canada: Secretary of State Sarai concludes participation in the Fourth International Conference on Financing for Development

    Source: Government of Canada News (2)

    June 30, 2025 – Ottawa, Ontario – Global Affairs Canada

    Access to development financing is essential to help countries thrive. It grows businesses, creates jobs, and builds a more secure future for families and communities at home and abroad. It also plays a critical role in supporting underserved communities in emerging markets as they make progress toward achieving the Sustainable Development Goals (SDGs).

    To help drive progress on these priorities, the Honourable Randeep Sarai, Secretary of State (International Development), today participated in the Fourth International Conference on Financing for Development (FfD4), a high-level UN event, taking place from June 30 to July 3, 2025, in Sevilla, Spain.

    At the conference, Secretary of State Sarai reaffirmed Canada’s commitment to sustainable development and to building a more inclusive international financing system. As a clear example of this commitment, Canada contributed The Common Principles for Private Capital Mobilization to the Sevilla Platform for Action. Canada is co-leading this work alongside France, Germany, Italy and the United Kingdom. The Common Principles will serve as a road map for Canada and others to mobilize private capital for sustainable development now and into the future.

    Secretary of State Sarai also announced 3 initiatives aimed at mobilizing sustainable investments in emerging markets. They are as follows:

    • The Blended Finance Accelerator for Fund Managers (A4FM) is a $10-million project in partnership with Convergence Blended Finance Inc. The project aims to increase the mobilization of private capital for blended finance funds—that is, a mix of private and public investment—improving the livelihoods of those in underserved communities in developing markets. The project supports gender inclusive investment strategies through knowledge building, repayable grants and tailored technical assistance
    • Support to the Integrated National Financing Frameworks (INFF) Facility is a $2-million project in partnership with the United Nations Development Programme. This project aims to address the persistent misalignment between financial systems and SDGs. The INFF offers a structured approach to align diverse financial flows with sustainable development priorities
    • Funding the Future: Domestic Resource Mobilization in a Digital Economy is a $5-million project in partnership with the Organisation for Economic Co-operation and Development’s Centre for Tax Policy and Administration. The project will help developing countries enhance domestic resource mobilization through a comprehensive technical assistance program, which includes support for implementing international standards to raise revenues from multinational enterprises, exchange information to combat illicit financial flows and implement measures to fight financial crime. The project will also mobilize international expertise to provide data, training, guidance and practical support to developing countries across a range of issues related to digitalization

    Following Secretary of State Sarai’s departure, Bob Rae, Ambassador and Permanent Representative of Canada to the United Nations in New York, who also attended the conference, highlighted Scaling Capital for Sustainable Development (SCALED) on his behalf. Canada is contributing approximately $50 million to the SCALED initiative.

    SCALED will help address major barriers to private sector investment in developing countries by simplifying and standardizing blended finance structures, as well as quickly and efficiently get investments to market in support of the SDGs.

    These investments demonstrate Canada’s commitment to mobilizing all sources of finance. Combined private and public investment strengthens economic growth and stability in developing markets, helping achieve the SDGs.

    MIL OSI Canada News –

  • MIL-OSI: Usio Enters into Strategic Partnership with Mortgage Software Leader – Mortgage Automator

    Source: GlobeNewswire (MIL-OSI)

    SAN ANTONIO and TORONTO, June 30, 2025 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq: USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, and Mortgage Automator, a premier mortgage origination and servicing software provider, today announced a strategic partnership designed to enhance payment processing capabilities for private lenders. This collaboration will integrate Usio’s advanced payment technology into Mortgage Automator’s platform, offering lenders seamless, automated payment solutions that improve efficiency and borrower experience.

    Through this partnership, Mortgage Automator users will gain access to Usio’s robust suite of payment options, including ACH, card payments, Pinless Debit and real-time disbursements, all within the Mortgage Automator ecosystem. This integration will enable lenders to streamline loan servicing, reduce manual processes, and enhance compliance with secure, automated payment workflows.

