Category: Trade

MIL-OSI: Euronext publishes Q1 2025 results

Source: GlobeNewswire (MIL-OSI)

Euronext publishes Q1 2025 results

Strong start of the year with growth of non-volume-related revenue, record FICC trading volumes and exceptional market volatility.

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 14 May 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the first quarter 2025 using the new, simplified reporting framework¹.

Q1 2025 revenue and income was up +14.1% at €458.5 million:

Non-volume-related revenue and income represented 57% of total revenue and income and covered 158% of underlying operating expenses, excluding D&A²:

Securities Services revenues grew to €83.4 million (+6.8%), driven by double-digit growth in custody and settlement revenue;
Capital Markets and Data Solutions revenue grew to €157.4 million (+6.6%), driven by the continued commercial expansion of Euronext Corporate and Investor Solutions and Technology Services and the strong performance of Advanced Data Solutions, supported by the acquisition of GRSS and by retail participation;
Net treasury income was €18.6 million (+58.8%), demonstrating the benefits of the Euronext Clearing expansion and the internalisation of net treasury income following the derivatives clearing migration in Q3 2024.

Volume-related revenue was driven by high market volatility in Q1 2025:

FICC³Markets reported €90.7 million of revenue (+25.1%), driven by record performance in fixed income trading and clearing, commodities trading and clearing and FX trading;
Equity Markets revenue grew to €108.4 million (+18.0%), reflecting high volatility.

Underlying operating expenses excluding D&A were at €164.5 million (+9.1%). The increase compared to Q1 2024 reflects investments in growth and the impact of acquisitions performed in 2024, combined with strong costs discipline, in line with the ramp-up of growth investments set out as part of Euronext’s underlying cost guidance of €670 million for the full year 2025.
Adjusted EBITDA was €294.1 million (+17.0%) and adjusted EBITDA margin was 64.1% (+1.6pts).
Adjusted net income was €183.5 million (+11.8%) and adjusted EPS was €1.80 (+13.9%).
Reported net income was €164.8 million (+17.9%) and reported EPS was €1.62 (+20.0%).
Net debt to EBITDA⁴was at 1.4x at the end of March 2025, within Euronext’s target range of the “Innovate for Growth 2027” strategic plan. On 22 April 2025, Euronext had successfully redeemed the €500 million bond issued in connection with the acquisition of Euronext Dublin in April 2018.

Key figures for the first quarter of 2025:

In €m, unless stated otherwise	Q1 2025	Q1 2024	% var	% var l-f-l3F⁵
Revenue and income	458.5	401.9	+14.1%	+12.9%
Underlying operational expenses excluding D&A²	(164.5)	(150.7)	+9.1%	+7.2%
Adjusted EBITDA	294.1	251.3	+17.0%	+16.4%
Adjusted EBITDA margin	64.1%	62.5%	+1.6pts	+1.9pts
Net income, share of the parent company shareholders	164.8	139.7	+17.9%
Adjusted net income, share of the parent company shareholders	183.5	164.2	+11.8%
Adjusted EPS (basic, in €)	1.80	1.58	+13.9%
Reported EPS (basic, in €)	1.62	1.35	+20.0%
Adjusted EPS (diluted, in €)	1.80	1.58	+13.9%
Reported EPS (diluted, in €)	1.61	1.34	+20.1%

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

“In the first quarter of 2025, Euronext has delivered a remarkable performance. We achieved record revenue and income of €458.5 million, driven by initial successes of the strategic initiatives, growth of non-volume-related revenue and exceptional volatility across trading and clearing activities, especially in cash equity, fixed income, FX, power and commodities. Our diversified business model has allowed us to invest in growth and reach an adjusted EBITDA of €294.1 million, marking a significant +17.0% increase compared to Q1 2024. In Q1 2025, we reached record adjusted EPS (basic) of €1.80 per share. Our reported EPS (basic) grew by an impressive +20.0% compared to Q1 2024, to €1.62 per share.

We have launched significant initiatives of our ‘Innovate for Growth 2027’ strategic plan to reinforce Euronext as a leader in the European financial markets. The upcoming consolidation of settlement for Amsterdam, Brussels and Paris equity trades in Euronext Securities represents a significant optimisation of the European post-trade landscape. With this strategic move, we foster the integration and competitiveness of European capital markets at an unprecedented speed.

The launch late April 2025 of a European Common Prospectus⁶in English will pursue this ambition. This new initiative facilitates access to European capital markets and addresses the need for a competitive, integrated Savings and Investment Union. In addition, we are proud to launch a comprehensive set of measures to support the financing needs of companies that contribute to Europe’s strategic autonomy⁷.

The acquisition in May 2025 of Admincontrol⁸, leader in the governance SaaS space, accelerates the development of Euronext Corporate Solutions in the Nordics, and reinforces Euronext’s subscription-based revenue.

With this strong first quarter of 2025, we demonstrate our capacity to innovate ahead of the curve, leading the way to a stronger, more innovative and more competitive European capital market.”

Q1 2025 business highlights

Q1 2025 revenue and income

	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue and income (in €m)	458.5	401.9	+14.1%	+12.9%
Securities Services	83.4	78.1	+6.8%	+4.8%
Capital Markets and Data Solutions	157.4	147.6	+6.6%	+4.5%
Net treasury income	18.6	11.7	+58.8%	+58.8%
FICC Markets	90.7	72.5	+25.1%	+25.2%
Equity Markets	108.4	91.9	+18.0%	+18.0%
Other income	0.1	0.2	N/A	N/A

Non-volume-related revenue
- Securities Services

	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue (in €m)	83.4	78.1	+6.8%	+4.8%
Custody and Settlement	75.8	67.9	+11.6%	+9.4%
Other Post Trade	7.6	10.2	-25.3%	-25.3%

Revenue from Custody and Settlement this quarter was at €75.8 million, +11.6% compared to Q1 2024. This strong performance was driven by growing Assets under Custody, dynamic settlement instructions and continued double-digit growth in services, supported by the acquisition of Acupay. At the end of the quarter, Assets under Custody amounted to €7.1 trillion, up +3.8% compared to end of Q1 2024. Over 39.3 million instructions were settled via Euronext Securities during the first quarter of 2025, up +9.3% compared to the first quarter of 2024.

Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €7.6 million in Q1 2025. The -25.3% decrease compared to Q1 2024 stems from the internalisation of the net treasury income related to Euronext derivatives flows in September 2024, which are now integrated in the net treasury income line.

Capital Markets and Data Solutions

	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue (in €m)	157.4	147.6	+6.6%	+4.5%
Primary Markets	46.3	45.5	+1.8%	+2.1%
Advanced Data Solutions	65.1	60.2	+8.1%	+3.7%
Corporate and Investor Solutions and Technology Services	45.9	41.8	+9.8%	+8.1%

Primary Markets revenue was €46.3 million in Q1 2025, an increase of +1.8% compared to Q1 2024. The first quarter recorded slower equity listing performance explained by a volatile environment. Euronext sustained its leading position for equity listing with 8 new listings.

Advanced Data Solutions revenue was €65.1 million in Q1 2025, up +8.1% compared to Q1 2024. This dynamic performance reflects the contribution of GRSS, strong appetite from retail and growing monetisation of diversified datasets.

Corporate and Investor Solutions and Technology Services revenue grew by +9.8% in Q1 2025 to €45.9 million. This strong performance reflects the continued commercial expansion of the governance SaaS offering, the increased use of colocation and microwave connectivity, and double-digit growth of investor solutions, supported by the acquisition of Substantive Research.

Following the completion of the acquisition of Admincontrol on 13 May 2025, Admincontrol’s revenue will be integrated with Corporate and Investor Solutions and Technology Services revenue from Q2 2025.

Net treasury income

Net treasury income was at €18.6 million (+58.8%). This reflect the benefit from the Euronext Clearing expansion and the internalisation of treasury income from LCH SA following the completion of the derivatives clearing migration, as well as higher cash collateral posted to the CCP due to the elevated market volatility.

Volume-related revenue
- FICC Markets

	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue (in €m)	90.7	72.5	+25.1%	+25.2%
Fixed income trading and clearing	51.8	39.1	+32.4%	+32.4%
Commodities⁹ trading and clearing	29.6	26.3	+12.8%	+13.9%
FX trading	9.2	7.1	+30.4%	+26.5%

Fixed income trading and clearing revenue reached €51.8 million in Q1 2025, up +32.4% compared to Q1 2024, driven by record fixed income trading activity supported by favourable market conditions.

Commodities trading and clearing revenue reached €29.6 million in Q1 2025, up +12.8% compared to Q1 2024, reflecting record intraday power trading volumes and dynamic agricultural commodity trading and clearing.

FX trading revenue was up +30.4%, at €9.2 million in Q1 2025, reflecting record trading volumes, and a positively geared volume mix.

Equity Markets

	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue (in €m)	108.4	91.9	+18.0%	+18.0%
Cash equity trading and clearing	94.0	76.8	+22.5%	+22.5%
Financial derivatives trading and clearing	14.4	15.1	-4.8%	-4.8%

Cash equity trading and clearing revenue was €94.0 million in Q1 2025, up +22.5% driven by exceptional market volatility. Euronext recorded average daily cash trading volumes of €13.8 billion, up +31.8% compared to Q1 2024. Revenue capture on cash trading averaged 0.50 bps for the first quarter of 2025, impacted by higher volumes, stronger intraday volatility and larger average order size. Euronext market share on cash equity trading averaged 64.1% in Q1 2025.

Financial derivatives trading and clearing revenue was €14.4 million in Q1 2025, -4.8% compared to Q1 2024. This decrease is mostly linked to the decrease of the average clearing fees, as following the clearing migration certain clearing fees are now reported in the line Other Post Trade revenues, and as such not fully comparable with Q1 2024.

Q1 2025 financial performance

In €m, unless stated otherwise	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue and income	458.5	401.9	+14.1%	+12.9%
Underlying operational expenses exc. D&A	(164.5)	(150.7)	+9.1%	+7.2%
Adjusted EBITDA	294.1	251.3	+17.0%	+16.4%
Adjusted EBITDA margin	64.1%	62.5%	+1.6pts	+1.9pts
Operating expenses exc. D&A	(164.3)	(159.4)	+3.1%	+1.2%
EBITDA	294.2	242.6	+21.3%	+20.6%
Depreciation & Amortisation	(48.3)	(44.0)	+9.8%	+10.6%
Total Expenses (inc. D&A)	(212.6)	(203.4)	+4.6%	+2.9%
Adjusted operating profit	272.6	232.3	+17.4%	+16.8%
Operating Profit	245.9	198.6	+23.8%
Net financing income / (expense)	(1.5)	4.7	N/A
Profit before income tax	244.4	203.3	+20.2%
Income tax expense	(67.8)	(54.7)	+24.0%
Share of non-controlling interests	(11.9)	(8.9)	+33.6%
Net income, share of the parent company shareholders	164.8	139.7	+17.9%
Adjusted Net income, share of the parent company shareholders¹⁰	183.5	164.2	+11.8%
Adjusted EPS (basic, in €)	1.80	1.58	+13.9%
Reported EPS (basic, in €)	1.62	1.35	+20.0%
Adjusted EPS (diluted, in €)	1.80	1.58	+13.9%
Reported EPS (diluted, in €)	1.61	1.34	+20.1%

Q1 2025 adjusted EBITDA

Underlying operating expenses excluding D&A¹ were at €164.5 million (+9.1%). The increase compared to Q1 2024 reflects investments in growth and the impact of acquisitions performed in 2024, partially offset by cost discipline. In addition, Q1 2024 expenses were positively impacted by one-off releases.

Driven by the double digit growth in revenue, adjusted EBITDA for the quarter reached €294.1 million, up +17.0% compared to Q1 2024. This represents an adjusted EBITDA margin of 64.1%, up 1.6pts vs. Q1 2024. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +16.4% compared to Q1 2024.

Q1 2025 non-underlying expenses profited from a one-off release of accruals. As a consequence, reported EBITDA was at €294.2 million, up +21.3% compared to Q1 2024.

Q1 2025 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €48.3 million in Q1 2025, +9.8% more than Q1 2024. PPA related to acquired businesses accounted for €20.4 million.

Adjusted operating profit was €272.6 million, up +17.4% compared to Q1 2024.

Euronext reported a net financing expense of €1.5 million in Q1 2025, compared to €4.7 million net financing income in Q1 2024. The variation reflects short-term FX movements and decreasing interest rates.

Income tax for Q1 2025 was €67.8 million. This translated into an effective tax rate of 27.7% for the quarter, compared to 26.9% in Q1 2024.

Share of non-controlling interests amounted to €11.9 million, correlated with the strong performance of MTS and Nord Pool.

As a result, the reported net income, share of the parent company shareholders, increased by +17.9% for Q1 2025 compared to Q1 2024, to €164.8 million. This represents a reported EPS of €1.62 basic and €1.61 diluted. Adjusted net income, share of the parent company shareholders, was up +11.8% to €183.5 million. Adjusted EPS (basic) was €1.80. This increase reflects higher profit and a lower number of outstanding shares over the first quarter of 2025 compared to Q1 2024.

The weighted number of shares used over the first quarter of 2025 was 101,695,588 for the basic calculation and 102,166,786 for the diluted calculation, compared to 103,640,164 and 104,040,256 respectively over the first quarter of 2024. The difference is due to the share repurchase programme executed by Euronext.

In Q1 2025, Euronext reported a net cash flow from operating activities of €190.6 million, compared to €184.6 million in Q1 2024, reflecting higher profit before tax and higher income tax paid in Q1 2025. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 88.1% of EBITDA in Q1 2025.

Q1 2025 corporate highlights since publication of the fourth quarter 2024 results on 13 February 2025

Euronext consolidates settlement on its markets to improve the competitiveness of European capital markets

On 12 March 2025, Euronext has announced that from September 2026, Euronext Amsterdam, Brussels, and Paris will designate Euronext Securities as the central securities depository (CSD) for equity trade settlements. This aligns with Euronext’s “Innovate for Growth 2027” strategic plan and aims to enhance the competitiveness of European capital markets by addressing post-trade fragmentation. Currently, equity trade settlement in Europe is fragmented across over 30 CSDs. This initiative allows clients to consolidate settlement and custody activities across multiple markets into a single CSD, streamlining operations and enhancing liquidity. It also aids them adapting to regulatory changes, such as the move to T+1 settlement in October 2027. Additionally, Euronext has moved its own shares to Euronext Securities, showcasing the benefits of this consolidation for equity issuers.

Dividend payment schedule for 2025

The Managing Board, upon the approval of the Supervisory Board, has decided to propose for approval at the Annual General Meeting the payment of a dividend of €2.90 per ordinary share (based on the total number of eligible shares). The dividend would be distributed evenly (pro rata the number of shares held) to holders of ordinary shares on the dividend record date set on 27 May 2025 (ex-dividend date is set on 26 May 2025 and payment date is set on 28 May 2025). This dividend represents a pay-out ratio of 50% of the reported net income, in line with Euronext’s current dividend policy.

Corporate highlights since 1 April 2025

Euronext completes the acquisition of Admincontrol

On 13 May 2025, Euronext announced the completion of the acquisition of 100% of the shares of Admincontrol for an enterprise value of NOK 4,650 million. This transaction complies with Euronext’s capital allocation policy, with a ROCE expected to exceed the WACC within three to five years post-closing¹¹. Admincontrol will be part of Euronext Corporate Solutions, strengthening the development of the franchise in the Nordics and the UK. This acquisition supports Euronext’s strategy to expand its software-as-a-service (SaaS) offering and increases Euronext’s share of subscription-based revenue. Admincontrol has experienced double-digit growth over the past five years, with NOK 452 million in revenue and NOK 200 million in EBITDA in 2024¹². From the second quarter of 2025, Admincontrol’s revenue will be integrated into Euronext’s revenue line Corporate and Investor Solutions and Technology Services.

Launch of European Common Prospectus to accelerate capital market integration and boost IPO activity across the EU

On 25 April 2025, Euronext has launched the European Common Prospectus, a standardised template for equity issuances, with the aim to integrate European capital markets more deeply. This initiative seeks to reduce regulatory fragmentation, enhance transparency, and promote cross-border investment. The prospectus, developed since November 2024, aligns with existing EU regulations and simplifies the listing process by reducing the required sections from 21 to 11. It uses English as the preferred language, facilitating cross-border access to capital. This new format benefits issuers by streamlining the listing process, and investors by providing consistency and comparability across EU jurisdictions. The full implementation of the Listing Act is expected by June 2026; but this prospectus addresses the immediate need to boost IPO activity in Europe in the meantime.

Euronext strengthens its support for European strategic autonomy

On 6 May 2025, Euronext announced the implementation of a full set of initiatives to support investments in European strategic autonomy. This includes the creation of a new series of thematic indices covering companies that contribute to Europe’s strategic autonomy, tailored solutions to enhance equity financing of European aerospace and defence companies and facilitated issuance of European defence bonds¹³.

Euronext volumes for April 2025

In April 2025, the average daily transaction value on the Euronext cash order book stood at €16.0 billion, up +44.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 712,389 lots, up +6.4% compared to April 2024, and the open interest was 25,388,147 contracts at the end of April 2025, up +6.4% compared to April 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $38.2 billion, up +33.1% compared to the same period last year. Average daily day-ahead power traded was 2.7TWh, down -3.5% compared to the same period last year, and average daily intraday power traded was 0.5TWh, up +37.4% compared to April 2024. MTS Cash average daily volumes were up +55.4% to €55.8 billion in April 2025, MTS Repo term adjusted average daily volume stood at €723.1 billion, up +50.1% compared to the same period last year. Euronext Clearing cleared 32,206,770 shares in April 2025, +58.2% compared to April 2024. €2,752 billion of wholesale bonds were cleared in April 2025 (double counted), up +19.7% compared to the same period in 2024. 1,098,474 bond retail contracts were cleared in April 2025 (double counted), down -18.0% compared to April 2024. The number of derivatives contracts cleared was 14,247,781, up +934.7% compared to April 2024 (single counted). Euronext Securities reported 12,506,259 settlement instructions in April 2025, up +14.0% compared to the same period last year. The total Assets Under Custody reached over €7.0 trillion in April 2025, up +3.0% compared to the same period last year.

