Category: Trade

MIL-OSI USA: ICYMI: Warren Presses Apple CEO Tim Cook on Tariff Special Favors

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
April 24, 2025
Cook reportedly engaged with Trump administration following announcement of Trump’s China tariffs , resulting in massive tariff exemption for Apple products
Text of Letter (PDF)
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.) wrote to Apple CEO Tim Cook about a special tariff exemption for Apple and other tech firms following Cook’s conversation with Trump administration officials. A new report revealed that Tim Cook “went to work behind the scenes,” using his “very good relationship” with President Trump and his administration to win an exemption to Trump’s China tariffs, worth billions of dollars for Apple.
“I have already raised concerns that President Trump’s ‘trade policy is becoming a corrupt scheme to enrich administration officials and those loyal to them,’ and the circumstances surrounding Apple’s exemptions raise fresh concerns about influence-peddling by huge, well-connected corporations, and their ability to gain special favors from President Trump,” wrote Senator Warren.
On April 8, 2025, Trump announced additional tariffs on Chinese imports, which would have significantly raised the prices of Apple products. Following the announcement, Apple stock dropped by 7.65% — in addition to its over 15% plummet since Trump’s tariff “Liberation Day.”
President Trump had stated publicly that there would be no tariff exemptions. But a Washington Post report revealed that Cook almost immediately began engaging with the Trump administration following the tariff announcement, ultimately obtaining massive tariff carve-outs which even Trump himself said “helped Tim Cook…and that whole business.”
On April 12, the Trump administration announced exemptions for numerous electronic products from the roughly 145% tariff rate on goods produced in China. The exemption applied to a number of Apple products manufactured in China, including iPhones. Reports found that “Apple appears to be the only company that benefits from virtually all of [the exemptions].” Apple’s stock subsequently regained a significant portion of the value it initially lost following Trump’s “reciprocal tariffs” announcement.
“Even before the tariff announcement, Apple appeared to have invested heavily in influencing the Trump Administration, making a million-dollar contribution to President Trump’s inaugural Committee,” wrote Senator Warren. “You personally journeyed to Washington, D.C. to sit with the president’s family and cabinet nominees on the dais at his inauguration. And new reports indicate the extent to which you and Apple ‘went to work’ to receive special carve-outs.”
Last week, Senator Warren led over 45 lawmakers in writing to Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and U.S. Trade Representative (USTR) Jamieson Greer with concerns over the potential for corruption in the implementation of the administration’s chaotic tariffs.

MIL OSI USA News –

April 25, 2025
MIL-OSI USA: Attorney General James and Governor Hochul Announce Lawsuit Against Trump Administration for Imposing Illegal Tariffs

Source: US State of New York

EW YORK – New York Attorney General Letitia James and Governor Kathy Hochul today announced that New York and a coalition of 11 other states are suing the Trump administration for illegally imposing unprecedented tax hikes on Americans in the form of tariffs issued under the International Emergency Economic Powers Act (IEEPA). The Trump administration’s IEEPA tariffs raise taxes on imports from nearly every country on Earth, including America’s closest allies and trading partners, and they have already caused severe economic damage. The lawsuit, filed by Attorney General James and a coalition of attorneys general, argues that Congress has not granted the president the authority to impose these tariffs and therefore the administration violated the law by imposing them through executive orders, social media posts, and agency orders. The coalition seeks a court order halting these IEEPA tariffs, including the worldwide tariffs that were paused on April 9, and preventing the Trump administration from enforcing or implementing them.

“The president does not have the power to raise taxes on a whim, but that’s exactly what President Trump has been doing with these tariffs,” said Attorney General James. “Donald Trump promised that he would lower prices and ease the cost of living, but these illegal tariffs will have the exact opposite effect on American families. His tariffs are unlawful and if not stopped, they will lead to more inflation, unemployment, and economic damage.”

“President Trump’s reckless tariffs have skyrocketed costs for consumers and unleashed economic chaos across the country. New York is standing up to fight back against the largest federal tax hike in American history,” said Governor Kathy Hochul. “Attorney General James and I are partnering on this litigation on behalf of New York consumers, because we can’t let President Trump push our country into a recession.”

At most, the IEEPA allows the president to impose tariffs in response to extraordinary threats or a specific emergency. However, since February, President Trump has been unilaterally imposing sweeping tariffs against America’s closest trading partners. These tariffs expanded in a series of announcements in April to now cover nearly every country worldwide, including places that are not involved in international trade, such as the Heard and McDonald Islands, which have no known human inhabitants.

In addition to the severe economic damage that President Trump’s tariffs have already caused, the coalition warns they could cause even more destruction if allowed to continue. The lawsuit argues the IEEPA tariffs will increase unemployment, raise inflation, and threaten Americans’ wages by slowing economic growth. The president’s tariffs will harm the states and their residents by making important goods ranging from electronics to building materials more expensive and scarce.

These costs will severely impact New Yorkers. Economists estimate the increased tariffs will cost the average family thousands of dollars per year, and a report from the New York City Comptroller estimated that even a mild recession caused by the tariffs would lead to over 35,000 lost jobs in New York City alone. New York state agencies could end up paying over $100 million in extra costs due to tariffs increasing prices. Retaliatory tariffs imposed by Canada on the hundreds of millions of dollars in electricity that New York imports every year would cause New Yorkers’ energy bills to spike. Across the state, small businesses that rely on imports are already reeling from the threat of higher prices and uncertainty caused by the administration’s policies. In Central New York, the Cortland Standard, one of the oldest family-owned newspapers in the country, announced it would cease publication in part due to an expected tariff on newsprint.

The lawsuit, filed in the United States Court of International Trade, asserts that President Trump has no authority to impose tariffs as he has. While the president has declared emergencies and invoked IEEPA to justify these tariffs, not once has any other president used IEEPA to impose tariffs like this in the five decades since it became law. As the coalition argues in the lawsuit, the law was not designed to allow the president to unilaterally impose worldwide tariffs indiscriminately. In addition, the coalition argues that the Trump administration has overstepped its authority and violated the Constitution and the Administrative Procedure Act by imposing these tariffs.

With this lawsuit, the coalition is seeking a court order declaring the Trump administration’s IEEPA tariff orders to be in violation of the law and ordering the administration to stop implementing or enforcing these tariffs.

Joining Attorney General James in filing this lawsuit are the attorneys general of Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, Oregon, and Vermont.

MIL OSI USA News –

April 25, 2025
MIL-OSI Africa: Adeeb Y. Al Aama Appointed as Chief Executive Officer of the International Islamic Trade Finance Corporation

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

JEDDAH, Saudi Arabia, April 24, 2025/APO Group/ —

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), the trade finance arm of the Islamic Development Bank (IsDB) Group, is pleased to announce the appointment of Engineer Adeeb Y. Al Aama as Chief Executive Officer (CEO) ITFC, effective April 20, 2025.

The appointment was approved by the ITFC Board of Directors, following the recommendation of H.E. Dr. Muhammad Al Jasser, Chairman of the ITFC Board and President of the IsDB Group.

Upon his appointment, Eng. Al Aama stated: “It is a great honor to assume leadership of ITFC as we embark on the next chapter of our growth journey. Building on the solid foundations laid over the years, I am committed to advancing ITFC’s mission of empowering our member countries through innovative trade financing and development solutions. Together with the dedication of our talented team and the steadfast support of our partners, I am confident that we will drive greater impact, foster strategic partnerships, and contribute to sustainable and inclusive economic growth across our member countries.”

Eng. Al Aama brings over three decades of leadership experience spanning international organizations, multinational corporations and government institutions. He has extensive experience in international trade, energy markets, strategic planning, and economics among others. His distinguished career includes serving as Saudi Arabia’s Governor for OPEC and Deputy Minister of Energy for Kingdom Affairs in OPEC and Global Oil Markets, where he played a pivotal role in shaping energy policies and strengthening economic cooperation.

Throughout his distinguished career, he has advised three Saudi Energy Ministers and held executive roles at Saudi Aramco and Saudi Petroleum Overseas Ltd., driving international trade partnerships and strategic initiatives.

MIL OSI Africa –

April 25, 2025
MIL-OSI Global: Alaska, rich in petroleum, faces an energy shortage

Source: The Conversation – USA – By Brett Watson, Assistant Professor of Applied and Natural Resource Economics, University of Alaska Anchorage

The Trans-Alaska Pipeline crosses underneath the Dalton Highway, carrying crude oil from the North Slope to a port in Valdez. Lance King/Getty Images

In the state with the fourth-largest proven reserves of oil and gas in the U.S., there is a looming energy shortage.

Above the Arctic Circle, oil producers on Alaska’s North Slope send an average of 465,000 barrels of crude oil south each day for shipping to refineries and users around the country and the world.

But in south-central Alaska – Anchorage and the surrounding region, home to 63% of the state’s population – utility companies are warning they may not have enough natural gas from current sources to keep the power and heat on without interruption.

As a professor at the University of Alaska Anchorage who studies the economics of natural resources, I can see this apparent contradiction has a straightforward cause but no simple solution.

Oil facilities in Prudhoe Bay on the North Slope, photographed March 28, 2002.
Simon Bruty/Anychance/Getty Images

Declining oil production

The North Slope region once produced nearly 2 million barrels of oil per day at its peak in the 1980s. Every barrel is transported via the 800-mile Trans-Alaska Pipeline System to the port of Valdez, where it is loaded onto tanker ships.

The state government collects significant taxes and royalties on oil production. For decades, oil revenue allowed the state to fund all government spending without imposing broad-based income, sales or property taxes. At the height of the oil boom, there was so much money that Alaska established a wealth fund, now valued at over US$80 billion, and began distributing dividends to every resident.

But the Trans-Alaska Pipeline is designed to carry oil, not natural gas. A state law prevents producers from burning off excess gas, or flaring, as happens in many fields. With nowhere to send it, gas extracted from Alaska’s oil fields is reinjected into the ground to boost well pressure and push more oil out.

Significant natural gas potential

Alaska’s gas reserves are significant. State estimates suggest the North Slope has about 35 trillion cubic feet of proven reserves. That’s almost as much natural gas as the U.S. as a whole produced in 2023.

But that is just the beginning: The North Slope also has the potential for another 200 trillion cubic feet that remains undiscovered. And improving technologies and techniques may be able to extract another 590 trillion cubic feet, according to the Alaska Gasline Development Corp., a company owned by the state of Alaska that is trying develop a project to extract and sell the state’s natural gas.

As oil production declines and prices remain uncertain, selling gas could provide a different stream of revenue for the state, potentially providing billions of dollars.

The 800-mile problem

For decades, there have been numerous proposals to develop Alaska’s gas. State agencies and the petroleum industry have collectively spent hundreds of millions of dollars on this effort.

The concept that’s closest to reality is Alaska Gasline Development Corp.’s proposal to build a plant on the North Slope to remove gas impurities, a liquefaction plant near Anchorage that could export 20 million tons of liquefied gas each year – around a trillion cubic feet – and an 807-mile pipeline to connect the two.

The cost is expected to be significant: The corporation’s own estimate is that it would cost $44 billion. But that number was developed before the construction sector saw significant inflation in 2022. An engineering study due for release in late 2025 will provide a more updated figure. Alaskans remember that the Trans-Alaska Pipeline ended up costing 25% more than projected.

Since his first day in office, President Donald Trump has touted this pipeline as part of efforts to expand the nation’s production of fossil fuels. He told a joint session of Congress it was a near-ready project, with Japan and South Korea ready to invest “trillions of dollars each.” In February 2025, he stood alongside Japanese Prime Minister Shigeru Ishiba to announce a “joint venture” to develop the pipeline project, but no specific details have been announced.

Winter in Alaska means deep cold and lots of snow.
AP Photo/Mark Thiessen

2 expensive options

There is a growing need to address Alaska’s domestic energy shortfall.

South-central Alaska relies on natural gas for more than 70% of its electric and heating needs. But the gas reserves closest to Anchorage, in the Cook Inlet, which have provided energy to the area since the 1960s, are dwindling, and prices are rising. In 2005, wholesale gas prices were $3.75 per 1,000 cubic feet of natural gas. By 2024, the price had more than doubled, to $8.75. By contrast, the rest of the U.S. has seen natural gas prices cut in half over that period, thanks in part to horizontal drilling and hydraulic fracturing, also known as fracking.

In 2022, Hilcorp, the company responsible for roughly 85% of the Cook Inlet gas production, reported that by 2027 it might not be able to supply enough gas for utilities that serve the region.

Solutions other than the pipeline are also slow and expensive. Local utilities estimate that improving energy efficiency and developing renewable power could reduce gas demand by around 10% over the next several years and by as much as 15% after a decade. But retrofitting the area’s aging and energy-inefficient homes will not be fast or cheap.

More than just economics

What remains for Alaska are two main options: get gas from the North Slope to Anchorage, or import liquefied gas from the global market.

Building the pipeline could both meet the needs of Alaska’s people and bring in money from global sales – though how much revenue depends on how global gas markets change over time and how competitive Alaska gas prices would be relative to other suppliers.

Any delays from financial, legal, technical or environmental challenges would balloon costs. But if it succeeded, Anchorage-area customers could see prices drop as low as $2.23 per 1,000 cubic feet – a 75% drop from current prices and 40% lower than in 2005. The savings could significantly bolster the region’s economy.

Importing is a costly option. A study commissioned by the Alaska Legislature found that imported gas would cost $13.72 per 1,000 cubic feet. That’s 60% more than current prices and especially burdensome for Alaska families and businesses, which already pay far higher energy bills than typical American customers.

Beyond the economic questions, there’s something symbolic at stake: the state’s identity. Could a state synonymous with energy production become an energy importer? Many Alaskans see the prospect as an embarrassing paradox – akin to Hawaii importing pineapples or New Mexico importing green chiles.

Independence and globalization

Alaska is not alone in grappling with the tension between energy self-sufficiency and economic efficiency.

Across the U.S., states rich in resources have wrestled with the question of whether to prioritize local production or integrate into global markets. Texas produces more oil than any other state, yet it continues to import crude oil due to mismatches between its production and refining capacity.

Shaped by globalization, few regions can truly isolate themselves from market forces. Energy production and consumption are increasingly interconnected, meaning pursuit of local self-sufficiency comes at a steep economic cost. That’s the question facing Alaska: whether to invest in domestic infrastructure to maintain energy independence, or embrace the flexibility – and potentially lower cost – of global markets.

Brett Watson receives funding from First National Bank Alaska to conduct research on the Alaska economy, including energy issues. He has previously received funding from Power the Future for work on Alaska mineral issues.

– ref. Alaska, rich in petroleum, faces an energy shortage – https://theconversation.com/alaska-rich-in-petroleum-faces-an-energy-shortage-254903

MIL OSI – Global Reports –

April 25, 2025
MIL-OSI Global: Pope Francis’ death right after Easter sounds miraculous – but patients and caregivers often work together to delay dying

Source: The Conversation – USA – By Michelle Riba, Clinical Professor of Psychiatry, University of Michigan

Pope Francis died after celebrating Easter with his congregants. AP Photo/Gregorio Borgia

On the morning of Easter Monday, after his final public address the day prior, Pope Francis died at age 88, closing 12 years of leading the Catholic Church. He joins the phenomena of people “holding on” until after an anticipated date or event, such as the holidays or a birthday, before dying.

It sometimes seems like some patients are able to stay alive out of sheer willpower. But for many people, behind the scenes are a village of people and an ongoing series of conversations that help patients be able to celebrate their child’s graduation or travel to a place they’ve always wanted to go.

We asked Dr. Michelle Riba, director of the psycho-oncology program at the University of Michigan Rogel Cancer Center, to explain how meaning matters just as much as medicine at the end of life.

What factors come into play at the end of life?

Psychosocial factors that affect a person’s mental health and well-being – such as stress, social support, depression and anxiety, and socioeconomic status – play an important part of all parts of life, but especially at the end of life. End of life refers to the days, weeks or months after somebody is told that they have a disease that can be fatal.

Questions about meaning and what’s important to a patient and their family are important at all times. But when somebody is diagnosed with a grave illness, these questions become particularly important to acknowledge in medical conversations. As many doctors like to say, patients aren’t the disease, they have a disease.

We want to give patients control about how they want to live their lives in the most meaningful way, especially at the end. And this includes how they want to use their time, energy and resources, who they want to spend their time with and where they want to be.

How does the ‘will to live’ affect treatment and survival?

There was a new movement starting in the 1960s to 1970s that believed a person’s attitude and outlook on life could affect their health and longevity. People like minister Norman Vincent Peale promoted the idea that a positive mindset could help improve outcomes. Psychologist Martin Seligman developed the field of positive psychology that focused on subjective well-being by promoting resilience and human flourishing. The idea that you could do better if you were optimistic resonated with many people, including physicians.

Then surgeon Bernie Siegel proposed the specific idea that staying positive after a cancer diagnosis could extend your life, and that became a major focus of the movement. However, there was little to no data to support his claims. The studies researchers conducted to figure out whether it was true that people who were more positive lived longer or had a lower prevalence of cancer than those who did not were either flawed or did not consistently show this effect.

Eventually Siegel’s ideas were disproved. But for a long time, they affected how patients felt about themselves and how their families addressed illness. My own patients would tell me, “How can I be positive? I can’t eat, I’m in pain and I’m sick.” They felt guilty that they couldn’t feel positive and optimistic, and that caused extra stress and reduced their quality of life.

Learning about what matters most to a patient requires asking them.
FG Trade/E+ via Getty Images

Additionally, the social determinants of health – such as a patient’s environment, race, education and wealth – are also very important to their health and longevity. Having a good social life, money and not being discriminated against makes it easier to stay positive and do better in life. During the COVID-19 pandemic, people were less likely to do well if you didn’t have money, or if you were a certain race.

Research shows that patients who have severe mental illness such as schizophrenia and bipolar disorder often live about 20 years less than somebody who doesn’t. And it’s not just because of the disease. Having a severe mental illness means that you probably can’t work, you probably don’t have financial means, and you may not have family support.

How can doctors help patients feel like they have more control?

In studying how patients could feel more confident, physicians like me realized that having control over their destiny, if you will, didn’t necessarily mean patients had to stay positive. Rather, it meant understanding the things that gave them joy and meaning before their diagnosis, and how clinicians could help them continue to do these things.

For example, a patient who could no longer work because of their cancer or their treatments might miss their sense of routine. Working with them to make a schedule of all their medical appointments and enjoyable activities might help them take control over their days. The structure may provide meaning and help them cope better.

A marathon runner who loses their ability to balance due to a brain tumor is another example. If this patient found meaning and pleasure in running but could no longer run, what could we do to help them regain some of this joy? This might look like starting physical therapy and rehab, or finding alternative activities they can do.

If going to their place of worship is important to a patient but they’re no longer able to, we could see if their rabbi, imam or minister could see them at their home.

Additionally, helping patients continue doing what’s meaningful for them also gives them hope. It helps them know that their physicians feel they’re worth doing that for, and that there’s a life beyond cancer treatment.

How do a patient’s goals factor into their treatment plan?

When doctors give patients hope, patients tend to have better outcomes. That doesn’t mean we’re telling patients something false, or that they’re going to live a longer time. Rather, doctors can help patients improve or maintain their quality of life and achieve certain goals.

For example, a patient may be thinking of attending their child’s graduation two months from now. Their care team can talk to them about how they might be able to do this, or think of other ways they can celebrate.

Feeling supported during a serious illness can make a big difference.
Joshua Hoehne/Unsplash, CC BY-SA

My mother passed away from cancer a month after I graduated high school. I remember she couldn’t participate in a lot of senior prom activities, like helping me get a dress or do my hair. But my date and I and another couple were allowed to go to her hospital room just before the prom so she could see us all dressed up. And it was one of the most meaningful moments of my life. Though she couldn’t be there for graduation or all the other preparations and celebrations, it mattered to my mother and me that she was able to see my friends and me before prom. Also, very meaningfully, my friends were so kind and thoughtful to make that effort on our behalf.

There have been observations that some patients with terminal illness manage to hold on until after a certain holiday or date. A 1988 study found that the number of Jewish people who died before Passover was lower than expected, and the number of deaths after Passover was higher than expected. While this study had flaws and limitations, other researchers have made similar observations for deaths for specific groups after holidays like Christmas, the Mid-Autumn Festival and birthdays.

But these studies don’t address whether those specific holidays were actually what these patients really cared about. It may be that people made it through something else important to them. It may be that they were able to be with the people they loved at the end. It may be something else entirely. We don’t really know what’s important for someone unless we ask.

Allowing patients and their families to think about what matters most to them and how we can help them achieve their goals is part of our job as physicians.

How do you balance a patient’s medical care with their goals?

Being diagnosed with a terminal illness can be a traumatic event. Patients often can remember where and when they heard the news about a certain illness or scan or problem. How to help people process, understand and live with this to the best of their ability is really the key to having the best quality of life. This means giving them choices and helping them see some ways to address it for themselves and their families.

Sometimes that can be really hard. For patients who really want to travel somewhere, we might figure out a way to defer specific treatments or procedures, or set up appointments for them to be done at the local hospital or clinic. But there’s not much we can do for a patient who wants to attend their young child’s wedding when that won’t be for decades in the future. The medical team does everything it can within reason, and it tries to make sure the patients and their loved ones understand the risks and benefits.

Receiving bad news can be a traumatic event.
Maskot/DigitalVision via Getty Images

Doctors and patients may also have different goals that can be difficult to meet at the same time. Figuring out how to juggle these agendas and listening to each other during these conversations can be challenging but important.

Everybody is trying to do what they think is right and best for the patient. This means taking care of the whole person, not just the disease. Whether that means reaching a certain holiday or special event, or just gathering together with the people they love, taking the time and effort to understand what is important for the patient and their family is key to good care.

Michelle Riba chairs the National Comprehensive Cancer Network Distress Guidelines.

– ref. Pope Francis’ death right after Easter sounds miraculous – but patients and caregivers often work together to delay dying – https://theconversation.com/pope-francis-death-right-after-easter-sounds-miraculous-but-patients-and-caregivers-often-work-together-to-delay-dying-254970

MIL OSI – Global Reports –

April 25, 2025
MIL-OSI Global: WH Smith once shaped the travel experience – and now it’s returning to its roots

Source: The Conversation – UK – By Marrisa Joseph, Associate Professor of Organisation Studies & Business History, University of Reading

Not just a British icon – a WHSmith outlet in an airport in Doha, Qatar. TY Lim/Shutterstock

After 124 years as a familiar fixture to generations of customers, there will no longer be a place for WH Smith on UK high streets.

Modella Capital – a specialist retail investment company – is the new owner of the chain’s high street locations. For a purchase price of £76 million, it will take over 480 stores in retail parks, shopping centres and high streets. It is also expected to retain its 5,000 staff.

Initially, ten stores will close with a further ten to be announced later. Importantly, the WH Smith brand is not being sold.

The high street stores will be rebranded as TJ Jones, a nostalgic and not so subtle nod to its predecessor. There is clearly an understanding that a family brand still means something to consumers.

WH Smith is recognised globally due to its rapidly growing presence in airports. Its travel divisions is set to remain in train stations, airports and hospitals.

These 1,200 stores in 32 countries account for around 85% of group profits. The strategy is to focus on key travel markets, as air passenger numbers are forecast to more than double globally by 2050.

Interestingly, by prioritising travel customers, WH Smith has gone full circle – returning to its Victorian roots as the main retailer of books and newspapers in railway stations. I have researched the history of the British publishing industry – passengers picking up a newspaper or the latest bestseller at travel hubs is a practice that was pioneered by the brand that would go on to become WH Smith.

In 1792, newsagent Henry Walton Smith with his wife Anna started a small retailing business in Little Grosvenor Street in the west end of London. Their son William Henry took over the family firm in 1812. He expanded to include a “coach trade” of London daily papers to the regional provinces outside the capital.

William took advantage of the revolution in the British publishing industry that came with the industrial age. From its introduction in 1814, the steam-powered printing press brought down the cost of printing newspapers and books, opening more opportunities for literature.

In under 50 years, the sale of newspapers quadrupled, rising from 16 million a year in 1801 to more than 78 million by 1849. Increased literacy among adults and children created a market for new material, and as railways enabled new distribution networks there were even more opportunities to sell printed products.

The development of railway stations provided a surge in travel that was a novelty for many Victorians, who needed entertainment to keep them occupied during long journeys.

Broadening horizons

In 1848, Smith and his son secured an exclusive agreement to sell books and newspapers at railway stations owned by the London and North Western Railway. The first bookstall opened in Euston station in November that year, and by the end of the 1860s they operated more than 500 bookstalls along Britain’s railways.

This contract led to WH Smith dominating a large part of the book trade by the end of the 19th century. It continued to expand, and the first town shop opened in Gosport, Hampshire in 1901.