    “We’re excited to bring this partnership to life and help modernize how private lenders manage payments,” said Greg Carter, Chief Revenue Officer at Usio. “Embedding our payment technology into Mortgage Automator’s platform gives lenders the tools they need to operate more efficiently, reduce friction, and deliver a better experience for their borrowers. This is another example of how Software Vendors in all industries can benefit from the implementation of our unique PayFac-in-a-box technology.”

    Mortgage Automator’s CEO Pavel Tchourliaev echoed the enthusiasm for the partnership, stating: “Our mission has always been to provide private lenders with the most powerful and intuitive software solutions. Partnering with Usio allows us to further enhance our platform by offering integrated payment processing that simplifies loan servicing and improves cash flow management for our clients.”

    The integration launched in June 2025, with both companies committed to ongoing innovation and support for private lenders seeking to optimize their operations.

    About Usio, Inc.

    Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to clients through its unique payment facilitation platform as a service. The Company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

    FORWARD-LOOKING STATEMENTS DISCLAIMER

    Except for the historical information contained herein, the matters discussed in this press release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy and any guidance for future periods. These forward-looking statements are identified by the use of words such as “believe,” “should,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearing House network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future could affect, the Company’s businesses and financial results and could cause actual results to differ materially from plans and projections. Although the Company believes that the assumptions underlying the forward-looking statements included in this press release are reasonable, the Company can give no assurance such assumptions will prove to be correct. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this press release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

    Usio Contact:
    Paul Manley, Senior Vice President, Investor Relations
    paul.manley@usio.com
    612-834-1804

    About Mortgage Automator:
    For more information about Mortgage Automator’s partnership, visit www.mortgageautomator.com.

    The MIL Network –

  • MIL-OSI: Usio Enters into Strategic Partnership with Mortgage Software Leader – Mortgage Automator

    Source: GlobeNewswire (MIL-OSI)

    SAN ANTONIO and TORONTO, June 30, 2025 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq: USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, and Mortgage Automator, a premier mortgage origination and servicing software provider, today announced a strategic partnership designed to enhance payment processing capabilities for private lenders. This collaboration will integrate Usio’s advanced payment technology into Mortgage Automator’s platform, offering lenders seamless, automated payment solutions that improve efficiency and borrower experience.

    Through this partnership, Mortgage Automator users will gain access to Usio’s robust suite of payment options, including ACH, card payments, Pinless Debit and real-time disbursements, all within the Mortgage Automator ecosystem. This integration will enable lenders to streamline loan servicing, reduce manual processes, and enhance compliance with secure, automated payment workflows.

    “We’re excited to bring this partnership to life and help modernize how private lenders manage payments,” said Greg Carter, Chief Revenue Officer at Usio. “Embedding our payment technology into Mortgage Automator’s platform gives lenders the tools they need to operate more efficiently, reduce friction, and deliver a better experience for their borrowers. This is another example of how Software Vendors in all industries can benefit from the implementation of our unique PayFac-in-a-box technology.”

    Mortgage Automator’s CEO Pavel Tchourliaev echoed the enthusiasm for the partnership, stating: “Our mission has always been to provide private lenders with the most powerful and intuitive software solutions. Partnering with Usio allows us to further enhance our platform by offering integrated payment processing that simplifies loan servicing and improves cash flow management for our clients.”

    The integration launched in June 2025, with both companies committed to ongoing innovation and support for private lenders seeking to optimize their operations.

    About Usio, Inc.

    Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to clients through its unique payment facilitation platform as a service. The Company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

    FORWARD-LOOKING STATEMENTS DISCLAIMER

    Except for the historical information contained herein, the matters discussed in this press release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy and any guidance for future periods. These forward-looking statements are identified by the use of words such as “believe,” “should,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearing House network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future could affect, the Company’s businesses and financial results and could cause actual results to differ materially from plans and projections. Although the Company believes that the assumptions underlying the forward-looking statements included in this press release are reasonable, the Company can give no assurance such assumptions will prove to be correct. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this press release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

    Usio Contact:
    Paul Manley, Senior Vice President, Investor Relations
    paul.manley@usio.com
    612-834-1804

    About Mortgage Automator:
    For more information about Mortgage Automator’s partnership, visit www.mortgageautomator.com.