Results Webcast

A webcast will be held on Thursday, 15 May 2025, at 09:00 CEST (Paris time) / 08:O0 BST (London time):

Live webcast:

For the live webcast go to: Webcast

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

ANALYSTS & INVESTORS – ir@euronext.com

Investor Relations Aurélie Cohen

Judith Stein +33 6 15 23 91 97

MEDIA – mediateam@euronext.com

Europe Aurélie Cohen +33 1 70 48 24 45

Andrea Monzani +39 02 72 42 62 13

Belgium Marianne Aalders +32 26 20 15 01

France, Corporate Flavio Bornancin-Tomasella +33 1 70 48 24 45

Ireland Andrea Monzani +39 02 72 42 62 13

Italy Ester Russom +39 02 72 42 67 56

The Netherlands Marianne Aalders +31 20 721 41 33

Norway Cathrine Lorvik Segerlund +47 41 69 59 10

Portugal Sandra Machado +351 91 777 68 97

Corporate Solutions Andrea Monzani +39 02 72 42 62 13

About Euronext

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

As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

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

Disclaimer

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

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

Appendix

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

Non-IFRS financial measures

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

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

Non-IFRS measures are defined as follows:

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

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

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

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

Consolidated income statement

	Q1 2025			Q1 2024
in €m, unless stated otherwise	Underlying	Non-underlying	Reported	Underlying	Non-underlying	Reported
Revenue and income	458.5	–	458.5	401.9	–	401.9
Securities Services	83.4	–	83.4	78.1	–	78.1
Custody and Settlement	75.8	–	75.8	67.9	–	67.9
Other Post Trade	7.6	–	7.6	10.2	–	10.2
Capital Markets and Data Solutions	157.4	–	157.4	147.6	–	147.6
Primary Markets	46.3	–	46.3	45.5	–	45.5
Advanced data solutions	65.1	–	65.1	60.2	–	60.2
Corporate and Investor Solutions and Technology Services	45.9	–	45.9	41.8	–	41.8
Net treasury income	18.6	–	18.6	11.7	–	11.7
FICC Markets	90.7	–	90.7	72.5	–	72.5
Fixed income trading and clearing	51.8	–	51.8	39.1	–	39.1
Commodities income trading and clearing	29.6	–	29.6	26.3	–	26.3
FX trading	9.2	–	9.2	7.1	–	7.1
Equity Markets	108.4	–	108.4	91.9	–	91.9
Cash equity trading and clearing	94.0	–	94.0	76.8	–	76.8
Financial derivatives trading and clearing	14.4	–	14.4	15.1	–	15.1
Other income	0.1	–	0.1	0.2	–	0.2
Operating expenses excluding D&A	(164.5)	0.1	(164.3)	(150.7)	(8.7)	(159.4)
Salaries and employee benefits	(86.9)	(0.5)	(87.3)	(80.7)	(4.4)	(85.1)
Other operational expenses, of which	(77.6)	0.6	(77.0)	(70.0)	(4.3)	(74.3)
System & communication	(25.9)	(0.1)	(26.0)	(24.6)	(1.4)	(26.0)
Professional services	(18.1)	1.0	(17.1)	(11.9)	(1.9)	(13.8)
Clearing expense	(0.2)	–	(0.2)	(9.1)	–	(9.1)
Accommodation	(4.6)	(0.2)	(4.8)	(3.8)	(0.3)	(4.1)
Other operational expenses	(28.8)	–	(28.8)	(20.6)	(0.7)	(21.3)
EBITDA	294.1	0.1	294.2	251.3	(8.7)	242.6
EBITDA margin	64.1%		64.2%	62.5%		60.4%
Depreciation & amortisation	(21.5)	(26.8)	(48.3)	(19.0)	(25.0)	(44.0)
Total expenses	(185.9)	(26.7)	(212.6)	(169.7)	(33.7)	(203.4)
Operating profit	272.6	(26.7)	245.9	232.3	(33.7)	198.6
Net financing income / (expense)	(1.5)	–	(1.5)	4.7	(0.0)	4.7
Profit before income tax	271.1	(26.7)	244.4	237.0	(33.7)	203.3
Income tax expense	(74.9)	7.1	(67.8)	(63.4)	8.7	(54.7)
Non-controlling interests	(12.7)	0.9	(11.9)	(9.3)	0.4	(8.9)
Net income, share of the parent company shareholders	183.5	(18.8)	164.8	164.2	(24.5)	139.7
EPS (basic, in €)	1.80		1.62	1.58		1.35
EPS (diluted, in €)	1.80		1.61	1.58		1.34

Adjusted EPS definition

	Q1 2025	Q1 2024
Net income reported	164.8	139.7
EPS reported	1.62	1.35
Adjustments for non-underlying items included in:
Operating expenses exc. D&A	0.1	(8.7)
Depreciation and amortisation	(26.8)	(25.0)
Minority interest	0.9	0.4
Tax related to adjustments	7.1	8.7
Adjusted net income	183.5	164.2
Adjusted EPS	1.80	1.58

Consolidated comprehensive income statement

	Q1 2025	Q1 2024
Profit for the period	176.6	148.6

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	16.9	(26.3)
– Income tax impact on exchange differences on translation of foreign operations	(1.1)	2.6
– Gains and losses on cash flow hedges	2.2	–
– Change in value of debt investments at fair value through other comprehensive income	–	0.2
– Income tax impact on change in value of debt investments at fair value through other comprehensive income	–	(0.1)

Items that will not be reclassified to profit or loss:
– Remeasurements of post-employment benefit obligations	(2.5)	(0.3)
Other comprehensive income for the period, net of tax	15.5	(23.8)
Total comprehensive income for the period	192.1	124.8

Comprehensive income attributable to:
– Owners of the parent	179.9	116.6
– Non-controlling interests	12.2	8.2

Consolidated statement of financial position

in €m	31 March 2025	31 December 2024
Non-current assets
Property, plant and equipment	107.4	106.2
Right-of-use assets	88.2	57.5
Goodwill and other intangible assets	6,096.5	6,096.2
Deferred income tax assets	29.1	30.4
Investments in associates and joint ventures	0.8	0.8
Financial assets at fair value through OCI	357.0	357.0
Other non-current assets	3.4	3.5
Total non-current assets	6,682.4	6,651.6

Current assets
Trade and other receivables	574.2	412.9
Income tax receivable	17.5	11.4
Derivative financial instruments	2.2	–
CCP clearing business assets	341,647.6	270,288.7
Other current financial assets	59.5	63.8
Cash & cash equivalents	1,642.3	1,673.5
Total current assets	343,943.3	272,450.3

Total assets	350,625.7	279,101.8

Equity
Shareholders’ equity	4,224.6	4,245.2
Non-controlling interests	161.7	156.8
Total Equity	4,386.3	4,402.0

Non-current liabilities
Borrowings	2,537.5	2,537.0
Lease liabilities	71.7	46.2
Other non-current financial liabilities	3.5	3.5
Deferred income tax liabilities	495.1	496.8
Post-employment benefits	23.0	21.0
Contract liabilities	54.2	56.4
Other provisions	7.0	7.2
Total Non-current liabilities	3,192.1	3,168.2

Current liabilities
Borrowings	524.0	516.5
Lease liabilities	21.9	15.8
Derivative financial instruments	–	0.1
CCP clearing business liabilities	341,695.3	270,357.9
Income tax payable	99.3	91.1
Trade and other payables	526.5	464.3
Contract liabilities	176.2	80.1
Other provisions	4.1	5.9
Total Current liabilities	343,047.3	271,531.7

Total equity and liabilities	350,625.7	279,101.8

*The comparative figures for CCP clearing business assets and liabilities were both adjusted upwards by €69,713.3 million in the Universal Registration Document 2024 as published on 28 March 2025 due to an adjustment in the recognition of clearing business assets and clearing business liabilities, when compared to the positions in the press release dated 13 February 2025.

Consolidated statement of cash flows

in €m	Q1 2025	Q1 2024
Profit before tax	244.4	203.3
Adjustments for:
– Depreciation and amortisation	48.3	44.0
– Share based payments	3.9	3.9
– Changes in working capital	(37.4)	(36.6)
Cash flow from operating activities	259.2	214.7
Income tax paid	(68.6)	(30.0)
Net cash flows from operating activities	190.6	184.6

Cash flow from investing activities
Purchase of current financial assets	(0.7)	(21.7)
Redemption of current financial assets	5.7	18.6
Purchase of property, plant and equipment	(6.8)	0.1
Purchase of intangible assets	(23.0)	(16.4)
Interest received	10.3	10.4
Proceeds from sale of property, plant, equipment and intangible assets	–	0.1
Net cash flow from investing activities	(14.6)	(8.9)

Cash flow from financing activities
Interest paid	(0.8)	(0.2)
Payment of lease liabilities	(5.5)	(5.5)
Transactions in own shares	(204.5)	(2.1)
Dividends paid to non-controlling interests	–	(0.3)
Net cash flow from financing activities	(210.8)	(8.2)

Total cash flow over the period	(34.8)	167.6
Cash and cash equivalents – Beginning of period	1,673.5	1,448.8
Non-cash exchange gains/(losses) on cash and cash equivalents	3.6	(6.8)
Cash and cash equivalents – End of period	1,642.3	1,609.6

Volumes for the first quarter of 2025

Securities Services

Euronext Securities activity	Q1 2025	Q1 2024	% var
Number of settlement instructions over the period	39,317,842	35,963,785	+9.3%
Assets under Custody (in €bn), end of period	7,132	6,871	+3.8%

Capital Markets

	Q1 2025	Q1 2024	% var
Number of trading days	63	63	–
Listings
Number of Issuers on Equities
Euronext	1,786	1,860	-4.0%
SMEs	1,397	1,463	-5.0%
Number of Listed Securities
Funds	2,163	2,392	-10.0%
ETFs	4,158	3,861	+8.0%
Bonds	55,645	56,862	-2.0%
Capital raised on primary and secondary market
Total Euronext, (€ million)
Number of new equity listings	8	10
Money Raised – New equity listings (including over-allotment)	237	156	+52.0%
Money Raised – Follow-ons on equities	2,850	8,012	-64.0%
Money Raised – Bonds	316,716	380,183	-17.0%
Total Money Raised	319,803	388,352	-18.0%
of which SMEs
Number of new equity listings	8	9
Money Raised – New equity listings (including over-allotment)	237	156	+52.0%
Money Raised – Follow-ons on equities	1,278	4,957	-74.0%
Money Raised – Bonds	396	478	-17.0%
Total Money Raised	1,911	5,591	-66.0%

FICC Markets

Fixed income trading

	Q1 2025	Q1 2024	% var
Transaction value (€ million, single counted)
MTS
ADV MTS Cash	56,791	34,658	+64.0%
TAADV MTS Repo	508,929	491,789	+3.0%
Other fixed income
ADV Fixed income	1,932	1,744	+11.0%

Fixed income clearing

Number of transactions and lots cleared	Q1 2025	Q1 2024	% var
Bonds – Wholesale (nominal value in €bn – double counted)	8,160	7,392	+10.0%
Bonds – Retail (number of contracts – double counted)	4,175,846	3,800,084	+10.0%

Commodities markets

	Q1 2025	Q1 2024	% var
Number of trading days	90	91	-1.1%
Power volume (in TWh)
ADV Day-ahead Power Market	3.28	3.32	-1.2%
ADV Intraday Power Market	0.43	0.29	+47.3%

	Q1 2025	Q1 2024	% var
Number of trading days	63	63	–
Derivatives Volume (in lots)
Commodity	*7,886,335*	*7,193,909*	+9.6%
Futures	7,570,868	6,756,390	12.1%
Options	315,467	437,519	-27.9%
Derivatives ADV (in lots)
Commodity	125,180	114,189	9.6%
Futures	120,173	107,244	12.1%
Options	5,007	6,945	-27.9%

	31 March 2025	31 March 2024	% var
Open interest (in lots)

Commodity	1,043,370	923,004	+13.0%
Futures	841,449	584,361	+44.0%
Options	201,921	338,643	-40.4%

FX Markets

	Q1 2025	Q1 2024	% var
Number of trading days	63	63	–
FX volume ($m, single counted)
Total Euronext FX	1,856,742	1,583,472	+17.3%
ADV Euronext FX	29,472	24,742	+19.1%

Equity Markets

Cash trading

	Q1 2025	Q1 2024	% var
Number of trading days	63	63	–
Number of transactions (buy and sell)
Total Cash Market	188,721,610	152,340,714	+24.0%
ADV Cash Market	2,995,581	2,418,107	+24.0%
Transaction value (€ million, single counted)
Total Cash Market	867,015	657,688	+31.8%
ADV Cash Market	13,762	10,439	+31.8%

Cash clearing

Number of transactions and lots cleared	Q1 2025	Q1 2024	% var
Shares (number of contracts – single counted)	76,849,676	58,446,470	+31.0%
Derivatives (number of contracts – single counted)	42,112,910	5,823,089	+623.0%

Financial derivatives markets

	Q1 2025	Q1 2024	% var
Number of trading days	63	63	–
Derivatives Volume (in lots)
Equity	34,226,575	32,815,066	+4.3%
Index	11,889,419	12,477,980	-4.7%
Futures	6,946,746	7,240,666	-4.1%
Options	4,942,673	5,237,314	-5.6%
Individual Equity	22,337,156	20,337,086	+9.8%
Futures	489,757	574,911	-14.8%
Options	21,847,399	19,762,175	+10.6%

Derivatives ADV (in lots)
Equity	543,279	520,874	+4.3%
Index	188,721	198,063	-4.7%
Futures	110,266	114,931	-4.1%
Options	78,455	83,132	-5.6%
Individual Equity	354,558	322,811	+9.8%
Futures	7,774	9,126	-14.8%
Options	346,784	313,685	+10.6%

Open interest (in lots)	31 March 2025	31 March 2024	% var
Equity	23,589,360	21,831,754	+8.1%
Index	1,052,853	878,571	+19.8%
Futures	477,425	638,777	-25.3%
Options	575,428	239,794	+140.0%
Individual Equity	22,536,507	20,953,183	+7.6%
Futures	165,404	564,408	-70.7%
Options	22,371,103	20,388,775	+9.7%

¹www.euronext.com/en/media/13322/download
² Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
³ Fixed income, commodities and currencies
⁴ Last twelve months reported and adjusted EBITDA
⁵ Like-for-like basis at constant currency
⁶www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-european-common-prospectus-accelerate-capital
⁷www.euronext.com/en/about/media/euronext-press-releases/euronext-strengthens-its-support-for-european-strategic
⁸www.euronext.com/en/about/media/euronext-press-releases/euronext-completes-acquisition-admincontrol
⁹ Including revenue from power trading and clearing
¹⁰ For the total adjustments performed please refer to the Appendix of this press release
¹¹ The cashflow related to the transaction will be communicated as part of Q2 2025 results
¹² Unaudited figures
¹³www.euronext.com/en/about/media/euronext-press-releases/euronext-strengthens-its-support-for-european-strategic

Attachment

2025_Euronext_PR_Q12025_VF

The MIL Network –

May 15, 2025

MIL-OSI USA: East Asia and Pacific Subcommittee Chairwoman Kim Delivers Opening Remarks at Hearing on National Economic Security

Source: US House Committee on Foreign Affairs

Media Contact 202-321-9747

WASHINGTON, D.C. – Today, House Foreign Affairs East Asia and Pacific Subcommittee Chairwoman Young Kim delivered opening remarks at a full committee hearing titled, “National Economic Security, Advancing US Interests Abroad.”

Watch Here

-Remarks-

Good morning and welcome to the East Asia and the Pacific Subcommittees, national security, national economic security advancing U.S. interests abroad. In 2019, William Burns, one of our most decorated diplomats and former CIA director described the Department of State as adrift. Over the years, the department has had trouble finding its purpose as functions and authorities have been stripped away or absorbed by the National Security Council, Department of Defense, and even agencies traditionally focused on domestic issues.

For more than 170 years, economic statecraft was led by the Department of State. This changed in 1961 when President Kennedy sought to expand the administrative state, pulling functions and authorities out of the department to create new agencies and organizations, including the United States Trade Representative, which would be responsible for conducting all US trade and investment diplomacy. The justification for pulling these trade and investment functions out of the department was to improve the government’s capacity to prioritize and support US businesses, strengthen the export performance of U.S. industry and assure fair international trade practices. However, it has effectively split our economic interests from our diplomatic priorities, which has resulted in several challenges.

First challenge is that it has not helped to increase the ability of U.S. businesses to access foreign markets. In practice, the foreign commercial service and foreign agriculture service officers are few in number and often positioned at U.S. embassies without alignment to our foreign policy priorities. When I travel abroad, I routinely meet with FCS personnel who explain that they spend most of their time engaged in trade shows and organizing events with minimal direct work on increasing and securing market access for American businesses. Because they are siloed off from our diplomatic efforts of the Department of State, they are restricted in leveraging the other tools in our diplomatic toolkit to assist American companies.

Second challenge is that the American market has been left susceptible to predatory foreign competition. Our ability to protect American businesses and workers has been severely hampered, leading to calls from across the country for the executive to act and repatriate entire industries and sectors. President Trump, like his predecessors, has repeatedly said that economic security, economic policy is foreign policy. Unfortunately, we have not implemented the structural reforms needed to mobilize that sentiment.

Even President Obama asked Congress for the authority to consolidate six agencies with trade and investment functions in 2012. This request was not supported by Congress. Bipartisan administrations have independently come to the same conclusion. The current alignment of functions and agencies charged with leading our economic statecraft effort is in need of structural reform. I agree that economic security is national security, and the key question we’ll be asking today is what structural reforms are necessary to reflect this prioritization. So we intend to answer that question in our committee’s first comprehensive state authorization legislation that we will be doing in more than 20 years.

###

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Crapo Statement at Hearing on Trade in Critical Supply Chains

US Senate News:

Source: United States Senator for Idaho Mike Crapo
Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered the following remarks at a hearing entitled, “Critical Supply Chains.”
As prepared for delivery:
“Trade has the ability to increase productivity, incomes and the availability of goods. While we talk often about how the increased supply and choice of goods that come from international trade benefit our consumers, we sometimes forget that this also benefits our producers.
“In fact, a majority of what we import each year is reinvested into more manufacturing, processing and farming activity. Efficient and reliable supply chains help American businesses, farmers and workers expand their production and focus their resources on the high-value aspects of an industry.
“The issue we must be wary about is when supply chains turn unreliable, in particular because they are controlled by countries that refuse to follow free-market rules, such as China. As we are all aware, China continues its march toward expanding control over key resources and goods, and thus over the world’s supply chains.
“For example, advanced semiconductors increasingly rely on the rare earths mineral dysprosium. Ninety-nine percent of dysprosium comes from China.
“This is not an isolated case where China has dominance over a strategic resource. China controls over ninety percent of global processing for rare earths minerals and seventy percent for cobalt, which is used in batteries for electric cars, smartphones and other components.
“The way China uses trade and investment to expand its control over resources outside its own borders is particularly concerning. Indonesia has 40 percent of the world’s reserves for nickel, the largest of any single country. Yet, Chinese firms control about 75 percent of Indonesia’s nickel refining capacity.
“We need to take a hard look at the reality of our situation and develop an aggressive strategy to counter China.
“Our domestic policies are at fault in some instances. There are things we can produce efficiently here, but burdensome and unnecessary regulation stalls development of many important projects.
“We should not have to learn from another economic shock, like the oil embargo of the 1970s—to realize that where we have resources or potential for investment, it must be unleashed.
“Both sides of the aisle agree that we need a strong semiconductor industry. In Asia, new semiconductor fabs are being built and deployed in under three years.
“In the United States, the semiconductor industry—one of the safest manufacturing sectors for workers—must contend with a myriad of permitting measures that provide only marginal, if any, benefit. These permits, however, guarantee increased delays and costs, often adding years to projects.
“As part of its economic policy, the Trump Administration has prioritized deregulation as a means to drive economic growth, and I look forward to working with them to rationalize our regulatory system.
“In many other cases, geography and geology do not provide the United States with all the natural resources that we require. Here, the fault rests mainly with the failure to develop an affirmative trade policy. An affirmative trade policy ensures our consumers and manufacturers have access to the resources that our nation needs to be secure and independent.
“Here, for example, the Trump Administration was correct to exempt Canadian potash—a key nutrient for our corn and soy farmers, from recent tariffs.
“Another key to the Administration’s economic approach is to renegotiate global trade deals, including deals that reclaim America’s lead over China.
“Critically, these deals will be particularly useful in strengthening supply chains, if they improve market access opportunities. Our trading partners must respect American investment and afford it the same treatment given to their own companies.
“Our partners must also realize that it bolsters their security when they do not inhibit access to cutting-edge American technology, like our state-of-the-art medical devices.
“Unfortunately, a number of trading partners use price controls, technology theft, weak intellectual property protections or unreasonable government procurement policies to keep these devices out of their markets. Such actions only undermine the health of their own citizens, while leaving a strategic opening for China.
“Today, we have an opportunity to consider these issues carefully. Our four witnesses are experts on industries critical to America’s economic security. We should encourage thoughtful debate on how to advance a trade policy that strengthens the security of our supply chains and creates opportunities for all Americans.”

MIL OSI USA News –

May 15, 2025
MIL-OSI Russia: Chile has remained China’s largest cherry supplier for over a decade.

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

BEIJING, May 14 (Xinhua) — Chile has been China’s top cherry supplier for more than a decade, according to data released Wednesday by the General Administration of Customs.

In the first four months of this year, China imported cherries from Chile worth 17.54 billion yuan (about $2.44 billion), accounting for 16.2 percent of the total import volume from the Latin American country.

Bilateral trade turnover from January to April this year increased by 5.4 percent year-on-year to 163.19 billion yuan, setting a new record. The growth rate of this indicator is 3 percentage points higher than the growth rate of China’s foreign trade turnover.

China and Chile established diplomatic relations in 1970. Chile is the first Latin American country to sign a free trade agreement with China and is China’s third largest trading partner in Latin America. China is Chile’s largest trading partner.