The historic WH Smith brand will disappear from UK high streets after its sale.
cktravels.com/Shutterstock

In 1850, Smith and son also made a deal with publisher George Routledge to supply and stock their railway outlets with his cheap series of reprints. These were known as “yellowbacks” as the prints were bound in thin yellow card with eye-catching artwork.

These were a precursor to the paperback, designed to be read on the train and then discarded. Selling at roughly half the price of a novel at the time, they were mass-market products that provided significant revenue for WH Smith – just as paperbacks do today.

Building on the opportunity of the growing travel market, the company broadened its offering to the public by partnering with Charles Edward Mudie, who founded Britain’s largest circulating library in 1842. At one point Mudie’s flagship location in New Oxford Street in London held more than 960,000 titles.

By 1859, Mudie had an agreement with WH Smith to supply the bookstall at Birmingham station – essentially creating a library department in the bookstall. Mudie supplied popular titles from London allowing “passengers to exchange books daily at the subscriber’s pleasure”.

For more than 170 years, WH Smith has grown from its origins as a retailer at railway stations to becoming a familiar presence in town and city centres across the UK. More recently it has been the butt of jokes online for its disorganised and messy stores.

But the decision to offload its high street premises underscores the fact that, just as in the Victorian era, travellers seeking entertainment for the journey will still turn to that old trusted brand.

Marrisa Joseph works for the University of Reading.

– ref. WH Smith once shaped the travel experience – and now it’s returning to its roots – https://theconversation.com/wh-smith-once-shaped-the-travel-experience-and-now-its-returning-to-its-roots-254858

MIL OSI – Global Reports –

April 25, 2025
MIL-OSI China: 137th Canton Fair draws over 190,000 overseas buyers: commerce ministry

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

BEIJING, April 24 — The 137th edition of the China Import and Export Fair, also known as the Canton Fair, had attracted more than 190,000 overseas buyers from 218 countries and regions as of midday Thursday, data from the Ministry of Commerce showed.

The second phase of this edition of the fair kicked off on Wednesday, focusing on the theme of quality home furnishings. At a regular press conference Thursday, ministry spokesperson He Yadong noted that with increasing levels of innovation and eco-friendliness, the projects on display are attracting rising interest from global buyers.

More than 2,400 exhibitors in this phase are recognized as national-level high-tech enterprises, “little giants” enterprises, or national single champions of manufacturing industry, an increase of 100 companies compared with the same period last year, the spokesperson said.

“The bustling crowds and vibrant negotiations at the Canton Fair vividly reflect the global businesses’ confidence in China’s economic prospects, providing a strong boost to the country’s foreign trade momentum,” He said.

This edition of the fair, held in the southern Chinese metropolis of Guangzhou from April 15 to May 5, is organized into three themed phases. The first focused on advanced manufacturing, the second on quality home furnishings, and the third on products that promote a better quality of life.

MIL OSI China News –

April 25, 2025
MIL-OSI: Bitget Wallet Launches Major Upgrade to Market Tools and Alpha Interface

Source: GlobeNewswire (MIL-OSI)

SAN SALVADOR, El Salvador, April 24, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has introduced a major upgrade to its market insight features, including advanced K-line charting, real-time token analytics, and dynamic trading overlays. The enhanced interface gives users a professional-grade monitoring experience from a simple, mobile-first wallet.

The new interface enables users to interact with candlestick (K-line) charts using familiar gestures — drag to view historical price movements, pinch to zoom for detail, and long-press to reveal a floating window with precise data points. Users can also choose to display or hide trade-specific overlays such as buy/sell points, average price, and position size, making it easier to monitor performance without clutter.

Each token’s detail page now includes a dedicated “Trading Activity” section, surfacing key onchain metrics like address count changes, top 10 address volumes, largest trades, and major inflow/outflow events. A new “Daily Movers” section on the market homepage highlights tokens with unusual price or volume shifts, helping users quickly identify emerging trends. Meanwhile, Bitget Wallet Alpha, previously known as MemeX, has been upgraded with a simplified layout, clearer gain multipliers, and improved stablecoin purchase options.

While feature-rich, the upgrade remains true to Bitget Wallet’s broader design philosophy — the delivery of powerful tools through an interface that feels intuitive and easy to navigate. “Great design is about making powerful tools simple,” said Alvin Kan, COO of Bitget Wallet. “This upgrade delivers the depth that active users expect, while staying true to our vision of a wallet that anyone can use.“

The upgraded features are now available for all Bitget Wallet users on iOS and Android, with further usability improvements set to roll out in the coming months. For more details, please visit Bitget Wallet’s official X.

About Bitget Wallet
Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple, secure, and accessible for everyone. With over 60 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, a DApp browser, and crypto payment solutions. Supporting 130+ blockchains, 20,000+ DApps, and a million tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets.

For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
For media inquiries, contact media.web3@bitget.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3203f0f-c697-4c68-bf43-d35ce1fe26a7

The MIL Network –

April 25, 2025
MIL-OSI: Wearable Devices Unveils Revolutionary Gesture Mapper for Mudra Link, Ushering in a New Era of Personalized Neural Control

Source: GlobeNewswire (MIL-OSI)

The new feature empowers users to customize intuitive and touchless interactions, transforming the way they control their digital world.

YOKNEAM ILLIT, ISRAEL, April 24, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced a major update to its Mudra Link product – transforming it into a personalized neural wristband controller worn on the wrist.

The new Mudra Link Gesture Mapper feature allows users to assign personalized input commands to specific gestures, enabling intuitive, touchless control across multiple compatible devices and operating systems. By customizing their interaction experience, users can streamline workflows, enhance accessibility, and enjoy more natural, hands-free operation.

The Mudra Link gesture mapper offers both computer mouse functionality and directional pad functionality. Users may configure a tap gesture to be a left or right mouse button click, and gestures like pinch and slide or double-tap to any keyboard key. This flexibility allows users to replace or augment traditional input methods, enabling more efficient, accessible, and personalized control across a wide range of devices and applications.

“The Mudra Link is heralding an era of wearable brain-computer interface, as it is an established product in the neural wristband product category for user input and interaction,” said Asher Dahan, Chief Executive Officer of Wearable Devices. “With Gesture Mapper, we set out to make neural input as intuitive and accessible as possible. This feature not only delivers immediate value through customizable gestures but also invites a growing community to explore new ways of interacting with technology.”

A video of the new Mudra Link Gesture Mapper feature is available here: https://www.youtube.com/shorts/5H9RrflYjOY.

About Wearable Devices

Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) is a growth company pioneering human-computer interaction through its AI-powered neural input touchless technology. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s consumer products – the Mudra Band and Mudra Link – are defining the neural input category both for wrist-worn devices and for brain-computer interfaces. These products enable touch-free, intuitive control of digital devices using gestures across multiple operating systems.

Operating through a dual-channel model of direct-to-consumer sales and enterprise licensing and collaborations, Wearable Devices empowers consumers with stylish, functional wearables for enhanced experiences in gaming, productivity, and extended reality (XR). In the business sector, the Company provides enterprise partners with advanced input solutions for immersive and interactive environments, from AR/VR/XR to smart environments.

By setting the standard for neural input in the XR ecosystem, Wearable Devices is shaping the future of seamless, natural user experiences across some of the world’s fastest-growing tech markets. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq Capital Market under the symbols “WLDS” and “WLDSW,” respectively.

Forward-Looking Statements Disclaimer

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of our products and technology, our aim to make neural input as intuitive and accessible as possible, and our future new updates. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. 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: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2024, filed on March 20, 2025 and our other filings with the SEC. 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 Relations Contact
Michal Efraty
IR@wearabledevices.co.il

The MIL Network –

April 25, 2025
MIL-OSI: Havila Shipping ASA: Notice of Ordinary General Meeting 15.05.25

Source: GlobeNewswire (MIL-OSI)

The Board of Directors of Havila Shipping ASA hereby gives notice of the Ordinary General Meeting.

The meeting will take place on 15 May, 2025, at 14 hours.

The meeting will be held as a digital meeeting only, with no physical attendance for shareholders.

The notice will be sent to shareholders, by post to the registered address in VPS, or through VPS.

Contacts:

CEO Njål Sævik, +47 909 35 722

CFO Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachment

The MIL Network –

April 25, 2025
MIL-OSI: Axi Delivers Unbeatably Tight Spreads on Key Markets Including Gold, Crypto, and Forex
Source: GlobeNewswire (MIL-OSI)

SYDNEY, April 24, 2025 (GLOBE NEWSWIRE) — Axi, a leading global online trading broker, is proud to announce its latest commitment to industry-leading pricing with some of the most competitive spreads in the market. Traders can now access spreads as tight as $0.15 on Gold, $15 on Bitcoin, and just 0.7 pips on EUR/USD—making Axi a top choice for retail and professional traders alike.

Since its inception in 2007, Axi has built its reputation on a foundation of transparency, speed, and client-focused service. The broker continues to uphold this mission by offering exceptional trade execution, with latency as low as 29 milliseconds, even during periods of heightened market volatility.

“We believe that traders deserve not only low costs but also honesty and performance they can rely on,” said Louis Cooper, Chief Commercial Officer at Axi. “Our goal has always been to help our clients trade with confidence, and this latest offering reflects our ongoing commitment to delivering real value.”

With the increasing popularity of digital assets, Axi encourages traders to compare its spreads on Bitcoin and Ethereum and make informed decisions backed by pricing transparency and superior execution.

Key Highlights:
- Gold spreads from $0.15
- Bitcoin spreads from $15
- EUR/USD spreads from 0.7 pips
- Execution latency as low as 29ms
Whether you’re trading forex, gold, or cryptocurrencies, Axi provides the tools and conditions needed to navigate today’s markets with speed and confidence.

About Axi:
Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

At Axi, we are proud of our reputation as an honest and fair broker, providing our customers with outstanding service and trading conditions since 2007. We also work with leading regulatory governing authorities globally to ensure we exceed the highest standards in the industry.

For more information, please visit: www.axi.com

mediaenquiries@axi.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/589c4032-234d-4cb8-8f97-428d2ca0c850

The MIL Network –
April 24, 2025
MIL-OSI: Aether Holdings Launches Alpha Edge Media™ to Expand its Financial Newsletters and Subscribers
Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Aether Holdings, Inc. (Nasdaq: ATHR) (“we,” “us,” “our,” “Aether,” or the “Company”), an emerging financial technology platform company that offers proprietary research analytics, data and tools for both institutional and retail equity traders, today announced the formation of Alpha Edge Media, Inc., a wholly owned subsidiary dedicated to building and scaling a new generation of digital-first financial newsletter media content and brands.

The Alpha Edge Media newsletters will compliment Aether’s flagship trading market research platform, SentimenTrader.com, a financial technology platform providing artificial intelligence (AI)-driven insights into market sentiment through a variety of tools, reports, and strategies.

The launch is being done in collaboration with Makaira Media, a Florida-based boutique marketing and performance agency that also operates as Sundara Marketing Group. Together, Aether and Makaira will design, launch, and grow a network of high-impact digital financial newsletters and content assets aimed at capturing the attention of forward-looking investors and other business professionals at scale.

The Alpha Edge project is an outgrowth of Aether’s existing strategy to grow its marketing and distribution capabilities, either on its own through initiatives like Alpha Edge or through acquisitions of financial newsletters or content and related subscribers. Aether is implementing this strategy with proceeds from its recently completed initial public offering on the Nasdaq Stock Market.

“Digital newsletters are the new front page,” said Nicolas Lin, CEO of Aether Holdings. “With Alpha Edge Media, we’re not just launching newsletters. We’re building high-growth media assets with the real potential for monetization power. This is modern media – audience-first, data-smart, and built to scale.”

Lin added, “We believe the future of fintech AI will be driven by who owns the most specialized content and proprietary data. Our work with Makaira marks a critical first step toward expanding our financial market content ecosystem, feeding into our existing AI models, including SentimenTrader, and advancing our mission to empower investors through intelligence that’s both actionable and deeply personalized.”

Key elements of the Alpha Edge Media initiative include:
- Strategic execution partner: Makaira Media brings full-stack content, growth, and performance expertise.
- Modern media model: First-party data, owned audiences, and monetization will be built in from day one.
- Structure built to scale: Alpha Edge Media will provide dedicated leadership, accountability, and focus that creates the potential scale in size
Makaira Media will support the initiative across end-to-end brand development, content creation, newsletter growth strategy, performance marketing, CRM development, and ongoing KPI optimization. Each new financial newsletter brand will be tracked against key benchmarks with monthly reporting and rapid iteration of products based on data.

“The most valuable media today is owned, measurable, and scalable. When you align strong content with disciplined execution, newsletters become high-performing growth channels,” said Eva Hodgens, Co-Founder and CEO of Makaira Media. “Alpha Edge Media is about building owned media ecosystems that convert into subscribers and revenue opportunities. We look forward to working with the amazing trading market expertise and newsletter experience that Aether brings to the table to drive this exciting initiative forward.”

About Aether Holdings, Inc.

Aether Holdings, Inc. (Nasdaq: ATHR) is an emerging financial technology holding company focused on transforming the way investors navigate the markets. Leveraging decades of market expertise and cutting-edge technology, Aether delivers proprietary tools, data, and research to empower traders with actionable insights and enhanced decision-making capabilities.

Aether’s flagship platform, SentimenTrader.com, is designed to serve both retail and institutional investors by offering advanced sentiment analysis through the use of machine learning (ML) and artificial intelligence (AI) capabilities. With over 20 years of sentiment data integrated into its systems, Aether aims to provide its users with a powerful combination of technology and expertise, enabling them to make informed decisions to level-up their trading in the markets.

Aether is committed to building an ecosystem that supports smarter, data-driven trading strategies, reinforcing its mission to empower the investing community and redefine excellence in fintech. By integrating advanced technologies, including artificial intelligence tools with the critical thinking and analytical abilities of its team of evidenced-based trading veterans, Aether aims to provide its users with a powerful combination of technology and expertise, enabling them to make informed decisions to level-up their trading in the markets.

Find out more about Aether Holdings at https://helloaether.com/

About Makaira Media LLC

Makaira Media is a full-service digital and print marketing firm specializing in direct-response copywriting, direct-response graphic design, direct-response focused web design, direct-response content marketing, and direct-to-consumer E-commerce ideation, creation, and advertising.

Cautionary Note Regarding Forward Looking Statements

This news release and statements of Aether’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements relate to the anticipated benefits to Aether of the launch and business plan for Alpha Edge Media as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For Aether, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to Aether’s ability to adequately market its products and services, and to develop or acquire additional products and product offerings; (ii) risks related to intense competition in the fintech and financial newsletter sector; (iii) risk related to artificial intelligence and machine learning; (iv) the inability of Aether to maintain and protect its reputation for trustworthiness and independence; (v) the inability of Aether to attract new users and subscribers and convert free users to paying subscribers; (vi) similar risks and uncertainties associated with operating a relatively small business a rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and Aether therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://investor.helloaether.com/#sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Aether Holdings, Inc. Contact
Nicolas Lin, CEO
(347) 363-0886
ir@helloaether.com

Investor Relations Contact
Matthew Abenante, IRC
President, Strategic Investor Relations, LLC
(347)-947-2093
Email: matthew@strategic-ir.com

Media Contact
Jessica Starman, MBA
media@helloaether.com

The MIL Network –
April 24, 2025

MIL-OSI: Nasdaq Reports First Quarter 2025 Results; Diversified Business Model Driving Broad-Based Revenue Growth

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2025.

First quarter 2025 net revenue¹ was $1.2 billion, an increase of 11% over the first quarter of 2024, or up 12.5% on an adjusted² basis. This included Solutions³ revenue growing 9%, or up 11% on an adjusted basis.
Annualized Recurring Revenue (ARR)⁴ of $2.8 billion increased 8% over the first quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 14% and represented 37% of ARR.
Financial Technology revenue of $432 million increased 10% over the first quarter of 2024 with Financial Crime Management Technology revenue up 21%.
Index revenue of $193 million grew 14%, or 26% on an adjusted basis, with $86 billion of net inflows over the trailing twelve months and $27 billion in the first quarter of 2025.
GAAP diluted earnings per share grew 69% in the first quarter of 2025. Non-GAAP⁵ diluted earnings per share grew 24% in the first quarter of 2025.
In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. The company also repurchased $279 million of senior unsecured notes in the quarter.

First Quarter 2025 Highlights

(US$ millions, except per share)	1Q25	YoY change %	Adjusted YoY change %	Organic⁶YoY change %
Solutions revenue	$947	9%	11%	9%
Market Services net revenue	$281	19%	19%	19%
Net revenue	$1,237	11%	12%	11%
Non-GAAP operating income	$682	15%	17%	14%
ARR	$2,831	8%	9%	9%
GAAP diluted EPS	$0.68	69%
Non-GAAP diluted EPS	$0.79	24%		24%

Adena Friedman, Chair and CEO said, “Nasdaq’s first quarter results underscore the resilience of our business model and our ability to deliver growth across our divisions in a rapidly shifting environment.

As a trusted partner and platform company, we are empowering our clients to address their most pressing risks and challenges and confidently navigate complex macroeconomic conditions. With our portfolio of complementary, mission-critical solutions, we are well-positioned to deliver sustainable growth through 2025 and the medium-term.”

Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq delivered one of its strongest quarters yet, with all three divisions achieving robust revenue growth and contributing to stellar EPS growth. We demonstrated strong operating leverage and our high level of cash flow enabled us to make meaningful progress on our capital allocation strategy of investing in organic growth, reducing debt, and repurchasing shares.

We are grateful for our clients’ trust and remain focused on supporting them in these times of uncertainty, executing on our growth opportunities, and continuing to delever while making focused strategic investments to capitalize on our compelling organic growth opportunity.”

FINANCIAL REVIEW

First quarter 2025 net revenue was $1,237 million, reflecting 11% growth versus the prior year period. Adjusted net revenue growth was 12.5%.
Solutions revenue was $947 million in the first quarter of 2025, up 9% versus the prior year period, or up 11% on an adjusted basis, reflecting strong growth from Index and Financial Technology.
ARR grew 8% year-over-year, or 9% on an organic basis, in the first quarter of 2025 with 11% ARR growth for Financial Technology, or 12% on an organic basis, and 5% ARR growth for Capital Access Platforms.
Market Services net revenue was $281 million in the first quarter of 2025, up 19% versus the prior year period.
First quarter 2025 GAAP operating expenses were $690 million, a decrease of 3% versus the prior year period. The decrease in the first quarter was primarily due to lower expenses related to general and administrative expenses, lower restructuring costs, and lower compensation and benefits, partially offset by an increase in merger and strategic initiative costs.
First quarter 2025 non-GAAP operating expenses were $555 million, reflecting 6% growth versus the prior year period, or 7% growth on an organic basis. The organic increase for the quarter reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies.
Cash flow from operations was $663 million for the first quarter enabling the company to make continued progress on its deleveraging plan. In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. As of March 31, 2025, there was $1.6 billion remaining under the board authorized share repurchase program. The company also repurchased $279 million of senior unsecured notes for a net purchase price of $257 million in the first quarter of 2025.

2025 EXPENSE AND TAX GUIDANCE UPDATE⁷

The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,265 million to $2,325 million, and is maintaining its 2025 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

STRATEGIC AND BUSINESS UPDATES

Financial Technology delivered durable and broad-based ARR growth. The One Nasdaq go to market strategy is elevating client engagement and driving product adoption resulting in robust ARR growth. FinTech ARR grew 12% on an organic basis in the first quarter with 40 new clients, 92 upsells, and 2 cross-sells. First quarter highlights included:
- Financial Crime Management Technology revenue growth reflects momentum across both enterprise and small-and-medium bank (SMB) clients. Nasdaq Verafin secured several strategic first quarter wins including a cross-sell to a Tier 2 AxiomSL client and an upsell to a Tier 2 bank client, reflecting early progress on its land and expand enterprise client strategy. The business also added 35 new SMB clients in the first quarter, a 25% increase in new client signings over the prior year quarter. Nasdaq Verafin’s ongoing client growth is contributing to the growth and power of its data consortium, which now includes clients holding more than $10 trillion in total assets.
- Regulatory Technology achieved solid ARR growth as our solutions helped clients navigate elevated market activity. AxiomSL signed a new large digital bank client and continued its momentum with existing clients with 22 upsells in the first quarter, including a strategic deal with a large Tier 1 U.S. financial institution. The Tier 1 client expanded its suite of AxiomSL services by incorporating a broker-dealer solution alongside their existing U.S., European, and Asian reporting modules. Surveillance signed 4 new clients in the quarter, including a European regulator, a crypto marketplace, an energy trading firm, and a broker-dealer.
- Capital Markets Technology signed multiple strategic deals amid the market modernization megatrend. Strong execution and secular tailwinds are fueling new wins across the subdivision with Calypso completing 25 upsells and Market Technology signing 17 upsells in the first quarter. Market Technology also had a cross-sell to nuam, a consolidated market operator spanning Peru, Chile, and Colombia. In the first quarter, nuam selected Nasdaq’s newly launched trade, clearing, and central securities depositories (CSD) intelligence solution after signing Nasdaq’s Trade Multi Matching Engine in late 2023 and its member countries standardizing on Nasdaq’s CSD platform in December 2024.
Investments in Index powered alpha-driven revenue growth. Index had $27 billion in net inflows in the first quarter with average ETP AUM reaching $662 billion, to achieve a sixth consecutive record quarter, despite a more volatile market backdrop. Index’s performance reflects ongoing execution of its growth strategy of new product innovation, international diversification, and institutional client expansion. In the first quarter, Nasdaq launched 30 new Index products, including 10 international products, 7 in the institutional insurance annuity space, and 16 launched in partnership with new Index clients. New product launches have been a strong growth driver for Index and products launched since 2020 have accounted for 33% of net inflows over the last 5 years.
Nasdaq maintained listing leadership and passed $3 trillion of market value in cumulative transfers. During the quarter, Nasdaq welcomed 45 operating company listings that raised nearly $5 billion of proceeds, contributing to an 82% win rate of eligible operating companies in the quarter. First quarter wins included 3 of the quarter’s top 5 offerings, CoreWeave, SailPoint, and Smithfield Foods. In the first quarter, the company exceeded $3 trillion in combined market value for total listing transfers since Nasdaq first launched its switch program in 2005. Nasdaq welcomed 7 high-profile transfers in the quarter, including Shopify, Thomson Reuters, and Domino’s Pizza, that added over $230 billion in market value.
Market Services delivered record net revenues with record cash equities and derivatives volumes in the U.S. Within the recent market volatility, Nasdaq achieved U.S. record volumes in cash equities and equity options, including index options, in the first quarter. Nasdaq also extended its leadership in on-exchange trading with U.S. cash equities market share increasing year-over-year and sequentially. During the first quarter, Nasdaq’s North American markets experienced extraordinary message traffic, which reached a record of more than 425 billion messages⁸ in a day.
Nasdaq aims to expand U.S. market access to 24/5 trading in the second half of 2026. The planned launch of 24-hour trading on the Nasdaq Stock Market will broaden investor access and wealth-building opportunities globally, including in Asia, where demand for Nasdaq-listed stocks is accelerating. Nasdaq’s timeline is subject to regulatory approval and alignment with the industry participants.
Nasdaq and Amazon Web Services signed an enhanced agreement to amplify their prior partnership. The partnership aims to benefit both the Market Services and Financial Technology divisions and advance Nasdaq’s vision to be the trusted fabric of the world’s financial system. Nasdaq plans to offer its financial services clients new cloud-based solutions in phases. The initial phase focuses on providing market operators with public and hybrid cloud infrastructure, software, and services offerings that mitigate transformation risk, retain data sovereignty, and optimize performance, latency, security, and resilience. Nasdaq’s Nordic markets will be among the first markets to leverage the infrastructure powered by the new partnership, subject to regulatory approval. Nasdaq also has expanded its modernization partnerships with both the Johannesburg Stock Exchange (JSE) and Mexico’s Grupo BMV.
Nasdaq is executing on its 2025 strategic priorities — Integrate, Innovate, Accelerate — positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
- Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with over $100 million actioned as of the end of the first quarter. Moody’s upgraded Nasdaq’s senior unsecured debt rating from Baa2 to Baa1 on March 31.
- Innovate – Nasdaq continued to amplify innovation across the company as the team rolled out new AI-powered features to our solutions and product offerings and launched new Index products. Client usage of Nasdaq Verafin’s Co-Pilot tool grew 20% sequentially in the first quarter, highlighting the value and efficiency the offering provides to clients. Currently, more than 1,200 clients are leveraging the co-pilot to expedite their alert reviews.
- Accelerate – The company continues to execute on its One Nasdaq strategy securing 19 cross-sell wins since the Adenza acquisition across key solutions including Surveillance, AxiomSL, and Verafin. Nasdaq remains on track to surpass $100 million in run-rate revenue from cross-sells by the end of 2027. At the end of the first quarter, cross-sells accounted for over 15% of Financial Technology’s sales pipeline.