    The MIL Network –

  • MIL-OSI: TruGolf Announces Portable Launch Monitor, LaunchBox, Available Globally on July 1st

    Source: GlobeNewswire (MIL-OSI)

    This new portable Launch Monitor by TruGolf is simple to use, compatible with PC and iOS Devices, and utilizes advanced hyper-speed camera technology to measure ball data inside and outdoors.

    Salt Lake City, Utah, June 30, 2025 (GLOBE NEWSWIRE) — TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading golf technology company, has announced that its highly anticipated portable launch monitor, LaunchBox, will be available globally on July 1, 2025. This sleek, camera-based launch monitor delivers professional-grade accuracy at a price point that opens the door to millions of golfers around the world.

    “LaunchBox offers tour-level precision in a portable package that is truly affordable for everyday golfers,” said Doug Bybee, Chief Revenue Officer at TruGolf. “Whether you’re a weekend warrior trying to drop a few strokes, or an elite player working on shot consistency, LaunchBox gives you the tools the pros rely on — without breaking the bank. We are thrilled to introduce this product and its features to all markets around the world.”

    Disrupting the $300M launch monitor market*

    For the first time in TruGolf’s 40-year history, the company is entering the high-growth, high-volume portable simulator space. Priced for accessibility, LaunchBox empowers TruGolf to compete directly in a global market of millions of home users, and driving range regulars—without sacrificing the accuracy or realism the brand is known for. 

    “LaunchBox is a major step forward—not just for TruGolf, but for the game itself,” said Nate Larsen, Chief Experience Officer at TruGolf. “We’re delivering tour-level performance and accuracy to all golfers, whether they’re practicing in the backyard or playing one of the thousands of golf courses available to play in E6 APEX. LaunchBox positions us to compete in the fast-growing consumer golf tech market while expanding our digital ecosystem through subscription-based software. It also brings our IBM partnership into sharper focus, with E6 APEX powered by IBM watsonx.ai to deliver smarter, more immersive golf experiences. It’s a proud moment for our team—and a big win for golfers everywhere.”

    A New Era of Golf Performance + Entertainment

    Fully integrated with E6 APEX, TruGolf’s next-gen simulation platform, LaunchBox unlocks a full suite of features:

    • Club Fitting + Bag Mapping
    • 1,500+ Virtual Golf Courses (with new content monthly)
    • Gamified Practice + Improvement Challenges
    • Broadcast-Quality Commentary, powered by IBM watsonx.ai
    • Geospatial Mapping, GPS integration, and ultra-realistic course accuracy

    No Markers. No Special Balls. Just Incredible Data.

    LaunchBox leverages ultra high-speed cameras and infrared sensors to deliver 12+ key Shot metrics—without any stickers, special balls, or calibration. Its intuitive display and lightweight form factor make it ideal for use in the garage, backyard, or on the range using a mat. LaunchBox starts at $2,200 with available add-on Software and Golf Simulator Enclosure upgrades. 

    The system connects wirelessly via 5GHz Wi-Fi to PCs or iOS devices, ensuring seamless performance at home or on the go.

    LaunchBox is available exclusively on TruGolf’s website.

    *As per June 2025 Business Research Insight’s Golf Launch Monitor Report

    About TruGolf, Inc.

    Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf’s mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology – because TruGolf believes Golf is for Everyone. TruGolf’s team has built award-winning video games (“Links”), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf’s beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology.

    Forward-Looking Statements

    This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the timing of the reverse stock split. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ”believes,” ”estimates,” ”anticipates,” ”expects,” ”plans,” ”projects,” ”intends,” ”potential,” ”may,” ”could,” ”might,” ”will,” ”should,” ”approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC’s website, www.sec.gov.

    Contact: Michael Bacal
                  mbacal@darrowir.com
                  917-886-9071

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