Trade turnover between the two countries increased from 70.85 billion yuan in 2006 to 437.95 billion yuan in 2024, with an average annual growth rate of 11.2 percent. -0-

MIL OSI Russia News –

May 15, 2025
MIL-OSI USA: Statement by Commissioner Summer K. Mersinger on her Departure from the Commodity Futures Trading Commission

Source: US Commodity Futures Trading Commission

After careful consideration, long discussions with my family, and lots of prayers, I have decided to step down from my position as Commissioner at the Commodity Futures Trading Commission (“CFTC”) at the end of the month, to pursue new opportunities. This decision is not easy, and it breaks my heart to leave the agency that I have grown to love so much over the last five years. It has been a privilege to work and serve at the CFTC in both the first and the current Trump Administrations, doing my part to assist in pursuing the President’s important policies.
While I have spoken often of my agricultural roots, I have not spent much time talking about my upbringing. My parents did not go to college. They went straight from high school to the workforce. My dad worked from the early morning hours until late at night, and my mom sometimes worked two jobs to make ends meet. We lived in a small trailer house, our family outings were church on Sunday, and the only time we ate out was when our church hosted a potluck lunch after Mass. Despite the lack of material comforts, we never lacked love, support, or encouragement. My parents sacrificed so that my siblings and I could live out our dreams.
My background really is not unique or noteworthy, and I suspect many Americans share a similar life story. I share this to explain just how grateful I am for the opportunities I have had throughout my life. When I started answering phones for Congressman John Thune in the summer of 1999, I could not possibly imagine the career opportunities before me, and I am still in awe today. I owe a huge debt of gratitude to my parents who worked to support my dreams, and to Majority Leader John Thune who took a chance on a small-town kid from Onida, South Dakota.
Over the last three years as a commissioner, I have been incredibly fortunate to be surrounded by a stellar team who made me look good every day. Thank you to Terry Arbit, Libby Mastrogiacomo, Josh Beale and Tim Achinger for sharing your brilliant legal minds and for all the hours and effort you selflessly contributed over the years.
Thanks to Lauren Fulks, an absolute hidden gem in the agency, who took my vision for the Energy and Environmental Markets Advisory Committee (“EEMAC”) and made it a reality, and Lillian Cardona and JonMarc Buffa for diligently working with an extraordinary team of professionals to create masterful reports from our EEMAC subcommittees.
A special thanks to the members of the EEMAC for their intellectual curiosity and willingness to go “off-road” in the pursuit of understanding America’s energy sector.
I also want to thank LaTasha Pate and Janet Schmautz for keeping the office, and the staff, running smoothly.
And finally, I need to say thank you to my chief of staff, Chris Lucas. The title of chief of staff does not come close to covering all of Chris’s duties over the last few years. Chris was the optimism to my realism, the morning person to my hatred of anything happening before 10 am, my cheerleader, and the voice of reason when I needed someone to tell me the hard truth.
Thank you to all my staff for working so hard on my behalf and on behalf of the CFTC and, most importantly, thank you for your willingness to tell me “No” when I needed to hear it.
I will miss the work and my fellow commissioners, who have become close friends. But most of all, I will miss the amazing team at the CFTC. The talented staff at this agency are true public servants committed to fulfilling the agency’s mission. They are the heart of the agency and of great value to the United States government. It has been an honor to both work with you and learn from you. Thank you.
I have always loved the following quote from A.A. Milne, and I can think of no better words to express my sentiment as I prepare to step into the next adventure in my career:
“How lucky am I to have something that makes saying goodbye so hard.”

MIL OSI USA News –

May 15, 2025
MIL-OSI Asia-Pac: Remarks by CE at media session in Kuwait City (with photo)

Source: Hong Kong Government special administrative region

The Chief Executive, Mr John Lee, concluded the visit of the business delegation comprising representatives from Hong Kong and Mainland enterprises to Middle East together with the Chairman of the Hong Kong Trade Development Council, Dr Peter Lam; the Chairman of the Hong Kong General Chamber of Commerce, Ms Agnes Chan; and the Chairman of the Dongchao Information Technology (Shanghai) Company Limited, Mr Wang Chaoyou, in Kuwait City, Kuwait, today (May 14, Kuwait City time). Following are the remarks by Mr Lee:

Chief Executive: Today marks the final day of our visit to Kuwait. I would like to extend my gratitude to the Kuwaiti Government for its high-level hospitality and meticulous arrangements. I am particularly grateful to the Kuwaiti Government for arranging the government team to stay at Bayan Palace. We are particularly grateful to the Acting Prime Minister for hosting the whole delegation for lunch at the Palace, leaving an unforgettable memory amongst all members of the delegation.

Yesterday, I met with His Highness the Amir of Kuwait, followed by the meeting with His Highness the Crown Prince. And then I also met the Acting Prime Minister, who hosted a roundtable discussion attended by senior Kuwaiti officials. We share a common commitment to deepening bilateral co-operation in trade, investment and cultural exchanges.

During our visit to Kuwait, we signed and reached 24 Memoranda of Understanding (MOUs) and co-operation agreements, spanning across trade, investment, financial services, technology, legal co-operation, customs facilitation, aviation, tertiary education, etc.

Today is the last day of our Middle East visit. I would like to do a sum-up of my four-day visit to Kuwait and Qatar. The delegation comprised Hong Kong and Mainland business leaders. We achieved three key objectives:

1. To strengthen government-to-government relations;
2. To find new areas of collaboration;
3. To make friends, and extend our network.

The visit is successful, particularly in six areas.

First, we strengthened relations between the Hong Kong Special Administrative Region (HKSAR) Government and the governments of Qatar and Kuwait, establishing collaborative consensus.

Second, the visit resulted in a total of 59 MOUs and agreements, 35 in Qatar and 24 in Kuwait, spanning across diverse areas and laying a robust groundwork for multifaceted co-operation.

Third, we deepened mutual understanding and strengthened commercial and trading networks. Delegation members have expanded their network and connections, promoting the strengths and opportunities of Hong Kong and the Mainland to partners in Qatar and Kuwait.

Fourth, we showcased Hong Kong’s unique role under “one country, two systems” as a “super connector” and “super value-adder”, bridging global opportunities. I invited, for the first time, over 20 Mainland enterprise representatives to join the delegation, reflecting the synergy between Hong Kong and the Mainland. We together aim to provide end-to-end supply chain solutions for the Middle East and beyond.

Fifth, we bolstered ties with Gulf Cooperation Council (GCC) member states. We created broader opportunities. Plus the two countries I have visited during my last Middle East visit, we have now visited four of the six GCC member states, representing two-thirds of the bloc and 90 per cent of its population The HKSAR Government is now actively exploring a free trade agreement with the GCC to further access this vital market.

Sixth, we advanced people-to-people exchanges. Two days ago, I announced Qatar’s new 30-day visa-free arrangement for HKSAR passport holders. I am pleased now to further announce that the UAE (United Arab Emirates) will grant Hong Kong 30-day visa-free access starting May 15, while Oman will on the same date extend its visa-free period from 10 days to 14 days.

In meetings with leaders and officials, I appreciated their forward-looking vision and understanding of Hong Kong’s unparalleled advantages under “one country, two systems” as a bridge between the Mainland and the world. Middle East countries are seeking diversification of risks and looking for opportunities in China and the HKSAR in order to join the tide of the global economic shift towards the East. In this, Hong Kong has boundless opportunities.

Reporter: I just have a couple of questions for you, please. Can you talk to us about the relationship between Kuwait and Hong Kong in particular, and Kuwait and China in general? The second question is about the Memoranda of Understanding that you have signed yesterday and today. How can you describe them? And how do they benefit the relations between Kuwait and Hong Kong?

Chief Executive: We have a very strong foundation of understanding and co-operation with Kuwait. Kuwait is the first country to sign two agreements together with Hong Kong. One is the agreement on investment protection and promotion, and another agreement is about the avoidance of double taxation. That speaks for the strong link, which has been established long ago between Hong Kong and Kuwait. We have been inspired by the Kuwait Vision 2035, which covers many areas in full alignment with what Hong Kong is doing and focusing on. The Kuwait Vision 2035 covers areas to transform Kuwait into financial centre, trading centre, infrastructure-building, human capital development, healthcare, sustainability, and also building Kuwait into a country of influence in this region and globally.

Hong Kong has a vision very similar to Kuwait in this regard. Hong Kong is a financial centre, and is a shipping and trading centre, and we are developing Hong Kong into an I&T (innovation and technology) hub. We are quite proud of our education, because despite Hong Kong being just a city of 1 100 square kilometres, we have five universities that are within the top 100 globally, and we are quite strong in R&D (research and development), particularly a lot of our universities’ research has been graded outstanding. What we are working hard is raising Hong Kong’s profile in all this regard. Sustainability is also one of our focuses, both in what we do environmentally and also financially. We are doing a lot of green finance, and we emphasise strongly (ESG) compliance. That is where we are going, and we think there are a lot of things, because our visions just align so much together – a lot to do – and that is between Hong Kong and Kuwait. I am very thankful and grateful to His Highness, Amir of Kuwait, to meet me, and I am grateful to the Prime Minister also, to host a lunch in the palace for the whole team. Throughout all the meetings and discussions, we have very common understanding that we should co-operate more in different areas.

Coming to the relation between China and Kuwait, China is Kuwait’s, I think, largest trade partner, and the diplomatic relations between China and Kuwait started long, long time ago, and the partnership is close and ever-rising. When I honourably saw His Highness, Amir of Kuwait, I felt his friendship, genuineness, and sincerity of building good relations between Kuwait and China. I am honoured to be able to be part of that success story. My whole team feels proud to be in that part of success story.

Coming to the MOUs we have signed with Kuwait, both the governments and different parties, 24 agreements and MOUs, they cover a wide range of areas. Despite the very good foundation we already have, we are now formally telling people of the two places where are the main directions of co-operation both governments agree on. That helps in aligning direction, energy, focuses and also our time, because time is precious. So all of them now, these are the areas we can co-operate on and work hard on as well. That will bring returns in much shorter time, in much bigger scale. Already, I have heard some delegations forming to come to Hong Kong, so as to further continue the link. I am very positive with the overall results, and I will be seeing a lot of activities, not just between government-and-government exchange, but also business-to-business, individuals-to-individuals. And that is why I am also very thrilled to announce a lot of convenience that we have created for visa, for going through the boundary, both goods and people.

(Please also refer to the Chinese portion of the remarks.)

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI: XenDex Prepares to Reveal Full Platform Mockup Design as $XDX Presale Nears Final Countdown
Source: GlobeNewswire (MIL-OSI)

SYDNEY, May 14, 2025 (GLOBE NEWSWIRE) — XenDex, the first all-in-one decentralized exchange on the XRP Ledger, is proud to announce that its full platform is actively in development, and a first-look mockup design is set to be revealed in a few hours.

With all core features being built into a sleek, user-friendly interface, XenDex is delivering what no other XRPL-based project has offered to date: a unified DeFi experience that combines AI-powered copy trading, non-custodial lending and borrowing, staking, cross-chain trading, and DAO governance, all within a single platform.

Purchase $XDX At A low Price

XenDex Platform Preview Coming Soon

To demonstrate the depth of development underway, XenDex will release visual mockups of the upcoming platform, giving investors and community members an exclusive preview of how the platform will look, feel, and function.

From live trading interfaces to lending dashboards, staking portals, and AI copy trading modules, this upcoming design reveal will provide a clear glimpse into the future of decentralized finance on XRP.

Buy $XDX Now & Earn Rewards

Why You Should Join the $XDX Presale Before It’s Too Late

As development accelerates, the $XDX token presale is rapidly approaching sellout, and the current entry price will not last much longer.
- Current Rate: 1.25 XRP = 10 XDX
- Minimum Buy: 150 XRP
- Soft Cap: Reached
Buy Now Before Presale Ends: https://xendex.net/presale

Once sold out, the next chance to acquire $XDX will be on major centralized exchanges, at a significantly higher price.

$XDX: The Utility Token Powering XenDex

The $XDX token unlocks full access to all features on the XenDex platform, including:
- Governance voting
- Reduced trading & borrowing fees
- Staking rewards & liquidity incentives
- Copy trading integration
- Collateral for lending protocols
- Priority access to new features and airdrops
Buy XDX Before Listing On Exchange

XenDex Platform Key Features
- AI-Powered Copy Trading – Mirror professional traders to maximize gains
- Lending & Borrowing – Borrow and lend XRP and $XDX with smart contract security
- Cross-Chain Trading – Swap XRP with tokens across BNB Chain, Solana, and more
- Staking & Yield Farming – Earn while supporting platform liquidity
- DAO Governance – $XDX holders vote on upgrades, proposals, and token listings
With its clean, mobile-friendly design, XenDex is being built to onboard everyone, from DeFi beginners to institutional traders.

Join the XenDex Movement

Website: https://xendex.net
Presale: https://xendex.net/presale
Telegram: https://t.me/xendexcommunity
Twitter/X: https://x.com/xendex_xrp
Docs: https://xdxdocs.gitbook.io

Contact:
Frank Richards
Frank@xendex.net

Disclaimer: This is a paid post provided by XenDex. 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.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aefbc255-de35-4f03-a6ec-b8786296bf8d

The MIL Network –
May 15, 2025
MIL-OSI: Flex Launches Petition to Expand HSA/FSA Eligibility Across Women’s Health

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, May 14, 2025 (GLOBE NEWSWIRE) — In recognition of Women’s Health Month, Flex, the leading HSA/FSA payment solution for health and wellness brands, has launched a petition urging the IRS and U.S. Department of the Treasury to expand HSA/FSA eligibility across a broader range of essential women’s health products and services.

While the CARES Act of 2020 marked a meaningful milestone by making menstrual care products eligible for tax-free reimbursement, many other vital women’s health needs remain excluded. For example, products to reduce or alleviate symptoms of menopause related to sexual function and pelvic floor often require Letters of Medical Necessity (LMN). The same is true for doula services and lactation consultants.

“There is too much friction to use your HSA/FSA funds on essential women’s health products services,” said Sam O’Keefe, Co-Founder and CEO of Flex. “It’s time we align healthcare benefits with modern women’s health needs.”

Paving the way for Women’s Health

Flex’s petition calls for eligibility expansion to include medically recommended—but currently uncovered—items such as lactation support products, pelvic floor trainers, fertility support services, and postnatal supplements. These products and services play a crucial role in prevention, recovery, and overall well-being, yet millions of women are forced to pay out-of-pocket due to outdated policies.

The petition is supported by over 20 leading women’s health brands—including Embr, LOLA, Daye, Bodily, Pumpin Pal, Lumen, Ingrid & Isabel and others—who are advocating for better access to the tools and treatments that empower women throughout every stage of life.

Flex encourages consumers, healthcare professionals, and mission-aligned businesses to sign the petition and support broader access to tax-free healthcare dollars for women across the country.

Sign the petition at: https://www.withflex.com/advocacy

About Flex

Flex enables health and wellness brands to accept HSA/FSA payments seamlessly. By unlocking access to over $150 billion in annual tax-free health spending, Flex helps merchants drive new revenue, increase cart sizes, and improve customer retention. Through its marketplace, eligibility tools, and telehealth services for Letters of Medical Necessity, Flex is reimagining how consumers use their health benefits—and advocating for broader, more inclusive coverage. Get started: www.withflex.com.

The MIL Network –

May 15, 2025
MIL-OSI United Kingdom: Cllr Carmine Grimshaw appointed new Lord Mayor of Manchester

Source: City of Manchester

Miles Platting and Newton Heath councillor Carmine Grimshaw has been appointed the new Lord Mayor of Manchester following a meeting of the full today (14 May).

A lifelong Mancunian, Carmine’s journey from the streets of Ancoats to the halls of local government is a testament to his dedication, resilience, and unwavering commitment to the community.

Born and raised in Ancoats, Carmine grew up in a close-knit family, experiencing first hand the transformative changes in the city. He attended Saint Michael’s RC Primary School and later Saint Luke’s Secondary School in Beswick before embarking on his career as a sewing machine mechanic.

Following the closure of his employer Raffles & Co in the 1980s, he transitioned into street trading, earning his license in 1983 and becoming a familiar presence on Thomas Street in what is now known as the Northern Quarter. His advocacy for fellow traders led to the formation of the Manchester Street Traders Association in 1990, reinforcing his commitment to safeguarding local businesses.

Throughout the years, Carmine has continually worked to support Manchester’s communities. His tenure as chair of the A-5 Off-Licence Forum shows his concerns for responsible licensing and community safety.

He and his twin brother Brian opened a convenience store in Newton Heath in 1993. The ambitious move was made possible with the help of their friend and former Lord Mayor the late Cllr Hugh Barrett and was a further nod to his service to the local community.

In 2012, his passion for civic engagement led him to public office, where he has tirelessly represented the residents of Miles Platting and Newton Heath for more than a decade. His leadership on various committees, including the Neighbourhoods and Communities Committee and the Licensing Policy Committee, has been instrumental in shaping policies that benefit Manchester’s citizens.

Throughout his tenure as Lord Mayor, Carmine will have the support of Lady Mayoress, Elaine Grimshaw and a Consort, Councillor June Hitchen.

Carmine is the proud father of twin sons, Carmine and Louis, along with youngest son, Jack, as well as three grandchildren, Zara and twins Honey and Rico.

MIL OSI United Kingdom –

May 15, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2025 Discussions on Common Policies of Member Countries of the West African Economic and Monetary Union

Source: IMF – News in Russian

May 6, 2025

Economic growth continues to be strong in the WAEMU. Inflation has fallen back to its target range, and recent improvements in regional external imbalances are supporting a strong recovery in reserves.
The Council of Ministers has agreed to submit for approval by Heads of State a proposal by the WAEMU Commission for a revised Convergence Pact maintaining the previous fiscal deficit and public debt ceilings of 3 and 70 percent of GDP, respectively.
Rapid adoption of this pact would signal a stronger commitment to debt sustainability and help guide sound fiscal policies. The WAEMU’s institutions should also continue to promote regional integration.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the annual discussions on common policies of member countries of the West African Economic and Monetary Union (WAEMU)[1]. The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

Economic growth continues to be strong in the WAEMU, with heterogeneity across countries, while inflation has fallen. Economic growth rose above 6 percent in 2024, near the average of the past decade, although gaps in per capita income among member countries have continued to widen due to significant variations in economic growth. After rising above target for much 2024, inflation has also fallen back within its target range since November 2024, due to easing regional food price inflation and an appropriately tight monetary policy. The banking system remains resilient, although it maintains large exposures to regional sovereigns.

Recent progress in reducing the WAEMU’s external imbalances, albeit with notable divergence among members, is supporting a strong recovery in reserves. After widening in 2021-2023, the WAEMU’s current account deficit narrowed significantly in 2024. The Central Bank of West African States’ (BCEAO) response to external reserves pressures has also been broadly appropriate, by tightening monetary policy via raising rates and containing the quantities of liquidity injected into the regional banking system. Reserves rebounded in late 2024 and early 2025, and are back above minimum adequate levels due mainly to windfall revenues from the annual cocoa harvest, high commodity prices, several IMF disbursements, and exports of new hydrocarbon resources in Niger and Senegal. The WAEMU’s external position is assessed to have been moderately weaker than fundamentals and desirable policy settings in 2024.

Public debt ratios have increased significantly and heterogeneously in recent years due to large fiscal deficits and stock-flow adjustments. Ongoing progress in union-wide fiscal consolidation is welcome, although it is proceeding at a slower pace than anticipated mainly because of large data revisions in Senegal. Public debt continued to increase in 2024 beyond the level projected during the previous discussions on common policies, with considerable variation across the WAEMU (and particularly high debt in Senegal). Higher debt issuances are leading to heavier reliance on financing on the regional market, which has limited absorptive capacity and relatively high costs, and could pose a risk to external reserves.

Executive Board Assessment[3]

Executive Directors agreed with the thrust of the staff appraisal. They welcomed that the WAEMU is benefitting from strong growth, inflation within the target range, and progress in reducing fiscal and external imbalances, while also noting the significant divergence within the region. Highlighting that the region remains vulnerable to a wide range of shocks, Directors stressed the importance of prudent policies to ensure macroeconomic and financial stability and structural reforms to foster inclusive growth. They looked forward to the Fund’s continued support through tailored policy advice and financial and capacity development assistance.

Directors stressed the importance of a commitment to debt sustainability, grounded in progress towards fiscal consolidation, measures to contain debt‑creating stock‑flow adjustments, and close monitoring of regional financing capacity. In that context, they commended the proposed reintroduction of the WAEMU Convergence Pact with the previous fiscal deficit and debt ceilings and called for its rapid adoption with a well‑designed escape clause, a correction mechanism, and credible enforcement. Fiscal adjustment should be driven by revenue mobilization to protect priority spending. Directors also stressed the importance of transparent and accurate reporting of fiscal data and enhanced debt transparency.

Directors welcomed BCEAO’s tight monetary stance which helped bring inflation back to the target range and support reserves. Directors agreed that monetary policy should continue to be closely calibrated to external buffers and inflation developments, and that a cautious stance remains appropriate until there is a sustained recovery in reserve adequacy.

Directors welcomed the resilience of the financial system but noted that the sovereign‑bank nexus continues to pose risks to financial stability. They encouraged the introduction of macroprudential regulatory measures to help restrain sovereign exposures, and capital surcharges to manage concentration risk. Directors stressed the importance of closely monitoring bank soundness indicators, addressing the remaining FSAP recommendations to strengthen financial stability and deepening, and taking the necessary additional steps to facilitate the removal of WAEMU members currently on the FATF grey list.