____________
¹ Represents revenue less transaction-based expenses.
²Adjusted period over period change reflects non-GAAP results, adjusted to include revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24 and to exclude the impacts of foreign currency and the previously announced one-time revenue benefit in our Index business in 1Q24.
³ Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
⁴ Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
⁵ Refer to our reconciliations of U.S. GAAP to non-GAAP net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
⁶ Organic changes (i) reflect adjustments to remove the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24. As it relates to ARR, organic changes only exclude the impact of period-over-period changes in foreign currency exchange rates as the AxiomSL ratable recognition adjustment had no impact on ARR.
⁷ U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
⁸ Message count represents the number of records across Nasdaq’s U.S. Options, U.S. and Canadian equities markets, trade reporting facilities, and bond exchange that are recorded into Nasdaq’s data warehouse on a daily basis.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program. Costs related to the Adenza restructuring and the divisional realignment programs are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, environmental, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

WEBSITE DISCLOSURE

Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

Media Relations Contact
Nick Jannuzzi
+1.973.760.1741
Nicholas.Jannuzzi.@Nasdaq.com

Investor Relations Contact
Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

NDAQF

Nasdaq, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

Revenues:
Capital Access Platforms		$	515		$	479
Financial Technology			432			392
Market Services			1,134			794
Other Revenues			9			9
	Total revenues		2,090			1,674
Transaction-based expenses:
Transaction rebates			(579	)		(481	)
Brokerage, clearance and exchange fees			(274	)		(76	)
Revenues less transaction-based expenses			1,237			1,117

Operating Expenses:
Compensation and benefits			329			340
Professional and contract services			36			34
Technology and communication infrastructure			77			67
Occupancy			28			28
General, administrative and other			6			28
Marketing and advertising			14			11
Depreciation and amortization			156			155
Regulatory			15			9
Merger and strategic initiatives			24			9
Restructuring charges			5			26
	Total operating expenses		690			707
Operating income			547			410
Interest income			11			6
Interest expense			(96	)		(108	)
Other income (loss)			(1	)		1
Net income from unconsolidated investees			27			3
Income before income taxes			488			312
Income tax provision			93			79
Net income			395			233
Net loss attributable to noncontrolling interests			—			1
Net income attributable to Nasdaq		$	395		$	234

Per share information:
Basic earnings per share		$	0.69		$	0.41
Diluted earnings per share		$	0.68		$	0.40
Cash dividends declared per common share		$	0.24		$	0.22

Weighted-average common shares outstanding
for earnings per share:
Basic			575.0			575.4
Diluted			580.0			578.9

Nasdaq, Inc.
Revenue Detail
(in millions)
(unaudited)

				Three Months Ended
				March 31,			March 31,
					2025			2024

CAPITAL ACCESS PLATFORMS
	Data and Listing Services revenues			$	192		$	186
	Index revenues				193			168
	Workflow and Insights revenues				130			125
		Total Capital Access Platforms revenues			515			479

FINANCIAL TECHNOLOGY
	Financial Crime Management Technology revenues				77			64
	Regulatory Technology revenues				101			90
	Capital Markets Technology revenues				254			238
		Total Financial Technology revenues			432			392

MARKET SERVICES
	Market Services revenues				1,134			794
	Transaction-based expenses:
			Transaction rebates		(579	)		(481	)
			Brokerage, clearance and exchange fees		(274	)		(76	)
		Total Market Services revenues, net			281			237

OTHER REVENUES					9			9

REVENUES LESS TRANSACTION-BASED EXPENSES				$	1,237		$	1,117

Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions)

		March 31,			December 31,
			2025			2024
Assets		(unaudited)
Current assets:
	Cash and cash equivalents	$	690		$	592
	Restricted cash and cash equivalents		18			31
	Default funds and margin deposits		5,686			5,664
	Financial investments		201			184
	Receivables, net		986			1,022
	Other current assets		237			293
Total current assets			7,818			7,786
Property and equipment, net			621			593
Goodwill			14,179			13,957
Intangible assets, net			6,830			6,905
Operating lease assets			381			375
Other non-current assets			818			779
Total assets		$	30,647		$	30,395

Liabilities
Current liabilities:
	Accounts payable and accrued expenses	$	255		$	269
	Section 31 fees payable to SEC		264			319
	Accrued personnel costs		198			325
	Deferred revenue		981			711
	Other current liabilities		187			215
	Default funds and margin deposits		5,686			5,664
	Short-term debt		400			399
Total current liabilities			7,971			7,902
Long-term debt			8,926			9,081
Deferred tax liabilities, net			1,586			1,594
Operating lease liabilities			393			388
Other non-current liabilities			216			230
Total liabilities			19,092			19,195

Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
	Common stock		6			6
	Additional paid-in capital		5,450			5,530
	Common stock in treasury, at cost		(672	)		(647	)
	Accumulated other comprehensive loss		(1,896	)		(2,099	)
	Retained earnings		8,658			8,401
Total Nasdaq stockholders’ equity			11,546			11,191
	Noncontrolling interests		9			9
Total equity			11,555			11,200
Total liabilities and equity		$	30,647		$	30,395

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP net income attributable to Nasdaq		$	395		$	234
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			123
	Merger and strategic initiatives expense ⁽²⁾		24			9
	Restructuring charges ⁽³⁾		5			26
	Net income from unconsolidated investees ⁽⁴⁾		(27	)		(3	)
	Gain from extinguishment of debt ⁽⁵⁾		(19	)		—
	Legal and regulatory matters		2			2
	Pension settlement charge ⁽⁶⁾		—			23
	Other loss		1			—
	Total non-GAAP adjustments		108			180
	Non-GAAP adjustment to the income tax provision ⁽⁷⁾		(47	)		(47	)
	Total non-GAAP adjustments, net of tax		61			133
Non-GAAP net income attributable to Nasdaq		$	456		$	367

U.S. GAAP diluted earnings per share		$	0.68		$	0.40
	Total adjustments from non-GAAP net income above		0.11			0.23
Non-GAAP diluted earnings per share		$	0.79		$	0.63

Weighted-average diluted common shares outstanding for earnings per share:			580.0			578.9


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.

(5) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(6) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

(7) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the three months ended March 31, 2025, we recognized a prior year tax reserve release of $18 million due to a favorable audit settlement.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
(in millions)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP operating income		$	547		$	410
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			123
	Merger and strategic initiatives expense ⁽²⁾		24			9
	Restructuring charges ⁽³⁾		5			26
	Gain from extinguishment of debt ⁽⁴⁾		(19	)		—
	Legal and regulatory matters		2			2
	Pension settlement charge ⁽⁵⁾		—			23
	Other loss		1			—
	Total non-GAAP adjustments		135			183
Non-GAAP operating income		$	682		$	593

Revenues less transaction-based expenses		$	1,237		$	1,117

U.S. GAAP operating margin ⁽⁶⁾			44 %			37 %

Non-GAAP operating margin ⁽⁷⁾			55 %			53 %

Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

(6) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.

(7) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
(in millions)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP operating expenses		$	690		$	707
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		(122	)		(123	)
	Merger and strategic initiatives expense ⁽²⁾		(24	)		(9	)
	Restructuring charges ⁽³⁾		(5	)		(26	)
	Gain from extinguishment of debt ⁽⁴⁾		19			—
	Legal and regulatory matters		(2	)		(2	)
	Pension settlement charge ⁽⁵⁾		—			(23	)
	Other loss		(1	)		—
	Total non-GAAP adjustments		(135	)		(183	)
Non-GAAP operating expenses		$	555		$	524


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

Nasdaq, Inc.
Reconciliation of Adjusted Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Operating Margin
(in millions)
(unaudited)

	Three Months Ended
	As Reported				Adenza		Adjusted ⁽¹⁾		Total Variance				FX & Other ⁽²⁾			Adjusted YoY
	March 31, 2025		March 31, 2024		March 31, 2024		March 31, 2024		$		%		$			$		%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	192	$	186	$	—	$	186	$	6	3	%	$	(1	)	$	7	4	%
Index revenues		193		168		—		168		25	14	%		(16	)		41	26	%
Workflow and insights revenues		130		125		—		125		5	4	%		—			5	4	%
Total Capital Access Platforms revenues		515		479		—		479		36	7	%		(17	)		53	11	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		77		64		—		64		13	21	%		—			13	21	%
Regulatory Technology revenues		101		90		3		93		8	8	%		(1	)		9	10	%
Capital Markets Technology revenues		254		238		—		238		16	7	%		(1	)		17	7	%
Total Financial Technology revenues		432		392		3		395		37	9	%		(2	)		39	10	%

Solutions revenues ⁽³⁾		947		871		3		874		73	8	%		(19	)		92	11	%

Market Services, net revenues		281		237		—		237		44	19	%		(2	)		46	19	%
Other revenues		9		9		—		9		—	(6	)%		—			—	(4	)%
Revenues less transaction-based expenses		1,237		1,117		3		1,120		117	10	%		(21	)		138	12	%

Non-GAAP operating expenses		555		524		—		524		31	6	%		(6	)		37	7	%
Non-GAAP operating income	$	682	$	593	$	3	$	596	$	86	14	%	$	(15	)	$	101	17	%
Non-GAAP operating margin		55%		53%				53%


(1) Includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
(2) Reflects the impacts from changes in foreign currency exchange rates and excludes the impact of a one-time revenue benefit related to a legal settlement to recoup lost revenue recorded within Index in the first quarter of 2024.
(3) Represents Capital Access Platforms and Financial Technology Segments.
Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

Nasdaq, Inc.
Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


	Three Months Ended				Total Variance				Other Impacts ⁽¹⁾					Organic Impact ⁽²⁾
	March 31, 2025		March 31, 2024		$		%		$			%		$		%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	192	$	186	$	6	3	%	$	(1	)	(1	)%	$	7	4	%
Index revenues		193		168		25	14	%		—		—	%		25	14	%
Workflow and Insights revenues		130		125		5	4	%		—		—	%		5	4	%
Total Capital Access Platforms revenues		515		479		36	7	%		(1	)	—	%		37	8	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		77		64		13	21	%		—		—	%		13	21	%
Regulatory Technology revenues		101		90		11	12	%		2		2	%		9	10	%
Capital Markets Technology revenues		254		238		16	7	%		(1	)	—	%		17	7	%
Total Financial Technology revenues		432		392		40	10	%		1		—	%		39	10	%

Solutions revenues ⁽³⁾		947		871		76	9	%		—		—	%		76	9	%

Market Services, net revenues		281		237		44	19	%		(2	)	(1	)%		46	19	%

Other revenues		9		9		—	(6	)%		—		(2	)%		—	(4	)%

Revenues less transaction-based expenses	$	1,237	$	1,117	$	120	11	%	$	(2	)	—	%	$	122	11	%

Non-GAAP Operating Expenses	$	555	$	524	$	31	6	%	$	(6	)	(1	)%	$	37	7	%

Non-GAAP Operating Income	$	682	$	593	$	89	15	%	$	4		1	%	$	85	14	%

Non-GAAP diluted earnings per share	$	0.79	$	0.63	$	0.16	24	%	$	—		—	%	$	0.16	24	%


Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
(1) Primarily includes the impacts of changes in FX rates and $3 million of revenue for AxiomSL to reflect adjustment for on-premises contracts ratable recognition for 2024 within Regulatory Technology revenues.
(2) Organic changes (i) reflect adjustments for the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
(3) Represents Capital Access Platforms and Financial Technology Segments.

Nasdaq, Inc.
Key Drivers Detail
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024
Capital Access Platforms
	Annualized recurring revenues (in millions) ⁽¹⁾	$	1,281		$	1,220
	Initial public offerings
	The Nasdaq Stock Market ⁽²⁾		63			27
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic		4			1
	Total new listings
	The Nasdaq Stock Market ⁽²⁾		170			79
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽³⁾		9			2
	Number of listed companies
	The Nasdaq Stock Market ⁽⁴⁾		4,139			4,020
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽⁵⁾		1,160			1,203
	Index
	Number of licensed exchange traded products ⁽⁶⁾		418			362
	Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	622		$	519
	Total average ETP AUM tracking Nasdaq indexes (in billions)	$	662		$	492
	TTM ⁽⁷⁾ net inflows ETP AUM tracking Nasdaq indexes (in billions)	$	86		$	46
	TTM ⁽⁷⁾ net appreciation ETP AUM tracking Nasdaq indexes (in billions)	$	17		$	124

Financial Technology
	Annualized recurring revenues (in millions) ⁽¹⁾
	Financial Crime Management Technology	$	295		$	243
	Regulatory Technology		362			328
	Capital Markets Technology		893			821
	Total Financial Technology	$	1,550		$	1,392

Market Services
	Equity Derivative Trading and Clearing
	U.S. equity options
	Total industry average daily volume (in millions)		53.6			43.3
	Nasdaq PHLX matched market share		9.1	%		10.3	%
	The Nasdaq Options Market matched market share		5.1	%		5.4	%
	Nasdaq BX Options matched market share		1.7	%		2.2	%
	Nasdaq ISE Options matched market share		6.8	%		6.3	%
	Nasdaq GEMX Options matched market share		3.6	%		2.5	%
	Nasdaq MRX Options matched market share		2.8	%		2.5	%
	Total matched market share executed on Nasdaq’s exchanges		29.1	%		29.2	%
	Nasdaq Nordic and Nasdaq Baltic options and futures
	Total average daily volume of options and futures contracts		256,009			241,665

	Cash Equity Trading
	Total U.S.-listed securities
	Total industry average daily share volume (in billions)		15.7			11.8
	Matched share volume (in billions)		137.6			116.7
	The Nasdaq Stock Market matched market share		14.2	%		15.7	%
	Nasdaq BX matched market share		0.3	%		0.4	%
	Nasdaq PSX matched market share		0.1	%		0.2	%
	Total matched market share executed on Nasdaq’s exchanges		14.6	%		16.3	%
	Market share reported to the FINRA/Nasdaq Trade Reporting Facility		48.1	%		41.4	%
	Total market share ⁽⁸⁾		62.7	%		57.7	%
	Nasdaq Nordic and Nasdaq Baltic securities
	Average daily number of equity trades executed on Nasdaq’s exchanges		789,103			666,408
	Total average daily value of shares traded (in billions)	$	5.4		$	4.7
	Total market share executed on Nasdaq’s exchanges		69.9	%		71.7	%

	Fixed Income and Commodities Trading and Clearing
	Fixed Income
	Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts		83,864			92,070

	(1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
	(2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended March 31, 2025 and 2024, IPOs included 18 and 5 SPACs, respectively.
	(3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(4) Number of total listings on The Nasdaq Stock Market for the three months ended March 31, 2025 and March 31, 2024 included 833 and 619 ETPs, respectively.
	(5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(6) The number of listed ETPs as of March 31, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.
	(7) Trailing 12-months.
	(8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

The MIL Network –

April 24, 2025

MIL-OSI Economics: Thales reports its order intake and sales for the first quarter of 2025
Source: Thales Group

Headline: Thales reports its order intake and sales for the first quarter of 2025

24 Apr 2025

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- Order intake: €3.8 billion, down -25% (-27% on an organic basis¹)
- Sales: €5.0 billion, up +12.2% (+9.9% on an organic basis)
- All 2025 financial objectives confirmed²
Thales (Euronext Paris: HO) today announced its order intake and sales for the first quarter of 2025.

“In the first quarter of 2025, Thales recorded organic sales growth of nearly 10%, demonstrating the strong momentum of our Defence and Avionics activities, as well as the excellent visibility the Group enjoys.
Order intake in the first quarter of 2025 was solid, and showed growth compared to the same periods in 2022 and 2023. The decline observed compared to the first quarter of 2024 is explained by a particularly high comparison basis.
Thanks to the commitment of our teams, we confirm all our annual financial targets for 2025, including a book-to-bill ratio over 1 for the year 2025.”
Patrice Caine, Chairman & Chief Executive Officer

Order intake

Order intake for the first quarter of 2025 amounted to €3,778 million, down -27% at constant scope and exchange rates compared to the first three months of 2024 (-25% on a reported basis) due to a very high comparison base, particularly in the Defence segment. In the first quarter of 2024, Thales had recorded, among other contracts, two contracts with a unit value exceeding €500 million each: the third phase of the contract signed by Indonesia for the acquisition of Rafale aircraft (18 out of a total of 42), as well as an order for an air surveillance system for a military customer in the Middle East. However, the Group is benefiting from a robust commercial momentum in all its activities for this first quarter of 2025, particularly in the Aerospace segment. For reference, order intake amounted to €3,422 million in Q1 2023 and €3,033 million in Q1 2022.

During the first quarter of 2025, Thales recorded five large orders worth over €100 million each, for a total of €707 million:
- Order from Space Norway, Northern Europe’s leading satellite operator, for the supply of a telecommunications satellite, THOR 8;
- Order from SKY Perfect JSAT to Thales Alenia Space for JSAT-32, a geostationary telecommunications satellite;
- Signing of a contract between Thales and the European Space Agency (ESA) to develop Argonaut, a future autonomous and versatile lunar lander designed to deliver cargo and scientific instruments to the Moon;
- Order from the Dutch Ministry of Defence for the modernisation and support of vehicle tactical simulators;
- Order from the French Defence Procurement Agency (DGA) for the development, production, and maintenance of vetronics equipment for various Army vehicles as part of the SCORPION programme.
At €3,071 million, order intake with a unit value of less than €100 million was down -10% compared to the first three months of 2024; meanwhile, those with a unit value of less than €10 million were slightly up in the first quarter of 2025.

Geographically⁴, order intake in mature markets amounted to €2,914 million, similar to the first quarter of 2024 (+2% on a reported basis and a decrease of -1% at constant scope and exchange rates). Order intake in emerging markets amounted to €864 million (-61% as of March 31, 2025, in organic terms), affected by a very high comparison basis in these markets from the first quarter of 2024 (contracts for the Rafale in Indonesia and for an air surveillance system for a military customer in the Middle East mentioned previously).

Order intake in the Aerospace segment totaled €1,530 million, compared to €1,003 million in the first three months of 2024 (+45% at constant scope and exchange rates). The Avionics market continued to benefit from strong demand across its various businesses and recorded one large order with a unit value exceeding €100 million in its Training and Simulation business. In addition, Space benefited in the first quarter from favorable phasing of expected 2025 order intake, with the notification of three large orders with a unit value greater than €100 million, two related to the telecommunications business and one to the exploration business.

At €1,302 million (compared to €3,122 million in the first three months of 2024, representing an organic change of -59%), order intake in the Defence segment compared to a very high base in Q1 2024. One large order with a unit value over €100 million was recorded in the first quarter of 2025 compared to four in the same period in 2024. The Group reaffirms its objective of a book-to-bill ratio greater than 1 for the Defence segment in 2025.

At €922 million, order intake in the Cyber & Digital segment was structurally very close to sales as most business lines in this segment operate on short sales cycles. The order book is therefore not significant.

Sales

Sales for the first quarter of 2025 reached €4,960 million, compared to €4,421 million in the first quarter of 2024, up 9.9%⁵ at constant scope and exchange rates (up 12.2% on a reported basis).

Geographically⁶, sales recorded solid growth in both mature markets (+9.7% in organic terms), notably in the United Kingdom (+14.9%) and emerging markets with organic growth of +10.5% during the period.

Sales in the Aerospace segment amounted to €1,342 million, up 13.5% compared to the first quarter of 2024 (+8.4% at constant scope and exchange rates). This growth reflects ongoing robust demand in the Avionics market, leading the business to grow double-digit and achieve a solid performance across all activities as well as in both civil and military domains. Sales in the Space business continue to be impacted by the weak demand observed over the past two years in telecommunications satellites.

Sales in the Defence segment totaled €2,685 million, up +16.5% compared to the first quarter of 2024 (+15.0% at constant scope and exchange rates). This growth is observed across all businesses in the Defence segment, notably in land and air systems, which benefitted from production capacity expansion projects being deployed, especially for radars’ production.

Sales in the Cyber & Digital segment stood at €903 million, down -1.5% compared to the first three months of 2024 (-2.1% at constant scope and exchange rates), reflecting contrasting trends:
- Cyber businesses were stable in the first quarter of 2025 (+0.2% at constant scope and exchange rates):
  
  The Cyber Security Products business is recording growth, leveraging Imperva’s complementary offer. The beginning of 2025 is moreover marked by the merger of the Imperva and Thales’ sales teams, a key step in the integration process that will unlock the full potential of the business, though its execution may generate some short-term disturbances;
  
  The Cyber Premium Services business was impacted by a soft market demand start this first 2025 quarter, notably in Australia, and reported a decline in sales compared to the first quarter of 2024. For this business, which represents approximately 20% of total Cyber activity, the Group’s priority is to standardise operations to improve margins and focus the sales strategy on selective profitable growth segments.
- In Digital businesses (down -3.6% at constant scope and exchange rates):
  
  Sales from Payment Services returned to positive growth in the first quarter of 2025, after five consecutive quarters of decline;
  
  Sales in Identity and Biometrics solutions declined. This business faced revenues downturn due to COVID in 2020. Post pandemic, an important catch-up effect occurred through to 2024, in the travel documents segment. As a consequence, the comparison effect is not favourable as this business is now normalising to a more usual run rate.
Outlook

Thales continues to benefit from a strong visibility in the vast majority of its businesses and enjoys a robust medium to long-term outlook.

The Group has initiated preliminary work to assess the impacts of the increase in tariffs, as they are stand today. Such analysis takes into account the affected flows on the one hand, and the cases of exemption from tariffs on the other hand (such as in defence activities), along with certain protective contractual conditions in our export contracts (incoterms). Furthermore, Thales is working on mitigation plans in response to these new regulations: use of specific customs programmes such as duty drawback or temporary Importations under Bonds, the redirection of certain production flows, transfer pricing, supply chain adjustments (alternate sourcing), customer surcharging…

These estimates are based on the latest available information on announced tariffs increases and exemptions as known on April 24, 2025, and Thales’ estimates to date. At this stage, the Group estimates that the net direct impact from those elements is contained. The potential indirect impact is not known at this stage.

As a result, assuming no new disruptions of the macroeconomic geopolitical context and the evolution of new tariffs, Thales confirms all of its 2025 financial objectives, as listed below:
- A book-to-bill ratio above 1;
- Organic sales growth of between +5% and +6%, corresponding to annual sales in the range of €21.7 billion to €21.9 billion⁷;
- An Adjusted EBIT margin between 12.2% and 12.4%.
****

^{This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).}

¹^{In this press release, “organic” means “at constant scope and exchange rates”.}

²^{Assuming no new disruptions of the macroeconomic geopolitical context or evolution of new tariffs.}

³^{Mature markets: Europe, North America, Australia, New Zealand. Emerging markets: all other countries.}

⁴^{See table on page 6.}

⁵^{Taking into account a currency effect of €17 million and a net scope effect of €84 million.}

⁶^{See table on page 6.}

^{7 Based on April 2025 scope and year to date average foreign exchange rates as of April 2025.}
MIL OSI Economics –
April 24, 2025
MIL-OSI USA: NASA Astronaut to Answer Questions from Students in California

Source: NASA

Students from Santa Monica, California, will connect with NASA astronaut Jonny Kim as he answers prerecorded science, technology, engineering, and mathematics-related questions aboard the International Space Station.
Watch the 20-minute space-to-Earth call at 12:10 p.m. EDT on Tuesday, April 29, on the NASA STEM YouTube Channel.
Media interested in covering the event must RSVP by 5 p.m., Friday, April 25, to Esmi Careaga at: ecareaga@smmusd.org or 805-651-3204 x71582.
The event is hosted by Santa Monica High School, Kim’s alma mater, and includes students from Roosevelt Elementary School and Lincoln Middle School in Santa Monica. The schools hope to inspire students to follow their dreams and explore their passions through curiosity, service, and interest in learning.
For more than 24 years, astronauts have continuously lived and worked aboard the space station, testing technologies, performing science, and developing skills needed to explore farther from Earth. Astronauts aboard the orbiting laboratory communicate with NASA’s Mission Control Center in Houston 24 hours a day through SCaN’s (Space Communications and Navigation) Near Space Network.
Important research and technology investigations taking place aboard the space station benefit people on Earth and lays the groundwork for other agency missions. As part of NASA’s Artemis campaign, the agency will send astronauts to the Moon to prepare for future human exploration of Mars, inspiring Artemis Generation explorers and ensuring the United States continues to lead in space exploration and discovery.
See videos highlighting space station research at:
https://www.nasa.gov/stemonstation
-end-
Gerelle DodsonHeadquarters, Washington202-358-1600gerelle.q.dodson@nasa.gov
Sandra JonesJohnson Space Center, Houston281-483-5111sandra.p.jones@nasa.gov

MIL OSI USA News –

April 24, 2025
MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

Source: Government of India

Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

Steel has played skeleton like role in the modern economies of the world, steel is the power behind every success story: PM

We are proud that today India has become the second largest steel producer in the world: PM

We have set a target of producing 300 million tonnes of steel by 2030 under the National Steel Policy: PM

Government policies for the steel industry are playing an important role in making many other Indian industries globally competitive: PM

For all our Infrastructure projects the goal should be ‘Zero Import’ and ‘Net Export’: PM

Our steel sector has to be ready for new processes, new grades and new scale: PM

We have to expand and upgrade keeping the future in mind, We have to become future ready from now itself: PM

In the last 10 years, many mining reforms have been implemented, availability of iron ore has become easier: PM

Now is the time to make proper use of allotted mines and the resources of the country, Green-field mining needs to be accelerated: PM

Together, let us build a Resilient, Revolutionary and Steel-Strong India: PM

Posted On: 24 APR 2025 2:49PM by PIB Delhi

The Prime Minister Shri Narendra Modi delivered his remarks during the India Steel 2025 programme at Mumbai, via video message today. Addressing the gathering, he said that over the next two days, discussions will focus on the potential and opportunities of India’s sunrise sector—the steel industry. He remarked that this sector forms the foundation of India’s progress, strengthens the base of a developed India, and is scripting a new chapter of transformation in the country. The Prime Minister welcomed everyone to India Steel 2025 and expressed confidence that the event will serve as a launchpad for sharing new ideas, forging new partnerships, and promoting innovation. He emphasized that this event will lay the groundwork for a new chapter in the steel sector.