Directors agreed that prosperity in the WAEMU will depend on progress on political cohesion, economic integration, and strengthening the regional institutional framework and infrastructure. A planned stabilization fund to support members impacted by idiosyncratic shocks could demonstrate regional solidarity, but contingent liability risks through leveraging should be avoided. Directors welcomed progress on the new fast payment system, which would promote efficiency, inclusion, and regional integration. Policies to diversify the economy and strengthen resilience would also be important.

The views expressed by Executive Directors today will form part of the Article IV consultations with individual member‑countries that take place until the next Board discussion of WAEMU common policies. It is expected that the next regional discussions with the WAEMU authorities will be held on the standard 12‑month cycle.

Table 1. WAEMU: Selected Economic and Social Indicators, 2021–29

Social Indicators
Social Indicators

GDP			Poverty (2021, latest available)
Nominal GDP (2024, millions of US Dollars)	219,784		Headcount ratio at $1.90 a day (2011 PPP, percent of population)								23.1
GDP per capita (2024, US Dollars)	1,447		Undernourishment (percent of population)							12.5

Population characteristics			Inequality (2021, latest available)
Total (2023, millions)	145.3		Income share held by highest 10 percent of population								28.4
Urban population (2023, percent of total)	40.6		Income share held by lowest 20 percent of population								7.7
Life expectancy at birth (2022, years)	61.1		Gini index							35.4


Economic Indicators


	2021	2022	2023	2024		2025	2026	2027	2028	2029
			Act.	SM/24/90. ¹	Est.	Projected

	(Annual Percentage Change)
National income and prices
GDP at constant prices ²	6.2	5.9	5.3	6.8	6.3	6.4	5.8	5.9	6.0	5.9
GDP per capita at constant prices	3.2	2.9	2.4	3.8	3.3	3.4	2.8	2.9	3.0	2.9
Consumer prices (average)	3.6	7.6	3.7	3.2	3.5	2.9	2.3	2.0	2.0	2.0
Terms of trade	-6.3	-12.3	7.9	4.2	12.4	9.3	3.6	-1.3	-1.0	-0.7
Nominal effective exchange rate	1.2	-2.3	6.3	3.5	…	…	…	…	…	…
Real effective exchange rate	1.5	-3.6	3.9	3.0	…	…	…	…	…	…

	(Percent of GDP)
National accounts
Gross national savings	20.4	18.8	18.8	22.4	20.8	21.7	23.1	23.2	23.4	23.8
Gross domestic investment	26.5	28.8	28.7	27.5	26.9	26.2	26.3	26.7	27.3	27.7
Of which: public investment	6.8	7.8	7.7	8.8	6.8	6.7	7.2	7.5	7.8	8.2

	(Annual changes in percent of beginning-of-period broad money)
Money and credit
Net foreign assets	1.7	-7.9	-7.2	0.5	6.1	2.7	2.1	3.2	3.2	2.2
Net domestic assets	16.9	20.7	10.0	12.6	3.4	9.9	10.3	9.9	9.7	10.2
Broad money	18.0	11.4	3.5	12.4	8.9	11.4	12.4	12.8	12.6	12.1
Credit to the economy	8.1	9.0	6.8	6.7	2.7	7.2	7.0	6.6	6.5	6.3

	(Percent of GDP, unless otherwise indicated)
Government financial operations
Government total revenue, excl. grants	16.1	15.8	16.5	17.3	16.6	17.3	17.7	18.2	18.5	18.8
Government expenditure	23.9	24.7	23.8	22.6	22.4	22.0	21.8	21.9	22.2	22.5
Overall fiscal balance, excl. grants	-7.8	-9.0	-7.3	-5.3	-5.8	-4.6	-4.1	-3.7	-3.7	-3.7
Overall fiscal balance, incl. grants	-6.3	-7.8	-6.3	-4.2	-5.2	-3.8	-3.3	-3.0	-3.0	-3.0

External sector
Exports of goods and services ³	20.0	19.6	17.7	21.4	18.8	21.3	21.8	21.4	20.9	20.7
Imports of goods and services ³	25.9	29.7	27.5	26.5	24.6	24.4	23.8	23.4	23.3	23.2
Current account, excl. grants	-6.6	-10.7	-10.2	-5.4	-6.5	-4.9	-3.5	-3.7	-4.1	-4.1
Current account, incl. grants	-5.9	-9.8	-9.5	-4.8	-6.1	-4.5	-3.3	-3.5	-3.9	-3.8
External public debt	36.3	37.0	38.9	36.1	39.9	37.8	36.6	35.5	33.8	32.6
Total public debt	58.5	61.5	64.0	59.6	65.0	63.4	61.9	60.4	58.8	57.5

Broad money	40.7	40.8	39.1	40.6	38.8	39.4	41.0	42.8	44.6	46.3

*Memorandum items:*
Nominal GDP (billions of CFA francs)	100,963	112,343	121,414	131,429	133,227	145,965	157,833	170,313	183,993	198,973
Nominal GDP per capita (US dollars)	1,308	1,259	1,356	1,436	1,446	1,508	1,588	1,663	1,744	1,831
CFA franc per US dollars, average	554.2	622.4	606.5	606.2	…	…	…	…	…	…
Gross international reserves
In months of next year’s imports (of goods and services)	5.0	4.1	3.5	3.5	4.6	4.7	4.8	4.9	5.1	5.2
In percent of current GDP	13.9	10.1	7.8	8.2	10.1	10.0	10.1	10.3	10.6	10.7
In percent of the BCEAO’s sight liabilities	79.7	63.8	56.9	58.1	66.9	67.1	66.5	66.0	66.2	66.0
In millions of US dollars	24,172	18,398	15,764	17,872	21,593	24,165	26,254	28,967	32,156	35,185
Sources: IMF, African Department database; World Economic Outlook; World Bank World Development Indicators; IMF staff estimates and projections.
All projections presented were prepared in April 2025.
¹ Shows data from the IMF Country Report 24/90 issued on March 1, 2024.
² The acceleration in GDP growth in 2024 is due to the start of production of large hydrocarbon projects in Niger and Senegal.
³ Excluding intraregional trade.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Julie Ziegler

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

https://www.imf.org/en/News/Articles/2025/05/06/pr25130-imf-executive-board-concludes-2025-discussions-common-policies-member-countries-waemu

MIL OSI

MIL OSI Russia News –

May 15, 2025

MIL-OSI: Crypto Bull Market Heats Up — BexBack Launches No KYC, 100x Leverage & Double Bonus Campaign to Maximize Trader Profits
Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 14, 2025 (GLOBE NEWSWIRE) — As Bitcoin breaks above $100,000 and Ethereum posts rapid gains, the cryptocurrency market is roaring back into a full-fledged bull run. In response, leading derivatives exchange BexBack has launched a new campaign offering powerful trading incentives to help users seize opportunities during this high-volatility cycle.

BexBack’s Limited-Time Bull Market Campaign Includes:
- 100% Deposit Bonus
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- 100x Leverage on 50+ Crypto Futures
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- Global access with 24/7 multilingual support
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About BexBack

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With operational offices in Hong Kong, Japan, the United States, and the United Kingdom, BexBack combines regulatory integrity with innovative trading tools to provide a secure, fast, and accessible trading experience across regions.

Take Action Now—Don’t Miss Another Opportunity!

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Website: www.bexback.com

Contact: business@bexback.com

Contact:
Amanda
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.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e888da51-f612-41b5-9c42-3b3ae7d36997

https://www.globenewswire.com/NewsRoom/AttachmentNg/97c84753-3fa7-4e83-9c9e-e30b1a6f6112

https://www.globenewswire.com/NewsRoom/AttachmentNg/84c2c52f-c11b-449d-9911-beb71ac5c416

https://www.globenewswire.com/NewsRoom/AttachmentNg/0ff9c396-8c98-4627-93a6-a3e7dc9206c3

The MIL Network –
May 15, 2025
MIL-OSI Asia-Pac: CE: Middle East visit yields fruitful results and elevates Hong Kong’s relations with Qatar and Kuwait to new level (with photos/videos)
Source: Hong Kong Government special administrative region

â€‹The Chief Executive, Mr John Lee, today (May 14) led a business delegation comprising representatives from Hong Kong and Mainland enterprises to continue its visit programme to Kuwait. He met with representatives of the Kuwait Direct Investment Promotion Authority (KDIPA) and exchanged views with local political and business leaders. He witnessed the achievement of multiple outcomes of co-operation between government departments, enterprises and organisations of Hong Kong, the Mainland and Kuwait, including the signing of Memoranda of Understanding (MOUs). He also visited a local enterprise.

In the morning, Mr Lee met with the Director General of the KDIPA, Dr Meshaal Jaber Al-Ahmad Al-Sabah, to learn about Kuwait’s strategies and achievements in attracting business and investment. Mr Lee noted that last year, Kuwait was Hong Kong’s sixth-largest trading partner in the Middle East, and both places have significant room for development in trade and business between the two places. Hong Kong will continue to serve as a bridge to assist enterprises in going global and attracting external investment, welcoming Kuwaiti enterprises to leverage Hong Kong’s world-class financing support and professional services to explore international markets.

Mr Lee later attended a business luncheon cohosted by the Hong Kong Economic and Trade Office in Dubai and the Hong Kong Trade Development Council, where he delivered a speech to near 300 local business leaders promoting Hong Kong’s business advantages and development opportunities. He highlighted that the merchandise trade between Hong Kong and the Cooperation Council for the Arab States of the Gulf (GCC) reached nearly US$20 billion last year, an increase of over 53 per cent in the past four years, while Hong Kong’s merchandise trade with Kuwait last year amounted to US$200 million, up more than 20 per cent from the previous year. Hong Kong is an international financial centre and the world’s largest offshore Renminbi business hub. Hong Kong and Mainland enterprises can complement each other’s strengths. Hong Kong will give full play to its role as a “super connector” and “super value-adder” to deepen international exchanges and co-operation. Mr Lee added that he believes the ties and co-operation between Hong Kong and Kuwait will continue to flourish.

At the luncheon, government departments, enterprises, and organisations from Hong Kong, the Mainland, and Kuwait exchanged and announced 24 MOUs and co-operation agreements, covering areas such as economy and trade, investment, financial services, technology, legal co-operation, cargo clearance and flow, aviation, and post-secondary education.

In the afternoon, Mr Lee and the delegation visited Zain Group, a major mobile telecommunications company, to learn about its business in innovative technologies and digital communications, and exchanged views with company representatives on topics such as drones, AI, and smart city development. Mr Lee remarked that Hong Kong is actively developing into an international innovation and technology centre, and he welcomes the company to invest and pursue co-operation opportunities in Hong Kong.

In the evening, Mr Lee will host a dinner for members of the business delegation comprising representatives from Hong Kong and Mainland enterprises to thank them for their active participation in the programme of the past four days and for working together to explore co-operation opportunities for Hong Kong and the Mainland in the Middle East.

Concluding the visit, Mr Lee said that the business delegation comprising representatives from Hong Kong and Mainland enterprises, which he led to visit Qatar and Kuwait, has yielded fruitful results. He mentioned that the Middle East visit successfully made achievements in six areas, namely:
1. further strengthening the relationship between the Hong Kong Special Administrative Region (HKSAR) Government and the governments of Qatar and Kuwait, and building consensus for collaboration;
2. reaching a total of 59 MOUs and agreements, laying a diversified foundation;
3. leveraging Hong Kong’s strengths under the “one country, two systems” principle in connecting the Mainland and the world, deepening international exchanges and co-operation, and demonstrating the synergistic power of the complementary advantages between Hong Kong and the Mainland;
4. further building relations with the GCC countries to explore greater business opportunities;
5. deepening mutual understanding and strengthening commercial and trading networks; and
6. further enhancing cultural exchanges with the GCC countries.
Mr Lee said that Hong Kong has the distinctive advantages of enjoying strong support of the motherland and being closely connected to the world, noting that the Middle East countries are actively diversifying risks and seeking investment opportunities in China and the HKSAR, which aligns with the global economic shift towards the East. The opportunities in Hong Kong are limitless. This Middle East visit has elevated Hong Kong’s relations with Qatar and Kuwait to a new level, bringing more business opportunities to Hong Kong.

Mr Lee will return to Hong Kong tomorrow (May 15).

MIL OSI Asia Pacific News –
May 15, 2025
MIL-OSI Global: The US and China have reached a temporary truce in the trade wars, but more turbulence lies ahead

Source: The Conversation – Global Perspectives – By Peter Draper, Professor, and Executive Director: Institute for International Trade, and Jean Monnet Chair of Trade and Environment, University of Adelaide

Defying expectations, the United States and China have announced an important agreement to de-escalate bilateral trade tensions after talks in Geneva, Switzerland.

The good, the bad and the ugly

The good news is their recent tariff increases will be slashed. The US has cut tariffs on Chinese imports from 145% to 30%, while China has reduced levies on US imports from 125% to 10%. This greatly eases major bilateral trade tensions, and explains why financial markets rallied.

The bad news is twofold. First, the remaining tariffs are still high by modern standards. The US average trade-weighted tariff rate was 2.2% on January 1 2025, while it is now estimated to be up to 17.8%. This makes it the highest tariff wall since the 1930s.

Overall, it is very likely a new baseline has been set. Bilateral tariff-free trade belongs to a bygone era.

Second, these tariff reductions will be in place for 90 days, while negotiations continue. Talks will likely include a long list of difficult-to-resolve issues. China’s currency management policy and industrial subsidies system dominated by state-owned enterprises will be on the table. So will the many non-tariff barriers Beijing can turn on and off like a tap.

China is offering to purchase unspecified quantities of US goods – in a repeat of a US-China “Phase 1 deal” from Trump’s first presidency that was not implemented. On his first day in office in January, amid a blizzard of executive orders, Trump ordered a review of that deal’s implementation. The review found China didn’t follow through on the agriculture, finance and intellectual property protection commitments it had made.

Unless the US has now decided to capitulate to Beijing’s retaliatory actions, it is difficult to see the US being duped again.

Failure to agree on these points would reveal the ugly truth that both countries continue to impose bilateral export controls on goods deemed sensitive, such as semiconductors (from the US to China) and processed critical minerals (from China to the US).

Moreover, in its so-called “reciprocal” negotiations with other countries, the US is pressing trading partners to cut certain sensitive China-sourced goods from their exports destined for US markets. China is deeply unhappy about these US demands and has threatened to retaliate against trading partners that adopt them.

A temporary truce

Overall, the announcement is best viewed as a truce that does not shift the underlying structural reality that the US and China are locked into a long-term cycle of escalating strategic competition.

Read more:
Why Trump fails to understand China’s trade war tactics, and what his negotiators should be reading

That cycle will have its ups (the latest announcement) and downs (the tariff wars that preceded it). For now, both sides have agreed to announce victory and focus on other matters.

For the US, this means ensuring there will be consumer goods on the shelves in time for Halloween and Christmas, albeit at inflated prices. For China, it means restoring some export market access to take pressure off its increasingly ailing economy.

As neither side can vanquish the other, the likely long-term result is a frozen conflict. This will be punctuated by attempts to achieve “escalation dominance”, as that will determine who emerges with better terms. Observers’ opinions on where the balance currently lies are divided.

Along the way, and to use a quote widely attributed to Winston Churchill, to “jaw-jaw is better than to war-war”. Fasten your seat belts, there is more turbulence to come.

Where does this leave the rest of us?

Significantly, the US has not (so far) changed its basic goals for all its bilateral trade deals.

Its overarching aim is to cut the goods trade deficit by reducing goods imports and eliminating non-tariff barriers it says are “unfairly” prohibiting US exports. The US also wants to remove barriers to digital trade and investments by tech giants and “derisk” certain imports that it deems sensitive for national security reasons.

The agreement between the US and UK last week clearly reflects these goals in operation. While the UK received some concessions, the remaining tariffs are higher, at 10% overall, than on April 2 and subject to US-imposed import quotas. Furthermore, the UK must open its market for certain goods while removing China-originating content from steel and pharmaceutical products destined for the US.

For Washington’s Pacific defence treaty allies, including Australia, nothing has changed. Potentially difficult negotiations with the Trump administration lie ahead, particularly if the US decides to use our security dependencies as leverage to wring concessions in trade. Japan has already disavowed linking security and trade, and their progress should be closely watched.

The US has previously paused high tariffs on manufacturing nations in South-East Asia, particularly those used by other nations as export platforms to avoid China tariffs. Vietnam, Cambodia and others will face sustained uncertainty and increasingly difficult balancing acts. The economic stakes are higher for them.

They, like the Japanese, are long-practised in the subtle arts of balancing the two giants. Still, juggling ties with both Washington and Beijing will become the act of an increasingly high-wire trapeze artist.

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

– ref. The US and China have reached a temporary truce in the trade wars, but more turbulence lies ahead – https://theconversation.com/the-us-and-china-have-reached-a-temporary-truce-in-the-trade-wars-but-more-turbulence-lies-ahead-256448

MIL OSI – Global Reports –

May 15, 2025
MIL-OSI: Antalpha Announces Pricing of Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 14, 2025 (GLOBE NEWSWIRE) — Antalpha Platform Holding Company (“Antalpha” or the “Company”) today announced the pricing of its initial public offering of 3,850,000 ordinary shares at a price to the public of $12.80 per ordinary share. The ordinary shares have been approved for listing and are expected to begin trading on the Nasdaq Global Market on May 14, 2025, under the ticker symbol “ANTA.” The offering is expected to close on May 15, 2025, subject to customary closing conditions.

Antalpha has granted the underwriters a 30-day option to purchase an additional 577,500 ordinary shares to cover over-allotments in connection with the offering.

Antalpha expects to receive gross proceeds from the offering of approximately US$49.3 million, or approximately US$56.7 million if the underwriters over-allotment option is exercised in full, before deducting underwriting discounts and offering expenses. Antalpha intends to use the net proceeds from the offering for general corporate purposes, which may include investment in product development, sales and marketing activities, technology infrastructure, capital expenditure, global expansion, and other general and administrative matters; loan operation and customer funding advance needs, to accelerate its fund flow and improve customer experience; investment in technologies, solutions or businesses that complement its business (although it has no present commitments or agreements to enter into any acquisition or investment); and investment in Bitcoin and gold (in digital form) as part of its treasury management.

Roth Capital Partners and Compass Point are joint book-running managers for the offering.

The offering is being made only by means of a prospectus forming a part of the effective registration statement. Copies of the final prospectus relating to this offering, when available, may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the final prospectus, when available, may be obtained from: Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660 Attn: Prospectus Department, by phone: (800) 678-9147, or by email at rothecm@roth.com; or Compass Point Research & Trading, LLC, Attention: Syndicate, 1055 Thomas Jefferson Street, N.W. Suite 303, Washington, D.C. 20007, or by email to: syndicate@compasspointllc.com.

A registration statement on Form F-1 relating to the offering of these securities has been filed with, and declared effective by, the SEC. This press release is being made pursuant to, and in accordance with, Rule 134 under the Securities Act of 1933, as amended, and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Antalpha

Antalpha is a leading crypto fintech company with a dedicated focus on providing liquidity and risk management solutions to institutional Bitcoin miners. As the primary lending partner of Bitmain, Antalpha offers supply chain and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital asset loans, as well as monitor collateral positions with near real-time data.

Contact
Investor Relations: ir@antalpha.com

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Antalpha’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Antalpha’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Antalpha does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

The MIL Network –

May 15, 2025
MIL-OSI: American Rebel Beer Announces Sponsorship of Losers Bar & Grill Midtown Legendary Parking Lot Concert Series
Source: GlobeNewswire (MIL-OSI)

Surprise Guests Morgan Wallen, Gabby Barrett and Jamey Johnson Join Ernest, Chandler Walters, Cody Lohden, and Rhys Rutherford for First 2025 Concert

Nashville, TN, May 14, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Light Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel (americanrebel.com), announces that American Rebel Light Beer will sponsor the 2025 Losers Bar & Grill (“Losers”) Parking Lot Concert Series and the amazing first concert held Tuesday, May 12, featured surprise guest and country music superstar Morgan Wallen, (morganwallen.com), Gabby Barrett (gabbybarrett.com), and Jamey Johnson (jameyjohnson.com) along with Ernest (ernestofficial.com), Chandler Walters (Instagram.com/chandlerwaltersmusic), Cody Lohden (Instagram.com/codylohden/) and Rhys Rutherford (Instagram.com/rhys_rutherford_/).

As Losers likes to say, “you never know who might show up to a parking lot party,” and this statement was proven true when Morgan Wallen surprised the huge crowd and appeared on stage with Ernest to sing their hit duet “Flower Shops.” Ten-time Grammy nominated singer-songwriter Jamey Johnson and top female artist and actress Gabby Barrett also joined Ernest on stage.

“I’ve been coming to Losers for 16 years,” said American Rebel CEO Andy Ross. “I’ve watched Steve Ford grow Losers Midtown into the iconic place where artists, industry and locals like to hang their hat. The Parking Lot Concert Series grew out of those roots and fans get treated to amazing music and surprise guests during these incredible intimate concerts. American Rebel Light Beer is honored to be involved with Steve Ford and the entire Losers team to sponsor the 2025 Parking Lot Concert Series as well as the Raised Rowdy Round and Riley Green’s Duck Blind podcasts. In addition to Losers Midtown, Losers also has a downtown Nashville location, a bar in the MGM Grand in Las Vegas and a bar in Belize. It’s incredible what Steve is doing.”

Losers Parking Lot Concerts are announced on the Losers Instagram page (Instagram.com/losersoriginal/).

The American Rebel Light Beer sponsorship of the Losers Bar & Grill Parking Lot Concert Series features American Rebel Light Beer signage throughout the concert area and bar and servers proudly wearing official American Rebel merchandise. American Rebel Light is also sponsoring the Raised Rowdy (Instagram.com/raisedrowdy/) songwriter rounds at Riley Green’s Duck Blind, as well as Riley Green’s Duck Blind (Instagram.com/duckblindnash/) podcasts. American Rebel Light Beer is very proud to highlight its Nashville foundation through its sponsorship of the iconic Losers Midtown Parking Lot Concert Series, the Raised Rowdy Rounds and the Riley Green Duck Blind podcast.

About American Rebel Light:

American Rebel Light is more than just a beer—it’s a celebration of freedom, passion, and quality. Brewed with care and precision, our light beer delivers a refreshing taste that’s perfect for every occasion.

Since its launch in September 2024, American Rebel Light Beer has rolled out in Tennessee, Connecticut, Kansas, Kentucky, Ohio, Iowa, Missouri, North Carolina, Florida and Indiana and is adding new distributors and territories regularly. For more information about the launch events and the availability of American Rebel Beer, please visit americanrebelbeer.com or Instagram.com/americanrebelbeer/.

Produced in partnership with AlcSource, American Rebel Light Beer (americanrebelbeer.com) is a domestic premium light lager celebrated for its exceptional quality and patriotic values. It stands out as America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer.

American Rebel Light is a Premium Domestic Light Lager Beer – All Natural, Crisp, Clean and Bold Taste with a Lighter Feel. With approximately 100 calories, 3.2 carbohydrates, and 4.3% alcoholic content per 12 oz serving, American Rebel Light Beer delivers a lighter option for those who love great beer but prefer a more balanced lifestyle. It’s all natural with no added supplements and importantly does not use corn, rice, or other sweeteners typically found in mass produced beers.

About Losers Midtown

Dive bars are an American tradition. For better or worse, every town has at least one and Nashville’s is Losers Midtown powered by Riley Green’s Duck Blind. Spend the evening with the who’s who of Nashville’s music industry at an intimate, no-frills venue for live music, serving classic bar eats and a variety of beers on tap. You must be 21 years of age or older to enter. You never know who you might run into… This Life Ain’t For Everybody! For more information on Losers Midtown go to losersmidtown.com.

About American Rebel Holdings, Inc.

American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit americanrebel.com and americanrebelbeer.com. For investor information, visit americanrebelbeer.com/investor-relations.

American Rebel Holdings, Inc.
info@americanrebel.com

American Rebel Beverages, LLC
Todd Porter, President
tporter@americanrebelbeer.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of a launch party, actual launch timing and availability of American Rebel Beer, success and availability of the promotional activities, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
tporter@americanrebelbeer.com
info@americanrebel.com

Media Contact:
Matt Sheldon
Matt@PrecisionPR.co

For more details on American Rebel Light Beer and upcoming events, visit AmericanRebelBeer.com or follow @AmericanRebelBeer on social media.

Attachment
- American Rebel Holdings, Inc.
The MIL Network –
May 15, 2025
MIL-OSI: FDCTech Reports Over 58% Year-over-Year Revenue Growth in Q1 2025 Driven by Strong Performance Across All Business Segments
Source: GlobeNewswire (MIL-OSI)

Q1 2025 Highlights Show Continued Growth and Operating Profitability.

Irvine, CA, May 14, 2025 (GLOBE NEWSWIRE) — FDCTech, Inc. (“FDC” or the “Company,” PINK: FDCT), a fintech-driven firm specializing in acquiring and scaling small to mid-size legacy financial services companies, today announced its unaudited financial results for the three months ended March 31, 2025.

Q1 2025 Financial Highlights
- Total Revenue: $10.11 million for Q1 2025, up from $6.38 million in Q1 2024 — an increase of 58.59%, driven primarily by the full-period contribution from the Company’s Investment and Brokerage segment (Alchemy Markets Ltd. and Alchemy Prime Ltd.) and strong performance in the Technology segment.
- Gross Profit: $5.18 million in Q1 2025, compared to $2.34 million in Q1 2024 — a growth of 121.32%.
- Net Income: $301,002 in Q1 2025, compared to $833,445 in Q1 2024. The prior-year quarter included significant non-operating income.
- Cash Position: $26.99 million as of March 31, 2025, up from $24.78 million at year-end 2024.
- Working Capital: $10.08 million as of March 31, 2025, up from $9.10 million at year-end 2024.
- Net Assets: $15.64 million as of March 31, 2025, up from $14.43 million at year-end 2024.
Performance by Segment

Investment and Brokerage
- Revenue rose to $7.76 million in Q1 2025 from $4.61 million in Q1 2024 — an increase of 69%, following full consolidation of AML and APL operations and increased trading volume across European clients.
Wealth Management
- Revenue was $1.53 million in Q1 2025, consistent with $1.51 million in Q1 2024, reflecting stable advisor-led revenues at AD Advisory Services.
Technology & Software Development
- Revenue grew 218% to $0.81 million in Q1 2025 from $0.26 million in Q1 2024, driven by new licensing agreements and custom development projects for its proprietary Condor Trading platform.
Strategic and Operational Highlights
- Condor Investing & Trading App: The Company continues development and expects commercialization.
- International Expansion: Opened and staffed new offices in Cyprus, Malta, and the UK. AML continues to onboard EU retail clients and expand product offerings under its MFSA license.
- Client Growth: AML now services clients from Germany, France, and other EU countries, including the onboarding of over 2,631 clients from Next Markets and 35 clients from a Cypriot-based broker.
- Product Offering Expansion: AML obtained MFSA authorization under Article 6 of the Investment Services Act to offer equities and money market securities, expanding its income-generating capabilities.
FDCTech’s management remains committed to building a diversified and scalable financial services company. With a strong balance sheet, improved operational margins, and growth in core segments, the Company is well-positioned for continued expansion in FY 2025.

Please visit our SEC filings or the Company’s website for more information on the full results and management’s plan.

FDCTech, Inc.

FDCTech, Inc. (“FDC”) is a regulatory-grade financial technology infrastructure developer designed to serve the future financial markets. Our clients include regulated and OTC brokerages and prop and algo trading firms of all sizes in forex, stocks, commodities, indices, ETFs, precious metals, and other asset classes. Our growth strategy involves acquiring and integrating small to mid-size legacy financial services companies, leveraging our proprietary trading technology and liquidity solutions to deliver exceptional value to our clients.

Press Release Disclaimer

This press release’s statements may be forward-looking statements or future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third party. Therefore, in no case will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

Contact Media Relations
FDCTech, Inc.
info@fdctech.com
www.fdctech.com
+1 877-445-6047
200 Spectrum Center Drive, Suite 300,
Irvine, CA, 92618

The MIL Network –
May 15, 2025
MIL-OSI: Himax and Vuzix to Showcase Integrated Industry-Ready AR Display Module at Display Week 2025

Source: GlobeNewswire (MIL-OSI)

TAINAN, Taiwan and ROCHESTER, N.Y., May 14, 2025 (GLOBE NEWSWIRE) — Vuzix^® Corporation (Nasdaq: VUZI), (“Vuzix”), a leading supplier of AI-powered smart glasses, waveguides and Augmented Reality (AR) technologies and Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today announced the joint debut of a next-generation AR optical module at Display Week 2025, one of the premier symposiums and exhibitions in the display industry and taking place May 11–16, 2025 in San Jose, California. The demonstration features Himax’s latest ultra-luminous, miniature Dual-Edge Front-lit LCoS microdisplay seamlessly integrated with Vuzix’ production-ready waveguides. Together, the technologies form a fully integrated module that delivers breakthrough brightness and power efficiency in an unparalleled compact design, enabling sleek, lightweight AR glasses for both enterprise and consumer applications. This co-design initiative, scheduled for commercial release at the end of 2025, focuses on optimizing optical performance to deliver industry-leading visual quality.

Himax’s innovative and proprietary Dual-Edge Front-lit LCoS microdisplay sets a new industry benchmark with a volume of just 0.09 c.c., weighing less than 0.2 grams, yet capable of delivering 1 lumen of output and up to 350,000 nits of luminance, all while consuming no more than 250mW total power consumption. This ensures exceptional eye-level visibility across diverse lighting environments.

Vuzix’ mass production waveguides elevate the optical experience with a slim 0.7 mm thickness, industry-leading lightweight, less than 5 grams, minimal discreet eye glow below 5%, and a 30-degree diagonal field of view (FOV). Fully customizable and integration-ready for next-generation AR devices, these waveguides support prescription lenses, offer both plastic-substrate and higher-refractive-index options, and are engineered for cost-effective large-scale deployment.

“This demonstration showcases a commercially viable integration of Himax’s high-performance color LCoS microdisplay with Vuzix’ advanced waveguides, an industry-leading solution engineered for scale,” said Paul Travers, CEO of Vuzix. “Our waveguides are optically superior, customizable, and production-ready. Together, we’re helping accelerate the adoption of next-generation AR wearables.”

“We are proud to work alongside Vuzix to bring this industry-ready solution to market,” said Simon Fan-Chiang, Senior Director at Himax. “Our latest LCoS innovation redefines what’s possible in size, brightness, and power efficiency paving the way for next generation AR devices. By pairing with Vuzix’ world-class waveguides, we are enabling AR devices that are immersive, comfortable and truly wearable.”

Himax and Vuzix invite all interested parties to stop by at Booth #1711 at Display Week 2025 to experience the demo and learn more about this exciting joint solution.

About Vuzix Corporation

Vuzix is a leading designer, manufacturer and marketer of AI-powered Smart Glasses, Waveguides and Augmented Reality (AR) technologies, components and products for the enterprise, medical, defense and consumer markets. The Company’s products include head-mounted smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well OEM waveguide optical components and display engines. Vuzix holds more than 425 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and the augmented reality wearables field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2024 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in: Rochester, NY; and Kyoto and Okayama, Japan. For more information, visit the Vuzix website, X and Facebook pages.

www.vuzix.com

About Himax Technologies, Inc.

Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye^TM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

http://www.himax.com.tw

Forward Looking Statements

Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

Vuzix Contact:
Ed McGregor, Director of Investor Relations
Vuzix Corporation
Tel: (585) 359-5985
Email: IR@vuzix.com
www.vuzix.com

Himax Contacts:
Karen Tiao, Head of IR/PR
Himax Technologies, Inc.
Tel: +886-2-2370-3999
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw

Mark Schwalenberg, Director
Investor Relations – US Representative
MZ North America
Tel: +1-312-261-6430
Email: HIMX@mzgroup.us
www.mzgroup.us

The MIL Network –

May 15, 2025
MIL-OSI: Onfolio Holdings Inc. to Present on the Emerging Growth Conference on May 22, 2025

Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Del., May 14, 2025 (GLOBE NEWSWIRE) — Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTC: ONFOP) (“Onfolio” or the “Company”), a holding company that acquires and manages a diversified portfolio of online businesses across a broad range of verticals, invites individual and institutional investors as well as advisors and analysts to attend its real-time, interactive presentation on the Emerging Growth Conference.

The next Emerging Growth Conference is presenting on May 22, 2025. This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with the Company’s Chief Executive Officer in real time.

Mr. Wells will perform a presentation and may subsequently open the floor for questions. Please submit your questions in advance to Questions@EmergingGrowth.com or ask your questions during the event and Mr. Wells will do his best to get through as many of them as possible.

Onfolio will be presenting at 10:15am Eastern time for 30 minutes.

Please register here to ensure you can attend the conference and receive any updates that are released.

https://goto.webcasts.com/starthere.jsp?ei=1709483&tp_key=7518636947&sti=onfo

If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com and on the Emerging Growth YouTube Channel, http://www.YouTube.com/EmergingGrowthConference. We will release a link to that after the event.

About the Emerging Growth Conference

The Emerging Growth conference is an effective way for public companies to present and communicate their new products, services and other major announcements to the investment community from the convenience of their office, in a time efficient manner.

The Conference focus and coverage includes companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long term growth. Its audience includes potentially tens of thousands of Individual and Institutional investors, as well as Investment advisors and analysts.

All sessions will be conducted through video webcasts and will take place in the Eastern time zone.

About Onfolio Holdings

Onfolio Holdings acquires controlling interests in and actively manage small online businesses that we believe (i) operate in sectors with long-term growth opportunities, (ii) have positive and stable cash flows, (iii) face minimal threats of technological or competitive obsolescence and (iv) can be managed by our existing team or have strong management teams largely in place. Through the acquisition and growth of a diversified group of online businesses with these characteristics, we believe we offer investors in our shares an opportunity to diversify their own portfolio risk. Our Company excels at finding acquisition opportunities where the seller has not fully optimized their business, and our experience and skillset allows us to add increased value to these existing businesses. Visit www.onfolio.com for more information.

Forward-Looking Statements

The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may” “will,” “should,” “plans,” “explores,” “expects,” “anticipates,” “continues,” “estimates,” “projects,” “intends,” and similar expressions. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as revenue growth and earnings, and strategy for growth and financial results.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, those events and factors described by us in Item 1A “Risk Factors” in our most recent Form 10-K and Form 10-Q; other risks to which our Company is subject; other factors beyond the Company’s control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Contact

investors@onfolio.com

The MIL Network –

May 15, 2025
MIL-OSI Africa: Invest in African Energy (IAE) 2025: Innovative Financing to Unlock Africa’s Energy Potential

Source: Africa Press Organisation – English (2) – Report:

PARIS, France, May 14, 2025/APO Group/ —

Africa holds immense energy potential, with more than 125 billion barrels of proven oil reserves, 620 trillion cubic feet of natural gas and 60% of the world’s best solar resources. Yet, the continent continues to struggle with attracting the capital needed to leverage these resources for transformative development. Addressing this paradox, panelists at the Invest in African Energy Forum in Paris underscored how innovative financing mechanisms can help unlock Africa’s vast energy opportunities.

“There’s a huge amount of financing required to close the financing gap on the continent. It’s quite clear that there’s not enough capital and we need to think about innovative ways to source capital. With the right fiscal regimes, regulatory frameworks and policies, investors will come to invest in the energy sector in Africa,” stated Taiwo Okwor, Vice President: Invest Division and Natural Resources Division at development institution the Africa Finance Corporation.

By utilizing innovative financing tools and regional cooperation mechanisms, Africa will be able to scale investments and reduce risk. Additionally, by leveraging blended finance, de-risking strategies and multilateral partnerships, countries can not only secure capital but bolster energy access at a continental scale. However, challenges will need to be addressed, including lack of investor certainty, regulatory barriers and red tape.

“Investors thrive on predictability,” stated Ibra Ndiaye, Partner: Energy, Industry & Services at professional services network Forvis Mazars. “According to the African Energy Chamber, 45% of investors cite uncertainty in legal frameworks in Africa as a major concern before entering new markets. This ambiguity in regulatory frameworks creates a delay in project implementation.”

To address regulatory challenges and increase energy capacity, there is an urgent need for systemic reform in the continent’s utility companies. Stronger institutions and reforms have emerged as critical drivers for attracting private sector involvement. Panelists noted that many state-owned utilities across Africa are unable to deliver consistent and reliable energy services due to financial instability and poor infrastructure.

“What have we done to improve the quality of utilities going forward? I think 85% of utilities across Africa are technically insolvent and cannot meet the energy needs of Africans,” stated Reginald Max, Senior Advisor for Infrastructure and Independent Power Producers for financial institution the Trade and Development Bank. Max added that until the underlying inefficiencies in energy distribution and cost recovery are addressed, investor confidence will remain weak.

Another core issue raised was the necessity of implementing cost-reflective tariffs. Tariff policies in many countries have kept electricity prices artificially low, discouraging private investment and further burdening state utilities.

“The key is cost-reflective tariffs,” stated Liz Williamson, Head of Energy Corporate Finance at investment banking firm Rand Merchant Bank, adding, “We need the political will to go through the pain to get to cost-reflective tariffs. This could make a big difference in terms of liability.”

As the session concluded, the panelists emphasized that while the continent faces considerable hurdles, the combination of its resource wealth and growing investor interest presents a promising path forward – if governments and stakeholders can align on reform, innovation and regional integration.

MIL OSI Africa –

May 15, 2025
MIL-OSI Russia: Chinese President Xi Jinping Meets with Chilean President /detailed version-1/

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian –

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

BEIJING, May 14 (Xinhua) — Chinese President Xi Jinping on Wednesday met with Chilean President Gabriel Boric, who is in Beijing to attend the fourth ministerial meeting of the China-CELAC (Community of Latin American and Caribbean States) Forum.

During the meeting, the Chinese head of state noted that this year marks the 55th anniversary of the establishment of diplomatic relations between the two countries. It is important for China and Chile to constantly fill the comprehensive strategic partnership between the two countries with the content of a new era, create a model for the joint development of China and Latin American countries, set an example of South-South cooperation, and jointly promote the cause of peace and progress of mankind, Xi Jinping said.

China, Xi Jinping continued, is ready to work with Chile to strengthen political mutual trust, intensify exchanges of experience in public administration, firmly support each other on issues affecting the core interests and major concerns of the two countries, and protect their sovereignty, security and development interests.

Xi Jinping called on the two countries to effectively implement the Belt and Road cooperation plan, deepen cooperation in agriculture, forestry, animal husbandry, fisheries, industrial investment, infrastructure and green mining, and create new growth points in areas such as astronomy, polar exploration, artificial intelligence, biomedicine and the digital economy.

He said China supports more Chinese enterprises to invest and do business in Chile and welcomes more high-quality Chilean products to enter the Chinese market.

Xi Jinping noted the importance for both sides to intensify civilizational mutual learning, effectively organize exchanges in the fields of education, culture, media and youth, and facilitate mutual travel of citizens of the two countries.

As firm supporters of multilateralism and free trade, China and Chile should step up multilateral cooperation to safeguard the common interests of countries in the Global South, Xi added.

Calling China Chile’s most important trading partner, Mr. Boric said bilateral cooperation has benefited the peoples of the two countries.

Chile will firmly adhere to the one-China principle, expand cooperation with China in areas such as trade, investment, and AI, jointly promote high-quality cooperation under the Belt and Road Initiative, and strengthen people-to-people and cultural exchanges, he said.

All countries should adhere to the principles of free trade, mutual benefit and win-win results. Trade should not serve only the interests of one country, he said, adding that waging a trade war only leads to a dead end.

The Republic of Chile is willing to work with China to firmly uphold multilateralism and the authority of the United Nations, insist on resolving differences through dialogue, and jointly uphold international justice, he said.