“Steel has played a pivotal role in modern economies, akin to a skeleton”, emphasised Shri Modi, remarking that whether it is skyscrapers, shipping, highways, high-speed rail, smart cities, or industrial corridors, steel is the strength behind every success story. “India is striving to achieve the goal of becoming a $5 trillion economy, with the steel sector playing a significant role in this mission”, he added, expressing pride in India being the world’s second-largest steel producer. He noted that under the National Steel Policy, India has set a target of producing 300 million tons of steel by 2030. He remarked that the current per capita steel consumption in India is approximately 98 kilograms and is expected to rise to 160 kilograms by 2030. Shri Modi emphasized that this increasing steel consumption serves as a golden standard for the country’s infrastructure and economy, adding that it is also a benchmark for the nation’s direction, as well as the government’s efficiency and effectiveness.

Underlining that the steel industry is brimming with renewed confidence about its future due to the foundation of the PM-Gati Shakti National Master Plan, the Prime Minister remarked that this initiative integrates various utility services and logistics modes. He emphasized that mine areas and steel units are being mapped for improved multi-modal connectivity. He noted that new projects are being introduced to upgrade critical infrastructure in eastern India, where most of the steel sector is concentrated. He further highlighted that the $1.3 trillion National Infrastructure Pipeline is being advanced. He remarked that large-scale efforts to transform cities into smart cities, along with unprecedented pace in the development of roads, railways, airports, ports, and pipelines, are creating fresh opportunities for the steel sector. The Prime Minister pointed out that crores of houses are being constructed under the PM Awas Yojana, and significant infrastructure is being built in villages through the Jal Jeevan Mission. He remarked that welfare initiatives like these are also providing new strength to the steel industry. He highlighted the government’s decision to use only ‘Made in India’ steel in government projects and noted that government-driven initiatives account for the highest consumption of steel in building construction and infrastructure.

Underscoring that steel is a primary component driving the growth of multiple sectors, Shri Modi remarked that government policies for the steel industry are playing a crucial role in making many other industries in India globally competitive. He highlighted that sectors such as manufacturing, construction, machinery, and automotive are gaining strength from the Indian steel industry. He mentioned that the government has introduced the National Manufacturing Mission in this year’s Budget to accelerate the ‘Make in India’ initiative. The mission caters to small, medium, and large industries and will open new opportunities for the steel sector, he added.

Noting that India was long dependent on imports for high-grade steel, which was critical for defense and strategic sectors, the Prime Minister expressed pride in the fact that the steel used in India’s first indigenous aircraft carrier was produced domestically. He also noted that Indian steel contributed to the success of the historic Chandrayaan mission, symbolizing India’s capability and confidence. The Prime Minister remarked that this transformation was made possible through initiatives such as the PLI scheme, which has allocated thousands of crores to support the production of high-grade steel. He emphasized that this is just the beginning and that there is a long road ahead. He pointed out the growing demand for high-grade steel due to mega-projects being initiated across the country. He mentioned that in this year’s Budget, shipbuilding has been classified as infrastructure, adding “India aims to manufacture modern and large ships domestically and export them to other countries”. The Prime Minister highlighted the rising demand for pipeline-grade steel and corrosion-resistant alloys in India. He remarked that the country’s rail infrastructure is expanding at an unprecedented pace. He stressed the need for a goal of “zero imports” and a focus on net exports. “India is currently working towards a target of exporting 25 million tons of steel and aims to increase production capacity to 500 million tons by 2047”, he noted emphasizing the importance of preparing the steel sector for new processes, grades, and scales, urging the industry to expand and upgrade with a future-ready mindset. The Prime Minister underlined the vast employment generation potential of the steel industry’s growth. He called upon both the private and public sectors to develop, nurture, and share new ideas. He emphasized collaboration in manufacturing, R&D, and technology upgrades to create more job opportunities for the country’s youth.

Shri Modi acknowledged that the steel industry faces certain challenges that need resolution for further growth, highlighting that raw material security remains a significant concern, with India still dependent on imports for nickel, coking coal, and manganese. He emphasized the need to strengthen global partnerships, secure supply chains, and focus on technology upgrades. He underlined the importance of moving swiftly towards energy-efficient, low-emission, and digitally advanced technologies. “The future of the steel industry will be shaped by AI, automation, recycling, and by-product utilization”, he remarked, stressing the need to enhance efforts in these areas through innovation. He expressed optimism that collaboration between global partners and Indian companies will help address these challenges more effectively and at a faster pace.

The Prime Minister remarked on the significant impact of coal imports, particularly coking coal, on both costs and the economy. He emphasized the importance of exploring alternatives to reduce this dependence. He highlighted the availability of technologies such as the DRI route and stressed efforts to promote them further. Pointing out that coal gasification can be effectively utilized to make better use of the country’s coal resources and decrease reliance on imports, he urged all stakeholders in the steel industry to actively participate in this endeavor and take the necessary steps to move forward in this direction.

Underlining the importance of addressing the issue of unused greenfield mines, Shri Modi noted that significant mining reforms have been introduced in the last decade, making iron ore availability easier. He stressed that it is now time to utilize the allotted mines effectively to ensure optimal use of the country’s resources. Cautioning that delays in this process would adversely impact the industry, Shri Modi urged for the acceleration of greenfield mining efforts to overcome this challenge.

The Prime Minister emphasized that India is no longer focused solely on domestic growth but is preparing for global leadership. He remarked that the world now views India as a trusted supplier of high-quality steel. He reiterated the importance of maintaining world-class standards in steel production and continually upgrading capabilities. He emphasized that improving logistics, developing multi-modal transport networks, and reducing costs will help India become a Global Steel Hub. The Prime Minister highlighted that India Steel provides a platform to expand capabilities and turn ideas into actionable solutions. He concluded by expressing best wishes to all participants and called for collective efforts to build a resilient, revolutionary, and steel-strong India.

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MIL OSI Asia Pacific News –

April 24, 2025
MIL-OSI Asia-Pac: Hong Kong Customs combats unfair trade practices by beauty parlour

Source: Hong Kong Government special administrative region

Hong Kong Customs today (April 24) arrested a manager of a beauty parlour who was suspected of engaging in unfair trade practices involving aggressive commercial practices, in contravention of the Trade Descriptions Ordinance (TDO).

Customs earlier received information alleging that a manager of a beauty parlour in Causeway Bay imposed undue influence on a customer, causing her to subsequently cancel some purchased beauty treatments and pay an additional $90,000 as an application fee for the refund. The manager promised that a full refund for the treatments and application fee would be made within a specified period. However, despite repeated requests, the customer did not receive any refund.

After an investigation, Customs officers today arrested a 37-year-old female manager.

The investigation is ongoing, and the arrested person has been released on bail pending further investigation.

Customs reminds traders to comply with the requirements of the TDO and consumers to procure services at reputable shops.

Under the TDO, any trader commits an offence of engaging in aggressive commercial practices if harassment, coercion or undue influence is used to impair the consumer’s freedom of choice or conduct, causing the consumer to make a transactional decision. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

Members of the public may report any suspected violation of the TDO to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI: TransUnion Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Exceeded first quarter 2025 financial guidance across all key financial metrics
Delivered 8 percent organic constant currency revenue growth (7 percent reported) led by U.S. Financial Services, Emerging Verticals and International
De-levered to 2.9x Leverage Ratio at quarter-end and repurchased $10 million shares through mid-April
Maintaining organic constant currency revenue growth guidance of 4.5 to 6 percent (4 to 5.5 percent reported revenue growth)

CHICAGO, April 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended March 31, 2025.

First Quarter 2025 Results

Revenue:

Total revenue for the quarter was $1,096 million, an increase of 7 percent (8 percent on a constant currency basis), compared with the first quarter of 2024.

Earnings:

Net income attributable to TransUnion was $148 million for the quarter, compared with $65 million for the first quarter of 2024 primarily due to a $56 million reduction of a previously established accrual for a lawsuit that was dismissed in the first quarter of 2025. Diluted earnings per share was $0.75, compared with $0.33 in the first quarter of 2024. Net income attributable to TransUnion margin was 13.5 percent, compared with 6 percent in the first quarter of 2024.
Adjusted Net Income was $208 million for the quarter, compared with $179 million for the first quarter of 2024. Adjusted Diluted Earnings per Share was $1.05, compared with $0.92 in the first quarter of 2024.
Adjusted EBITDA was $397 million for the quarter, compared with $358 million for the first quarter of 2024, an increase of 11 percent (12 percent on a constant currency basis). Adjusted EBITDA margin was 36.2 percent, compared with 35.1 percent in the first quarter of 2024.

“In the first quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 9 percent against subdued market conditions, led by strong mortgage and accelerating non-mortgage Financial Services and Emerging Verticals growth. International grew 6 percent on a constant currency basis, with high-single digit growth across most markets and India up low-single digits as anticipated.”

“We are maintaining our 2025 organic constant currency revenue guidance of 4.5 to 6 percent, balancing strong outperformance in the first quarter against increasing market risks. We are actively monitoring conditions but to-date have not experienced softening volumes in our business.”

“We believe we are well-positioned to navigate potential economic softening. We have a proven track record of delivering revenue growth through economic cycles, supported by a diversified and high-growth portfolio across solutions, verticals and geographies. Should conditions deteriorate, we are prepared to prudently manage costs while prioritizing the completion of our business transformation to deliver structural cost savings and accelerate innovation.”

First Quarter 2025 Segment Results

Segment revenue and Adjusted EBITDA for the first quarter of 2025 and the related growth rates compared with the first quarter of 2024 were as follows:

(in millions)	First Quarter 2025		Reported Growth Rate		Constant Currency Growth Rate
U.S. Markets:
Financial Services	$	404	15	%	15	%
Emerging Verticals		315	6	%	6	%
Consumer Interactive		138	(1	)%	(1	)%
Total U.S. Markets Revenue	$	857	9	%	9	%

U.S. Markets Adjusted EBITDA	$	320	12	%	12	%

International:
Canada	$	38	—	%	7	%
Latin America		33	—	%	7	%
United Kingdom		59	9	%	9	%
Africa		17	12	%	10	%
India		69	(3	)%	1	%
Asia Pacific		27	7	%	8	%
Total International Revenue	$	242	2	%	6	%

International Adjusted EBITDA	$	110	3	%	7	%

Liquidity and Capital Resources

Cash and cash equivalents was $610 million at March 31, 2025 and $679 million at December 31, 2024.

For the three months ended March 31, 2025, cash provided by operating activities was $53 million, compared with $54 million in 2024. The decrease in cash provided by operating activities was primarily due to the timing of accounts receivable collections and higher bonus payouts in 2025 compared with 2024, mostly offset by improved operating performance and lower interest expense. For the three months ended March 31, 2025, cash used in investing activities was $87 million, compared with $62 million in 2024. The increase in cash used in investing activities was primarily due to a current year investment in a note receivable and an increase in capital expenditures. For the three months ended March 31, 2025, capital expenditures were $68 million, compared with $62 million in 2024. Capital expenditures as a percent of revenue represented 6% for each of the three months ended March 31, 2025 and 2024. For the three months ended March 31, 2025, cash used in financing activities was $41 million, compared with $31 million in 2024. Cash used in financing activities was higher primarily due to stock buybacks in 2025.

Second Quarter and Full Year 2025 Outlook

Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

	Three Months Ended June 30, 2025						Twelve Months Ended December 31, 2025
(in millions, except per share data)	Low			High			Low			High
Revenue, as reported	$	1,076		$	1,095		$	4,358		$	4,417
Revenue growth¹:
As reported		3	%		5	%		4	%		5.5	%
Constant currency^{1, 2}		4	%		6	%		5	%		6	%
Organic constant currency^{1, 3}		3	%		5	%		4.5	%		6	%

Net income attributable to TransUnion	$	69		$	77		$	383		$	411
Net income attributable to TransUnion growth	(18		)%	(9		)%		35	%		44	%
Net income attributable to TransUnion margin		6.5	%		7.1	%		8.8	%		9.3	%

Diluted Earnings per Share	$	0.35		$	0.39		$	1.92		$	2.06
Diluted Earnings per Share growth	(20		)%	(10		)%		33	%		43	%

Adjusted EBITDA, as reported⁵	$	375		$	386		$	1,549		$	1,590
Adjusted EBITDA growth, as reported⁴		—	%		3	%		3	%		6	%
Adjusted EBITDA margin		34.8	%		35.3	%		35.6	%		36.0	%

Adjusted Diluted Earnings per Share⁵	$	0.95		$	0.99		$	3.93		$	4.08
Adjusted Diluted Earnings per Share growth	(4		)%		—	%		—	%		4	%

Additional revenue growth assumptions:

The impact of changing exchange rates is expected to be approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind for FY 2025.
The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q2 2025 and less than 1 point of benefit for FY 2025.
The impact of mortgage is expected to be approximately 2 points of benefit for Q2 2025 and 2 points of benefit for FY 2025.
Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.

Additional Adjusted EBITDA assumptions:

The impact of changing foreign currency exchange rates is expected to have approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind for FY 2025.
For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

Earnings Webcast Details

In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

Availability of Information on TransUnion’s Website

Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
our ability to provide competitive services and prices;
our ability to retain or renew existing agreements with large or long-term customers;
our ability to maintain the security and integrity of our data;
our ability to deliver services timely without interruption;
our ability to maintain our access to data sources;
government regulation and changes in the regulatory environment;
litigation or regulatory proceedings;
our approach to the use of artificial intelligence;
our ability to effectively manage our costs;
our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
economic and political stability in the United States and risks associated with the international markets where we operate;
our ability to effectively develop and maintain strategic alliances and joint ventures;
our ability to timely develop new services and the market’s willingness to adopt our new services;
our ability to manage and expand our operations and keep up with rapidly changing technologies;
our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
our ability to defend our intellectual property from infringement claims by third parties;
the ability of our outside service providers and key vendors to fulfill their obligations to us;
further consolidation in our end-customer markets;
the increased availability of free or inexpensive consumer information;
losses against which we do not insure;
our ability to make timely payments of principal and interest on our indebtedness;
our ability to satisfy covenants in the agreements governing our indebtedness;
our ability to maintain our liquidity;
stock price volatility;
our dividend payments;
share repurchase plans;
dividend rate;
our reliance on key management personnel; and
changes in tax laws or adverse outcomes resulting from examination of our tax returns.

There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.


TRANSUNION AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (in millions, except per share data)

	March 31, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	609.9		$	679.5
Trade accounts receivable, net of allowance of $24.4 and $19.9		882.3			798.9
Other current assets		326.2			323.4
Total current assets		1,818.4			1,801.8
Property, plant and equipment, net of accumulated depreciation and amortization of $527.6 and $506.3		199.8			203.5
Goodwill		5,162.7			5,144.3
Other intangibles, net of accumulated amortization of $2,421.7 and $2,294.5		3,205.6			3,257.5
Other assets		562.6			577.7
Total assets	$	10,949.1		$	10,984.8
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	325.6		$	294.6
Current portion of long-term debt		70.6			70.6
Other current liabilities		492.3			694.4
Total current liabilities		888.5			1,059.6
Long-term debt		5,060.2			5,076.6
Deferred taxes		386.4			415.3
Other liabilities		121.5			114.5
Total liabilities		6,456.6			6,666.0
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of March 31, 2025 and December 31, 2024, respectively		—			—
Common stock, $0.01 par value; 1.0 billion shares authorized at March 31, 2025 and December 31, 2024, 201.7 million and 201.5 million shares issued at March 31, 2025 and December 31, 2024, respectively, and 195.1 million and 194.9 million shares outstanding as of March 31, 2025 and December 31, 2024, respectively		2.0			2.0
Additional paid-in capital		2,595.1			2,558.9
Treasury stock at cost; 6.7 million and 6.6 million shares at March 31, 2025 and December 31, 2024, respectively		(340.1	)		(334.6	)
Retained earnings		2,484.5			2,357.9
Accumulated other comprehensive loss		(355.7	)		(367.2	)
Total TransUnion stockholders’ equity		4,385.8			4,217.0
Noncontrolling interests		106.7			101.8
Total stockholders’ equity		4,492.5			4,318.8
Total liabilities and stockholders’ equity	$	10,949.1		$	10,984.8


TRANSUNION AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) (in millions, except per share data)

	Three Months Ended March 31,
		2025			2024
Revenue	$	1,095.7		$	1,021.2
Operating expenses
Cost of services (exclusive of depreciation and amortization below)		445.6			406.3
Selling, general and administrative		256.8			305.6
Depreciation and amortization		138.9			134.0
Restructuring		—			18.2
Total operating expenses		841.4			864.1
Operating income		254.4			157.2
Non-operating income and (expense)
Interest expense		(56.1	)		(68.7	)
Interest income		8.6			5.4
Earnings from equity method investments		4.3			4.7
Other income and (expense), net		(17.4	)		(15.7	)
Total non-operating income and (expense)		(60.6	)		(74.1	)
Income before income taxes		193.8			83.0
Provision for income taxes		(41.0	)		(13.0	)
Net income		152.7			70.0
Less: net income attributable to noncontrolling interests		(4.7	)		(4.9	)
Net income attributable to TransUnion	$	148.1		$	65.1

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.76		$	0.34
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.75		$	0.33
Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			195.3

As a result of displaying amounts in millions, rounding differences may exist in the table above.


TRANSUNION AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (in millions)

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income	$	152.7		$	70.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		138.9			134.0
Loss on repayment of loans		—			0.7
Deferred taxes		(22.5	)		(27.1	)
Stock-based compensation		30.3			24.1
Other		15.2			(1.2	)
Changes in assets and liabilities:
Trade accounts receivable		(88.9	)		(60.7	)
Other current and long-term assets		3.8			43.7
Trade accounts payable		29.7			28.7
Other current and long-term liabilities		(206.7	)		(158.2	)
Cash provided by operating activities		52.5			54.0
Cash flows from investing activities:
Capital expenditures		(68.4	)		(62.4	)
Proceeds from sale/maturities of other investments		0.2			—
Investments in nonconsolidated affiliates and notes receivable		(20.0	)		(1.2	)
Other		1.6			1.2
Cash used in investing activities		(86.6	)		(62.4	)
Cash flows from financing activities:
Proceeds from term loans		—			264.1
Repayments of term loans		—			(257.1	)
Repayments of debt		(17.7	)		(14.6	)
Debt financing fees		—			(4.7	)
Dividends to shareholders		(22.6	)		(20.8	)
Proceeds from issuance of common stock		10.6			12.4
Employee taxes paid on restricted stock units recorded as treasury stock		(5.5	)		(10.6	)
Repurchase of common stock		(5.4	)		—
Cash used in financing activities		(40.6	)		(31.3	)
Effect of exchange rate changes on cash and cash equivalents		5.1			(2.9	)
Net change in cash and cash equivalents		(69.6	)		(42.6	)
Cash and cash equivalents, beginning of period		679.5			476.2
Cash and cash equivalents, end of period	$	609.9		$	433.6

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

Consolidated Adjusted EBITDA

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
Provision for income taxes, as reported on our Consolidated Statements of Operations.
Depreciation and amortization, as reported on our Consolidated Statements of Operations.
Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

Consolidated Adjusted EBITDA Margin

Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

Adjusted Net Income

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

Amortization of certain intangible assets presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
Stock-based compensation (see Consolidated Adjusted EBITDA above)
Operating model optimization program (see Consolidated Adjusted EBITDA above)
Accelerated technology investment (see Consolidated Adjusted EBITDA above)
Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our consolidated statement of operations.

Adjusted Diluted Earnings Per Share

Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

Adjusted Provision for Income Taxes

Management has excluded the following items from our provision for income taxes for the periods presented:

Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

Adjusted Effective Tax Rate

Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.

Leverage Ratio

Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.


SCHEDULE 1 TRANSUNION AND SUBSIDIARIES Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC (Unaudited)

	For the Three Months Ended March 31, 2025 compared with the Three Months Ended March 31, 2024
	Reported		CC Growth¹		Organic CC Growth²
Revenue:
Consolidated	7.3	%	8.1	%	8.1	%
U.S. Markets	8.6	%	8.6	%	8.6	%
Financial Services	14.7	%	14.7	%	14.7	%
Emerging Verticals	5.8	%	5.8	%	5.8	%
Consumer Interactive	(0.8	)%	(0.8	)%	(0.8	)%
International	2.5	%	6.0	%	6.0	%
Canada	0.4	%	6.9	%	6.9	%
Latin America	(0.5	)%	6.9	%	6.9	%
United Kingdom	8.6	%	9.5	%	9.5	%
Africa	11.9	%	9.5	%	9.5	%
India	(3.3	)%	0.9	%	0.9	%
Asia Pacific	7.0	%	8.0	%	8.0	%

Adjusted EBITDA:
Consolidated	10.9	%	12.3	%	12.3	%
U.S. Markets	12.3	%	12.3	%	12.3	%
International	2.8	%	7.3	%	7.3	%

Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less the inorganic growth rate.


SCHEDULE 2 TRANSUNION AND SUBSIDIARIES Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited) (dollars in millions)

	Three Months Ended March 31,
		2025			2024
Revenue:
U.S. Markets gross revenue
Financial Services	$	403.6		$	351.7
Emerging Verticals		314.9			297.5
Consumer Interactive		138.2			139.3
U.S. Markets gross revenue	$	856.6		$	788.6

International gross revenue
Canada	$	37.8		$	37.7
Latin America		32.8			32.9
United Kingdom		58.8			54.2
Africa		16.9			15.1
India		68.8			71.1
Asia Pacific		27.0			25.3
International gross revenue	$	242.2		$	236.3

Total gross revenue	$	1,098.8		$	1,024.9

Intersegment revenue eliminations
U.S. Markets	$	(1.6	)	$	(2.3	)
International		(1.5	)		(1.5	)
Total intersegment revenue eliminations	$	(3.1	)	$	(3.7	)

Total revenue as reported	$	1,095.7		$	1,021.2

Adjusted EBITDA:
U.S. Markets	$	320.1		$	285.2
International		109.8			106.8
Corporate		(32.8	)		(33.9	)
Adjusted EBITDA Margin:¹
U.S. Markets		37.4	%		36.2	%
International		45.3	%		45.2	%

Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.