During G. Borich’s visit to China, the parties signed a number of documents on cooperation in such areas as economics, publishing, inspection and quarantine, mass media and think tanks. -0-

MIL OSI Russia News –

May 15, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on TSLY, SNOY, YBIT, ULTY, and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group A ETFs listed in the table below.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per Share	Distribution Rate^2,⁴	30-Day SEC Yield³	ROC⁵	Ex-Date & Record Date	Payment Date
CHPY	YieldMax™ Semiconductor Portfolio Option Income ETF	*Weekly*	$0.3820	–	–	100.00%	5/15/25	5/16/25
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	*Weekly*	$0.2712	33.18%	0.00%	100.00%	5/15/25	5/16/25
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.4747	61.54%	0.00%	100.00%	5/15/25	5/16/25
QDTY	YieldMax™ Nasdaq 100 0DTE Covered Call ETF	*Weekly*	$0.2347	28.60%	0.00%	100.00%	5/15/25	5/16/25
RDTY	YieldMax™ R2000 0DTE Covered Call ETF	*Weekly*	$0.2447	27.81%	0.00%	98.80%	5/15/25	5/16/25
SDTY	YieldMax™ S&P 500 0DTE Covered Call ETF	*Weekly*	$0.2448	28.90%	0.00%	100.00%	5/15/25	5/16/25
ULTY	YieldMax™ Ultra Option Income Strategy ETF	*Weekly*	$0.1059	87.93%	0.00%	100.00%	5/15/25	5/16/25
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.1998	65.64%	70.00%	94.77%	5/15/25	5/16/25
YMAX	YieldMax™ Universe Fund of Option Income ETFs	*Weekly*	$0.1910	71.26%	95.10%	96.24%	5/15/25	5/16/25
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	Every 4 weeks	$0.3153	75.37%	1.81%	97.39%	5/15/25	5/16/25
FEAT	YieldMax™ Dorsey Wright Featured 5 Income ETF	Every 4 weeks	$1.4429	51.04%	55.86%	0.00%	5/15/25	5/16/25
FIVY	YieldMax™ Dorsey Wright Hybrid 5 Income ETF	Every 4 weeks	$0.9723	32.71%	38.10%	0.00%	5/15/25	5/16/25
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	Every 4 weeks	$0.3449	37.15%	3.52%	81.91%	5/15/25	5/16/25
OARK	YieldMax™ Innovation Option Income Strategy ETF	Every 4 weeks	$0.3118	51.21%	3.10%	94.42%	5/15/25	5/16/25
SNOY	YieldMax™ SNOW Option Income Strategy ETF	Every 4 weeks	$1.3068	101.54%	2.87%	97.27%	5/15/25	5/16/25
TSLY	YieldMax™ TSLA Option Income Strategy ETF	Every 4 weeks	$0.7600	105.58%	3.27%	97.90%	5/15/25	5/16/25
TSMY	YieldMax™ TSM Option Income Strategy ETF	Every 4 weeks	$0.7880	65.94%	3.43%	95.70%	5/15/25	5/16/25
XOMO	YieldMax™ XOM Option Income Strategy ETF	Every 4 weeks	$0.3976	38.87%	3.42%	85.39%	5/15/25	5/16/25
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Every 4 weeks	$0.8697	100.89%	1.20%	99.08%	5/15/25	5/16/25
Weekly Payers & Group B ETFs scheduled for next week: CHPY GPTY LFGY QDTY RDTY SDTY UTLY YMAG YMAX BABO DIPS FBY GDXY JPMO MARO MRNY NVDY PLTY

Standardized Performance and Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at www.yieldmaxetfs.com

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

¹	All YieldMax™ ETFs shown in the table above (except *YMAX, YMAG, FEAT, FIVY* and *ULTY*) have a gross expense ratio of 0.99%. *YMAX, FEAT* have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. *YMAG* has a management fee of 0.29% and Acquired Fund Fees and Expenses of 0.83% for a gross expense ratio of 1.12%. *FIVY* has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. *ULTY* has a gross expense ratio of 1.40%, and a net expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.
²	The Distribution Rate shown is as of close on *May* 13, *2025. The Distribution Rate* is the annual distribution rate an investor would receive if the most recent distribution, *which includes option income*, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
³	The 30-Day SEC Yield represents net investment income, *which excludes option income, earned by such ETF over the 30-Day period ended* *April 31,* *2025*, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.
⁴	Each ETF’s strategy (*except those of the Short ETFs*) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each *Short ETF’s* strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
⁵	ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Important Information

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX^®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA, HOOD), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory, and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosure (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting, and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX^®), which subjects the Fund to some of the same risks as if it owned GDX^®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to CHPY)

Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

The MIL Network –

May 14, 2025

MIL-OSI: Boralex reports net earnings of $41 million for the first quarter of 2025 and the start of production at the Limekiln wind farm, its first operational project in the United Kingdom

Source: GlobeNewswire (MIL-OSI)

MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the first quarter of 2025.

Highlights

Financial results

Lower EBITDA(A)¹, operating income and net earnings in Q1-2025
- Production down 4% (1% on a Combined¹ basis)² from Q1-2024 and 10% (11%) below anticipated production¹. Good weather conditions in Canada partially offset less favourable conditions in France.
- EBITDA(A) of $176 million ($199 million) in Q1-2025, down $19 million ($19 million) from Q1-2024, mainly attributable to lower production and short-term power purchase agreements prices that were more favourable in Q1-2024, in France.
- Operating income of $65 million ($99 million) in Q1-2025, down $41 million ($35 million) from Q1-2024.
- Net earnings of $41 million in Q1-2025, down $32 million from Q1-2024.
Lower cash flow related to operating activities for the quarter but consistently strong balance sheet
- Net cash flows related to operating activities of $172 million for Q1-2025 compared to $230 million for Q1-2024.
- Discretionary cash flows¹ of $74 million for Q1-2025, down $4 million from Q1-2024.
- $388 million in cash and cash equivalents and $504 million in available cash resources and authorized financing¹ as at March 31, 2025.
- Extension of the term of the revolving credit facility to 2030 in April 2025, along with an increase in the letter-of-credit facility guaranteed by Export Development Canada from $350 million to $470 million in April.

Update on development and construction activities

Start of production at the 106 MW Limekiln wind farm in Scotland
Progress in under-construction and ready-to-build projects in spite of supply chain and construction costs challenges
- Ongoing construction at the Apuiat wind project in Québec (total 200 MW, Boralex’s share 100 MW), with commissioning scheduled for summer 2025.
- Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025.
- Ongoing work on the Des Neiges Sud wind project in Québec (total 400 MW, Boralex’s share 133 MW), with phased commissioning scheduled for in late 2026/early 2027.
129 MW added to early-stage project pipeline

“Boralex has had a good start to 2025 with the commissioning of Limekiln, our first wind farm in Scotland, which is a major step toward achieving our growth objectives in the United Kingdom, a market with strong development potential. I am very grateful to our teams, whose dedication continue to ensure the company’s growth in our strategic markets. In a context of increasingly volatile resources, the geographic and technological diversification of our operations makes us more resilient,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

“During the quarter, our wind assets in Canada delivered a strong performance, partially offsetting lower contributions from wind farms in France, which were adversely affected by less favourable wind conditions and the impact of lower contribution from short term contracts. Our teams remain fully focused on improving the operating performance of our assets, pursuing with our cost optimization initiatives and strengthening our selling price optimization strategy. In the coming quarters, Boralex is planning to bid on multiple projects under the calls for tender to be issued this year in each of our target markets. We look forward to sharing news on our 2025-2030 strategic plan at our Investor Day, which will be held on June 17 in Toronto,” Mr. Decostre added.

______________________________________________
¹	EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
²	Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

1^st quarter highlights

Three-month periods ended March 31

	Consolidated						Combined
(in millions of Canadian dollars, unless otherwise specified) (unaudited)	2025	2024	Change				2025	2024	Change
			$		%				$		%
Power production (GWh)⁽¹⁾	1,691	1,767	(76	)	(4	)	2,334	2,355	(21	)	(1	)
Revenues from energy sales and
feed-in premium	226	259	(33	)	(13	)	267	291	(24	)	(8	)
Operating income	65	106	(41	)	(39	)	99	134	(35	)	(26	)
EBITDA(A)	176	195	(19	)	(10	)	199	218	(19	)	(9	)
Net earnings	41	73	(32	)	(44	)	41	73	(32	)	(44	)
Net earnings attributable to
shareholders of Boralex	30	55	(25	)	(46	)	30	55	(25	)	(46	)
Per share – basic and diluted	$0.29	$0.53	($0.24	)	(46	)	$0.29	$0.53	($0.24	)	(46	)
Net cash flows related to operating
activities	172	230	(58	)	(25	)	—	—	—		—
Cash flows from operations⁽²⁾	135	157	(22	)	(14	)	—	—	—		—
Discretionary cash flows	74	78	(4	)	(5	)	—	—	—		—

(1)	Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed- in premium.
(2)	The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.

In the first quarter of 2025, Boralex produced 1,691 GWh (2,334 GWh) of electricity, 4% (1%) less than the 1,767 GWh (2,355 GWh) produced in the same quarter of 2024. The decrease was attributable mainly to unfavourable wind conditions in France and to a lesser degree to hydropower in the United States. Boralex ended the quarter with production that was 10% (11%) below anticipated production.

Revenues from energy sales and feed-in premiums for the three-month period ended March 31, 2025, amounted to $226 million ($267 million), 13% (8%) lower than in the first quarter of 2024. The decrease was mainly attributable to the lower production and price impact in France, where Boralex had benefited from higher prices in the previous year. EBITDA(A) amounted to
$176 million ($199 million), down 10% (9%) from the first quarter of 2024. The lower prices in France were partly offset by a decrease in the inframarginal rent contribution, which no longer applies in 2025. Operating income totalled $65 million ($99 million), compared to $106 million ($134 million) for the same quarter of 2024. Boralex posted net earnings of $41 million, down $32 million from $73 million in the same quarter of 2024.

Outlook

Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements of fiscal 2024 in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, which is available in the Investors section of the Boralex website.

In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs.

Finally, to fuel its organic growth, the Corporation has a pipeline of projects at various stages of development defined on the basis of clearly identified criteria, totalling 8 GW of wind, solar and energy storage projects.

Dividend declaration

The Company’s Board of Directors has authorized and announced a quarterly dividend of $0.1650 per common share. This dividend will be paid on June 16, 2025, to shareholders of record at the close of business on May 30, 2025. Boralex designates this dividend as an “eligible dividend” pursuant to paragraph 89 (14) of the Income Tax Act (Canada) and all provincial legislation applicable to eligible dividends.

About Boralex

At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to over 3.2 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.

Non-IFRS measures

Performance measures

In order to assess the performance of its assets and reporting segments, Boralex uses various performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. It is important to note that the non-IFRS financial measures should not be considered as substitutes for IFRS measures. They are primarily derived from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. In addition, these non-IFRS financial measures are not audited and have important limitations as analytical tools. Investors are therefore cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

Non-IFRS financial measures
*Specific financial measure*	*Use*	*Composition*	*Most directly comparable IFRS measure*
Financial data – Combined (all disclosed financial data)	To assess the performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates.	Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests. Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)	Respective financial data – Consolidated
Discretionary cash flows	To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business. Corporate objectives for 2025 from the strategic plan.	Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less: (i) distributions paid to non-controlling shareholders; (ii) additions to property, plant and equipment (maintenance of operations); (iii) repayments on non-current debt (projects) and repayments to tax equity investors;(iv) principal payments related to lease liabilities; (v) adjustments for non-operational items; plus (vi) development costs (from the statement of earnings).	Net cash flows related to operating activities
Cash flows from operations	To assess the cash generated by the Corporation’s operations and its ability to finance its expansion from these funds.	Net cash flows related to operating activities before changes in non-cash items related to operating activities.	Net cash flows related to operating activities
Available cash and cash equivalents⁽¹⁾	To assess the cash and cash equivalents available, as at the balance sheet date, to fund the Corporation’s growth.	Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded.	Cash and cash equivalents
Available cash resources and authorized financing⁽¹⁾	To assess the total cash resources available, as at the balance sheet date, to fund the Corporation’s growth.	Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents.	Cash and cash equivalents

⁽¹⁾ For more details on the reconciliation between the non-GAAP financial measure and the most directly comparable financial measure, see the Capital and liquidity – Available cash resources and authorized financing section in this report.

Other financial measures – Total of segments measure
*Specific financial measure*	*Most directly comparable IFRS measure*
EBITDA(A)	Operating income

Other financial measures – Supplementary Financial Measures
*Specific financial measure*	*Composition*
Credit facilities available for growth	The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility – France and the unused tranche of the construction facility.
Anticipated production	For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out.

Combined

The following tables reconcile Consolidated financial data with data presented on a Combined basis:

			2025			2024
(in millions of Canadian dollars) (unaudited)	Consolidated	Reconciliation⁽¹⁾	Combined	Consolidated	Reconciliation⁽¹⁾	Combined
Three-month periods ended March 31:
Power production (GWh)⁽²⁾	1,691	643	2,334	1,767	588	2,355
Revenues from energy sales and feed-in
premium	226	41	267	259	32	291
Operating income	65	34	99	106	28	134
EBITDA(A)	176	23	199	195	23	218
Net earnings	41	—	41	73	—	73

	As at March 31, 2025			As at December 31, 2024
Total assets	7,582	924	8,506	7,604	872	8,476
Debt – Principal balance	4,095	554	4,649	4,032	556	4,588

⁽¹⁾

Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $1 million under EBITDA(A) for the three-month period ended March 31, 2025 ($1 million as at March 31, 2024).

⁽²⁾

Includes compensation following electricity production limitations.

EBITDA(A)

EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and restructuring costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.

EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.

EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

					2025						2024		Change 2025 vs 2024
(in millions of Canadian dollars) (unaudited)	Consolidated		Reconciliation⁽¹⁾		Combined		Consolidated		Reconciliation⁽¹⁾		Combined		Consolidated		Combined
Three-month periods ended March 31:
EBITDA(A)	176		23		199		195		23		218		(19	)	(19)
Amortization	(74	)	(16	)	(90	)	(73	)	(15	)	(88	)	(1	)	(2)
Impairment	(6	)	—		(6	)	—		—		—		(6	)	(6)
Other gains (losses)	(4	)	—		(4	)	4		—		4		(8	)	(8)
Share in earnings of joint ventures
and associates	(28	)	28		—		(19	)	19		—		(9	)	—
Change in fair value of a derivative
included in the share in earnings of
a joint venture	1		(1	)	—		(1	)	1		—		2		—
Operating income	65		34		99		106		28		134		(41	)	(35)

⁽¹⁾	Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS.

Cash flow from operations and discretionary cash flows

The Corporation computes the cash flow from operations and discretionary cash flows as follows:

	Consolidated
	Three-month periods ended				Twelve-month periods ended
	March 31				March 31		December 31
(in millions of Canadian dollars) (unaudited)	2025		2024		2025		2024
Net cash flows related to operating activities	172		230		157		215
Change in non-cash items relating to operating activities	(37	)	(73	)	236		200
Cash flows from operations	135		157		393		415
Repayments on non-current debt (projects)⁽¹⁾	(64	)	(65	)	(238	)	(240	)
Adjustment for non-operating items⁽²⁾	5		—		11		7
	76		92		166		182
Principal payments related to lease liabilities⁽³⁾	(7	)	(6	)	(20	)	(19	)
Distributions paid to non-controlling shareholders⁽⁴⁾	(4	)	(18	)	(38	)	(52	)
Additions to property, plant and equipment
(maintenance of operations)	(2	)	(2	)	(10	)	(10	)
Development costs (from statement of earnings)	11		12		56		57
Discretionary cash flows	74		78		154		158

⁽¹⁾	Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio.
⁽²⁾	For the twelve-month periods ended March 31, 2025 and December 31, 2024, favourable adjustment consisting mainly of acquisition and restructuring costs.
⁽³⁾	Excludes the principal payments related to lease liabilities for projects under development and construction.
⁽⁴⁾	Includes distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl.

Available cash resources and authorized financing

The Corporation computes the cash flow from operations and discretionary cash flows, as well as available cash resources and authorized financing, as follows:

(in millions of Canadian dollars) (unaudited)	As at March 31, 2025		As at December 31, 2024
Available cash and cash equivalents⁽¹⁾
Cash and cash equivalents	388		592
Cash and cash equivalents held by entities subject to project debt agreements and restrictions	(318	)	(526	)
Bank overdraft	(13	)	(5	)
Available cash and cash equivalents	57		61
Credit facilities of the parent company
Authorized credit facility⁽²⁾	550		550
Amounts drawn under the authorized credit facility⁽³⁾	(178	)	(157	)
Unused tranche of the parent company’s credit facility	372		393
Unused tranche of the subsidiary’s credit facilities	75		69
Credit facilities available for growth⁽⁴⁾	447		462
Available cash resources and authorized financing	504		523

⁽¹⁾	Available cash and cash equivalents is a non-GAAP measure and doesn’t have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section in this report.
⁽²⁾	Excluding the accordion clause of $200 million ($150 million as at December 31, 2024).
⁽³⁾	As at March 31, 2025, this amount included $13 million in letters of credit ($33 million as at December 31, 2024).
⁽⁴⁾	Credit facilities available for growth is a supplementary financial measure. For more details, see the Non-IFRS and other financial measures section in this report.

Disclaimer regarding forward-looking statements

Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

For more information:

The MIL Network –

May 14, 2025

MIL-OSI: Bitfarms Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

– Revenue of $67 million, up 33% Y/Y –
– Gross mining margin of 43%, down from 63% from Q1 2024 –
– Total energy pipeline of ~1.4 GW, ~80% based in the U.S. –
– Private debt facility announced in April 2025 with division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ potential HPC data center development pipeline –

This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the first quarter ended March 31, 2025. All financial references are in U.S. dollars.

CEO Ben Gagnon stated, “During the quarter, we executed across several key areas in our strategic pivot to the U.S. and HPC. First, we completely transformed our energy portfolio with the strategic and profitable disposition of one of our Paraguayan Bitcoin mining campus, Yguazu, and the strategic acquisition of two large power campuses in Pennsylvania with the Stronghold acquisition. This materially reduced capex spending on Bitcoin mining and secured two high potential flagship campuses for HPC while further bolstering our liquidity position. Second, we strengthened our management team with two internal HPC/Infrastructure hires and two world-class external HPC/AI partners who are laser focused on developing and scaling our North American HPC/AI business. Lastly, we continued to make strides with our core Bitcoin mining business, growing our EHuM over 50% in the quarter and achieving our efficiency target of 19 w/TH ahead of schedule. The mining business now provides a stable, low-capex and free cash flow foundation for the Company that positions us very well to grow and develop our U.S. assets into HPC/AI data centers while still capitalizing on any potential Bitcoin upside in 2025 and 2026.

“We continued this momentum into Q2, having already secured an attractive financing facility for up to $300 million with a division of Macquarie Group, one of the world’s largest and most reputable infrastructure investors, to fund HPC data center development at our Panther Creek campus. Panther Creek has the scale, location, power availability, and fiber connectivity that is attracting notable HPC counterparties. This campus also has the quickest energization timeline of our three PA sites, and extensive work is underway on the Site Map Plans, development timelines, budgets and other key initiatives needed in order to begin construction.”

CFO Jeff Lucas stated, “We are excited to have joined forces with Macquarie to finance our HPC business cost-effectively and with much less dilution than equity funding, creating long-term value for shareholders. In addition to funding the initial phase of our buildout of Panther Creek, their expertise and vast experience in HPC infrastructure financing will be integral as we look to further scale our project and expand to other sites within our portfolio. With strong and steady mining economics, no plans for additional large miner purchases, minimal impact expected from potential tariffs, and near-term capital expenditures funded or with financing in place, we are confident that our strong financial position will enable us to efficiently and cost-effectively grow our HPC business in the U.S.”

Mining Operations

Current hashrate of 19.5 EHuM, up 200% from 6.5 EHuM as of March 31, 2024
Current efficiency of 19 w/TH, an improvement of 44% from 34 w/TH as of March 31, 2024

Recent Strategic Developments

Completed acquisition of Stronghold Digital Mining, Inc.
Completed sale of 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies Ltd.
Secured private debt facility with a division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ HPC data center potential
Strengthened management team with two new strategic hires, James Bond, SVP of HPC/AI, and Craig Hibbard, SVP of Infrastructure
Completed feasibility assessments for all U.S. sites with two strategic partners, ASG and World Wide Technology, advancing HPC/AI business
Initiated Bitcoin One program following the success of Synthetic HODL^TM program in 2024

Q1 2025 Financial Highlights

Total revenue of $67 million, up 33% Y/Y
Gross mining margin of 43%, down from 63% in Q1 2024
General and administrative expenses of $20 million, inclusive of $2 million in non-recurring expenses related to closing transactions with Stronghold and Hive, compared to $13 million in Q1 2024
Operating loss of $32 million compared to an operating loss of $24 million in Q1 2024
Net loss of $36 million, or $0.07 per basic and diluted share compared to a net loss of $6 million or $0.02 per basic and diluted share in Q1 2024
Adjusted EBITDA* of $16 million, or 23% of revenue, down from $23 million or 46% of revenue in Q1 2024
The Company earned 693 BTC at an average direct cost of production per BTC* of $47,800
Total cash cost of production per BTC* was $72,300 in Q1 2025

Liquidity**
As of May 13, 2025, the Company had total liquidity of approximately $150 million.

Q1 2025 and Recent Financing Activities

Sold 428 BTC at an average price of $87,100 for total proceeds of $37 million in Q1 2025. Earned 268 BTC and sold 350 BTC during April 2025, generating total proceeds of $30 million. A portion of the funds was used to pay capital expenditures to support the Company’s growth and efficiency improvement objectives and to supplement our Bitcoin One market operations program.
As of May 13, 2025, the Company held 1,166 BTC.
Raised $24 million in net proceeds during January 2025 under the Company’s 2024 at-the-market equity offering program (“ATM”). During the period from January 24, 2025 through May 13, 2025, the Company issued zero shares through the ATM.

Quarterly Operating Performance

	Q1 2025	Q4 2024	Q1 2024
Total BTC earned	693	654	943
BTC received through hosting revenue	6	—	—
BTC sold	428	502	941

	As of March 31,	As of December 31,	As of March 31,
	2025	2024	2024
Operating EH/s	19.5	12.8	6.5
Average Watts/Average TH efficiency***	20	22	35
Operating capacity (MW)	461	394	240

Quarterly Average Revenue**** and Cost of Production per BTC*

	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024
Avg. Rev****/BTC	$	92,500	$	82,400	$	60,900	$	65,800	$	52,400
Direct Cost*/BTC	$	47,800	$	40,800	$	36,600	$	30,600	$	18,400
Total Cash Cost*/BTC	$	72,300	$	60,800	$	53,700	$	47,600	$	27,900

_{* Gross mining profit, gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS financial measures or ratios and should be read in conjunction with, and should not be viewed as alternatives to or replacements of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and at the end of this press release.}

_{** Liquidity represents cash and balance of unrestricted digital assets.}

_{*** Average watts represent the energy consumption of miners.}

_{**** Average revenue per BTC is for mining operations only and excludes Volta revenue and Hosting revenue.}

Conference Call

Management will host a conference call today at 8:00 am EST. All Q1 2025 materials will be available before the call and can be accessed on the ‘Financial Results’ section of the Bitfarms investor site.

The live webcast and a webcast replay of the conference call can be accessed here. To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

Non-IFRS Measures*
As a Canadian company, Bitfarms follows International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standard Board (IASB). Under IFRS rules, the Company does not reflect the revaluation gains on the mark-to-market of its Bitcoin holdings in its income statement. It also does not include the revaluation losses on the mark-to-market of its Bitcoin holdings in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities.

The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability.

About Bitfarms Ltd.
Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
http://x.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Glossary of Terms

BTC BTC/day = Bitcoin or Bitcoin per day
EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
EH or EH/s = Exahash or exahash per second
MW or MWh = Megawatts or megawatt hour
w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
Q/Q = Quarter over Quarter
Y/Y = Year over Year
Synthetic HODL™ = the use of instruments that create Bitcoin equivalent exposure
HPC/AI = High Performance Computing / Artificial Intelligence

Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the potential to deploy the proceeds of the Macquarie Group financing facility at the Panther Creek location, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows and revenue diversification, the ability to enhance the business of the Company through adding additional human resources and consulting groups to HPC/AI strategies, the benefits of a second principal office in the U.S., the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year-ended December 31, 2024 and the management’s discussion and analysis for the three months ended March 31, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contacts:

Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com

Media Contacts:

Caroline Brady Baker
Director, Communications and Marketing
cbaker@bitfarms.com

Bitfarms Ltd. Consolidated Financial & Operational Results

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025			2024		$ Change			% Change
Revenues	66,848			50,317		16,531			33	%
Cost of revenues	(67,390	)		(60,999	)	(6,391	)		10	%
Gross loss	(542	)		(10,682	)	10,140		(95)%
Gross margin ⁽¹⁾	(1)%		(21)%			—			—

Operating expenses
General and administrative expenses	(20,173	)		(13,196	)	(6,977	)		53	%
Gain on disposition of property, plant and equipment and deposits	5,586			170		5,416		nm
Impairment of non-financial assets	(17,230	)		—		(17,230	)	(100)%
Operating loss	(32,359	)		(23,708	)	(8,651	)		36	%
Operating margin ⁽¹⁾	(48)%		(47)%			—			—

Net financial income	2,110			11,443		(9,333	)	(82)%
Net loss before income taxes	(30,249	)		(12,265	)	(17,984	)		147	%

Income tax recovery (expense)	(5,626	)		6,285		(11,911	)	(190)%
Net loss	(35,875	)		(5,980	)	(29,895	)		500	%

Basic and diluted net loss per share (in U.S. dollars)	(0.07	)		(0.02	)	—			—
Change in revaluation surplus – digital assets, net of tax	(13,421	)		17,433		(30,854	)		(177	%)
Total comprehensive income (loss), net of tax	(49,296	)		11,453		(60,749	)		(530	%)

Gross Mining profit ⁽²⁾	28,043			31,340		(3,297	)	(11)%
Gross Mining margin ⁽²⁾	43	%		63	%	—			—
Adjusted EBITDA ⁽²⁾	15,086			23,324		(8,238	)	(33)%
Adjusted EBITDA margin ⁽²⁾	23	%		46	%	—			—

_{nm: not meaningful}

1	Gross margin and Operating margin are supplemental financial ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
2	Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.

Bitfarms Ltd. Reconciliation of Consolidated Net Income (loss) to EBITDA and Adjusted EBITDA

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025		2024		$ Change			% Change
Revenues	66,848		50,317		16,531			33	%

Net loss before income taxes	(30,249	)	(12,265	)	(17,984	)		147	%
Interest income	(305	)	(302	)	(3	)		1	%
Depreciation and amortization	29,693		38,977		(9,284	)	(24)%
EBITDA	(861	)	26,410		(27,271	)	(103)%
EBITDA margin	(1)%		52	%	—			—
Share-based payment	4,437		3,094		1,343			43	%
Impairment of non-financial assets	17,230		—		17,230			100	%
Gain on revaluation of warrants	(5,618	)	(9,040	)	3,422		(38)%
Gain on disposition of marketable securities	(391	)	(338	)	(53	)		16	%
Gain on settlement of Refundable Hosting Deposits	(945	)	—		(945	)	(100)%
Professional services not associated with ongoing operations	1,671		—		1,671			100	%
Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1)	—		2,387		(2,387	)		100	%
Net financial (income) expense and other	(437	)	811		(1,248	)	(154)%
Adjusted EBITDA	15,086		23,324		(8,238	)	(33)%
Adjusted EBITDA margin	23	%	46	%	—			—


1	Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements.

Bitfarms Ltd. Calculation of Gross Mining Profit and Gross Mining Margin

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025		2024		$ Change			% Change
Gross loss	(542	)	(10,682	)	10,140		(95)%
Non-Mining revenues¹	(1,985	)	(894	)	(1,091	)		122	%
Depreciation and amortization	29,693		38,977		(9,284	)	(24)%
Electrical components and salaries	877		708		169			24	%
Sales tax recovery – prior years – energy and infrastructure²	—		2,028		(2,028	)		100	%
Other	—		1,203		(1,203	)		100	%
Gross Mining profit	28,043		31,340		(3,297	)	(11)%
Gross Mining margin	43	%	63	%	—			—

_{nm: not meaningful}

(1	)	Non-Mining revenues reconciliation:

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025		2024		$ Change		% Change
Revenues	66,848		50,317		16,531		33	%
Less Mining related revenues for the purpose of calculating gross Mining margin:
Mining revenues³	(64,863	)	(49,423	)	(15,440	)	31	%
Non-Mining revenues	1,985		894		1,091		122	%

nm: not meaningful

(2	)	Sales tax recovery relating to energy and infrastructure expenses has been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements.
(3	)	Mining revenues include revenues from sale of computational power used for hashing calculations and revenues from computational power sold in exchange of services.

Bitfarms Ltd. Calculation of Direct Cost and Direct Cost per BTC

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025		2024		$ Change			% Change
Cost of revenues	67,390		60,999		6,391			10	%
Depreciation and amortization	(29,693	)	(38,977	)	9,284		(24)%
Electrical components and salaries	(877	)	(708	)	(169	)		24	%
Infrastructure expenses	(3,677	)	(1,974	)	(1,703	)		86	%
Sales tax recovery – prior years – energy and infrastructure (1)	—		(2,028	)	2,028			100	%
Other	—		—		—			—	%
Direct Cost	33,143		17,312		15,831			91	%

Quantity of BTC earned	693		943		(250	)	(27)%
Direct Cost per BTC (in U.S. dollars)	47,800		18,400		29,400			160	%

Bitfarms Ltd. Calculation of Total Cash Cost and Total Cost per BTC

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025		2024		$ Change			% Change
Cost of revenues	67,390		60,999		6,391			10	%
General and administrative expenses	20,173		13,196		6,977			53	%
	87,563		74,195		13,368			18	%
Depreciation and amortization	(29,693	)	(38,977	)	9,284		(24)%
Non-cash service expense (2)	(785	)	—		(785	)	(100)%
Electrical components and salaries	(877	)	(708	)	(169	)		24	%
Share-based payment	(4,437	)	(3,094	)	(1,343	)		43	%
Professional services not associated with ongoing operations	(1,671	)	—		(1,671	)	(100)%
Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1)	—		(2,387	)	2,387			100	%
Other	—		(2,744	)	2,744			100	%
Total Cash Cost	50,100		26,285		23,815			91	%

Quantity of BTC earned	693		943		(250	)	(27)%
Total Cash Cost per BTC (in U.S. dollars)	72,300		27,900		44,400			157	%

1	Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements.
2	Non-cash service expense, included in infrastructure, which was exchanged for computational power sold.

The MIL Network –

May 14, 2025

MIL-OSI: Tower Semiconductor Reports 2025 First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

9% year-over-year revenue growth

Affirms sequential quarterly revenue growth target throughout 2025

MIGDAL HAEMEK, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ/TASE: TSEM) reports today its results for the first quarter ended March 31, 2025.

First Quarter of 2025 Results Overview
Revenues for the first quarter of 2025 were $358 million as compared to $327 million for the first quarter of 2024, representing 9% year-over-year revenue growth.

Gross profit and operating profit for the first quarter of 2025 were $73 million and $33 million, respectively, as compared to gross profit and operating profit of $73 million and $34 million in the first quarter of 2024, respectively. Gross and operating profits remain similar since the positive impact of the $31 million revenue increase was offset by the fixed costs of the new 300mm Agrate facility, as previously disclosed.

Net profit for the first quarter of 2025 was $40 million, reflecting $0.36 basic and $0.35 diluted earnings per share. First quarter of 2024 net profit was $45 million, reflecting $0.40 basic and diluted earnings per share, having been positively impacted by a non-recurring income tax benefit.

Cash flow generated from operating activities in the first quarter of 2025 was $94 million. Investments in property and equipment, net, were $111 million and debt payments totaled $27 million.

Corporate Credit Rating
On May 7, 2025, Standard & Poor’s Maalot (an S&P Global Ratings fully owned company) completed its annual rating review for the Company and reaffirmed its corporate credit rating as “ilAA, with a stable outlook”.

Business Outlook
Tower Semiconductor guides revenues for the second quarter of 2025 to be $372 million, with an upward or downward range of 5%, reflecting 6% year-over-year revenue increase; and reiterates its previously communicated company target for continued quarter-over-quarter revenue growth within 2025.

Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:
“Tower delivered continued record revenue in RF infrastructure, which includes SiPho and SiGe. We target further revenue growth of these technologies throughout the year, increases in our high voltage 200mm power management business and higher revenue levels in our sensors business. Additionally, we have entered a new served market for Tower, namely envelope trackers, using our 300mm technology platform. In the face of geo-political uncertainties, we are leveraging Tower’s global scale and technology breadth into new opportunities.”

Teleconference and Webcast
Tower Semiconductor will host an investor conference call today, Wednesday, May 14, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the first quarter of 2025 and its business outlook.

The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

Non-GAAP Financial Measures
The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $94 million, $101 million and $110 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively (less cash used for investments in property and equipment, net (in the amounts of $111 million, $93 million and $98 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

About Tower Semiconductor
Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiPho, SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel’s New Mexico factory. For more information, please visit: www.towersemi.com.

CONTACT:
Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

Forward-Looking Statements
This release, as well as other statements and reports filed, stated and published in relation to this quarter’s results, include certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “intends”, “committed to”, “tracking”, or words of similar import, identifies a statement as “forward-looking.” Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, credit crisis and/or unfavorable macro-economic conditions, such as the imposition of regulatory requirements, tariffs, import and export restrictions and other trade barriers and restrictions, including the timing and availability of export licenses and permits, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab’s significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, such as announced for SiPho and SiGe, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord’s alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease due to which he requested a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well as uncertainties associated with the ability to extend such lease or acquire the real estate and obtain the required local, state and/or other approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impact due to reorganization and consolidation of fabrication facilities, or cessation of operations, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares, and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade “war” and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

(Financial tables follow)


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
	March 31,		December 31,
	2025		2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	274,818	$	271,894
Short-term deposits	906,446		946,351
Trade accounts receivable	219,496		211,932
Inventories	276,072		268,295
Other current assets	51,429		61,817
Total current assets	1,728,261		1,760,289
PROPERTY AND EQUIPMENT, NET	1,346,213		1,286,622
OTHER LONG-TERM ASSETS, NET	34,131		33,574
TOTAL ASSETS	$	3,108,605	$	3,080,485
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Short-term debt	$	27,490	$	48,376
Trade accounts payable	118,318		130,624
Deferred revenues and customers’ advances	17,233		21,655
Other current liabilities	86,421		84,409
Total current liabilities	249,462		285,064
LONG-TERM DEBT	134,835		132,437
OTHER LONG-TERM LIABILITIES	22,293		22,804
TOTAL LIABILITIES	406,590		440,305
TOTAL SHAREHOLDERS’ EQUITY	2,702,015		2,640,180
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,108,605	$	3,080,485

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
	Three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
REVENUES	$	358,170		$	387,191		$	327,238
COST OF REVENUES	284,999			300,338			254,632
GROSS PROFIT	73,171			86,853			72,606
OPERATING COSTS AND EXPENSES:
Research and development	20,172			20,622			19,951
Marketing, general and administrative	20,101			19,812			18,670
	40,273			40,434			38,621

OPERATING PROFIT	32,898			46,419			33,985
FINANCING AND OTHER INCOME, NET	10,598			8,315			3,984
PROFIT BEFORE INCOME TAX	43,496			54,734			37,969
INCOME TAX BENEFIT (EXPENSE), NET		(3,779	)		(2,149	)	5,078
NET PROFIT	39,717			52,585			43,047
Net loss attributable to non-controlling interest	425			2,553			1,587
NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	40,142		$	55,138		$	44,634
BASIC EARNINGS PER SHARE	$	0.36		$	0.49		$	0.40
Weighted average number of shares	111,575			111,493			110,840
DILUTED EARNINGS PER SHARE	$	0.35		$	0.49		$	0.40
Weighted average number of shares	113,152			112,967			111,627

RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	40,142		$	55,138		$	44,634
Stock based compensation and amortization of acquired intangible assets	10,335			11,258			7,209
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	50,477		$	66,396		$	51,843
ADJUSTED EARNINGS PER SHARE:
Basic	$	0.45		$	0.60		$	0.47
Diluted	$	0.45		$	0.59		$	0.46

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
(dollars in thousands)
	Three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD	$	271,894		$	270,979		$	260,664
Net cash provided by operating activities	93,922			100,816			110,038
Investments in property and equipment, net		(111,411	)		(93,396	)		(98,018	)
Debt received (repaid), net		(26,874	)	2,795				(8,409	)
Effect of Japanese Yen exchange rate change over cash balance	2,817				(4,972	)		(2,665	)
Proceeds from (investments in) deposits, marketable securities and other assets, net	44,470				(4,328	)		(1,113	)
CASH AND CASH EQUIVALENTS – END OF PERIOD	$	274,818		$	271,894		$	260,497

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
	Three months ended
		March 31,			December 31,			March 31,
		2025			2024			2024
CASH FLOWS – OPERATING ACTIVITIES
Net profit for the period	$	39,717		$	52,585		$	43,047
Adjustments to reconcile net profit for the period
to net cash provided by operating activities:
Income and expense items not involving cash flows:
Depreciation and amortization *		74,228			75,820			59,544
Other expense, net		558			12,439			5,993
Changes in assets and liabilities:
Trade accounts receivable		(6,354	)		(19,034	)		(6,489	)
Other current assets		5,622			(36,464	)		(13,454	)
Inventories		(4,128	)		(3,356	)		(23,703	)
Trade accounts payable		(11,114	)		18,320			32,559
Deferred revenues and customers’ advances		(4,432	)		(8,712	)		(1,931	)
Other current liabilities		3,718			7,057			16,868
Other long-term liabilities		(3,893	)		2,161			(2,396	)
Net cash provided by operating activities		93,922			100,816			110,038
CASH FLOWS – INVESTING ACTIVITIES
Investments in property and equipment, net		(111,411	)		(93,396	)		(98,018	)
Proceeds from (investments in) deposits, marketable securities and other assets, net		44,470			(4,328	)		(1,113	)
Net cash used in investing activities		(66,941	)		(97,724	)		(99,131	)
CASH FLOWS – FINANCING ACTIVITIES
Debt received (repaid), net		(26,874	)		2,795			(8,409	)
Net cash provided by (used in) financing activities		(26,874	)		2,795			(8,409	)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE		2,817			(4,972	)		(2,665	)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,924			915			(167	)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD		271,894			270,979			260,664
CASH AND CASH EQUIVALENTS – END OF PERIOD	$	274,818		$	271,894		$	260,497

* Includes stock based compensation and amortization of acquired intangible assets in the amounts of $10,335, $11,258 and $7,209
for the 3 months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

The MIL Network –

May 14, 2025

MIL-OSI: Introduction to UXUY Protocol

Source: GlobeNewswire (MIL-OSI)

Singapore, May 14, 2025 (GLOBE NEWSWIRE) — Abstract
The advent of crypto has created the largest ownerless asset system in human history. Under the guidance of evolving crypto narratives, assets are being minted, issued, traded, and stored at near-zero marginal cost.
While centralized exchanges (CEXs) offer trading venues for a select number of popular assets, they can no longer meet the rapidly growing demand. It is evident that CEXs are limiting the expansion of the crypto industry.
UXUY Protocol aims to become a new layer of on-chain infrastructure by creating a permissionless and decentralized DEX framework. By connecting multiple major blockchains, it seamlessly integrates AMMs and order books, enabling ultra-fast on-chain crypto trading. At the same time, it provides powerful tools for developers and users to foster innovation and adoption in areas such as RWA and DeFi.
Just as Uniswap opened the door to on-chain trading, UXUY Protocol is accelerating the path toward mass adoption.

The Explosion of Crypto Assets

As blockchain continues to gain traction, crypto assets are rapidly emerging as one of the most disruptive and high-growth forces globally. From the “super meme cycle” to the “Trump coin” craze, and the widespread use of USD, treasuries, stablecoins, and RWAs (Real World Assets), crypto assets have evolved far beyond simple transfers and trades. They are now deeply integrating with the real world and accelerating the structural transformation of the global financial system.

In this permissionless new system, crypto assets have created a trustless financial network with no central authority—becoming the largest and most open ownerless asset system in human history. Various cryptocurrencies, tokens, and other forms of digital assets are minted, issued, traded, and stored at nearly zero marginal cost. This enables founders, users, small dev teams, and large institutions across the globe to easily participate in this decentralized economy.

The explosion of crypto assets calls for an entirely new infrastructure—this is where UXUY Protocol comes in.

Permissionless Trading Infrastructure

Existing trading infrastructure is under strain. While centralized exchanges (CEXs) provide trading for major crypto assets, their centralized nature cannot keep up with the rapidly expanding demand. CEXs have become a major bottleneck for asset discovery and adoption.

The key to solving this lies in building a permissionless and decentralized trading infrastructure that can meet the broader needs of DeFi and multi-chain asset trading. UXUY Protocol was born to break these limitations—offering a more open, transparent, and secure decentralized trading platform.

UXUY Protocol connects multiple leading blockchains and integrates AMM, order book, RFQ, and oracle-based solutions to provide a fast and low-cost trading environment, enabling free movement of assets across chains. This decentralized model not only improves early asset liquidity but also enhances user security and privacy.

UXUY Protocol is pioneering a new paradigm in crypto trading—launching an entirely new category beyond CEXs and DEXs: SEX (Smart Exchange Protocol).