	Three Months Ended March 31,
		2025			2024
Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	148.1		$	65.1
Net interest expense		47.5			63.2
Provision for income taxes		41.0			13.0
Depreciation and amortization		138.9			134.0
EBITDA	$	375.5		$	275.4
Adjustments to EBITDA:
Stock-based compensation		30.3			24.1
Mergers and acquisitions, divestitures and business optimization¹		17.9			9.2
Accelerated technology investment²		20.0			18.5
Operating model optimization program³		9.8			24.4
Net other⁴		(56.4	)		6.5
Total adjustments to EBITDA	$	21.7		$	82.8
Consolidated Adjusted EBITDA	$	397.1		$	358.2

Net income attributable to TransUnion margin		13.5	%		6.4	%
Consolidated Adjusted EBITDA margin⁵		36.2	%		35.1	%

As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Transaction and integration costs	$	5.3	$	2.2
Fair value and impairment adjustments		12.6		0.1
Post-acquisition adjustments		—		6.9
Total mergers and acquisitions, divestitures and business optimization	$	17.9	$	9.2

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended March 31,
		2025		2024
Foundational Capabilities	$	7.4	$	6.8
Migration Management		12.6		10.1
Program Enablement		—		1.7
Total accelerated technology investment	$	20.0	$	18.5

Operating model optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Employee separation	$	—	$	16.8
Facility exit		—		1.4
Business process optimization		9.8		6.2
Total operating model optimization	$	9.8	$	24.4

Net other consisted of the following adjustments:

	Three Months Ended March 31,
		2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	(0.1	)	$	3.1
Other debt financing expenses		0.5			0.6
Currency remeasurement on foreign operations		(0.6	)		2.6
Legal and regulatory expenses, net		(56.0	)		—
Other non-operating (income) expense		(0.3	)		0.2
Total other adjustments	$	(56.4	)	$	6.5

Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.


SCHEDULE 3 TRANSUNION AND SUBSIDIARIES Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited) (in millions, except per share data)

	Three Months Ended March 31,
		2025			2024
Income attributable to TransUnion	$	148.1		$	65.1

Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			195.3

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.76		$	0.34
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.75		$	0.33

Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:
Net income attributable to TransUnion	$	148.1		$	65.1
Adjustments before income tax items:
Amortization of certain intangible assets¹		70.9			72.0
Stock-based compensation		30.3			24.1
Mergers and acquisitions, divestitures and business optimization²		17.9			9.2
Accelerated technology investment³		20.0			18.5
Operating model optimization program⁴		9.8			24.4
Net other⁵		(56.7	)		5.9
Total adjustments before income tax items	$	92.3		$	154.3
Total adjustments for income taxes⁶		(32.7	)		(40.4	)
Adjusted Net Income	$	207.6		$	179.0

Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			195.3

Adjusted Earnings per Share:
Basic	$	1.06		$	0.92
Diluted	$	1.05		$	0.92

	Three Months Ended March 31,
		2025			2024
Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.75		$	0.33
Adjustments before income tax items:
Amortization of certain intangible assets¹		0.36			0.37
Stock-based compensation		0.15			0.12
Mergers and acquisitions, divestitures and business optimization²		0.09			0.05
Accelerated technology investment³		0.10			0.09
Operating model optimization program⁴		0.05			0.13
Net other⁵		(0.29	)		0.03
Total adjustments before income tax items	$	0.47		$	0.79
Total adjustments for income taxes⁶		(0.17	)		(0.21	)
Adjusted Diluted Earnings per Share	$	1.05		$	0.92

Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

1.		Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
2.		Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Transaction and integration costs	$	5.3	$	2.2
Fair value and impairment adjustments		12.6		0.1
Post-acquisition adjustments		—		6.9
Total mergers and acquisitions, divestitures and business optimization	$	17.9	$	9.2

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended March 31,
		2025		2024
Foundational Capabilities	$	7.4	$	6.8
Migration Management		12.6		10.1
Program Enablement		—		1.7
Total accelerated technology investment	$	20.0	$	18.5

Operating model optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Employee separation	$	—	$	16.8
Facility exit		—		1.4
Business process optimization		9.8		6.2
Total operating model optimization	$	9.8	$	24.4

Net other consisted of the following adjustments:

	Three Months Ended March 31,
		2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	(0.1	)	$	3.1
Currency remeasurement on foreign operations		(0.6	)		2.6
Legal and regulatory expenses, net		(56.0	)		—
Other non-operating (income) and expense		—			0.2
Total other adjustments	$	(56.7	)	$	5.9

Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.


SCHEDULE 4 TRANSUNION AND SUBSIDIARIES Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited) (dollars in millions)

	Three Months Ended March 31,
		2025			2024
Income before income taxes	$	193.8		$	83.0
Total adjustments before income tax items from Schedule 3		92.3			154.3
Adjusted income before income taxes	$	286.1		$	237.3

Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:
Provision for income taxes		(41.0	)		(13.0	)
Adjustments for income taxes:
Tax effect of above adjustments		(32.3	)		(35.0	)
Eliminate impact of excess tax expense for stock-based compensation		0.5			1.0
Other¹		(0.9	)		(6.4	)
Total adjustments for income taxes	$	(32.7	)	$	(40.4	)
Adjusted Provision for Income Taxes	$	(73.7	)	$	(53.4	)

Effective tax rate		21.2	%		15.7	%
Adjusted Effective Tax Rate		25.8	%		22.5	%

As a result of displaying amounts in millions, rounding differences may exist in the table above.

Other adjustments for income taxes include:

	Three Months Ended March 31,
		2025			2024
Deferred tax adjustments	$	(4.6	)	$	(5.1	)
Valuation allowance adjustments		2.3			0.2
Return to provision, audit adjustments and reserves related to prior periods		1.0			(0.9	)
Other adjustments		0.4			(0.5	)
Total other adjustments	$	(0.9	)	$	(6.4	)


SCHEDULE 5 TRANSUNION AND SUBSIDIARIES Leverage Ratio (Unaudited) (dollars in millions)

	Trailing Twelve Months Ended March 31, 2025
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	367.3
Net interest expense		221.0
Provision for income taxes		126.9
Depreciation and amortization		542.6
EBITDA	$	1,257.7
Adjustments to EBITDA:
Stock-based compensation	$	127.5
Mergers and acquisitions, divestitures and business optimization¹		35.2
Accelerated technology investment²		85.7
Operating model optimization program³		80.3
Net other⁴		(41.1	)
Total adjustments to EBITDA	$	287.6
Leverage Ratio Adjusted EBITDA	$	1,545.3

Total debt	$	5,130.8
Less: Cash and cash equivalents		609.9
Net Debt	$	4,521.0

Ratio of Net Debt to Net income attributable to TransUnion		12.3
Leverage Ratio		2.9

As a result of displaying amounts in millions, rounding differences may exist in the table above.

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Transaction and integration costs	$	14.2
Fair value and impairment adjustments		20.8
Post-acquisition adjustments		0.1
Total mergers and acquisitions, divestitures and business optimization	$	35.2

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Trailing Twelve Months Ended March 31, 2025
Foundational Capabilities	$	36.3
Migration Management		45.6
Program Enablement		3.8
Total accelerated technology investment	$	85.7

Operating model optimization consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Employee separation	$	7.9
Facility exit		40.7
Business process optimization		31.7
Total operating model optimization	$	80.3

Net other consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Deferred loan fee expense from debt prepayments and refinancings	$	14.6
Other debt financing expenses		2.3
Currency remeasurement on foreign operations		(1.1	)
Legal and regulatory expenses, net		(56.0	)
Other non-operating (income) and expense		(1.0	)
Total other adjustments	$	(41.1	)


SCHEDULE 6 TRANSUNION AND SUBSIDIARIES Segment Depreciation and Amortization (Unaudited) (in millions)

	Three Months Ended March 31,
		2025		2024

U.S. Markets	$	101.2	$	100.8
International		36.6		32.2
Corporate		1.1		1.0
Total depreciation and amortization	$	138.9	$	134.0

As a result of displaying amounts in millions, rounding differences may exist in the table above.


SCHEDULE 7 TRANSUNION AND SUBSIDIARIES Reconciliation of Non-GAAP Guidance (Unaudited) (in millions, except per share data)

	Three Months Ended June 30, 2025						Twelve Months Ended December 31, 2025
	Low			High			Low			High
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:
Net income attributable to TransUnion	$	69		$	77		$	383		$	411
Interest, taxes and depreciation and amortization		220			224			917			929
EBITDA	$	290		$	302		$	1,299		$	1,340
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments¹		85			85			250			250
Adjusted EBITDA	$	375		$	386		$	1,549		$	1,590

Net income attributable to TransUnion margin		6.5	%		7.1	%		8.8	%		9.3	%
Consolidated Adjusted EBITDA margin²		34.8	%		35.3	%		35.6	%		36.0	%

Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share	$	0.35		$	0.39		$	1.92		$	2.06
Adjustments to diluted earnings per share¹		0.60			0.60			2.00			2.01
Adjusted Diluted Earnings per Share	$	0.95		$	0.99		$	3.93		$	4.08

As a result of displaying amounts in millions, rounding differences may exist in the table above.

These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

The MIL Network –

April 24, 2025

MIL-OSI United Kingdom: Emma Caldwell Public Inquiry Chair announced

Source: Scottish Government

Lord Scott to lead review of 2005 murder investigation.

Lord Scott KC will lead the independent Public Inquiry into the investigation of Emma Caldwell’s murder.

Justice Secretary Angela Constance announced the appointment of Lord Scott, a Senator of the College of Justice, in an update to the Scottish Parliament.

Emma, 27, was murdered in April 2005. In February last year her killer was convicted and given a life sentence for Emma’s murder and violent offences against other women.

The Justice Secretary said:

“In March last year, I announced that there would be a Public Inquiry into the investigation of Emma’s murder in 2005 to provide answers to the victims and survivors involved and ensure that lessons are learned for the future. The other victims, as well as Emma’s mother Margaret and the rest of the family, deserve nothing less after the unbearable loss, pain and grief they have suffered.

“Lord Scott has a strong track record on human rights and I am pleased that someone of his experience, expertise and legal standing will lead this inquiry. Importantly, Emma’s family support his appointment.

“I will now consult Lord Scott on the terms of reference and seek the views of Emma’s family and others on the inquiry’s remit. I will update Parliament on the terms of reference and the timescale for the inquiry’s formal setting-up date in due course.”

Lord Scott said:

“I am aware of the significant public interest in this inquiry and the importance it holds for Emma Caldwell’s family. I will discharge my duties as chair independently, thoroughly and to the best of my ability.

“I come to this role with three years of experience as a judge of the Court of Session and High Court of Justiciary. This followed over 20 years in the voluntary sector, primarily in the area of human rights, as well as over 30 years in private practice as a criminal defence lawyer and work in several reviews which scrutinised the use of various powers by the Police Service of Scotland.

“I look forward to discussing the terms of reference with the Cabinet Secretary and to establishing and working with an inquiry team to start our work as soon as possible.”

Background

Lord Scott, a graduate of the University of Glasgow, qualified as a solicitor in 1987. He was appointed a Queen’s Counsel in 2011 and a judge in 2022.

He chaired the Scottish Human Rights Centre from 1997 to 2005; convened the Howard League for Penal Reform in Scotland from 2006 until 2018; and chaired Justice Scotland in 2014.

In 2015, Lord Scott chaired an Independent Advisory Group on police ‘Stop and Search’ powers and he chaired independent reviews into biometrics in policing in Scotland and the impact on communities of policing of the miners’ strike in 1984-85.

Lord Scott chaired the Scottish Mental Health Law Review from May 2019 and submitted the Review’s final report to Scottish Ministers in September 2022.

In 2020, he chaired a group providing independent scrutiny on Police Scotland’s use of emergency powers under Coronavirus legislation.

Read the Justice Secretary’s statement to Parliament on 7 March 2024 announcing plans for a statutory Public Inquiry

Government Initiated Question confirming that Lord Scott has agreed to chair the independent Public Inquiry into the investigation of Emma Caldwell’s murder.

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Career Insight: Joe, Trainee Solicitor, HM Revenue & Customs

Source: United Kingdom – Executive Government & Departments

Case study

Career Insight: Joe, Trainee Solicitor, HM Revenue & Customs

Joe provides an insight into his training within HMRC Legal Group

I am a fourth seat trainee in HM Revenue & Customs (HMRC) Legal Group’s European and International Law advisory team. The team advises on, drafts and helps negotiate a range of international agreements, including Free-Trade Agreements and Double Taxation Treaties.

I studied Philosophy and Politics as my undergraduate degree, focussing my studies on human rights and the regulation of transnational enterprises. I suspected that a career in law was the best opportunity apply these interests in practice; however, as a non-law graduate I was reluctant to immediately volunteer for the expense and stress of two more years of study in the form of the GDL and LPC. So, after graduating, I moved abroad to pursue a career playing and coaching rugby; the COVID-19 pandemic put paid to that ambition but provided me the opportunity to start an online law conversion.

I applied for the role at HMRC as I thought that first-hand experience of the legislative process and regular precedent setting litigation would provide a great opportunity to develop my career as a solicitor; but also because the tax arena seemed to offer a lot of variety, encompassing my interests in both public law and commercial questions.

All trainees start in litigation for their first year, though pupils spend 6 months of this seconded to Chambers. My first seat was in VAT litigation so after three years of intensive study, I arrived at HMRC braced for mountains of paperwork and long days of dense tax calculations. Instead, waiting on my desk were various packets of lentil-based snacks and the deceptively knotty legal question; are these crisps, or at least similar to crisps? I spent the seat thinking about other such questions, like what distinguishes cosmetic surgery from medical care. During this seat I visited the Supreme Court assisting a senior lawyer and saw my own case feature in national newspapers.

For my second seat I applied for HMRC’s Enforcement and Illicit Finance litigation Team. The question for this team was less frequently whether someone owes tax, but how HMRC can actually collect it from them. My tasks ranged from advocating on HMRC’s behalf in the magistrates Court to instructing counsel at fast pace on High Court Proceedings, attending the Court of Appeal and working with international law enforcement to seize overseas assets.

As a trainee you will get give your own cases to run as part of a cross-HMRC case team with tax and policy experts, so you can stretch yourself in an environment surrounded by expert lawyers and tax professionals, who are all very generous with their time. Your role is to co-ordinate this team and ask the right questions to tease the legal arguments out of your clients. In this respect the skills I developed playing teams sports were as important as my legal knowledge.

In your second year you move into an advisory team. In my first six months I worked on a mix of human rights and technical tax advice as part of the Personal Tax and Welfare team. I drafted my statutory instrument, which was a particular highlight, and fed into a major budget measure. It can feel like a drastic transition from the more adversarial world of litigation, but the training is extensive with HMRC running internal induction courses alongside the wider GLP offering.

The advisory lawyers cover a wide variety of tasks, with my final seat feeling like an entirely new role. I didn’t study EU or International Law as part of my law conversion, but having the lawyers who drafted the treaties sat next to you in the office is always a good starting point!

Whilst the HMRC training contract will be of particular interest for anyone who wants a career in public law, I think it is really important to understand the breadth of the department’s work. There is regular precedent setting litigation with engages questions of employment and commercial law, and advisory teams that span the breadth of civil and criminal practice.

Updates to this page

Published 24 April 2025

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI Europe: Workplace Relations Commission publishes 2024 Annual Report
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

24th April 2025

The Workplace Relations Commission (WRC) today published its Annual Report for 2024.

In welcoming the Report, Mr. Peter Burke, Minister for Enterprise, Tourism and Employment said:

“The Annual Report for 2024 highlights the WRC’s strong delivery across all services provided to the public including inspection, the provision of information, conciliation, adjudication, mediation and other advisory services. In the Programme for Government, there is a firm commitment to support the central role played by the Workplace Relations Commission and the Labour Court in industrial relations and employment matters.”

Minister Burke added,

“The WRC continues to play a critical role in ensuring that employment rights are upheld for all, recovering over €2 million in unpaid wages on foot of 5,156 inspections completed during 2024. The WRC plays a leading role in contributing to the harmonious industrial relations climate we enjoy, with data for conciliation services showing an 85% success rate.

“Strong and well-functioning industrial relations institutions are an important and very valued element of our economy, supporting and promoting fair wages, particularly in low paid sectors. Collectively bargained agreements also play a positive role in increasing productivity for businesses.”

Alan Dillon, Minister of State for Small Business and Retail at the Department also welcomed the Report, adding:

“The importance of the WRC is evident in the demand for its services with 59,400 calls to its information services, and over 4 million website views.

Commenting on the WRC’s Digitisation initiatives, Minister Dillon added,

“I welcome that the WRC continued with its digitisation ambitions, introducing the second phase of its Robotic Process Automation in 2024 along with launching its eComplaint form.”

Dr David Begg, Chairperson of the Board of the WRC commented:

“The WRC continued to perform strongly in 2024, and its Annual Report for the year demonstrates the effectiveness of the WRC across the entire range of services it provides. Our aim is to continuously improve our offering to our stakeholders, and we are very grateful for the trust and confidence they repose in us.”

Ms Audrey Cahill, Director General of the WRC, said:

“The Annual Report 2024 offers a reflective overview of the year, highlighting our key achievements and milestones throughout 2024. It also provides a glimpse into the strategic planning currently underway, which is designed to propel the organisation forward and ensure the effective delivery of our vision—all while meeting the statutory obligations set out in our purpose.

“We remain responsive to the evolving demands placed on our services across all divisions. By closely monitoring socioeconomic trends and the ongoing expansion of employment rights, we continue to adapt and align our efforts to meet the changing needs of those we serve.”

Ms Cahill concluded by thanking the Minister, our parent Department, the Workplace Regulation and Economic Migration (WREM) Division and all WRC Stakeholders for their support throughout the year.

An infographic from the Report summarising the WRC’s key performance indicators in 2024, is included below, indicating:

Information Services:

Over 59,400 callers were helped by the WRC’s Information and Customer Service staff providing information on employment, equality, or industrial relations matters. There were over 4.3m pageviews of the WRC’s website.

Inspections:

A total of 5,156 inspections were completed in 2024 with €2.15m recovered in unpaid wages. Successful prosecutions were up 27% on 2023.

Adjudications:

The WRC saw an increase of 6% in Adjudication Hearings offered in 2024 compared to 2023. In total, 9,054 Adjudication files were offered a hearing in 2024, an average of 180 per week.

Conciliation Service:

The WRC’s Conciliation Service was involved in the resolution/prevention of a number of high-profile disputes. Its success rates remain high and continues to be above 85%.

The new Public Service Agreement 2024- 2026 was agreed as a successor agreement to Building Momentum. This followed two months of intense negotiations between the Government and the Public Sector Trade Unions/Associations at the WRC.

Mediations:

The WRC pre-adjudication mediation service delivered a total of 894 mediations in 2024, which is a 14% increase compared to 2023.

Code of Practice:

The Code of Practice on the Right to Request Remote and/or Flexible Working was published on 7 March 2024.

Outreach:

WRC staff across all Divisions, attended over 60 outreach events involving a range of schools and colleges, enterprise bodies, business and employee representative bodies and state bodies. These events are a very useful and important method of engaging with the public to provide information on WRC services.

Digital Strategy:

The new online complaint form provides greater flexibility and was made available to the public in September 2024. This complaint portal replaces the old technology of the previous application form which many found difficult to use and was inaccessible for many service users.

The Workplace Relations Commission Annual Report 2024 is available here

NOTES TO EDITOR

Workplace Relations Commission

The Workplace Relations Commission was established on 1 October 201

The main functions of the WRC are to:
- Promote the improvement of workplace relations and the maintenance of good workplace relations,
- Promote and encourage compliance with relevant employment legislation.
- Provide guidance in relation to compliance with Codes of Practice,
- Conduct reviews of, and monitor developments in, workplace relations generally,
- Conduct or commission relevant research and provide advice, information and the findings of research to Joint Labour Committees and Joint Industrial Councils,
- Advise the Minister for Enterprise, Trade and Employment on the application of, and compliance with, relevant legislation,
- Provide information to the public in relation to employment legislation, (other than the Employment Equality Act).
With a wide workforce of just over 235 staff, supplemented by 36 external adjudicators, and with offices in Dublin, Carlow, Cork, Ennis and Sligo, the WRC’s mission is to deliver high-quality service nationally, free of charge, which is
- speedy, user-friendly, independent, effective, impartial, and cost-effective,
- provides variable means of dispute resolution, redress, and effective enforcement, and improves workplace relations generally.
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MIL OSI Europe News –
April 24, 2025
MIL-OSI Russia: The number of capital enterprises in the creative industries has reached 113 thousand

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

Over four years, the number of Moscow companies and individual entrepreneurs in the creative industries has increased by 12 percent to 113 thousand. The products of the capital’s creative business attract audiences throughout Russia and abroad. This was reported by Natalia Sergunina, Deputy Mayor of Moscow.

“In 2024 alone, more than seven thousand new creative enterprises appeared in the capital. The most popular areas are information technology and video games, fashion, cinema and animation,” said Natalia Sergunina.

The development of the sector is facilitated by comprehensive support from the city — from the construction of modern infrastructure to the launch of accelerators and professional competitions. Projects such as “Design Workshop”, “Art. Workshop” and “Video Game Factory” give industry representatives the opportunity to make a name for themselves, work with renowned experts and find major customers. The “Creative Market” program helps increase sales and tell more potential buyers about the brand.

Large-scale production sites, in particular the Moscow Film Cluster, provide residents with work spaces, necessary equipment and useful services.

Export of creative projects

Moscow pays special attention to promoting creative business products abroad.

“Last year, with the support of the city, entrepreneurs concluded about 100 international contracts and agreements in the creative industries. The total amount of export contracts exceeded one billion rubles,” Natalya Sergunina specified.

Many of them were signed within the framework of the BRICS Fashion Summit, Moscow Fashion Week, Moscow International Film Week and other major industry events.

Continuing work in this direction, in 2025 the city will organize the participation of capital companies in foreign exhibitions, including in Belarus, Indonesia and Egypt.

For example, a trip to the computer games and e-sports festival in Istanbul is planned for September, and to the Shanghai International Children’s Book Fair in November. Entrepreneurs will be able to present their products and take part in negotiations with potential partners.

Quickly find out the main news of the capital in the official telegram channelthe city of Moscow.

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

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/153066073/

MIL OSI Russia News –

April 24, 2025
MIL-OSI: Prosafe SE: Update on Recapitalisation
Source: GlobeNewswire (MIL-OSI)

Prosafe SE (“Prosafe” or the “Company”) is pleased to announce that it has agreed the terms of a recapitalisation (the “Transaction”) with lenders representing the Company’s USD 250 million loan facility and its USD 93 million loan facility (the “Existing Facilities”), subject to final approvals being obtained by all lenders. The Transaction is also supported by shareholders representing 54% of the shares in the Company.

The Transaction involves the equitisation of USD 193 million of the Existing Facilities in return for 90% of the shares in Prosafe post Transaction. Existing shareholders will initially hold 5% of the shares in the Company and will be offered an additional 5% of shares in the form of penny warrants (at EUR 0.01 per share).

The Transaction also includes a reinstatement of the Existing Facilities and new money financing on the following basis (together, the “New Facility”):
1. a super senior secured facility of USD 150 million, comprising (i) USD 75 million by way of new money injections, backstopped by an ad hoc group of creditors, and (ii) USD 75 million of elevated and reinstated debt under the Existing Facilities, each maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller’s Credit falls due); and
2. a reinstated senior secured facility comprised of USD 75 million of reinstated debt maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller’s Credit falls due).
The post Transaction shareholdings above are calculated based on an assumption of full exercise of shareholder warrants, but before any new management incentive program which may be established post Transaction.

The Transaction shall include the following features (among other things):
1. the establishment of a new Norwegian domiciled holding company, shares of which will be charged to lenders under the New Facility, to be interposed between the Company and certain of its subsidiaries;
2. no fixed amortisation in respect of the New Facility, which shall be repayable in full at maturity;
3. a fee (the “Fee”) shall be payable to the lenders of the super senior secured facility of USD 5 million at maturity; and
4. interest of SOFR + margin (sized to 11% per annum) on the New Facility, payable in cash. The senior secured facility will include the ability for the Company to pay 2% cash interest and 9% PIK interest as an alternative to 11% full cash interest subject to certain conditions.
The Transaction will provide the Company with a sustainable capital structure and sufficient liquidity to meet its capital expenditure and working capital needs for the foreseeable future. Total gross debt post the Transaction will be approximately USD 306 million, consisting of a USD 155 million super senior facility (including the Fee), a USD 75m senior facility and the USD 75.5 million remaining Cosco Seller’s Credit for Safe Eurus. Total net debt post the Transaction will be approximately USD 220 million, with unrestricted liquidity (after transaction costs) of approximately USD 80 million.

Transaction completion is subject to agreeing customary documentation with lenders and shareholders, final lender approvals and formal shareholder approvals (including approval at an extraordinary general meeting of the Company’s shareholders).

The Company has been granted a waiver from its lenders under the existing USD 250 million loan facility and a forbearance from its lenders under the existing USD 93 million loan facility until 31 July 2025, in both cases with respect to interest payments. The minimum liquidity covenant under the respective facilities has also been reduced to USD 10m.

The Company aims to conclude the Transaction by Q3 2025. The Company will make further announcements as and when there are further developments regarding implementation of the Transaction. Notice to convene an extraordinary general meeting of the Company’s shareholders to approve the Transaction will be issued shortly.

Terje Askvig, CEO said “We are very pleased with the support shown by our lenders and a significant part of our shareholders through this agreement. This is an important step in the refinancing of Prosafe. This agreement, in combination with the improved balance sheet, will ensure that Prosafe continues to be the world’s leading provider of floating accommodation vessels and Units for Maintenance and Safety (UMS).”

For further information, please contact:

Terje Askvig, CEO Phone: +47 952 03 886
Reese McNeel, CFO Phone: +47 415 08 186

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to https://www.prosafe.com (https://www.prosafe.com/).

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Line Bliksmark, Marketing and Communications Manager, on 24 April 2025, at approx. 09:00 CET.

The MIL Network –
April 24, 2025
MIL-OSI USA: Hagerty, Kaine Urge Mexican Government to Cease Unfair Treatment of U.S.-Based Vulcan Materials Company

US Senate News:

Source: United States Senator for Tennessee Bill Hagerty
NEW YORK CITY—Today, United States Senators Bill Hagerty (R-TN) and Tim Kaine (D-VA), members of the Senate Foreign Relations Committee, sent a letter urging Mexican Minister of Economy Ebrard Casaubon to address the country’s unfair treatment of the U.S.-based Vulcan Materials Company, which has operated in Mexico for decades and supports thousands of jobs in both countries.
The Mexican government has made efforts to expropriate property from Vulcan, which would both interfere with its ability to do business and undermine the crucial economic ties between the U.S. and Mexico.
“As you know, Vulcan Materials Company, a global leader in construction materials based in Alabama, has been operating in Mexico for over three decades…supporting thousands of jobs in Mexico and across Virginia and Tennessee,” the Senators wrote. “However, recent efforts by the Mexican government to expropriate Vulcan property undermine efforts to strengthen these ties, as they create a perception of unpredictability toward foreign investments. The Mexican government’s actions against Vulcan are a critical blow to investor confidence under the U.S.-Mexico-Canada Agreement (USMCA).”
“We strongly urge the Mexican government to reconsider its actions against Vulcan and to work with the company toward a resolution that respects the rights of foreign investors and Mexico’s commitments under international agreements,” the Senators continued. “By doing so, Mexico would demonstrate its commitment to honoring the principles of respect, transparency, and legal certainty that foster a stable and welcoming environment for all businesses. We understand Vulcan remains ready and willing to negotiate with you to reach an amicable solution. In the interest of reaching such a solution, we would encourage your Government to cease unfounded public accusations against the company as you work to resolve the issue. A balanced and fair approach to foreign investment will help ensure that both the U.S. and Mexico can continue to prosper.”
Background:
In May 2022, Mexican President Andrés Manuel López Obrador (AMLO) abruptly shut down Vulcan’s operations with false claims that the firm was violating its contract, and since then the Mexican Government, under AMLO’s direction, has waged an unceasing pressure campaign against Vulcan, including multiple lawsuits and at times sending military and law enforcement to its facilities. Last month, AMLO announced that he is pushing to designate the port and mine a “Protected Natural Area”.
In May 2022, Hagerty urged President Joe Biden to take action against the Mexican government’s moves to expropriate the property of U.S. companies with investments and operations in Mexico.
In March 2023, Hagerty pressed Secretary of State Antony Blinken on the seizure by Mexican military troops and civilian authorities of U.S.-based Vulcan Materials Company’s assets in Mexico.
In December 2023, Hagerty and Kaine spoke on the Senate floor imploring President López Obrador to halt harmful actions against American companies’ lawfully owned assets in Mexico, noting that these unlawful actions violate agreements made between the two countries under the USMCA and jeopardize a key U.S. trade relationship.
In September 2024, Hagerty and Kaine introduced legislation to impose retaliatory prohibitions that deter and punish any Western Hemisphere nation that unlawfully seizes American assets, responding to ongoing efforts by the Government of Mexico to seize a deep-water port owned by U.S.-based Vulcan Materials Company, which is a flagrant violation of the United Sates-Mexico-Canada Agreement (USMCA) governing trade between our two nations.
In December 2024, Hagerty and Kaine condemned ongoing efforts by U.S. Trade Representative (USTR) Katherine Tai to weaken protections for American companies under the U.S.-Mexico-Canada Agreement (USMCA), which makes American companies vulnerable to Mexico seizing their property and assets.
A copy of the letter can be found here and below.
Dear Secretary Ebrard Casaubon:
We are contacting your government to address the unfair treatment of Vulcan Materials Company (Vulcan) by the Government of Mexico.
The United States and Mexico enjoy a strong economic partnership and benefit from deep economic integration. U.S. companies support growth and job creation throughout Mexico. We are committed to helping maintain and build this relationship.
As you know, Vulcan Materials Company, a global leader in construction materials based in Alabama, has been operating in Mexico for over three decades. The firm has employed hundreds of people in Mexico and contributes to local economic development. Vulcan’s investment in Mexico highlights the mutual benefits of cross-border economic relations and plays a vital role in its broader business operations, supporting thousands of jobs in Mexico and across Virginia and Tennessee. However, recent efforts by the Mexican government to expropriate Vulcan property undermine efforts to strengthen these ties, as they create a perception of unpredictability toward foreign investments. The Mexican government’s actions against Vulcan are a critical blow to investor confidence under the U.S.-Mexico-Canada Agreement (USMCA).
We strongly urge the Mexican government to reconsider its actions against Vulcan and to work with the company toward a resolution that respects the rights of foreign investors and Mexico’s commitments under international agreements. By doing so, Mexico would demonstrate its commitment to honoring the principles of respect, transparency, and legal certainty that foster a stable and welcoming environment for all businesses.
We are ready to work with you to strengthen the bonds between our countries and sincerely hope that the Mexican government will take the necessary steps to address our bipartisan concerns. We understand Vulcan remains ready and willing to negotiate with you to reach an amicable solution. In the interest of reaching such a solution, we would encourage your government to cease unfounded public accusations against the company as you work to resolve the issue. A balanced and fair approach to foreign investment will help ensure that both the U.S. and Mexico can continue to prosper.
We appreciate your time and attention to this urgent matter. We look forward to hearing your thoughts on how we can work together to resolve these concerns in a mutually beneficial manner.
Sincerely,

MIL OSI USA News –

April 24, 2025

MIL-OSI: Eurocastle Releases Fourth Quarter and Year End 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

EUROCASTLE INVESTMENT LIMITED

FOR IMMEDIATE RELEASE
Contact:
Oak Fund Services (Guernsey) Limited
Company Administrator
Attn: Nicole Barnes
Tel: +44 1481 723450

Eurocastle Releases Fourth Quarter and Year End 2024 Financial Results

Guernsey, 24 April 2025 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) today has released its annual report for the year ended 31 December 2024.

IFRS NAV of €22.08 million, or €22.05 per share vs €21.34 per share as at Q3 2024 and €21.77 per share as at YE 2023, reflecting an increase in the value of the Company’s holding in a Luxembourg fund under the New Investment Strategy, following the closing of its first investment in October 2024.
Adjusted Net Asset Value (“NAV”) of €11.35 million¹, or €11.34 per share² vs. €10.91 per share in Q3 2024 and €11.12 per share as at YE 2023.

The tables below summarise the NAV by segment:


	YE 2024 NAV		Q3 2024 NAV		YE 2023 NAV
	€’m	€ p.s.	€’m	€ p.s.	€’m	€ p.s.
New Investment Strategy – Greece	5.77	5.76	0.11	0.11	0.10	0.10
Legacy Italian Real Estate Funds	0.06	0.06	0.06	0.06	0.08	0.08
Net Corporate Cash³	12.28	12.26	17.47	17.45	17.83	17.86
Legacy German Tax Asset	3.97	3.97	3.73	3.72	3.73	3.73
IFRS NAV	22.08	22.05	21.37	21.34	21.74	21.77

Legacy German Tax Reserve⁴	(5.99)	(5.97)	(5.44)	(5.43)	(5.46)	(5.46)

Adjusted NAV before Liquidation Reserve	16.09	16.08	15.93	15.91	16.28	16.31

Liquidation Reserve⁴	(4.74)	(4.74)	(5.00)	(5.00)	(5.18)	(5.19)

Adjusted NAV	11.35	11.34	10.93	10.91	11.10	11.12
Ordinary shares outstanding	1,001,555		1,001,555		998,555

As at 31 December 2024, the Company’s assets mainly comprise:

1. €12.28 million, or €12.26 per share, of net corporate cash, which is available to continue seeking investments under the New Investment Strategy.

2. €5.77 million, or €5.76 per share, in the Company’s first investment under the New Investment Strategy, a share in a Luxembourg fund which has opportunistically acquired a boutique retail complex in an affluent part of Athens, Greece.

3. A tax asset of €3.97 million, or €3.97 per share, representing amounts paid (and associated interest) in relation to additional tax assessed against a legacy German property subsidiary where the Company won the first instance of its appeal in December 2024. The German tax authorities have since appealed the decision and the Company is waiting for the date of the next hearing.

4. Residual interests in two legacy Italian Real Estate Fund Investments with an NAV of €0.06 million, or €0.06 per share, where the underlying properties have been fully sold, with both funds now in liquidation.

2024 BUSINESS HIGHLIGHTS

FY 2024 Overview

During 2024, having largely concluded its Realisation Plan, the Company made significant progress in implementing the New Investment Strategy by establishing the platform through which it can raise third party capital and make investments, while also closing on the first acquisition made as part of this strategy.

Highlights

New Investment Strategy – In August 2024, Eurocastle launched a Luxembourg regulated fund, European Properties Investment Fund S.C.A., SICAV RAIF (“EPIF” or the “Fund”), through which it expects to invest alongside selected external co-investors. EPIF initially closed with Eurocastle committing to invest €8 million alongside a €2 million commitment from its JV Partner. EPIF is now being marketed to potential investors with a target size of €100 million.
In addition to generating attractive risk adjusted returns on its share of any investments made, Eurocastle also anticipates receiving market standard management and incentive fees from external investors. The Company sees the Fund as an attractive opportunity to earn enhanced returns on the capital it invests while also building a meaningful base for future investments.
In October 2024, the Fund made its first acquisition, being part of a boutique retail complex in an affluent part of Athens with Eurocastle investing a total of €5.5 million into the Fund. The asset was acquired from one of the largest Greek banks out of a distressed situation. As at the end of 2024, Eurocastle’s 80% share in the NAV of EPIF is €5.8 million. In parallel with executing this first investment, EPIF has been underwriting a number of additional opportunities.
Legacy Italian Real Estate Funds –The remaining NAV for these investments of €0.06 million, or €0.06 per share, reflects cash currently reserved in the funds that is expected to be released once the fund manager resolves certain potential liabilities and liquidates each fund.
Legacy German Tax Matter – Prior to 2024, the Company had paid a net amount of €3.7 million in relation to the Legacy German tax matter against which it has raised a corresponding tax asset (together with associated interest). The Company, in pursuing the reimbursement of this amount through the German fiscal court, won the first instance of its appeal in December 2024. Shortly after, the German tax authorities appealed the decision through the German federal tax court and the Company is currently waiting to be notified of the date of the hearing. In the meantime, €2.5 million of the €3.7 million of additional tax paid by the Company, being the additional tax assessed before late payment interest, is accruing interest at 6% per annum, which would be paid to the Company should it finally prevail in the case.
The remaining potential exposure, associated with the same point under dispute, is estimated to be €1.7 million. This relates to the years 2013 to 2015 which remain subject to ongoing tax audits. Notwithstanding the Company’s expectation that the tax matter will eventually be resolved in the Company’s favour, as at 31 December 2024, the full potential liability of €6.0 million, or €5.97 per share (including associated defence costs and interest accrued), is fully reserved for within the Additional Reserves.
Additional Reserves – As at 31 December 2024, of the total Additional Reserves of €10.7 million, €6.0 million related to the legacy German tax matter with the balance of approximately €4.7 million in place to allow for future costs and potential liabilities while the Company pursues in parallel the New Investment Strategy. The Board anticipates reviewing the appropriate level of reserves once it has further clarity on the amount of commitments received by EPIF.

Subsequent Events

On April 23^rd, 2025, EPIF successfully held its first investor close, securing €16 million of commitments from 10 investors taking the total fund size to €26 million. Currently, a significant number of potential additional commitments are at advanced stage of due diligence, with a further close expected in May 2025.

The commitments closed on 23 April 2025 will reduce Eurocastle’s interest in the Fund from 80% to approximately 31%. As a result, the new investors will reimburse Eurocastle an estimated total of €3.5 million of the €5.5 million it had invested to date in EPIF. This reimbursement is to align Eurocastle’s revised pro rata share of the capital called plus compensatory interest. The amount to be paid to Eurocastle is substantially in line with the relevant share of Eurocastle’s valuation of its interest in EPIF as at 31 December 2024.


Income Statement for the Fourth Quarter 2024, Full Year 2024 and Full Year 2023	Q4 2024	FY 2024	FY 2023
	€ Thousands	€ Thousands	€ Thousands
*Portfolio Returns*
New Investment Strategy – Greece unrealised fair value movement	429	273	–
Legacy Italian NPLs & Other Loans realised gain	–	–	2
Legacy Italian Real Estate Funds unrealised fair value movement	–	(18)	(50)
Fair value movement on Investments	429	255	(48)
Other Income	100	113	2
Interest income	345	827	519
Loss on foreign currency translation	–	(1)	(2)
Total income	874	1,194	471

*Operating Expenses*
Manager base and incentive fees	42	103	94
Remaining operating expenses	115	745	1,012
Other operating expenses	157	848	1,106
Total expenses	157	848	1,106

Net profit/(loss) for the period/year	717	346	(635)
*€ per share*	*0.72*	*0.35*	*(0.64)*

	Balance Sheet and Adjusted NAV Reconciliation as at 31 December 2024	New Strategy Investments Greece	Legacy Italian Investments	Corporate	Total	Total
					2024	2023
		€ Thousands	€ Thousands	€ Thousands	€ Thousands	€ Thousands
Assets
	Other assets	–	–	315	315	210
	Legacy German tax asset	–	–	3,974	3,974	3,727
	Investments – New Investment Strategy – Greece	5,770	–	–	5,770	–
	Investments – Legacy Italian Real Estate Funds	–	64	–	64	82
	Cash, cash equivalents and treasury investments
	Cash and cash equivalents	–	–	12,415	12,415	13,951
	Treasury investments	–	–	–	–	4,236
Total assets		5,770	64	16,704	22,538	22,206
Liabilities
	Trade and other payables		–	389	389	425
	Manager base and incentive fees		–	63	63	41
Total liabilities			–	452	452	466
IFRS Net Asset Value		5,770	64	16,252	22,086	21,740
Liquidation cash reserve		–	–	(4,748)	(4,748)	(5,185)
Legacy German tax cash reserve		–	–	(2,008)	(2,008)	(1,728)
Legacy German tax asset		–	–	(3,974)	(3,974)	(3,727)
Adjusted NAV		5,770	64	5,522	11,356	11,100
*Adjusted NAV (€ per Share)*		*5.76*	*0.06*	*5.52*	*11.34*	*11.12*

NOTICE:

This announcement contains inside information for the purposes of the Market Abuse Regulation 596/2014.

ADDITIONAL INFORMATION

For investment portfolio information, please refer to the Company’s most recent Financial Report, which will be available on the Company’s website (www.eurocastleinv.com).

ABOUT EUROCASTLE

Eurocastle Investment Limited (“Eurocastle” or the “Company”) is a publicly traded closed-ended investment company. On 8 July 2022, the Company announced the relaunch of its investment activity and is currently in the early stages of pursuing its new strategy by initially focusing on opportunistic real estate in Greece with a plan to expand across Southern Europe. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.

FORWARD LOOKING STATEMENTS

This release contains statements that constitute forward-looking statements. Such forward-looking statements may relate to, among other things, future commitments to sell real estate and achievement of disposal targets, availability of investment and divestment opportunities, timing or certainty of completion of acquisitions and disposals, the operating performance of our investments and financing needs. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may”, “will”, “should”, “potential”, “intend”, “expect”, “endeavor”, “seek”, “anticipate”, “estimate”, “overestimate”, “underestimate”, “believe”, “could”, “project”, “predict”, “project”, “continue”, “plan”, “forecast” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. The Company’s ability to predict results or the actual effect of future plans or strategies is limited. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, its actual results and performance may differ materially from those set forth in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause the Company’s actual results in future periods to differ materially from forecasted results or stated expectations including the risks regarding Eurocastle’s ability to declare dividends or achieve its targets regarding asset disposals or asset performance.

¹ In light of the Realisation Plan announced in November 2019, the Adjusted NAV as at 31 December 2024 reflects additional reserves for future costs and potential liabilities, which have not been accounted for under the IFRS NAV (“Additional Reserves”). No commitments for these future costs and potential liabilities existed as at 31 December 2024.
² Per share calculations for Eurocastle as at 31 December 2024 are based on 1,001,555 shares in issue. YE 2023 NAV per share based on 998,555 shares; Q3 2024 NAV per share based on 1,001,555 shares.
³ Reflects corporate cash net of accrued liabilities and other assets.

⁴ Reserves that were put in place when the Company realised the majority of its investment assets in 2019 in order for the Company to continue in operation and fund its
future costs and potential liabilities. These reserves are not accounted for under IFRS.

The MIL Network –

April 24, 2025

MIL-OSI: Flow Traders Leadership Update
Source: GlobeNewswire (MIL-OSI)

Flow Traders Leadership Update

Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces that Mike Kuehnel has conveyed to the Board of Flow Traders Ltd. his intention not to seek re-election as Chief Executive Officer (CEO) for another full term at the 2025 Annual General Meeting (AGM). He will leave Flow Traders at the end of August to pursue a new opportunity. To ensure a seamless leadership transition, Mike has agreed to be nominated for re-election as CEO at the upcoming AGM on 13 June 2025, with his renewed term extending until 31 August 2025. The Board has initiated a search for his successor.

Furthermore, Marc Jansen will be nominated for election as Executive Director of Flow Traders Ltd. at the forthcoming AGM. Marc has played an instrumental role in developing and expanding Flow Traders’ trading footprint. He is also a current member of the Management Board of Flow Traders B.V., the firm’s largest operating entity. In addition, Marc Jansen and Alex Kieft will be appointed as Co-Chief Trading Officers, effective immediately. They will jointly manage the Global Trading Division, focusing on expanding the Company’s trading operations across multiple asset classes and geographies.

Mike Kuehnel
Mike joined Flow Traders in August 2021 and was elected as Chief Financial Officer (CFO) in September 2021 and subsequently appointed to the role of CEO in February 2023. During his term, Mike has been instrumental in systematically strengthening the firm by enhancing its position as a leading globally diversified trading firm. Specifically, in 2024, he initiated Flow Traders’ Trading Capital Expansion Plan, which successfully contributed to the firm’s second-best financial year in its 20-year history.

Under Mike’s leadership, and in collaboration with the entire leadership team, the firm has launched several strategic initiatives aimed at enhancing efficiency through automation as well as enhancing the firm’s structure with the objective of building a fully scalable organization. As part of the firm’s strategy, Mike has played a pivotal role in developing Flow Traders’ global leadership team and in attracting key talent to enhance the firm’s capability set. Subsequently, Mike has facilitated new strategic partnerships across global financial markets, allowing the firm to capitalize on new revenue opportunities to accelerate the growth of the Flow Traders.

Marc Jansen
Marc joined Flow Traders in 2013 as a Trader and became Head of Trading EMEA in 2018. He continued playing a pivotal role in building out the firm’s trading operations, when he moved to the Americas, where he assumed the role of Managing Director, before being appointed Head of Trading with a focus on Digital Assets in 2021. He became Global Head of Trading and Management Board Member of Flow Traders B.V. in January 2024. Effective immediately, Marc will be appointed as Co-Chief Trading Officer.

Alex Kieft
Alex joined Flow Traders in 2014 as a Trader and was appointed Head of Trading EMEA in 2019, followed by Global Head of Trading with a focus on equities in 2022. Effective immediately, Alex will be appointed as Co-Chief Trading Officer and will lead the firm’s Global Trading Division alongside Marc Jansen.

Rudolf Ferscha, Chairman of the Board, stated:
“Flow Traders has evolved beyond its foundational trading focus, marking a significant transition that enables us to capitalize on new opportunities and forge strategic partnerships, thereby advancing our long-term strategic ambitions. This transformation has been successfully initiated and managed under Mike’s leadership, and on behalf of the entire Board, I would like to express our deepest appreciation for his numerous contributions to the firm.

We fully respect his decision to pursue another opportunity outside the firm and wish him every success in his future endeavors. We also thank him for his dedication to developing this strengthened leadership team. Under Mike’s guidance, the leadership team has driven the firm’s growth and expansion in recent years, notably with the successful launch of the Trading Capital Expansion Plan last year, leading to the second-best financial year in our 20-year history.

Additionally, we are thrilled to appoint Marc and Alex as Co-Chief Trading Officers. Both Marc and Alex are esteemed leaders with a proven track record of shaping and accelerating our trading strategies across various asset classes and geographies. Their promotion reflects our dedication to strengthening our leadership and accelerating growth within our Trading Division. With a long-term focus on both talent and capital, we aim to intensify efforts in both traditional and digital asset markets, marking Flow Traders’ next phase of growth.”

Mike Kuehnel, CEO of Flow Traders, added:
“Throughout my tenure at Flow Traders, I have witnessed firsthand the transformative impact of technology and innovation on global financial markets. These experiences have reinforced my conviction to engage more broadly in the field of artificial intelligence, prompting my decision not to seek another full term as CEO.

I am immensely proud of what we have collectively achieved, as evidenced by our strengthened position as a globally diversified trading firm. Equally, I take pride in the development and growth of our global leadership team. Cultivating and attracting talent has been a pivotal focus during my four years, and I am thrilled about the current standing of this team. I have full confidence in Flow Traders’ future, and its ability to grow and become an even more significant force in promoting transparency, efficiency, and resilience within global financial markets.

I would like to extend my heartfelt gratitude to the Board and all my colleagues at Flow Traders, it has been an exceptionally rewarding privilege to work alongside you. Serving as your CFO and CEO over the past four years has been an honor, and I am genuinely excited about the firm’s future.”

Notes
- Following shareholder approval at the 2025 AGM, Mike’s re-election as CEO and Executive Director will run until 31 August 2025
- Following shareholder approval at the 2025 AGM and regulatory vetting, Marc’s election as Executive Director of Flow Traders Ltd. will be effective for a term of four years
- In the notice for the 2025 Annual General Meeting, scheduled to be published on 2 May, all necessary information will be included in accordance with the nominations outlined in this press release
Contact Details

Flow Traders Ltd.

Investors
Eric Pan
Phone:         +31 20 7996799
Email:        investor.relations@flowtraders.com

Media
Laura Peijs
Phone:         +31 20 7996799
Email:        press@flowtraders.com

About Flow Traders
Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

Important Legal Information

This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

Market Abuse Regulation
This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Attachments

The MIL Network –
April 24, 2025

MIL-OSI: Flow Traders 1Q 2025 Trading Update

Source: GlobeNewswire (MIL-OSI)

Flow Traders 1Q 2025 Trading Update

Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 1Q 2025 trading update.

Highlights

Flow Traders recorded Net Trading Income of €140.2m and Total Income of €135.1m in 1Q25, an increase of 10% and 4% when compared to €127.1m and €129.6m in 1Q24, respectively.
Flow Traders’ ETP Value Traded increased by 24% in 1Q25 to €507bn from €409bn in 1Q24.
Fixed Operating Expenses were €50.8m in the quarter, an increase of 15% when compared to the €44.1m in 1Q24, due mostly to increased employee and technology expenses.
Total Operating Expenses were €72.7m in 1Q25, an increase of 7% when compared to the €67.9m in 1Q24, due to higher Fixed Operating Expenses.
EBITDA was €62.3m in the quarter, an increase of 1% when compared to €61.6m in 1Q24. EBITDA margin was 46% in 1Q25 vs. 48% in 1Q24.
Net Profit came in at €36.3m in 1Q25, yielding a basic EPS of €0.84 and diluted EPS of €0.82, a 21% decrease compared to a Net Profit of €45.9m, basic EPS of €1.05, and diluted EPS of €1.04 in 1Q24.
Trading Capital stood at €803m at the end of 1Q25, a 32% and 4% increase from €609m and €775m at the end of 1Q24 and 4Q24, respectively, and generated a 68% return on average trading capital¹.
Shareholders’ equity was €787m at the end of 1Q25, compared to €631m at the end of 1Q24 and €767m at the end of 4Q24.
Flow Traders employed 619 FTEs at the end of 1Q25, compared to 601 at the end of 1Q24 and 609 at the end of 4Q24.