Unlike traditional centralized or decentralized exchanges, SEX goes beyond mere trading. It introduces innovations such as abstract wallets, GasLess transactions, on-chain AI alerts, and one-click trading—fundamentally reshaping the on-chain trading. By making trading faster, cheaper, and smarter, it delivers truly accessible crypto finance for everyone. The first app built on SEX, UXUY APP, is non-custodial—user assets remain fully in their control without exposure to platform risks or hacks, enabling both security and self-sovereignty.

With its innovative GasLess module, users can trade on-chain without paying gas fees. This allows both everyday users and developers to enjoy efficient decentralized trading without extra costs—accelerating the adoption of crypto assets and advancing the decentralized ecosystem.

What Is UXUY Protocol Doing?

UXUY Protocol’s core mission is to build a permissionless protocol that comprehensively addresses the liquidity issues of on-chain trading. By combining multiple trading mechanisms, it not only offers an efficient platform for existing crypto assets but also supports the onboarding and liquidity of emerging ones.

The protocol uses smart routing to aggregate a variety of trading models, including AMM (Automated Market Maker), OrderBook, RFQ (Request for Quote), and oracle-based pricing solutions—providing diverse trading options to cater to the needs of users and developers.

Whether you’re a professional trader, DeFi developer, or an institution bringing RWA onto the blockchain, UXUY Protocol offers the right trading path for you.

Unlike traditional DEX protocols, UXUY Protocol retains the advantages of various trading models and builds on them to offer accurate pricing and lower slippage.

AMM (Automated Market Maker)

AMMs are the dominant trading model for traditional DEXs. Users trade assets via liquidity pools, making it ideal for long-tail and early-stage tokens. The benefits include simplicity, no need for matching engines, and inherent decentralization.

However, AMMs face challenges such as high slippage, impermanent loss, and low capital efficiency, making them vulnerable to frontrunning and MEV attacks. Many LPs (liquidity providers) report greater losses from impermanent loss than gains from fees.

UXUY Protocol treats AMM as a core liquidity source and uses smart routing to dynamically optimize trade paths, enhancing efficiency and cost—without being limited to AMM alone.

OrderBook (On-Chain Order Book)

Order books—used in traditional finance and CEXs—offer more precise price discovery than AMMs. But on-chain implementation demands higher performance and infrastructure, along with complex deployment and higher liquidity costs.

Best suited for high-volume assets, UXUY Protocol supports high-performance on-chain order book protocols to improve price precision and depth—delivering a professional-grade experience for serious traders.

RFQ (Request for Quote)

RFQ is ideal for large trades where liquidity may be limited—making it the preferred choice for custom OTC deals.

Since RFQ relies on market makers’ responses, it’s less real-time and less automated, and therefore not suitable for frequent small trades. UXUY Protocol integrates RFQ to meet institutional demands for price stability and trade privacy.

Oracle-Based Solutions

Oracle models provide asset pricing through high-quality data sources—ideal for RWA, stablecoins, and some derivatives. Their strength lies in transparency and authoritative pricing, though they may suffer from delays, manipulation, or feed attacks.

UXUY Protocol leverages major oracle networks to support pricing and settlement, building a more robust trading system.

Additionally, UXUY Protocol’s cross-chain interoperability and liquidity provide a richer infrastructure for the on-chain trading of crypto assets.

UXUY Founder Kevin Says:

“By integrating AMM, OrderBook, RFQ mechanisms, and oracle-powered pricing, UXUY Protocol systematically solves the liquidity challenges in crypto trading. It is also the first on-chain trading system to implement GasLess transactions—lowering the user barrier and accelerating the shift from CEX to SEX (Smart Exchange Protocol).”

The MIL Network –

May 14, 2025
MIL-OSI United Kingdom: Council crackdown on underage vape sales in Tunstall

Source: City of Stoke-on-Trent

Published: Wednesday, 14th May 2025

Stoke-on-Trent City Council is stepping up its crackdown on underage and illegal vape sales after seizing more than £21,000 of illegal cigarettes, tobacco, and vapes from a Tunstall shop.

It follows the sale of an illegal vape to a 17-year-old girl. The legal limit for vapes is 600 puffs, the one sold was three times over the legal limit.

Trading Standards officers, supported by Staffordshire Police, visited TKT Express on High Street Tunstall on Friday, 9 May. During the operation, they discovered illegal products hidden in a nearby car linked to the shop. Officers seized 22,360 cigarettes, 6.2kg of tobacco and 290 vapes- all illegal – and with a total retail value of £21,600. The shop is now under formal investigation.

Councillor Amjid Wazir OBE, cabinet member for city pride, enforcement and sustainability for Stoke-on-Trent City Council, said: “Our teams are taking firm action against shops that put young people at risk. I want to thank our Trading Standards for more hard work that protects all residents and upholds the law.

“We want our city to be a safe place for children and young people, so the fact that this shop sold an illegal vape to somebody underage shows complete disregard for their safety. We will take action against those who put people at risk and undermine the hard work of legitimate businesses.”

“I encourage any residents to report any suspicious activity related to illegal tobacco, vapes, or underage sales.”

Anyone who wants to report a similar issue to Trading Standards can call the Trading Standards Hotline 01782 238444 or visit stoke.gov.uk

MIL OSI United Kingdom –

May 14, 2025
MIL-OSI United Kingdom: UK-Angola trade mission strengthens economic ties
Source: United Kingdom – Executive Government & Departments

World news story

UK-Angola trade mission strengthens economic ties

British businesses explore Angola’s crucial sectors, forging partnerships for continued sustainable growth.
His Majesty’s Ambassador Bharat Joshi welcomed UK Trade Envoy Calvin Bailey MBE MP and a delegation of over 20 UK businesses eager to explore investment opportunities in Angola’s rapidly expanding infrastructure, agriculture and financial services sectors.

Together they have successfully launched their first trade and investment mission to Angola on 6 to 7 May 2025. This reaffirmed the UK’s commitment to fostering international partnerships that drive sustainable economic growth.

HM Trade Envoy to Angola, Calvin Bailey MBE MP, Angolan Minister for Planning, Vitor Hugo Guilherme, HM Ambassador to Angola, Bharat Joshi, Angolan Deputy Minister for Industry, Carlos Carvalho and Director for Europe at the Angolan MFA, Ambassador Maria Cuandina de Carvalho

During the mission, delegates engaged in strategic site visits to landmark projects, such as: the New Luanda International Airport and the Special Economic Zone (ZEE). These visits complemented a high-profile business forum in Luanda. British and Angolan leaders, including H.E. Minister of Planning Victor Hugo Guilherme, H.E. Deputy Minister for Industry Carlos Rodrigues and H.E. Deputy Minister for Public Investment Ivan dos Santos, discussed collaboration opportunities to deliver mutual economic benefits.

His Majesty’s Ambassador Bharat Joshi highlighted the importance of the mission, stating:

I am proud to welcome the first Trade Mission of my tenure, led by UK Trade Envoy Calvin Bailey MBE MP.

UK companies have a fantastic record of creating local wealth and jobs, investing in local skills and markets and supporting development programmes that make a real difference in communities.

The size of the delegation reflects our excitement about the opportunities in Angola to build sustainable, long-term partnerships that deliver for both our countries.

Trade and investment remain central to the UK government’s international strategy, unlocking opportunities, generating high-quality jobs and improving livelihoods in both nations.

UK Trade Envoy Calvin Bailey reinforced this vision, stating:

Angola is a land of opportunity. This trade mission demonstrates the UK government’s commitment to forging stronger economic partnerships with Angola.

With £2.5 billion in bilateral trade already flowing between our nations, we’re connecting British expertise with one of Africa’s most dynamic economies through engagements at transformative projects like the Luanda Special Economic Zone and the New Luanda International Airport, creating meaningful opportunities that deliver prosperity for both our nations.

The mission has already delivered tangible results, with investment discussions underway and promising business relationships established. These efforts mark more than commercial transactions – they signify a deepening of the UK-Angola economic partnership, paving the way for long-term prosperity.

Delegates visit to the New Dr. António Agostinho Neto in Luanda

As the UK continues to strengthen its global trade relationships, this mission represents a significant milestone in fostering sustainable growth and opportunities that will benefit businesses and communities across both nations.

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Published 14 May 2025
MIL OSI United Kingdom –
May 14, 2025
MIL-OSI New Zealand: Trade Minister to meet US Trade Representative at APEC in Korea

Source: NZ Music Month takes to the streets

Trade and Investment Minister Todd McClay travels to Korea today for the annual Asia-Pacific Economic Cooperation (APEC) Trade Ministers meeting where he will meet with APEC and CPTPP trading partners including a first in person meeting with United Stated Trade Representative Jamieson Greer.

“These meetings are an opportunity to advocate for New Zealand exporters, discuss our strong and mutually beneficial trade relationships, and restate New Zealand’s opposition to high tariff regimes,” Mr McClay says.

While in Jeju, Minister McClay will meet with Ministers from: Australia, China, Chile, Indonesia, Japan, Korea, Peru, Singapore and the United States where he will talk about the need for certainty for consumers and exporters.

APEC’s 21 economies receive over 75 per cent of New Zealand’s exports and represent nearly 60 per cent of global GDP.

“Open and fair market access remains a priority for our Government as we look to double the value of exports in 10 years and grow the economy,” Mr McClay says.

“This meeting is an opportunity to deepen our connections with these major economic partners and support New Zealand exporters.”

MIL OSI New Zealand News –

May 14, 2025
Operation Sindoor: From strategic restraint to sovereign retaliation

Source: Government of India

Source: Government of India (4)

India’s military response to the April 22, 2025, Pahalgam terror attack marked not merely a tactical action, but a fundamental shift in its strategic doctrine. Operation Sindoor, the codename for a bold retaliatory air campaign, shattered the long-standing tenets of India’s restraint-driven security posture. This was not just about responding to a cross-border provocation it was a calculated assertion of sovereign will, combining military strikes with economic countermeasures and an unapologetic geopolitical stance. The Indian Air Force struck deep into Pakistani territory, hitting eleven military installations, including the highly sensitive Nur Khan airbase near Islamabad a key node in Pakistan’s air defence and nuclear command infrastructure. These strikes were not reactionary outbursts; they were precisely timed, meticulously planned, and unilaterally executed. The choice of targets reflected not only the resolve to punish terror networks, but to decapitate the infrastructure that shields and enables them under the garb of nuclear deterrence. India, for the first time, did not blink in the face of Pakistan’s nuclear threats. It called the bluff and did so with devastating precision.

What followed was unprecedented. The international community, which once scrambled to de-escalate tensions in South Asia, remained eerily silent. Washington, London, Brussels, and even Beijing offered no real condemnation. The world had no playbook for this new India an India that acted without seeking permission, validation, or multilateral endorsement. The traditional scripts were obsolete. This quietude wasn’t diplomatic oversight it was stunned recalibration. India had crossed the Rubicon and declared that its security calculus would no longer be bound by Cold War legacies or post-colonial deference. Strategic restraint, once considered a virtue of mature statecraft, had evolved into a liability. Operation Sindoor rewrote the doctrine as ‘sovereign retaliation’ became the new normal. This retaliatory strike wasn’t just a military action; it was a geopolitical signal, a declaration of strategic independence.

What made this moment historic wasn’t just the airstrikes. Within days, India struck in the economic domain, announcing retaliatory tariffs worth $1.9 billion on U.S. exports, sanctioned by the WTO. While officially framed as a response to American tariffs on Indian steel and aluminium, this move carried deeper implications. It was a direct indictment of Washington’s double standards. Despite its rhetoric of partnership through platforms like the Quad, the U.S. continued to bankroll Pakistan through IMF bailouts, the latest of which came on May 9, 2025 at a time when India & Pakistan were engaged in a military standoff. Washington remained ambivalent, offering neither support nor criticism. Worse, it failed to pressure its NATO ally Turkey to halt drone transfers to Pakistan and made no effort to leverage its defence ties with Pakistan to prevent further escalation. India responded not with pleading, but with policy. The WTO move was not only about trade but also about establishing a doctrine of economic deterrence where tariffs serve as diplomatic instruments just as missiles serve as military ones.

India’s shift did not occur in a vacuum. It was built on a decade of foundational reforms strategic autonomy in defence procurement, diversified energy and trade partners, and a strengthening of indigenous technological platforms. In 1971, then Prime Minister Indira Gandhi after a big military victory in the Bangladesh war made a strategic retreat from West Pakistan giving up the gains, handing back 93,000 Pakistani POWs and affording Pakistan army an Off-Ramp to save its honour at Shimla Accord. Prime Minister Modi’s India on other hand in 2025 stood sovereign in policy and posture. There were no Nixon-era backchannels to arm-twist India, no Chinese diversionary threats in Ladakh, no economic leverages to constrain action. This was a state that had absorbed the lessons of the past and finally acted with the strategic decisiveness it long possessed but rarely deployed. Operation Sindoor was not about conquest; it was about calibrated decapitation. It struck hard enough to cripple, but restrained enough to avoid collapse. It was punitive, not escalatory a textbook demonstration of escalation dominance.

The military phase of Operation Sindoor saw coordinated precision strikes across a range of Pakistani targets including Bahawalpur, Muridke, Kotli, Muzaffarabad, and Skardu etc targeting the terror camps and infrastructure on 7^th May 2025. On May 10th, 2025 in response to Pakistani escalation by way of Turkish drones, targeting religious places, civilians and Indian military installations; the Indian Airforce struck Pakistani airbases like Rafuqui, Murid, Rahim Yar Khan, Sukkur, Chunian, Jacobabad, Nur Khan, Sargodha and Bholari airbases. These were not token air raids but deep-penetration missions utilizing BrahMos cruise missiles, targeting air defence systems, radar systems, electronic jammers, and bunkers. The Nur Khan Airbase strike sent shockwaves not just through Rawalpindi, but across global defence communities. The base’s proximity to Islamabad and its criticality to Pakistan’s nuclear logistics underscored India’s new resolve. The IAF’s rapid execution within 90 minutes disabled Pakistan’s air defence grid and neutralized its early-warning capabilities. It was a surgical dismantling of Pakistan’s conventional deterrence. The world watched, waited, but did not intervene. The silence was deafening.

India’s leadership under Prime Minister Narendra Modi did not seek applause or permission. Unlike previous governments that lobbied for global sympathy post-Kargil or after the 2008 Mumbai attacks, Modi’s government acted decisively and let its actions speak. There were no diplomatic pilgrimages to world capitals, no speeches at the UN, no dossier handovers. The message was simple, India will defend itself without intermediaries and if that means targeting strategic installations of a nuclear state, then so be it. Pakistan’s nuclear doctrine had long shielded it from Indian retaliation. That shield was dismantled not just through bombs, but through boldness. It was a psychological strike as much as a physical one.

While Pakistan bore the immediate brunt, the real targets of India’s message were China and the United States. Beijing, deeply invested in Pakistan through CPEC and military-industrial collaboration, refrained from open escalation. Even as Chinese-built drones and radars were destroyed, Beijing chose silence, perhaps wary of jeopardizing its broader trading relationship with India amidst tensions in Taiwan and trade war with USA. The United States, meanwhile, struggled with its strategic schizophrenia. India’s actions conflicted with the expectations Washington had long harboured that India would remain a “responsible stakeholder” and junior partner in the Indo-Pacific architecture. But Operation Sindoor, and the WTO retaliation that followed, made it abundantly clear that India no longer played by G2 rules. It would not be managed, moderated, or manipulated.

India’s challenge to the informal U.S.-China duopoly has now become structural. For over a decade, the G2 logic where Washington and Beijing informally co-managed global affairs has sidelined emerging powers. But India’s unilateralism broke that frame. It did not consult either power before acting militarily. It did not apologize for retaliating economically. It neither sought validation nor acknowledged criticism. That defiance is what defines India’s rise not as a “balancing power” but as a disruptor, a sovereign pole in a genuinely multipolar world. Its model of statecraft is rooted in pre-modern civilizational confidence, not post-modern liberal anxieties. It invokes Dharma, not doctrine; sovereignty, not subservience.

For Washington, this presents a strategic conundrum. Should it try to rein India in through pressure and conditionality? Or should it accept India’s autonomy and recalibrate the partnership? The Trump administration has oscillated, unable to decide whether India is a rebellious ally or an indispensable partner. But India has made its position clear it will not compromise on national interests, and certainly not under duress. There will be no compromise disguised as cooperation. India’s economic sovereignty, military autonomy, and civilizational narrative are now core to its foreign policy, and no partnership that demands dilution of these values will be entertained.

This transformation is not without risks. India’s assertiveness threatens entrenched interests. Both the U.S. and China, despite their rivalry, will seek to manage or constrain India’s ascent. Turkey’s deepening drone alliance with Pakistan is one such pressure point. The hybrid warfare against India via drones, trade barriers, and information warfare is likely to intensify. America’s willingness to offer off-ramps to Pakistan and equate Indian retaliation with Pakistani provocation betrays a strategic myopia. India must now navigate this terrain with agility escalating when necessary, de-escalating on its terms, and retaliating across all domains.

The day India launched its strikes on Pakistani airbases, Washington and Beijing came to an agreement on a tentative trade deal an act that reinforced the enduring G2 instinct. But in doing so, they also acknowledged the emerging reality that the future will not be defined by their binary logic alone. India’s assertion has introduced a third pole, one that neither seeks to dominate nor to align, but to act independently. That is the defining hallmark of multipolarity within bipolarity. India has entered this arena not as a substitute power, but as an original force a civilizational state that finally acts in accordance with its historical identity and strategic destiny. Operation Sindoor, in that sense, is not a finite event. It is the inaugural move of a long game, a game where India leads not just in South Asia, but influences the very grammar of global order. The world must now learn to engage with a new India one that retaliates, redefines, and refuses to retreat.

(Navroop Singh is an Intellectual Property Attorney in New Delhi and a geopolitical analyst with the ‘Niti Shastra’ platform. He has co-authored three books and writes on foreign policy, law, history, and public affairs.)

May 14, 2025
MIL-OSI United Kingdom: UK-EU summit ‘should be the start, and not the end of strengthening ties with Europe’ – Plaid Cymru

Source: Party of Wales

Rejoining the Single Market and Customs Union in Wales’ economic interests – Llinos Medi MP

Plaid Cymru’s Business and Trade Spokesperson, Llinos Medi MP has urged the UK Government to “take action” to fix the UK’s damaged relationship with Europe.

Ahead of next week’s EU-UK summit, the MP for Ynys Môn said that the people of Wales have been “let down” by those who promised that Brexit would lead to a brighter future and has instead caused “huge damage” to the communities and economy of Wales.

By 2025, Brexit has cost the Welsh economy up to £4 billion and has reduced the value of Welsh exports by up to £1.1 billion.

In a speech in the House of Commons on Tuesday 13 May, Ms Medi called on the UK Government to establish a Youth Mobility Scheme and join Erasmus+ to allow young people to study and work abroad.

Llinos Medi MP also said that the UK should commit to the long-term goal of joining the Single Market and Customs Union, claiming that it would help the UK Government achieve its mission of growing the economy.

Speaking in the House of Commons, Llinos Medi MP said:

“The hard Brexit pursued by the previous UK Government has cost the Welsh economy up to £4 billion; it has reduced the value of Welsh exports by up to £1.1 billion, and post-Brexit trade deals such as with New Zealand and Australia have been unfavourable for Welsh agriculture and manufacturing.

“Since Brexit, Wales has lost out on £1 billion in European structural and rural development funding which could have been used to support our deprived communities.

“This was despite the promise made by the then Conservative UK Government in 2019 to “at a minimum match the size” of former EU funding in Wales and the other nations of the UK.”

Llinos Medi MP continued:

“The Government should create Youth Mobility Scheme and join Erasmus+ so that our young people can study and work abroad, creating new skills and opportunities for the next generation. We also need to see cooperation on the environment, the arts and on defence.

“I hope next week’s summit will be the start, and not the end of strengthening our ties to Europe. Any plan needs clear aims and goals – Plaid Cymru believes the goal should be to eventually join the Single Market and Customs Union.

“This Government has said its first mission is to grow the economy. I can see no better opportunity to improve growth by committing the UK and Wales to the long-term goal of joining the Single Market and Customs Union.

“Wales has suffered badly by those who championed the false promises of Brexit, this Government must now take action to fix our damaged relationship with Europe to protect the Welsh economy.”

MIL OSI United Kingdom –

May 14, 2025

Category: Trade

IMF Communications Department

MEDIA RELATIONS

The good, the bad and the ugly

A temporary truce

Where does this leave the rest of us?

UK-Angola trade mission strengthens economic ties

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