Leadership Update

In a separate release today, Flow Traders announced that Mike Kuehnel has conveyed to the Board his intention not to seek re-election as CEO for another full term at the 2025 AGM. He will leave Flow Traders at the end of August of this year, to pursue a new opportunity. To ensure a seamless leadership transition, Mike has agreed to be nominated for re-election as CEO at the upcoming AGM on 13 June 2025, his renewed term extending until 31 August 2025. The Board has initiated a search for his successor.

Furthermore, Marc Jansen will be nominated for election as Executive Director of Flow Traders Ltd. and in addition, Marc Jansen and Alex Kieft will be appointed as Co-Chief Trading Officers, effective immediately.

Financial Overview

€million	1Q25	1Q24	Change	YTD25	YTD24	Change
Net trading income	140.2	127.1	10%	140.2	127.1	10%
Other income	(5.1)	2.5	NM	(5.1)	2.5	NM
Total income	135.1	129.6	4%	135.1	129.6	4%
Revenue by region²
Europe	79.9	68.5	17%	79.9	68.5	17%
Americas	11.4	41.3	(72%)	11.4	41.3	(72%)
Asia	43.7	19.9	120%	43.7	19.9	120%
Fixed employee expenses	24.3	20.7	18%	24.3	20.7	18%
Technology expenses	17.4	15.8	10%	17.4	15.8	10%
Other expenses	9.1	7.7	19%	9.1	7.7	19%
Fixed operating expenses	50.8	44.1	15%	50.8	44.1	15%
Variable employee expenses	22.0	23.8	(8%)	22.0	23.8	(8%)
Total operating expenses	72.7	67.9	7%	72.7	67.9	7%
EBITDA	62.3	61.6	1%	62.3	61.6	1%
Interest expenses	0.4	–	NM	0.4	–	NM
Lease expenses	0.5	0.6	(8%)	0.5	0.6	(8%)
Depreciation & amortisation	4.7	4.3	11%	4.7	4.3	11%
Impairment of intangible assets	10.5	–	NM	10.5	–	NM
Profit/(loss) on equity-accounted investments	(1.8)	(0.4)	375%	(1.8)	(0.4)	375%
Profit before tax	44.3	56.4	(21%)	44.3	56.4	(21%)
Tax expense	8.0	10.6	(24%)	8.0	10.6	(24%)
Net profit	36.3	45.9	(21%)	36.3	45.9	(21%)
Basic EPS³ (€)	0.84	1.05	(21%)	0.84	1.05	(21%)
Fully diluted EPS⁴ (€)	0.82	1.04	(21%)	0.82	1.04	(21%)
EBITDA margin	46%	48%		46%	48%

Revenue by Region

€million	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24	4Q24	1Q25
Europe	58.5	33.1	33.6	42.6	68.4	48.6	70.2	86.9	79.9
Americas	32.8	9.3	22.0	18.1	41.3	13.4	20.8	18.2	11.4
Asia	19.2	9.0	12.1	13.6	19.9	14.2	23.6	53.8	43.7

Value Traded Overview

€billion	1Q25	1Q24	Change	YTD25	YTD24	Change
Flow Traders ETP Value Traded	507	409	24%	507	409	24%
Europe	245	152	61%	245	152	61%
Americas	213	229	(7%)	213	229	(7%)
Asia	49	27	81%	49	27	81%
Flow Traders non-ETP Value Traded	1,217	1,146	6%	1,217	1,146	6%
Flow Traders Value Traded	1,724	1,555	11%	1,724	1,555	11%
Equity	861	819	5%	861	819	5%
FICC	774	691	12%	774	691	12%
Other	89	45	100%	89	45	100%
Market ETP Value Traded⁵	14,425	11,981	20%	14,425	11,981	20%
Europe	882	597	48%	882	597	48%
Americas	11,065	9,965	11%	11,065	9,965	11%
Asia	2,478	1,419	75%	2,478	1,419	75%
Asia ex China	645	439	47%	645	439	47%

Trading Capital

	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24	4Q24	1Q25
Trading Capital (€m)	647	574	585	584	609	624	668	775	803
Return on Avg Trading Capital¹	67%	65%	56%	49%	50%	58%	62%	69%	68%
Average VIX⁷	21.0	16.7	15.1	15.4	13.9	14.2	17.1	17.3	18.5

Market Environment

Europe

Equity trading volumes in the quarter across major exchanges saw meaningful increases when compared to the same period a year ago, while market volatility also increased . Fixed Income trading volumes on MTFs increased slightly compared to the same period a year ago.

Americas

Equity trading volumes in the U.S. increased compared to the same period a year ago, but at a much lower level when compared to the other regions, while market volatility increased. Fixed Income trading volumes in the U.S. also increased slightly when compared to the same period a year ago, while volatility declined.

Asia

Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases while Japan experienced declines when compared to the same period a year ago. Market volatility increased across the board in Hong Kong, China and Japan when compared to the same period a year ago.

Digital Assets

Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes in cryptocurrencies increased when compared to the same period a year ago. However, net fund flows into cryptocurrency ETFs declined significantly compared to a year ago given the spot Bitcoin ETF launches in the U.S. in January 2024.

Outlook

Fixed operating expenses guidance for the year remains unchanged and is expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

CEO Statement

Mike Kuehnel, CEO
“Flow Traders posted a strong set of results in the first quarter, with the strength in the Equity segment in Europe and Asia in the quarter offsetting the lower contribution from Digital Assets when compared to the first quarter of 2024. The results serve as further confirmation of our diversification strategy and our ability to capture opportunities as they arise. The 68% return on average trading capital in the quarter also further validates our strategic decision to retain more profits to reinvest back into the company under the Trading Capital Expansion Plan, announced in July last year.

During the quarter, market trading volumes increased meaningfully across Europe and Asia given the macroeconomic uncertainty raised by the prospect of tariffs from the U.S. and the potential impact to the global economy. Volumes were particularly elevated in Hong Kong and China given the continued investor interest in China following the stimulus unveiled by the government in the fourth quarter of last year. Similarly, volumes increased meaningfully in Europe given the market outperformance, as investors looked to rotate their investments given the seismic geopolitical shift in the U.S. and its ramifications on Europe. The Americas had a more muted quarter when compared with the other regions as we allocated more of our capital to regions with greater dislocations. Regardless of where the activities were in the quarter, Flow Traders continued to provide liquidity to our counterparty base and was able to leverage trading opportunities given the breadth of our global trading operation.

In Digital Assets, while the value of cryptocurrencies pulled back post the U.S. presidential inauguration, we continue to see positive sentiment shifts by regulators in not only the U.S. but also in places like Hong Kong, Japan and Korea. The first Consensus conference in Asia, held in Hong Kong in February, demonstrated the increasing institutional interest and adoption of digital assets and the underlying technology in the region. As one of the earliest adopters, Flow Traders remains instrumental in providing liquidity to this asset class on a 24/7 basis and bridging the gap between traditional finance and digital assets ecosystems.

Looking forward to the rest of 2025, we remain committed to enhancing our trading capabilities by strategically investing in cutting-edge technology and talent. This approach aligns seamlessly with our growth and diversification strategy. We anticipate that these investments, coupled with our Trading Capital Expansion Plan, will drive top-line growth for the firm over time.”

Preliminary Financial Calendar

13 June 2025 AGM
31 July 2025 1H25 Results

Analyst Conference Call and Webcast

The 1Q25 trading update analyst conference call will be held at 10:00 am CEST on Thursday 24 April 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

Contact Details

Flow Traders Ltd.

Investors
Eric Pan
Phone: +31 20 7996799
Email: investor.relations@flowtraders.com

Media
Laura Peijs
Phone: +31 20 7996799
Email: press@flowtraders.com

About Flow Traders

Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

Notes

Return on average trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
Revenue by region includes NTI, Other Income, and inter-company revenue.
Weighted average shares outstanding: 1Q25 – 43,394,080; 4Q24 – 43,066,302; 1Q24 – 43,515,359.
Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
Source – Flow Traders analysis.
Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

Important Legal Information

This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

All results published in this release are unaudited.

Market Abuse Regulation

This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Attachment

1Q25 Press Release

The MIL Network –

April 24, 2025

MIL-Evening Report: Many experienced tradies don’t have formal qualifications. Could fast-tracked recognition ease the housing crisis?

Source: The Conversation (Au and NZ) – By Pi-Shen Seet, Professor of Entrepreneurship and Innovation, Edith Cowan University

Once again, housing affordability is at the forefront of an Australian federal election.

Both major parties have put housing policies at the centre of their respective campaigns. But there are still concerns too little is being done to address supply.

One of the biggest hurdles is an ongoing shortage of skilled tradespeople, and difficulties attracting new workers. The construction industry accounts for 9% of Australia’s workforce. Yet an estimated 35% of workers lack formal qualifications.

On Wednesday, Labor announced an election promise to fast-track formal trade qualifications for about 6,000 experienced but unqualified tradies.

The Advanced Entry Trades Training program would start in 2026 and cost A$78 million.

This program should help address some of the skills shortages in the sector. But it will be a long time before these benefits begin flowing through the system. And Australia is still likely to fall short of the government’s ambitious new home targets.

Recognising skills we already have

The Advanced Entry Trades Training program is intended to partly bridge the gap in construction skills shortages through a process called “recognition of prior learning” – and by offering free training to fill any skill gaps.

In principle, recognition of prior learning allows individuals with substantial and relevant industry experience to attain formal qualifications without lengthy training programs.

A similar approach was adopted in the healthcare sector as an emergency response to the pandemic, to boost the number of qualified workers.

For the construction industry, it will encompass workers currently in the industry who have not completed an apprenticeship, as well as skilled migrants in Australia whose abilities remain unverified.

This process can improve pay and conditions for participants. But it can also potentially fast-track their entry into the qualified workforce, addressing immediate skills shortages.

Read more:
A grab bag of campaign housing policies. But will they fix the affordability crisis beyond the election?

Will it work?

Labor’s new initiative mirrors an existing program at the state level, the New South Wales government’s Trade Pathways for Experienced Workers Program.

According to Labor, this program saw 1,200 students earn their qualifications in an average time of seven months (as opposed to several years).

It’s important to note this includes trades from all sectors of the NSW economy. But it is much faster than the traditional process of skill recognition. The Parkinson Review of Australia’s migration system found this process can take up to 18 months for a skilled migrant and cost over $9,000.

Read more:
Australia has a new National Skills Agreement. What does this mean for vocational education?

Increased housing supply? Not soon

Combined with other initiatives such as incentive payments for construction apprentices, the new Advanced Entry Trades Training program should help address some skills shortages in the sector.

Australia’s peak construction industry body, Master Builders Australia, praised the proposal, citing its own analysis suggesting for every new qualified tradie, an extra 2.4 homes can be built.

Even with these initiatives, the sector will likely fall short of the 83,000 additional skilled tradespeople needed to meet the Albanese government’s target to build 1.2 million new homes over five years.

And it may mainly solve a categorisation issue. Currently, only about 80% of employers in the construction sector in Australia require all job applicants to hold a formal qualification.

Crucially, it doesn’t address the core problem of attracting higher numbers of suitable people to a very traditional industry and helping them finish their qualifications. Almost half of construction sector apprentices do not complete their training.

Other challenges

There are other challenges for recognition of prior learning schemes more broadly.

Research into recognition of prior learning for construction sector apprentices suggests some Australian employers and training providers may be averse to fast-tracking training. About 64% of assessed apprentices had prior experience and skills, but only 30% had their training shortened.

These issues are even more complex when considering accelerated pathways for skilled migrants from a range of countries. There are some significant, well-documented challenges in transferring or recognising vocational qualifications across international boundaries.

More to be done

The Advanced Entry Trades Training program may go some way to alleviating a skills shortage in construction. But it will only partially address the broader issues of supply.

Australia’s vocational education and training systems are complex, making it difficult to predict the outcomes.

The proposed program does not address the problem of rising construction material costs and shortages. This problem is worsened by the declining productivity of the housing construction sector, which has halved over the last 30 years.

Declining productivity isn’t just down to skilled labour shortages. It has also been attributed to other factors such as complex planning approvals, limited innovation, and a predominance of small firms.

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. Many experienced tradies don’t have formal qualifications. Could fast-tracked recognition ease the housing crisis? – https://theconversation.com/many-experienced-tradies-dont-have-formal-qualifications-could-fast-tracked-recognition-ease-the-housing-crisis-255108

MIL OSI Analysis – EveningReport.nz –

April 24, 2025

MIL-OSI: Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — April 24, 2025

Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the first quarter 2025 ended March 31, 2025. The Group’s Board of Directors approved these estimated results on April 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights¹

(unaudited, non-IFRS unless otherwise noted,
all growth rates in constant currencies)

1Q25: Software revenue increased by 5% driven by recurring revenue up 7%;
1Q25: Strong subscription growth of 14%, bringing New business up 7%;
1Q25: 3DEXPERIENCE software revenue growth of 17%;
1Q25: Diluted EPS up 5% (6% as reported) to €0.32;
1Q25: Cash flow from operations grew 21%, as reported, to €813 million (IFRS);
FY25: Full year objectives unchanged, total revenue growth of 6-8% and diluted EPS of €1.36-€1.39.

Dassault Systèmes’ Chief Executive Officer Commentary

Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

“In February this year we announced Gen 7, the new generation of representation of our customers’ virtual universes – we call it 3D UNIV+RSES. This seventh generation of MODSIM data, powered by AI and spatial computing, makes the 3DEXPERIENCE the next-generation platform for knowledge and know-how, establishing it as a global IP management platform. Early customer feedback confirms that platform-based AI leveraging virtual twins creates competitive advantage.

We’ve had a solid start to the year. In the first quarter, the Manufacturing Industries sector performed well led by Aerospace & Defense and High Tech, along with Transportation & Mobility in China, Japan and US. At the same time, we’re accelerating in Sovereign Infrastructure, where energy, security, and AI capabilities – through high-performance data centers – are becoming strategic imperatives for nations and territories.

We are committed to being the trusted partner for our customers – helping them stay ahead, while strengthening our leadership position for the long term and raising barriers to entry.”

Dassault Systèmes’ Chief Financial Officer Commentary

(revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
data on a non-IFRS basis)

Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

“In the first quarter, our revenue is driven by strong subscription growth of 14%. As a result, recurring revenue now represents 86% of software revenue, highlighting the resilience of our business model. Regarding operational efficiency, we reached the upper end of our EPS guidance and saw strong growth in operating cash flow, increasing by 21% as reported.

Entering 2025, our approach was to provide a risk-adjusted financial outlook. Since then, the introduction of new tariffs has created a more volatile market environment, which could lead to longer decision-making cycles. That said, our pipeline remains solid, and our current visibility aligns with the midpoint of our full year guidance.

Therefore, we keep our 2025 outlook of 6-8% total revenue growth and 7-10% EPS growth unchanged. In addition, we are slightly adjusting our operating margin target, expecting a year-over-year expansion of 50-70 basis points, versus 70-100 basis points prior, to gain additional flexibility and invest in Gen 7 to support our long-term growth.”

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q1 2025	Q1 2024	Change	Change in constant currencies	Q1 2025	Q1 2024	Change	Change in constant currencies
Total Revenue	1,573.0	1,499.7	5%	4%	1,573.0	1,499.7	5%	4%
Software Revenue	1,432.7	1,352.8	6%	5%	1,432.7	1,352.8	6%	5%
Operating Margin	19.4%	21.6%	(2.3)pts		30.9%	31.1%	(0.2)pt
Diluted EPS	0.20	0.21	(9)%		0.32	0.30	6%	5%

First Quarter 2025 Versus 2024 Financial Comparisons

(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)

Total Revenue: Total revenue in the first quarter grew by 4% to €1.57 billion, and software revenue increased by 5% to €1.43 billion. Subscription & support revenue rose by 7%; recurring revenue represented 86% of software revenue, up 2 basis points versus last year. Licenses and other software revenue declined by 10% to €198 million. Services revenue was down 6% to €140 million, during the quarter.
Software Revenue by Geography: Revenue in the Americas increased by 7% to represent 43% of software revenue. This growth acceleration is driven by Aerospace & Defense, Transport & Mobility and High-Tech. Despite tariff uncertainty, Europe increased by 1%, led by good growth in Aerospace & Defense. Europe represented 36% of software revenue. In Asia, revenue increased by 5%, driven by India, Southeast Asia and Korea. Asia represented 22% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue increased by 8% to €793 million. This strong broad-based performance was led by CATIA, ENOVIA, DELMIA and NETVIBES. Industrial Innovation software represented 55% of software revenue.

Life Sciences software revenue was stable at €293 million, accounting for 20% of software revenue. MEDIDATA was impacted by continued CRO² headwinds, while benefiting from the steady dynamic with Large Pharma and Mid-Market.
Mainstream Innovation software revenue increased by 2% to €347 million. SOLIDWORKS had a slow start to the year, but saw solid bookings and good momentum in 3DEXPERIENCE adoption. CENTRIC PLM was impacted by timing of renewals, after an exceptional year of growth in 2024. Mainstream Innovation represented 24% of software revenue, during the period.

Software Revenue by Industry: Aerospace & Defense, High Tech and Industrial Equipment were among the best performers during the quarter.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 17%, driven by Aerospace & Defense, High Tech and Transportation & Mobility, along with opportunities in the sovereign infrastructure domain. 3DEXPERIENCE software revenue represented 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased by 41%.
Operating Income and Margin: IFRS operating income declined by 6% to €304 million, as reported. Non-IFRS operating income increased by 3% in constant currencies to €486 million (up 4% as reported). The IFRS operating margin stood at 19.4% compared to 21.6% in the first quarter of 2024. The non-IFRS operating margin totaled 30.9% versus 31.1% during the same period last year.
Earnings per Share: IFRS diluted EPS was €0.20, down 9% as reported. Non-IFRS diluted EPS grew to €0.32, up 6% as reported, or 5% in constant currencies.
Cash Flow from Operations (IFRS): Cash flow from operations totaled €813 million, an increase of 21% relative to the same period last year with strong cash collection. Cash flow from operations was principally used for the acquisition of ContentServ for €191 million (net of €11 million of cash acquired), repurchase of Treasury Shares for €80 million, repayment of debt for €59 million and €56 million for investments in CAPEX.
Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.79 billion as of March 31, 2025, an increase of €0.33 billion, compared to €1.46 billion for the year ending December 31, 2024. Cash and cash equivalents totaled €4.24 billion at the end of March 2025.

Financial Objectives for 2025

Dassault Systèmes’ second quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:


		Q2 2025	FY 2025
Total Revenue (billion)		€1.520 – €1.580	€6.567 – €6.667
Growth		2 – 6%	6 – 7%
Growth ex FX		3 – 7%	6 – 8%

Software revenue growth *		3 – 7%	6 – 8%
	Of which licenses and other software revenue growth *	(6) – 1%	2 – 6%
	Of which recurring revenue growth *	5 – 8%	7 – 8%
Services revenue growth *		3 – 7%	4 – 6%

Operating Margin		29.8% – 29.9%	32.3% – 32.6%

EPS Diluted		€0.30 – €0.31	€1.36 – €1.39
Growth		(1) – 3%	7 – 9%
Growth ex FX		1 – 5%	7 – 10%

US dollar		$1.10 per Euro	$1.09 per Euro
Japanese yen (before hedging)		JPY 155.0 per Euro	JPY 156.4 per Euro
* Growth in Constant Currencies

These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €213 million (these estimates do not include any new stock option or share grants issued after March 31, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €353 million, largely impacted by the acquisition of MEDIDATA and lease incentives of acquired companies at approximately €1 million.

The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after March 31, 2025.

Corporate Announcements

Today’s Webcast and Conference Call Information

Today, Thursday, April 24, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

Investor Relations Events

Capital Markets Day: June 6, 2025
Second Quarter 2025 Earnings Release: July 24, 2025
Third Quarter 2025 Earnings Release: October 23, 2025
Fourth Quarter 2025 Earnings Release: February 11, 2026

Forward-looking Information

Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

“In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the second quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY156.4 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

Non-IFRS Financial Information

Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

FOR MORE INFORMATION

Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.
With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
For more information, visit www.3ds.com

Dassault Systèmes Investor Relations Team FTI Consulting

Beatrix Martinez: +33 1 61 62 40 73 Arnaud de Cheffontaines: +33 1 47 03 69 48

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

Corporate / France Arnaud MALHERBE

arnaud.malherbe@3ds.com

+33 (0)1 61 62 87 73

© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

APPENDIX TABLE OF CONTENTS

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

Information on Growth excluding acquisitions (“organic growth”)

In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

Information on Industrial Sectors

The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

These three sectors comprise twelve industries:

Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

Information on Product Lines

The Group’s product lines financial reporting include the following financial information:

Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
Mainstream Innovation software revenue which includes SOLIDWORKS, as well as its CENTRIC PLM and 3DVIA brands.

Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

GEOs

Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

These GEOs are structured into three groups:

the “Americas” group, made of two GEOs;
the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
the “Asia” group, comprising Asia and Oceania and made of five GEOs.

3DEXPERIENCE Software Contribution

To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

Cloud revenue

Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

New business

New business is the combination of subscription revenue and licenses & other software revenue.

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

(unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

In millions of Euros, except per share data, percentages, headcount and exchange rates	Non-IFRS reported
	Three months ended
	March 31, 2025	March 31, 2024	Change	Change in constant currencies
Total Revenue	€ 1,573.0	€ 1,499.7	5%	4%

Revenue breakdown by activity
Software revenue	1,432.7	1,352.8	6%	5%
Of which licenses and other software revenue	198.1	218.5	(9)%	(10)%
Of which subscription and support revenue	1,234.6	1,134.3	9%	7%
Services revenue	140.2	146.8	(4)%	(6)%

Software revenue breakdown by product line
Industrial Innovation	793.1	731.4	8%	8%
Life Sciences	292.6	284.7	3%	0%
Mainstream Innovation	347.1	336.7	3%	2%

Software Revenue breakdown by geography
Americas	611.1	553.6	10%	7%
Europe	513.2	503.2	2%	1%
Asia	308.4	296.0	4%	5%

Operating income	€ 486.1	€ 466.5	4%
Operating margin	30.9%	31.1%

Net income attributable to shareholders	€ 420.1	€ 397.2	6%
Diluted earnings per share	€ 0.32	€ 0.30	6%	5%

Closing headcount	26,225	25,780	2%

Average Rate USD per Euro	1.05	1.09	(3)%
Average Rate JPY per Euro	160.45	161.15	(0)%

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

In millions of Euros

Non-IFRS reported

o/w growth at constant rate and scope

o/w change of scope impact at current year rate

o/w FX impact on previous year figures

March 31,

2025

March 31,

2024

Change

Revenue QTD

1,573.0

1,499.7

73.3

52.6

0.9

19.8

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited; in millions of Euros, except per share data and percentages)

In millions of Euros, except per share data and percentages	IFRS reported
	Three months ended
	March 31,	March 31,
	2025	2024
Licenses and other software revenue	198.1	218.5
Subscription and Support revenue	1,234.6	1,134.3
Software revenue	1,432.7	1,352.8
Services revenue	140.2	146.8
Total Revenue	€ 1,573.0	€ 1,499.7
Cost of software revenue ⁽¹⁾	(129.2)	(111.9)
Cost of services revenue	(131.1)	(131.8)
Research and development expenses	(348.6)	(311.4)
Marketing and sales expenses	(446.5)	(420.3)
General and administrative expenses	(120.4)	(105.1)
Amortization of acquired intangible assets and of tangible assets revaluation	(88.3)	(93.3)
Other operating income and expense, net	(4.4)	(1.8)
Total Operating Expenses	(1,268.5)	(1,175.6)
Operating Income	€ 304.5	€ 324.1
Financial income (loss), net	30.3	30.2
Income before income taxes	€ 334.8	€ 354.2
Income tax expense	(75.5)	(68.3)
Net Income	€ 259.4	€ 286.0
Non-controlling interest	1.2	(0.3)
Net Income attributable to equity holders of the parent	€ 260.5	€ 285.7
Basic earnings per share	0.20	0.22
Diluted earnings per share	€ 0.20	€ 0.21
Basic weighted average shares outstanding (in millions)	1,312.3	1,313.6
Diluted weighted average shares outstanding (in millions)	1,332.2	1,331.1

⁽¹⁾ Excluding amortization of acquired intangible assets and of tangible assets revaluation.

IFRS reported	Three months ended March 31, 2025
IFRS reported	Change ⁽²⁾	Change in constant currencies
Total Revenue	5%	4%
Revenue by activity
Software revenue	6%	5%
Services revenue	(4)%	(6)%
Software Revenue by product line
Industrial Innovation	8%	8%
Life Sciences	3%	0%
Mainstream Innovation	3%	2%
Software Revenue by geography
Americas	10%	7%
Europe	2%	1%
Asia	4%	5%

⁽²⁾ Variation compared to the same period in the prior year.

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	March 31,	December 31,
	2025	2024
ASSETS
Cash and cash equivalents	4,242.9	3,952.6
Trade accounts receivable, net	1,709.5	2,120.9
Contract assets	34.3	30.1
Other current assets	464.8	464.0
Total current assets	6,451.5	6,567.6
Property and equipment, net	928.7	945.8
Goodwill and Intangible assets, net	7,597.6	7,687.1
Other non-current assets	358.9	345.5
Total non-current assets	8,885.2	8,978.3
Total Assets	€ 15,336.7	€ 15,545.9
LIABILITIES
Trade accounts payable	199.5	259.9
Contract liabilities	1,716.0	1,663.4
Borrowings, current	411.4	450.8
Other current liabilities	1,109.7	1,147.4
Total current liabilities	3,436.6	3,521.5
Borrowings, non-current	2,043.3	2,042.8
Other non-current liabilities	887.9	900.9
Total non-current liabilities	2,931.3	2,943.7
Non-controlling interests	14.3	14.1
Parent shareholders’ equity	8,954.5	9,066.6
Total Liabilities	€ 15,336.7	€ 15,545.9

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended
	March 31,	March 31,	Change
	2025	2024	Change
Net income attributable to equity holders of the parent	260.5	285.7	(25.2)
Non-controlling interest	(1.2)	0.3	(1.4)
Net income	259.4	286.0	(26.6)
Depreciation of property and equipment	50.5	47.6	2.8
Amortization of intangible assets	89.6	95.2	(5.6)
Adjustments for other non-cash items	16.1	37.7	(21.6)
Changes in working capital	397.4	204.4	193.0
Net Cash From Operating Activities	€ 813.0	€ 670.9	€ 142.1

Additions to property, equipment and intangibles assets	(55.9)	(57.2)	1.2
Payment for acquisition of businesses, net of cash acquired	(193.8)	(4.5)	(189.2)
Other	(37.8)	22.3	(60.1)
Net Cash Provided by (Used in) Investing Activities	€ (287.5)	€ (39.4)	€ (248.1)

Proceeds from exercise of stock options	22.2	21.3	0.8
Repurchase and sale of treasury stock	(80.1)	(131.1)	51.0
Acquisition of non-controlling interests	(0.2)	(2.6)	2.5
Repayment of borrowings	(58.9)	(0.1)	(58.8)
Repayment of lease liabilities	(22.6)	(24.0)	1.4
Net Cash Provided by (Used in) Financing Activities	€ (139.6)	€ (136.5)	€ (3.0)

Effect of exchange rate changes on cash and cash equivalents	(95.7)	32.7	(128.4)

Increase (decrease) in cash and cash equivalents	€ 290.3	€ 527.7	€ (237.4)


Cash and cash equivalents at beginning of period	€ 3,952.6	€ 3,568.3
Cash and cash equivalents at end of period	€ 4,242.9	€ 4,095.9

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)

Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

In millions of Euros, except per share data and percentages	Three months ended March 31,						Change
	2025	Adjustment⁽¹⁾	2025	2024	Adjustment⁽¹⁾	2024	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 1,573.0	–	€ 1,573.0	€ 1,499.7	–	€ 1,499.7	5%	5%
Revenue breakdown by activity
Software revenue	1,432.7	–	1,432.7	1,352.8	–	1,352.8	6%	6%
Licenses and other software revenue	198.1	–	198.1	218.5	–	218.5	(9)%	(9)%
Subscription and Support revenue	1,234.6	–	1,234.6	1,134.3	–	1,134.3	9%	9%
Recurring portion of Software revenue	86%		86%	84%		84%
Services revenue	140.2	–	140.2	146.8	–	146.8	(4)%	(4)%
Software Revenue breakdown by product line
Industrial Innovation	793.1	–	793.1	731.4	–	731.4	8%	8%
Life Sciences	292.6	–	292.6	284.7	–	284.7	3%	3%
Mainstream Innovation	347.1	–	347.1	336.7	–	336.7	3%	3%
Software Revenue breakdown by geography
Americas	611.1	–	611.1	553.6	–	553.6	10%	10%
Europe	513.2	–	513.2	503.2	–	503.2	2%	2%
Asia	308.4	–	308.4	296.0	–	296.0	4%	4%
Total Operating Expenses	€ (1,268.5)	€ 181.6	€ (1,086.9)	€ (1,175.6)	€ 142.4	€ (1,033.2)	8%	5%
Share-based compensation expense and related social charges	(88.5)	88.5	–	(46.7)	46.7	–
Amortization of acquired intangible assets and of tangible assets revaluation	(88.3)	88.3	–	(93.3)	93.3	–
Lease incentives of acquired companies	(0.4)	0.4	–	(0.7)	0.7	–
Other operating income and expense, net	(4.4)	4.4	–	(1.8)	1.8	–
Operating Income	€ 304.5	€ 181.6	€ 486.1	€ 324.1	€ 142.4	€ 466.5	(6)%	4%
Operating Margin	19.4%		30.9%	21.6%		31.1%
Financial income (loss), net	30.3	0.6	30.9	30.2	1.0	31.2	1%	(1)%
Income tax expense	(75.5)	(21.6)	(97.1)	(68.3)	(31.6)	(99.9)	11%	(3)%
Non-controlling interest	1.2	(0.9)	0.2	(0.3)	(0.3)	(0.5)	N/A	(141)%
Net Income attributable to shareholders	€ 260.5	€ 159.6	€ 420.1	€ 285.7	€ 111.5	€ 397.2	(9)%	6%
Diluted Earnings Per Share ⁽³⁾	€ 0.20	€ 0.12	€ 0.32	€ 0.21	€ 0.08	€ 0.30	(9)%	6%

⁽¹⁾ In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

In millions of Euros, except percentages	Three months ended March 31,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(260.3)	4.9	0.1	(255.2)	(243.8)	2.9	0.2	(240.6)	7%	6%
Research and development expenses	(348.6)	32.5	0.1	(316.0)	(311.4)	17.9	0.3	(293.2)	12%	8%
Marketing and sales expenses	(446.5)	24.5	0.1	(421.9)	(420.3)	13.7	0.1	(406.5)	6%	4%
General and administrative expenses	(120.4)	26.6	0.0	(93.8)	(105.1)	12.3	0.0	(92.7)	15%	1%
Total		€ 88.5	€ 0.4			€ 46.7	€ 0.7

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,332.2 million diluted shares for Q1 2025 and 1,331.1 million diluted shares for Q1 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 260.5 million for Q1 2025 (€ 285.7 million for Q1 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

1 IFRS figures for 1Q25: total revenue at €1.57 billion, operating margin of 19.4% and diluted EPS at €0.20.

2 Contract Research Organizations

Attachment

Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

The MIL Network –

April 24, 2025

MIL-OSI: STMicroelectronics Reports 2025 First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

PR No: C3332C

STMicroelectronics Reports 2025 First Quarter Financial Results

Q1 net revenues $2.52 billion; gross margin 33.4%; operating income $3 million; net income $56 million
Business outlook at mid-point: Q2 net revenues of $2.71 billion and gross margin of 33.4%
Company-wide program to reshape manufacturing footprint and resize global cost base on track; annual cost savings target in the high triple-digit million-dollar range exiting 2027 confirmed.

Geneva, April 24, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the first quarter ended March 29, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported first quarter net revenues of $2.52 billion, gross margin of 33.4%, operating income of $3 million and net income of $56 million or $0.06 diluted earnings per share.

Jean-Marc Chery, ST President & CEO, commented:

“Q1 net revenues came in line with the midpoint of our business outlook range, driven by higher revenues in Personal Electronics offset by lower-than-expected revenues in Automotive and Industrial. Gross margin was slightly below the mid-point of our business outlook range mainly due to product mix.”
“On a year-over-year basis, Q1 net revenues decreased 27.3%, operating margin decreased to 0.1% from 15.9% and net income decreased 89.1% to $56 million.”
“In the first quarter, our book-to-bill ratio improved with both Automotive and Industrial above parity.”
“Our second quarter business outlook, at the mid-point, is for net revenues of $2.71 billion, decreasing year-over-year by 16.2% and increasing sequentially by 7.7%; gross margin is expected to be about 33.4%, impacted by about 420 basis points of unused capacity charges.”
“We plan to maintain our Net Capex (non-U.S. GAAP¹) plan for 2025 between $2.0 billion and $2.3 billion mainly to execute the reshaping of our manufacturing footprint.”
“While we see Q1 2025 as the bottom, in the current uncertain environment we are focusing on what we can control: keep on innovating to continuously improve and accelerate the competitiveness of our product and technology portfolio, focus on advanced manufacturing and tightly manage our costs. In this respect our company-wide program to reshape ST manufacturing footprint and resize our global cost base is on track and we confirm the annual cost savings target in the high triple-digit million-dollar range exiting 2027.”

Quarterly Financial Summary

U.S. GAAP (US$ m, except per share data)	Q1 2025	Q4 2024	Q1 2024	Q/Q	Y/Y
Net Revenues	$2,517	$3,321	$3,465	-24.2%	-27.3%
Gross Profit	$841	$1,253	$1,444	-32.9%	-41.7%
Gross Margin	33.4%	37.7%	41.7%	-430 bps	-830 bps
Operating Income	$3	$369	$551	-99.2%	-99.5%
Operating Margin	0.1%	11.1%	15.9%	-1,100 bps	-1,580 bps
Net Income	$56	$341	$513	-83.6%	-89.1%
Diluted Earnings Per Share	$0.06	$0.37	$0.54	-83.8%	-88.9%

First Quarter 2025 Summary Review
ST made some adjustments to its segment reporting effective starting January 1, 2025. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

Net Revenues by Reportable Segment² (US$ m)	Q1 2025	Q4 2024	Q1 2024	Q/Q	Y/Y
Analog products, MEMS and Sensors (AM&S) segment	1,069	1,348	1,406	-20.7%	-23.9%
Power and discrete products (P&D) segment	397	602	631	-34.1%	-37.1%
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group	1,466	1,950	2,037	-24.8%	-28.0%
Embedded Processing (EMP) segment	742	1,002	1,047	-26.0%	-29.1%
RF & Optical Communications (RF&OC) segment	306	366	378	-16.5%	-19.2%
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group	1,048	1,368	1,425	-23.4%	-26.5%
Others	3	3	3	–	–
Total Net Revenues	$2,517	$3,321	$3,465	-24.2%	-27.3%

Net revenues totaled $2.52 billion, representing a year-over-year decrease of 27.3%. Year-over-year net sales to OEMs and Distribution decreased 25.7% and 31.2%, respectively. On a sequential basis, net revenues decreased 24.2%, 20 basis points better than the mid-point of ST’s guidance.

Gross profit totaled $841 million, representing a year-over-year decrease of 41.7%. Gross margin of 33.4%, 40 basis points below the mid-point of ST’s guidance, decreased 830 basis points year-over-year, mainly due to product mix and, to a lesser extent, higher unused capacity charges and lower sales price.

Operating income decreased 99.5% to $3 million, compared to $551 million in the year-ago quarter. ST’s operating margin decreased 1,580 basis points on a year-over-year basis to 0.1% of net revenues, compared to 15.9% in the first quarter of 2024. Excluding Impairment, restructuring charges and other related phase-out costs³, operating income stood at $11 million in the first quarter.

By reportable segment, compared with the year-ago quarter:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

Analog products, MEMS and Sensors (AM&S) segment:

Revenue decreased 23.9% mainly due to a decrease in Analog.
Operating profit decreased by 66.7% to $82 million. Operating margin was 7.7% compared to 17.5%.

Power and Discrete products (P&D) segment:

Revenue decreased 37.1%.
Operating profit decreased from a positive $77 million to a negative $28 million. Operating margin was -6.9% compared to 12.1%.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

Embedded Processing (EMP) segment:

Revenue decreased 29.1% mainly due to a decrease in GPAM.
Operating profit decreased by 71.5% to $66 million. Operating margin was 8.9% compared to 22.2%.

RF & Optical Communications (RF&OC) segment:

Revenue decreased 19.2%.
Operating profit decreased by 59.0% to $43 million. Operating margin was 13.9% compared to 27.4%.

Net income and diluted Earnings Per Share decreased to $56 million and $0.06 respectively compared to $513 million and $0.54 respectively in the year-ago quarter. Excluding Impairment, restructuring charges and other related phase-out costs net of the relevant tax impact, Net income and diluted Earnings Per Share² stood at $63 million and $0.07 respectively in the first quarter of 2025.

Cash Flow and Balance Sheet Highlights

				Trailing 12 Months
(US$ m)	Q1 2025	Q4 2024	Q1 2024	Q1 2025	Q1 2024	TTM Change
Net cash from operating activities	574	681	859	2,680	5,531	– 51.5%
Free cash flow (non-U.S. GAAP¹)	30	128	(134)	453	1,434	– 68.4%

Net cash from operating activities was $574 million in the first quarter compared to $859 million in the year-ago quarter.

Net Capex (non-U.S. GAAP), was $530 million in the first quarter compared to $967 million in the year-ago quarter.

Free cash flow (non-U.S. GAAP) was positive at $30 million in the first quarter, compared to negative $134 million in the year-ago quarter.

Inventory at the end of the first quarter was $3.01 billion, compared to $2.79 billion in the previous quarter and $2.69 billion in the year-ago quarter. Days sales of inventory at quarter-end was 167 days, compared to 122 days for both the previous quarter and the year-ago quarter.

In the first quarter, ST paid cash dividends to its stockholders totaling $72 million and executed a $92 million share buy-back, as part of its current share repurchase program.

ST’s net financial position (non-U.S. GAAP⁴) remained strong at $3.08 billion as of March 29, 2025, compared to $3.23 billion as of December 31, 2024 and reflected total liquidity of $5.96 billion and total financial debt of $2.88 billion. Adjusted net financial position (non-U.S. GAAP¹), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.71 billion as of March 29, 2025.

Corporate developments

On April 10, 2025, ST detailed its company-wide program to reshape manufacturing footprint and resize global cost base and confirmed the annual cost savings target in the high triple-digit million-dollar range exiting 2027. Specifically, ST disclosed further elements of its program to reshape its global manufacturing footprint.

Business Outlook

ST’s guidance, at the mid-point, for the 2025 second quarter is:

Net revenues are expected to be $2.71 billion, an increase of 7.7% sequentially, plus or minus 350 basis points.
Gross margin of 33.4%, plus or minus 200 basis points.
This outlook is based on an assumed effective currency exchange rate of approximately $1.08 = €1.00 for the 2025 second quarter and includes the impact of existing hedging contracts.
The second quarter will close on June 28, 2025.

This business outlook does not include any impact for potential further changes to global trade tariffs compared to the current situation.

Conference Call and Webcast Information

ST will conduct a conference call with analysts, investors and reporters to discuss its first quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until May 9, 2025.

Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

Forward-looking Information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors:

changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for our products;
uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

About STMicroelectronics

At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

For further information, please contact:

INVESTOR RELATIONS:
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41 22 929 59 20
jerome.ramel@st.com

MEDIA RELATIONS:
Alexis Breton
Group VP Corporate External Communications
Tel: + 33 6 59 16 79 08
alexis.breton@st.com

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Three months ended
	March 29,	March 30,
	2025	2024
	(Unaudited)	(Unaudited)

Net sales	2,513	3,444
Other revenues	4	21
NET REVENUES	2,517	3,465
Cost of sales	(1,676)	(2,021)
GROSS PROFIT	841	1,444
Selling, general and administrative expenses	(390)	(425)
Research and development expenses	(489)	(528)
Other income and expenses, net	49	60
Impairment, restructuring charges and other related phase-out costs	(8)	–
Total operating expenses	(838)	(893)
OPERATING INCOME	3	551
Interest income, net	48	59
Other components of pension benefit costs	(4)	(4)
Gain (loss) on financial instruments, net	25	–
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	72	606
Income tax expense	(13)	(92)
NET INCOME	59	514
Net income attributable to noncontrolling interest	(3)	(1)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	56	513

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.06	0.57
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.06	0.54

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	933.6	942.3


STMicroelectronics N.V.
CONSOLIDATED BALANCE SHEETS
As at	March 29,	December 31,	March 30,
In millions of U.S. dollars	2025	2024	2024
	(Unaudited)	(Audited)	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	1,781	2,282	3,133
Short-term deposits	1,650	1,450	1,226
Marketable securities	2,528	2,452	1,880
Trade accounts receivable, net	1,385	1,749	1,787
Inventories	3,014	2,794	2,685
Other current assets	1,050	1,007	1,183
Total current assets	11,408	11,734	11,894
Goodwill	299	290	298
Other intangible assets, net	338	346	366
Property, plant and equipment, net	11,178	10,877	10,866
Non-current deferred tax assets	490	464	585
Long-term investments	96	71	22
Other non-current assets	1,114	961	942
	13,515	13,009	13,079
Total assets	24,923	24,743	24,973

LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	988	990	238
Trade accounts payable	1,373	1,323	1,642
Other payables and accrued liabilities	1,290	1,306	1,547
Dividends payable to stockholders	16	88	6
Accrued income tax	72	66	133
Total current liabilities	3,739	3,773	3,566
Long-term debt	1,889	1,963	2,875
Post-employment benefit obligations	392	377	372
Long-term deferred tax liabilities	48	47	49
Other long-term liabilities	896	904	912
	3,225	3,291	4,208
Total liabilities	6,964	7,064	7,774
Commitment and contingencies
Equity
Parent company stockholders’ equity
Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,410,472 shares outstanding as of March 29, 2025)	1,157	1,157	1,157
Additional Paid-in Capital	3,142	3,088	2,931
Retained earnings	13,514	13,459	12,982
Accumulated other comprehensive income	495	236	468
Treasury stock	(582)	(491)	(463)
Total parent company stockholders’ equity	17,726	17,449	17,075
Noncontrolling interest	233	230	124
Total equity	17,959	17,679	17,199
Total liabilities and equity	24,923	24,743	24,973


STMicroelectronics N.V.

SELECTED CASH FLOW DATA

Cash Flow Data (in US$ millions)	Q1 2025	Q4 2024	Q1 2024

Net Cash from operating activities	574	681	859
Net Cash used in investing activities	(796)	(1,259)	(1,254)
Net Cash from (used in) financing activities	(282)	(209)	308
Net Cash decrease	(501)	(795)	(89)

Selected Cash Flow Data (in US$ millions)	Q1 2025	Q4 2024	Q1 2024

Depreciation & amortization	428	451	430
Net payment for Capital expenditures	(538)	(501)	(994)
Dividends paid to stockholders	(72)	(88)	(48)
Change in inventories, net	(172)	(2)	(12)

Appendix
ST
Changes to reportable segments

Following ST’s reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
- The transfer of VIPower products from Power and Discrete products (“P&D”) reportable segment to Analog products, MEMS and Sensors (“AM&S”) reportable segment.
In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
- the newly created ‘Embedded Processing’ (“EMP”) reportable segment includes the former ‘MCU’ segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products).
- the newly created ‘RF & Optical Communications’ (“RF&OC”) reportable segment includes the former ‘D&RF’ segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former ‘MCU’ segment.

We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization.

Our four reportable segments – within each Product Group – are now as follows:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
- Analog products, MEMS and Sensors (“AM&S”) reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions.
- Power and Discrete products (“P&D”) reportable segment, comprised of discrete and power transistor products (now excluding VIPower products).

In this Press Release, “Analog” refers to analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
- Embedded Processing (“EMP”) reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS)
- RF & Optical Communications (“RF&OC”) reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT.

In this Press release, “GPAM” refers to General purpose & automotive microcontrollers, “Connected Security” to connected security products, “Custom Processing” to automotive ADAS products.

Prior year comparative periods have been adjusted accordingly.

(Appendix – continued)
ST Supplemental Financial Information

	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Net Revenues By Market Channel (%)
Total OEM	71%	73%	76%	73%	70%
Distribution	29%	27%	24%	27%	30%

€/$ Effective Rate	1.06	1.09	1.08	1.08	1.09

Reportable Segment Data (US$ m)
Analog products, MEMS and Sensors (AM&S) segment
– Net Revenues	1,069	1,348	1,340	1,336	1,406
– Operating Income	82	220	216	193	246
Power and Discrete products (P&D) segment
– Net Revenues	397	602	652	576	631
– Operating Income	(28)	45	80	61	77
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group
– Net Revenues	1,466	1,950	1,992	1,912	2,037
– Operating Income	54	265	296	254	323
Embedded Processing (EMP) segment
– Net Revenues	742	1,002	898	906	1,047
– Operating Income	66	181	146	126	232
RF & Optical Communications (RF&OC) segment
– Net Revenues	306	366	357	410	378
– Operating Income	43	95	84	96	103
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group
– Net Revenues	1,048	1,368	1,255	1,316	1,425
– Operating Income	109	276	230	222	335
Others ^(a)
– Net Revenues	3	3	4	4	3
– Operating Income (Loss)	(160)	(172)	(145)	(101)	(107)
Total
– Net Revenues	2,517	3,321	3,251	3,232	3,465
– Operating Income	3	369	381	375	551

(a) Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment and restructuring charges, management reorganization costs, start-up and phase out costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

(US$ m)	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
*Unused capacity charges*	*123*	*118*	*104*	84	63

(Appendix – continued)
ST Supplemental Non-U.S. GAAP Financial Information
U.S. GAAP – Non-U.S. GAAP Reconciliation

The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures)

Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact.

Q1 2025 (US$ m, except per share data)	Gross Profit	Operating Income	Net Earnings	Corresponding Diluted EPS
U.S. GAAP	841	3	56	0.06
Impairment, restructuring charges and other related phase-out costs	–	8	8	0.01
Estimated income tax effect	–	–	(1)	–
Non-U.S. GAAP	841	11	63	0.07

(Appendix – continued)

Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet.

ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

(US$ m)	Mar 29 2025	Dec 31 2024	Sep 28 2024	June 29 2024	Mar 30 2024
Cash and cash equivalents	1,781	2,282	3,077	3,092	3,133
Short term deposits	1,650	1,450	977	975	1,226
Marketable securities	2,528	2,452	2,242	2,218	1,880
Total liquidity	5,959	6,184	6,296	6,285	6,239
Short-term debt	(988)	(990)	(1,003)	(236)	(238)
Long-term debt ^(a)	(1,889)	(1,963)	(2,112)	(2,850)	(2,875)
Total financial debt	(2,877)	(2,953)	(3,115)	(3,086)	(3,113)
Net Financial Position (non-U.S. GAAP)	3,082	3,231	3,181	3,199	3,126
Advances received on capital grants	(377)	(385)	(366)	(402)	(351)
Adjusted Net Financial Position (non-U.S. GAAP)	2,705	2,846	2,815	2,797	2,775

^(a)Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $618 million equivalent, are currently undrawn.

(Appendix – continued)

Net Capex and Free Cash Flow (non-U.S. GAAP measures)

ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

(US$ m)	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Payment for purchase of tangible assets, as reported	(587)	(584)	(669)	(690)	(1,145)
Proceeds from sale of tangible assets, as reported	2	–	2	1	2
Proceeds from capital grants and other contributions, as reported	47	83	66	143	149
Advances from capital grants allocated to property, plant and equipment	8	31	36	18	27
Net Capex (non-U.S. GAAP)	(530)	(470)	(565)	(528)	(967)

Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

(US$ m)	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Net cash from operating activities	574	681	723	702	859
Net Capex	(530)	(470)	(565)	(528)	(967)
Payment for purchase of intangible assets, net of proceeds from sale	(14)	(32)	(20)	(15)	(26)
Payment for purchase of financial assets, net of proceeds from sale	–	(51)	(2)	–	–
Free Cash Flow (non-U.S. GAAP)	30	128	136	159	(134)

(Appendix – continued)
Financial Calendar

The financial calendar for 2025 is as follows:

March 16, 2025 – April 24,2025:

Quiet period

April 24,2025:

Q1 2025 Financial Results

June 16, 2025 – July 24,2025:

Quiet period

July 24,2025:

Q2 2025 Financial Results

September 16, 2025 – October 23,2025:

Quiet period

October 23,2025:

Q3 2025 Financial Results

These dates are preliminary and are subject to final confirmation.

¹Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
²See Appendix for the definition of reportable segments.
³Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
⁴Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

Attachment

C3332C -Q125 Earnings PR – April 24 2025

The MIL Network –

April 24, 2025

Category: Trade

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